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Guardian Unlimited  -
19 hours and 33 minutes ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/99182?ns=guardianpageName=Politics%3A+Brown+acts+to+stop+wave+of+repossessionsch=Politicsc3=The+Guardianc4=Queen%27s+speech%2CGordon+Brown%2CMortgages+%28Money%29%2CFirst-time+buyers%2CHouse+prices+%28Money%29%2CConsumer+affairs+%28Money%29%2CState+benefits%2CEconomic+policy%2CCredit+crunch+%28Business%29%2CBorrowing+and+debt%2CWelfare+%28Politics%29%2CPolitics%2CMoney%2CBusiness%2CHousing+market+%28Business%29%2CUK+newsc5=Personal+Finance%2CCredit+Crunch%2CNot+commercially+useful%2CBusiness+Markets%2CSocial+Care+Society%2CProperty+Mortgages+and+Interest+Ratesc6=Patrick+Wintourc7=2008_12_04c8=1128414c9=articlec10=GUc11=Politicsc12=Queen%27s+speechc13=c14=h2=GU%2FPolitics%2FQueen%27s+speech"
width="1" height="1" //divpHomeowners struggling to pay their mortgages were given a reprieve by
Gordon Brown yesterday when he unveiled a plan to let people affected by the economic downturn take
a two-year mortgage interest payment holiday./ppThe intervention was aimed at removing the prospect
of an increase in home repossessions before a general election and to give people breathing space
if they lose their jobs or take a big cut in their income. It is also designed to show that Labour
would help middle Britain through the recession./ppBrown's surprise move came amid reports that
without the government's intervention, repossessions were set to increase to 75,000 next year,
hitting levels last seen in 1991, the worst year of the previous recession./ppEight banks and
building societies, covering 70% of the mortgage market, have agreed to allow families struggling
with mortgage payments the right to defer all, or part, of their interest payments for two years.
The government will underwrite the scheme./ppBrown's surprise was sprung during the debate on a
relatively sparse Queen's speech and followed secret Treasury talks with the building societies and
banks. Many details, including the qualification rules, have yet to be finalised but officials
denied the institutions had been bounced into a premature agreement to provide Brown with some
gloss on a grey Queen's speech, which was almost overshadowed yesterday by the war of words between
police and parliament over the raids on Conservative MP Damian Green's office./ppThe prime minister
said the scheme would cover any household which suffered a redundancy or "significant loss of
income". This would, for the first time, extend help to households where one family member loses
their job and the other remains in work./ppThe Treasury plans for the scheme to apply to mortgages
up to £400,000, and would probably kick in where the applicants have savings of less than
£16,000./ppThe government has estimated that the cost of guaranteeing the delayed mortgage
payments would add a £1bn contingent liability to government borrowing, but only cost
£100m directly in eventual defaults. Building societies and banks would act as gatekeepers of
the scheme, deciding whether the request to defer mortgage payments was justified. No definition of
"a significant loss of income" was provided yesterday, but government officials said it might cover
someone forced to take a less well-paid job or less in overtime./ppTreasury officials said the
numbers liable for help would not be so large as to damage the mortgage insurance industry. The
help was designed to lift the fear of repossession for those facing job insecurity. Those in safe
jobs were going to enjoy falling mortgages, officials said./ppThe move comes as the Bank of England
is expected to cut its base rate today. The markets expect a cut of one to two percentage points
from the current rate of 3%. A cut of 1.5 points would take the rate lower than it has been since
the Bank was formed in 1694./ppBrown told MPs: "Hardworking households that experience a redundancy
or severe loss of income as a result of the downturn will be able to defer a proportion of their
interest payments for up to two years as they get their family finances back on track."/ppThe
Council of Mortgage Lenders said: "It is not a charter for 'won't pay' borrowers to avoid their
responsibilities, but it will provide welcome reassurance to the vast majority of borrowers that
the government and lenders are doing all they can ... to help those customers who 'can't pay' due
to a change in circumstances."/ppBrown said the measure was in addition to protection for the
unemployed, who can claim help to meet interest payments after 13 weeks./ppTreasury officials said
banks and building societies would not suffer a serious loss of income as a result of the
deferment. Brown also confirmed that the code on how banks treat business would be put on a
statutory basis. Banks who fell foul of the code could face a range of sanctions, including
fines./ppA total of 14 bills were revealed in the Queen's speech yesterday, including two carried
over from the previous parliament. Overall, it represented the shortest legislative programme since
the government came to power./ppThe programme takes in a new constitution for the NHS, confirmation
of a right to seek flexible working for parents, and wider sanctions on the unemployed to make
themselves "job ready". There was also a clamp down on "all you can drink" offers in pubs as well
as lapdancing and prostitution in what one government official described as "action on the whole
night out". Health department officials denied ministers had dropped plans to ban cigarette
machines./ppBut internal disputes led to a delay in the constitutional reform bill, seen in 2007 as
Brown's flagship legislation./pdiv style="float: left; margin-right: 10px; margin-bottom:
10px;"ullia href="http://www.guardian.co.uk/politics/queens-speech"Queen's speech/a/lilia
href="http://www.guardian.co.uk/politics/gordon-brown"Gordon Brown/a/lilia
href="http://www.guardian.co.uk/money/mortgages"Mortgages/a/lilia
href="http://www.guardian.co.uk/money/firsttimebuyers"First-time buyers/a/lilia
href="http://www.guardian.co.uk/money/houseprices"House prices/a/lilia
href="http://www.guardian.co.uk/money/consumeraffairs"Consumer affairs/a/lilia
href="http://www.guardian.co.uk/money/statebenefits"State benefits/a/lilia
href="http://www.guardian.co.uk/politics/economy"Economic policy/a/lilia
href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/lilia
href="http://www.guardian.co.uk/money/debt"Borrowing debt/a/lilia
href="http://www.guardian.co.uk/politics/welfare"Welfare/a/lilia
href="http://www.guardian.co.uk/business/housingmarket"Housing market/a/li/ul/diva
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Guardian Unlimited -
