Coming attractions
As its filmmakers and moviegoers gain Hollywood's attention, South
Korea aims to broaden its share of the world's cinema market. By
Josh Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H16O0Eq
Turning a profit by closing up shop
A "funeral director" for retailers, a liquidator must know what
will sell and for how much. By Alana Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H16P0Er
Wall St. to state: Feel free to borrow
It's too bad that Wall Street isn't worried about the borrowing
binge that California voters will be asked to approve Tuesday. By
Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H16Q0Es
Copyright 2006
Full Version: Business News
Common Ground Common Sense > National & International News > Daily National and International News > National News Archive
For 'Borat,' a glorious open
Americans turned out in force to see "Borat," the long-awaited
mock documentary starring Sacha Baron Cohen as a boorish Kazakh
journalist who offends everyone in sight while touring the U.S.
seeking cultural enlightenment and Pamela Anderson. By Josh
Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18B0Eu
Wachovia in the wings
Wachovia Corp., a financial powerhouse east of the Mississippi
River, is launching a major campaign to capture market share in
California, lured like so many other banks by the state's huge
population and growing economy. By E. Scott Reckard.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18C0Ev
With eye on Web, CBS makes key hire
The arrival of tech banker Quincy Smith suggests acquisitions in
digital media are likely. By Meg James.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18D0Ew
Networks await a key vote - by the viewers
Political operatives won't be the only ones nervously awaiting the
numbers from Tuesday's elections. News divisions at NBC, ABC and
CBS are hoping to woo new watchers as their anchors take the
election night spotlight. By Matea Gold.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18H0E1
Americans turned out in force to see "Borat," the long-awaited
mock documentary starring Sacha Baron Cohen as a boorish Kazakh
journalist who offends everyone in sight while touring the U.S.
seeking cultural enlightenment and Pamela Anderson. By Josh
Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18B0Eu
Wachovia in the wings
Wachovia Corp., a financial powerhouse east of the Mississippi
River, is launching a major campaign to capture market share in
California, lured like so many other banks by the state's huge
population and growing economy. By E. Scott Reckard.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18C0Ev
With eye on Web, CBS makes key hire
The arrival of tech banker Quincy Smith suggests acquisitions in
digital media are likely. By Meg James.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18D0Ew
Networks await a key vote - by the viewers
Political operatives won't be the only ones nervously awaiting the
numbers from Tuesday's elections. News divisions at NBC, ABC and
CBS are hoping to woo new watchers as their anchors take the
election night spotlight. By Matea Gold.
http://email.latimes.com/cgi-bin1/DM/y/eBB...Io30G2B0H18H0E1
Corruption index hits Iraq and Washington International Herald Tribune
Iraq has emerged at the bottom of a survey that measures corruption around the globe. The Corruption Perceptions Index, conducted by Transparency International in Berlin and released Monday, also showed that the United States, the occupying power in Iraq, slipped three notches to 20th place in the survey of 163 countries. Iraq dropped 23 places to 160th and now ranks alongside Guinea and Myanmar. Haiti earned the lowest score, 1.8 on a scale of 1 to 10, making it the nation where bribery, kickbacks and embezzlement are regarded as most widespread. Finland, Iceland and New Zealand were all in first place with scores of 9.6, making them the nations regarded as the world's cleanest. The index measures perceptions of corruption by public officials and politicians for private gain. The data for 2006 were amassed from 12 surveys of business people and country experts over the past two years. That was a change from the methodology used by Transparency International in 2005, when the survey ranked 159 countries based on data gathered over three years. Since the survey began in 1995, Northern European countries regularly have ranked at the top of the list. Among the top-10 countries this year were Denmark, Sweden, Norway and the Netherlands. Regularly appearing at the bottom of the list are poor African countries, which this year included Sudan, Congo and Chad. Huguette Labelle, chairwoman of Transparency International, said the data suggested a direct link between misdeeds by public officials and economic stagnation. She said misappropriated government money "feeds a vicious circle, where those with access to funds or bribes take what they can, because they can, locking the poor in poverty." But Transparency International also lambasted the role played by intermediaries from rich economies who help political elites to launder, store and profit from unjustly acquired wealth, such as looted state assets. Kenya, which slipped two places to 142, was a prime example of a country beset by scandals linked to the theft of public funds, and where shell companies and bank accounts in European and off-shore jurisdictions greased the wheels of wrongdoing. The chief executive of Transparency International, David Nussbaum, warned that "firms and professional associations of lawyers, accountants and bankers have a special responsibility to take stronger action against corruption." The survey said that bribery in Kenya costs citizens about $1 billion each year. The results were not just a disappointment for the world's poorest countries, all of which scored below 5 with the exception of two African nations, Botswana and Mauritius. The survey identified a number of developed and middle- income countries with a significant worsening in perceived levels of corruption, including Brazil, Israel and Jordan. The results also were a blow for the United States, the world's biggest economy, at a time when its global leadership is suffering because of the unpopularity of the war in Iraq. The United States scored 7.3 - the same as Chile and Belgium - and ranked two notches behind France. In 2005, the United States scored 7.6 and ranked 17th, a notch above France. Analysts have said that the failure by the U.S. authorities to detect the wrongdoing at companies like WorldCom and Enron damaged perceptions among the world's business leaders. More recently, the Democrats have portrayed President George W. Bush's Republican Party as awash in a "culture of corruption" - tainted by scandals over congressional pages, links to Jack Abramoff, the convicted lobbyist, and claims of financial wrongdoing.
By James Kanter, International Herald Tribune. PARIS
Best and worst states ranked in Transparency corruption index Monsters and Critics.com
[Anti-Corruption Campaign] ‘Korean Society Becomes Cleaner’ Korea Times
Voice of America - Financial Times - Deutsche Welle - Channel News Asia - all 36 news articles »
Iraq has emerged at the bottom of a survey that measures corruption around the globe. The Corruption Perceptions Index, conducted by Transparency International in Berlin and released Monday, also showed that the United States, the occupying power in Iraq, slipped three notches to 20th place in the survey of 163 countries. Iraq dropped 23 places to 160th and now ranks alongside Guinea and Myanmar. Haiti earned the lowest score, 1.8 on a scale of 1 to 10, making it the nation where bribery, kickbacks and embezzlement are regarded as most widespread. Finland, Iceland and New Zealand were all in first place with scores of 9.6, making them the nations regarded as the world's cleanest. The index measures perceptions of corruption by public officials and politicians for private gain. The data for 2006 were amassed from 12 surveys of business people and country experts over the past two years. That was a change from the methodology used by Transparency International in 2005, when the survey ranked 159 countries based on data gathered over three years. Since the survey began in 1995, Northern European countries regularly have ranked at the top of the list. Among the top-10 countries this year were Denmark, Sweden, Norway and the Netherlands. Regularly appearing at the bottom of the list are poor African countries, which this year included Sudan, Congo and Chad. Huguette Labelle, chairwoman of Transparency International, said the data suggested a direct link between misdeeds by public officials and economic stagnation. She said misappropriated government money "feeds a vicious circle, where those with access to funds or bribes take what they can, because they can, locking the poor in poverty." But Transparency International also lambasted the role played by intermediaries from rich economies who help political elites to launder, store and profit from unjustly acquired wealth, such as looted state assets. Kenya, which slipped two places to 142, was a prime example of a country beset by scandals linked to the theft of public funds, and where shell companies and bank accounts in European and off-shore jurisdictions greased the wheels of wrongdoing. The chief executive of Transparency International, David Nussbaum, warned that "firms and professional associations of lawyers, accountants and bankers have a special responsibility to take stronger action against corruption." The survey said that bribery in Kenya costs citizens about $1 billion each year. The results were not just a disappointment for the world's poorest countries, all of which scored below 5 with the exception of two African nations, Botswana and Mauritius. The survey identified a number of developed and middle- income countries with a significant worsening in perceived levels of corruption, including Brazil, Israel and Jordan. The results also were a blow for the United States, the world's biggest economy, at a time when its global leadership is suffering because of the unpopularity of the war in Iraq. The United States scored 7.3 - the same as Chile and Belgium - and ranked two notches behind France. In 2005, the United States scored 7.6 and ranked 17th, a notch above France. Analysts have said that the failure by the U.S. authorities to detect the wrongdoing at companies like WorldCom and Enron damaged perceptions among the world's business leaders. More recently, the Democrats have portrayed President George W. Bush's Republican Party as awash in a "culture of corruption" - tainted by scandals over congressional pages, links to Jack Abramoff, the convicted lobbyist, and claims of financial wrongdoing.
By James Kanter, International Herald Tribune. PARIS
Best and worst states ranked in Transparency corruption index Monsters and Critics.com
[Anti-Corruption Campaign] ‘Korean Society Becomes Cleaner’ Korea Times
Voice of America - Financial Times - Deutsche Welle - Channel News Asia - all 36 news articles »
Stocks surge on eve of election
Wall Street signaled that it didn't much care which party emerged
victorious in today's congressional elections. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2SA0Eo
.com/cgi-bin1/DM/y/eBCCE0IAIo30G2B0H2SJ0Ex
Wall Street signaled that it didn't much care which party emerged
victorious in today's congressional elections. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2SA0Eo
.com/cgi-bin1/DM/y/eBCCE0IAIo30G2B0H2SJ0Ex
Gasoline prices fall 3.8 cents in California
Average gasoline prices in California inched closer to the
celebrated $2-a-gallon mark in the last week, but motorists may
not want to get too comfy behind the wheel, as oil prices shot
past a less welcome milestone. By Elizabeth Douglass.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2SB0Ep
Average gasoline prices in California inched closer to the
celebrated $2-a-gallon mark in the last week, but motorists may
not want to get too comfy behind the wheel, as oil prices shot
past a less welcome milestone. By Elizabeth Douglass.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2SB0Ep
Microsoft Xbox to offer film downloads
In a competitive counter to rival Sony, Microsoft Corp. announced
a new download service that would let owners of its Xbox 360 video
game console watch high-definition movies and TV shows. By Dawn C.
Chmielewski.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2SC0Eq
In a competitive counter to rival Sony, Microsoft Corp. announced
a new download service that would let owners of its Xbox 360 video
game console watch high-definition movies and TV shows. By Dawn C.
Chmielewski.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2SC0Eq
FedEx cancels order for jets from Airbus
FedEx Corp. said Tuesday that it had canceled its
multibillion-dollar order for freighter versions of the Airbus
A380, becoming the first customer to give up on the super-jumbo
jet, which has been beset by production delays. By Peter Pae.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2lO0Eh
FedEx Corp. said Tuesday that it had canceled its
multibillion-dollar order for freighter versions of the Airbus
A380, becoming the first customer to give up on the super-jumbo
jet, which has been beset by production delays. By Peter Pae.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2lO0Eh
A glowing enterprise
Making novena candles turned out to be a good match for Richard
Alceda. Now he's ready to try bigger competition. By David Colker.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2lP0Ei
Making novena candles turned out to be a good match for Richard
Alceda. Now he's ready to try bigger competition. By David Colker.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2lP0Ei
Scientology groups to pay back $3.5 million
Groups affiliated with the Church of Scientology have agreed to
pay back $3.5 million they received from former Santa Barbara
money manager Reed Slatkin and others who invested with him. By E.
Scott Reckard.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2lQ0Ej
Groups affiliated with the Church of Scientology have agreed to
pay back $3.5 million they received from former Santa Barbara
money manager Reed Slatkin and others who invested with him. By E.
