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Business News
for 02/20/2010

(last updated 7:30am EST 02/20/2010)

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• Japan Airlines delisted from Tokyo Stock... Japan Airlines delisted from Tokyo Stock Exchange
02/20/2010
&$ &$A TV cameraman films the blank share price of Japan Airlines Corp. (JAL) beneath its rival All Nippon Airways (ANA) at an electric board of a securities firm in Tokyo, Japan, Friday morning, Feb. 19, 2010. Kyodo news reported shares of Japan's flagship airline, which filed for bankruptcy one month ago with $25.6 billion in debt, finished the company's last trading day on the Tokyo Stock Exchange Friday at 1 yen, after ... (1 h ago)

• Toyota China: No Corolla recall in China... Toyota China: No Corolla recall in China for time being
02/20/2010
In response to the news that the Toyota Corolla will likely be recalled, Ma Chunping, an official from the PR office of FAW Toyota, said during an interview with CCTV that at present, the office has not received any information concerning recalling the Corolla in China. Shinichi Sasaki, Toyota's executive vice president in charge of quality, said that the carmaker is now investigating the Corolla's power steering system, and will likely recall the model. Sasaki said that Toyota takes the comp ... (1 h ago)

• Post-holiday travelers hit the road Post-holiday travelers hit the road
02/20/2010
Highway, train and airport traffic expected to surge over weekend Railways, highways and airports across the country have seen increasing passenger flow since Thursday, as millions of students, migrant workers and tourists return to work or study after the traditional Spring Festival. The four railway stations in Beijing, one of the popular destinations for job hunters, received 150,000 passengers Thursday and the number was expected to sharply increase Friday, the last day of the seven-da ... (1 h ago)

• Mainland tourists spend $1b in Taiwan si... Mainland tourists spend $1b in Taiwan since lift of ban
02/20/2010
Tourists from the Chinese mainland are believed to have spent more than $1.13 billion in Taiwan since the island lifted the travel ban on mainlanders in June 2008. Taiwan authorities said Thursday that nearly 650,000 mainlanders had visited the island by the end of 2009, bringing huge business to local tourism-related industries. The island's tourism authorities predicted earlier this month that there would be up to 4,000 mainland visitors a day to the island during this lunar new year h ... (1 h ago)

• Chinese attitudes to jobs change in glob... Chinese attitudes to jobs change in global crisis - survey
02/20/2010
A recent survey found that the global economic downturn which began at the end of 2008 has altered Chinese attitudes towards employment. According to a report by Horizon Research, a leading market research company in China, last year urban employees paid more attention to the remuneration and welfare provided by employers, but less to working intensity, environment and human relationships. The report said incomes dropped due to the global economic downturn, but more critically a sense of c ... (1 h ago)

• RMB is not a cure-all for US economy: IM... RMB is not a cure-all for US economy: IMF
02/20/2010
An appreciation of the Chinese yuan will help US economic growth but it will not solve problems in its own economy, the International Monetary Fund (IMF) chief economist said Monday. A 20 percent appreciation of the yuan, formally known as renminbi or RMB, along with a similar currency appreciation by other emerging Asian economic entities may lead to an increase of about 1 percent of the US gross domestic product, Olivier Blanchard said, basing the prediction on an IMF model. "This woul ... (1 h ago)

• Fed interest rate increase a minor move:... Fed interest rate increase a minor move: U.S. economist
02/20/2010
The Federal Reserve's increase in the discount rate on Thursday, charging banks for emergency loans, is a minor move and should not be overstated, a US economist said Friday in Chicago. "The Fed (Federal Reserve) only raised that rate by a quarter percentage point to 0.75 percent. The increase is really minor. And the significance, if there is any, is that it is simply an indication the Federal Reserve will increase interest rate if there is an inflation," David Mirza, an associate professor ... (1 h ago)

• Obama's stimulus plan helps stop economi... Obama's stimulus plan helps stop economic decline, says U.S. economist
02/20/2010
U.S. President Obama's stimulus plan has worked because it slows the momentum from going down and stops the rate of economic decline, a U.S. economist said in an interview with Xinhua here on Friday. "Otherwise what would have been the alternatives?" asked David Mirza, an associate professor at the Department of Economics at Loyola University in Chicago. He said, "If you have the momentum on the down side, and if you can slow it from going down and stop the rate of decline by the stimulus pla ... (1 h ago)

• 40,000 mainland tourists visit Taiwan du... 40,000 mainland tourists visit Taiwan during Spring Festival
02/20/2010
It is the first time for Wang Shihui, a tour guide in Taiwan, to work during the Spring Festival holiday. The travel agency she works for received some 40 mainland tourist groups or some 1,000 visitors at this time. According to statistics from Taiwan, some 40,000 travelers from Chinese mainland visited the island during the nine-day Spring Festival holiday. In addition, Taiwanese tourists visiting mainland and Taiwanese businessmen going home for the Chinese New year have helped expand the ... (1 h ago)

• Macao's loans to private sector up 2.1% ... Macao's loans to private sector up 2.1% in Dec 2009
02/20/2010
Macao's domestic loans to the private sector reached 100.8 billion patacas ($12.76 billion) in December last year, growing by 2.1 percent month on month, according to the figures released on Friday by the Monetary Authority of Macao special administrative region (SAR). Of the domestic loans, 26.1 percent was pataca-denominated while 67.3 percent was HKD-denominated, the figures showed. Meanwhile, the SAR's external loans rose by 4.8 percent month on month to 85.8 billion patacas ($10.86 bi ... (1 h ago)

• German company "betting" on China's elec... German company "betting" on China's electric car market
02/20/2010
"China will lead the development of electric cars, whose electric car market is bound to boost other countries' development in the field," said Portrait of Hanno D. Wentzler - President and CEO of Freudenberg Chemical Specialties, Regional Representative for China recently. "In the future, China will remain the centre for electric car development. Freudenberg Group will integrate the experiences from its branches all over the world to develop battery saving technology," he said. By the en ... (1 h ago)

• Contribution rate of Guangzhou's tertiar... Contribution rate of Guangzhou's tertiary industry exceeds 70%
02/20/2010
While Guangzhou, the old industrial base located at the center of the Pearl River Delta city group, was strengthening and promoting its secondary industry, the development of its tertiary industry was also accelerating. In 2009, Guangzhou's tertiary industry contributed over 70 percent to its total economic growth. According to the latest statistics issued by the Guangzhou Municipal Bureau of Statistics, Guangzhou's GDP exceeded 900 billion yuan reaching 911.28 billion yuan in 2009, up 11.5 p ... (1 h ago)

• Fixed assets investment in railway indus... Fixed assets investment in railway industry exceeds 300 bln yuan
02/20/2010
Fixed assets investment in China's railway industry hit 321.8 billion yuan (47.12 billion U.S. dollars) in January 2010, 39 percent higher compared with the same period 2009, according to a report on the Ministry of Railways' website. Minister Liu Zhijun from the Ministry of Railways disclosed at a conference earlier that fixed assets investment in the railway industry totaling 823.5 billion yuan was the target for 2010, including 700 billion yuan of capital construction investment. According ... (1 h ago)

• Qinghai-Tibet Railway promotes Tibet's w... Qinghai-Tibet Railway promotes Tibet's winter tourism
02/20/2010
The Qinghai-Tibet Railway plays a crucial role in promoting Tibet's winter tourism by bringing hundreds of tourists to the region everyday, according to the Lhasa Railway Station. The station has cleared 5 million passengers, with 45 percent of them being tourists from home and abroad, since the railway opened to traffic on July 1, 2006, said Jia Nailin, deputy director of the station. Apart from improving Tibet's transportation conditions, the Qinghai-Tibet Railway itself has become ... (1 h ago)

• China's forex reserves accounted for 30%... China's forex reserves accounted for 30% of world total
02/20/2010
China's foreign exchange reserves hit 2.4 trillion U.S. dollars, accounting for 30.7 percent of the world's forex reserves, according to foreign media. It's said that with the recovery of the global economy in 2009, the national foreign exchange reserves will also see a significant rise. According to statistics, China's foreign reserve occupied 30.7 percent of total global reserves. BRIC countries (China, Russia, Brazil and India) are very much at the forefront, with 3.31 trillion U.S. dollar ... (1 h ago)

• Yangtze River delta contributes 17.8% of... Yangtze River delta contributes 17.8% of national GDP in 2009
02/20/2010
Yangtze River delta GDP stood close to 6 trillion yuan (878.6 billion U.S. dollars) in 2009, and accounts for 17.8 percent of China's, said the latest report released by Wuxi Municipal Statistics Bureau, which has continuously tracked economic operation in that region. The reported showed that the average GDP growth rate of the 16 cities in Yangtze River delta hit 11 percent in 2009, demonstrating a V-shaped recovery. According to preliminary statistics, the 16 cities' GDP totaled 5.97 trilli ... (1 h ago)

• Canada chooses venue for G20 summit Canada chooses venue for G20 summit
02/20/2010
Canada announced Friday that it has chosen the Metro Toronto Convention Centre (MTCC) as the venue for the G20 Summit on June 26-27 this year. Canadian Minister of Labour Lisa Raitt said that the G20 Summit is an opportunity for Canada to continue to exercise its leadership on the world stage, to promote Canadian values and to take further decisive action to weather the global financial crisis. According to the minister, a number of factors contributed to the selection of the MTTC as the G ... (1 h ago)

