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  • on 03-13-2009

    Ganancias de BMW cayeron 89,5% en 2008

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    Ganancias de BMW cayeron 89,5% en 2008

    Las utilidades netas del fabricante alemán de vehículos BMW llegaron en 2008 a los US$ 419 millones, un 89,5% menos que las registradas el año anterior, debido a la intensificación de la crisis económica y financiera.\n\nLa facturación, en tanto, bajó un 5 % hasta los US$ 67.560 millones, en comparación con la obtenida en 2007, informó Diario Financiero citando a EFE.\n\nA pesar del retroceso, el presidente de la compañía, Norbert Reithofer, se mostró satisfecho con los resultados y afirmó que la empresa ha mejorado su estructura de costos y que tiene una posición financiera sólida.\n\nBMW destacó los efectos extraordinarios de la crisis financiera en su cuenta de resultados, que fueron de US$ 3.077 millones en 2008.

      Combate a la recesión impulsaría materias primas

      la emisión masiva de deuda gubernamental para combatir la peor recesión en muchas décadas podría impulsar al alza a los precios de las materias primas sin aumentar la producción industrial.\n\nEste escenario de estanflación, temido por algunos economistas, no está aún en el horizonte. Desde inicios del 2009, datos macroeconómicos sugieren que el mundo industrializado está experimentando inflación nula, aún deflación, por la caída de los precios de la energía, los autos, las casas, las acciones y los bonos no gubernamentales.\n\nPero al tiempo que los bancos centrales y gobiernos imprimen vastas cantidades de billetes para poder salir de la desaceleración, la enorme expansión del suministro de dinero bien podría generar un importante alza de la inflación tan pronto como en 2010 ya que los especuladores están regresando apresurados a las mercados de materias primas, advierten economistas.\n\nAnalistas esperan que la emisión de deuda del Tesoro de Estados Unidos alcance los 2,5 billones de dólares sólo este año, lo que amenazaría con inundar el mercado de deuda gubernamental de 6 billones de dólares.\n\nSi los especuladores alimentan un alza de los precios de los futuros de las materias primas, esto encarecería a los productos básicos para industrias que ya están enfrentando ventas bajas en medio de la recesión. También erosionaría la riqueza de los inversores en bonos y productos de ingresos fijos.

        Presentan cronograma para la Ruta del Sol

        La directora de planeación nacional de Colombia, Carolina Rentería, presentó el martes el cronograma final de la Ruta del Sol, que requerirá más de US$ 5.000 millones para su ejecución. De acuerdo a las fechas planteadas la adjudicación se realizará el 25 de agosto.\n\nPara el Gobierno el proyecto, que será la principal obra ejecutada por la administración de Álvaro Uribe, será la segunda obra de mayor importancia que se ha ejecutado en América Latina después del Canal de Panamá.\n\nRentería detalló que los aportes estatales serán de US$ 2.980 millones, por concepto de peajes US$ 1.907 millones y el resto será aportado por el sector privado. Además, la funcionaria destacó el asesoramiento de la Corporación Financiera Internacional (IFC), en la estructuración del proyecto, según publicó El Espectador.\n\nEmpresas de Canadá, Brasil, España, Italia Corea y China estarían interesadas en la construcción de la vía. La Ruta del Sol conectará Bogotá con la costa Atlántica y demandará una inversión total cercana a los US$ 5.641 millones.\n\nDe acuerdo al cronograma establecido, la apertura del proceso de licitación será el próximo 25 de marzo, con fecha de cierre el 25 de julio. La firma del contrato y el inicio de las obras con la empresa ganadora se realizaría en la primera semana de septiembre.\n\nLas obras serán adjudicadas por el Instituto colombiano de Concesiones (Inco) a través del mecanismo de tres concesiones. La primera, comprenderá el corredor nuevo de 78.3 kilómetros; la segunda, un corredor de 528 kilómetros, y el tercero, de 465 kilómetros.

          Avanza ruta internacional que unirá Bolivia y Chile

          El Director del Servicio Departamental de Caminos (Sedcam) de Bolivia, Ramiro Carrasco, anunció que el primer tramo asfaltado de la carretera internacional que une La Paz y Chile de 30 kilómetros será entregado a fines de junio.\n\nCarrasco expresó que existe el compromiso para que se avance cuanto sea posible con este proyecto que es un anhelo de hace 12 años y se espera su pronta ejecución.\n\nLa ejecución de esta vía internacional, permitirá mejorar el tránsito de los productos bolivianos hacia los puertos de Chile. También conocida como Ruta 107, está a cargo de la Prefectura de La Paz, luego de un convenio que firmara con la Administradora Boliviana de Carreteras (ABC).\n\nDe acuerdo a cables de la Agencia Boliviana de Información, el ancho de plataforma es de ocho metros, y según detalló el fiscal de la obra, Luis Alcoreza, se espera que la empresa a cargo de la construcción se esfuerce por cumplir su cronograma.\n\n"Vamos a pedir a la constructora I.C.A. Bolivia, la pronta conclusión de la carretera puesto que la población comienza a impacientarse. Recordemos que para nuestros hermanos del campo una vía asfaltada resulta un aporte valioso al desarrollo de su calidad de vida y la economía familiar", indicó a la Red Erbol.

            Grupo brasileño anuncia fondo de US$ 4.000M

            El empresario brasileño Eike Batista, dueño de EBX Group, anunció la creación de un fondo de inversión para comprar empresas dentro de la crisis financiera actual. El plan del grupo es crear un fondo para recaudar entre US$ 2.000 y US$ 4.000 millones, con el objetivo de utilizar los recursos en proyectos de infraestructura brasileños.\n\nEl empresario aseguró que "con la crisis, creo que habrán cosas muy baratas", dijo el empresario después de una conferencia en la Cámara de Comercio Británica en Río de Janeiro. El fondo buscará ofertas y se centrará en activos de la industria naval, en la cadena de exportación de etanol y en unidades de almacenamiento en tanques de puertos brasileños, informó el diario O Estado de S. Pãulo.

              Un gigante silencioso

              En el grupo Pescarmona son expertos en la generación silenciosa de energía. A pesar de una de que su empresa Impsa es una de las más sofisticadas fabricantes de turbinas hidroeléctricas y eólicas originadas en América Latina, siempre han optado por el bajo perfil y hablar lo menos posible de sus proyectos. Luis Pescarmona, uno de los herederos del grupo y responsable del negocio eólico, no obstante, accedió a hablar sobre las iniciativas de la empresa y su visión del desarrollo de proyectos energéticos en tiempos de crisis. Desde su oficina actual en São Paulo, habló con Felipe Aldunate M., director editorial de AméricaEconomía.

                Peso chileno sube por expectativas en ingreso de dólares

                El peso chileno se apreciaba ante el dólar en los primeros negocios del jueves, apoyado en las expectativas del ingreso de dólares al mercado para financiar un plan fiscal de estímulo económico, dijeron operadores.\n\nA las 09.00 hora local (1200 GMT), el peso cotizaba con un alza de un 0,33% a 600,50 unidades para la compra y 601,00 para la venta, frente a los 602,50 y 603,00 del cierre del miércoles.\n\n"Si fuera por las variables externas, el peso debería tener una tendencia a la baja: todas las bolsas están operando en rojo y los futuros del cobre están cayendo. Sin embargo, el mercado está ofertado, esperando el ingreso de dólares que se suponía comenzaba esta semana", dijo un operador.\n\nEl Gobierno anunció que a partir de marzo comenzará a licitar US$ 50 millones diarios hasta completar un total de US$ 3.000 millones provenientes de un fondo soberano, para financiar gastos en pesos de un plan de estímulo económico para atacar los efectos de la crisis global.

