A present for the planet

A green guide to eco-conscious, as well as cost-conscious, giving this holiday season -- and what to do about the tree

Dreaming of a green Christmas? ¶ From biodegradable greeting cards to solar-powered Santa decorations, consumers have countless ways to celebrate an eco-friendly holiday season this year. ¶ And in this tight economy, here's some good news: Going green doesn't mean having to spend a lot of it. ¶ "It's a massive misconception," said Sophie Uliano, a Los Angeles author who wrote "Gorgeously Green: 8 Simple Steps to an Earth-Friendly Life." "People think solar panels, hybrid cars, organic jeans and very expensive skin care. But that doesn't have to be the case." ¶ The holiday shopping season officially started Friday with the traditional day-after-Thanksgiving sales. This year, an eco-friendly Christmas is on consumers' minds -- along with an uncertain economic situation. ¶ Many say they will shop less and cut their holiday budgets by hundreds of dollars. So in addition to slashing prices and extending store hours, retailers are boosting their selection of green products this year to attract shoppers. ¶ "The outlook is not for a great Christmas season," said Richard Giss, a partner in accounting firm Deloitte & Touche's consumer business division in Los Angeles. "All retailers are looking for some edge. If they can be seen as the eco-friendly retailer, that will help them." ¶ In Deloitte's annual holiday survey this year, nearly half of consumers said they were willing to pay more for green gifts, despite the bad economy, and one in five said they would purchase more eco-friendly products this holiday season than in the past.

Source: L.A. Times - Business | 30 Nov 2008 | 8:00 am

Leslie A. Margolin: Promoting healthier ways of reaching consensus

The president of Anthem Blue Cross of California believes 'answers lie in trying to bring people with diverse backgrounds and diverse interests together and focus on what they have in common.'

The gig: President of Woodland Hills-based Anthem Blue Cross of California, the state's largest for-profit health insurer, which serves more than 8 million members.

Source: L.A. Times - Business | 30 Nov 2008 | 8:00 am

Getting smokers to quit littering

It's one of those things so mundane and commonplace, most of us probably don't even notice when it happens, let alone get worked up over it.

Source: L.A. Times - Business | 30 Nov 2008 | 8:00 am

NewsWatch: U.S. stocks rise on Black Friday to post strong weekly gains

U.S. stocks end higher, leaving the market with monthly losses but with large gains for a holiday-shortened week that saw investors increasingly confident that much of a dire economic outlook already has been priced in.

Source: MarketWatch.com - Top Stories | 29 Nov 2008 | 2:00 pm

Holiday sales slow for small retailers

While chain retailers like Wal-Mart and Best Buy began this year's Black Friday with their traditional throngs of bargain-hunting shoppers, things are quieter at small, independent shops throughout the nation.
Source: Business and financial news - CNNMoney.com | 29 Nov 2008 | 1:37 pm

Saudi index soars after king's comments on economy

The Saudi stock market has soared 9.51 percent after the king described the economy as stable in the face of the global market meltdown. The Tadawul All-Share Index (TASI) closed...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 1:29 pm

Gas above $2 a gallon in only 4 states

Remember $4 gasoline? Remember $3 gasoline? And now, most of the nation can be asked, remember $2 gasoline?
Source: Business and financial news - CNNMoney.com | 29 Nov 2008 | 1:27 pm

German state leader hits out at EU official over Volkswagen

A German regional government chief hit out Saturday at European Commissioner Charlie McCreevy, accusing him of spending too much time on the golf course, in a row over the future of...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 1:23 pm

Iceland's PM defies calls to resign over meltdown

Iceland's prime minister on Saturday defied calls to step down in the wake of his country's economic meltdown, as protesters gathered for an eighth consecutive week to demand his...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 1:15 pm

Personal Finance Daily: The week's 10 best Personal Finance stories: Nov. 24-28

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Nov. 24-28:

Source: MarketWatch.com - Top Stories | 29 Nov 2008 | 1:01 pm

Wal-Mart worker dies in sale rush

US stores open early and offer steep discounts, while a worker dies in the crush as the Christmas shopping season kicks off.
Source: BBC News | Business | World Edition | 29 Nov 2008 | 12:58 pm

Saudis: Oil should be $75 a barrel

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 29 Nov 2008 | 12:57 pm

German minister plans huge tax cuts: report

German Economy Minister Michael Gloss is planning huge tax cuts totalling 25 billion euros (31 billion dollars) to ease the effects of the global economic crisis, a report said Saturday.
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 12:52 pm

Turkey: Police clash with union workers

Turkish police have clashed with stone-throwing union workers protesting rising unemployment and price hikes. Haber Turk television video shows riot police firing tear-gas canisters to...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 12:47 pm

Asian economies stumble and U.S. faces retail test

NEW YORK (Reuters) - U.S. shoppers awoke early for post-Thanksgiving sales on Friday in a key test of the country's ability to withstand economic turmoil as sharp production declines in Asia gave fresh evidence of the global crisis.
Source: Reuters: Business News | 29 Nov 2008 | 12:28 pm

Shoppers seek deals, buy less on Black Friday

SAN FRANCISCO/NEW YORK (Reuters) - Shoppers lured by money-saving deals filled U.S. stores on Friday, but the annual kick-off to holiday shopping appeared weaker this year as worries about a deep recession kept purchases down.
Source: Reuters: Business News | 29 Nov 2008 | 11:08 am

Shoppers seek deals, buy less on Black Friday (Reuters)

Reuters - Shoppers lured by money-saving deals filled U.S. stores on Friday, but the annual kick-off to holiday shopping appeared weaker this year as worries about a deep recession kept purchases down.

Source: Yahoo! News: Business | 29 Nov 2008 | 11:08 am

Mumbai siege ends as death toll rises to more than 195

Commandos killed the last Islamist gunmen holed up at Mumbai's Taj Mahal hotel, ending a three-day rampage and siege that killed at least 195 people and is already being described as India's 9/11
Source: Financial Times - US homepage | 29 Nov 2008 | 11:02 am

UN, EC call for global stimulus at development meet

The United Nations and the European Commission called on Saturday for a global stimulus package, but the absence of major leaders at a UN aid conference in Qatar lowered hopes about the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 10:54 am

Stocks face dour jobs and retail data

NEW YORK (Reuters) - Wall Street may struggle to build on its best week in almost 30 years next week, as investors grapple with a raft of economic data, including the November jobs report,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 10:49 am

Stocks face dour jobs and retail data (Reuters)

Reuters - Wall Street may struggle to build on its best week in almost 30 years next week, as investors grapple with a raft of economic data, including the November jobs report, that will likely provide more evidence of a deep economic downturn.