19 hours and 34 minutes ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/5737?ns=guardianpageName=Business%3A+State-controlled+banks+take+over+fund+manager+New+Starch=Businessc3=The+Guardianc4=New+Star+Asset+Management+Group+%28Business%29%2CBanking+sector+%28Business%29%2CMergers+and+acquisitions+%28business%29%2CBusiness%2CCredit+crunch+%28Business%29c5=Investments%2CCredit+Crunch%2CBusiness+Marketsc6=Jill+Treanorc7=2008_12_04c8=1128396c9=articlec10=GUc11=Businessc12=New+Star+Asset+Managementc13=c14=h2=GU%2FBusiness%2FNew+Star+Asset+Management"
width="1" height="1" //divpBanks rescued by the taxpayer have seized New Star, the troubled fund
management group which is to delist from the stock exchange after a radical restructuring./ppJohn
Duffield, the founder of New Star, is ceding control of up to 95% of the operation to a consortium
of banks led by HBOS to relieve its pound;240m debt. /ppDuffield is thought to have been reluctant
to agree to the terms of the debt for equity swap which was finally ratified by the New Star board
late yesterday afternoon. The fund manager, which took out high profile billboard adverts to
attract savers, had been forced to find a way to eradicate the debt to address the concerns of
major clients who were reluctant to place their money with the firm./ppDuffield is not expected to
remain with the group he founded for much longer after a long City career during which he has
developed a reputation as a maverick - albeit a successful one./ppThe complex restructuring is
expected to leave banks rescued by the government with control over New Star, which Duffield
launched after a high-profile row with the owners of his previous venture, Jupiter. /ppThe combined
Lloyds-HBOS bank in which the taxpayer is likely to own about 40%, will have an estimated 45% stake
in New Star and RBS - now 58% owned by the taxpayer - with about 15% in the fund management group.
HSBC and National Australia Bank will also have stakes./ppYesterday Duffield, 69, was unrepentant
about the restructuring which will also hurt his own pocket as he owns around 5% of the
company./pp"The cost of this restructuring is regrettably a substantial dilution for ordinary
shareholders, including me. However, in current market conditions we have to recognise that there
is no option to ensure the stability of the business," Duffield said./pp"We are now free to focus
all our attention on improving our investment performance. Our existing share-based bonus scheme
will be replaced by a new scheme to ensure that our key people are locked in." /ppTwo new
share-based incentive schemes are being put in place for New Star staff, many of whom had been
lured to work at the group by the promise of lucrative incentive schemes. Until the credit crunch
began to bite, the schemes had proved attractive to employees after its flotation at 225p three
years ago. The shares reached 450p before collapsing to just 4p which values the company at barely
pound;20m./ppStaff own about 25% of the company and the debt for equity swap will wipe out all
existing shareholders who will have to approve the de-listing of the shares. The company took on
the debt to return pound;363m to shareholders last year before the credit crunch began./ppDuffield
has taken out a total of pound;150m from the company which had been forced to renegotiate the terms
of the loan last month amid client withdrawals. Funds under management are now pound;13.9bn from a
peak of pound;20bn./ppNew Star had already embarked upon a cost cutting exercise and is losing 60
jobs from its workforce of 380. More posts may now be shed as the banks exert their influence.
Directors such as the chief executive Howard Covington may also decide to step aside. The anxiety
about the company's debt was heightened after the market mayhem caused by the collapse of Lehman
Brothers. Its customers' nerves were further frayed by the suspension of dealing in its
high-profile international property fund. The board also blamed its stock market listing for its
plight./pp"The board believes that the reporting requirements and public scrutiny that are part of
being a listed company have served to magnify these concerns," New Star said./ppThe restructuring
involves the banks converting pound;240m of the pound;260m they are owed into pound;94m of
preference shares and enough ordinary shares to allow them to own 75% of New Star. The preference
shares pay an annual interest and convert into ordinary shares that could ultimately allow the
banks to own 95% of the company. While returns for investors in its funds will be affected by the
financial turmoil, all investors' money is held in separate trusts and therefore ring-fenced from
the fund manager's operations./pdiv style="float: left; margin-right: 10px; margin-bottom:
10px;"ullia href="http://www.guardian.co.uk/business/newstarassetmanagementgroup"New Star Asset
Management/a/lilia href="http://www.guardian.co.uk/business/banking"UK banking sector/a/lilia
href="http://www.guardian.co.uk/business/mergersandacquisitions"Mergers and acquisitions/a/lilia
href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/li/ul/diva
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Guardian Unlimited -
19 hours and 34 minutes ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/83042?ns=guardianpageName=Business%3A+Poor+outlook+for+services+sector+raises+likelihood+of+big+interest+rate+cutch=Businessc3=The+Guardianc4=Economics+%28Business%29%2CInterest+rates+%28Business%29%2CBank+of+England+%28Business%29%2CCredit+crunch+%28Business%29%2CRetail+industry+%28Business%29%2CCurrencies+%28dollar%2C+pound+etc%29%2CManufacturing+sector+%28Business%29%2COil+and+gas+companies+%28Business%29%2CBusinessc5=Credit+Crunch%2CBusiness+Markets%2CProperty+Mortgages+and+Interest+Ratesc6=Ashley+Seagerc7=2008_12_04c8=1128392c9=articlec10=GUc11=Businessc12=Economicsc13=c14=h2=GU%2FBusiness%2FEconomics"
width="1" height="1" //divpThe Bank of England looks likely to slash interest rates by at least
another percentage point today after evidence yesterday of the slump in the services sector pointed
to a dramatic deterioration in the economy./ppIf the Bank's monetary policy committee cuts rates to
2%, as is widely expected in the City, that would be the lowest rate since late 1951, itself the
lowest since the Bank was founded in 1694. If it cuts by more than 1%, as some predict, then rates
will be at an all-time low./ppYesterday's monthly snapshot of the dominant services sector - which
includes businesses from banks to airlines and hairdressers - hit a record low. The poor economic
outlook saw the pound fall sharply to its lowest for 13 years against a basket of major currencies.