                  Reducen calificación de General Electric

                  Standard & Poor's redujo la calificación crediticia AAA de General Electric (GE), debido al desempeño en su división financiera, lo que fue un nuevo golpe para uno de los mayores grupos industriales del mundo, pero sus acciones subían un 11%.\n\nS&P estimó que la crisis aumentará las pérdidas crediticias en todo el portfolio financiero de GE. Pronosticamos que GE Capital no tendrá ganancias o flujo de efectivo este año ni el próximo", dijo Robert Schulz, analista de S&P, en una entrevista.\n\nY agregó que "Creemos que 'estable' era una nota más apropiada dadas nuestras expectativas sobre el desempeño de la firma, y eso se refiere al flujo de efectivo industrial", comentó.\n\nS&P y Moody's Investors Service habían puesto en negativo las perspectivas de GE en diciembre y enero, respectivamente, y no cambiaron de postura luego que recortó el dividendo en un 68 por ciento, para ahorrar US$ 9.000 millones al año.\n\n"Es bueno que no la hayan bajado más y es alentador que el panorama sea estable", comentó Daniel Holland, analista de Morningstar. "En diciembre, cuando las pusieron en negativo, estalló el pánico. Es bueno que vuelvan a estabilizarlas", dijo.

                    FMI acepta propuestas para aumentar recursos

                    El Fondo Monetario Internacional elogió el jueves las ofertas de asistencia para ayudar a sus miembros a superar la recesión global, pero no quiso hacer comentarios sobre un reporte de que la Unión Europea considera prestarle hasta US$ 100.000 millones.\n\n"No puedo comentar específicamente sobre lo que en este momento es sólo un reporte de prensa. Pero damos la bienvenida a las propuestas de los miembros para incrementar los recursos del Fondo, para que se demuestre que el Fondo tiene suficientes recursos como para responder a las necesidades de sus miembros", dijo el portavoz del FMI David Hawley en conferencia de prensa.\n\nReuters reportó más temprano que la UE evalúa prestar al FMI entre US$ 75.000 millones y US$ 100.000 millones para reforzar su capacidad crediticia, de acuerdo con el borrador de un plan al que accedió Reuters, sobre las conclusiones para una cumbre de líderes de la UE prevista para el 19 y 20 de marzo.\n\nFijando lo que será su posición para la posterior cumbre del G20 el 2 de abril en Londres, el borrador de la UE también respaldó una duplicación de los recursos del FMI a US$ 500.000 millones para asistir a naciones con problemas de balance de pagos.

                      Aprueban orden para congelar activos de Stanford

                      Un juez federal de Estados Unidos aprobó el jueves un pedido del regulador financiero para congelar los activos del magnate tejano Allen Stanford y de tres de sus firmas, que cargan con la acusación de haber montado un gigantesco fraude bajo el esquema Ponzi.\n\nEl juez de distrito estadounidense David Godbey también acordó liberar la mayoría de las cuentas superiores a 250.000 dólares que habían sido congeladas desde que la Comisión de Valores de Estados Unidos (SEC por su sigla en inglés) acusó a Stanford de un fraude por 8.000 millones de dólares que involucra certificados de depósitos.\n\nUna breve audiencia en la corte federal de Dallas, Godbey dio lugar a un pedido de la SEC para que un dictamen preliminar congele los activos de Stanford hasta que se complete el juicio de la demanda civil. El pedido de restricción temporario original pedía el congelamiento de los activos hasta el jueves.

                        Chile recorta tasa de interés a 2,25%

                        El Banco Central de Chile redujo el jueves la tasa de interés de política monetaria (TPM) en 250 puntos base a un 2,25 por ciento anual, un recorte más profundo que lo previsto por analistas, ante un descenso en la inflación y un deterioro en la economía por la crisis global.\n\nEn un comunicado, el Consejo del Banco Central adelantó que podrían ser necesarias reducciones adicionales de la TPM, "aunque de magnitud y frecuencia comparables a patrones históricos".\n\nEn sucesivas bajas en el primer trimestre, el Banco Central redujo la tasa clave en un total de 600 puntos básicos, el mayor descenso trimestral en la historia de la TPM, en medio de un marcado deterioro en las proyecciones de crecimiento del país.

                          Crisis derrumba el valor de las firmas latinoamericanas

                          Las empresas de capital abierto de América Latina han perdido este año US$ 105.300 millones en su valor de mercado. El análisis fue realizado por la empresa de informaciones financieras Economática con las 694 empresas de capital abierto con mayor liquidez dentro de las bolsas latinoamericanas. La baja registrada fue de 9,7% entre el 1 de enero y 9 de marzo.\n\nSegún la investigación, la pérdida equivale al valor de mercado de Petrobras: el lunes pasado el valor de la petrolera estatal brasileña llegó a los US$ 107.000 millones. La empresa que sufrió mayores perdidas en su valor dentro de la región fue América Móvil, compañía de telecomunicaciones mexicana que pertenece al magnate Carlos Slim y que controla en Brasil a la empresa Claro.

                            Dimon Rejects Nationalization

                            James Dimon, the chief executive of JPMorgan Chase, dismissed the growing calls to nationalize financial institutions and said lawmakers and pundits should stop girding for government takeovers.\n\n"I don't know what they mean whey they say nationalization," he told reporters Wednesday after a speech at the U.S. Chamber of Commerce. "It wouldn't be a great thing to nationalize a lot of banks that are perfectly healthy. That would be a terrible mistake."\n\nWhen it comes to unhealthy institutions, Dimon said, that is where the Federal Deposit Insurance Corp. should come in.

                              Is Bristol-Myers the next pharma target?

                              So three megamergers in the pharmaceutical industry, and yet Bristol-Myers Squibb Co. (NYSE:BMY), which has been rumored to be a takeover target since last summer, is still standing alone.\n\nBristol-Myers is thought to be a target for a few reasons including:\n\n * its size,\n * cash position,\n * the possibility that Obama's administration could cut costs on healthcare, and\n * many big drugmakers have been looking to diversify their portfolios due to expirations of patents on prescription medications.\n\n"Bristol-Myers is next," David Moskowitz, an analyst with Caris & Co. said in a telephone interview with Bloomberg. "I think there is more consolidation to come. Ultimately these companies will have more power, jobs are going to be lost, and there is less money that will be available for research and development."

                                Where’s Madoff Headed Next? One Lawyer’s Guess

                                Now that Bernard L. Madoff has pleaded guilty, one of the most pressing questions now is where he will serve out whatever sentence he is given on June 16. One defense lawyer told Esquire that he suspected it would be a medium-security prison about 70 miles from New York City.\n\nThat would be the federal correctional institute in Otisville, Jeff Chabrowe of the Blanch Law Firm told Esquire. Housing about 1,100 inmates, the facility happens to be one of the few federal prisons in the country that has a full-time Jewish chaplain and a kosher kitchen. (Though reportedly the latter will be less of a concern to Mr. Madoff.)

                                  G.M. Says It Won’t Need $2 Billion Infusion of Financing in March

                                  General Motors, which has borrowed $13.4 billion from the federal government since December to keep itself out of bankruptcy, said on Thursday that it had withdrawn a request for an additional $2 billion that it thought was needed to stay alive through the end of this month, The New York Times's Nick Bunkley reports.\n\nG.M., the nation's largest automaker, issued a statement saying that it had told President Obama's auto industry task force, which is reviewing the restructuring plan that the company submitted last month, that its March financing request "would not be needed at this time" because it was making more progress than expected in reducing costs.\n\nThe statement did not specify whether G.M. still expected to need the full $30 billion that it had requested.\n\n"This development reflects the acceleration of G.M.'s companywide cost reduction efforts as well as proactive deferrals of spending previously anticipated in January and February," the statement said. "G.M. will remain in regular contact with the presidential task force on the auto industry on the status of G.M.'s restructuring actions, its liquidity position, timing of future funding requests, and other relevant topics of mutual concern."