Scott Reckard.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H2lQ0Ej
Up against China's wall, Time Warner cinemas quit
In an about-face that highlights Hollywood's long-standing
tensions with China, Time Warner Inc. is pulling out of an
ambitious, four-year theater venture in the country because of
tightened restrictions on foreign ownership. By Don Lee.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H27c0Eb
In an about-face that highlights Hollywood's long-standing
tensions with China, Time Warner Inc. is pulling out of an
ambitious, four-year theater venture in the country because of
tightened restrictions on foreign ownership. By Don Lee.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H27c0Eb
GM to unveil an electric car prototype
General Motors Corp., vilified by environmentalists for killing
the electric car, is hoping to bring one back. But the new
electric won't be an emissions-free vehicle, unlike the initial GM
electric, the EV1. It would use an onboard engine to produce power
to extend battery range. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H27d0Ec
General Motors Corp., vilified by environmentalists for killing
the electric car, is hoping to bring one back. But the new
electric won't be an emissions-free vehicle, unlike the initial GM
electric, the EV1. It would use an onboard engine to produce power
to extend battery range. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H27d0Ec
A media match plagued by a clash of cultures
Since Tribune Co. bought the L.A. Times in 2000, the two sides
haven't seen eye to eye. By James Rainey.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NU0E7
Buyers are sought for 3 big-city TV stations
Cross-ownership rules may force Tribune to sell properties in
L.A., New York and Chicago. By Jim Puzzanghera.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NV0E8
Sony shakes the dice with 'Casino Royale'
The studio makes a $250-million gamble that its first James Bond
movie will be a winner. By Claudia Eller.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NW0EA
Disney's quarterly earnings double
"Cars" and "Pirates" boost the bottom line, but the company backs
off a big profit prediction for '07. By Joseph Menn.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NX0EB
Wal-Mart brings Christmas back into stores
The holiday season may not yet have arrived, but Christmas is back
at Wal-Mart. After being vilified by conservative critics last
year for switching its holiday message from "Merry Christmas" to
"Happy Holidays," the world's largest retailer changed its mind
again. By Alana Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NY0EC
Since Tribune Co. bought the L.A. Times in 2000, the two sides
haven't seen eye to eye. By James Rainey.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NU0E7
Buyers are sought for 3 big-city TV stations
Cross-ownership rules may force Tribune to sell properties in
L.A., New York and Chicago. By Jim Puzzanghera.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NV0E8
Sony shakes the dice with 'Casino Royale'
The studio makes a $250-million gamble that its first James Bond
movie will be a winner. By Claudia Eller.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NW0EA
Disney's quarterly earnings double
"Cars" and "Pirates" boost the bottom line, but the company backs
off a big profit prediction for '07. By Joseph Menn.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NX0EB
Wal-Mart brings Christmas back into stores
The holiday season may not yet have arrived, but Christmas is back
at Wal-Mart. After being vilified by conservative critics last
year for switching its holiday message from "Merry Christmas" to
"Happy Holidays," the world's largest retailer changed its mind
again. By Alana Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3NY0EC
Generic biotech drugs backed
Democratic control of Congress is expected to lead to laws that
would allow cheaper versions of insulin and some cancer
medications. By Daniel Costello.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3Y70Ex
Democratic control of Congress is expected to lead to laws that
would allow cheaper versions of insulin and some cancer
medications. By Daniel Costello.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3Y70Ex
Scion offers ideas for Times
In an opinion piece to run Sunday, Harry Chandler proposes
community ownership. By James Rainey.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3Y80Ey
In an opinion piece to run Sunday, Harry Chandler proposes
community ownership. By James Rainey.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3Y80Ey
Mazda CEO leads lean, profitable machine
It was little remarked upon outside of Japan when longtime Mazda
Motor Corp. insider Hisakazu Imaki became the automaker's
president and chief executive in 2003. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3ZA0EA
It was little remarked upon outside of Japan when longtime Mazda
Motor Corp. insider Hisakazu Imaki became the automaker's
president and chief executive in 2003. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3ZA0EA
A new landscape awaiting investors?
The momentous power shift on Capitol Hill last week briefly
sounded alarm bells on Wall Street. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3bi0Ec
Antigua's fight for Web gaming
ST. JOHN'S, Antigua and Barbuda - For the island nation
challenging the U.S., online gambling is an issue of economic
survival. By Carol J. Williams.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3bj0Ed
Rockin' the Web
The late music promoter Bill Graham's trove of souvenirs and
recordings strikes a chord online. By John Corrigan.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3bk0Ee
The momentous power shift on Capitol Hill last week briefly
sounded alarm bells on Wall Street. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3bi0Ec
Antigua's fight for Web gaming
ST. JOHN'S, Antigua and Barbuda - For the island nation
challenging the U.S., online gambling is an issue of economic
survival. By Carol J. Williams.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3bj0Ed
Rockin' the Web
The late music promoter Bill Graham's trove of souvenirs and
recordings strikes a chord online. By John Corrigan.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H3bk0Ee
Region's home prices hold firm
The Southern California housing market may be entering a period of
stability after months of plunging home sales and slowing price
appreciation. By Annette Haddad.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4A30ER
In Japan, a Lexus just doesn't have that cachet
TOKYO - Despite its popularity in the U.S., the Toyota brand faces
skeptical consumers at home. By Bruce Wallace.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4A40ES
Several big investors raise stakes in Tribune
Two major shareholders say a sale or breakup of the media company
now appears inevitable. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4A50ET
Top secret
The Volkswagen Eos owes its name to the Greeks but owes its
existence to the Vandals. In the 5th century, these indifferently
groomed Germanic tribesmen raped and pillaged their way across
Europe, stealing car stereos as they went. By Dan Neil.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4BC0Ei
The Southern California housing market may be entering a period of
stability after months of plunging home sales and slowing price
appreciation. By Annette Haddad.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4A30ER
In Japan, a Lexus just doesn't have that cachet
TOKYO - Despite its popularity in the U.S., the Toyota brand faces
skeptical consumers at home. By Bruce Wallace.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4A40ES
Several big investors raise stakes in Tribune
Two major shareholders say a sale or breakup of the media company
now appears inevitable. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4A50ET
Top secret
The Volkswagen Eos owes its name to the Greeks but owes its
existence to the Vandals. In the 5th century, these indifferently
groomed Germanic tribesmen raped and pillaged their way across
Europe, stealing car stereos as they went. By Dan Neil.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4BC0Ei
Fewer days at the beach
ACAPULCO, Mexico - Drug wars and political unrest deter Americans
and others from day trips and resort vacations in Mexico, costing
the country more than $200 million this year. By Marla Dickerson.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oU0EP
Crop of new banks takes root in niches
Specialized firms feed an industry boom in the state, filling a
void left by consolidation. By E. Scott Reckard.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oV0EQ
Counting on hefty pickups to haul in profits
Ford, GM and Toyota roll out revamped big trucks in a battle for a
contracting but still rewarding market. By Martin Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oW0ER
Buyer's-agent bonus is latest selling tactic
Curt Cassingham's Studio City house sat on the market for a month
with no offers. To stimulate some interest, he announced that he
would pay a $3,000 bonus to the realty agent who brought in a
buyer for the three-bedroom, two-bathroom house listed for
$949,000. Four weeks later, he upped the bonus to $10,000 to the
selling agent, to be paid on top of the commission. By Dinah Eng.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4od0Ee
Old? It's gold
For owners of homes built when craft was king, replacing aging
fixtures with new ones can be a costly error. By Danny Miller.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oe0Ef
Editorial: Bring the Olympics Back to L.A.
Even though we've had them twice, L.A. is still the better pick to
host the 2016 games.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4og0Eh
ACAPULCO, Mexico - Drug wars and political unrest deter Americans
and others from day trips and resort vacations in Mexico, costing
the country more than $200 million this year. By Marla Dickerson.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oU0EP
Crop of new banks takes root in niches
Specialized firms feed an industry boom in the state, filling a
void left by consolidation. By E. Scott Reckard.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oV0EQ
Counting on hefty pickups to haul in profits
Ford, GM and Toyota roll out revamped big trucks in a battle for a
contracting but still rewarding market. By Martin Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oW0ER
Buyer's-agent bonus is latest selling tactic
Curt Cassingham's Studio City house sat on the market for a month
with no offers. To stimulate some interest, he announced that he
would pay a $3,000 bonus to the realty agent who brought in a
buyer for the three-bedroom, two-bathroom house listed for
$949,000. Four weeks later, he upped the bonus to $10,000 to the
selling agent, to be paid on top of the commission. By Dinah Eng.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4od0Ee
Old? It's gold
For owners of homes built when craft was king, replacing aging
fixtures with new ones can be a costly error. By Danny Miller.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4oe0Ef
Editorial: Bring the Olympics Back to L.A.
Even though we've had them twice, L.A. is still the better pick to
host the 2016 games.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4og0Eh
Buyers line up for Nintendo Wii BBC News
Nintendo's new Wii games console has gone on sale in the US, competing against Sony and Microsoft. Thousands of fans, some of whom had camped for several days, queued outside shops in New York and Hollywood. The Japanese firm dominates the handheld gaming space, selling more than 200m DS and Gameboys globally. But its last home console, the GameCube, faltered as titles for the machine from third-party developers dried up. The first buyer, Isaiah "Triforce" Johnson, had been queuing outside the New York shop for more than a week. "I had to get it first," said the 29-year-old, who shook hands with Nintendo of America president Reggie Fils-Aime after buying the console.
'Brave' design
Nintendo hopes the Wii, designed to be more accessible than rival machines, will boost its fortunes. Nintendo has decided to opt-out of the "arms race" of the current round of consoles, that has seen Microsoft and Sony play a game of brinkmanship with their Xbox 360 and PlayStation 3 machines. Both firms have positioned their consoles as home entertainment hubs, offering high definition gaming and film playback, along with digital downloads and high-specification graphics and central processor chips. Instead, Nintendo has attempted to re-design the gaming experience, opting for a controller which looks like a remote control but is motion sensitive, offering gamers a potentially simpler but at the same time more immersive experience. The games for the machine have also been designed to be more accessible, with a focus on casual and family gaming. Analysts and experts are divided over whether Nintendo will be able to break down the barriers between gamers and non-gamers but the firm has a track record of innovation. Third-party developers are embracing Nintendo machines, with Ubisoft, for example, offering seven titles at launch including Red Steel, Far Cry Vengence and Splinter Cell: Double Agent. Electronic Arts, the world's biggest games publisher, has also backed the Wii, admitting that the success Nintendo had made of its DS handheld console had forced them to re-think their plans. Hiroshi Kamide, director of research at KBC Securities Japan, believes Wii will not only convert new gamers but also win over PlayStation and Microsoft Xbox fans, who may buy Wii in addition to PlayStation 3. "The Wii will expand the market pie and grow in that sense, but also actually be the second console of choice for all the core gamers," he said, adding that Wii's success will depend on how well it does on both counts. "It will be very interesting to see how much the market pie grows because of the Wii. But it is still a game console at the end of the day." Wii has a pricing advantage at $250, half the price of the PlayStation 3 cheapest model. The Xbox 360, which launched last year, sells for $300 to $400. Nintendo spokesman Yasuhiro Minagawa has said nearly 400,000 Wiis will be available for the Japan launch date on 2 December, and likely more for the US launch on Sunday.
Nintendo's new Wii games console has gone on sale in the US, competing against Sony and Microsoft. Thousands of fans, some of whom had camped for several days, queued outside shops in New York and Hollywood. The Japanese firm dominates the handheld gaming space, selling more than 200m DS and Gameboys globally. But its last home console, the GameCube, faltered as titles for the machine from third-party developers dried up. The first buyer, Isaiah "Triforce" Johnson, had been queuing outside the New York shop for more than a week. "I had to get it first," said the 29-year-old, who shook hands with Nintendo of America president Reggie Fils-Aime after buying the console.
'Brave' design
Nintendo hopes the Wii, designed to be more accessible than rival machines, will boost its fortunes. Nintendo has decided to opt-out of the "arms race" of the current round of consoles, that has seen Microsoft and Sony play a game of brinkmanship with their Xbox 360 and PlayStation 3 machines. Both firms have positioned their consoles as home entertainment hubs, offering high definition gaming and film playback, along with digital downloads and high-specification graphics and central processor chips. Instead, Nintendo has attempted to re-design the gaming experience, opting for a controller which looks like a remote control but is motion sensitive, offering gamers a potentially simpler but at the same time more immersive experience. The games for the machine have also been designed to be more accessible, with a focus on casual and family gaming. Analysts and experts are divided over whether Nintendo will be able to break down the barriers between gamers and non-gamers but the firm has a track record of innovation. Third-party developers are embracing Nintendo machines, with Ubisoft, for example, offering seven titles at launch including Red Steel, Far Cry Vengence and Splinter Cell: Double Agent. Electronic Arts, the world's biggest games publisher, has also backed the Wii, admitting that the success Nintendo had made of its DS handheld console had forced them to re-think their plans. Hiroshi Kamide, director of research at KBC Securities Japan, believes Wii will not only convert new gamers but also win over PlayStation and Microsoft Xbox fans, who may buy Wii in addition to PlayStation 3. "The Wii will expand the market pie and grow in that sense, but also actually be the second console of choice for all the core gamers," he said, adding that Wii's success will depend on how well it does on both counts. "It will be very interesting to see how much the market pie grows because of the Wii. But it is still a game console at the end of the day." Wii has a pricing advantage at $250, half the price of the PlayStation 3 cheapest model. The Xbox 360, which launched last year, sells for $300 to $400. Nintendo spokesman Yasuhiro Minagawa has said nearly 400,000 Wiis will be available for the Japan launch date on 2 December, and likely more for the US launch on Sunday.