It dropped to below $1.47 and to just above euro;1.16./ppThe services sector survey's purchasing
managers' index, which measures everything from output to orders and jobs, tumbled to 40.1 last
month, the lowest since the report began in 1996. As the figure is far below the 50 level that
divides expansion from contraction, the survey suggests that the sector, which accounts for about
two-thirds of the economy, is contracting rapidly./ppRoy Ayliffe, of the Chartered Institute of
Purchasing and Supply, said: "Purchasing managers in the services sector reported record falls
across activity, new business and employment as the economic climate continued to worsen."/ppHe
said optimism had turned to pessimism for the first time in 12 years of the survey. Financial
services, restaurants and hotels were particularly badly hit./ppSimilar surveys of the
manufacturing and construction sectors this week also showed record drops. /ppJames Knightley, of
ING Financial Markets, said: "Given the weakness across all purchasing managers' indices, it looks
as though we could see the economy contract by close to 1% in the fourth quarter./pp"The first
quarter of 2009 is likely to be similarly weak given the long lead times before the policy stimulus
we have seen can take effect ... This will put pressure on the BoE to continue delivering
aggressive monetary easing and we expect to see a further 100 basis point [one percentage point] of
rate cuts tomorrow. Rates are then expected to fall to 1% early in the new year."/ppHoward Archer,
economist at IHS Global Insight, said: "This is a desperately worrying survey given the importance
of the dominant service sector to the UK economy. The heightened financial sector crisis has
obviously taken a particularly heavy toll on the services sector, while the deep housing market
downturn and markedly reduced consumer spending on services is also hitting the sector
hard."/ppConsumer spending has been hard hit as well. Nationwide said yesterday that its monthly
index of consumer confidence fell again and to the lowest since its survey began in 2004. The index
reading of 50 for November compares with 56 in October and 83 in November last year./ppFionnuala
Earley, Nationwide's chief economist, said: "Reports of job cuts have almost certainly impacted on
sentiment about the ... employment situation, causing purse strings to tighten further."/ppA
similar survey yesterday of the services sector in the eurozone was equally weak, leading analysts
to predict another interest rate cut from the European Central Bank today. Eurozone rates are at
3.25% and analysts expect the ECB to cut them to 2.5% or even lower./ppThere was also gloomy news
from the US, where a survey of services also hit a record low last month, while other figures
showed that private-sector employers slashed an unexpectedly high 250,000 jobs in November. The
world's biggest economy was confirmed as being in recession this week and yesterday's data showed
things are getting worse./ppThe Institute for Supply Management said its non-manufacturing index
came in at 37.3, the worst in the gauge's 11-year history and below October's weak 44.4. It was
also much worse than expected./ppPierre Ellis, senior economist at Decision Economics in New York,
said: "The severe damage to the service industry is another indication of the extraordinary force
of this recession." /ppEvery major category in the ISM survey hit a record low, which is
particularly bad news for the US, where 80% of the economy is driven by the services
sector./ppThere was some good news, as oil prices fell to their lowest level in three and a half
years. US light crude futures fell to $46.78 a barrel, their lowest since May 2005 and more than
$100 a barrel below the all-time high reached in July. That is likely to lead to further drops in
petrol prices at the pump, though for British motorists the effect of lower oil prices is blunted
by the drop in the pound's value against the dollar, in which oil is priced./ppStephen Schork, an
oil analyst, said that the trend in prices was still down. "Just because we are nearly as close to
$40 as we are to $50 does not, in and of itself, mean we are near some theoretical bottom."/pdiv
style="float: left; margin-right: 10px; margin-bottom: 10px;"ullia
href="http://www.guardian.co.uk/business/economics"Economics/a/lilia
href="http://www.guardian.co.uk/business/interestrates"Interest rates/a/lilia
href="http://www.guardian.co.uk/business/bankofenglandgovernor"Bank of England/a/lilia
href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/lilia
href="http://www.guardian.co.uk/business/retail"Retail industry/a/lilia
href="http://www.guardian.co.uk/business/currencies"Currencies/a/lilia
href="http://www.guardian.co.uk/business/manufacturing"Manufacturing sector/a/lilia
href="http://www.guardian.co.uk/business/oilandgascompanies"Oil and gas companies/a/li/ul/diva
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Times Online:rss -
19 hours and 40 minutes ago
Fortress, the New York-listed hedge fund, became the latest victim of the market crunch last night
as it suspended redemptions on four of its flagship Drawbridge funds after investors moved to pull
$3.5 billion ($£2.4 billion) – almost half the funds’ assets.