                                    The Text of Madoff’s Plea Allocution

                                    At a hearing in Federal District Court on Thursday, Bernard L. Madoff finally said publicly what he is said to have told his sons three months ago: that he had committed a huge investment fraud, probably the largest ever.\n\nMr. Madoff delivered what's known in American legal terms as a plea allocution, essentially an explanation of his crime and an acknowledgment of guilt. "I am painfully aware that I have deeply hurt many, many people, including the members of my family, my closest friends, business associates and the thousands of clients who gave me their money," he said in his statement. "I cannot adequately express how sorry I am for what I have done."

                                      Regulators Draw Fire in Congress

                                      Regulators said they are exploring ways to give banks a break on accounting, but their efforts ran into criticism from lawmakers in Congress who want faster action to prevent downward spirals.\n\nA House subcommittee hearing turned into the latest forum for the battle over mark-to-market accounting, the principle in which companies have to value certain financial assets at the market price.\n\nRegulators and many members of Congress agree that the principle isn't going away, but pressure is rising to modify it to help banks. One change that got a push Thursday would lessen the impact on banks when they can't find a liquid market to value assets.\n\nThe banking lobby said mark-to-market rules have forced banks to place unrealistically low values on hard-to-trade assets. Banks said the rules cause unnecessary hits to their capital levels, forcing them to raise money on punishing terms.\n\nSpeculation about changes to mark-to-market rules have helped drive bank shares higher in recent days. Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo Co. and other major bank shares rose by double-digit percentages Thursday.

                                        Veteran Media Banker Resigns From UBS

                                        Jeff Sine, head of the technology, media and telecommunications (TMT) global division at UBS, has resigned from the firm, according to an internal memo distributed throughout UBS and obtained by IDD.\n\nRick Leaman and Alex Wilmot-Sitwell, joint global heads of investment banking at UBS, wrote the memo. Sine spent the past eight years at UBS.\n\nAdditionally, UBS named Aryeh Bourkoff as joint global head of media and communications investment banking, effective immediately, according to the memo. Bourkoff, who is also known for producing the documentary film The Last Jews of Libya, which played at the Tribeca Film Festival in 2007, will co-lead the group alonside Mark Lewisohn, who holds the same title and is based out of London. Aryeh remains in New York, and Brian Webber continues in his role as global head of technology.

                                          Wall St jumps on GE rating outlook, spending data

                                          U.S. stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending.\n\nWall Street closed out its best three-day run since the end of November after GE, the ninth-largest company in the S&P 500 and viewed as an economic bellwether, jumped nearly 13 percent to $9.57. Standard & Poor's stripped it of its AAA rating, citing the expectation for poor earnings at its finance unit, and assigned a "stable" outlook.\n\nInvestors had feared the credit rating downgrade would be deeper or the outlook negative.\n\n"The outlook was stable. That's very good news," said Hugh Johnson, chief investment officer of Johnson Illington Advisors in Albany, New York. "It wasn't quite as bad as it could have been."\n\nWal-Mart Stores Inc, up 3.1 percent at $48.94, ranked among the Dow's top advancers following a government report that showed sales at U.S. retailers fell by an unexpectedly small margin in February.

                                            Roche, Genentech reach deal

                                            Switzerland's Roche Holding AG on Thursday sealed the third major pharmaceuticals deal of the year and ended eight months of wrangling by forging a $46.8 billion agreement to take full ownership of Genentech Inc.\n\nRoche, of Basel, raised its offer for the 44.2% of Genentech it doesn't already own to $95 per share, a 3.1% premium to Wednesday's $92.17 closing price for the South San Francisco, Calif., biotech. Last week Roche lifted the offer to $93 per share from $86.50 after conversations with Genentech investors.

                                              KKR bests Blackstone on Forbes list

                                              In the much-discussed competition between the "masters of the universe" at Blackstone Group LP and rival Kohlberg Kravis Roberts & Co., the folks at KKR have something new to crow about. A cursory look at the latest Forbes billionaires list reveals that KKR founders outrank their rivals at Blackstone.\n\nKKR's Henry Kravis ranks No. 205, with a net worth of $3 billion. For those wondering, Kravis has lost about $2.5 billion since last year, according to Forbes. Meanwhile, KKR co-founder George Roberts ranks No. 246 on the list with a net worth of $2.6 billion.\n\nOver at Blackstone, Stephen Schwarzman and Pete Peterson made the list, but Tony James was pushed off. Schwarzman ranks at No. 261, with a net worth of $2.5 billion, which is $4 billion less than last year's net worth, according to Forbes. Meanwhile, Peterson ranks at No. 430, with an estimated net worth of $1.7 billion.\n\nThe folks at PE Beat found other PE dealmakers of note on the list. -

                                                Gilead agrees to buy CV

                                                Biotechnology company Gilead Sciences Inc. agreed Thursday to acquire CV Therapeutics Inc. for $20 per share, or about $1.4 billion, topping an earlier hostile offer from Japan's Astellas Pharma Inc. of $16 per share.\n\nYet CV shares Thursday morning were trading up at $20.54, above the offer price, giving rise to speculation of a higher bid by Astellas.\n

                                                  Buffett finds takeover targets in US

                                                  Billionaire Warren Buffett, who took a four-country tour of Europe less than a year ago in search of takeover targets, now says buying opportunities are presenting themselves in the US.\nWith a smaller pot of money remaining to fund deals, prices waning and bidders dropping out, Buffett's Berkshire Hathaway Inc no longer needs to look overseas for acquisitions, Buffett said in a Bloomberg Television interview, portions of which will be broadcast today and tomorrow.\n\n"The way things are going, there's a lot of things that may be happening in the United States," Buffett said. "The odds favor" a domestic deal for Omaha, Nebraska-based Berkshire, he said, while allowing that "I could get a call tomorrow about some company in the UK or Germany."\n\nThe statement is a reversal for Buffett, who spent four days at press conferences and meetings in Switzerland, Germany, Spain and Italy last May to drum up potential buyouts when US opportunities were scarce. With rival bidders cut off from funds by the credit crunch and benchmark stock indexes down more than 40 per cent from a year ago, Buffett, 78, can use Berkshire's $25.5 billion cash hoard to buy into companies almost uncontested at discount prices.\n\nBuffett committed some of the cash in July to buy $3 billion of preferred shares of Dow Chemical Co, helping fund the takeover of Rohm & Haas Co in a deal that will pay Berkshire 8.5 per cent annually.

                                                    Nettlinx buys My Guru Online's ISP business

                                                    Hyderabad-based Internet service provider (ISP), Nettlinx Limited, has acquired the ISP business of My Guru Online Limited. The company's board has approved for issue of 4,33,000 equity shares of Rs 10 each on a preferential basis to the promoters of My Guru in consideration of the acquisition.\nAccording to Nettlinx executive director Vijay Bhaskar Reddy, the equity shares will be issued to My Guru at a price to be determined as per the guidelines of the market regulator Securities and Exchange Board of India.\n\nThe six-month average market price of Nettlinx's equity share stood at Rs 13. The company will convene an extraordinary general meeting of its shareholders for the purpose of issue of shares.