Music labels lose MP3 search case BBC News
China's leading web search engine has been cleared of copyright infringement by a Beijing court.
China's leading web search engine has been cleared of copyright infringement by a Beijing court.
Many music companies have blamed falling CD sales on piracy
Baidu.com faced a lawsuit from music companies after posting links to sites offering illegal music downloads. But the ruling said the service did not constitute an infringement as the music was downloaded from webservers of third parties, state press reported. This overturns an earlier ruling, which had ordered Baidu to pay a distributor of EMI 68,000 yuan. Companies including EMI, Sony BMG, Warner Music and Universal Music had had demanded a public apology from Baidu, the suspension of its download service and 1.73m yuan ($216,250) compensation. Baidu argued the MP3 search engine it provided was the same as other search engines providing links to web pages, news and pictures. "If the music companies had won, the whole search engine sector would have ground to a halt," Xinhua news agency quoted a Baidu spokesman as saying. The report said the music companies would appeal against the ruling.
US paves way for Russia WTO entry BBC News
Russia and the US have signed a bilateral agreement that allows Russia to join the World Trade Organization (WTO) after 12 years of negotiations.
'Historic step'
Previous hopes of a breakthrough on WTO entry collapsed as negotiators failed to clinch a deal at the G8 summit in July. Russian trade and economic minister, German Gref said the deal would allow Russia to compete "as an equal" in world markets. "This is a very significant event, which signals Russia's integration into the global trading system," he said. "This is a historic step, the last step that signals the return of Russia to the market principles of the world economy." Russian president Vladimir Putin said the trade pact, which was essential for Moscow's admission to the WTO membership, would not have been possible without the political will of the US. US trade representative Susan Schwab also welcomed the agreement. "The full integration of Russia into the global economy is in the interests of Russia and is also in the interests of the United States," she said. The deal must be ratified in both countries and Russia must also agree a multilateral deal with the WTO as a whole - meaning it may be six months before its membership is complete.
Resistance
The US was the only member of the 149-nation WTO to withhold consent for Russia's membership. Reservations about Russia's human rights record, state control over key energy resources, intellectual property rights and restrictions on the activity of foreign companies had all held up a deal. Russian resistance to sanctions against Iran in response to Tehran's nuclear ambitions also counted against it in US eyes. Meanwhile, Russia has raised concerns about the sanitary conditions used in imports of meat from the US.
Russia and the US have signed a bilateral agreement that allows Russia to join the World Trade Organization (WTO) after 12 years of negotiations.
Susan Schwab and President Putin met during the APEC summit
The 800-page trade pact was signed during a meeting of Asia-Pacific leaders in Hanoi. Russia's WTO membership was dependent on the deal - outlining reductions in tariffs across a range of industries. In a separate development, Russia said that the US had lifted sanctions on jet maker Sukhoi. They were imposed for allegedly passing on equipment to Iran that could be used to develop weapons of mass destruction. No decision has yet been made on Rosoboronexport, Russia's state arms exporter, which faces the same sanctions.'Historic step'
Previous hopes of a breakthrough on WTO entry collapsed as negotiators failed to clinch a deal at the G8 summit in July. Russian trade and economic minister, German Gref said the deal would allow Russia to compete "as an equal" in world markets. "This is a very significant event, which signals Russia's integration into the global trading system," he said. "This is a historic step, the last step that signals the return of Russia to the market principles of the world economy." Russian president Vladimir Putin said the trade pact, which was essential for Moscow's admission to the WTO membership, would not have been possible without the political will of the US. US trade representative Susan Schwab also welcomed the agreement. "The full integration of Russia into the global economy is in the interests of Russia and is also in the interests of the United States," she said. The deal must be ratified in both countries and Russia must also agree a multilateral deal with the WTO as a whole - meaning it may be six months before its membership is complete.
Resistance
The US was the only member of the 149-nation WTO to withhold consent for Russia's membership. Reservations about Russia's human rights record, state control over key energy resources, intellectual property rights and restrictions on the activity of foreign companies had all held up a deal. Russian resistance to sanctions against Iran in response to Tehran's nuclear ambitions also counted against it in US eyes. Meanwhile, Russia has raised concerns about the sanitary conditions used in imports of meat from the US.
Season of spending gets an early start
Holiday shoppers aren't waiting for Thanksgiving weekend. By Alana
Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pa0Eu
Employers seek options as healthcare costs climb
Employers are running into limits on how much more they can shift
rising health benefit costs to workers, prompting them to use
other methods to cut costs, businesses and healthcare experts say.
By Daniel Yi.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pb0Ev
Penguins dance their way to No. 1 at box office
The new man in the James Bond penguin suit was a box-office hit,
but it was the dancing penguins that stole the show this weekend.
By Josh Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pc0Ew
Time for tax reform
Twenty years have passed since President Reagan signed the
landmark Tax Reform Act of 1986, a bipartisan effort to simplify
the egregiously complex federal tax code. Since then, Washington
has taken about 15,000 steps backward.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pk0E5
Theorist is dead, long live the theory
Do people still believe in monetarism, economist Milton Friedman's
most important theory, which argues that inflation can be defeated
only by targeting the growth of the money supply and thereby
changing expectations? Not too many. By Niall Ferguson.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pl0E6
Villages to sue 'Borat'
Attorneys representing the villagers of Glod, Romania, plan to
file lawsuits today against "Borat" in New York, Florida and
Germany, asking for more than $30 million in damages and seeking
to stop further screening of the controversial comedy if scenes
making fun of the villagers are not cut or changed. By Bojan
Pancevski.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pm0E7
Holiday shoppers aren't waiting for Thanksgiving weekend. By Alana
Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pa0Eu
Employers seek options as healthcare costs climb
Employers are running into limits on how much more they can shift
rising health benefit costs to workers, prompting them to use
other methods to cut costs, businesses and healthcare experts say.
By Daniel Yi.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pb0Ev
Penguins dance their way to No. 1 at box office
The new man in the James Bond penguin suit was a box-office hit,
but it was the dancing penguins that stole the show this weekend.
By Josh Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pc0Ew
Time for tax reform
Twenty years have passed since President Reagan signed the
landmark Tax Reform Act of 1986, a bipartisan effort to simplify
the egregiously complex federal tax code. Since then, Washington
has taken about 15,000 steps backward.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pk0E5
Theorist is dead, long live the theory
Do people still believe in monetarism, economist Milton Friedman's
most important theory, which argues that inflation can be defeated
only by targeting the growth of the money supply and thereby
changing expectations? Not too many. By Niall Ferguson.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pl0E6
Villages to sue 'Borat'
Attorneys representing the villagers of Glod, Romania, plan to
file lawsuits today against "Borat" in New York, Florida and
Germany, asking for more than $30 million in damages and seeking
to stop further screening of the controversial comedy if scenes
making fun of the villagers are not cut or changed. By Bojan
Pancevski.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H4pm0E7
Private cash fuels boom in takeovers
Elite private investors are buying up major companies at a record
pace, in a wave of deals that is raining riches on Wall Street but
also may be raising the risk of a financial bust. By Tom Petruno
and Josh Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FM0Ex
Navajos' desert cleanup no more than a mirage
CHURCH ROCK MINE, N.M. - Through a federal program,
decontamination seemed possible. But delays and disputes thwarted
the effort. By Judy Pasternak.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FN0Ey
Elite private investors are buying up major companies at a record
pace, in a wave of deals that is raining riches on Wall Street but
also may be raising the risk of a financial bust. By Tom Petruno
and Josh Friedman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FM0Ex
Navajos' desert cleanup no more than a mirage
CHURCH ROCK MINE, N.M. - Through a federal program,
decontamination seemed possible. But delays and disputes thwarted
the effort. By Judy Pasternak.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FN0Ey
Ruling limits Internet liability
SAN FRANCISCO - Internet users and providers cannot be held liable
for posting defamatory material written by someone else, the
California Supreme Court ruled unanimously. By Maura Dolan.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FU0E6
Huge month says volumes about changes at L.A. port
The facility, under new management and intent on luring back
business, moves a record amount of cargo, keeping ahead of its
Long Beach rival. By Ronald D. White.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FV0E7
Relative strength in California housing
Thanks partly to its healthy economy and lack of overbuilding,
California's home prices are holding up slightly better than other
recently red-hot locales, according to data released Monday. By
Annette Haddad.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FW0E8
Mattel alleges MGA stole Bratz design
Mattel Inc. escalated the legal wrangling over Bratz dolls Monday,
accusing MGA Entertainment Inc. of stealing plans for the doll
line, the chief competitor to Mattel's Barbie. By Abigail Goldman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FX0EA
Pierre, Dodgers close in on deal
With the free-agent landscape for power hitters becoming
increasingly bleak, the Dodgers moved quickly to obtain speed,
agreeing to terms with fleet center fielder Juan Pierre for a
five-year deal believed to be worth about $44 million. By Steve
Henson.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FY0EB
Studios feast on fast-food tie-ins
"Fast Food Nation," which opened this weekend, transforms the raw
reportage of Eric Schlosser's bestseller into a dramatic tale of
how the nation's addiction to fast food is involved with
everything from the exploitation of immigrants to a growing
childhood obesity epidemic. By Patrick Goldstein.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5Fa0EJ
SAN FRANCISCO - Internet users and providers cannot be held liable
for posting defamatory material written by someone else, the
California Supreme Court ruled unanimously. By Maura Dolan.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FU0E6
Huge month says volumes about changes at L.A. port
The facility, under new management and intent on luring back
business, moves a record amount of cargo, keeping ahead of its
Long Beach rival. By Ronald D. White.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FV0E7
Relative strength in California housing
Thanks partly to its healthy economy and lack of overbuilding,
California's home prices are holding up slightly better than other
recently red-hot locales, according to data released Monday. By
Annette Haddad.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FW0E8
Mattel alleges MGA stole Bratz design
Mattel Inc. escalated the legal wrangling over Bratz dolls Monday,
accusing MGA Entertainment Inc. of stealing plans for the doll
line, the chief competitor to Mattel's Barbie. By Abigail Goldman.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FX0EA
Pierre, Dodgers close in on deal
With the free-agent landscape for power hitters becoming
increasingly bleak, the Dodgers moved quickly to obtain speed,
agreeing to terms with fleet center fielder Juan Pierre for a
five-year deal believed to be worth about $44 million. By Steve
Henson.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5FY0EB
Studios feast on fast-food tie-ins
"Fast Food Nation," which opened this weekend, transforms the raw
reportage of Eric Schlosser's bestseller into a dramatic tale of
how the nation's addiction to fast food is involved with
everything from the exploitation of immigrants to a growing
childhood obesity epidemic. By Patrick Goldstein.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5Fa0EJ
Colombia trade pact is decried
BOGOTA, Colombia - The accord, which could lift U.S. exports,
should have stronger labor protections, critics say. By Chris
Kraul.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RD0Em
Implant makers, plastic surgeons expect boost from silicone
Plastic surgeons and the two dominant Southern California-based
makers of silicone breast implants are gearing up for what they
expect will be a boom in sales of the devices. The only question:
How big of a windfall can they expect? By Daniel Costello.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RE0En
Simpson project was hot topic inside Fox
Scant details have emerged about the genesis of O.J. Simpson's
book "If I Did It" and how the TV project landed at News Corp.'s
Fox television network. But two things became clear Tuesday, a day
after News Corp. pulled the plug on both the book and a two-part
TV special on Fox: The project was a source of heated internal
debate at Fox and the book may never find a publisher. By Meg
James.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RF0Eo
Let's party on!
Americans have been conditioned to treat the weekend after
Thanksgiving as the kickoff of the race to the mall for an orgy of
shopping, but it is actually something far more meaningful: the
official opening of party season. For the next six weeks, any
excuse will do. By Regina Schrambling.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RL0Eu
When it's time to hit the road
For that inevitable day when Kevin Federline is living out of his
car, may I suggest the Acura MDX? It has race-derived handling,
lots of safety features, cushy comfort and a great sound system.