|
Times Online:rss -
19 hours and 40 minutes ago
The plummeting property market claimed a host of celebrity victims yesterday when companies whose
investors include Sir Alex Ferguson, Sir David Frost and Grant Bovey collapsed into administration.
|
TimesOnline: Britain -
19 hours and 40 minutes ago
The plummeting property market claimed a host of celebrity victims yesterday when companies whose
investors include Sir Alex Ferguson, Sir David Frost and Grant Bovey collapsed into administration.
|
Guardian Unlimited -
1 days and 3 hours ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/78651?ns=guardianpageName=Business%3A+US+service+sector+sheds+250%2C000+jobs+in+a+monthch=Businessc3=guardian.co.ukc4=US+economy+%28Business%29%2CGlobal+recession%2CUS+news%2CBusiness%2CCredit+crunch+%28Business%29c5=Credit+Crunch%2CNot+commercially+useful%2CBusiness+Markets%2CUS+Economyc6=Kathryn+Hopkinsc7=2008_12_03c8=1128198c9=articlec10=GUc11=Businessc12=US+economyc13=c14=h2=GU%2FBusiness%2FUS+economy"
width="1" height="1" //divpMore than 250,000 private sector workers in the US lost their jobs in
November, according to new figures from the a href="http://www.ism.ws/"Institute of Supply and
Management/a (ISM)./ppAs the credit crunch further takes its toll on the a
href="http://www.gardian.co.uk/business/useconomy"country's already fragile economy/a, the ISM's
employment index plunged to a record low of 31.3 last month, from 41.5 in October. Any mark below
50 signifies a contraction as opposed to growth./ppPaul Ashworth, the enior US economist at
consultants Capital Economics, said that the data puts it at a "level consistent with monthly
declines in service sector payrolls of more than 500,000". /ppHe said there had probably been a
650,000 drop in overall non-farm payroll employment in the month, comprising "half a million job
losses in services, then conservatively add on another 150,000 job losses in manufacturing and
construction"./ppThe non-manufacturing index also plummeted to a record low of 37.3 in November,
down from 44.4. A number of economists polled by Reuters had predicted a score of 42./ppThe index
is now at a level consistent with a 3% annual contraction in GDP. "That is even worse than what the
manufacturing index is telling us," Ashworth said.br / br /Every major category in the ISM survey
hit a record low including the service sector, which takes in businesses such as banks, airlines,
hotels and restaurants and accounts for 80% of economic activity in the US./pdiv style="float:
left; margin-right: 10px; margin-bottom: 10px;"ullia
href="http://www.guardian.co.uk/business/useconomy"US economy/a/lilia
href="http://www.guardian.co.uk/business/globalrecession"Global recession/a/lilia
href="http://www.guardian.co.uk/world/usa"United States/a/lilia
href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/li/ul/diva
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Silicon Alley Insider -
1 days and 5 hours ago
pimg class="float_right" src="/~~/f?id=47dea3d014b9b9b00066cff5maxX=444maxY=192" border="0"
alt="janetandarthurNYT.jpg" title="janetandarthurNYT.jpg" width="444" height="192" /The New York
Times (NYT) is a
href="http://www.alleyinsider.com/2008/11/cash-crunch-at-new-york-times-nyt-400-million-due-in-may"running
on fumes/a. And one of the challenges the company faces in trying to avoid bankruptcy is that
shutting-down money-losing operations actually costs money./p pFor example, shutting down some New
York distribution operations, which the NYT announced it would do in early September, will cost
about $50 million (disclosed in an a href="http://biz.yahoo.com/e/081202/nyt8-k_a.html"8K filing
yesterday/a). The move will eliminate $30 million of losses annually, which is good, but the NYT
can't afford to write $50 million checks these days./p p(To put the $50 million in context, the
company only had $46 million of cash at the end of Q3 and it had to borrow more money to fund its
operations in the quarter.)/p pBottom line, the closure expense, which will presumably hit the
books in Q4 and Q1, will further weaken the company's balance sheet. The NYT says it is working
with creditors to "manage" its debt obligations, but it has yet to explain how it plans to come up
with the $400 million it needs to pony up in May./p p style="padding-left: 30px;"On September 8,
2008, the Company announced that, in January 2009, it will close City Suburban, its distribution
organization that delivers The New York Times and other newspapers and magazines to newsstands and
retail outlets in the New York metropolitan region. Going forward, The New York Times will be
distributed to newsstand and retail outlets through a combination of third-party wholesalers and
the Company's own drivers./p p style="padding-left: 30px;"Approximately strong530 full-time
equivalent employees will be affected by the closure and the Company plans to provide severance
packages to them/strong. On November 25, 2008, members of the drivers' union ratified an agreement
reached between the Company and the union, including severance payments in connection with the
closure./p p style="padding-left: 30px;"As a result, strongthe Company estimates that it will
record total costs of $48 to $53 million in connection with the closure, consisting primarily of
approximately $30 million for staff reduction costs and a $14 million charge related to
above-market operating lease agreements./strong The remainder of the estimated costs are primarily
related to transition costs, accelerated depreciation on certain assets and funding of a union
pension plan. The strongmajority of these costs will be recorded by the end of the Company's 2008
fiscal year-end/strong, with the remainder recorded in the strongfirst quarter of 2009/strong. In