                                                      Yellow Pages Companies Show Signs of Distress

                                                      Even as Thursday proved sunny for the stock markets, signs of distress emerged in a slightly esoteric industry: the publishers of yellow page directories.\n\nR.H. Donnelley said Thursday morning that it has hired Lazard to evaluate ways to restructure its debt, as the once-acquisitive publisher reported a 27 percent drop in free cash flow for its fourth quarter and a 7 percent drop in revenue.\n\nAnd Idearc Media, a spinoff from Verizon Communications, said in a regulatory filing that it was contemplating a prenegotiated bankruptcy, after having received a going-concern notice from its auditor that would lead to the breaching of a debt covenant.\n\nAs with many media companies, R.H. Donnelley and Idearc carry significant amounts of debt. Slumping conditions in both the print and advertising areas have made it increasingly difficult for these players to refinance their debt.

                                                        Citi doesn't need more gov't capital - Parsons

                                                        Citigroup Inc Chairman Richard Parsons said on Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands.\n\nAsked in an interview with Reuters whether Citigroup needed additional government capital injections, Parsons said: "No, I think actually, particularly with the latest conversion... Citi is actually one of the better capitalized banks in the world."\n\nParsons was speaking on the sidelines of a Business Roundtable event where President Barack Obama addressed business executives.\n\nThe Citigroup leader also brushed aside any prospect of the U.S. government nationalizing the bank.\n\n"I don't think the administration is heading in that direction," Parsons said. "But I have a lot of confidence in the future viability and strength of a privately held Citi."\n\nThe Obama administration and regulators including Federal Reserve Chairman Ben Bernanke have said they do not want the government to take full control of the nation's banks.\n\nCiti's shares on Thursday closed 13 cents higher, or 8.4 percent, to $1.67 on the New York Stock Exchange. For the first time, Citi shares fell below $1 on March 5.

                                                          Enel recorta un 45% las inversiones de Endesa nada más tomar su control

                                                          Los 11.100 millones de euros desembolsados en febrero por Enel a Acciona por el 25% de Endesa, que otorgaron a la eléctrica italiana el control del 92% del grupo español, serán prácticamente recuperados en el balance. Enel, con una participación pública del 30%, reducirá casi a la mitad el plan de inversiones previsto para Endesa. La eléctrica, ya bajo control italiano, gastará 11.300 millones de euros menos en los próximos cuatro años. La inversión prevista, de 13.100 millones, reduce en un 45% la cifra adelantada el pasado año por Enel en el esbozo de plan estratégico de Endesa. Ese plan, según precisan fuentes del grupo italiano, nunca llegó a ser aprobado formalmente.

                                                            Los Polanco compran un 0,7% de Prisa en mínimo

                                                            Rucandio, la sociedad a través de la que la familia Polanco controla el grupo Prisa, ha incrementado hasta el 69,27% su participación en la compañía, tras adquirir 1,61 millones de acciones de la empresa, representativas de un 0,73% de su capital social.\n\nLa operación, que a precios de mercado estaría valorada en más de 1,9 millones de euros, fue registrada en la Comisión Nacional del Mercado de Valores (CNMV) el pasado 10 de marzo. En la anterior notificación, fechada el pasado 30 de diciembre, Rucandio declaraba al regulador bursátil una participación del 68,54% en el grupo Prisa.\n\nLa notificación de la operación de compra coincide en el tiempo con un fuerte repunte del valor de los títulos de Prisa. Tras perder un 58% de su valor desde que comenzó el año, hasta alcanzar un mínimo histórico de 0,95 euros por título el pasado lunes, las acciones del grupo de comunicación se han revalorizado un 34% en las dos últimas sesiones.\n\nAprovechando el suelo que marcaron los títulos el pasado lunes, dos consejeros de Prisa, Adolfo Valero y Francisco Pérez, este último socio histórico de la familia Polanco, adquirieron 155.000 acciones de la empresa. Un día después de la operación, los títulos del grupo de comunicación se dispararon un 26,32%, hasta marcar 1,20 euros por acción.\n\nEn esa misma jornada, la compañía salió al paso de una información que daba por cerrada la ampliación del plazo para devolver un crédito puente de 1.950 millones de euros, que vence el 31 de marzo. Prisa comunicó entonces a la CNMV que aún negocia la refinanciación de su deuda.

                                                              UBS to Name Joint Head of Media Investment Banking

                                                              The Swiss bank UBS will name Aryeh Bourkoff to be joint global head of media and communications investment banking on Thursday, taking over for Jeff Sine, a vice chairman who is resigning, people briefed on the matter told DealBook.\n\nMr. Bourkoff was a highly respected cable and satellite research analyst at UBS for seven years before moving over to the banking side in 2007. Mark Lewisohn, who is based in London, will serve as the other joint head along with Mr. Bourkoff.\n\nMr. Bourkoff has worked on a variety of big media deals including Sundance Channel's sale to Cablevision, Liberty Media's deal with Sirius XM and the restructuring of Charter Communications.\n\nOff Wall Street, Mr. Bourkoff is noted for his documentary film, "The Last Jews of Libya," which recounts the last decades of Libya's ancient Sephardic Jewish community through the story of the Roumani family. The film had its debut at the Tribeca Film Festival in 2007.\n\nMr. Sine's resignation comes after UBS cut its bonus pool last year by 80 percent. The Swiss bank has had a number of departures this year including those of Chris Ryan, the head of credit fixed income; Tom Cooper, another vice chairman; and Andrew Kramer, the head of restructuring in the Americas. Two years ago, a UBS media banker, Navid Mahmoodzadegan, jumped to the boutique investment bank Moelis & Company.\n\nLast week, Joe Ravitch, co-head of media investment banking for Goldman Sachs, announced his resignation.

                                                                G.E.’s Debt Rating Is Cut by S.& P.

                                                                General Electric lost its coveted triple-A credit rating from Standard and Poor's on Thursday, as the credit-rating agency downgraded G.E's long-term debt one notch, to AA+.\n\nIn deciding to strip G.E. of its highest rating - which G.E. has held for more than 50 years - S&P analysts cited the stress that the global economic downturn was putting on the company's financial arm, GE Capital.\n\nS&P said the outlook for G.E. was stable, meaning that further downgrades to its debt rating are unlikely in the next six months to two years.\n\nThe market seems to have been expecting an even bigger cut: G.E.'s stock was up nearly 9 percent Thursday morning.\n\nIn a news release after the rating cut was announced, G.E. said it does not anticipate any significant operational or funding impacts from the downgrade. It also said that GE Capital "is one of the only financial services companies in the world with a rating as high as AA+."\n\n"While no one likes a downgrade, this review and rating reaffirm the relative strength of the company," Jeff Immelt, G.E.'s chairman and chief executive, said in the release.\n\nG.E.'s stock has fallen nearly 75 percent in the last year. The slide accelerated in recent weeks as investors questioned the financial strength of GE Capital.\n\nGE Capital, which once accounted for about half of the company's profits, has been hit hard by the credit crisis. Its portfolio includes aircraft leasing, commercial real estate lending, credit cards and home mortgages.\n\nIn a statement Thursday, Robert Schulz, a credit analyst at S&P, said that GE Capital faces "increasing earnings pressure, due to the recent sharp deterioration in general economic conditions around the globe." The downturn will lead to rising credit losses across GE Capital's finance portfolio, he said.\n\nLate last month, amid growing concern that its debt rating might be lowered, G.E. cut its stock dividend for the first time since the Depression. The company said the decision to drop the quarterly payout to 10 cents a share from 31 cents would save it ne

                                                                  CBS Bringing March Madness To the iPhone

                                                                  CBSSports.com, in conjunction with CBS Sports and the NCAA is launching an Apple iPhone and iPod Touch application capable of streaming basketball games live to the mobile devices.\n\nUsers with Wi Fi connectivity can tune in to any of the games in the tournament as they happen live, as well as live scores and updated tournament brackets. Users checking out the brackets can click on a matchup to be taken directly to live video from the game.\nThe app will cost $4.99 from Apple's iTunes store.