Source: Yahoo! News: Business | 29 Nov 2008 | 10:49 am

Stocks face dour jobs and retail data

NEW YORK (Reuters) - Wall Street may struggle to build on its best week in almost 30 years next week, as investors grapple with a raft of economic data, including the November jobs report, that will likely provide more evidence of a deep economic downturn.
Source: Reuters: Business News | 29 Nov 2008 | 10:49 am

EU blocks French bank capital plan: report

PARIS (Reuters) - The European Commission is blocking a French plan to shore up the capital positions of big retail banks, insisting they must reduce their lending in return for state support, the Financial Times reported on Saturday.
Source: Reuters: Business News | 29 Nov 2008 | 10:43 am

EU blocks French bank capital plan: report

PARIS (Reuters) - The European Commission is blocking a French plan to shore up the capital positions of big retail banks, insisting they must reduce their lending in return for state...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 10:43 am

Saudi hints Opec to delay further cut

As the oil cartel prepares to meet in Cairo calls are growing for a surprise cut as evidence the slowdown is leading to rising inventories in consumer countries
Source: Financial Times - US homepage | 29 Nov 2008 | 10:27 am

Saudi stocks surge almost 8 pct at opening

Share prices surged almost eight percent in early trade on the Saudi stock market on Saturday, reacting to remarks by King Abdullah on the strength of the country's economy. ...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 10:24 am

Opec discusses falling oil price

Opec leaders meet in Cairo, as oil prices remain below $55 a barrel on fears that global demand is set to fall further.
Source: BBC News | Business | World Edition | 29 Nov 2008 | 9:22 am

Black Friday shoppers spend -- with caution

The holiday shopping season opens with the usual pandemonium, but consumers and retailers are anxious.

Consumers carted out flat-screen TVs, loaded up on the latest Elmo toys and raced to grab designer shoes Friday as retailers across the country anxiously held their breath.

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

Yahoo stock rallies after Carl Icahn increases stake

The price jumps 9% on news that the billionaire had purchased 6.8 million shares of the struggling Internet company. The move is likely to fuel speculation over the search for a new CEO. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

Obnoxious displays of wealth on TV a turn-off for many

Viewers affected by the drama on Wall Street 'don't want to watch rich people whine' -- so networks are cutting back on shows that might offend. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

The pony car makes a comeback

For '60s muscle-car fans and young tuners alike, there'll be four offerings by spring -- a Dodge Challenger (out now), a Ford Mustang, a Chevy Camaro and a Hyundai Genesis. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

Black Friday shoppers spend -- with caution

The holiday shopping season opens with the usual pandemonium, but consumers and retailers are anxious. Consumers...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

No sympathy for Detroit at a Kia plant in Georgia

The residents of this town are learning to enjoy Korean barbecue, and are wary of bailing out American automakers. 'The foreign cars took the lead, and they deserve it,' says one. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

Stocks continue gains in light trading on Wall Street

Blue chips post their fifth straight advance in a shortened post-Thanksgiving session. Investors are watching to see whether gloomy holiday shopping predictions come true. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

Colorado county tax probe targets illegal workers

Weld County officials searched thousands of records at a tax service, looking for immigrants using stolen Social Security numbers. So far, 28 people have been arrested.

Amalia Cerrillo has made her living helping other people pay their taxes.

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

Stocks continue gains in light trading on Wall Street

Blue chips post their fifth straight advance in a shortened post-Thanksgiving session. Investors are watching to see whether gloomy holiday shopping predictions come true.

Wall Street climbed again Friday, wrapping up its biggest five-day rally in more than 75 years, despite signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more economic distress.

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

Yahoo stock rallies after Carl Icahn increases stake

The price jumps 9% on news that the billionaire had purchased 6.8 million shares of the struggling Internet company. The move is likely to fuel speculation over the search for a new CEO.

Billionaire investor Carl Icahn spurred a rally in Yahoo Inc. shares Friday after he disclosed that he had increased his stake in the struggling Internet company.

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

Wall Street stocks continue gains in light trading

Blue chips post their fifth straight advance in a shortened post-Thanksgiving session. Investors are watching to see if gloomy holiday shopping predictions come true. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

No sympathy for Detroit at a Kia plant in Georgia

The residents of this town are learning to enjoy Korean barbecue, and are wary of bailing out American automakers. 'The foreign cars took the lead, and they deserve it,' says one.

This attractive old mill town along the Chattahoochee River, with its brick downtown and streets of cozy, unpretentious homes, could be the backdrop for a patriotic American car commercial -- lacking only the plaintive croak of a Bob Seger or John Mellencamp.

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

Obnoxious displays of wealth on TV a turn-off for many

Viewers affected by the drama on Wall Street 'don't want to watch rich people whine' -- so networks are cutting back on shows that might offend.

It had the makings of reality-television gold.

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

The pony car makes a comeback

For '60s muscle-car fans and young tuners alike, there'll be four offerings by spring -- a Dodge Challenger (out now), a Ford Mustang, a Chevy Camaro and a Hyundai Genesis.

It's going to be a long, cold, lonely winter for carmakers, but spring could be heavenly for hot rodders (if they have some dough).

Source: L.A. Times - Business | 29 Nov 2008 | 8:00 am

Colorado county tax probe targets illegal workers

Weld County officials searched thousands of records at a tax service, looking for immigrants using stolen Social Security numbers. So far, 28 people have been arrested. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 8:00 am

GM suspends $445-million Thai diesel project: report

BANGKOK (Reuters) - Troubled carmaker General Motors Corp has suspended construction of its $445-million diesel-engine facility in Thailand due to the global financial crisis, the Nation...
Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Nov 2008 | 7:50 am

GM suspends $445-million Thai diesel project: report

BANGKOK (Reuters) - Troubled carmaker General Motors Corp has suspended construction of its $445-million diesel-engine facility in Thailand due to the global financial crisis, the Nation newspaper reported on Saturday.
Source: Reuters: Business News | 29 Nov 2008 | 7:50 am

Boeing engineers to decide on contract

NEW YORK (Reuters) - The second-largest Boeing Co union will count votes on the latest contract offer from the plane maker on Monday.
Source: Reuters: Business News | 29 Nov 2008 | 6:18 am

Rubin says not to blame for Citi's troubles: report (Reuters)

Reuters - Former U.S. Treasury secretary Robert Rubin said the near-collapse of Citigroup Inc , where he is a senior counselor, was due to the buckling financial system and not his own mistakes, according to an interview published on The Wall Street Journal's website on Friday.
Source: Yahoo! News: Business | 29 Nov 2008 | 6:16 am