addition, the Company is currently negotiating to sell a City Suburban location that it owns. The
timing of the sale is not currently known./p p style="padding-left: 30px;"The Company expects the
closure of City Suburban to strongimprove the operating results of The New York Times Media Group
by approximately $30 million on an annual basis/strong. This is a result of an estimated decrease
in costs of approximately $120 million to operate City Suburban, offset in part by an estimated
decrease in revenue of approximately $90 million. The revenue decrease is expected to be in other
revenues (from the elimination of delivering third-party publications) and in circulation revenue
(from the sale of The New York Times to wholesale distributors rather than retailers)./p pstrongSee
Also:/strongbr /a href="../../2008/11/cash-crunch-at-new-york-times-nyt-400-million-due-in-may"New
York Times Cash Crunch: $400 Million Due In May/abr /a
href="http://www.alleyinsider.com/2008/11/new-york-times-cash-crunch-2-negative-net-worth"NYT Cash
Crunch 2: The Closer You Look, The Worse It Gets/abr /a
href="../../2008/10/new-york-times-nyt-running-on-fumes"New York Times Running On Fumes/abr /a
href="../../2008/10/how-the-new-york-times-nyt-can-save-itself"How The New York Times Can Save
Itself/a/p pa href="http://feedads.googleadservices.com/~at/fvLx4qF51_sGhFmyiY1zE46yYYc/a"img
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href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=WiIDPUfo"img
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border="0"/img/a a
href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=09UTPRaL"img
src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=336"
border="0"/img/a a
href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=lIllVoag"img
src="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?d=41"
border="0"/img/a a
href="http://feedproxy.google.com/~f/typepad/alleyinsider/silicon_alley_insider?a=52tjCG4J"img
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border="0"/img/a /divimg
src="http://feedproxy.google.com/~r/typepad/alleyinsider/silicon_alley_insider/~4/Jq7SFtrWy1A"
height="1" width="1"/
|
TimesOnline: Britain -
1 days and 8 hours ago
In line with the national mood of belt-tightening, Gordon Brown presented a slimmed-down
legislative programme for the coming year today in a Queen’s Speech clearly focused on
helping Britain through the economic downturn.
|
Times Online:rss -
1 days and 8 hours ago
In line with the national mood of belt-tightening, Gordon Brown presented a slimmed-down
legislative programme for the coming year today in a Queen’s Speech clearly focused on
helping Britain through the economic downturn.
|
Guardian Unlimited -
1 days and 9 hours ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/32303?ns=guardianpageName=Business%3A+New+Star+debt+deal+could+see+Lloyds-HBOS+as+largest+shareholderch=Businessc3=guardian.co.ukc4=New+Star+Asset+Management+Group+%28Business%29%2CInvestment+funds%2CLloyds+TSB+%28Business%29%2CRoyal+Bank+of+Scotland+%28Business%29%2CHBOS+%28Business%29%2CBanks+and+building+societies%2CBanking+sector+%28Business%29%2CUK+news%2CMoneyc5=Personal+Finance%2CInvestments%2CNot+commercially+useful%2CBusiness+Marketsc6=Jill+Treanorc7=2008_12_03c8=1127986c9=articlec10=GUc11=Businessc12=New+Star+Asset+Managementc13=c14=h2=GU%2FBusiness%2FNew+Star+Asset+Management"
width="1" height="1" //divpThe combined Lloyds TSB/HBOS bank is expected to become the largest
single shareholder in troubled fund management group New Star under the terms of the a
href="http://www.guardian.co.uk/business/2008/dec/01/new-star-asset-management"debt-for-equity swap
currently being negotiated/a./ppWhile the talks between John Duffield, the founder and 4%
shareholder in New Star are continuing, it is thought that most of the main points have been
hammered out and a deal could be announced later today./ppDuffield will have to cede control of the
firm to the banks, led by HBOS, under the terms of the deal designed to relieve New Star of a
£240m debt burden./ppHBOS is the lead bank in a syndicate that includes Lloyds TSB, Royal
Bank of Scotland, HSBC and National Australia Bank and granted New Star the loan last year. This
indicates that the taxpayer, which owns 58% of RBS and an expected 45% of the combined Lloyds-HBOS,
will own a greater share of New Star than Duffield./ppNew Star's shares, floated at 225p three
years ago, had slipped slightly to 6.55p by 10am. /ppStock brokers Altium a
href="http://www.guardian.co.uk/business/2008/dec/03/new-star-hbos-banking-credit-crunch"yesterday
put a "token 1p" valuation on the shares of New Star/a amid the ongoing uncertainty about its
future that has led to concerns that investors are withdrawing savings from its funds./ppThe
debt-for-equity talks were announced by New Star in a stock exchange announcement on Monday in
which it said it had asked the UK Listing Authority to halt trading in its shares. However, the
shares fell almost 70% after the UKLA, part of the Financial Services Authority, refused the
request, which it argued had not been made formally before the announcement was made to the stock
exchange./ppThe terms of the debt-for-equity swap are thought to include a new incentive package
for the fund managers who have traditionally been paid low salaries but received large share
payouts instead. Those payouts are virtually worthless given the fall in the value of the company
which was worth £500m at its peak and now worth barely £20m./pdiv style="float: left;
margin-right: 10px; margin-bottom: 10px;"ullia
href="http://www.guardian.co.uk/business/newstarassetmanagementgroup"New Star Asset
