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EU mission due to help resume Russian gas flowEU monitors are deploying to gas pumping stations across Ukraine as Russia prepares to resume gas supplies to Europe. Ukraine says it will allow European, Russian and its own experts to...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 9:29 am Car industry woeThe Detroit Motor Show opens with gloom in the airSource: BBC News | Business | World Edition | 11 Jan 2009 | 8:29 am EU gas monitors deploy in UkraineObservers head to gas pumping stations in Ukraine to monitor the flow of Russian gas to Europe that was halted by a row.Source: BBC News | Business | World Edition | 11 Jan 2009 | 8:24 am Gaza fighting enters third weekThe Israeli army has pushed further into the battered Gaza Strip after aircraft carried out more than 60 strikes overnight. Fighters from the militant group Hamas responded by firing anti-tank missiles and mortar bombs at the advancing Israeli forcesSource: Financial Times - US homepage | 11 Jan 2009 | 8:23 am Russia lets ruble fall as devaluation continuesRussia's Central Bank allowed the ruble to drop sharply against the dollar as the country's long New Year's holiday ended Sunday, resuming a controlled devaluation of the currency that...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 8:05 am IRS is willing to cut taxpayers some slack this yearOfficials say they'll help you work something out if you can't afford to pay all at once. And some tax changes for 2008 may mean you're in better shape than you think. ...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Housing industry a good environment for eco-friendly claims'Greenwashing' is common in real estate. Products may have ecological virtues, but you may not be getting the full story. ...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Audacity itself as economic experimentPresident-elect Obama proposes an unparalleled test of Keynes' decades-old idea: that deficit spending on a grand-enough scale can inspire the confidence to right a sinking economy. ...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Wi-Fi up high: Row44 Web access for airlines gets a test flight over Las VegasBefore a trial run on two airlines, the new in-flight online service is demonstrated above the Nevada desert. ...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Chrysler (again) works to design itself a miracleThe company has a long history of pulling itself out of deep trouble. This time, it's counting on electric cars to save it. ...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am After disastrous fourth quarter, what next for mutual fund owners?Tips for formulating a plan when just getting back to even will be a monumental feat. There's no sugarcoating...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Junk bonds were trashed, U.S. bonds were treasured in '08For bond funds, 2008 was spectacular. And disastrous.Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Canceling cards can ding credit scoreIn these uncertain times, you may one day wish you still had access to the accounts you closed. Dear Liz: I have several credit cards...Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am The flip side of gas stations' pricing tacticRegarding David Lazarus' consumer column " Pricing formula at gas stations makes cents, but no sense ," Jan. 7:Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am Mutual fund fees that every investor should monitorMutual fund investors should always take note of what investing fees they're being charged, particularly in this tough investing climate.Source: RSS feed - channel BNPaperBusiness | 11 Jan 2009 | 8:00 am India names 3 to Satyam board after fraud scandalIndian authorities have named three business leaders to the board of outsourcing giant Satyam Computers in the wake of a massive fraud scandal that threatens to sink the company. Satyam...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 7:50 am Qatar Air says Boeing 787 delay affected expansionDUBAI (Reuters) - State-owned Qatar Airways said on Sunday that its expansion plans have been affected by the delayed delivery of Boeing Co's 787 Dreamliner and the Gulf Arab airline is inSource: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 7:46 am Qatar Air says Boeing 787 delay affected expansionDUBAI (Reuters) - State-owned Qatar Airways said on Sunday that its expansion plans have been affected by the delayed delivery of Boeing Co's 787 Dreamliner and the Gulf Arab airline is in talks over compensation.Source: Reuters: Business News | 11 Jan 2009 | 7:46 am Sanyo Electric may cut group net profit: mediaTOKYO (Reuters) - Sanyo Electric Co , the world's top maker of rechargeable batteries and seventh-largest maker of solar panels, may cut its group net profit forecast for the year to March to near zero due to a strong yen and sluggish sales, Japanese media reported.Source: Reuters: Business News | 11 Jan 2009 | 7:29 am Russian markets -- Factors to Watch on Jan 11MOSCOW, Jan 11 (Reuters) - Here are events and news stories that could move Russian markets today.Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 7:29 am Sanyo Electric may cut group net profit: mediaTOKYO (Reuters) - Sanyo Electric Co , the world's top maker of rechargeable batteries and seventh-largest maker of solar panels, may cut its group net profit forecast for the year to March...