Rubin says not to blame for Citi's troubles: report

NEW YORK (Reuters) - Former U.S. Treasury secretary Robert Rubin said the near-collapse of Citigroup Inc , where he is a senior counselor, was due to the buckling financial system and not his own mistakes, according to an interview published on The Wall Street Journal's website on Friday.
Source: Reuters: Business News | 29 Nov 2008 | 6:16 am

General Motors eyes debt swap: report

NEW YORK (Reuters) - General Motors Corp is pushing some bondholders to swap their debt for equity, as Chief Executive Rick Wagoner tries to keep the automaker out of a Chapter 11 bankruptcy that would likely cost him his job, The Wall Street Journal said late Friday, citing people familiar with the plan.
Source: Reuters: Business News | 29 Nov 2008 | 6:16 am

General Motors eyes debt swap: report (Reuters)

Reuters - General Motors Corp is pushing some bondholders to swap their debt for equity, as Chief Executive Rick Wagoner tries to keep the automaker out of a Chapter 11 bankruptcy that would likely cost him his job, The Wall Street Journal said late Friday, citing people familiar with the plan.
Source: Yahoo! News: Business | 29 Nov 2008 | 6:16 am

Earnings, November Jobs Disappoint; Woods and GM Part Ways

Source: Bloomberg - All Podcasts | 29 Nov 2008 | 2:54 am

Economic Diary on ECB and BOE Rate Decisions, U.S. Jobs

Source: Bloomberg - All Podcasts | 29 Nov 2008 | 2:48 am

Sears' Web site hit by slowdown

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 29 Nov 2008 | 2:35 am

Black Friday turns tragic for Wal-Mart

Wal-Mart - expected to benefit this holiday season from its deep discounting in a tough economy - had its Black Friday marred when an employee was trampled to death as thousands of people rushed through the doors at the opening of the store in Valley Stream, N.Y.
Source: Business and financial news - CNNMoney.com | 29 Nov 2008 | 2:10 am

Later in the day, Black Friday shopping becomes less frenetic

Some Southland stores still have steady lines out the door in the early afternoon, but the chaotic throngs from the early-morning hours vanish. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Nov 2008 | 1:19 am

Black Friday sales suggest longer stay in red

Black Friday – so-called because the day after Thanksgiving is when retailers begin to turn a profit for the year – is watched obsessively by retailers as a signal of consumer demand for the critical Christmas season
Source: Financial Times - US homepage | 29 Nov 2008 | 12:47 am

Wall Street drowns its sorrows

The titans of Wall Street have taken a battering in the financial markets, but they are eating well and drinking more, according to the people who run Manhattan's 'power' dining spots
Source: Financial Times - US homepage | 29 Nov 2008 | 12:16 am

Fed loans to banks increase in latest week

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 29 Nov 2008 | 12:15 am

Business Briefs - Friday

Macy's to close up to 10 stores. The No.2 U.S. department store expects to close up to 10 stores next year. Macy's M will use $950 mil in cash to...

Source: Investor's Business Daily: BUSINESS | 29 Nov 2008 | 12:08 am

Company Answers Call For Anthrax Vaccine

The small anthrax attack that sparked massive nationwide panic seven years ago may have receded a bit in the public's consciousness. But the...

Source: Investor's Business Daily: BUSINESS | 29 Nov 2008 | 12:08 am

Trends & Innovations - Friday

Chains enjoy growing tree sales

Source: Investor's Business Daily: BUSINESS | 29 Nov 2008 | 12:08 am

S&Ls' Not-So-Wonderful Life

Savings and loan banks have a reputation of being a vital part of the communities they serve. Think of good-hearted savings banker Jimmy Stewart...

Source: Investor's Business Daily: BUSINESS | 29 Nov 2008 | 12:08 am

Sir Fred Goodwin takes the hit as shareholders spurn £15billion rights issue by bank

Sir Fred Goodwin, the outgoing chief executive of Royal Bank of Scotland, made a personal loss on paper of £162,000 yesterday after subscribing for his full entitlement of shares in the bank's disastrous £15billion rights issue.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Sir Philip Green makes a smart £1m with sale of Moss Bros stake after a fortnight

Sir Philip Green sold his 28 per cent stake in Moss Bros, the gentlemen’s outfitter, yesterday, locking in a profit of £1 million in just over a fortnight. The news came a day after the Bhs, TopShop and Dorothy Perkins tycoon said that he had decided not to bid for the company. Warbeck, Sir Philip’s vehicle, said that he had sold the holding to HA Cann, a trust represented by Simon Berwin, the clothing supplier, whose clients include House of Fraser, Next, Ted Baker and Moss Bros itself. The trust now holds 29.99 per cent but immediately said that it had no intention of making an offer for Moss Bros. Sir Philip had bought the Moss Bros holding – previously owned by Baugur, the Icelandic retail investor – on November 12. At the time, he bought Moss Bros shares for 24.95p each, but the sale price yesterday of 28.85p means he has made a profit, before brokers’ fees, of £1,048,980. Mr Berwin, whose Leeds-based company Berwin & Berwin holds the UK suit licences for Ben Sherman, Chester by Chester Barrie, Paul Costelloe and Daniel Hechter, said that he had bought the stake to ensure stability for the company. He added: “We wanted to see some stability, to have someone in the industry who cares and can give the whole company some stability and continuity.” Mr Berwin and the trust bought a 4.28 per cent stake in Moss Bros from members of the founding Gee family in June. It is understood that he sold that stake down before yesterday’s share purchase to avoid taking the trust’s holding above 29.99 per cent, which would have automatically triggered a takeover bid. Shares in Moss Bros, which is Britain’s third-biggest retailer of men’s suits, rose by 11¾p to 18¾p. That values the company, which owns the Moss and Cecil Gee brands and is the UK licensee for Hugo Boss, at about £17.7 million. Baugur itself considered making a £40 million takeover bid for Moss Bros earlier this year, but abandoned its plans in May. This was scuppered after Laura Ashley, the Malaysian-controlled home furnishings and fashion retailer, accumulated a 10 per cent stake in Moss Bros. Baugur has stakes in British high street names such as Debenhams and House of Fraser.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Gordon Brown's big bet with your (and my) money

Gordon Brown doesn't look like a hedge fund manager. He isn't seen breakfasting at The Wolseley. He isn't seen hobnobbing at Nobu. He doesn't dress in Chinos and open-neck shirt and burble on about the beauty of absolute returns. But the Prime Minister is rapidly emerging as the grandest and boldest of all hedgies.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Police hold China's richest man in economic crimes inquiry