• No country for old women | Sadhbh Walshe No country for old women | Sadhbh Walshe
02/20/2010
Older women are one of the most vulnerable demographic groups in the US, and the recession is not helping their plight I had lunch a while ago with some elderly ladies at a senior centre in Manhattan. Their lively conversation and bawdy personalities made it feel like an episode of the Golden Girls . But as I listened to them bemoan the cost of the meal ($2 a piece) and watched as they stood in line for the take home goody bag, which contained little more than bread and milk, it became apparent that the reality of the golden years for these women is vastly different than their fictional counterparts. In fact older women, many of whom find themselves single either because a husband died, divorced them or failed to materialise in the first place, are one of the most vulnerable demographic groups in the country and the recession is not helping their plight. Those already in retirement have seen their assets diminish as health costs soar. One such lady, an 89 year old bombshell called Joy (all the women I spoke with asked me not to disclose their last names) warned me to think twice before I buy that pair of boots I don't need as "someday you'll wish you had that money". For women on the cusp of retirement, particularly those with only their own income to rely on, the situation is no better. Since 2007 the unemployment rate among women over 55 has almost doubled and their chances of finding new jobs are as minimalist as the social security checks that await them. Yvonne who is now 67 lost her job in 2006. She was 62 then so eligible to claim social security but her monthly payments are approximately 32% less than she would have received had she been able to hold out until the normal retirement age of 66. She is scraping by at the moment with the help of food stamps and intermittent unemployment checks but lives in fear of losing her apartment. A reasonable fear considering her monthly social security payment of $898 leaves her $75 short on her rent. Cassandra who is 62 knows all about not being able to make rent. Her husband died in 2004. Two years later she was injured in a car accident and lost her job. For seven months she had no income whatsoever. She was evicted and spent most of last year living in a homeless shelter. Now Cassandra receives disability payments of $750 a month and has trouble affording basic essentials like toiletries (and I'm not talking expensive anti-wrinkle creams.) Sadly these women are not outliers. According to the census bureau 17% of all single women over the age of 60 have incomes below the federal poverty level (a ridiculously low figure of $10,830 per year). An additional 19.9% are living on less than $16,000 a year (ie between 100 and 150% of the federal poverty level.) All told, approximately 37% of single women over 60 are poor. It's no surprise really that women do so badly in retirement as the odds are neatly stacked against us. We work fewer years than men due to care-giving duties and get paid less for our troubles. On the flip side we tend to live longer, though it would be nice to be able to afford toilet paper and what not in those bonus years. In June 2009 the Women's Institute for a Secure Retirement (Wiser) released a blueprint (pdf) to help women make their "income last as long as they do". The key is to earn as much as you can during your lifetime and invest it wisely – easier said than done of course while the economy is in tatters. The alternative is to marry well, divorce better and if all else fails take Joy's advice and think twice before you buy those boots. Older people US economy Global recession Financial crisis Pensions New York Women United States Sadhbh Walshe guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• You can't put a price on Bradford | Kate... You can't put a price on Bradford | Kate Wellham
02/20/2010
Just because the city is not full of high-street chains doesn't mean it's a terrible place to live. Quite the opposite The news that Bradford has the UK's second largest number of empty shops didn't particularly bother me. Nor did the coincidental news that the walled-off crater which was supposed to have become a Westfield shopping centre some years ago is now to be a community garden – confirmation that it will be some time before any Westfield shopping centre appears, if it does at all. In response to these stories, BBC Radio Leeds asked listeners: "Are you ashamed of Bradford?" A few years ago, I would have said "yes", because I could think of nothing better to do with my time than hand my pocket money to chain stores for the same things the adverts told me everyone else had, and my hometown – being ill-equipped for that pastime – was a disappointment . It was full of cheap independent shops I'd never heard of, and Alfredo's Italian restaurant. All I wanted was a Bella Pasta and to fit in. Then, of course, the riots came. A tiny number of meatheads squared up to each other one day in 2001, and between them destroyed the city's reputation for the rest of us for years to come. Statistically as safe as anywhere, Bradford was now seen as dangerous as well as poor. From that point on, I used to lie about where I was from when I found myself away from home. I'd say I was from Leeds, because I couldn't be bothered to watch the confusion and pity flicker across people's faces, and then spend another half an hour telling them why they may have been misinformed. Even as I enjoyed living there, to champion Bradford seemed too big a task in the face of such negative assumptions. Yet I've never taken any opportunity to leave, because I've never wanted to. What do you think happens when a place with one of the youngest populations in the country attracts little interest from investors? Does everyone stay in and watch EastEnders? No, they take matters into their own hands, start their own nights, gigs or festivals, motivated by a desire to have fun rather than make money. Some of my favourite events, eateries and venues in the whole country are in Bradford, but with little or no advertising budget and no aspirations for world domination, is it any wonder that they're not more well-known? And I love the fact that so many cultures exist side by side – not holding hands under rainbows – because having a problem with it would take up so much time and energy that we'd get nothing else done. We're over it. That's real multiculturalism. I fail to see why, simply because a city isn't full of franchises, it shouldn't be a pleasant place to be. Which sounds like a more interesting afternoon: HMV, Subway, then Wetherspoons? Or Bombay Stores for pashminas, the Chinese supermarket for seaweed snacks, then the Polish Club for a free indie all-dayer put on by a group of music fans for a laugh? But our local leaders are frightened and embarrassed by Bradford's uniqueness and unpredictability, doesn't know how to market it, and seeks to make it generic and "safe", with shopping centres, glass, chrome and concrete, ignoring the merits of the city and pandering to potential investors who have no interest in the city beyond what profits it might bring. And in a recession, where better to live than one of the cheapest cities, and one which needs little adaptation to cope with a lack of readies? The recent protests about the proposed demolition of the 1930s Odeon cinema , as well as the artwork and poetry put up by Bradfordians around the Westfield site – which shouted "give it back to the people" and "green space not grey waste" long before it was designated a community park – encapsulate the creativity, community spirit and pride in our modest home that are the things I love most about Bradford and which will be its saving grace. Retail industry Kate Wellham guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Cautious economists and cutters battle i... Cautious economists and cutters battle it out in print
02/20/2010
Despite academics' brilliance, none of them can say why they did not see meltdown coming It may be a boon for the Royal Mail, but the fad for penning letters in the economics profession will leave the public more baffled than anything else. Last weekend the Sunday Times reported that 20 eminent boffins had written to the paper urging a bankrupt nation to heed Conservative warnings and begin retrenching at once. Yesterday, however, a band of 60 equally distinguished scholars sent two separate letters to the Financial Times, both of them arguing that instant axe-wielding would be dangerous folly. All of this contradictory expertise may appear as bewildering as the mismatch between relativity and quantum theory. But what divides the two bands of specialists is at root a question of judgment – the cautious economists, unlike the cutters, have the intellectual modesty to admit to unknown unknowns. Several of the names on the Sunday Times letter spend their days teaching master's courses which treat economics as a branch of applied mathematics. When the fabled black swan flies in and disturbs their wizardly models, their instinctive response is to construct another which is even more complex. Despite their indubitable brilliance, they have no answer to the Queen's question about why no one saw the meltdown coming. One of their number, the former Bank of England rate-setter Tim Besley, was so preoccupied with a rerun of the inflationary 70s that he was arguing for higher borrowing costs even while his then monetary policy committee colleague Danny Blanchflower, now a signatory of the FT letter, was telling him that employment would soon drop through the floor. The experts listed in yesterday's pink pages are a more eclectic bunch: their ranks included the historian Robert Skidelsky, as well as the Nobel prize winner Robert Solow, a man who, though he has devised many technical models, nonetheless understands that these are devices for capturing particular insights, not foolproof systems for predicting everything that might ever happen in every possible world. What marks out the voices urging caution, then, is a Socratic sense of just how little we truly know. There is, as the cutters claim, evidence that excessive public debts can eventually weigh economies down. But it is also true that recoveries can and do falter when the defibrillators are removed before the heart of industry has resumed beating for itself. When that happened in the US in 1937 a double dip was the result, just as it was in Japan 60 years later – and just as there is every chance it would be if Whitehall started cutting today. With a tendency to look at every part of the puzzle in isolation, the cutters glance at the red ink that is splashed all over the public books and panic. But the headlong plunge into public debt is – more than anything else – the automatic corollary of a simultaneous private scramble by firms and families to spend less and save more. With confidence still fragile, a sudden move to start sucking in cash from firms and families – which is what fiscal tightening involves – plainly carries the danger that they would respond by clinging on to their remaining money even more doggedly. The likes of Skidelsky are not saying that this will certainly happen, but they are demanding an approach sufficiently flexible to recognise that it very well might. Somewhere down the road, and probably not that far down it, taxes will indeed have to rise and expenditure be curbed, in order to rein in a public debt which is larger than it would have been if Gordon Brown had shown more discipline in the good times. But to hark back, as many Conservatives do, to the cuts Geoffrey Howe made in the depth of the 1981 slump – a move which attracted an open letter of protest in the Times signed by one economist for every day of the year – is to forget the 3 million souls that languished on the dole for five straight years after that. It might not happen that way this time around, but the chance that it might surely provides an excellent basis for caution. Economic policy Gordon Brown Bank of England Financial crisis Sunday Times The Times Financial Times guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• This week: Greggs the baker, David Wrigh... This week: Greggs the baker, David Wright and Tutankhamun
02/20/2010
Lucy Mangan on the people hitting the headlines this week Pastie chic Greggs the Baker The chain that puts the "mmm" into mashed-pig-in-pastry has announced plans to go upmarket in order to facilitate its expansion in the south of England. For those of you who haven't had the pleasure of partaking of its cheese pasty or famed sausage rolls, this is akin to John Lewis announcing that it is remodelling itself on Poundland, pulling out of Oxford Street and heading for Blackpool, and the response has been immediate and vociferous. Some say the chain risks betraying its roots and pleasing no one. Others that an overhaul of the garish colour scheme, outmoded north and south for a decade, and bottlenecking layout is long overdue. The rest of us say that as long as the changes mean we can still get three gingerbread men and a bacon sandwich for under three quid, they can turn every branch into a miniature Versailles for all we care. Complete Twitter David Wright Here's how it should have gone. Labour whip Wright posts on Twitter his completion of the phrase "I have never voted Tory before because …" with "… you can put lipstick on a scum-sucking pig but it is still a scum-sucking pig. And cos they would ruin Britain." Tories, including super-sensitive chairman, Eric Pickles, react with frothy indignation. Wright shrugs and says "Yeah? And?" Instead he started claiming that someone had tampered with his Twitter account, that this shadowy unknown added the "scum-sucking" element and added something about a previous hacking when his laptop was stolen before Christmas and how he will be seeking a meeting with ministers to discuss the general protection of blog sites. Thus rendering a welcome moment of irreverence and levity before the blue hand of injustice reaches down on 6 May to crush us all null and void. Thanks a bunch, scum-suckers all. Mummy issues Tutankhamun More than three millennia after his death and nearly 90 years of speculation since his tomb was briskly uncovered and ransacked by Howard Carter, in that splendidly assured way late Victorian gentlemen explorers had, the mystery of the Boy King's death has been solved. After two years of forensic testing of 16 lots of mummified remains in the Luxor tomb, Egypt's supreme council of antiquities has determined that the 19-year-old's death probably stemmed from the fact that his ma and pa were also sis and bro. Ah, the Ancient Egyptians – good on pyramids, bad at diluting the gene pool. Their unfortunate offspring was suffering from a degenerative bone disease and weakened immune system that made him susceptible to fractures and infections thereafter – a combination of which killed him. They sure do fuck you up, your mum and dad, especially when they're your aunt and uncle too. What they said "So we are supposed to stand when there are no seats … it infuriates me." Tory MP Sir Nicholas Winterton, who claimed £80,000 for a flat rented from a trust controlled by his children, complains about a possible post-expenses end to MPs' first-class travel "I used to watch the darts mainly because I thought Sid Waddell and his commentary was just epic." David Cameron, who is a man of the people, you know. "I've eaten it myself and it's a lot better than many other animals." Italian food writer and cookery show presenter Beppe Bigazzi, who was this week suspended indefinitely for lauding the virtues of cat casserole. "I've said three Hail Marys, everything is going to be fine." Sky News presenter Kay Burley, after mistaking the Ash Wednesday cross on Catholic US vice-president Joe Biden's forehead for a bruise. What we've learned South Korean iPhone owners are using sausages to manipulate the screens when it is too cold to take their gloves off in the winter A fish and chip shop in Sunderland has started selling battered frogs' legs because cod is too expensive Nearly half of all primate species are facing extinction Oscar-winners will be limited to just 45 seconds per acceptance speech this year ... and what we haven't How long we've got before Britain goes bankrupt Greggs Lucy Mangan guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• London Town pubs in administration London Town pubs in administration