                                                                    VSS Revises Forecast for Media and Communications Industry

                                                                    Veronis Suhler Stevenson (VSS), a leading private equity firm dedicated to the information, education and media industries, today announced the launch of a special Mid-Term Forecast presenting a timely 2009 interim update to VSS's annual five-year Communications Industry Forecast 2008-2012 and the digital version VSS MediaResearchNet 2.0.\n \nAccording to VSS, overall media spend is forecasted to decline by 0.4% in 2009, after an increase of 2.3% in 2008. This compares to previously projected growth of 5.4% and 4.9% for 2008 and 2009 respectively. This is the industry's lowest growth rate -- and only second decline - since VSS started collecting comprehensive data on the industry thirty years ago. The continued negative outlook for economic activity, coupled with secular shifts and cyclical trends underway in the media and communications industry, are expected to limit the sector's overall growth in 2009.\n \nAn authoritative voice on and the only provider of comprehensive spending, usage and trend data across all four sectors, 20 industry segments, and over 100 sub-segments of the media industry, VSS developed the Mid-Term Forecast in response to the unprecedented economic downturn. In preparation for the Mid-Term Forecast the VSS research team reviewed hundreds of primary and secondary sources for up to date data and trends through mid February 2009.\n \n"We believe this mid-term forecast will present investors with a helpful guidepost in a challenging economic environment," said James Rutherfurd, Executive Vice President and Managing Director at VSS. "The media, information and education industries have been negatively impacted by the economic downturn. However, as a whole these industries (which comprise the communications industry) have performed better than many other sectors of the US economy, and we are confident that over the medium and long term, the communications industry will regain momentum. The Communications industry has outgrown GDP growth in all of the periods of economic expansion studied since the

                                                                      Veronis Suhler Issues New 2009 Ad Forecast; Digital Still Up, But Not By As Much

                                                                      Citing a worse-than-expected economy in 2009 Veronis Suhler issued an update to its 2009 ad industry forecast earlier today that, unsurprisingly, expected traditional media to fare much worse than digital media. However, even digital media projections came down significantly and overall US advertising now expected to decline -0.4 percent in 2009 versus previous forecasts of 4.9 percent growth.\n\n-Pure-Play internet and mobile spending is forecast to grow 9.1 percent, down from previous forecasts of 15.5 percent. \n-Mobile content and videogames are forecast to grow 34.2 percent and 19.5 percent respectively, down from previous forecasts, which were not disclosed.\n-Newspaper, TV, magazine, and radio ad spend is forecast to decline -16.2 percent, -9 percent, -8.5 percent, and -7.2 percent respectively.\n\nGiven recent dismal earnings reports by media companies, the revised forecasts shouldn't be too surprising. Most media companies admitted 2009 was shaping up to be worse than expected so more downward revisions by research firms are likely to follow. More details on VSS' forecast here.

                                                                        Barclays Revises Online Ad Spend Downward; Only 2.3 Percent Gain Expected For ‘09

                                                                        Barclays Capital's latest downward revision for 2009 online ad spending calls for a meager 2.3 percent increase over last year to $23.7 billion. Just four months ago, analysts at the investment bank were calling for a reasonable 6 percent bump from '08, though that was a significant downgrade from Barclays' October forecast of 16 percent growth. Still to put it in context, total ad spend is expected to decline 13 percent (Barclays projected a 10 percent drop in December). Meanwhile, the outlook for newspapers hasn't gotten any worse than what Barclays predicted in December; analysts are maintaining that revenues in the category will fall 21 percent this year and will drop 10 percent in 2010.\n\n-Online segments: Even search doesn't appear as robust as it did previously. Back in December, Barclays thought the segment would rise 20 percent in '09, but now, it looks like search will only grow 8 percent. Four months ago, display was merely anemic with a 4 percent growth projection; at the moment, however, display is expected to slip into negative territory, down 1.2 percent this year. Barclays also sees a 7.5 percent decline in "auctions and other," while lead gen and e-mail marketing will hardly increase at all , growing 1 percent.\n\n-Better luck next year: For 2010, Barclays believes that online ad growth will revive somewhat. But the projected 5.7 percent increase in internet ad revs, reaching $25.1 billion, is fairly lackluster considering the tremendous double digit growth the past few years. For the moment, Barclays forecasts display making it back to the positive side with a small 2.7 percent gain, while search could be up 10 percent. Expectations will get dimmer for the "auctions and other" segment with a 1 percent decline as lead gen and e-mail are set to rise 3.4 percent. Still, things should only get better for online advertising from here on out, as the space takes a greater share of the total ad pie. Internet ad's market share will cross over and pass that of the newspapers in 2010 at 10.5 percent as the pr

                                                                          Lions Gate, Icahn Halt Talks; He May Push For Sale Of Library Or Company

                                                                          The board of Lions Gate Entertainment Corp. is the latest to tussle with financial agitator Carl Icahn over its direction-and now the board and its activist shareholder are quibbling over who was first to stop talks about Icahn getting to designate some board members. Icahn, who has taken on Time Warner (NYSE: TWX) and Yahoo (NSDQ: YHOO) in this space alone, said he stopped the discussions over a so-called "standstill agreement" that Lions Gate wanted to implement as part of any deal; that would make it harder for a hostile takeover to occur. Lions Gate Co-Chairman and CEO Jon Feltheimer and Vice Chairman Michael Burns issued a statement saying they stopped after three weeks of discussions with Icahn "to consider how we could accommodate some of his requests, including the possible appointment of his designees to the Board of Directors" because "the Board ultimately concluded that it could not meet his requests and continue to serve the best interests of all of our shareholders, which is our number one priority." Icahn is expected to push for the sale of the studio's lucrative library and possibly even to sell the whole company.\n\nAs of the last SEC filing in February, Ichan has accumulated 14.28 percent of Lions Gate's outstanding shares-a stake worth about $82 million at the day's close of $4.96. (The stock is trading up after hours as buyers look to an Icahn campaign; its 52-week high was $10.97 per share.) That makes him the third-largest shareholder after MHR Fund Management (19.4 percent) and Steinberg Asset Management (14.6 percent); Reuters points out that MHR is run by for Icahn investment chief Mark Rachesky.\n\nLions Gate, the largest indie studio left, has made some interesting choices in the digital space with Feltheimer as CEO, including:\n\n-partnering and investing with Viacom (NYSE: VIA), Paramount and MGM in a new premium channel, Epix, that will launch on broadband and has yet to be picked up by any multichannel operator. \n-Acquiring the TV Guide Network and TV Guide Online from Macrovision (NSDQ: M

                                                                            Hulu Wants To ‘Friend’ You, Launches Social Net

                                                                            A year after its official launch, Hulu thinks its time it made some friends. The NBCU/News Corp (NYSE: NWS). video site is adding a social network, called Hulu Friends, joining its smaller rivals CBS' TV.com and Joost, WSJ reports. Users will be able to create their own profiles, which Hulu believes will encourage more sharing of its videos. Whether that will lead to significantly more viewing-and more advertising revenue in turn-is an open question. More importantly, the direct sharing of video preferences and content within Hulu will make it much more easy to track what individuals are watching and hence, make them more targetable for ads. Strangely, WSJ makes a point of saying that by broadening its identity as a social net, it could somehow diminish cable networks' fears that Hulu is eroding their value by making consumers less reliant on subscribing to its channels. If anything, this would only seem to enhance Hulu's attractiveness to viewers by offering connections that cable providers would have great difficulty. Still, it remains to be seen how many users would want to join a social net centered around general video entertainment as opposed to more narrow interests.