Management/a/lilia href="http://www.guardian.co.uk/money/investmentfunds"Investment funds/a/lilia
href="http://www.guardian.co.uk/business/lloydstsbgroup"Lloyds TSB/a/lilia
href="http://www.guardian.co.uk/business/royalbankofscotlandgroup"Royal Bank of Scotland/a/lilia
href="http://www.guardian.co.uk/business/hbos"HBOS/a/lilia
href="http://www.guardian.co.uk/money/banks"Banks and building societies/a/lilia
href="http://www.guardian.co.uk/business/banking"UK banking sector/a/li/ul/diva
href="http://www.guardian.co.uk"guardian.co.uk/a copy; Guardian News Media Limited 2008 | Use of
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|
Guardian Unlimited -
1 days and 11 hours ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/77556?ns=guardianpageName=Business%3A+EMI+dealmakers+depart+as+private+equity+feels+the+painch=Businessc3=guardian.co.ukc4=EMI+%28Business%29%2C3i+Group+%28Business%29%2CCitigroup%2CPrivate+equity+%28Business%29%2CMedia+business%2CBusiness%2CMusicc5=Investments%2CNot+commercially+useful%2CBusiness+Markets%2CMedia+Weeklyc6=Martin+Farrerc7=2008_12_03c8=1127874c9=articlec10=GUc11=Businessc12=EMIc13=c14=h2=GU%2FBusiness%2FEMI"
width="1" height="1" //divpGuy Hands' private equity firm Terra Firma is parting company with the
architects of its £2.4bn top-of-the-market deal to buy a
href="http://www.guardian.co.uk/business/emi"EMI/a, it emerged this morning./ppChris Roling, who
was parachuted into a href="http://www.guardian.co.uk/business/2008/jun/15/musicindustry.emi1"the
ailing music giant/a by Hands as chief operating officer after the deal in August last year, has
left Terra Firma. Also believed to be leaving is Ashley Unwin who was EMI's chief operating officer
in UK and North America./ppAnother sign that the slowdown is taking its toll on the buyout industry
came as 3i, Europe's largest listed private equity fund, prepared to announce the loss of around
100 jobs. /ppa href="http://www.ft.com/cms/s/0/07ed132a-c0ab-11dd-b0a8-000077b07658.html"The cuts,
which amount to about 15% of its staff/a, will come from slimming down back office functions such
as marketing and personnel, the Financial Times reported. Its shares were down almost 5% in early
trading today./ppThe firm, which revealed last month that revenues from disposals had fallen 40%,
has warned that the credit crunch has created much more difficult conditions for private equity.
The sector grew strongly in the last few years, before the financial crisis struck, thanks to the
availability of cheap credit, but in today's climate banks are extremely reluctant to lend./ppTerra
Firma has struggled to turn around EMI, which was bought at the height of the buyout boom with
money borrowed largely from the now-stricken Citigroup bank. /ppOther Terra Firma staff seconded to
EMI believed to be in talks over leaving include Riaz Punja and Stephen Alexander./ppLast week
Hands predicted at a conference of senior industry figures in Paris that there would be a cull of
jobs as the industry suffered negative returns for the first time./ppHe told an audience of senior
industry figures that 90% of the people hired in recent years "are not money makers" and many of
them will be made redundant./ppNeither 3i nor Terra Firma were available for comment./pdiv
style="float: left; margin-right: 10px; margin-bottom: 10px;"ullia
href="http://www.guardian.co.uk/business/emi"EMI/a/lilia
href="http://www.guardian.co.uk/business/3igroupbusiness"3i/a/lilia
href="http://www.guardian.co.uk/business/citigroup"Citigroup/a/lilia
href="http://www.guardian.co.uk/business/privateequity"Private equity/a/lilia
href="http://www.guardian.co.uk/media/mediabusiness"Media business/a/li/ul/diva
href="http://www.guardian.co.uk"guardian.co.uk/a copy; Guardian News Media Limited 2008 | Use of
this content is subject to our a
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Reuters: Top News -
1 days and 11 hours ago
SEOUL/NEW YORK (Reuters) - South Korea moved on Wednesday to help local banks through a cash crunch
gripping the global financial system as central banks around the world were expected to cut
interest rates again to support their fast flagging economies.div class="feedflare" a
href="http://feeds.reuters.com/~f/reuters/topNews?a=xLgZPT7U"img
src="http://feedproxy.google.com/~f/reuters/topNews?d=41" border="0"/img/a a
href="http://feeds.reuters.com/~f/reuters/topNews?a=ehAiBRH9"img
src="http://feedproxy.google.com/~f/reuters/topNews?i=ehAiBRH9" border="0"/img/a a
href="http://feeds.reuters.com/~f/reuters/topNews?a=ESDkma0g"img
src="http://feedproxy.google.com/~f/reuters/topNews?i=ESDkma0g" border="0"/img/a /divimg
src="http://feedproxy.google.com/~r/reuters/topNews/~4/03RuRSXfU84" height="1" width="1"/
|
Ubergizmo -
1 days and 17 hours ago
centerimg title="Onkyo Introduces HDC-1L Nettop Audio PC" style="MARGIN: 0px" alt="Onkyo Introduces
HDC-1L Nettop Audio PC" src="http://www.ubergizmo.com/photos/2008/12/onkyo-hdc-1l.jpg" border="0"
//centerbr / pOnyko has just released its HDC-1L nettop audio PC that will sit nicely in most
living rooms without looking out of place. This system was not built specifically to run word
processing or crunch numbers on a spreadsheet, but it was made to handle digital audio playback in
a sleek, vertical solution. Features of the HDC-1L include :- /p p ul liIntel Atom 1.6GHz
processor/li liIntel 945GC Express chipset/li liWindows XP Home Edition/li li1GB RAM/li li160GB
SATA hard drive/li liDVD SuperMulti drive/li liSix USB 2.0 ports/li liEthernet connectivity/li liSN
ratio of 120dB/li/ul p/pThere will be three models available - the basic HDC-1L is going for around
$640, if you want 15-watt stereo speakers, you'll need to fork out $800 while those who opt for