02/19/2010
• Pre-pack deal struck to jettison 44 properties out of 350 • Administrators seek to keep as many trading as possible Management at pub group London Town have struck a pre-pack deal with administrators from PricewaterhouseCoopers that will see them jettison 44 properties from the 350-strong business in a move creating uncertainty for many tenant families living above the unwanted pubs. In a statement PWC said Christie & Co had been appointed to seek buyers for the 44 pubs. "We will seek to negotiate with landlords to keep as many ... trading as possible," said joint administrator David Chubb. Many leases on the sites remaining in administration are expected to revert to original holders Punch Taverns and Enterprise Inns – adding to their considerable stable of problem sites. Last month it emerged that 12 former Regent Inns leased sites had reverted to Punch after the company behind Walkabout entered into a pre-pack deal. A year earlier the failure of Orchid pub group forced Punch to take back 45 unwanted leases. The business emerging from the London Town pre-pack will be led by veteran leisure sector executive Billy Buchanan, who has been combined chief executive and finance director of London Town for 18 moths. London Town, which comprised many pubs offloaded by Punch Taverns and Enterprise Inns ahead of the smoking ban in 2006, has been in trouble for some time, breaching borrowing covenants in 2008 and 2009. It delisted from the AIM junior stock market this week. The business had started as a property development operation before moving into the pub trade four years ago with the purchase of 167 pubs from veteran property investor Jack Petchey. Chubb said: "This has been a particularly complex restructuring but we are pleased to have preserved the majority of the business, and therefore jobs, through the transactions we have completed." Food & drink industry Pubs Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Boom in sales of tax-free CDs casts doub... Boom in sales of tax-free CDs casts doubt on Treasury claims
02/19/2010
• VAT dodge thought to be costing UK £110m a year • Low website prices forcing hundreds of shops to shut The controversial online sale of VAT-free CDs exploded at the end of last year, driving one in three purchases by British music-lovers on to the web. The surge in sales casts doubt over Treasury claims to be tackling the tax dodge, already thought to be costing the exchequer £110m a year and rising. Websites operated by HMV, Tesco, Amazon, Play.com, Asda, WH Smith and Woolworths structure almost all their online CD and DVD transactions as personal imports from the Channel Islands. As a result they are able to offer unbeatable VAT-free prices, threatening the futures of music stores and sapping tax revenues. Data from market research firm Kantar shows that 16.5m CDs were bought by British customers over the internet in the last three months of 2009 at an average price of £7.80. Over the same busy pre-Christmas period, 26.6m DVDs were bought online at an average price of £9.36. In most cases, customers remain unaware of the extraordinary lengths online firms are going to to ensure the buyer avoids the 17.5% VAT charge they would pay on the same product bought from their local store. What appears a simple online purchase exploits a 27-year-old European tax directive that waives VAT charges on low-value personal imports from outside the EU. In the UK, the VAT relief applies to goods bought for £18 or less. Tax-free internet sales from the Channel Islands have been steadily ballooning over the past 10 years while the Entertainment Retailers Association claims 1,600 shops selling music have closed in the last five years. Among the high street names to have failed, or to have disappeared altogether, are Fopp, Our Price, MVC, Music Zone, Virgin Megastores, Tower Records, Zavvi and Woolworths. While the number of CDs bought online soared by 18% last year, – including a 37% rise over the busy final three months – Kantar's figures show that music sales volumes at traditional music stores and retailers on the high street declined by 33%. And as stores such as Zavvi and Woolworths have slipped into administration, Channel Islands operators have stepped in to resurrect the brands online – again offering VAT-free prices. Kantar data shows 5% of online DVD transactions are above £18, the threshold at which the VAT exemption no longer applies. The proportion of CDs bought on the web for more than £18 is so tiny as to be "statistically insignificant", Kantar said. Mike Dillon, who has run independent store Apollo Music in Paisley since the 1970s, said last Christmas was his worst, blaming unfair competition from VAT-avoiding online operators. "We are very competitive on price. We try to sell chart CDs for a tenner but it's not always possible. I doubt if we have any customers who don't already buy CDs online. The government has a duty to collect all the taxes that are applicable. Shops are shutting, people are losing their livelihoods, jobs they have had for years. It's absolute negligence." Alison Wenham, chief executive of the Association of Independent Music, representing small record labels and distributors, said: "This is a hidden disease within the music business. It is very simple to resolve, but what we are getting from government is a denial of reality." When the Guardian reported last summer that the Treasury was understating the extent of the ballooning online retailing tax dodge, Treasury minister Stephen Timms ordered an internal review be carried out by department officials and HM Revenue and Customs. In a leaked letter written after the review, Timms privately attacked the Guardian claims. "The article ... has exaggerated the level of exports made by some of the businesses it mentions ... [It] also fails to explain that most of the businesses it mentions, including the proposed launch of a Woolworth retail site, are not actually new businesses based in the islands ... the [CDs and DVDs] are owned and despatched by a fully licensed and established Jersey company, under contract to the major retailers," he told Tory MP Sir Peter Tapsell, who had aired a constituent's grievance on the matter. In fact, the Guardian investigation had found that all but one of the companies involved in the VAT dodge were controlled by UK-registered parent businesses. Maidenhead-based HMV Group and Swindon-based WH Smith – both stock exchange-listed – push much of their online sales through subsidiaries HMV Guernsey and WH Smith Jersey. Amazon has an arrangement with Indigo Starfish, a Jersey company owned by Glasgow-registered parent Indigo Lighthouse, while Tesco, Asda, Argos and WH Smith have struck outsourcing deals with Cheshire-based The Hut, which operates through Jersey and Guernsey subsidiaries. The only genuinely Channel Islands-owned company using the VAT loophole is Play.com, founded by islanders Richard Goulding and Simon Perree. The Guardian has been unable to find any mainstream website that does not offer CD or DVD sales via the Channel Islands VAT loophole. Timms was not available to comment this week and has repeatedly turned down requests to talk to the Guardian about online VAT-free sales. the Treasury said: "The implication that businesses are simply setting up on the Channel Islands to take advantage of this relief is not true. In fact exports from the Channel Islands account for a very small percentage of the CD/DVD market". Music industry Retail industry Amazon.com HMV Tesco Asda WH Smith Woolworths Tax avoidance Tax and spending Consumer affairs Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• RBS defiant over £1.3bn payout RBS defiant over £1.3bn payout
02/19/2010
• Taxpayer-owned bank to announce results on Thursday • HSBC bosses push for pay rises of up to 30% Loss-making Royal Bank of Scotland is braced for a row over City pay next week when it is expected to admit that its bonus pot for 22,000 investment bankers has reached £1.3bn – against last year's £1bn. The Edinburgh-based bank is awaiting approval from UK Financial Investments, the body that looks after the taxpayer's 84% stake in the bank, for its proposed bonus pool. Chancellor Alistair Darling has yet to receive a formal presentation about the proposals, which he can veto. He has already said that bonuses cannot be paid in cash to anyone earning more than £39,000, which would affect most of the workforce in the investment bank. RBS, which a year ago announced the biggest loss in British corporate history , is on Thursday expected to show that its losses have narrowed. Lloyds Banking Group, in which the taxpayer has a 43% stake, reports on Friday and is also expected to report a heavy loss. Estimates for the deficit, which will be caused by impairment charges on loans granted by HBOS before it was rescued by Lloyds, range from £3bn to £11bn. The heads of both banks are facing pressure to follow John Varley and Bob Diamond, the top two executives at Barclays, and refuse any bonuses this year . Under terms imposed by the Treasury neither RBS chief executive, Stephen Hester, nor his Lloyds counterpart, Eric Daniels, are permitted to take cash payouts, and any bonuses they receive must be paid in shares in three years' time. City sources reckon the Barclays bosses' move is being scrutinised by the executive team at HSBC despite attempts by the bank to convince shareholders that they should be awarded pay rises – of up to 30% – this year. Michael Geoghegan, the chief executive, and finance director Douglas Flint are thought to be among the executives that HSBC's remuneration committee believes should receive a rise. Some major investors have told the remuneration committee that they do not believe pay rises on such a large scale are warranted and that the bank needs to reconsider its plans. The Lloyds bonus pool may attract less controversy as the bank does not have an investment banking arm and largely needs to pay bonuses to its army of staff working in high street branches, where the average payout is £1,000. It is thought that its bonus pool is around £200m, considerably less than RBS's proposed amount. Hester has already said the pressure from UKFI to restrict the way bonuses are paid has caused an exodus of staff. It is thought that the proposal sent to UKFI would involve the bonuses being paid in shares worth £1.3bn, although some of the bank's debt may need to be used to make some of the payments, which are likely to be deferred over three years. While the bank is prohibited from paying cash bonuses, the recipients of shares may be able to sell them shortly after receiving them – turning them into cash. Executive pay and bonuses Royal Bank of Scotland Lloyds Banking Group Barclays HSBC Bob Diamond John Varley Banking UKFI (UK Financial Investments) Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Britain, Greece, Spain and Norway tell m... Britain, Greece, Spain and Norway tell markets: growth, not cuts
02/19/2010
• Centre-left leaders defy mutinous global investors • 'We won't fall into the trap' says Spanish PM Zapatero The prime ministers of Britain, Greece, Spain and Norway have warned the financial community that they will prioritise growth over deficit cuts, and have asked speculators to change their short-term view for one that is more favourable to society as a whole. The message from Gordon Brown, Spain's José Luis Rodríguez Zapatero, George Papandreou of Greece and Norway's Jens Stoltenberg is likely to infuriate some investors, who are pushing governments with high deficits to cut their ballooning debts on concerns about their ability to repay the money they owe. "The agenda for the European Union this year should be growth and jobs," Brown said during a conference organised by the Policy Network, a centre-left thinktank, in London. "We won't fall in the trap of those who provoked the credit crunch," Zapatero said. "We will cut the deficit when economic recovery is active, but not at the expense of social cohesion." Over the past few weeks, the four left-wing leaders have suffered the attacks of speculators who do not believe politicians have their economies under control: in Britain and Spain, investors' sales have pushed bond yields higher, making the countries' borrowings more expensive – as well as the long-term interest rates that citizens pay in contracts such as mortgages. Speculators have also pushed up the price of protection against potential defaults on Greek, Portuguese and Spanish state debt, exacerbating negative sentiment towards the countries. Papandreou reassured investors of his country's ability to improve its ailing public finances – including a draconian budget deficit cut to 3% of gross domestic product by 2013, from 12% now. "Greece is our problem – we're not looking for bailouts or money from other countries. We have a programme and the support for this programme and we'll do what's necessary to reach the targets. We want to borrow on the same terms as the others," Papandreou said. He was supported by European Union competition commissioner Joaquín Almunia, who defended the EU's guarded approach towards the Greek crisis, saying that "you can't promise a party everything they're asking for". In an interview during the conference, Almunia said that the EU's response to the Greek crisis, which has been much criticised by investors for its lack of detail, is "serious and responsible". However, with local strikes and popular opposition to the cuts, few investors believe the country will meet its targets. As he spoke, protection against a potential default of his country was trading at twice as much that of other European countries. "We have the power, if we have the will, to deal with some kinds of speculation," Papandreou said. Financial instruments should be "tools" to help citizens lead a better life, whereas "they are God for the conservatives," he said. Greece may find help from Spain, as during his six-month EU presidency Zapatero will try to toughen regulation of credit default swaps – the instruments traded as sovereign credit protection, the Spanish prime minister told the Guardian on the sidelines of the conference. "We have to tell the markets that they should have a more medium and long-term perspective," the Spanish leader said during the summit. "They are also interested in an economic recovery that brings stability and tranquility for all." But investors claim there is still huge distance between the two sides – governments and markets – that are now battling to find the best way out of the worst recession in 60 years. While politicians "talk the talk" – instead of offering a more specific plan on how to help Greece – financial investors will keep looking only at the numbers, Evolution Securities analyst Gary Jenkins recently said. "The market is now only interested in liquidity. We have to be focused on the short term: if you're concerned about funding, you have to look short-term," Jenkins said. Brown called for more action and further global change on financial regulation over the next G20 meetings this year. A renewed global approach is needed as the "internationalism spirit of the G20 summit in London last year has somehow melted away," Lord Mandelson, the business secretary, said at the conference. "We can't leave things as they were – we won't withdraw from speculation beyond borders, from tax heavens," Zapatero said. "It's a paradox that the markets that we saved are now demanding and putting difficulties, as those budget deficits are those that we incurred to save those who now demand budget cuts. What a paradox." Europe European Union Greece Spain Norway Global recession Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Traders gambling on euro for 'price of a... Traders gambling on euro for 'price of a cup of coffee'
02/19/2010