Police in China have confirmed that they are holding the country's richest man - the head of its largest electrical goods retailer - for investigation over possible economic crimes.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Narrow escape for Unilever bosses caught up in the terror of Bombay

The terrorist outrage in Bombay on Wednesday became only too real for the chief executive and senior board members of Unilever. They had to barricade themselves in a private dining room at the Taj Mahal hotel and then smash a window in a dramatic escape. Patrick Cescau, the Frenchman who is chief executive of the food and soap combine, and his successor, Paul Polman, of the Netherlands, were among the guests at a formal dinner party organised by Hindustan Unilever, the European giant’s Indian subsidiary. The intimate gathering was an assemblage of present and future power at a company that is a titan of Western capitalism, making world-famous brands such as Omo detergent, Dove soap and Ben & Jerry’s ice cream. The chief and the chief-in-waiting were accompanied by another Unilever board member, Harish Manwani, who is also chairman of Hindustan Unilever. He was joined by Nitin Paranjpe, chief executive of the local company. It was to be a farewell to Mr Cescau and a welcome to Mr Polman at India’s most glittering venue. The hosts, who count among India’s corporate elite, were accompanied by their spouses and it was not until the dinner was well under way that the guests heard gunfire and were plunged into commotion. Instructed by the hotel staff, they turned out the lights and used furniture to barricade the door. According to accounts in the Indian press, they crouched on the floor in silence as the sound of gunfire came nearer, hoping that the militants would ignore the darkened room. When smoke began to fill the room, they smashed a window for air. Between 3am and 4am firefighting teams reached the windows and helped the Unilever party to escape down ladders. “It was awful,” a Unilever spokesman said. “They were pretty shaken.” None of the Unilever party was injured and they suffered a narrow escape. There is no doubt that a different outcome would have been regarded by the terrorists as a strike against a British company that has deep roots in India. Unilever has a big commercial presence in Asian nations with large Muslim populations, such as Malaysia and Indonesia. Bombay’s stock market suffered sharp falls when it opened yesterday, then steadied as investors took confidence that the Indian economy would not be damaged by the terrorist assault at the heart of the country’s financial centre. The rupee came under pressure, falling a percentage point against the dollar, and airline and hotel shares plummeted, but the market recovered its composure later. Bombay’s BSE index ended higher, up 0.7 per cent, as confidence rose amid hopes of further action by India’s central bank in cutting interest rates. Shares in Indian Hotels, owner of the Taj Mahal and the scene of the worst violence over the past two days, fell by 17 per cent as the market opened after a full day’s closure. Jet Airways, the leading domestic airline, and Kingfisher Airlines, its main rival, both suffered share price falls of about 6 per cent. Palaniappan Chidambaram, the Indian Finance Minister, said that the attacks in Bombay would hurt investor sentiment in the short term, as the Government revealed data showing a marked slowing in India’s economic growth rate. The Indian economy is growing at its slowest pace for four years, with GDP advancing by 7.6 per cent in the three months to September, compared with the third quarter last year. High interest rates, the credit crunch and capital outflows have slowed down the Indian juggernaut and the rate of growth is well below the second quarter’s rate of 7.9 per cent. Bijal Shah, global markets strategist at Société Générale, said that India’s economy was too large and diverse to be badly affected by the events in Bombay. Foreign investment would quickly return to India, he said, attracted by low costs, the weakness of the rupee and a growing consumer sector. “[The attacks] may have a short-term negative effect on companies wanting to secure the safety of foreign personnel,” he said, “but India is a much more competitive market for manufacturers. Its market share will improve significantly.” India’s growing tourism sector is likely to be affected, but even that is unlikely severely to harm growth prospects. “It’s not a huge chunk of the Indian economy. India is able to absorb these shocks,” Mr Shah said. ----- British Airways refused to be diverted British Airways has received a boost to business after the chaos in Bombay (Ian King writes). Along with Virgin Atlantic but unlike most big European carriers, BA has continued with its scheduled service, flying from Heathrow on Wednesday night even as news of the terror attacks was breaking. A spokesman said that, like Virgin Atlantic, BA was allowing customers who had already bought flights to Bombay to rebook to alternative destinations in India at no extra cost. Cathay Pacific, which runs three flights to and from Bombay daily, has also waived its usual re-booking and re-routing charges to customers. Jet Airways, which flies direct to Bombay from Heathrow, is offering free cancellations on flights until today and is offering free re-routing, as is Air India. Lufthansa cancelled two flights to Bombay from Frankfurt and Munich on Thursday but resumed its service yesterday. Air France, which had 20 cabin crew rescued from the Oberoi hotel yesterday, also cancelled two flights on Thursday. Alitalia has cancelled all flights until further notice.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Small retailers granted relief from landlords' 'medieval' rent regime

Smaller retailers have been handed a lifeline by some of the property industry’s biggest landlords, which said yesterday that they would allow some to pay rent monthly rather than quarterly. The retailers have been lobbying for the move since the summer and their arguments have intensified as the decline in consumer spending on the high street culminated this week in the collapse of Woolworths and MFI. The agreement was reached by a group of property heads and retailers, including Sir Philip Green, the Arcadia chief, Phil Wrigley, chairman of New Look, and Francis Salway, chief executive of Land Securities. However, the deal was struck as it emerged that two more big names had asked their landlords for help with rents. Focus, the DIY chain, and Land of Leather, the furniture retailer, have asked for rent reductions and monthly payments across their portfolio to ease cashflow. The seven landlords that will grant monthly payments for small retailers are British Land, Land Securities, Liberty International, Legal & General, Aviva, PRUPIM and Westfield. The concession is extended only to retailers with three shops or fewer in their shopping centres, which pay an annual rent of £50,000 or less, provided that they pay by direct debit. Landlords have been criticised by retailers for not moving from quarterly to monthly rent – a practice that retail chiefs describe as medieval. They complain that the quarterly system disrupts cashflow and can jeopardise sound businesses. The landlords suggested that hundreds of shops will benefit from this initiative. Other retailers are invited to approach the property owners individually to discuss monthly payments. “The initiative to accept monthly rents will have a significant benefit to retailers’ cashflows,” the landlords said. Bill Grimsey, chief executive of Focus, said that DIY sales had fallen by 10 per cent in recent weeks. “If landlords think existing leases have to be adhered to in this climate, they have their heads in the sand,” he said. The British Retail Consortium (BRC) said that it was supportive of the move but added that it would like to see all landlords offer retailers more favourable payment terms to ease cashflow pressures, given the fragile trading environment. “As is evident from recent events, it is not only small retailers but well-known high street names that are struggling to cope in the current economic climate, and support from landlords is essential if they are to ride out this significant, potentially lengthy, economic storm,” a BRC spokesman said. This month it emerged that Liberty International, Britain’s biggest shopping centre owner, had doubled its provision for tenant failures in an ominous indication of its expectations for the new year. The owner of Lakeside Shopping Centre, Essex, and MetroCentre, Gateshead, has put aside £10.2 million, up from £4.5 million last year. A joint initiative between the property owners and retailers is also under way to lower service charge costs. The landlords believe that charges could be reduced by a fifth using this scheme. The property and retail leaders also said that they would continue to work together to lobby the Government to reverse completely the decision to levy full rates on empty property. “This imposes further burdens on all businesses during a downturn and is seen as likely to inhibit new construction work and hence jobs,” they said in a joint statement. The empty property rates tax was introduced on April 1 and forces businesses to pay rates on empty buildings, even if they have just been completed. It is estimated that the tax will cost the commercial property industry £2 billion this year. There have been reports that companies have demolished buildings to gain exemption from the tax. The British Property Federation, which represents landlords, estimates that five million sq ft of commercial property has been demolished since April. The economic downturn has increased the opposition to the tax. Last week, Nick Brown, the Government Chief Whip and Labour MP for Newcastle upon Tyne East and Wallsend, said that the tax was “destructive” and hinted that exemption for the North East could be coming.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Metrovacesa asks HSBC to buy back London HQ