that with a 19" LCD monitor, the entire setup will cost $1,070. pPermalink: a
href="http://www.ubergizmo.com/15/archives/2008/12/onkyo_introduces_hdc1l_nettop_audio_pc.html"Onkyo
Introduces HDC-1L Nettop Audio PC/a from Ubergizmo (a href="http://www.ubergizmo.com"US/a, a
href="http://www.ubergizmo.com/fr"FR/a) | a href="http://www.uberbargain.com/"Good deals/a | Hot: a
href="http://www.ubergizmo.com/15/archives/2008/11/blackberry_storm_review.html"Storm Review/a/p
pmap name="google_ad_map_081202174207" area shape="rect"
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area shape="rect" href="http://services.google.com/feedback/abg" coords="384,10,453,23"//map img
usemap="#google_ad_map_081202174207" border="0"
src="http://imageads.googleadservices.com/pagead/ads?format=468x30_aff_imgamp;client=ca-pub-7335032025195922amp;channel=9684588219amp;output=pngamp;cuid=081202174207amp;url=http%3A%2F%2Fwww.ubergizmo.com%2F15%2Farchives%2F2008%2F12%2Fonkyo_introduces_hdc1l_nettop_audio_pc.html"//p
pa href="http://feedads.googleadservices.com/~a/H4-LEHPvyDgsPayprK_FoDQwtuk/a"img
src="http://feedads.googleadservices.com/~a/H4-LEHPvyDgsPayprK_FoDQwtuk/i" border="0"
ismap="true"/img/a/pdiv class="feedflare" a
href="http://feedproxy.google.com/~f/ubergizmo?a=PCjqGlI1"img
src="http://feedproxy.google.com/~f/ubergizmo?d=41" border="0"/img/a a
href="http://feedproxy.google.com/~f/ubergizmo?a=JloceNOk"img
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src="http://feedproxy.google.com/~f/ubergizmo?i=5l7c2wkM" border="0"/img/a a
href="http://feedproxy.google.com/~f/ubergizmo?a=TbwooPqB"img
src="http://feedproxy.google.com/~f/ubergizmo?i=TbwooPqB" border="0"/img/a /divimg
src="http://feedproxy.google.com/~r/ubergizmo/~4/jxw38nSyo4A" height="1" width="1"/
|
Guardian Unlimited -
1 days and 19 hours ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/88711?ns=guardianpageName=Politics%3A+Lie+detector+tests+to+catch+benefit+cheatsch=Politicsc3=The+Guardianc4=Queen%27s+speech%2CWelfare+%28Politics%29%2CLaw+%28News%29%2CState+benefits%2CMoney%2CSociety%2CSocial+exclusion+%28Society%29%2CPolitics%2CUK+newsc5=Society+Weekly%2CPersonal+Finance%2CUnclassified%2CNot+commercially+useful%2CSocial+Care+Societyc6=Patrick+Wintourc7=2008_12_03c8=1127796c9=articlec10=GUc11=Politicsc12=Queen%27s+speechc13=c14=h2=GU%2FPolitics%2FQueen%27s+speech"
width="1" height="1" //divpBenefit claimants will face lie detector tests and will lose benefits
for a month if found guilty of fiddling the system under proposals unveiled by Gordon Brown on the
eve of today's Queen's speech. /ppThe "one strike and you're out" proposal is contained in a tough
summary of the speech released yesterday by the Cabinet Office. The government is also proposing to
give the public clearer information, mainly via the internet, on how criminals are sentenced in
local courts. Communities are to be given a bigger role in deciding what form of community
punishment local criminals should be forced to undertake. /ppThe proposals mark a break by the
prime minister from his focus on the economic crisis for the past five months and suggest he knows
he needs to broaden his political agenda if he is to claw back lost votes. /ppThe introduction of a
lie detector test for benefit claimants is the most striking shift to a more populist programme,
similar to Tony Blair's respect agenda./ppSo far, 25 local councils administering housing benefit
to 500,000 claimants are using "voice risk analysis technology" to test whether a claimant is
providing false information./ppThe government introduced the technology in Harrow, north-west
London, last year, but says it plans to make the technology available nationwide. In the first
three months of using the technology Harrow saved pound;300,000, suggesting that levels of benefit
fraud may be higher than government estimates. Ministers are cracking down on benefit fraud even
though it is officially at its lowest recorded level, down 66% since 2001./ppThe government
currently withdraws 13 weeks of benefit from anyone found making a fraudulent claim twice in five
years, but said yesterday it intends to tighten this process by withdrawing four weeks' benefit for
first-time fraudsters. /ppThe benefit withdrawal will be taken against both those that suffer an
administrative penalty as well as those found guilty in a criminal court. Currently the Department
for Work and Pensions seeks court penalties only where the alleged fraud is worth more than
pound;2,000./ppIn other proposals in the Cabinet Office's paper, the power of public servants to
use force may be strengthened. The paper says: "The public looks to healthcare professionals,
neighbourhood wardens and teachers to deal with unacceptable behaviour in public places. /pp"If
they are not able to fulfil that role because they are not sure the law is on their side, or
because they do not see it as part of their job, that sends the wrong message about what we as a
society are prepared to tolerate."/ppIt also suggests most family intervention projects will grow
so they reach 20,000 families with the most severe difficulties. The paper also proposes an alcohol
code limiting "all you can drink" promotions, and setting conditions on premises in local
hotspots./ppLap dancing clubs will be reclassified as sex establishments, allowing councils greater
scope to close them./ppJames Purnell, the work and pensions secretary, was criticised yesterday for
plans disclosed on Monday night to tighten the requirements on lone parents and on disabled people
to do more to prepare themselves for work or face mounting benefit penalties./ppUnder Gordon Brown,
ministers have played down Blair's respect agenda, believing it played into the theme of a "broken