• Fall in 'cost of carry' bringing down cost of speculating • M&G investment manager warns of risks for investors A fall in the cost of speculating in currencies is allowing hedge funds to make multimillion-pound bets against the euro "for just the price of a cup of coffee in Starbucks", one of Britain's leading investment managers warned today. David Jane, head of equity investment at M&G – which controls more than £170bn on behalf of small investors – said it now costs just £1 a day to speculate in £1m worth of currency. "Currencies are the single biggest risk [for investors] at the moment. I'm scared about what's going on," said Jane, who has bought insurance against currency movements for much of his portfolios. As the Greek government struggles to impose an austerity programme amid widespread strikes by public sector workers, its future membership of the euro could well be decided by hedge funds and investment banks in London. Every day, global dealing in foreign exchange totals around $4tn, 90% of it purely speculative, and London traders dominate the market. M&G's concern is the fall in what is known as the "cost of carry", which is allowing speculators to place currency bets worth billions of euros at historically low cost. "You can currently short the euro for almost no cost at all. It's one of the unintended consequences of quantitative easing and action by central banks across the world to keep interest rates low," said Jane. "If they want to charge you almost nothing for money, then you can do interesting things with it. The risk of something happening in currencies is therefore quite high." "If I want to short the euro, I merely have to write a six-month forward contract, and the cost is the difference between the interest rates of sterling and the euro. They are at 50bp, [0.5%] we are at 50bp, so it would cost me almost nothing. "For the price of a cup of coffee in Starbucks I can short millions of euros. It costs about £1 a day to short £1m worth of currency. It's very attractive to speculators. You can easily short currency to multiples of the value of your assets." Behind the huge daily dealing in currencies stand the world's investment banks, some of whom just 18 months ago were seeking bailouts from central banks and taxpayers, but are now enjoying record turnover and profitability from volatile currency markets. According to Euromoney, the top five traders in currencies in 2009 were Deutsche Bank, UBS, Barclays Capital, RBS and Citi. But Hugh Hendry of Eclectica, a $450m hedge fund operator based in Bayswater, London, said: "The carry trade has always been there. The low cost of carry ignores the fact that you are still exposed to price movements." He added that government intervention to curb currency speculation would be "fundamentally wrong". "Do we want to be Argentina? There are no currency speculators in Argentina. People like myself are questioning the judgments of politicians, and I don't get bailed out if I get it wrong. You have to be very worried when politicians start complaining when someone is telling them the truth about the euro." Currencies Euro Investing European banks Patrick Collinson guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• BA wins legal victory against cabin crew BA wins legal victory against cabin crew
02/19/2010
Judge rules that staff cuts were not a breach of contract, weakening union's hand as new strike looms British Airways has scored a legal victory over its cabin staff as it prepares for the result of a strike ballot on Monday that could cause major disruption for passengers next month. The high court rejected claims by the Unite trade union that the unilateral removal of at least one cabin crew member from BA flights represented a breach of contract. The verdict weakens Unite's hand in negotiations to avert a walkout because its officials have warned that any deal must reverse the staffing cuts. Judge Sir Christopher Holland ruled that the way BA's 11,500 cabin crew were deployed on aircraft was not a feature of individual contracts, despite an agreement between BA and Unite in 2005 that staffing levels on long-haul flights should be set at 15 cabin crew members per flight. Holland said the deal was not intended to be contractually binding and, therefore, reducing cabin crew levels from 15 to 14 per flight did not breach contract law. The judge also agreed with BA's argument that the changes, part of a bid to cut £140m per year from costs, were necessary to stem losses at an airline that lost £401m before tax last year. "If the new complements materially and fairly contribute to the preservation of BA, and more importantly job security and pay, how can I condemn the less than extreme changes as unreasonable?" he said. BA said it was "extremely pleased" that the case, brought by three cabin crew and backed by Unite, had been rejected. The airline and Unite are still holding peace talks under the auspices of the TUC, but time is running out to secure a deal ahead of a possible strike next month. The ballot closes on Monday and if, as expected, the vote is in favour of a strike, a walkout could take place as soon as 1 March. BA urged Unite to back away from a strike, saying: "We believe it should reflect on the court's decision rather than impose an unnecessary strike on the travelling public." Unite's main negotiator said that the verdict made "absolutely no difference" to the dispute. "We remain in negotiations and hope that management will address the real concerns of cabin crew. Should they fail to do so, industrial action remains a possibility," said Len McCluskey, Unite's assistant general secretary. Unite believes imposing staff cuts is a breach of principle that, if left unchallenged, could encourage the airline to make further changes without negotiation. The ruling is Unite's second legal defeat involving BA in just over two months, after a 12-day Christmas strike by cabin crew was blocked by the high court due to irregularities in the ballot. Marc Meryon, industrial relations partner at Bircham Dyson Bell, said: "Unquestionably this bolsters BA's hand because the union has got no leverage over BA from these legal proceedings. Its only leverage now rests with industrial action." British Airways Airline industry Trade unions Law Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Corus plant mothballed as union prepares... Corus plant mothballed as union prepares to ballot members
02/19/2010
• GMB accuses Corus of ignoring interest from possible buyers • Mothballing of Teesside plant will cost up to 1,600 job losses Workers at Corus will be balloted for industrial action after the steelmaker began mothballing a plant at Teesside today with the loss of up to 1,600 jobs, unions announced. Unions have accused the company, which is owned by the Indian firm Tata, of ignoring expressions of interest from potential buyers of the steelmaking plant – a charge denied by Corus management. Terry Pye, Unite's national officer for the steel industry, claimed that Corus wanted to shut its steel works so it can turn over more of the site to boost the production of coke, which is more profitable. He also told the Guardian that Corus did not want to sell the steel works to prevent competition with the company's other plant at Port Talbot in Wales. Corus management insists it has "toured tirelessly around the globe" looking for an investor in the plant. Workers will be balloted over potential industrial action to disrupt Corus's remaining operations at the site, which include a coke works and a port. Keith Hazlewood, national officer of the GMB, claimed that Corus had gone back on a promise to delay putting the plant out of commission. "The decision to mothball the plant suggests that Corus did not really want to keep it open or sell it to another steel company," he said. "The decision is bad for Britain and for our manufacturing industry and our members will now be asked to respond." The GMB said it would ballot its members in the next few weeks. The plant is likely to be fully mothballed by the end of next month. Lord Mandelson visited the plant yesterday amid faint hopes that a rescue bid for the plant could be mounted. The business secretary is still hopeful that a buyer can be found, although he is realistic that steelmaking is unlikely to resume on the same scale at Redcar. Any deal is unlikely to materialise soon. Some 600 people will still be employed by Corus in other plants on the site. Many families joined workers in a show of solidarity outside the plant, as about 300 people demonstrated their support. Cars tooted as they passed the rally, which was livened up with a brass band. John Wakelin, 54, from South Bank, said: "Tomorrow morning I will feel like I have been to a wake." The Unite union convenor, who has worked at the plant for more than 25 years, added: "We have to make sure the mothballing is a success so we can come back on if a buyer comes in to take over." Many felt let down by the government. One banner said: "'Teesside the infant Hercules': PM William Gladstone 1860. 'Where? Who cares?': PM Gordon Brown." Some looked stunned that steelmaking was over, and women in the crowd wiped away tears and hugged. Regional development agency One North East announced a support package to help redundant workers find new jobs. Corus Manufacturing sector Trade unions Peter Mandelson Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Brown insists recovery, not cuts, must b... Brown insists recovery, not cuts, must be the priority
02/19/2010
Prime minister welcomes support from economists published in the Financial Times and condemns Tories' 'dislike, bordering on hatred' of government intervention Gordon Brown this morning insisted that he is right to prioritise economic growth over cutting Britain's budget deficit, citing the 67 economists who went public today with their concerns over the Conservative party's spending plans. The prime minister told an audience of centre-left politicians in London that it would be dangerous to start making deep cuts to public spending before the UK economy is in a healthier state. "Progressives ... have to go for growth and not do anything that puts the recovery at risk," said Brown, in a speech that also included several attacks on David Cameron's policies. "2010 must be the year for growth," he said, "not the year in which the country falls back into recession." Brown seized on the two letters published in the Financial Times today sent in response to the 20 economists who last weekend criticised the government for not producing a "credible" plan to tackle the deficit. He insisted that his administration was correct to continue its fiscal stimulus packages – even though they will push the UK deficit to record highs – and claimed that the Conservative party's "dislike, bordering on hatred" of government action would put the economic recovery at risk. Yesterday the government admitted that it had borrowed £4.34bn to balance the books last month – the first time on record that tax revenues have not resulted in a spending surplus in January. The prime minister also admitted, though, that some taxes will rise and some public spending will fall even if Labour wins the next election. The letters sent to the FT were signed by leading economists including Lord Layard, emeritus professor of economics at the London School of Economics, and Lord Skidelsky, emeritus professor of political economy at the University of Warwick. Several former members of the Bank of England's monetary policy committee also signed up, including Rachel Lomax, David Blanchflower and Sushil Wadhwani. TUC general secretary Brendan Barber welcomed the letters, which argue against the Conservative party's position that the sheer scale of the UK deficit means public spending must be cut immediately. "Today's letters firmly reject the call for early spending cuts and warn that it could tip the economy back into recession," said Barber. "The UK deficit is the result of vital government action to keep the economy afloat and prevent the levels of unemployment, business closures and repossessions seen in previous recessions." But George Osborne, shadow chancellor, argued that the public should be given the chance to decide. "In the end the public has to decide in an election, and I want that election as soon as possible," Osborne told Sky News. "Dealing with the debt is crucial to dealing with the fact that the economy is struggling," he added. Green shoots Gordon Brown Economic policy Economics Tax and spending Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Barack Obama's $5bn green home plan to b... Barack Obama's $5bn green home plan to boost economy gets off to a slow start
02/19/2010
Only 9,100 homes last year given green energy makeover out of 500,000 target, but government says pace of retrofits has risen Barack Obama's $5bn programme to help fuel America's economic recovery by making more than half a million homes energy efficient has got off to a painfully slow start and was 98% short of its goal last year, according to an official report. The programme, part of last year's $787bn economic recovery plan, was supposed to create around 87,000 jobs by insulating lofts and sealing draughty windows in 593,000 homes by 2012. But progress has been slow. "As of 31 December 2009, according to data available to the Department of Energy, about 9,100 homes had been weatherized out of a planned 593,000," the government accountability office said in a report released on Thursday . The energy efficiency programme, administered by the department of energy, had spent some $522m, which works out to about $57,000 for each of the 9,100 homes. The department of energy said the report, which was first reported by ABC television, cited 2009 figures and was out of date. The last three months of the year had seen a dramatic turnaround, and more than 120,000 homes were renovated, it said. "By the end of 2009, our programmes had weatherized about 124,000 homes in total, and we are on track to weatherize more than 250,000 this year," the department of energy said in a statement to the Los Angeles Times. "In fact, since September 2009, we have tripled the pace of Recovery Act-funded home weatherization." The $5bn programme has been central to Obama's promise of fuelling America's economic recovery by creating green jobs . Last year's recovery package allocated about $80bn for green investment — although some economists put the tally as high as $100bn. Economists tracking the green recovery say it's too early to gauge the success of those programmes. Many of the funds were awarded only recently — such as $8bn for high-speed rail links earlier this month. In addition, the recovery plan allocated $3.4bn to a number of smart grid projects, and $2.4bn to help develop new advanced batteries. In their travels around the country, Obama and the vice-president, Joe Biden, have repeatedly held up the programme as an example of the high-paying and stable jobs that could be created under a transition to a clean energy economy. During the 2008 election, the president said his administration would renovate 1 million homes a year , helping poor and working class families save money on heating and electricity. His goal for the recovery plan, he said in his first weekly radio address as president , was to upgrade some 2.5 million homes by 2012 which he has said would save the average working family 350 dollars on their energy bills. "If you allocate money to weatherise homes, the homeowner gets the benefit of lower energy bills. You right away put people back to work, many of whom in the construction industry and in the housing industry are out of work right now. They are immediately put to work doing something," Obama said in a speech in Indiana last year. After his first year in the White House, Obama stepped up his commitment further still, saying he hoped to provide another 10 billion dollars for weatherisation. The energy secretary, Steven Chu, has also talked up green home renovation, appearing on ABC television's Extreme Makeover programme earlier this week in a hard hat. The department of energy has run a much more modest version of the weatherisation programme for nearly 30 years. Last year's budget, before the $5 billion infusion, was 447 million dollars which was supposed to help improve insulation in some 150,000 homes. The GAO said the new effort got caught up in legislation meant to ensure fair pay for workers on government-funded projects. The department of energy spent much of the year determining pay scales in various parts of the country to comply with the Davis-Bacon act. The programme also stalled on requirements in some states that historic trusts sign off on renovations to older homes. Energy efficiency Green building Energy Obama administration Barack Obama United States US economic growth and recession Suzanne Goldenberg guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (12 h ago)