Metrovacesa, the troubled Spanish property company that bought HSBC’s European headquarters at Canary Wharf less than two years ago, wants the bank to take it back. As the downturn in the Spanish property sector worsens, Metrovacesa has failed to refinance debt secured on the building. Now it has decided to offer the 45-storey tower back to HSBC for £838 million – £150 million less than the record-breaking £1.09 billion that the Spanish company paid for it at the peak of the British property market in April last year. Metrovacesa financed the deal partly with an £810 million bridging loan from HSBC. The loan was due to be refinanced on Thursday but the Spanish company has struggled to find the cash amid the deepening credit crisis that has sent the property markets in both Spain and Britain spiralling downward. News of the move pushed HSBC shares down by 1 per cent to 698p yesterday, while the Spanish company’s shares fell 2.4 per cent to €52.20. In a statement to the Madrid stock exchange, Metrovacesa said that it agreed to ask HSBC to “consider any refinancing proposal which could be presented before the closure of the operation”. HSBC would confirm only that talks with the Spanish company were ongoing. Last month, a source close to Metrovacesa said that the company was studying the possibility of refinancing the debt with other banks. Analysts said that a sale would be better than repossession of the tower but were unsure if the bank would buy back the building at the offer price. “I would bid a lot less than that for the building,” one analyst said. “The consensus is now 45 per cent off . . . so it looks like £650 million. However, HSBC would then have to pursue them for the rest of the loan, so a compromise looks the best solution.” If Metrovacesa sold the building for £838 million it would hit the company’s profits of €97.9 million, decreasing its net asset value by about €1.4 a share. However some analysts believe these losses would be a relatively inexpensive resolution to the ill-fated deal. In a note to clients, JPMorgan said: “We would see the sale as being slightly positive for Metrovacesa, given an estimated yield of circa 6.7 per cent implied by the sale price, as we expect the yields to move out further than that.” Meanwhile, the crisis in Spain’s construction sector claimed another victim yesterday as Promociones Habitat, the country’s fifth-biggest property company, went into administration. The Barcelona-based group is the second major Spanish developer to fall victim to the crash of the building sector after Martinsa-Fadesa went into administration in July with debts of €5.2 billion (£4.3 billion). Habitat said that it had financial commitments of up to €2.3 billion and blamed the property slump and the credit crunch.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Big companies take over the role of banks to ease burden on suppliers

Some of Britain’s largest companies are effectively turning themselves into banks to ease the punishing overdraft and loan rates being imposed on their suppliers by high street lenders. VT Group, the defence and support services company formerly known as Vosper Thornycroft, recently told 80 of its biggest suppliers that they should talk to the company, rather than to their banks, if they were in financing difficulties. The number of Britain’s 4.7 million small businesses set to collapse before Christmas is expected to rise to 100 a day as the Government and high street banks clash over the cost and extent of keeping small and medium-sized enterprises fully funded. Next week, Alistair Darling, the Chancellor, is expected to outline the options the Government is considering to make banks free up lending. He and Lord Mandelson, the Business Secretary, have already threatened to use legal action against the banks and are looking into putting the voluntary cose of practice onto a statutory footing. The Government’s £1 billion lifeline to industry, unveiled in the PreBudget Report, will not be effective until the new year. Mike Jeffries, the chairman of VT Group, said: “We want to make sure there is as little disruption to the supply chain as possible. If it was critical, we could bankroll a supplier – it’s part of the risk assessment the directors are bound to make now.” A spokesman for the company said: “We told our suppliers: ‘Come and talk to us if you are having problems, before going to the banks.’ There are things we could do, such as expediting payments, if people are having difficulties.” VT’s initiative arose after a small IT company that supplied the company went bankrupt. Although it was not critical to the company’s operations, there are larger suppliers whose loss would be. VT has about 2,000 strategic suppliers, with which it spends between £500 million and £600 million a year. “We are particularly concerned to ensure the continuity of these strategic suppliers, and hence the continuity of our business,” the spokesman said. Justin King, chief executive of Sains-bury’s, said it had set up a system for small suppliers to draw down payments early to ease their credit problems. Waitrose said it was prepared to make early payments to suppliers with short-term liquidity problems. Stephen Alambritis, head of corporate affairs for the Federation of Small Businesses, said that the efforts the companies were making with their suppliers was symptomatic that the business world now believed banks would not begin lending to small businesses again until at least next spring. GKN, the car parts manufacturer that has issued two profit warnings in the past month, said that it was anxious to “keep the door open” to its many suppliers and give them as much information as possible about slowdowns in its business. It said that it had suffered from being given little notice by carmakers of their cuts in production and was anxious that its suppliers were not treated the same way. Meanwhile, about 184,000 small businesses will be hit by this Monday’s VAT reduction. Companies that take advantage of the Government’s flat-rate VAT scheme will have to hand over a higher proportion of the tax they collect after their rates fell by less than the reduction in the headline rate. Small businesses can profit from flat rates of VAT of between 2 per cent and 12 per cent by opting into the scheme, while at the same time charging their customers the top tax rate and keeping the difference.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Drug companies trigger European ire for holding back supplies of cheap medicine