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 7:23 am NEWSMAKER-Gazprom chief does business in Kremlin's shadowMOSCOW, Jan 11 (Reuters) - The head of Russian gas company Gazprom, Alexei Miller, faces a serious obstacle to his dream of turning his firm into a $1 trillion bluechip company: he owes his loyalty to...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 7:00 am Weak won attracts tourists, keeps Koreans at home: government dataSouth Korea's travel account deficit drastically narrowed last year as the weaker won attracted more foreign tourists while preventing many Koreans from travelling abroad, according to the...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 6:47 am Ukraine, Russia sign deal to get gas flowingUkraine, Russia and the EU struck a monitoring agreement that should enable the resumption of Russian supplies to Europe, large parts of which have been plunged into a mid-winter energy crisisSource: Financial Times - US homepage | 11 Jan 2009 | 6:37 am Daimler has 'measured confidence' in face of crisisThe chief executive of German automaker Daimler AG expressed "measured confidence" for 2009 despite "enormous pressures" weighing upon the global automotive industry. Dieter Zetsche...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 6:37 am Economic Preview: American consumers crushed by job lossesWith almost 2.6 million job losses last year, American consumers, once seen as unflappable, have been pulling back.Source: MarketWatch.com - Top Stories | 11 Jan 2009 | 5:01 am Ecuador pays Brazil to resolve diplomatic spatEcuador has quietly made overdue payments to Brazil on a loan for the construction of a controversial hydroelectric project, possibly ending a monthslong diplomatic dispute, Brazil's...Source: RSS feed - channel BNewsBusiness | 11 Jan 2009 | 4:35 am Citi may get at least $2 billion for Smith Barney dealNEW YORK (Reuters) - Citigroup Inc is in advanced talks to sell its Smith Barney brokerage unit to Morgan Stanley, a person familiar with the matter said on Friday, in a move that would further dismantle the financial supermarket that has been bailed out by the U.S. government.Source: Reuters: Business News | 11 Jan 2009 | 3:55 am Daimler CEO says to invest throughout crisis (Reuters)
Source: Yahoo! News: Business | 11 Jan 2009 | 2:32 am Daimler CEO says to invest throughout crisisDETROIT (Reuters) - Daimler Chief Executive Dieter Zetsche on Saturday said he would not jeopardize the automaker's long-term success by cutting spending on product planning and research and vowed to roll out at least one new hybrid vehicle per year.Source: Reuters: Business News | 11 Jan 2009 | 2:32 am 2009: The forecast for entrepreneursSmall companies ended 2008 with a laundry list of troubles, with sales slow, bank lending frozen, and health care and credit-card costs soaring. Here's what to expect in 2009 on 7 key issues.Source: Business and financial news - CNNMoney.com | 11 Jan 2009 | 12:48 am Don't expect $4 gas any time soonGasoline prices have surged some 10% over the past week but don't expect the $4-a-gallon record highs of last summer anytime soon.Source: Business and financial news - CNNMoney.com | 11 Jan 2009 | 12:47 am Take any job you can findWith three job seekers for every opening, the unemployed are taking any position they can find - even if it means a huge pay cut. Here's how people are coping.Source: Business and financial news - CNNMoney.com | 11 Jan 2009 | 12:46 am Britain plc is now at the mercy of the auditorsAs each week goes by in this credit crisis so another business phrase creeps into everyday language. We’ve had sub-prime, hedge funds and derivatives. Now get used to “emphasis of matter”.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Adolf Merckle: DownfallFor a God-fearing, Bible-quoting man of honour who saw himself as the patriarch of a family empire worth €12 billion (£10.6 billion), a pillar of society and generous public benefactor, Adolf Merckle could not live with his sudden fall from grace.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Lloyd’s of London warning on ailing sterlingLLOYD’S of London has warned its members they may be forced to raise more capital to cope with the slide in the value of the pound.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Hedge chiefs to be grilled by MPsFOUR of London’s top hedge-fund managers face a public grilling after being summoned to appear before the influential Commons Treasury committee over the role of hedge funds in the banking crisis.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Gordon Brown calls in top bank bossesGORDON BROWN has invited the heads of Britain’s biggest banks to Chequers today as Treasury officials work on the final details of a multi-billion-pound plan to kick-start bank lending.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Heathrow Airport rail bid to raise £10mRADICAL plans for a high-speed rail link from London to the north via Heathrow have taken a step forward with the formation of a development company to start work on the project.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Tesco and Currys to report worst sales since 1990sTWO of Britain’s biggest retailers, Tesco and DSG International, will this week report their weakest Christmas sales figures since the recession of the early 1990s.