Not just for tony moms, it could be a tail-spinning hip-hopper's
crash pad too. By Dan Neil.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RM0Ev
Santa Monica revs up parking space website
In the competitive world of
Westside retailing, Santa Monica hopes that a new website will
curb the frustrating circle-and-search game by alerting potential
visitors to available spaces in downtown parking structures and
beach lots. By Martha Groves.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RO0Ex
BOGOTA, Colombia - The accord, which could lift U.S. exports,
should have stronger labor protections, critics say. By Chris
Kraul.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RD0Em
Implant makers, plastic surgeons expect boost from silicone
Plastic surgeons and the two dominant Southern California-based
makers of silicone breast implants are gearing up for what they
expect will be a boom in sales of the devices. The only question:
How big of a windfall can they expect? By Daniel Costello.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RE0En
Simpson project was hot topic inside Fox
Scant details have emerged about the genesis of O.J. Simpson's
book "If I Did It" and how the TV project landed at News Corp.'s
Fox television network. But two things became clear Tuesday, a day
after News Corp. pulled the plug on both the book and a two-part
TV special on Fox: The project was a source of heated internal
debate at Fox and the book may never find a publisher. By Meg
James.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RF0Eo
Let's party on!
Americans have been conditioned to treat the weekend after
Thanksgiving as the kickoff of the race to the mall for an orgy of
shopping, but it is actually something far more meaningful: the
official opening of party season. For the next six weeks, any
excuse will do. By Regina Schrambling.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RL0Eu
When it's time to hit the road
For that inevitable day when Kevin Federline is living out of his
car, may I suggest the Acura MDX? It has race-derived handling,
lots of safety features, cushy comfort and a great sound system.
Not just for tony moms, it could be a tail-spinning hip-hopper's
crash pad too. By Dan Neil.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RM0Ev
Santa Monica revs up parking space website
In the competitive world of
Westside retailing, Santa Monica hopes that a new website will
curb the frustrating circle-and-search game by alerting potential
visitors to available spaces in downtown parking structures and
beach lots. By Martha Groves.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5RO0Ex
Pay deals could cut Cubs' sale price
Hefty new player pacts could mean less for Tribune Co. if it sells
the Chicago baseball team. By Bill Shaikin.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gI0En
Now online: slide-rule celebrities
Economists who author blogs are drawing fans who see nothing
dismal about the discipline. By Alana Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gJ0Eo
Kerkorian to reduce his stake in GM
He will sell a quarter of his 10% interest, a move that suggests
he won't try to take control of the automaker's board. Its stock
tumbles 4.7%. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gK0Ep
UPS bulks up for holiday rush
The shipper's Southern California operation has added seasonal
workers as it also functions as the distribution facility for many
businesses. By Ronald D. White.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gL0Eq
A band that's so last decade
Or maybe not. The Prodigy is working on a new album and will
headline this weekend's Rokout Festival. By Margaret Wappler.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gO0Et
Hefty new player pacts could mean less for Tribune Co. if it sells
the Chicago baseball team. By Bill Shaikin.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gI0En
Now online: slide-rule celebrities
Economists who author blogs are drawing fans who see nothing
dismal about the discipline. By Alana Semuels.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gJ0Eo
Kerkorian to reduce his stake in GM
He will sell a quarter of his 10% interest, a move that suggests
he won't try to take control of the automaker's board. Its stock
tumbles 4.7%. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gK0Ep
UPS bulks up for holiday rush
The shipper's Southern California operation has added seasonal
workers as it also functions as the distribution facility for many
businesses. By Ronald D. White.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gL0Eq
A band that's so last decade
Or maybe not. The Prodigy is working on a new album and will
headline this weekend's Rokout Festival. By Margaret Wappler.
http://email.latimes.com/cgi-bin1/DM/y/eBC...Io30G2B0H5gO0Et
Ban on MP3 transmitters is lifted BBC News
Ofcom is legalising the use of FM transmitters that allow iPods and other MP3 players to play through car radios. The use of devices, such as Griffin's "iTrip", was banned in the UK as their transmissions can interfere with broadcasts by legal radio stations. However, the device and other similar accessories for MP3 players have been widely available online. Now certain FM transmitters, which can be tuned to spare frequencies, will be legal from 8 December. Ofcom will also remove the need for a licence to use Citizens' Band radio. The regulator's move follows a public consultation exercise.
Stamp of approval
The devices fell foul of the Wireless Telegraphy Act of 1949, which forbids the use of radio equipment without a licence or an exemption. But strong consumer demand for the devices led Ofcom to rethink the legislation. Liberal Democrat MPs were also prominent in asking for iTrips and similar devices to be legalised. The new Wireless Telegraphy (Exemption) (Amendment) Regulations 2006 mean that certain low-power transmitters will now be legal. However, many devices currently on the market will remain illegal as they do not meet the legally required technical specifications and could interfere with radio broadcasts. The new amendments will also reflect a European standard on the low-power transmitters. All approved transmitters will carry a CE mark indicating approval for sale in the European Union.
Ofcom is legalising the use of FM transmitters that allow iPods and other MP3 players to play through car radios. The use of devices, such as Griffin's "iTrip", was banned in the UK as their transmissions can interfere with broadcasts by legal radio stations. However, the device and other similar accessories for MP3 players have been widely available online. Now certain FM transmitters, which can be tuned to spare frequencies, will be legal from 8 December. Ofcom will also remove the need for a licence to use Citizens' Band radio. The regulator's move follows a public consultation exercise.
Stamp of approval
The devices fell foul of the Wireless Telegraphy Act of 1949, which forbids the use of radio equipment without a licence or an exemption. But strong consumer demand for the devices led Ofcom to rethink the legislation. Liberal Democrat MPs were also prominent in asking for iTrips and similar devices to be legalised. The new Wireless Telegraphy (Exemption) (Amendment) Regulations 2006 mean that certain low-power transmitters will now be legal. However, many devices currently on the market will remain illegal as they do not meet the legally required technical specifications and could interfere with radio broadcasts. The new amendments will also reflect a European standard on the low-power transmitters. All approved transmitters will carry a CE mark indicating approval for sale in the European Union.
New EU states 'poor competitors' BBC News
Most of the new EU states still lag behind older member nations in terms of competitiveness, says a joint UK and US academic report.
More effort needed
Although eastern European countries do not rank highly for R&D, they fare well in terms of their rate of investment, which has grown significantly. But increased labour productivity will require greater investment in human capital and more innovation by domestic firms, said the report, co-written by Sheffield University and George Washington University. Slovenia is the best ranked of the new EU entrants, outperforming both Greece and Portugal. It does notably well in the knowledge and employment categories, especially in machinery manufacturing and electrical engineering. The Czech Republic also scores well for knowledge and employment, but not for overall competitiveness. While it appeals to foreign investors, especially carmakers, these firms tend to be attracted by the country's low labour costs. The survey stresses that in the longer term, eastern Europe as a region will need better transport links to be more competitive.
Most of the new EU states still lag behind older member nations in terms of competitiveness, says a joint UK and US academic report.
Slovenia is the only new EU state to rank higher than older states
Slovakia, Poland and the Baltic states all came at the bottom of the table, which looked at investment, jobs and productivity by region and country. Of the 10 new states, Slovenia is the only nation to score better than certain existing EU countries. Finland ranks top of the survey, helped by its strong edge in innovation. One possible explanation for Finland's strong performance is the emphasis its government has placed on the importance of research and development (R&D). Business and higher education work closely together and Finland ranks highest in terms of R&D, both within higher education and at government level. Luxembourg comes in second to Finland overall and has an unemployment rate of just 2.6%, the lowest in the EU.More effort needed
Although eastern European countries do not rank highly for R&D, they fare well in terms of their rate of investment, which has grown significantly. But increased labour productivity will require greater investment in human capital and more innovation by domestic firms, said the report, co-written by Sheffield University and George Washington University. Slovenia is the best ranked of the new EU entrants, outperforming both Greece and Portugal. It does notably well in the knowledge and employment categories, especially in machinery manufacturing and electrical engineering. The Czech Republic also scores well for knowledge and employment, but not for overall competitiveness. While it appeals to foreign investors, especially carmakers, these firms tend to be attracted by the country's low labour costs. The survey stresses that in the longer term, eastern Europe as a region will need better transport links to be more competitive.
Government cleared in AWB inquiry BBC News
An inquiry has cleared the Australian government of involvement in bribes allegedly paid to Iraq's former regime. But it said that some officials from the monopoly body controlling wheat exports could be liable to prosecution. The Australian Wheat Board (now known as AWB) is accused of paying $200m to Saddam Hussein to secure a contract under the UN oil-for-food programme. PM John Howard said he would "urgently review" Australia's wheat exporting system in response to the findings. AWB was the largest single supplier of humanitarian goods to Iraq under the UN programme, which ran from 1996 to 2003.
Damaged reputation
The commission examining the AWB scandal was established in January, after a UN report said the company had paid huge bribes to secure wheat contracts worth more than $2bn. The wheat supply was part of a UN programme designed to allow Iraq to use money from oil exports to buy food and medicine, to relieve suffering caused by international sanctions before Saddam Hussein's regime was overthrown in 2003. Former judge Terence Cole and his team spent 11 months examining whether AWB had broken any Australian laws over the payments, which were mostly given as transport fees to Jordanian haulage company Alia. They made their conclusions public on Monday, saying in the introduction to their report that "AWB has cast a shadow over Australia's reputation in international trade". The report recommended that a police task force be set up to consider whether criminal charges should be filed against AWB members implicated in the scandal - a suggestion Mr Howard promised to take up. Mr Cole cleared the Australian government of wrong-doing, saying: "I found no material that is any way suggestive of illegal activity by the Commonwealth [federal government] or any of its officers." But opposition politicians are still not convinced, describing the affair as the country's "biggest-ever" corruption scandal. They have accused the government of negligence, for failing to respond to diplomatic cables that warned that the wheat exporter may have been violating UN sanctions.
An inquiry has cleared the Australian government of involvement in bribes allegedly paid to Iraq's former regime. But it said that some officials from the monopoly body controlling wheat exports could be liable to prosecution. The Australian Wheat Board (now known as AWB) is accused of paying $200m to Saddam Hussein to secure a contract under the UN oil-for-food programme. PM John Howard said he would "urgently review" Australia's wheat exporting system in response to the findings. AWB was the largest single supplier of humanitarian goods to Iraq under the UN programme, which ran from 1996 to 2003.
Damaged reputation
The commission examining the AWB scandal was established in January, after a UN report said the company had paid huge bribes to secure wheat contracts worth more than $2bn. The wheat supply was part of a UN programme designed to allow Iraq to use money from oil exports to buy food and medicine, to relieve suffering caused by international sanctions before Saddam Hussein's regime was overthrown in 2003. Former judge Terence Cole and his team spent 11 months examining whether AWB had broken any Australian laws over the payments, which were mostly given as transport fees to Jordanian haulage company Alia. They made their conclusions public on Monday, saying in the introduction to their report that "AWB has cast a shadow over Australia's reputation in international trade". The report recommended that a police task force be set up to consider whether criminal charges should be filed against AWB members implicated in the scandal - a suggestion Mr Howard promised to take up. Mr Cole cleared the Australian government of wrong-doing, saying: "I found no material that is any way suggestive of illegal activity by the Commonwealth [federal government] or any of its officers." But opposition politicians are still not convinced, describing the affair as the country's "biggest-ever" corruption scandal. They have accused the government of negligence, for failing to respond to diplomatic cables that warned that the wheat exporter may have been violating UN sanctions.
Wal-Mart to enter Indian market BBC News
US supermarket giant Wal-Mart is to enter the Indian retail market after announcing a joint agreement with India's Bharti Enterprises. The two companies said they had signed a deal to "jointly explore business opportunities" in India. Bharti chairman Sunil Mittal said the two companies intended to open "several hundred" stores across India under the Wal-Mart brand name. Wal-Mart's deal comes after Britain's Tesco ended talks with Bharti. Tesco had hoped to reach a similar deal with Bharti, but its negotiations ended without agreement last week. Bharti had also spoken with France's Carrefour and Germany's Metro, according to reports.
Fast-growing market
The Bharti joint venture is a huge opportunity for Wal-Mart to gain a foothold in a market analysts expect will double in value to $637bn by 2015. "Wal-Mart was keen to get into India. I think they have chosen the right partner," said Mr Mittal. "It is going to be a large investment, we are going to be a big player in this market." Large overseas retailers such as Tesco and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. Mr Mittal said the deal with Wal-Mart complied with existing government rules, suggesting Wal-Mart will handle the supply side of the operation, while Bharti will run the stores.