• Retail sales suffer sharp drop Retail sales suffer sharp drop
02/19/2010
January showed worst fall for UK high street in 18 months as snow and icy weather deterred shoppers Retail sales on the UK high street suffered their sharpest monthly drop in 18 months in January as the snow and icy weather deterred shoppers. The Office for National Statistics (ONS) said today that sales volumes dropped 1.8% during January. This is more than three times what analysts had expected and the biggest monthly fall since June 2008. On the year, sales were up 0.9%. The figures heightened fears of a "double-dip" recession among economists. Jonathan Loynes, chief European economist at consultants Capital Economics, said: "January's retail sales figures round off a pretty awful week for news on the UK economy. As well as high inflation, rising unemployment and record public borrowing, we can now add a sharp drop in high street spending. "Of course, we knew the January sales figures would be bad after the VAT rise and bad weather. But the drop is even worse than the retail surveys had suggested … At the very least, these numbers provide a very weak platform for sales in the first quarter of this year and therefore raise the chances that the economy may succumb to a double dip." The ONS said that the unusually heavy snow at the start of the month pushed down sales of household goods by 13.4% in January – the biggest drop since January 1988. Fuel sales fell by 11.1% on the month as motorists stayed at home unable to get out in the snow. Sterling hit a nine-month low against the dollar after the data. The pound fell about half a US cent to $1.5345 – its weakest since May 2009. Retail industry Economics Green shoots Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Toyota boss to attend Congress hearing Toyota boss to attend Congress hearing
02/19/2010
Democratic congressman Edolphus Towns told Toyoda in a letter that American drivers were 'unsure as to what exactly the problem is, whether it is safe to drive their cars, or what they should do about it' Toyota's president, Akio Toyoda, today bowed to US pressure and agreed to attend a congressional hearing next week over the safety recall of more than 8.5m cars . Toyoda had initially planned to send the firm's North American chief executive, Yoshimi Inaba, to address the House oversight and government reform committee on Wednesday. His change of mind came amid pressure from New York Democratic congressman Edolphus Towns, who told Toyoda in a letter that American drivers were "unsure as to what exactly the problem is, whether it is safe to drive their cars, or what they should do about it." Toyoda faces a barrage of criticism in the US over his handling of the recall, which has prompted government investigations, lawsuits and temporary factory closures amid plummeting sales. Yesterday Toyota confirmed it would suspend production at its plant in Burnaston, Derbyshire, for two weeks – a week longer than planned – from the end of March, leaving 3,500 workers idle. It is also attempting to shed 750 "surplus" jobs though voluntary redundancies at the plant. Burnaston makes the Auris and Avensis models, both of which have been recalled due to defective accelerator pedals. They are among more than 180,000 cars to have been recalled in the UK. Toyoda, the grandson of the firm's founder, will face calls to give details of a series of safety glitches that can cause unintended acceleration and temporary loss of braking power . "I look forward to speaking directly to congress and the American people," he said in a statement, adding that he would offer a "sincere explanation" of defects that have caused a reported 34 deaths in the US over the past decade. He will be joined by Inaba and Jim Lentz, president of Toyota Motor Sales USA. US safety authorities said they had also launched a preliminary investigation into power steering problems with the Corolla, the world's best-selling car. The National Highway Traffic Safety Administration said it had received 168 complaints and reports of 11 injuries in eight crashes involving the Corolla and Corolla Matrix models with electric power steering. The reputation of the Prius , Toyota's market-leading hybrid, suffered a further blow yesterday after a lawsuit was filed in the US claiming that the car's headlights switch themselves off at "random intervals." Towns, and his Republican committee co-chair Darrell Issa, welcomed Toyoda's change of heart. "We believe the testimony will be helpful in understanding the actions Toyota is taking to ensure the safety of American drivers," they said. Toyoda had also come under pressure at home to attend the hearing, despite concerns that US politicians were lining him up for a public dressing-down designed to boost Toyota's American rivals. Toyota's US sales dropped 16% in January and are expected to suffer again this month. Japan's transport minister, Seiji Maehara, said: "It's good that he has decided to accept the invitation. But it's a shame there was flip-flopping on the decision." Toyota Automotive industry United States Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Top economists attack Tory cut plans Top economists attack Tory cut plans
02/18/2010
More than 60 academics issue stinging rebuke to George Osborne's claim that consensus of economic experts supports his policies A war of words has broken out among some of Britain's most respected economists over Conservative plans to begin cutting public spending immediately if they win the general election. More than 60 academics have issued a rebuke to the claim by George Osborne, the shadow chancellor, that a consensus of economic experts supports his policies. In two letters, one led by Lord Skidelsky, a biographer of JM Keynes, and former monetary policy committee member David Blanchflower, and the other led by Lord Layard, emeritus professor of economics at the LSE, the economists have written to today's Financial Times to warn that starting a fiscal squeeze immediately could jeopardise the recovery, and "for the good of the British people, the first priority must be to restore robust economic growth". They argue that the increase in the deficit in the last two years was unavoidable, given that the UK has just experienced the most severe recession since the second world war and GDP has fallen by 6%, forcing emergency government action to prevent the economy "falling off a cliff". Meanwhile, yesterday's government borrowing figures, the worst on record for January, prompted speculation that Gordon Brown would call an early general election. That speculation was further fuelled by news that the prime minister would lay out Labour's four election campaign themes at an event tomorrow. These will be: securing the economic recovery; protecting frontline services; standing up for the many; and investment in new industries A spokesman for Alistair Darling said the letters belied Osborne's claim that there was a consensus among economists on the need for early action to tackle the deficit. "Once again George Osborne has jumped on the wrong bandwagon," the spokesman said. "His judgment is wrong and his approach would risk derailing the recovery." Labour has pledged to halve the deficit over the next four years, but under the Treasury's plans spending cuts will not begin in earnest until 2011. This latest intervention by academics, many of whom rarely venture into political debate, was prompted by a letter in last week's Sunday Times . The letter, signed by 20 economists headed by another former MPC member, Tim Besley, called for the spending squeeze to begin this year. Economic policy Economics George Osborne Conservatives Tax and spending Recession Heather Stewart Patrick Wintour guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Fears of UK banking exodus unfounded Fears of UK banking exodus unfounded
02/18/2010
Numbers of people applying for jobs in Swiss financial sector last year actually fell, despite warnings by Boris Johnson that new taxes would drive them away Fears of a mass exodus by London's financiers to the more favourable tax climate of Switzerland appear to have been exaggerated: fewer Britons applied for permits to work in the Swiss financial services sector last year than in 2008. Research by Channel 4 News shows that, despite warnings by Boris Johnson, the mayor of London, that 9,000 high-flying City workers would decamp to escape the windfall levy on bonuses and the 50p income tax rate, just 1,079 British citizens joined the financial sector in the Alpine state last year – and about two-thirds of those were applying for IT or other back-office jobs. That represented a 7% decline on the number of Brits applying for a carte de séjour – work permit – in the financial services sector in 2008. Alistair Darling's announcement of the bonus tax in December's pre-budget report provoked growls of irritation in the City, with many senior bankers threatening to depart for foreign shores. Broker Tullett Prebon and hedge fund Bluecrest have announced plans to allow some of their City staff to move overseas, but the Swiss data suggests that so far, departures from London have been a trickle rather than a flood. And since President Obama announced a $90bn (£58bn) levy on Wall Street and new rules to limit the size of banks, it has become increasingly clear that Britain is far from alone in seeking to crack down on financiers. Gordon Brown will meet fellow European centre-left leaders in London tomorrow to discuss how to ensure that banks and other financial institutions "make a proper contribution to society". The prime minister stressed his determination to spearhead a "big reform" of the global economic system in an interview with the Labour magazine Tribune, before the meeting with fellow leaders, including the prime minister of Spain, José Luis Rodríguez Zapatero. "If you are in a global economy, a national supervisory regime cannot be enough, so you've got to look at the rules under which financial institutions operate globally. One of those rules is that the banks… make a proper contribution to society," said Brown. The prime minister had initially favoured a tax on financial transactions – dubbed a "Robin Hood tax" by campaigners; but he has cooled on the idea in recent weeks. Treasury officials have instead been working with their American counterparts on a worldwide version of Obama's $90bn "insurance levy", and the PM has suggested the principles could be agreed by G20 countries this summer. He told Tribune: "Lots of banks have been able to choose to avoid tax, to move to tax and regulatory havens, and now that we are starting to close that down, it is possible then to have a global financial levy which global financial institutions would pay as their contribution towards the risks that they potentially impose on society but also on the earnings that they have." Such a charge would probably be calculated according to banks' size, instead of being imposed on every City trade. Japan reignited the debate about the rival proposals this week by adding its voice to the argument for a transaction tax. Naoki Minezaki, Japan's vice-minister for finance, said: "We're seeing speculative funds flowing carelessly around the world – one day in stocks and real estate, other times in oil and grains – and this is destroying the lives of ordinary people." He said a tax on financial transactions should be imposed "as part of international solidarity". France and Germany – which are keen to rein in "Anglo-Saxon capitalism" – have also made clear that they prefer the idea of a transaction tax. A spokesman for the Robin Hood Tax campaign, which was launched earlier this month, said: "Japan's support for a tax on banks' financial transactions shows growing international backing for measures that go beyond merely asking banks to repay bailouts." A Robin Hood tax is the only way to raise money to tackle the wider social damage done by the economic crisis and raise money to tackle long-term problems such as climate change." The TUC, which is part of the Robin Hood Tax coalition, argued earlier this week that a global 0.005% tax on currency transactions and derivatives could be implemented immediately, and would raise up to £100bn. Campaigners have suggested that some of the proceeds would be reserved by the countries, such as the UK, in which transactions took place, and the rest could go into an international pot that could be used to tackle international problems such as poverty or climate change. Tax avoidance Banking Tobin tax Switzerland Boris Johnson Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d 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 (2 d 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 (2 d 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 (2 d ago)