                                                                              My Two Cents on Charging for Content

                                                                              Time, the New York Times and others with their back against the economic wall are now reconsidering that whole free thing.\n\nAnn Moore, the CEO of Time Inc, told a British newspaper:\n\n "Who started this rumour that all information should be free and why didn't we challenge this when it first came out? I say this in college classrooms and they start to throw their shoes at me."\n\nAnd so on…\n\nMy take: I actually don't think it matters what Time or Newsweek does on the web: they both seem to be trending towards insignificance:\n\n \n\ntime\n\n \n\nBut some of the other Time Inc properties, such as People.com, are doing much better online. And the NYT is doing great. Should they charge?\n\nI think they should-but not for everything and not for everyone. The old WSJ model got the Freemium model about right, I thought. For such premier titles, which can credibly claim to be papers of record and thought leaders, there is clearly a class of readers who will pay what it costs to get that content.\n\nBut what WSJ.com used to do was to offer a backdoor to free content for another class of consumer: the social media maven. Paying subscribers could make content free to others by clicking on an icon that created a URL for a free version of the story that they could use for blogging or to submit to sites such as Digg or Yahoo Buzz.\n\nThe deal was essentially this: these often influential word-of-mouth generators could trade reputational and attention credits for free content. The content would be part of the online conversation, not walled off behind a paywall, and presumably some fraction of those who followed the links to free content would recognize the value in the premium content around it and subscribe. A very nice Freemium model, in other words.\n\nSadly, the WSJ doesn't seem to do that anymore. The social media links it creates just go to short excerpts of the stories, and you have to subscribe for the whole thing. I suspect that this has had the effect of discouraging people from using those links, since it's going to result in disa

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                                                                              • on 03-12-2009

                                                                                La industria compra menos cemento

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                                                                                La industria compra menos cemento

                                                                                El consumo de cemento en el país se redujo un 31,8% el año pasado, informó la Cámara Salvadoreña de la Industria de la Construcción (Casalco), en su informe sectorial correspondiente a febrero.\n\nIsmael Nolasco, director ejecutivo de la gremial, aseguró al diario La Prensa Gráfica que el descenso fue el resultado de la disminución de proyectos en ejecución, tanto en el sector privado como en el público.\n\nSegún Casalco, en 2007 el consumo aparente fue por 2,5 millones de bolsas de 42,5 kilogramos, mientras que el año pasado alcanzó las 1,7 millones, con tendencia a seguir bajando.\n\n"Las expectativas del sector son de una baja considerable del consumo de cemento anual, respecto al año pasado, debido principalmente a la falta de crédito para la inversión privada y la incertidumbre sobre la velocidad que el nuevo gobierno le imprima a la ejecución de obras de infraestructura pública después del 1.º de junio", dijo Nolasco.\n\nDe forma reiterada, el sector de la construcción ha señalado que la banca privada les restringe el crédito, lo que afecta su desempeño. De acuerdo con Casalco, el financiamiento para adquisición de vivienda en los últimos dos años cayó 22.4%, mientras que para la construcción descendió un 21.6%.\n\nAl cierre de 2008, el sector reportó tasas negativas en sus índices, de -1.2% en el producto interno bruto (PIB), y -16,5% en el Índice del Volumen de la Actividad Económica (IVAE).

                                                                                  Crisis económica, la mejor oportunidad para Slim

                                                                                  Al parecer la crisis financiera se ha transformado en la mejor oportunidad de inversión para el empresario mexicano Carlos Slim. Pese a la turbulencia que viven actualmente los mercados, el multimillonario hombre de negocios ha decidido tomar ventaja de la situación anunciando nuevos proyectos y apostando por invertir en compañías con problemas financieros, una de sus más reconocidas estrategias.\n\nY es que sólo esta semana, además de informar que destinará a través de su empresa familiar Grupo Carso más de US$ 2.400 millones para incentivar la actividad empresarial y el desarrollo social en México, el magnate adquirió, por US$ 202.000, unas 53.000 acciones adicionales del proveedor de servicios de perforación estadounidense Bronco Drilling, elevando su participación al 15,67%.\n\nJunto con esto y hace unos días atrás, el tercer hombre más rico del mundo según la revista Forbes, no sólo anunció que sus empresas crearían este año alrededor de 34.000 nuevos empleos, sino que además concretó la adquisición de 150.000 acciones del grupo editorial estadounidense, The New York Times, aumentando en un 7% su participación. En la oportunidad, el presidente financiero de la compañía, James Follom, enfatizó que el interés de Slim era puramente financiero. En enero pasado, en tanto, el magnate había acordado destinar US$ 250 millones a la publicación a cambio de un interés anual del 14%.

                                                                                    Slim compró más acciones en petrolera

                                                                                    El inversionista mexicano Carlos Slim, compró 53.000 acciones adicionales del proveedor de servicios de perforación Bronco Drilling, por US$ 202.000 y elevó su participación al 15,67%, según un informe presentado a las autoridades de la Securities and Exchange Commission (SEC).\n\nA través de la Inmobiliaria Carso, firma especializada en servicios de arrendamiento propiedad de los Slim, éstos adquirieron las acciones de Bronco Drilling la semana pasada pagando un precio promedio de US$ 3,81 por acción, según publicó El Economista.\n\nDe esta forma, con esta nueva adquisición, Slim se convierte en propietario de 4,2 millones de acciones del proveedor de servicios de perforación terrestre.\n\nBronco Drilling Company, empresa situada en la ciudad de Edmon, Estados Unidos, brinda servicios de exploración a compañías productoras de gas y petróleo, y es dueño de una flota de 56 plataformas de perforación, de las cuales 45 representan contratos de venta y 11 se encuentran en inventario.

                                                                                      México exportó 31,5% menos en enero

                                                                                      En enero pasado las exportaciones mexicanas se contrajeron un 31,5% con respecto a las registradas en igual mes de 2008, informó el Instituto Nacional de Estadística y Geografía (Inegi).\n\nLa caída se debió principalmente a la baja de 54,2% en las exportaciones petroleras y de 26,3% en las no petroleras, según consignó El Semanario.\n\nDe esta forma, la balanza comercial no mostró cambios respecto del déficit de US$ 1.558 millones dado a conocer por el Inegi, pero fue menor a la alcanzada en igual periodo del año anterior, cuando llegó a US$ 1.764 millones, y al déficit de diciembre de 2008, que alcanzó a US$ 2.066 millones.\n\nEl déficit comercial tuvo origen tanto en la contracción del 31,5% de las exportaciones, como en la disminución del 30% de las importaciones, en comparación con igual periodo de 2008.\n\nEn este sentido, las exportaciones llegaron a US$ 15.231 millones, mientras que las importaciones fueron de US$ 16.789 millones.\n\nEn cuanto a las importaciones, éstas se vieron disminuidas por la baja en un 52,4% de las importaciones petroleras y en un 27,3% de las no petroleras. Finalmente, cabe destacar que as exportaciones automotrices cayeron en 50% a Estados Unidos y en 51,4% al resto del mundo.

                                                                                        Oscuro panorama económico espera al G20

                                                                                        Un desplome de las exportaciones chinas, la caída de los pedidos de fábricas en Alemania y la reducción de los precios en Japón pusieron el miércoles de relieve la debilidad de la economía mundial.\n\nAdemás, el FMI dijo que los Gobiernos actúan muy lento en purgar los activos tóxicos de los bancos.\n\nEl suizo UBS AG representaba la profundidad de los problemas de la industria bancaria. La entidad, el mayor administrador de riqueza del mundo, dijo el miércoles que las ganancias seguirían en riesgo por algún tiempo, al revisar su pérdida neta de todo el año a 20.900 millones de francos suizo (18.100 millones de dólares).\n\nEl director gerente del Fondo Monetario Internacional (FMI) Dominique Strauss-Kahn dijo que él anticipaba que la economía mundial se recupere a partir de mediados del 2010, pero sólo si los Gobiernos avanzaban rápido para implementar medidas de estímulo y se limpian de activos tóxicos los balances de los bancos.\n\n"En la reestructuración (de los bancos) las cosas están realmente lentas", dijo Strauss-Kahn en una entrevista con Reuters. "Me temo que si las cosas van por ese camino por dos o tres meses más, entonces la recuperación en 2010 será difícil", agregó.