society" promoted by David Cameron. But there have been signs of a rethink over the past three
months. /ppThe Cabinet Office paper tries to put the emphasis on fair rules in the context of the
credit crunch. It says: "As everyone enters difficult economic times ... fair rules will become
more important. /pp"If people perceive that not everyone is treated equally, that some get
preferential treatment, that people who break the rules get away with it, respect for rules is
undermined."/pdiv style="float: left; margin-right: 10px; margin-bottom: 10px;"ullia
href="http://www.guardian.co.uk/politics/queens-speech"Queen's speech/a/lilia
href="http://www.guardian.co.uk/politics/welfare"Welfare/a/lilia
href="http://www.guardian.co.uk/uk/law"Law/a/lilia
href="http://www.guardian.co.uk/money/statebenefits"State benefits/a/lilia
href="http://www.guardian.co.uk/society/socialexclusion"Social exclusion/a/li/ul/diva
href="http://www.guardian.co.uk"guardian.co.uk/a copy; Guardian News Media Limited 2008 | Use of
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ismap="true"/img/a/p
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Guardian Unlimited -
1 days and 19 hours ago
divimg alt=""
src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/57706?ns=guardianpageName=Politics%3A+Mandelson+calls+for+%27industrial+activism%27+to+revitalise+Britain+after+the+recessionch=Politicsc3=The+Guardianc4=Economic+policy%2CPeter+Mandelson%2CRecession+%28UK%29%2CCredit+crunch+%28Business%29%2CPolitics%2CBusiness%2CUK+newsc5=Credit+Crunch%2CBusiness+Markets%2CNot+commercially+useful%2CUnclassifed+Contributorsc6=Allegra+Strattonc7=2008_12_03c8=1127786c9=articlec10=GUc11=Politicsc12=Economic+policyc13=c14=h2=GU%2FPolitics%2FEconomic+policy"
width="1" height="1" //divpThe business secretary, Peter Mandelson, will set out plans for a new
age of "industrial activism" when he gives the annual Hugo Young memorial lecture today, saying the
government must do more to support services and manufacturing for after the recession, when the
country will be "an even tougher place to do business in". /ppIn the Guardian lecture, Mandelson
will take a break from his department's current preoccupation with getting the banks to resume
lending to paint a picture of Britain on "the other side" of the recession. He will say: "We will
get through the downturn. But on the other side we will encounter an even tougher place to do
business in and we need to be fully prepared."/ppMandelson will sketch out a new doctrine of
"market-driven industrial activism" to ready the economy. Aides describe this as a model that would
see the government, in partnership with the private sector, driving what they call "available
streams of the economy" to support growth sectors. Low-carbon technology, civil nuclear plans and
high-tech manufacturing are all likely to be boosted./ppToday's speech will build on a defence of
Britain's manufacturing base the business secretary mounted last week at the Confederation of
British Industry (CBI), in which he said he "hated" Britain being described as a "post-industrial
economy" since the UK was the sixth-largest manufacturer by output. Though the future for the
country may not lie with "mills and smokestacks", he told the CBI, it lay with the "next industrial
revolution and the low-carbon and post-carbon technologies that will define the 21st
century."/ppAccording to the Purchasing Managers Index published on Monday, British manufacturing
shrank in November at the fastest rate since records began in 1992, making it the third month in a
row to see a record decline. In October the CBI said optimism among British manufacturers was at
its lowest level for three decades./ppToday Mandelson will defend the government against claims its
industrial policies were becoming overly statist, something critics say repudiates the
modernisation platform on which Labour was elected in 1997./ppHe will say: "For New Labour this is
a critical moment to renew and think further about how Britain adapts to globalisation and the
tougher economic challenge we are facing. Not to retreat from the strong and abiding commitment to
open economies and free markets that New Labour made in 1994. Certainly not to be hubristic that
big government is back: I don't believe it is or should be. But to define urgently what smart
government can do to resolve not just the present crisis but to guarantee Britain's future
prosperity."/ppMandelson will also acknowledge the government's attempts to steer business through
the recession may have frustrated some. He will say: "While the government is doing a lot to back
enterprise and support entrepreneurs, some of its efforts appear to business as insufficiently
joined up and often overlapping."/ppLast night a business department spokesman said rights to
flexible working would be going ahead. The business secretary caused controversy only three weeks
into his job when he announced a review of the rights, on account of businesses fearing they would
be unable to afford it during a downturn. Yesterday an aide said the review had wrapped up and they
were "happy for it to go ahead"./ppIt will not be included in the Queen's speech tomorrow since it
does not require primary legislation./pdiv style="float: left; margin-right: 10px; margin-bottom:
10px;"ullia href="http://www.guardian.co.uk/politics/economy"Economic policy/a/lilia
href="http://www.guardian.co.uk/politics/peter-mandelson"Peter Mandelson/a/lilia
href="http://www.guardian.co.uk/business/recession"Recession/a/lilia
href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/li/ul/diva
href="http://www.guardian.co.uk"guardian.co.uk/a copy; Guardian News Media Limited 2008 | Use of
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