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am RAF transport aircraft delayTHE Royal Air Force faces fresh delays to the delivery of much-needed new transport aircraft after EADS, the parent company of Airbus, said it did not know when the first of the planes would be ready and wanted to renegotiate its contract to build them.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Lord Myners blasts investorsTHE City minister Lord Myners has issued a “call to action” to institutional investors to police more effectively pay and risk in business.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Christmas pub sales go flat at Punch TavernsEMBATTLED pub company Punch Taverns is expected to report tough trading over the festive season, with like-for-like sales likely to be down about 5% across the bulk of its estate.Source: Latest Business News from Times Online | 11 Jan 2009 | 12:00 am Banks: We want our old bailout backTwo months after Treasury Secretary Henry Paulson pulled the plug on his plan to buy troubled mortgage assets, the financial industry is pushing the government to reconsider.Source: Business and financial news - CNNMoney.com | 10 Jan 2009 | 10:39 pm Smith Barney on block as Rubin exits CitiCitigroup's Robert Rubin said Friday he would step down following scrutiny about his role at the financial giant -- which has lost in excess of $20 billion over the past year.Source: Business and financial news - CNNMoney.com | 10 Jan 2009 | 10:38 pm NewsWatch: Fourth-quarter earnings 'disaster' sets 2009 up for mild recoveryFor any company not tied to consumer must-haves like health care and groceries, earnings in the fourth quarter likely made the same swan dive as the broader economy.Source: MarketWatch.com - Top Stories | 10 Jan 2009 | 10:00 pm Citi and Morgan Stanley in brokerage talks (Reuters)
Source: Yahoo! News: Business | 10 Jan 2009 | 9:36 pm Toyota announces expanded hybrid offeringsToyota plans to launch as many as 10 new hybrid petrol-electric models within the next four years as it seeks to build on the popularity of its Prius hatchbackSource: Financial Times - US homepage | 10 Jan 2009 | 8:39 pm The Last Pillar Of The Chinese Economy Falls
The system was fool-proof. Even remarkably intelligent economists and journalists talked and wrote about "the Chinese Miracle." In 2007, the nation's GDP was $3.2 trillion, but was growing at 11%. US GDP was well over $14 trillion that year, but its growth rate was 3%. It was only a matter of time before the lines crossed. China has been able to draw upon a huge reserve of rural labor. People have been moved from rural China to a number of large industrial cities in the interior of the country, many of which now have populations in the millions. Factory complexes were built in these same areas. As long as demand for output moved up, the labor forces in these regions grew. China created its own middle class which served the dual purpose of making and consuming goods at record rates. The central government has believed that as the demand for exports softened recently due to the global recession, the country's new middle class would continue to help GDP growth through consumption. The plan has fallen apart like a cheap watch. According to The Wall Street Journal, "China's exports in December fell 2.8% from a year earlier to $111.16 billion, while imports in the month fell 21.3% to $72.18 billion." What was unimaginable a year ago has now happened. China has entered a recession and it may end up being deeper than the one in the US. It is not clear that the government can mount and manage a plan to create what would have to be in the range of ten million new jobs. This will be an even more difficult task if exports continue to fall sharply. China does not have a service industry which is anywhere close to being as large a part of the GDP as it is in the US. The illusion developed over the last decade that China had become an independent power with a population which could make and consume goods at levels which have never been seen before. During the last two quarters, it has become clear that the the opposite is true. China's economy may be the most dependent large economy on earth. If GDP in the US, EU, and Japan contract at 5% this year, China's economy is very likely to shrink faster. It will be faced with a sharp drop in what it makes and exports. More importantly, large numbers of Chinese are leaving the huge new industrial cities and going back to rural regions where they can at least find work growing their own food. What is more than a trickle now could become a flood. Those who have gone back to non-industrialized sections of the country will not be net consumers at all. With a short-lived and dwindling middle class, China no longer has the economic core to continue the "miracle". China has just become another big country in trouble. Douglas A. McIntyre Source: 24/7 Wall St. | 10 Jan 2009 | 8:30 pm Auto Review: 2009 Honda Fit: Frugal fun with a model makeoverOne of my favorite gas sippers got a complete makeover for 2009 and when the baking was done the Fit was fitter than ever.Source: MarketWatch.com - Top Stories | 10 Jan 2009 | 7:27 pm Indian IT scandal boss in custodyThe founder of scandal-hit Indian company Satyam is to be held in custody until 23 January, after he admitted falsifying accountsSource: BBC News | Business | World Edition | 10 Jan 2009 | 6:31 pm Another $350B: Bush may request rest of bailoutThe Bush administration may soon ask Congress for the remaining $350 billion from the $700 billion Troubled Asset Relief Program (TARP) passed in October, a Democratic leadership source confirms to CNN.Source: Business and financial news - CNNMoney.com | 10 Jan 2009 | 5:36 pm Obama plan 'could create 4m jobs'President-elect Barack Obama says his $775bn economic stimulus plan could create up to four million jobs in the US.Source: BBC News | Business | World Edition | 10 Jan 2009 | 5:06 pm Wall Street braces for weak earnings season (AFP)