• TV Sports: Learning to Live With Tape De... TV Sports: Learning to Live With Tape Delay
02/20/2010
The Olympics, to United States broadcasters, is an amalgamation of sports packaged into nightly theater. (1 h ago)

• Two Editors at The Times Are Appointed t... Two Editors at The Times Are Appointed to New Roles
02/20/2010
Richard L. Berke was named the paper’s next national editor, replacing Suzanne M. Daley, who will become a correspondent writing about Europe. (1 h ago)

• Investor to Step Down From Times Co. Boa... Investor to Step Down From Times Co. Board
02/20/2010
Nominated by Harbinger Capital and other investors, Scott Galloway had been seen as a strategist planning to shake up the company. (1 h ago)

• F.C.C. Opens an Inquiry for a Game Show ... F.C.C. Opens an Inquiry for a Game Show on Fox
02/20/2010
The F.C.C. is questioning whether some contestants of “Our Little Genius” were fed quiz answers in advance. (1 h ago)

• Generation B: Keeping the Plates Spinnin... Generation B: Keeping the Plates Spinning
02/20/2010
Many baby boomers are having to adjust to the modern workplace, where employees are consumed with calculating how to do more with less. (1 h ago)

• Big City: Beyond Twitter: An App That Le... Big City: Beyond Twitter: An App That Lets You Truly See City
02/20/2010
A few days using Foursquare shows that behind every door of the city is something precious to someone, an invisible, unique wonder in some obscure category. (1 h ago)

• Judge Hears Arguments on Google Book Set... Judge Hears Arguments on Google Book Settlement
02/19/2010
The proposal to create the world’s largest digital library has put giants like Sony and Microsoft on opposite sides. (37 m ago)

• A Blessing and a Burden A Blessing and a Burden
02/19/2010
The posthumous memoir of The Times’s first black managing editor. (6 h ago)

• Front Page, Back Story Front Page, Back Story
02/19/2010
A novel that combines newsroom drama, espionage and military adventure. (6 h ago)

• Enquirer Is Eligible for Pulitzer Enquirer Is Eligible for Pulitzer
02/19/2010
The Enquirer said it had submitted an entry for its work on the out-of-wedlock fatherhood of John Edwards, a former senator and presidential candidate. (6 h ago)

• 3 Known for Creativity Will Oversee DC C... 3 Known for Creativity Will Oversee DC Comics
02/19/2010
Jim Lee, an artist, and Dan DiDio, executive editor, will become co-publishers. Geoff Johns, a writer, was appointed chief creative officer of DC Entertainment. (8 h ago)

• Olympic Stars Give NBC Victory Over ‘Ido... Olympic Stars Give NBC Victory Over ‘Idol’
02/19/2010
By packaging the biggest American stars on one night, NBC scored a big ratings upset over “American Idol” on Wednesday. (15 h ago)

• World Briefing | Europe: Britain: TV Rep... World Briefing | Europe: Britain: TV Reporter Freed on Bail
02/19/2010
The police released a veteran television reporter on bail on Thursday after he was questioned about claims he made that he had killed a partner who was dying of AIDS. (15 h ago)

• Mexico Exonerates Suspect in Killing of ... Mexico Exonerates Suspect in Killing of U.S. Journalist
02/19/2010
The man accused of killing Bradley Roland Will in Oaxaca in 2006 was released from jail after a tribunal said there was no evidence against him. (15 h ago)

• Judge Approves Extension for Tribune Reo... Judge Approves Extension for Tribune Reorganization Plan
02/19/2010
The Tribune Company, which is operating under Chapter 11 bankruptcy protection, has until March 31 to file a reorganization plan. (16 h ago)

• $3.5 Billion in Revenue at CBS in Quarte... $3.5 Billion in Revenue at CBS in Quarter
02/19/2010
CBS said revenue and profits at its flagship television business improved in the fourth quarter. (17 h ago)

• Advertising: Another Cable Helping for F... Advertising: Another Cable Helping for Food Lovers
02/19/2010
Scripps, which owns the Food Network, will start the Cooking Channel on May 31. (17 h ago)

• Ticketmaster Reaches Settlement on Compl... Ticketmaster Reaches Settlement on Complaints of Deceptive Sales
02/19/2010
The Federal Trade Commission said that customers paid for expensive tickets that never existed. (17 h ago)

• Tiger the Pitchman Not Out of the Woods Tiger the Pitchman Not Out of the Woods
02/19/2010
Golfer Still Has a Long Way to Go to Recover the Corporate Good Will He has Squandered (2 h ago)