Closed reaction
Bharti is a well-known brand in India, offering mobile phone services to more than 24 million users. The company is keen to expand its business reach and tap further into India's rapid economic expansion, growing middle class and rising consumer demand, analysts said. Bharti's agreement with Wal-Mart is likely to run into opposition from India's small shopkeepers, who currently account for the majority of retail sales, said BBC World Service economics correspondent Andrew Walker. "They are often family businesses and they are worried that lowering the barriers to Wal-Mart and others might cost them dearly," he said. "Certainly analysts expect the big players to account for a large share of growth in retailing that is bound to come with India's rising middle class."
US supermarket giant Wal-Mart is to enter the Indian retail market after announcing a joint agreement with India's Bharti Enterprises. The two companies said they had signed a deal to "jointly explore business opportunities" in India. Bharti chairman Sunil Mittal said the two companies intended to open "several hundred" stores across India under the Wal-Mart brand name. Wal-Mart's deal comes after Britain's Tesco ended talks with Bharti. Tesco had hoped to reach a similar deal with Bharti, but its negotiations ended without agreement last week. Bharti had also spoken with France's Carrefour and Germany's Metro, according to reports.
Fast-growing market
The Bharti joint venture is a huge opportunity for Wal-Mart to gain a foothold in a market analysts expect will double in value to $637bn by 2015. "Wal-Mart was keen to get into India. I think they have chosen the right partner," said Mr Mittal. "It is going to be a large investment, we are going to be a big player in this market." Large overseas retailers such as Tesco and Wal-Mart are currently barred at the retail level in India, but not in the wholesale market. Mr Mittal said the deal with Wal-Mart complied with existing government rules, suggesting Wal-Mart will handle the supply side of the operation, while Bharti will run the stores.
Closed reaction
Bharti is a well-known brand in India, offering mobile phone services to more than 24 million users. The company is keen to expand its business reach and tap further into India's rapid economic expansion, growing middle class and rising consumer demand, analysts said. Bharti's agreement with Wal-Mart is likely to run into opposition from India's small shopkeepers, who currently account for the majority of retail sales, said BBC World Service economics correspondent Andrew Walker. "They are often family businesses and they are worried that lowering the barriers to Wal-Mart and others might cost them dearly," he said. "Certainly analysts expect the big players to account for a large share of growth in retailing that is bound to come with India's rising middle class."
OECD raps Russian state control BBC News
Increasing state ownership is a "step back" for the Russian economy, the Organisation for Economic Cooperation and Development (OECD) has warned. The global think tank said Moscow's growing nationalisation of key industries, such as energy and metals, risked a rise in corruption. It also said that such moves could increase business inefficiency. The OECD's latest report on Russia singled out state-owned gas monopoly Gazprom for particular criticism.
'State interference'
It said the fast-growing Russian economy - which grew at an average 6.7% per year from 1999-2005 - could slow sharply if Moscow does not reverse its nationalisation trend. "The corporate governance of many state-controlled companies is problematic and state interference in the operations of such companies often distorts the development of the firms themselves and the markets in which they operate," said the OECD. It added that Gazprom was "of particular concern" due to its "seemingly insatiable appetite for asset acquisitions, often at the expense of its core business". State-owned Gazprom, one of the world's largest gas companies, has been on an acquisition spree over the past two years. In that time it has bought Russian oil firms Sibneft and Rosneft and a host of other businesses ranging from electricity companies to media groups. The Russian government has also been accused of using the energy giant as a foreign policy tool, with Gazprom cutting gas supplies to Ukraine last winter, and threatening to do the same to Georgia this time around. Gazprom counters that it is simply renegotiating contracts with Russia's near neighbours to ensure they pay a price that is more reflective of global market levels.
Increasing state ownership is a "step back" for the Russian economy, the Organisation for Economic Cooperation and Development (OECD) has warned. The global think tank said Moscow's growing nationalisation of key industries, such as energy and metals, risked a rise in corruption. It also said that such moves could increase business inefficiency. The OECD's latest report on Russia singled out state-owned gas monopoly Gazprom for particular criticism.
'State interference'
It said the fast-growing Russian economy - which grew at an average 6.7% per year from 1999-2005 - could slow sharply if Moscow does not reverse its nationalisation trend. "The corporate governance of many state-controlled companies is problematic and state interference in the operations of such companies often distorts the development of the firms themselves and the markets in which they operate," said the OECD. It added that Gazprom was "of particular concern" due to its "seemingly insatiable appetite for asset acquisitions, often at the expense of its core business". State-owned Gazprom, one of the world's largest gas companies, has been on an acquisition spree over the past two years. In that time it has bought Russian oil firms Sibneft and Rosneft and a host of other businesses ranging from electricity companies to media groups. The Russian government has also been accused of using the energy giant as a foreign policy tool, with Gazprom cutting gas supplies to Ukraine last winter, and threatening to do the same to Georgia this time around. Gazprom counters that it is simply renegotiating contracts with Russia's near neighbours to ensure they pay a price that is more reflective of global market levels.
Stock rally gives way to sharp losses
Stocks fell sharply Monday, with a weakening U.S. dollar and tepid
sales at retail giant Wal-Mart Stores giving investors the opening
they were looking for to cash out some of the profits they've
booked during the market's four-month surge. By Walter Hamilton.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HE0Ev
Writers spurn studios on talks
In a development that underscores the deteriorating state of labor
relations in Hollywood, the chief negotiator for the major studios
accused the union that represents TV and film writers of
jeopardizing production by rejecting his request to enter early
contract talks. By Richard Verrier.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HF0Ew
Will East Coast go loco for an expanding El Pollo?
The Mexican chicken chain has ambitious plans to compete
nationally but faces a challenge in taco-deprived New England. By
Jerry Hirsch.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HG0Ex
Landing on the AM dial is no sad country song
Three months after Los Angeles' only country radio station,
KZLA-FM (93.9), switched to a rhythmic pop format, leaving the
nation's largest market for country music with nowhere to tune on
the radio dial, Tim McGraw, Faith Hill, Toby Keith and the rest of
the twang gang are back on the air. But now they're heard on the
AM dial. By Steve Hochman.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HI0Ez
Stocks fell sharply Monday, with a weakening U.S. dollar and tepid
sales at retail giant Wal-Mart Stores giving investors the opening
they were looking for to cash out some of the profits they've
booked during the market's four-month surge. By Walter Hamilton.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HE0Ev
Writers spurn studios on talks
In a development that underscores the deteriorating state of labor
relations in Hollywood, the chief negotiator for the major studios
accused the union that represents TV and film writers of
jeopardizing production by rejecting his request to enter early
contract talks. By Richard Verrier.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HF0Ew
Will East Coast go loco for an expanding El Pollo?
The Mexican chicken chain has ambitious plans to compete
nationally but faces a challenge in taco-deprived New England. By
Jerry Hirsch.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HG0Ex
Landing on the AM dial is no sad country song
Three months after Los Angeles' only country radio station,
KZLA-FM (93.9), switched to a rhythmic pop format, leaving the
nation's largest market for country music with nowhere to tune on
the radio dial, Tim McGraw, Faith Hill, Toby Keith and the rest of
the twang gang are back on the air. But now they're heard on the
AM dial. By Steve Hochman.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6HI0Ez
High court puts patent standard to the test
WASHINGTON - The Supreme Court is wrestling with an abstract case
involving automobile gas pedals that could apply the brakes to the
dramatic growth in patents issued nationwide. By Jim Puzzanghera.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WI0ER
Cleaner diesels to enter U.S. in 2008
Germany's two largest automakers are developing a fleet of
diesel-powered cars and trucks that could be sold in California as
early as 2008. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WJ0ES
Will your idea wash overseas?
The global appetite is growing for U.S. franchises. But
transplanting an American concept can be tricky. By Evelyn
Iritani.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WK0ET
A serious turn
When "Find Me Guilty," director Sidney Lumet's take on the longest
mob trial in U.S. history, debuted last March, posters for the
movie had all the earmarks of comedy. Now, hoping to woo Oscar
voters, two of the producers have come up with another poster that
repositions the film as a drama. By Robert W. Welkos.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WN0EW
Yes, Philip Roth's works belong among the elite
It's fair to say that a certain number of eyebrows were
skeptically arched when the Library of America announced plans to
publish Philip Roth's complete works. If eyebrows still are
raised, it ought to be because eyes are wide with admiration. By
Tim Rutten.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WO0EX
Taking the lead
Groundbreaking designs, new-fuel technologies, sexy road rockets.
It's all there at the Los Angeles Auto Show. But just as
important, this year's showcase comes a month earlier and won't
butt heads with Detroit's event. By Dan Neil.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WR0Ea
WASHINGTON - The Supreme Court is wrestling with an abstract case
involving automobile gas pedals that could apply the brakes to the
dramatic growth in patents issued nationwide. By Jim Puzzanghera.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WI0ER
Cleaner diesels to enter U.S. in 2008
Germany's two largest automakers are developing a fleet of
diesel-powered cars and trucks that could be sold in California as
early as 2008. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WJ0ES
Will your idea wash overseas?
The global appetite is growing for U.S. franchises. But
transplanting an American concept can be tricky. By Evelyn
Iritani.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WK0ET
A serious turn
When "Find Me Guilty," director Sidney Lumet's take on the longest
mob trial in U.S. history, debuted last March, posters for the
movie had all the earmarks of comedy. Now, hoping to woo Oscar
voters, two of the producers have come up with another poster that
repositions the film as a drama. By Robert W. Welkos.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WN0EW
Yes, Philip Roth's works belong among the elite
It's fair to say that a certain number of eyebrows were
skeptically arched when the Library of America announced plans to
publish Philip Roth's complete works. If eyebrows still are
raised, it ought to be because eyes are wide with admiration. By
Tim Rutten.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WO0EX
Taking the lead
Groundbreaking designs, new-fuel technologies, sexy road rockets.
It's all there at the Los Angeles Auto Show. But just as
important, this year's showcase comes a month earlier and won't
butt heads with Detroit's event. By Dan Neil.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6WR0Ea
Report urges less corporate regulation
Business lobbyists and their intellectual allies have begun a
broad effort to lighten the regulatory burden of corporate
America, warning that U.S. companies and the capital markets they
rely on are losing the competitive battle to rivals overseas. By
Jonathan Peterson.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6h50ED
Taking hybrids to next level
General Motors Corp., often vilified by environmentalists for
having pulled the plug on its pioneering battery-powered EV1, on
Wednesday became the first major automaker to commit to building a
new class of gasoline-electric hybrid. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6h60EE
Business lobbyists and their intellectual allies have begun a
broad effort to lighten the regulatory burden of corporate
America, warning that U.S. companies and the capital markets they
rely on are losing the competitive battle to rivals overseas. By
Jonathan Peterson.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6h50ED
Taking hybrids to next level
General Motors Corp., often vilified by environmentalists for
having pulled the plug on its pioneering battery-powered EV1, on
Wednesday became the first major automaker to commit to building a
new class of gasoline-electric hybrid. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6h60EE
Why Warren Buffett's a genius again MSN Money
Earlier this year, some said he'd lost his touch. Now, his stock is above $100,000 a share and headed (eventually) to $200,000. Should you take profits now or hang on? On Oct. 23, Warren Buffett's Berkshire Hathaway (BRK.A, news, msgs) hit a price of $100,000 a share. As far as I can discover, that's the highest price ever for shares of a publicly traded company. The A shares are up about 5,555 times since May 1965, when Buffett took control of what was then a modest textile company. With that milestone behind the shares, of course, the question now is, will Berkshire Hathaway A become the first $200,000 stock? Yes. Not a doubt. Remember that you heard it here first: Berkshire Hathaway A will be the first $200,000-per-share stock. That doesn't mean the stock is a good investment now, however. In fact, I'm going to sell my shares out of Jubak's Picks with this column. (And I'll also sell the shares of Berkshire Hathaway A in my personal portfolio three days after this column is posted.)
Why dump a winner?
So why sell what is almost certainly going to be the world's first $200,000-a-share stock? Because time is money. The actual value to an investor of that increase from $100,000 to $200,000 a share depends on how long it will take the stock to get there. And quite frankly, the next year or so -- and maybe even longer -- doesn't look especially favorable to Buffett's company. Simple math tells me Berkshire Hathaway will get to $200,000 a share before any other stock does. Getting to that astronomical price, after all, requires only two things. First requirement: a steadfast refusal to split the stock. Most companies declare 2-for-1 or 3-for-1 splits whenever they think the share price is getting high enough to discourage investors from buying. Nothing actually changes, of course, since instead of one share worth $100, investors after a 2-for-1 split have two shares worth $50 each. Not Buffett. He's on record as saying he doesn't believe in stock splits since a high stock price, he insists, discourages buying by short-term traders. The high price and the limited number of un-split shares certainly do limit trading. Typically, fewer than 1,000 A shares trade a day. (For the past 10 years investors have also been able to buy B shares in Berkshire Hathaway New (BRK.B, news, msgs) that represent 1/30 of an A share and carry no voting rights in the company.) So it's unlikely that any other stock would climb anywhere near Berkshire Hathaway's price before management announced a stock split.
