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Alcoa to slash 13,500 jobs
US aluminium group to cut 13% of workforce and reduce production in face of slowing orders
Source: FT.com - Companies
Apple brings in variable pricing on iTunes
Apple and the music industry have settled their biggest differences, with the iPod maker agreeing to allow variable pricing on its iTunes digital music store and the largest record labels dropping restrictions which prevented tracks from being copied
Source: FT.com - Companies
Private equity losses to be revealed
Firms will send letters to investors telling them how much - or little - the companies they invested in are worth
Source: FT.com - Companies
Dow Chemical set to delay deal
Dow Chemical is prepared to miss next week’s deadline to clinch the bn takeover of Rohm & Haas in an effort to raise enough cash to complete the deal without taking on too much debt
Source: FT.com - Companies
Merrill’s financial advisers’ loyalty questioned
The surprise departure on Monday of Robert McCann, head of Merrill’s financial advisers, is sending tremors through the group
Source: FT.com - Companies
CBS in progamming deal with Time Warner Cable
CBS has averted a possible contentious showdown by striking a deal that will see the carriage of its shows and television stations on Time Warner Cable extended to 2013 in one of the first big tests of its ability to command higher fees after its split from Viacom
Source: FT.com - Companies
Fidelity picks top officials
Fidelity Investments, one of the best-known mutual fund groups, has appointed two senior executives, drawn from the ranks of those displaced by last year’s financial crisis
Source: FT.com - Companies
China in renewed Reits push
Government moving towards allowing property developers to raise capital through trusts
Source: FT.com - Companies
Investors cheer as retailers reassure
Investors were offered some cheer that Christmas might not have been a total wash-out for the high street, as the retail reporting season kicked off with slightly better than expected performances from two of Britain’s biggest clothing chains
Source: FT.com - Companies
Porsche triggers Scania offer with VW stake
Increase in shareholding in German auto group sparks mandatory takeover offer for truckmaker
Source: FT.com - Companies
Hyundai offers US buy back scheme
South Korea’s biggest carmaker, is offering an unprecedented incentive in the US market by offering to buy back vehicles from US customers who have recently lost jobs
Source: FT.com - Companies
InBev to close historic Mortlake brewery
The world’s largest brewery, has decided to close the historic Mortlake site where Budweiser is made, as part of an efficiency drive following the bn acquisition of Anheuser Busch
Source: FT.com - Companies
Logitech to cut 15% of workforce
The world’s largest computer mouse maker plans to cut 15% of its workforce and issues profits warning
Source: FT.com - Companies
Toyota to shut car plants for 11 days
Japan’s largest carmaker to halt production at most of its domestic plants, highlighting the impact of the relentless decline in global demand
Source: FT.com - Companies
Pressure grows for ceasefire in Gaza
Israel faced growing international condemnation over its military operation in Gaza after its tanks shelled three schools run by a UN agency, killing at least 30 Palestinian civilians
Source: Financial Times - UK Homepage
Darling in new alert on depth of recession
Chancellor warns Britain was ‘far from through’ the recession, in a signal he will have to abandon the forecast that the recovery would start in the second half of 2009
Source: Financial Times - UK Homepage
Auto sales hit fresh lows in December
General Motors, Toyota, Ford and Honda all reported declines of more than 30 per cent in the US while car sales in Japan dropped 22 per cent to the lowest December level on record
Source: FT.com - Companies
Gas stand-off raises demand for change
Freezing weather across Europe, with some countries suffering their coldest temperatures for decades, heightened fears of gas shortages
Source: Financial Times - UK Homepage
Apple brings in variable pricing on iTunes
Apple and the music industry have settled their biggest differences, with the iPod maker agreeing to allow variable pricing on its iTunes digital music store and the largest record labels dropping restrictions which prevented tracks from being copied
Source: Financial Times - UK Homepage
M&S to cut back food-only chain
Underperforming Simply Food stores face axe as retailer tries to trim cost base
Source: Financial Times - UK Homepage
Merrill’s financial advisers’ loyalty questioned
The surprise departure on Monday of Robert McCann, head of Merrill’s financial advisers, is sending tremors through the group
Source: Financial Times - UK Homepage
Dow Chemical set to delay deal
Dow Chemical is prepared to miss next week’s deadline to clinch the bn takeover of Rohm & Haas in an effort to raise enough cash to complete the deal without taking on too much debt
Source: Financial Times - UK Homepage
Alcoa to slash 13,500 jobs
US aluminium group to cut 13% of workforce and reduce production in face of slowing orders
Source: Financial Times - UK Homepage
Fed considers setting inflation target
Minutes provide further insight into the December policy meeting at which officials cut its target interest rate to virtually zero and laid out its strategy for unconventional easing
Source: Financial Times - UK Homepage
Madoff’s investigators in the spotlight
The SEC is conducting the civil investigation into the alleged bn fraud. Yet the same office within the same agency is simultaneously being excoriated for failing to detect Mr Madoff’s fraud in the first place, in spite of numerous red flags.
Source: Financial Times - UK Homepage
5 Recession Proof Careers for the Next Decade
Nonsequiturlass (flickr)
In a downsizing economy, the best return on investment for your career may be to focus on your current job. Still, preparing for your next job or next career can be a wise move. In uncertain times, pursuing your dream job may take the back seat to pursuing a career that is in demand.