• Chrysler: Mich. Plant to Run Through 201... Chrysler: Mich. Plant to Run Through 2012
02/19/2010
Will Preserve 1,200 Jobs With Purchase of Sterling Heights, Mich., Assembly Plant (5 h ago)

• Toyota President Reverses; Will Testify Toyota President Reverses; Will Testify
02/19/2010
Akio Toyoda, Under Fire for Handling of Recall, Will Appear before Congress (10 h ago)

• Video: 'Feed the Children' Scam? Video: 'Feed the Children' Scam?
02/19/2010
The charity "Feed the Children" is the fifth largest in the country with more than a billion dollars in donations each year. But, as Sharyl Attkisson reports, there are serious questions as to where the money goes. (23 h ago)

• Don't Miss These Tax Deductions! Don't Miss These Tax Deductions!
02/18/2010
Ray Martin Points to Several Many People Overlook, Potentially Costing Themselves Big Bucks (1 d ago)

• Save on Monthly Bills with Help of Gadge... Save on Monthly Bills with Help of Gadgets
02/18/2010
All You Magazine Shows How You Can Save on Your Electricity, Water, Phone, Food Bills (1 d ago)

• New Jobless Claims Rise to 473K New Jobless Claims Rise to 473K
02/18/2010
Unexpected Increase Follows Sharp Drop Last Week; Optimism for Labor Recovery Dampened (1 d ago)

• Wal-Mart Reports $4.6B Quarterly Profit Wal-Mart Reports $4.6B Quarterly Profit
02/18/2010
World's Largest Retailer Cut Costs, Slimmed Inventories for 22 Percent Increase in Fourth Quarter Profit (1 d ago)

• States Face $1 Trillion Benefits Gap States Face $1 Trillion Benefits Gap
02/18/2010
Study: Higher Taxes, Smaller Pensions Could be in Store as Remedy for Shortfall (1 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 d 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 d 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 d 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 d 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 d 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 (2 d 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 (2 d 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 (2 d 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 (2 d ago)

• Government was told of Toyota claims in ... Government was told of Toyota claims in ’04
02/20/2010
The largest U.S. auto insurer alerted regulators earlier than first believed about a worrying trend of accidents involving Toyota vehicles. (1 h ago)

• Tiger the Pitchman far from out of the w... Tiger the Pitchman far from out of the woods
02/19/2010
Tiger Woods' apology is the first step toward healing the image of Tiger the man. But Tiger the pitchman still has a long way to go to recover the corporate good will he has squandered. (34 m ago)

• Whistler reportedly wins auction repriev... Whistler reportedly wins auction reprieve
02/19/2010
An auction that would sell off the resort hosting Olympic Alpine events in the middle of the games has reportedly been postponed by a week — until two days before the closing ceremony. (35 m ago)

• Stocks rise as worries over Fed rate hik... Stocks rise as worries over Fed rate hike abate
02/19/2010
The stock market ended a strong week with modest gains after investors found good news in the Federal Reserve's decision to begin dismantling emergency lending measures for banks. (51 m ago)

• Obama unveils $1.5 billion in housing ai... Obama unveils $1.5 billion in housing aid
02/19/2010
President Barack Obama used a campaign push for Senate Majority Leader Harry Reid to announce a new fund to support homeowners in five states hit hardest by the housing crisis. (2 h ago)

• Fewer people falling behind on home loan... Fewer people falling behind on home loans
02/19/2010
The number of borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb. (2 h ago)

• Major tobacco battle lands in Supreme Co... Major tobacco battle lands in Supreme Court
02/19/2010
The Obama administration and the tobacco industry took their decade-long legal fight over smoking to the high court Friday. (2 h ago)

• Tepid inflation gives Fed room to hold r... Tepid inflation gives Fed room to hold rates low
02/19/2010
The Federal Reserve seems likely to keep interest rates at record lows for several more months after news Friday that consumer prices excluding food and energy fell in January. (3 h ago)

• Tiger’s open timetable may trouble spons... Tiger’s open timetable may trouble sponsors
02/19/2010
There are a lot of unanswered questions that came out of Tiger Woods’ news conference, but the most valuable one focuses on how indefinite the world’s best golfer was about his return. (5 h ago)

• Toyota’s president to testify before Con... Toyota’s president to testify before Congress
02/19/2010
Toyota president Akio Toyoda says he will testify at a congressional hearing next week on the automaker's recalls. (7 h ago)

• Tax deduction for working during a vacat... Tax deduction for working during a vacation?
02/19/2010
You're planning a vacation, and thinking about taking some time during your trip to see a client. Maybe you can get a big tax deduction? (9 h ago)

• Open House: Homes available in Vancouver Open House: Homes available in Vancouver
02/19/2010
If watching the Games have inspired you to move, these Vancouver properties are up for sale. (11 h ago)

• ConsumerMan: Cash for new appliances ConsumerMan: Cash for new appliances
02/18/2010
The federal government hopes to give Americans a nudge to go appliance shopping. It has set aside $300 million in stimulus funds to offer rebates to those who buy energy-efficient appliances. (1 d ago)

• Small businesses like D.C. shift from he... Small businesses like D.C. shift from health care
02/18/2010
Amy Nichols, a small business owner, is tired of the healthcare debate and is relieved President Obama has turned his attention toward her biggest concern: access to credit. (1 d ago)

• Cleveland tops list of miserable U.S. ci... Cleveland 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 d ago)

• Foreclosure looms for One Madison Park Foreclosure looms for One Madison Park
02/20/2010
Glitzy residential development One Madison Park is being foreclosed on before it's even finished. A prominent commercial real-estate lender says the developers have defaulted on the mortgage and owe them over $200 million. In papers filed in Manhattan Supreme Court, iStar Tara claims the borrowers at the problem-plagued luxury... (1 h ago)

• New BofA CEO just escaped being axed New BofA CEO just escaped being axed
02/20/2010
Bank of America's newly minted CEO Brian Moynihan was inches away from being booted by his predecessor Ken Lewis as the bank was gearing up to merge with Merrill Lynch, new documents show. A little over a year ago, Lewis offered Moynihan the top spot at the company's... (1 h ago)

• Blackstone looks to sell ailing Gold Toe... Blackstone looks to sell ailing Gold Toe socks
02/20/2010
Blackstone Group is hoping to drop its socks. Stephen Schwarzman's private-equity firm is testing the waters for selling its Gold Toe-Moretz business, despite the sock company's being in financial straits. As it struggles to raise new money for a leveraged-buyout fund, Blackstone has started an auction process for... (1 h ago)

• Bloomberg pulls $5B from Quadrangle Bloomberg pulls $5B from Quadrangle
02/20/2010
Quandrangle Group yesterday suffered a humiliating blow when Mayor Bloomberg revealed he is pulling $5 billion of his money out of the firm's asset-management unit -- along with the people who managed that money. The investment company founded by Bloomberg pal and former White House auto czar Steven Rattner... (1 h ago)

• Feds assist Madoff aide Feds assist Madoff aide
02/20/2010
The numbers man who helped concoct Bernie Madoff's $60 billion swindle could get a big break in jail time for helping prosecutors unravel the tangled Ponzi puzzle. Federal prosecutors privately went to bat for 53-year-old Frank DiPascali, telling a judge that they may ask for "extraordinary" leniency in his... (1 h ago)

• Business briefs Business briefs
02/20/2010
Nevermind * GM yesterday hired former CEO Fritz Hen derson as a $59,090 a month adviser, while the man who replaced him, Chairman Ed Whitacre, urged em ployees to move faster to change the com pany. Inflation rate Consumer prices crept up just 0.2 percent in January even though... (1 h ago)

• Simon puts heat on General Growth Simon puts heat on General Growth
02/20/2010
Simon Property Group yesterday stepped up its pursuit of bankrupt mall operator General Growth, suggesting the company's rejection was a tactic to stall a deal until after it emerged from bankruptcy. "We see no justification for your inability to commit to playing by the same rules when it comes... (1 h ago)

• Court: Stanford stays in jail Court: Stanford stays in jail
02/20/2010
Jailed Texas swindler suspect R. Allen Stanford unveiled his latest legal tactic to get free: Prosecutors failed to tell me what I've done wrong. So there. A year after charging the billionaire in a $7 billion Ponzi scheme, the Securities and Exchange Commission has failed to disclose any basic... (1 h ago)

• Penney's climbs on outlook Penney's climbs on outlook
02/20/2010
Shares of J.C. Penney surged nearly 7 percent after the retailer had a narrower-than-expected quarterly profit drop and predicted higher comparable sales this year. The Plano, Texas, department-store chain's business has been hit as middle-income shoppers face tightened credit and lingering worries about unemployment. Fourth-quarter earnings fell 5... (1 h ago)

• Judge mulls delay in Raj's SEC case Judge mulls delay in Raj's SEC case
02/20/2010
A federal judge yesterday reserved a decision on whether to delay a civil insider-trading case against Galleon Group founder Raj Rajaratnam and others, so that criminal trials in the matter could proceed first. At a hearing yesterday, the US Attorney's office in Manhattan, the Securities and Exchange Commission and... (1 h ago)

• Patient Money: What to Do if You Suspect... Patient Money: What to Do if You Suspect Learning Disability
02/20/2010
Parents who are aware of the available resources have a better chance of getting help for a learning-disabled child. (1 h ago)

• Your Money: A Card Fee Still Hides in th... Your Money: A Card Fee Still Hides in the Luggage
02/20/2010
The Credit Card Act is reducing some fees, but the one on foreign transactions, an industry profit center, was not touched. (1 h ago)

• Wealth Matters: Real Estate Looks Risky,... Wealth Matters: Real Estate Looks Risky, but Less So for Bargain Hunters
02/20/2010
For passive investors interested in REITs or entrepreneurs seeking to buy buildings, the uncertainty in commercial realty could present opportunities. (1 h ago)

• Do You Pay Foreign Transaction Fees on Y... Do You Pay Foreign Transaction Fees on Your Cards?
02/19/2010
Why would you willingly pay a foreign transaction, or currency conversion, fee on a credit or debit card? (2 h ago)

• Your Money: Credit Card Limits for Youth... Your Money: Credit Card Limits for Youth Can Be Opportunity for Parents
02/19/2010
Rules that limit access to credit cards until the age of 21 go into effect this month, which is good news and bad for parents. (3 h ago)

• Answers About Freelancers and Taxes: Par... Answers About Freelancers and Taxes: Part 3
02/19/2010
Howard Samuels, a certified public accountant and managing partner of S&C LLP, answered reader questions about freelancer taxes. (4 h ago)