By Jim Jubak
Earlier this year, some said he'd lost his touch. Now, his stock is above $100,000 a share and headed (eventually) to $200,000. Should you take profits now or hang on? On Oct. 23, Warren Buffett's Berkshire Hathaway (BRK.A, news, msgs) hit a price of $100,000 a share. As far as I can discover, that's the highest price ever for shares of a publicly traded company. The A shares are up about 5,555 times since May 1965, when Buffett took control of what was then a modest textile company. With that milestone behind the shares, of course, the question now is, will Berkshire Hathaway A become the first $200,000 stock? Yes. Not a doubt. Remember that you heard it here first: Berkshire Hathaway A will be the first $200,000-per-share stock. That doesn't mean the stock is a good investment now, however. In fact, I'm going to sell my shares out of Jubak's Picks with this column. (And I'll also sell the shares of Berkshire Hathaway A in my personal portfolio three days after this column is posted.)
Why dump a winner?
So why sell what is almost certainly going to be the world's first $200,000-a-share stock? Because time is money. The actual value to an investor of that increase from $100,000 to $200,000 a share depends on how long it will take the stock to get there. And quite frankly, the next year or so -- and maybe even longer -- doesn't look especially favorable to Buffett's company. Simple math tells me Berkshire Hathaway will get to $200,000 a share before any other stock does. Getting to that astronomical price, after all, requires only two things. First requirement: a steadfast refusal to split the stock. Most companies declare 2-for-1 or 3-for-1 splits whenever they think the share price is getting high enough to discourage investors from buying. Nothing actually changes, of course, since instead of one share worth $100, investors after a 2-for-1 split have two shares worth $50 each. Not Buffett. He's on record as saying he doesn't believe in stock splits since a high stock price, he insists, discourages buying by short-term traders. The high price and the limited number of un-split shares certainly do limit trading. Typically, fewer than 1,000 A shares trade a day. (For the past 10 years investors have also been able to buy B shares in Berkshire Hathaway New (BRK.B, news, msgs) that represent 1/30 of an A share and carry no voting rights in the company.) So it's unlikely that any other stock would climb anywhere near Berkshire Hathaway's price before management announced a stock split.
By Jim Jubak
Optimism is rising on the housing market
Falling mortgage rates and a rally in home builder stocks are
leading some analysts to suggest that the worst of the nation's
housing slump may be over. Home builder stocks rallied sharply
Thursday after an analyst's upgrade. The sector was one of the
strongest in November. By Annette Haddad.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6xo0EK
A mixed bag for retail in November
Department stores and luxury retailers helped drive sales last
month as the holiday shopping season shifted into high gear, but
some big players stalled. For retail chains as a whole, sales at
stores open for a year or more advanced only 2.1% last month, down
from a 3.8% gain in November 2005. By Leslie Earnest.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6xp0EL
Seattle welcomes record rain
As November broke official records for the wettest month ever
recorded in Seattle, residents found themselves in the bizarre
position of being thrilled by a warm rain Thursday - if only
because it helped wash away the snow, slush, ice and frozen muck.
By Sam Howe Verhovek.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6xv0ER
Falling mortgage rates and a rally in home builder stocks are
leading some analysts to suggest that the worst of the nation's
housing slump may be over. Home builder stocks rallied sharply
Thursday after an analyst's upgrade. The sector was one of the
strongest in November. By Annette Haddad.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6xo0EK
A mixed bag for retail in November
Department stores and luxury retailers helped drive sales last
month as the holiday shopping season shifted into high gear, but
some big players stalled. For retail chains as a whole, sales at
stores open for a year or more advanced only 2.1% last month, down
from a 3.8% gain in November 2005. By Leslie Earnest.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6xp0EL
Seattle welcomes record rain
As November broke official records for the wettest month ever
recorded in Seattle, residents found themselves in the bizarre
position of being thrilled by a warm rain Thursday - if only
because it helped wash away the snow, slush, ice and frozen muck.
By Sam Howe Verhovek.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H6xv0ER
Ford again trails Toyota
The U.S. automaker's sales unexpectedly decline in November, as
does its market share. General Motors posts a 6% gain from last
year. By Martin Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0G6L60Ey
Big bucks but meager job security
The boss' office may still have wood-paneled walls and a killer
view, but it is increasingly fitted with a trapdoor. By Molly
Selvin.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67S0E8
A city of commerce, in one mall
Retailers shop until they drop at the 30,000-store International
Trade City in Yiwu, China. By Don Lee.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67T0EA
Disney to cut 160 workers in animation
Walt Disney Co. said Friday that it would dismiss about 160 of the
800 employees in its feature animation unit as the company slowed
production at what once was its crown jewel. By Joseph Menn.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67U0EB
Movie bootleg whiz gets 7 years
Johnny Ray Gasca is the first person to face federal charges for
taping inside a theater. By Lorenza Muñoz.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67V0EC
Editorial: How to make college more affordable
Incoming Democrats have some good ideas, and a few bad, about
easing the financial pain of higher ed.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67d0EQ
The U.S. automaker's sales unexpectedly decline in November, as
does its market share. General Motors posts a 6% gain from last
year. By Martin Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0G6L60Ey
Big bucks but meager job security
The boss' office may still have wood-paneled walls and a killer
view, but it is increasingly fitted with a trapdoor. By Molly
Selvin.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67S0E8
A city of commerce, in one mall
Retailers shop until they drop at the 30,000-store International
Trade City in Yiwu, China. By Don Lee.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67T0EA
Disney to cut 160 workers in animation
Walt Disney Co. said Friday that it would dismiss about 160 of the
800 employees in its feature animation unit as the company slowed
production at what once was its crown jewel. By Joseph Menn.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67U0EB
Movie bootleg whiz gets 7 years
Johnny Ray Gasca is the first person to face federal charges for
taping inside a theater. By Lorenza Muñoz.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H67V0EC
Editorial: How to make college more affordable
Incoming Democrats have some good ideas, and a few bad, about
easing the financial pain of higher ed.
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IMF scrutinises Zimbabwe economy BBC News
An International Monetary Fund (IMF) team is in Zimbabwe, which is suffering soaring inflation, to examine President Robert Mugabe's economic policies. Zimbabwe has the world's highest rates of annual inflation - more than 1,000%. Poverty levels have risen and unemployment is around 80%. The IMF will spend 10 days of talks, a year after Zimbabwe averted expulsion from the fund by clearing some arrears. The visit will go towards deciding what to do about Harare's IMF debts. Zimbabwe avoided expulsion from the IMF with a $9m debt payment. The country still owes the fund $125m and its IMF voting rights are suspended. The IMF report will be used by the fund's board to decide Harare's fate when it meets in Washington in February to review the overdue debt payments. Government borrowing has forced the central bank to print more money to prop up the economy. But Zimbabwe has now agreed to end inflationary policies used by the bank. The IMF and other Western donors, including the World Bank, suspended aid to Zimbabwe more than six years ago over policy differences with Harare. Donor agencies want to see less state control of the economy and a relaxation of foreign exchange controls. Mr Mugabe's government says it is a victim of a Western sabotage campaign over its land reforms.
An International Monetary Fund (IMF) team is in Zimbabwe, which is suffering soaring inflation, to examine President Robert Mugabe's economic policies. Zimbabwe has the world's highest rates of annual inflation - more than 1,000%. Poverty levels have risen and unemployment is around 80%. The IMF will spend 10 days of talks, a year after Zimbabwe averted expulsion from the fund by clearing some arrears. The visit will go towards deciding what to do about Harare's IMF debts. Zimbabwe avoided expulsion from the IMF with a $9m debt payment. The country still owes the fund $125m and its IMF voting rights are suspended. The IMF report will be used by the fund's board to decide Harare's fate when it meets in Washington in February to review the overdue debt payments. Government borrowing has forced the central bank to print more money to prop up the economy. But Zimbabwe has now agreed to end inflationary policies used by the bank. The IMF and other Western donors, including the World Bank, suspended aid to Zimbabwe more than six years ago over policy differences with Harare. Donor agencies want to see less state control of the economy and a relaxation of foreign exchange controls. Mr Mugabe's government says it is a victim of a Western sabotage campaign over its land reforms.
Bolivia completes energy control BBC News
Bolivia has completed its policy of gas nationalisation, giving it control over the operations of foreign energy firms in the country.
Bolivia has completed its policy of gas nationalisation, giving it control over the operations of foreign energy firms in the country.
Bolivia wants to use its oil and gas profits to cut poverty levels
Signed by President Evo Morales on Sunday, the agreements finalise a process started on 1 May. Bolivia will gain a majority of the revenues from foreign energy firms. Companies affected by the deal include Brazil's state-run Petrobras, Spanish Argentine Repsol, France's Total and British Gas. Mr Morales also said Royal Dutch Shell would transfer majority control in Transredes, the firm's Bolivian arm. "We have now completed the first step," said Mr Morales. "This process will continue next year with the recovery of other natural resources benefiting the Bolivian people." Bolivia ranks second after Venezuela in terms of gas reserves. When President Morales' signed the decree which started the process on 1 May, he gave foreign firms six months to sign contracts giving up majority control of their Bolivian operations or leave the country.
EU draws up toxic chemicals law BBC News
The European Parliament and EU governments have struck a deal on wide-ranging legislation to control the use of toxic chemicals in industry. The draft law, due to come into force next year, is designed to make firms prove the chemicals they use are safe. The deal comes after drawn-out talks, with environmentalists wanting tough action and industry groups seeking to avoid laborious rules. The rules affecting 30,000 chemicals still require EU assembly approval. "We're trying to ensure that the chemical substances in the medium and long-term will be controlled and will be replaced when they are dangerous," said Socialist MEP Guido Sacconi. The European assembly will vote on the deal on 13 December before member states formally accept the new rules, which should be phased in over time by 2018.
'Burden of proof'
A system for registration, evaluation and authorisation of chemicals (REACH) will demand that firms provide lists of the chemicals they use and list any possible risks. A newly-established agency in Finland will oversee the way the firms assess the chemicals they use. "The most fundamental thing of all is that it reverses the burden of proof. Manufacturers and importers have to demonstrate that products they put on the market are safe," said Chris Davies of the Liberal Democrats. But the higher standards would also mean a significant rise in animal testing, he said. The register will initially focus on the most toxic chemicals and those produced in largest quantity. Manufacturers will have to come up with plans to replace the most hazardous chemicals, but they will not be banned outright as environmentalists had hoped. While the EU said the deal improved the safety standard of chemicals, green lobbyists were angered by what they saw as the EU bowing to industry pressure. "The European Parliament has finally sold out to the intense lobbying of the German chemical industry," said Carl Schlyter, a Green Member of the European Parliament.
The European Parliament and EU governments have struck a deal on wide-ranging legislation to control the use of toxic chemicals in industry. The draft law, due to come into force next year, is designed to make firms prove the chemicals they use are safe. The deal comes after drawn-out talks, with environmentalists wanting tough action and industry groups seeking to avoid laborious rules. The rules affecting 30,000 chemicals still require EU assembly approval. "We're trying to ensure that the chemical substances in the medium and long-term will be controlled and will be replaced when they are dangerous," said Socialist MEP Guido Sacconi. The European assembly will vote on the deal on 13 December before member states formally accept the new rules, which should be phased in over time by 2018.
'Burden of proof'
A system for registration, evaluation and authorisation of chemicals (REACH) will demand that firms provide lists of the chemicals they use and list any possible risks. A newly-established agency in Finland will oversee the way the firms assess the chemicals they use. "The most fundamental thing of all is that it reverses the burden of proof. Manufacturers and importers have to demonstrate that products they put on the market are safe," said Chris Davies of the Liberal Democrats. But the higher standards would also mean a significant rise in animal testing, he said. The register will initially focus on the most toxic chemicals and those produced in largest quantity. Manufacturers will have to come up with plans to replace the most hazardous chemicals, but they will not be banned outright as environmentalists had hoped. While the EU said the deal improved the safety standard of chemicals, green lobbyists were angered by what they saw as the EU bowing to industry pressure. "The European Parliament has finally sold out to the intense lobbying of the German chemical industry," said Carl Schlyter, a Green Member of the European Parliament.