While there are no sure-things any more when it comes to employment, there still are some sound hedged bets. If you are thinking about your next career move, you may want to consider throwing these [...]
FSA to lift ban on short selling
The Financial Services Authority (FSA) says it will lift a ban on short selling stocks in 34 companies in the UK banking and insurance sector, on 16th January.
The ban was introduced as a temporary measure in September of last year, when short selling was blamed for a downward spiral in HBOS’s share price, the driving [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Nationwide house price index down 15.9%
The latest house price figures from the Nationwide show the average cost of a UK home falling by an annual 15.9%, in December.
During the month values took another 2.5% dip, taking the average cost of a property down to £153,048, or £29,000 less than a year earlier.
According to the building society’s index, prices have [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Coventry launches 4.99% fixed rate mortgage
Coventry Building Society yesterday launched a new range of mortgage products.
Among the products released was a two year fixed-rate mortgage at 4.99%, available at 85% loan to value. A free valuation and remortgage transfer service are included in the deal.
Offset products have also been updated to include a two year 4.49% fixed rate, or [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Standard Chartered gains in London as HBOS declines
European equities markets were up Monday even though Citigroup (NYSE: C) issued downgrades to “underweight” to several European sectors, including banking and chemicals.
In London, where the FTSE 100 added 0.39 percent to 4,579.64 and the FTSE 250 was up 1.78 percent to 6,745.17, banks were mixed, with Standard Chartered (LSE: STAN; SEHK: 2888) up 6.15 [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
Shift to larger deposits hampers housing market recovery
Financial data provider, Moneyfacts.co.uk, has published new figures showing that 25% of mortgages available in the UK to new borrowers require a deposit of at least 40%.
Those who can only manage a deposit of 5% or less have a mere 21 home loans to choose from, compared with over 1,200 in February of last year. [...]
Source: Finance Markets: Finance News - UK Personal Financial News & Financial Markets
House prices ‘fell 15.9% in 2008′
House prices fell by 15.9% last year, according to the latest survey by the Nationwide building society.
Source: BBC News | Business | UK Edition
Sales fall at Next and Debenhams
Next and Debenhams see sales fall over the Christmas period, as a survey puts UK consumer confidence at a new low.
Source: BBC News | Business | UK Edition
Marks and Spencer cuts 1,000 jobs
Marks and Spencer will announce on Wednesday that it is cutting 1,000 jobs from its workforce of 70,000, the BBC confirms.
Source: BBC News | Business | UK Edition
Toyota to halt Japanese production in February and March
The dismal state of Japan’s car industry has worsened after Toyota Motor Corp announced it is going to halt production at a dozen domestic plants for 11 days in February and March.
Source: Telegraph Finance
House prices fell a record 15.9pc in 2008 says Nationwide
House prices fell 15.9pc during 2008 the biggest annual drop on record new figures from Nationwide showed today.
Source: Telegraph Finance
Simon Wolfson: Next chief who saw slowdown coming
Simon Wolfson chief executive of Next one of Britain’s biggest and bestknown retail chains was ahead of the pack when he warned two years ago the economy was heading for a slowdown.
Source: Telegraph Finance
Next Debenhams warn of tough 2009 but avoid disastrous Christmas
Two of the biggest names on the UK high street warned difficult trading conditions will persist for all of this year but avoided disastrous Christmas sales.
Source: Telegraph Finance
How long will it take you to pay off your credit card?
Try our calculator to find out whether it will take months or years.
Source: Telegraph Finance
A guide to "likeforlike" sales
The key metric that analysts and shareholders will look for when the trading statements come out is “likeforlike” sales.
Source: Telegraph Finance
Waterford Wedgwood failure is bitter pill for winner Sir Anthony O’Reilly
Ireland’s most illustrious son and the country’s first business billionaire is nursing a blow to his ego reputation and pocket.
Source: Telegraph Finance
Next and Debenhams sales over Christmas
Next and Debenhams have this morning become the latest retailers to reveal their Christmas trading figures.
Source: Telegraph Finance
Debenhams: The high street name with a huge pile of debt
Like most British retailers Debenhams is sure to be viewing 2009 with a sense of trepidation as the faltering economy continues to hit the UK high street. But the department store chain’s debt gives it an extra worry.
Source: Telegraph Finance
Germany opts for crass Keysnesianism’
Germany’s LeftRight coalition is battling to overcome sharp differences on a fiscal stimulus package to cushion the worst slump since the 1940s.
Source: Telegraph Finance
2009 a make or break year for UK media
From television to newspapers media groups will need to sharpen their survival skills writes Amanda Amdrews.
Source: Telegraph Finance
UK firms face 45pc fall in earnings says Citigroup
UK companies face a 45pc drop in earnings as the credit crisis chokes the economy this year according to Citigroup. But most of the damage is already reflected in today’s battered share prices.
Source: Telegraph Finance
Bernie Madoff ‘mailing valuable jewellery to family’ from house arrest
The Wall Street fund manager accused of a 50bn fraud should be jailed immediately for breaking bail conditions say prosecutors.
Source: Telegraph Finance
England suffered a financial crisis in the Middle Ages
England suffered a financial crisis in the Middle Ages under the rule of Edward I only to recover some years later according to researchers.
Source: Telegraph Finance
M?S lays off up to 1000 staff as gloom deepens
The high street retailer is cutting staff from its stores and head office after its Christmas trading proved less than spectacular.
Source: Telegraph Finance