• Friday Reading Friday Reading
02/19/2010
A modest initiative for struggling homeowners, when high wine prices are justified and other consumer-focused items from Friday's Times. (8 h ago)

• Some Think Cheating on Taxes is O.K. Some Think Cheating on Taxes is O.K.
02/19/2010
About 13 percent of Americans think it's O.K. to cheat on income taxes, according to a new survey. (22 h ago)

• Final note: Tiger disrupts trading Final note: Tiger disrupts trading
02/19/2010
In this final note, you can see how Wall Street traders reacted to Tiger Woods' first on-camera statement since news of his transgressions broke through. (2 h ago)

• First Lady puts focus on healthy eating First Lady puts focus on healthy eating
02/19/2010
First Lady Michelle Obama visited a Fresh Grocer in North Philadelphia, an area that she says lacked a decent grocery store for 10 years. Bob Moon reports on the Obama administration's healthy food initiative. (5 h ago)

• Weekly Wrap: Financial regulation Weekly Wrap: Financial regulation
02/19/2010
Fortune Magazine's Leigh Gallagher and Reuters blogger Felix Salmon talk with Kai Ryssdal about whether Senator Christopher Dodd's new financial regulatory bill will work to stem system risk, and whether any type of reform will really happen. (5 h ago)

• Will new credit rules change behavior? Will new credit rules change behavior?
02/19/2010
Marketplace Money host Tess Vigeland talks with Kai Ryssdal about new legislation that will cut down on some of the surprises consumers receive in their credit card statements, and how people are feeling about the changes. (5 h ago)

• The surreal life of a celeb doppelganger The surreal life of a celeb doppelganger
02/19/2010
Ever been told that you look like a certain celebrity? For some people, being a celebrity lookalike is actually a job. But Rico Gagliano reports it can be tough when your work depends on a famous stranger's career. (5 h ago)

• Signs of people taking back the tap Signs of people taking back the tap
02/19/2010
Nestle says its bottled water division saw revenue evaporate by more than 5% in 2009, and that may have an upside for the planet. Jennifer Collins reports. (5 h ago)

• Health reform push is about the pool Health reform push is about the pool
02/19/2010
Even after the bellyaching in Congress and the fuss over premiums, President Obama is still calling for everyone to have health insurance. Why? Nancy Marshall Genzer reports. (5 h ago)

• Fed signals end to cheap money supply Fed signals end to cheap money supply
02/19/2010
The Federal Reserve bumped up the rate it charges banks for emergency loans, which led to speculation that the federal funds rate would go up soon. John Dimsdale reports the Fed wants you to believe there's less going on here than meets the eye. (5 h ago)

• U.S., EU approve Microsoft-Yahoo deal U.S., EU approve Microsoft-Yahoo deal
02/18/2010
U.S. and European regulators have cleared the partnership between Microsoft and Yahoo, enabling the rivals to form a tag team as they try to mount a serious challenge to Google. Yahoo - Google - Facebook - Search - Microsoft (1 d 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. Live Nation Entertainment - Bruce Springsteen - Ticketmaster - Tickets - Shopping (1 d 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. BenJerrys - Ice cream - Hannah Kearney - Business - Frozen (2 d 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. Duane Reade - New York City - Walgreen - Oak Hill Capital Partners - United States (2 d ago)

• Big companies cause $2.2 trillion of env... Big companies cause $2.2 trillion of environmental damage
02/20/2010
How much is the environment worth? And will corporates end up paying trillions of dollars in compensation for environmental damage?That could well be the case with The Guardian telling us of an unpublished study for the United Nations finding that the world's top companies caused $2.2 trillion worth of environmental damage. That accounts for about one-third of their profits. Actually, the report might be understating the amount of damage because it doesn't include damage caused by household and government consumption of goods and services, ... (1 h ago)

• Did Toyota stop traffic safety regulator... Did Toyota stop traffic safety regulators?
02/20/2010
What does Toyota have in common with the credit squeeze? Was the slack oversight of banks that resulted in recession echoed in the National Highway Traffic Safety Administration's slack monitoring of Toyota? That might be the case.First, we might learn more from Toyoda president Akio Toyoda. At first he balked but now he has finally accepted a formal invitation to testify to a House Oversight Committee. Someone in PR must have had a quiet word with him and explained that no appearing would damage ... (1 h ago)

• The American way: socialism for the rich The American way: socialism for the rich
02/19/2010
The truly alarming part about the bank bailouts in the United States was the way it redistributed wealth to the bank shareholders and executives. It was a case of socializing losses and privatizing wealth. Let's just call it socialism for the wealthy. That says the United States is being controlled by an oligopoly of banks and broking houses.It's a point made by Simon Johnson, former chief economist of the International Monetary Fund. Johnson writes: "In its depth and suddenness, the U.S. economic and financial ... (17 h ago)

• Wal Mart and the birth of the new consum... Wal Mart and the birth of the new consumer
02/19/2010
Signs that the recession has changed consumer behavior. If not forever, then at least for a long time.Look carefully at the results posted up by the world's biggest retailer, Wal Mart. As the New York Times reports, sales at US Wal Mart stores for the first time in its history have plummeted as price cutting competitors lure consumers away with better bargains. As the New York Times suggests, Wal Mart is getting a taste of its own medicine. They still made a bigger profit ... (18 h ago)

• Eight out of 10 to be fat by 2020 Eight out of 10 to be fat by 2020
02/18/2010
With former president Bill Clinton blaming his heart problems in part on the Haiti earthquake but mostly on the US obesity epidemic, it's worth thinking about the impact the epidemic will have on health care costs and budgets.Already, we have reports that eight out of 10 men in Britain will be overweight by 2020. Some 41% of men aged 20 to 65 will be obese by 2020. The same goes for 70% of women.Health care costs will go through the roof and that will ... (1 d ago)

• Toyota's high risk strategy Toyota's high risk strategy
02/18/2010
Who exactly is advising Toyota on their strategy?With the company now facing a string of class action lawsuits which could cost it as much as $3.6 billion, it is extraordinary to read reports that the company's president Akio Toyoda has rejected to appear before Congress next week.It's hard to fathom. The company is trying restore its reputation which has been badly damaged. The only way it can do this is by being open and working with governments and regulator.Instead the company appears to be ... (1 d ago)

• Wal-Mart gets a taste of its own medicin... Wal-Mart gets a taste of its own medicine
02/18/2010
Wal-Mart has seen sales at its U.S. stores fall for the first time, as competitors lure away bargain-hunters. Department stores and dollar stores are muscling in on retail giant's discount turf. Wal-Mart - Wall Street - United States - Business - Wal-Mart Stores (1 d ago)

• French wine, spirits exports in record d... French wine, spirits exports in record drop
02/18/2010
French exports of expensive Champagne and cognacs suffered a record drop last year as people drank less and switched to cheaper brands in the U.S. and Britain, its biggest foreign markets. United States - French wine - Wine - Food - Beverages (1 d 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. Rum - Martin Cate - Shopping - Business - Watercraft (2 d 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. Campbell Soup Company - Business - Soups and Stews - Home - Cooking (2 d ago)

• Stumping for Jobs Plan, Obama Pushes Hea... Stumping for Jobs Plan, Obama Pushes Health Bill
02/19/2010
Focusing on job creation in New Hampshire on Tuesday, President Obama promoted his $30 billion lending plan. (11 m 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 d ago)

• Chicago News Cooperative: A Small Busine... Chicago News Cooperative: A Small Business Finds a Catch in Federal Aid
02/18/2010
Barbara Wright’s experience with a Small Business Administration loan shows that federal help in the current financial climate does not always do what a small-business owner expects. (1 d 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. (2 d ago)

• Apple suppliers in Far East work in an i... Apple suppliers in Far East work in an iFortress
02/18/2010
Apple goes to what one person in the business termed "extreme lengths" to protect even the smallest details of its products under development. Far East - Apple - Business - Macintosh - Apple II (1 d ago)

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• A new look at carbon offsets A new look at carbon offsets
02/19/2010
Carbon markets will continue to play a role in pricing—and limiting—emissions, but the opportunity in developing markets may be less promising than once expected. Read more on the McKinsey Quarterly > Topics: Climate Change Corporate Finance Energy, Resources, Materials (5 h ago)

• Video interview: Is the renminbi the nex... Video interview: Is the renminbi the next global currency?
02/18/2010
Geng Xiao, director of the Brookings-Tsinghua Center for Public Policy, discusses how divergent growth rates of the Chinese and US economies will erode the hegemony of dollar--but not right away. Read more on the McKinsey Quarterly > Topics: Asia-Pacific China Economic Studies Interviews Video (1 d ago)

• Social Enterprise: Business with a missi... Social Enterprise: Business with a mission
02/18/2010
Any social enterprise is motivated by environmental or social purposes and I would like to salute all those who would like to go ahead with such ventures. The good thing about going forward with such enterprise is that it gives you more flexibility when compared to a charity besides carrying the tag of value first attached to it. A social enterprise brings together viable business model trading in goods or services and most importantly social ownership and social aim. Here most of the earnings ... (1 d ago)

• Helps for Keepng the Family Budget in Li... Helps for Keepng the Family Budget in Line
02/19/2010
© akk_rusAfter you create a budget, you will find that there will suddenly come a lot of things that will try to get you to break it. Whether it is kids, sudden aspirations to buy something you saw in a window, a magazine or store, or something that you would like to do, you will definitely be faced with a situation that demands more money be spent. Here are a few budget tips to help you avoid those problems. Be careful of trying to ... (12 h ago)

• 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 d 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 ... (2 d 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. Prison - Recidivism - Crime - People - Crime and Justice (2 d ago)

• Seen that? - Hedging Without A Hedge Fun... Seen that? - Hedging Without A Hedge Fund
02/19/2010
Hedging Without A Hedge Fund The Hedge Funds Weblog Businessweek has an interesting article about hedging without a hedge fund. Hedge funds-private investment pools that cater to wealthy investors-have gotten plenty of buzz in recent years for their sophisticated strategies and ... (21 h 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 d ago)

• Earnings, manufacturing reports give sto... Earnings, manufacturing reports give stocks a boost
02/21/2010
U.S. stocks had their best week in more than three months as improving earnings and better-than-expected reports on manufacturing bolstered optimism that the economy is gaining momentum. (1 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 d ago)

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