Drug's failure afflicts Pfizer
Pfizer Inc., the world's largest pharmaceutical company, suffered
a severe blow this weekend when it terminated clinical trials of a
touted cholesterol drug after a high number of patient deaths. By
Daniel Yi.
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Diversity seen in strategies of 2 ethnic banks
East West looks to grow in California, while Chinese-market rival
Cathay aims beyond. By E. Scott Reckard.
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Bruin fans get home (furnishing) advantage
A day after UCLA's stunning upset of USC, it was Jackie Stewart's
turn to score. He was among several dozen customers of a West Los
Angeles furniture store who scored thousands of dollars in free
merchandise after the store offered an unusual giveaway if the
underdog Bruins beat the Trojans. By Daniel Yi.
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Pfizer Inc., the world's largest pharmaceutical company, suffered
a severe blow this weekend when it terminated clinical trials of a
touted cholesterol drug after a high number of patient deaths. By
Daniel Yi.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H7Bb0E1
Diversity seen in strategies of 2 ethnic banks
East West looks to grow in California, while Chinese-market rival
Cathay aims beyond. By E. Scott Reckard.
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Bruin fans get home (furnishing) advantage
A day after UCLA's stunning upset of USC, it was Jackie Stewart's
turn to score. He was among several dozen customers of a West Los
Angeles furniture store who scored thousands of dollars in free
merchandise after the store offered an unusual giveaway if the
underdog Bruins beat the Trojans. By Daniel Yi.
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Firm settles charges over gift abuse
NEW YORK - A Wall Street trading firm agreed to pay almost $10
million for showering employees of Fidelity Investments with
improper gifts to win the mutual fund company's stock-trading
business, in what one regulator called a "nauseating" abuse of the
rules. By Walter Hamilton.
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Pfizer's disappointment may lead to progress
The industry could gain insight from the failure of a new approach
to clearing clogged arteries. By Daniel Yi.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H7UM0Ea
NEW YORK - A Wall Street trading firm agreed to pay almost $10
million for showering employees of Fidelity Investments with
improper gifts to win the mutual fund company's stock-trading
business, in what one regulator called a "nauseating" abuse of the
rules. By Walter Hamilton.
http://email.latimes.com/cgi-bin1/DM/y/eBD...Io30G2B0H7UL0EZ
Pfizer's disappointment may lead to progress
The industry could gain insight from the failure of a new approach
to clearing clogged arteries. By Daniel Yi.
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Richest 2% own 'half the wealth' Economics correspondent, BBC World Service
The richest 2% of adults in the world own more than half of all household wealth, according to a new study by a United Nations research institute.
Different assets
The analysis shows, as have many other less comprehensive studies, striking divergences in wealth between countries. Wealth is heavily concentrated in North America, Europe and some countries in the Asia Pacific region, such as Japan and Australia.
Comprehensive
The survey is based on data for the year 2000. The authors say a more recent year would have involved more gaps in the data. As it is, many figures - especially for developing countries - have had to be estimated.
By Andrew Walker
The richest 2% of adults in the world own more than half of all household wealth, according to a new study by a United Nations research institute.
The people at the top of the tree are enjoying the best things in life
The report, from the World Institute of Development Economics Research at the UN University, says that the poorer half of the world's population own barely 1% of global wealth. There have of course been many studies of worldwide inequality. But what is new about this report, the authors say, is its coverage. It deals with all countries in the world - either actual data or estimates based on statistical analysis - and it deals with wealth, where most previous research has looked at income. What they mean by wealth in this study is what people own, less what they owe - their debts. The assets include land, buildings, animals and financial assets.Different assets
The analysis shows, as have many other less comprehensive studies, striking divergences in wealth between countries. Wealth is heavily concentrated in North America, Europe and some countries in the Asia Pacific region, such as Japan and Australia.
In richer nations, landowners can afford not to farm their properties
These countries account for 90% of household wealth. The study also finds that inequality is sharper in wealth than in annual income. And it uncovers some striking differences in the types of assets that dominate in different countries. In less developed nations, land and farm assets are more important, reflecting the greater importance of agriculture in those economies. In addition, the report says the weighting is the result of "immature" financial institutions, which make it much harder for people to have savings accounts or shares. In contrast, some citizens of the rich countries have more debt than assets - making them, the report says, among the poorest in the world in terms of household wealth. However, they are presumably better off in terms of what they consume than many people in developing countries.Comprehensive
The survey is based on data for the year 2000. The authors say a more recent year would have involved more gaps in the data. As it is, many figures - especially for developing countries - have had to be estimated.
Many the world's poorer children will have very little to look forward to
Nonetheless, the authors say it is the most comprehensive study of personal wealth ever undertaken. Why does it matter? Because wealth serves as insurance against times when income tends to fall, such as unemployment, sickness or old age. It is also a source of finance for small businesses, a particularly important point since it is the countries with lower levels of personal wealth which also tend to have weaker financial systems without the funds, ability or inclination to lend to small firms. The report is not about policy recommendations. But one of the authors, Professor Anthony Shorrocks, says it does draw attention to the importance of enhancing banking systems in developing countries to help generate the funds for business investment.By Andrew Walker
US drops plan to open up airlines BBC News
The US has withdrawn a plan to give foreign investors more control over domestic airlines, a move likely to delay an "open skies" treaty. The European Union had said it would only allow the US freer access to its airspace if it approved the changes. Unions and members of Congress had been lobbying against the plans, which hoped to boost investment and promote greater competition in the US industry. Convincing critics would take longer, said Transport Secretary Mary Peters. "We need a stronger national consensus about the best means of achieving that objective," Ms Peters said.
Freer environment
The US proposal would have given foreign investors more of a say in the marketing of airlines, flight routes and types of aircraft operated. However, it would not have lifted the limit preventing a foreign company from owning more than 25% of an airline's voting rights. One of the main arguments against giving foreigners more control over US airlines was that it might weaken security. The decision by the US is a blow to the open skies treaty that it had hoped would leave US airlines free to fly to major airports in the EU and from there to other destinations within the trade bloc. It would not have been one-way traffic, and in return EU airlines would have been able to fly to US airports and then on to other US destinations. Airlines would also have been able to charge whatever ticket prices they wanted, on both sides of the Atlantic. The deal also would have given US airlines greater access to London's Heathrow airport.
The US has withdrawn a plan to give foreign investors more control over domestic airlines, a move likely to delay an "open skies" treaty. The European Union had said it would only allow the US freer access to its airspace if it approved the changes. Unions and members of Congress had been lobbying against the plans, which hoped to boost investment and promote greater competition in the US industry. Convincing critics would take longer, said Transport Secretary Mary Peters. "We need a stronger national consensus about the best means of achieving that objective," Ms Peters said.
Freer environment
The US proposal would have given foreign investors more of a say in the marketing of airlines, flight routes and types of aircraft operated. However, it would not have lifted the limit preventing a foreign company from owning more than 25% of an airline's voting rights. One of the main arguments against giving foreigners more control over US airlines was that it might weaken security. The decision by the US is a blow to the open skies treaty that it had hoped would leave US airlines free to fly to major airports in the EU and from there to other destinations within the trade bloc. It would not have been one-way traffic, and in return EU airlines would have been able to fly to US airports and then on to other US destinations. Airlines would also have been able to charge whatever ticket prices they wanted, on both sides of the Atlantic. The deal also would have given US airlines greater access to London's Heathrow airport.
Yahoo shake-up to take on rivals BBC News
Yahoo has announced a restructuring drive, as it attempts to simplify its business and take on rival Google.
Major force
The pioneering internet firm has struggled with the changing nature of website advertising, as firms chase younger customers on a growing number of social networking sites including MySpace and Facebook.
Yahoo has announced a restructuring drive, as it attempts to simplify its business and take on rival Google.
Yahoo is a major player on the internet
The US web giant said chief financial officer Susan Decker would lead a new advertising unit, positioning her as a possible future chief executive. Meanwhile, chief operating officer Daniel Rosensweig - a rival for the top job - will leave Yahoo in March. The shake-up at Yahoo's key advert and marketing units comes as the firm faces tougher competition on the internet.Major force
The pioneering internet firm has struggled with the changing nature of website advertising, as firms chase younger customers on a growing number of social networking sites including MySpace and Facebook.
QUOTE("Jordan Rohan @ RBC Capital Markets")
This is just the beginning of what Yahoo needs to do - it may take all of 2007
Yahoo lost out to internet search rival Google earlier this year, which snapped up video-sharing firm YouTube for $1.65bn. The firm's latest quarterly results also saw it report a 37% drop in quarterly profit, sparking alarm among senior managers headed by current chief executive Terry Semel. But Yahoo remains a major force on the internet, and it believes the reorganisation will help it continue to grow. The company will be split into two key divisions - Audiences, which will control search, media and communication products and services; and Advertisers and Publishers, which will focus on ads aimed at users. "This is just the beginning of what Yahoo needs to do," said Jordan Rohan, an analyst with RBC Capital Markets. "It may take all of 2007. Change like this is evolutionary, not revolutionary. The new division heads will need time to grasp the enormity of the task at hand."
First flight for future fighter BBC News
The world's most expensive military project, the F-35 Joint Strike Fighter, is expected to take to the skies for its maiden test flight next week.
Supersonic
Marine Brigadier General David Heinz said the maiden test flight of the Joint Strike Fighter would take place in Fort Worth, Texas.
The world's most expensive military project, the F-35 Joint Strike Fighter, is expected to take to the skies for its maiden test flight next week.
US defence giant Lockheed Martin is heading the project
The $276.5bn Anglo-American stealth fighter project will supply the armed forces of the US, Britain and several other countries. The US will account for the lion's share of the Lockheed Martin-designed plane, with 2,400 in service by 2027. Britain's BAE Systems is one of the key players in the aircraft's development. BAE has pumped $2bn into the project, with the UK expected to take delivery of 138 fighters.Supersonic
Marine Brigadier General David Heinz said the maiden test flight of the Joint Strike Fighter would take place in Fort Worth, Texas.
Britain's BAE systems is a key player in the project
"I am optimistic that we will see the airplane fly as early as Monday," said Brig Gen Heinz, the Pentagon programme office's deputy director. He said the planned 60-minute test flight of the F-35 would go ahead on the day, weather conditions permitting. The single-engine, supersonic fighter, each of which will cost in the region of $45m, is designed to replace the US's aging F-16s and F/A-18 Hornets. In Britain, the F-35 will be used by the Royal Air Force, while a separate - more expensive - model designed to land on aircraft carriers is scheduled to be deployed by the Royal Navy. A jump-jet version of the Joint Strike Fighter is being developed for the US Marine Corps. Along with the US and Britain, the F-35 is being co-financed by Australia, Canada, Denmark, Italy, the Netherlands, Norway and Turkey. Despite heavy cost overruns, Brig Gen Heinz said he expected all the contributing partners to place orders for the jet, taking combined purchases for the F-35 to 3,100 aircraft. In August, UK jet engine firm Rolls-Royce won a £1.3bn deal to develop a second engine for the fighter.
Porsche shrugs off US sales slump BBC News
Porsche sales fell 17.6% in the crucial North American market during the August to November period, yet the German car maker remains "moderately confident". A 30% drop in Porsche's Cayenne 4x4 sales cancelled out strong demand for 911 and Boxster sports cars in Germany. Consequently, overall sales were flat, up just 0.4% to 2.05bn euros (£1.4bn; $2.7bn) compared with a year ago. Sales may remain weak till the new Panamera four-door coupe brings about a sales revival in 2009, Porsche said. "Until the Panamera has been launched, the focus will be on consolidation at a high level," the Stuttgart-based company said. "Considering fluctuations in the markets, discount battles and political restraints, Porsche remains moderately confident in the 2007 year of business." Sales of 4x4s - or sports utility vehicles - have been dropping in several key markets, on the back higher petrol prices and opposition from environmental groups.
'Major thrust'
The world's most profitable carmaker previously reported a near doubling in full-year profits to 1.4bn euros. The company has been at the centre of rumours that it may be considering a takeover bid for fellow German carmaker Volkswagen. Porsche last month said it planned to raise its stake in Europe's biggest carmaker to 29.9%, just below the threshold at which it would be required to mount a full takeover offer for the firm. However, Porsche chief executive Wendelin Wiedeking said a takeover was "not part of our plans".