                                                                                          Brasil reduce tasa de interés a 11,25%

                                                                                          El Banco Central de Brasil recortó el miércoles agresivamente la tasa de interés referencial por segunda vez en lo que va del año, en un esfuerzo por evitar que la mayor economía de América Latina entre en recesión.\n\nEl Comité de Política Monetaria (Copom) del banco dijo que decidió por unanimidad recortar la tasa Selic en 150 puntos básicos, a un 11,25 por ciento, en la reducción más drástica en más de cinco años.\n\n"El comité acompañará la evolución de la trayectoria prospectiva para la inflación hasta la próxima reunión, tomando en cuenta la magnitud y la rapidez del ajuste de la tasa básica de interés ya implementado y sus efectos acumulativos, para entonces definir los próximos pasos en su estrategia de política monetaria", dijo el Copom en un breve comunicado.\n\nCon el recorte de este miércoles, la tasa quedó al mismo nivel que tuvo entre septiembre del 2007 y abril del 2008. Después el Banco Central endureció su política monetaria para contener presiones inflacionarias.

                                                                                            Madoff mysteries remain as he nears guilty plea

                                                                                            Bernard Madoff is set to admit he orchestrated Wall Street's largest fraud on Thursday, but there are still big questions about the case, including whether anyone else will face criminal charges.\n\nThe once-respected money manager, accused of stealing billions of dollars from clients of his family-run business, is the only person who has been charged by federal prosecutors.\n\nLegal experts who have been following the case, however, believe the purported scheme was likely too complex and went on too long to have been carried out by one person alone.\n\nA key issue is whether the conduct of anyone else associated with Madoff rose to the level of criminal activity, experts say. Prosecutors have said their investigation is continuing.\n\nProsecutors said in court papers on Tuesday that Madoff hired people with little experience in the securities industry and directed them to concoct phony trading records and account statements. These employees were not named and there was no indication whether any charges would be brought against them.

                                                                                              The biggest losers? Try 355 ex-billionaires

                                                                                              Carnage in economies and stock markets worldwide has united 355 of the world's wealthiest people in a new way: they're now ex-billionaires.\n\nForbes magazine on Wednesday said the 355, ranging from former Citigroup Inc chief Sanford "Sandy" Weill to Russian tycoon and ex-KGB agent Alexander Lebedev to accused Ponzi scheme mastermind Allen Stanford have fallen off its annual survey of the uber-rich.\n\nDeath claimed 18 more members. Some 41 people joined the list. That left the tally of billionaires worldwide at 793, worth a collective $2.4 trillion, down from 1,125 people, worth $4.4 trillion, a year earlier.\n\nThe damage was widespread, with dropoffs including former American International Group Inc chief Maurice "Hank" Greenberg, former Walt Disney Co chief Michael Eisner, private equity investor J. Christopher Flowers, and India's Vijay Mallya, who controls Kingfisher Airlines Ltd.\n\nNot even the world's richest people had a great year. The collective net worth of Microsoft Corp co-founder Bill Gates, Berkshire Hathaway Inc Chairman Warren Buffett and Mexico tycoon Carlos Slim slid 38 percent, to $112 billion from $180 billion.\n\nThe biggest loser in dollars is Anil Ambani, chairman of India's Reliance Communications Ltd, whose net worth slid $31.9 billion to $10.1 billion. India's Lakshmi Mittal, who chairs steelmaker ArcelorMittal SA, lost $25.7 billion, while Buffett, Slim and KP Singh of India real estate developer DLF Ltd lost $25 billion each.\n\nBy country, the billionaire roll fell to 359 from 469 in the United States, to 32 from 87 in Russia and to 24 from 53 in India. Net declines were 123 in the Americas, 102 in Europe, 81 in the Asia-Pacific area and 26 in the Middle East and Africa.

                                                                                                Madoff Used U.K. Office in Cash Ploy, Filing Says

                                                                                                For years the London operation for Bernard Madoff's firm was a little-known outpost of his New York trading group. Now, authorities said it played a role in how Mr. Madoff carried out his alleged fraud.\n\nThe development, disclosed in the government's criminal charges against Mr. Madoff on Tuesday, draws a more-direct connection between the alleged fraud and the trading operation in London, where directors and shareholders included family members and associates of Mr. Madoff.

                                                                                                  Internet, la gran base de los servicios para empresa

                                                                                                  Internet se ha integrado completamente en la infraestructura tecnológica de las empresas. No existe un modelo único y puro sino infraestructuras híbridas y dinámicas que las empresas explotan de la mejor forma que saben y pueden, en función de sus necesidades y prioridades. En la feria Cebit de Hannover, empresas como IBM, SAP, Oracle, Fujitsu, Sofware AG e incluso Microsoft son ahora más proveedoras de servicios informáticos y de manejo de la infraestructura tecnológica que vendedores de programas y de equipos. Han sido ellas las grandes protagonistas de la feria.

                                                                                                    Firms Prepare for a Fight Over Generic Drugs

                                                                                                    Biotechnology companies are gearing up for battle on Capitol Hill after Rep. Henry Waxman, the powerful California Democrat, introduced a bill that would clear a regulatory path for generic drug makers to produce copies of biologic medicines.\n\nCompanies such as Amgen Inc. and Genentech Inc. have fought off such efforts in the past. Biologics are generally proteins manufactured in living cells, and they are far more complex than traditional drugs that can be cooked up by mixing chemicals in well-defined steps.\nRep. Waxman has introduced biologic generic legislation twice before with no success. But this time may be different. He has become chairman of the House Energy and Commerce Committee, and Congress is looking for ways to save billions of dollars in drug costs. President Barack Obama specifically mentioned the need for generic versions of biologics in his budget proposal last month.\n\nRep. Waxman has an important ally in co-sponsor Nathan Deal of Georgia, a leading House Republican and a conservative who previously questioned the legislation.\n\nA key issue in the latest bill is whether brand-name biologics should be given a guaranteed period of market exclusivity separate from any patent protection they might enjoy. The Waxman bill sets a five-year exclusivity period. Major biotech companies are pushing for 14 years.

                                                                                                      Mortgage Investors Call for Changes in Housing Rescue Plan

                                                                                                      Investors who hold billions of dollars of residential mortgage-backed securities are pressing the Obama administration to make changes in its housing rescue plan.\n\nParticipation by these investors will help determine the success of President Barack Obama's $75 billion plan to reduce foreclosures and help stabilize the housing market. But many investors are critical of features of the program and have been meeting with Treasury officials in an effort to influence parts of the plan, such as how it treats second mortgages.\n\nSome investors say they are contemplating legal action because they think the administration's plan and legislation before Congress would violate their rights. They are particularly concerned about measures that would prevent lawsuits against mortgage servicers, who collect loan payments for the investors and are responsible for modifying loans with homeowners.\n\n"Investors are given rights through the contracts in the securities, and we expect those rights to be honored," said Jeffrey Gundlach, chief investment officer of TCW Group Inc., which manages roughly $52 billion in residential mortgage-backed securities.