Drug companies could face huge fines if they delay the production of cheaper generic versions of their medicines, after the publication of a European Commission report yesterday.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

AIM’s Indian shares set to take time to get over price slide

Call it an Indian winter. A falling rupee, the spread of a Western credit freeze to Asian economies and jitters ahead of forthcoming state and federal elections had already made it a dire year for India’s financial markets, but this week’s terrorist attacks in the country have deepened the chill.
Source: Latest Business News from Times Online | 29 Nov 2008 | 12:00 am

Chinese exploit western job losses

Out-of-work finance professionals in the UK and US have a new reason for optimism about their employment prospects – especially if they speak Mandarin
Source: Financial Times - US homepage | 28 Nov 2008 | 11:43 pm

Bernstein's Moffet Sees Cable Business `Among Most Durable'

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 11:32 pm

ING's Carnell Says U.S. Unemployment Will Continue to Grow

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 11:28 pm

Market Snapshot: U.S. stocks look to further recent gains in December

Stocks will enter the month of December with a sense of optimism that much of the dismal environment for corporate profits has already been discounted by the market, even as upcoming reports, including the key jobs report on Friday, are expected to show the economic picture is still worsening.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 11:02 pm

Canadian Markets: Financials lift Toronto shares

Canadian stocks finish sharply higher, with financials leading a broad-based rebound from morning lows, as prospects of governmental interventions to boost ailing economies around the world lift sentiment.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 11:01 pm

Top Ten: MarketWatch's top stories of the week, Nov. 24-28

Walking through the Loop here in Chicago this week, I was initially taken aback at the fortification of Federal Plaza, headquarters for the Obama-Biden transition team. Looking at the situation differently, though, one could take encouragement from the knowledge that the man who is yet two months from becoming the country’s 44th president had collected his growing team of advisers and hunkered down to begin tackling an array of pressing issues. Such is the nature of perspective.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 10:45 pm

Economy boost for Spain and Italy

Spain and Italy are the latest European countries to announce economic stimulus plans worth billions of euros.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 10:43 pm

NewsWatch: U.S. stocks rise on Black Friday to post strong weekly gains

U.S. stocks end higher, leaving the market with monthly losses but with large gains for a holiday-shortened week that saw investors increasingly confident that much of a dire economic outlook already has been priced in.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 10:00 pm

JPMorgan retains WaMu branch staff, cuts office jobs

NEW YORK (Reuters) - JPMorgan Chase & Co , which bought the banking operations of Washington Mutual Inc in September, said on Friday it would retain most of the giant thrift's branch banking staff, but planned substantial job cuts at its former headquarters and elsewhere.
Source: Reuters: Business News | 28 Nov 2008 | 9:58 pm

Telsey's Feldman Sees `Nervous' Holders of Commercial REITs

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 9:49 pm

Retail Metrics' Perkins Projects Worst Retail Sales in 6 Years

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 9:47 pm

Oil falls ahead of Opec meeting

Opec leaders gather in Cairo, as oil prices remain below $55 a barrel on fears that global demand is set to fall further.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 9:36 pm

Twitter turns serious amid India terror

The political and economic ramifications of the Mumbai terror attacks may not be clear for many months, but the violence has led to the coming of age of a website previously seen as a frivolous distraction...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 28 Nov 2008 | 9:35 pm

The 12 days of Christmas tech gifts that offer the best deals

The good news is that consumer-electronics companies and retailers are also feeling the pinch. Many are offering terrific deals on an array of high-tech devices. What’s more, great prices can be found every day on the Web, especially at respected online retailers such as Amazon and J&R Electronics.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 9:34 pm

Currencies: Dollar gathers steam as risk aversion returns

The U.S. dollar adds to gains, as weak equity markets send investors into safer assets and speculation of a large European interest-rate cut weighs on the region’s single currency.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 9:17 pm

Chicago trades on 'Obama effect'

In the weeks since Mr Obama's election, Chicago – a city used to proclaiming its global status while often measuring up short next to New York and Los Angeles – has been basking in the international spotlight, writes Hal Weitzman
Source: Financial Times - US homepage | 28 Nov 2008 | 9:06 pm

Formica acquisition loses its shine

Once upon a time we even made the stuff here. For more than half a century, thousands of New Zealanders worked at Formica's factory on its 5ha site at 30 Tironui Rd, Papakura. From 1959 to 2007, we turned out that distinctive product...
Source: New Zealand Herald - Business | 28 Nov 2008 | 9:00 pm

Paying egg-stra

With food prices on the rise, Sarah Gardner asks why it costs twice as much to make an omelette. She discovers cracking the price of eggs is quite the riddle.
Source: Marketplace Money | 28 Nov 2008 | 8:35 pm

The 99-Cent Chef's recipe

Wallets are being squeezed from all sides, but with an eye for bargains, you can eat healthy and on the cheap. Brendan Newnam dines with L.A.'s 99-Cent Chef.
Source: Marketplace Money | 28 Nov 2008 | 8:35 pm

Day in the Work Life: The big cheese

New York City's Chanterelle restaurant offers menus decorated with limited-edition art, a 5000-bottle wine cellar and some of the best cheese in the world. Better have a good fromager.
Source: Marketplace Money | 28 Nov 2008 | 8:35 pm

Getting Personal

Tess Vigeland and Chris Farrell give advice on paying for a student's college costs, helping mom with retirement, and the No-Brainer, Margarita and Couch Potato portfolios.
Source: Marketplace Money | 28 Nov 2008 | 8:34 pm

Talking with kids about tough times

Even if they don't understand the specifics, your kids probably know that something's not quite right in the financial world. Host Tess Vigeland asks Kiplinger's Janet Bodnar how best to discuss the crisis with them.
Source: Marketplace Money | 28 Nov 2008 | 8:34 pm

More families turning to food banks

Host Tess Vigeland introduces us to Elaine, just one of many people pushed by the tough economic times from financial stability to barely getting by.
Source: Marketplace Money | 28 Nov 2008 | 8:34 pm

Thanks for Ben, Hank and Sheila

In this week's Straight Story, Chris Farrell says he still has some people and things to be thankful for, despite the sorry state of the economy.
Source: Marketplace Money | 28 Nov 2008 | 8:34 pm

Layaway plans regain popularity

Knowing people have less cash in their wallets, some retailers are turning to old tricks to get shoppers spending money during the holiday season. Stacey Vanek-Smith reports.
Source: Marketplace Money | 28 Nov 2008 | 8:34 pm

Bailouts and rescue efforts keep coming

Citigroup is teetering on the edge of collapse, and the Federal Reserve keeps trying to salvage the economy by throwing money at it. Senior Business Correspondent Bob Moon reviews the week's developments in the financial crisis.
Source: Marketplace Money | 28 Nov 2008 | 8:34 pm

'New' Clearwire formed with Google, Intel investment

SAN FRANCISCO (MarketWatch) - The asset merger between Sprint Nextel Corp. and Clearwire Corp. aimed at forming a cutting-edge new wireless Internet network was closed Friday, with help from a $3.2 billion investment by Google Inc., Intel Corp, Comcast Corp. and others.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 8:33 pm

Bond Report: Treasurys look to gain 5% for month; ten-year yield at record low

Treasurys extend gains, looking to finish one of their best months ever, as investors wait to see how retailers fare on one of the most important spending days of the year.