Source: Yahoo! News: Stock Markets News | 10 Jan 2009 | 5:06 pm NewsWatch: For some stock-fund managers, cash is kingWhile many mutual fund managers boldly charge into stocks regardless of market conditions, others have kept their powder dry by holding more in cash.Source: MarketWatch.com - Top Stories | 10 Jan 2009 | 5:00 pm Satyam executives arrestedIndian police on Friday night arrested the former chairman and the chief executive of Satyam Computer Services, the outsourcing company at the centre of a $1bn fraud, as the affair triggered wider falls in share pricesSource: Financial Times - US homepage | 10 Jan 2009 | 4:37 pm Cashing in on hard times reaps rewardsIf fortune favours the brave then this year is the time for investors, large and small, to get active. The secret, say top market-watchers, is to be brave and smart with your investing. The recklessly brave can still take a bath...Source: New Zealand Herald - Business | 10 Jan 2009 | 4:00 pm Look to quality local bonds, say expertsOne of the most hotly tipped sectors for this year is good-quality corporate bonds - those backed by famous and substantial local businesses - not finance companies, Guinness Peat Group chairman Tony Gibbs says. And Russell Investments'...Source: New Zealand Herald - Business | 10 Jan 2009 | 4:00 pm Rich Listers invite public aboard super yachts, for a priceNever mind the global recession, the rich and the glamorous are steadily cruising into Auckland's Viaduct aboard their multi-million-dollar super yachts. As the Rich Listers soak up some sunshine, their uniformed crew freshen up...Source: New Zealand Herald - Business | 10 Jan 2009 | 4:00 pm Gold price tipped to soarEconomists around the world are tipping the gold price to soar this year, with the most bullish market-watchers predicting the yellow metal could hit more than $2000 an ounce. ANZ head of commodities research Mark Pervan says the...Source: New Zealand Herald - Business | 10 Jan 2009 | 4:00 pm Bernard Hickey: D-Day on its way for investorsOctober 12, 2010, is a date that is already occupying a lot of people's minds in banks and finance companies. It is the day the Government's retail deposit guarantee scheme is set to expire. It is the new D-Day for New Zealand's financial...Source: New Zealand Herald - Business | 10 Jan 2009 | 4:00 pm Detroit Auto Show: The party's overReporters hoping for a free appletini mixed by Chrysler chief executive Robert Nardelli at the Detroit Auto Show are in for a disappointment this year.Source: Business and financial news - CNNMoney.com | 10 Jan 2009 | 3:29 pm Obama: Stimulus can save 4 million jobsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 10 Jan 2009 | 2:45 pm Stocks: New Year, same problemsAs Friday's abysmal jobs report made all too clear, Wall Street's whirlwind holiday romance has ended. Investors are back to reality.Source: Business and financial news - CNNMoney.com | 10 Jan 2009 | 2:27 pm NewsWatch: For some stock-fund managers, cash is kingWhile many mutual fund managers boldly charge into stocks regardless of market conditions, others have kept their powder dry by holding more in cash.Source: MarketWatch.com - Top Stories | 10 Jan 2009 | 2:00 pm Saudi stocks lose 3% (AFP)
Source: Yahoo! News: Stock Markets News | 10 Jan 2009 | 1:57 pm Personal Finance Daily: The week's 10 best Personal Finance stories: Jan. 5-9In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Jan. 5-9:Source: MarketWatch.com - Top Stories | 10 Jan 2009 | 1:01 pm UK slump 'is worst for 28 years'The UK economy declined 1.5% in the last three months of 2008, its worst performance in 28 years, a study reports.Source: BBC News | Business | World Edition | 10 Jan 2009 | 12:53 pm Americans Growth To Like Old Cars
Consumers are keeping their vehicles much longer because they cannot afford to buy new ones. If they hold them much longer, they may become so ancient that they qualify to become collectibles. If people have lost the equity in their homes, perhaps they can get it back from the value of their vintage cars. According to Bloomberg, "Used vehicles being traded in at dealerships averaged 6.3 years of age after the Wall Street meltdown in late 2008, about 6 months older than before the crisis, according to forecaster J.D. Power & Associates in Troy, Michigan." Put another way, the car companies get into deeper trouble every day. Douglas A. McIntyre Source: 24/7 Wall St. | 10 Jan 2009 | 11:47 am EU bidding to resolve gas disputeThe head of an EU mediation team is to hold talks with Russia's Vladimir Putin to help reach a deal to resume gas supplies to Europe.Source: BBC News | Business | World Edition | 10 Jan 2009 | 9:00 am
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