Porsche sales fell 17.6% in the crucial North American market during the August to November period, yet the German car maker remains "moderately confident". A 30% drop in Porsche's Cayenne 4x4 sales cancelled out strong demand for 911 and Boxster sports cars in Germany. Consequently, overall sales were flat, up just 0.4% to 2.05bn euros (£1.4bn; $2.7bn) compared with a year ago. Sales may remain weak till the new Panamera four-door coupe brings about a sales revival in 2009, Porsche said. "Until the Panamera has been launched, the focus will be on consolidation at a high level," the Stuttgart-based company said. "Considering fluctuations in the markets, discount battles and political restraints, Porsche remains moderately confident in the 2007 year of business." Sales of 4x4s - or sports utility vehicles - have been dropping in several key markets, on the back higher petrol prices and opposition from environmental groups.
'Major thrust'
The world's most profitable carmaker previously reported a near doubling in full-year profits to 1.4bn euros. The company has been at the centre of rumours that it may be considering a takeover bid for fellow German carmaker Volkswagen. Porsche last month said it planned to raise its stake in Europe's biggest carmaker to 29.9%, just below the threshold at which it would be required to mount a full takeover offer for the firm. However, Porsche chief executive Wendelin Wiedeking said a takeover was "not part of our plans".
Microsoft debuts book search tool BBC News
Anyone wanting to view an obscure tome from the vaults of the British Library will be able to look for it online from Thursday.
Microsoft is releasing its Live Search Books, a rival to Google's Book Search, in test, or beta, version in the US. The digital archive will include books from the collections of the British Library, the University of California and the University of Toronto. Books from three other institutions will be added in January 2007.
Search full text
All the books currently included in the project will be non-copyrighted but later it will also add copyrighted work that publishers have given permission to include in the project. "We feel very strongly about copyright. We don't do any mass scanning of in-copyright works," said Danielle Tiedt, the general manager of Live Search Selection for Microsoft. Initially the database of available books will be searchable from the book search engine's home page or as a category on the main Windows Live Search page. Later Microsoft plans to integrate all the books scanned into its general search engine. "What we are focusing more of our efforts on for live searching is integrating all of those content types together to give you the most relevant results. If, for example, it's a search on historical content, chance are the most authoritative content may be found in a books search," said Ms Tiedt. The system has a feature called "search inside a book" which will allow users to search the full text of books. "We've focused on making the search experience really impactful...People will have full access to all of the text," said Ms Tiedt. A separate global digital library plan by Google is also under way. The search giant is spending $200m (£110m) to create a digital archive of millions of books from four top US libraries. It is also digitising out-of-copyright books from the UK's Oxford University. In contrast to Microsoft Google's plans include adding both copyright and non-copyright books from participating institutions. Although only copyrighted books will be available to view in full text, its project has come under fire from the Association of American Publishers and the Authors Guild
Anyone wanting to view an obscure tome from the vaults of the British Library will be able to look for it online from Thursday.
Search full text
All the books currently included in the project will be non-copyrighted but later it will also add copyrighted work that publishers have given permission to include in the project. "We feel very strongly about copyright. We don't do any mass scanning of in-copyright works," said Danielle Tiedt, the general manager of Live Search Selection for Microsoft. Initially the database of available books will be searchable from the book search engine's home page or as a category on the main Windows Live Search page. Later Microsoft plans to integrate all the books scanned into its general search engine. "What we are focusing more of our efforts on for live searching is integrating all of those content types together to give you the most relevant results. If, for example, it's a search on historical content, chance are the most authoritative content may be found in a books search," said Ms Tiedt. The system has a feature called "search inside a book" which will allow users to search the full text of books. "We've focused on making the search experience really impactful...People will have full access to all of the text," said Ms Tiedt. A separate global digital library plan by Google is also under way. The search giant is spending $200m (£110m) to create a digital archive of millions of books from four top US libraries. It is also digitising out-of-copyright books from the UK's Oxford University. In contrast to Microsoft Google's plans include adding both copyright and non-copyright books from participating institutions. Although only copyrighted books will be available to view in full text, its project has come under fire from the Association of American Publishers and the Authors Guild
Copyright pirates face crackdown BBC News
Copyright criminals must face far tougher regulation to protect the entertainment industry, a report says. The Gowers Report was commissioned by the government to look at modernising UK copyright laws for the digital age. While it proposes new powers against copyright infringement, it also says private users should be allowed to copy music from a CD to their MP3 player. It also recommends the 50-year copyright protection for recorded music should not be extended. Former newspaper editor Andrew Gowers said piracy and counterfeiting was probably the biggest challenge the intellectual property (IP) system faced. The report estimates 20% of the entertainment industry's turnover was lost to illegal copying and says tougher enforcement is a vital part of reform. It calls for penalties against people who sell pirate versions of music and films on the internet to be brought in line with those who make hard copies. Currently, the former face two years and the latter 10. The chancellor has welcomed this and announced an extra £5m for Trading Standards officers to take action against more bootleggers. A hotly-debated aspect of the review was an examination of the copyright on sound recordings. Many artists and record companies had pressed for the current 50-year limit to be extended to 95 but Mr Gowers has rejected this. If this is approved it would mean recordings by 1950s artists, notably Sir Cliff Richard, will come out of copyright during the next few years.
'Right balance'
But the report recognised the ease of copying material can be useful to the economy and backed a strictly limited private copying exception. This would mean "format swapping" like putting music from a CD onto an MP3 player - theoretically illegal under present laws - would be allowed. Mr Gowers says: "The ideal IP system creates incentives for innovation, without unduly limiting access for consumers and follow-on innovators." The British Phonographic Industry (BPI), which represents the mainstream recording industry, broadly welcomed the report but said it would continue to press for the copyright extension. Peter Jamieson, chairman of the BPI, said: "Stealing music is effectively stealing the future of British musicians and the people who invest in them. "The decision on extension is ultimately for the European Commission and we will be putting our case vigorously when it reviews the relevant directive next year." The Association of Independent Music (AIM) said it was particularly unhappy over the issue of allowing more private copying. A spokesman said: "This is taking pragmatism to the point of capitulation, and falls drastically short of creating the progressive copyright framework needed in the digital age. "By tidying up a small part of the copyright law, we believe Gowers may well be opening the floodgates to uncontrolled and unstoppable private copying and sharing from person to person, as well as format to format."
Revenue lost
However, regulatory bodies like the Federation Against Copyright Theft (Fact) were fully behind the report's conclusions. Kieron Sharp, Fact director general, commented: "Film piracy has been seen by some as a "soft" crime yet it brings harm and other serious criminal activity to local communities. "Criminals made over £270m from film piracy in 2005, making this the worst affected single sector for intellectual property crime out of all IP industries. "This is revenue that has been lost to the local and national economy and is affecting British jobs."
'Hugely important'
The Alliance Against IP Theft, which represents creative and manufacturing industries, called for an IP minister to oversee the issue. Director general Susie Winter said: "This is a battle royal against a cunning and adaptable enemy. "Consumers who buy fake goods will be horrified to discover where their money is actually going. "The government's response requires all hands on deck, from the police, trading standards officers and the judiciary, to educators, business and the Treasury." A spokesman for the Treasury said: "We welcome the report and will be carrying its recommendations forward. "The chancellor specifically highlighted the huge importance of creativity and intellectual skills to the economy."
Copyright criminals must face far tougher regulation to protect the entertainment industry, a report says. The Gowers Report was commissioned by the government to look at modernising UK copyright laws for the digital age. While it proposes new powers against copyright infringement, it also says private users should be allowed to copy music from a CD to their MP3 player. It also recommends the 50-year copyright protection for recorded music should not be extended. Former newspaper editor Andrew Gowers said piracy and counterfeiting was probably the biggest challenge the intellectual property (IP) system faced. The report estimates 20% of the entertainment industry's turnover was lost to illegal copying and says tougher enforcement is a vital part of reform. It calls for penalties against people who sell pirate versions of music and films on the internet to be brought in line with those who make hard copies. Currently, the former face two years and the latter 10. The chancellor has welcomed this and announced an extra £5m for Trading Standards officers to take action against more bootleggers. A hotly-debated aspect of the review was an examination of the copyright on sound recordings. Many artists and record companies had pressed for the current 50-year limit to be extended to 95 but Mr Gowers has rejected this. If this is approved it would mean recordings by 1950s artists, notably Sir Cliff Richard, will come out of copyright during the next few years.
'Right balance'
But the report recognised the ease of copying material can be useful to the economy and backed a strictly limited private copying exception. This would mean "format swapping" like putting music from a CD onto an MP3 player - theoretically illegal under present laws - would be allowed. Mr Gowers says: "The ideal IP system creates incentives for innovation, without unduly limiting access for consumers and follow-on innovators." The British Phonographic Industry (BPI), which represents the mainstream recording industry, broadly welcomed the report but said it would continue to press for the copyright extension. Peter Jamieson, chairman of the BPI, said: "Stealing music is effectively stealing the future of British musicians and the people who invest in them. "The decision on extension is ultimately for the European Commission and we will be putting our case vigorously when it reviews the relevant directive next year." The Association of Independent Music (AIM) said it was particularly unhappy over the issue of allowing more private copying. A spokesman said: "This is taking pragmatism to the point of capitulation, and falls drastically short of creating the progressive copyright framework needed in the digital age. "By tidying up a small part of the copyright law, we believe Gowers may well be opening the floodgates to uncontrolled and unstoppable private copying and sharing from person to person, as well as format to format."
Revenue lost
However, regulatory bodies like the Federation Against Copyright Theft (Fact) were fully behind the report's conclusions. Kieron Sharp, Fact director general, commented: "Film piracy has been seen by some as a "soft" crime yet it brings harm and other serious criminal activity to local communities. "Criminals made over £270m from film piracy in 2005, making this the worst affected single sector for intellectual property crime out of all IP industries. "This is revenue that has been lost to the local and national economy and is affecting British jobs."
'Hugely important'
The Alliance Against IP Theft, which represents creative and manufacturing industries, called for an IP minister to oversee the issue. Director general Susie Winter said: "This is a battle royal against a cunning and adaptable enemy. "Consumers who buy fake goods will be horrified to discover where their money is actually going. "The government's response requires all hands on deck, from the police, trading standards officers and the judiciary, to educators, business and the Treasury." A spokesman for the Treasury said: "We welcome the report and will be carrying its recommendations forward. "The chancellor specifically highlighted the huge importance of creativity and intellectual skills to the economy."
France launches world TV channel BBC News
France's first international news channel has been launched into competition with BBC World and CNN.
'Through French eyes'
The fanfare leading up to the launch included full-page advertisements in French newspapers Le Parisien and Le Figaro on Wednesday, alongside the channel's slogan: "All the news you're not supposed to know." The running order was said to include an interview with President Chirac. The president visited the station's newsroom ahead of the launch. France 24's journalists have signed a mission statement "to cover international news with a French perspective... and to carry the values of France throughout the world". But the channel insists it is independent and will not just follow the government line. "Our mission is to cover worldwide news with French eyes," said the channel's head, Alain de Pouzilhac.
France's first international news channel has been launched into competition with BBC World and CNN.
President Chirac has given his personal backing to the project
France 24 was unveiled on the internet at on Wednesday evening, and will launch on satellite and cable TV 24 hours later. The channel has the backing of French President Jacques Chirac, who despaired at the lack of an outlet for French views in the run up to war in Iraq. But some critics have complained it has insufficient funding to compete. The network has a budget of 86m euros a year. That compares with 900m euros for CNN.QUOTE("News 'a la francaise'")
France is joining what Chirac calls the 'global battle of images'
France 24's 170 journalists will be spread across two parallel services in French and English. Later it will add Spanish and Arabic broadcasts. Some experts have said this will leave it stretched. It will be able to call on correspondents from private channel TF1 and state-owned France Televisions channels, which will jointly run France 24, but there have been concerns that it is not clear who will take priority.'Through French eyes'
The fanfare leading up to the launch included full-page advertisements in French newspapers Le Parisien and Le Figaro on Wednesday, alongside the channel's slogan: "All the news you're not supposed to know." The running order was said to include an interview with President Chirac. The president visited the station's newsroom ahead of the launch. France 24's journalists have signed a mission statement "to cover international news with a French perspective... and to carry the values of France throughout the world". But the channel insists it is independent and will not just follow the government line. "Our mission is to cover worldwide news with French eyes," said the channel's head, Alain de Pouzilhac.
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