Source: MarketWatch.com - Top Stories | 28 Nov 2008 | 8:32 pm

Liam Dann : Time for Ling and Deane to grasp nettle

Hindsight is a wonderful thing. In hindsight there are plenty of major corporations that have made acquisitions in the past two years which now look expensive and problematic. But the story of Fletcher Building's $1 billion Formica...
Source: New Zealand Herald - Business | 28 Nov 2008 | 8:00 pm

Slow London auctions suggest Russian art frenzy is over (AFP)

AFP - A disappointing week of Russian art sales here appears to have marked the end of a frenzied buying spree by collectors from the former Soviet Union, whose fortunes have diminished with the stock markets.

Source: Yahoo! News: Business | 28 Nov 2008 | 7:58 pm

Bill Gates' Investment Vehicles Continue To Buy AutoNation (AN), Sparking Share Rally

Just days after boosting his stake to 10%, Bill Gates' investment vehicles, Cascade Investment and Bill & Melinda Gates Foundation Trust, continue to scoop up shares of battered auto retailer AutoNation, Inc. (NYSE: AN).

Gates' recent buying has sparked a rally in the stock. The stock which started the week at $6.45 are currently trading at $8.53, a gain of 32%.

Read more...

Source: 24/7 Wall St. | 28 Nov 2008 | 7:44 pm

Dow, S&P 500 in 5-day win streak

Stocks rallied in a shortened holiday session Friday, with the Dow and the S&P 500 ending higher for the fifth session in a row, capping one of Wall Street's best weeks in months.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 7:21 pm

Asian economies stumble and U.S. faces retail test (Reuters)

Reuters - U.S. shoppers awoke early for post-Thanksgiving sales on Friday in a key test of the country's ability to withstand economic turmoil as sharp production declines in Asia gave fresh evidence of the global crisis.

Source: Yahoo! News: Business | 28 Nov 2008 | 7:20 pm

BNP Paribas's Tchilinguirian Forecasts OPEC Production Cut

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 7:09 pm

More, but smaller, Red Sheds on way

The Warehouse Group is planning a blitz of new smaller format stores as it looks to take advantage of depressed land and building prices, and a strong track record in difficult economic times. Now free from the distractions of...
Source: New Zealand Herald - Business | 28 Nov 2008 | 7:00 pm

Wall Street hot streak continues

NEW YORK - Wall Street kept up a broad winning streak yesterday, giving blue chip stocks their fifth straight advance as investors looked for clues about whether dire predictions for the holiday shopping season would prove accurate. The...
Source: New Zealand Herald - Business | 28 Nov 2008 | 6:58 pm

Icelanders collapse in laughter

A national sense of irony is reflected in the Crisis Game, which takes a grim comic swipe at financial events that have devastated the economy
Source: Financial Times - US homepage | 28 Nov 2008 | 6:56 pm

Citigroup shares jump, more than double this week

NEW YORK (Reuters) - Citigroup shares soared on Friday, and more than doubled this week, as investors expressed relief that the second-largest U.S. bank by assets won a government bailout, and separately might not have to suffer big losses from helping to fund a giant leveraged bailout.
Source: Reuters: Business News | 28 Nov 2008 | 6:54 pm

Brussels blocks French bank bail-out

The French government's plan to shore up the capital position of France's six main retail banks is being blocked by the European Commission
Source: Financial Times - US homepage | 28 Nov 2008 | 6:36 pm

Security guards flee as pirates seize ship

Somali pirates seized a specialist tanker after a desperate defence by unarmed security guards in what was thought to be the first attack on a ship with its own deterrent on board
Source: Financial Times - US homepage | 28 Nov 2008 | 6:28 pm

Clearwire, Cha-Ching (CLWR, S, CMCSA, TWC, GOOG, CLWRD)

Source: 24/7 Wall St. | 28 Nov 2008 | 6:28 pm

Cold shoppers seek hot toy deals

The hot pursuit of discounted toys and video games kept lots of shoppers waiting in the cold, dark night on Black Friday.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 6:24 pm

A good turnout by foreign shoppers

At 7:30 Black Friday morning, 34th Street in Manhattan was already teeming with shoppers; nearly everyone on the street was carrying at least one bulging bag. And a good number of the bargain hunters were from other countries.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 6:20 pm

EU calls for aid to poor nations

The European Commission calls for more aid for developing countries as a major aid summit opens in Doha.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 6:10 pm

Black Friday draws unruly crowds

A stampede of Black Friday shoppers trampled a man to death on Long Island, and two shoppers were shot to death in a toy store near Palm Springs. In spite of the crowds, some analysts said sales were down. Ashley Milne-Tyte reports.
Source: Marketplace | 28 Nov 2008 | 5:40 pm

Small airports hit hard by airline cuts

Regional airports were thriving on the passenger overflow from the big airport hubs. But as airlines cancel routes and make other cutbacks, that overflow has turned into a trickle. Hugh Hill reports.
Source: Marketplace | 28 Nov 2008 | 5:40 pm

Looking at Obama's team of pros

Obama's economic team was a big story this week. Kai Ryssdal talks with N.Y. Times columnist David Leonhardt and Atlantic.com writer Megan McArdle about the president-elect's picks and other market news.
Source: Marketplace | 28 Nov 2008 | 5:27 pm

Not a good time for a hiring freeze

Companies that lay off rank and file employees are missing an opportunity for success. Commentator Amelia Tyagi suggests simultaneously replacing some executives to generate innovation and change.
Source: Marketplace | 28 Nov 2008 | 5:27 pm

L.A. considers green building codes

Los Angeles, one of the nation's most smog-filled cities, is trying to turn its skyscrapers green. The effort would also create jobs. A green building measure is waiting for city council approval. Rob Schmitz reports.
Source: Marketplace | 28 Nov 2008 | 5:27 pm

New E.U. law to require safer chemicals

Chemical producers have until Monday to comply with a sweeping European law requiring proof that products they export are safe. Sarah Gardner reports.
Source: Marketplace | 28 Nov 2008 | 5:27 pm

What will OPEC do next?

OPEC ministers are meeting to discuss plummeting oil prices. They are expected to call for a production cut. Stacey Vanek-Smith reports that doesn't mean the OPEC member countries will actually do it.
Source: Marketplace | 28 Nov 2008 | 5:27 pm

Online retailers ramp up deals to capture dollars (AP)

AP - Online retailers are ramping up heavy-duty deals to turn skittish shoppers into buyers during the crucial Thanksgiving weekend and "Cyber Monday" — but even so, online sales are expected to be fairly flat after years of strong growth.
Source: Yahoo! News: Business | 28 Nov 2008 | 5:19 pm

GM tries to block tracking of its private jets after Washington flap

General Motors asks the US aviation authorities not to track its private jets after being criticised for extravagance as it asked for government help.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 4:56 pm

Monster in Closet Is Recession, Not Deflation: Commentary

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 4:55 pm

TowerGroup's Kopp Says Financial Services To Emerge `Healthier'

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 4:49 pm

China's first home-made jet flies

China has successfully flight tested it first home-grown commercial airliner with a 90-seat capacity.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 4:35 pm

Online movie sales jump in the UK

The number of people buying films via online download in the UK has jumped hugely in the past year, according to Screen Digest.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 4:32 pm

Nixon Says Fed, Treasury Moves Should Reduce Mortgage Rates

Source: Bloomberg - All Podcasts | 28 Nov 2008 | 4:20 pm

Fannie Mae (FNM): Reverse Splits As The Last Refuge For The Weak

Reverse spilts are the tools of companies which cannot keep their share prices up through good management and sound operation. Most firms that resort to them want to keep their stocks above $1 to keep NYSE or Nasdaq listing or to trade above $5 to meet the investment standards of certain institutional investors.

Fannie Mae (FNM) is considering a reverse split so that it can stay on the NYSE. It trades at $.97 now and has been as low as $.30. A ten-to-one program would move shares close to $10 and would cut the float by 90%. But, it would not do one iota of good for shareholders.

According to the AP, "Last week, Fannie Mae reported that it received notice from the NYSE that its stock failed to satisfy price-related requirements, and may lose its listing on the exchange." The exchange will play along. It will continue to get listing fees from the company. But, who will be fooled? Fannie Mae is in the process of a creeping nationaliztion. The stock will continue its slide.

Fannie's market cap is $1 billion on a good day. The government may as well buy-out those investors who are still in the shares and put them out of their misery.

Douglas A. McIntyre

Source: 24/7 Wall St. | 28 Nov 2008 | 4:16 pm

Output fall stokes Japan's deflation fears

Japan's industrial production and household spending fell more than expected in October, raising the spectre of a prolonged recession
Source: Financial Times - US homepage | 28 Nov 2008 | 4:01 pm

Appliance tycoon being held by police

Electrical appliance tycoon Wong Kwong-yu, one of China's wealthiest men, is under investigation for alleged involvement in economic crimes, police confirmed yesterday, ending several days of speculation regarding his whereabouts. "We...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Brian Gaynor: Hanover's shameful slam-dunking

Hanover Finance is an absolute disgrace and a dreadful indictment of the country's capital markets. Investors in the company have been slam-dunked and a number of individuals, including shareholders Mark Hotchin and Eric Watson,...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

ANZ expects to lose business

ANZ chief executive Graham Hodges expects the decision to tighten its lending policy will mean it misses out on some new mortgage business but the bank remains in a strong position with close to historic liquidity levels. ANZ,...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Banker's backing puts Geneva on track again

The future of Geneva Finance has become more certain after its banker, BOS International, confirmed it would continue its support of the company through a $35 million loan. The retail finance company, which restructured itself...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

GM Europe wants to cut hours, pay but not jobs

General Motors Europe wants to cut labour costs by 10 per cent without eliminating jobs, according to a letter sent to GM employees. In the letter, obtained by the Associated Press, GM Europe chief Carl-Peter Forster said the company...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Brent Sheather : Active or passive, plan investment to beat markets

One of the key decisions to consider before anyone contemplates an investment plan is whether to use an active or passive investment strategy, or some combination of both. At the risk of grossly simplifying things, active management...
Source: New Zealand Herald - Business | 28 Nov 2008 | 4:00 pm

Ford's (F) Strange Rally

Ford (F) made another perverse move up today rising as much as 22% to $2.64.

At this juncture, even if the federal govenment does extend loans to the US car companies the firms will have to go through some form of bankruptcy, The only interests that may be served in that process will be those of labor and suppliers in a hope of minimizing the effects on the econonomy.

While some of the operating savings may come from pulling out some UAW benefits, the most probably target of breaking the car companies apart and putting them back together will be those financial institutions and individuals who hold the tens of billions of debt.

If debt is taking a haircut, the common shareholders are certainly going to zero. A bailout may be good for Detroit, but a rally in the stocks is simply an example of the greater fool theory at work.

Douglas A. McIntyre

Source: 24/7 Wall St. | 28 Nov 2008 | 3:52 pm

Hopes rise for deep ECB rate cut

A steep fall in eurozone inflation and a rise in the jobless rate raises hopes that the ECB will cut rates sharply next week.
Source: BBC News | Business | World Edition | 28 Nov 2008 | 2:51 pm

Bubble bursts

The market for Russian art has gone flat
Source: BBC News | Business | World Edition | 28 Nov 2008 | 2:49 pm

How high earners can grab a Roth IRA

Paul Heck owns EveryHome, A successful real estate brokerage in suburban Philadelphia. The 53-year-old never considered making a Roth IRA part of his retirement plan. While Heck understands the substantial tax advantages of a Roth, he makes too much money to qualify. Recently, however, he got a tip from his financial planner about an upcoming change in the tax law that will allow Heck - and many other business owners - to seize a back-door opportunity to open a Roth.
Source: Business and financial news - CNNMoney.com | 28 Nov 2008 | 2:26 pm

Regional Banks Refusing TARP Funds (BXS, CFR, FCF, HCBK, PRSP, WFD)

Source: 24/7 Wall St. | 28 Nov 2008 | 1:47 pm