                                                                                                        Prisa se dispara un 26% en bolsa ante los rumores de que aplaza el pago de su deuda

                                                                                                        Aunque se ha ido moderando a lo largo de la mañana, el rebote de la acción de Prisa ha sido espectacular en las primeras horas de cotización. A las 9:44, la acción de Prisa subía un 21,05% hasta los 1,15 euros.\n\nMinutos más tarde, al filo de las 13:00, el rebote era del 18%, colocando el precio de cada título en 1,12 euros. Pero al cierre del mercado los inversores han vuelto a poner sus ojos en los títulos de la compañía y, finalmente, ha cerrado con un repunte del 26,3%, hasta los 1,20 euros.\n\nSegún numerosos analistas, este extraordinario rebote, que rompe con la intensa racha bajista que ha dejado las acciones de Pirsa por debajo del euro, se debe a que el Grupo de Comunicación habría logrado un acuerdo con los bancos para aplazar de nuevo el crédito de 1.950 millones de euros que obtuvo para hacer frente a al OPA lanzada sobre Sogecable, y cuya fecha de vencimiento era el próximo 31 de marzo.\n\nSegún ha comunicado Prisa a la CNMV, el grupo de medios de comunicación se encuentra renegociando con las entidades financieras los términos de la restructuración de su deuda.

                                                                                                          Prisa registra mayor subida bolsa (26,32%) por renegociación deuda

                                                                                                          Las acciones de Prisa registraron hoy la mayor subida de la bolsa, el 26,32 por ciento, después de que la compañía informara de que continúa con las negociaciones para refinanciar sus deuda, según expertos consultados.\n\nLos títulos del grupo de comunicación ganaron 25 céntimos de euro y concluyeron la jornada bursátil en 1,2 euros, después de que los inversores negociaran 2,88 millones de acciones por valor de 3,29 millones.\n\nLa acción de Prisa, que se encontraba en mínimos históricos y que el lunes se había cambiado a menos de un euro, recuperaba en esta sesión un cuarto de su valor después de que la compañía reiterara a la Comisión Nacional del Mercado de Valores (CNMV) que las negociaciones para la reestructuración de su deuda con las entidades financieras estaban muy avanzadas.\n\nEntre la deuda de Prisa destacan los 1.950 millones de euros de un crédito puente obtenido para la financiación de la opa presentada por Sogecable a finales de 2007 y que vence este mes

                                                                                                            Hearst Plans Online-Only Version Of Seattle P-I; Makes Offers To Staff On It

                                                                                                            The newspaper division of Hearst, one of the most troubled in the country, is in the middle of its "100 days of change", as we have reported before, and is now taking steps on the inevitable for its Seattle paper, the Seattle Post-Intelligencer. It has made offers to some staffers to participate in an online-only version of the newspaper, the P-I reported on its website late last night. This means P-I is ditching the paper version, as it had warned before. No word yet on when the final edition of the paper will be, but signs point to maybe by next week. Hearst says it lost $14 million last year on the P-I. It has a weekday circulation of 117K, according to ABC. The P-I was founded as the Seattle Gazette in 1863, and Hearst has owned it since 1921.\n\nThe Christian Science Monitor has announced its plunge already with an online daily and print weekly, but is on a different scale. Hearst's experiment will be among the first such for a metropolitan city this size in U.S. The company also said last month that it may close its San Francisco Chronicle newspaper, unless it can figure out massive costs cuts within and with the unions.\n\nLikely the staff size will be much smaller, with all the print inefficiencies weeded out. An unspecified number of the P-I's 181 employees received "provisional offers" this week to work on the site, and the plan is subject to approval by Hearst's senior management. No word on whether it will charge for the online content, something it has been actively considering of late.

                                                                                                              Yahoo Newspaper Consortium Adds Boston Globe And St. Petersburg Times | paidContent.org

                                                                                                              Given the woes facing the newspaper industry, it's not surprising that Yahoo (NSDQ: YHOO) decided to hold its Newspaper Consortium CEO Summit in Las Vegas this week. Over the past few weeks, I've spoken to a number of members who expressed-off the record-a mixture of hope and worry about the program, which has been the only ad vehicle providing strong online ad-growth lately. For one thing, there's been some concern about the departure of Sue Decker, who was a driving force behind the creation and development of the Newspaper Consortium. And there was also some trepidation about what sort of direction the program might take under new CEO Carol Bartz, who comes from a non-media executive background. In the past few weeks, members have been encouraged by Bartz' plan to address the assembly and are mostly taking a wait-and-see attitude.\n\n-A fair hearing: "I would feel more worried about Sue not being here if the APT program weren't already being rolled out," one member told me. "As for Carol, I think we're relieved to see that Yahoo's search to replace Jerry is over and hopefully, with the reorg out of the way, the company can get back to (the) more mundane business of driving ad revenue. I think it's a good sign that Carol is willing to talk to the members and I'm sure she'll get a more than fair hearing."\n\n-New additions: In the meantime, the Newspaper Consortium is welcoming the addition of NYTCo's Boston Globe and the St. Petersburg Times, published by the Times Publishing Company, which is owned by the Poynter Institute. Since Yahoo unveiled the APT ad-targeting and delivery platform back in September, the company has added over 50 other papers to its roster. It hasn't hurt that the worsening outlook for newspapers has made the early promises of the program more attractive. As Leon Levitt, Cox Newspapers' VP of digital media, told me, "This has changed the way we sell. We're no longer selling the Atlanta Journal Constitution or AJC.com. We're selling audience to advertisers and we're agnostic as to the product

                                                                                                                FiOS TV Strikes New Deals With Turner, Sony

                                                                                                                Verizon's FiOS TV has added more free movies and on-demand programming thanks to new deals with Turner Networks and Sony. The deals increase FiOS' on-demand library and allows users to see more recent films in high-definition (HD).\n\nThe new deal with Turner will provide content to Verizon's on-demand lineup from eight channels-Adult Swim, Boomerang, Cartoon Network, CNN, TBS, TNT, TruTV, and Turner Classic Movies. Turner is providing dozens of free movies a month including new releases like Anaconda and A Knight's Tale to classics from TCM.\n\nThe Sony deal will allow customers to watch films from Sony's library like Hancock and Pineapple Express in HD.\n\n"Because we're delivering FiOS TV over the nation's most advanced fiber-optic network, straight to customers' doors, our subscribers can access interactive video services that help them save time and money," said Terry Denson, FiOS' VP of content and programming in a statement.\n\nFiOS TV's on-demand library has 14,000 titles and 1300 HD on-demand movies. More than 1000 of those titles are free. The service is currently available in 9.2 million homes nationwide, spanning 14 states.

                                                                                                                  3i to sell VC portfolio (Dealscape)

                                                                                                                  Listed British private equity firm, 3i Group plc, which has been struggling after leveraging its own balance sheet to pay for a series of share buybacks over the past few years, has now resorted to putting its venture capital portfolio up for sale to secondaries investors, in the hope of raising £300 million to £400 million ($415 million to $555 million).\n\nA source close to the situation said a report in Financial News suggesting 3i had brought in specialist private equity adviser and secondary portfolio sales agent Campbell Lutyens & Co. Ltd. was broadly correct.

                                                                                                                    Study: VC returns beat PE returns

                                                                                                                    Given the state of the economy, there aren't many silver linings for private capital firms -- or the rest of Wall Street for that matter -- to crow about. However, venture capitalists may have found something to brag about when panhandling potential limited partners for new commitments because according to a new report venture capital firms outperformed their buyout counterparts in the third quarter of 2008 -- a rare event in finance.\n\nFor only the third time in history, the return on investment of venture capital firms performed better than buyout firms, according to a study by Cambridge Associates LLC. However, both lost money, of course:\n\n * Venture Capital: -2.8%\n * Buyout firms: -8%.\n\nThe Wall Street Journal's Private Equity Beat blog notes that this is only the third time since 2005 that buyout quarterly returns trailed venture capital -- Cambridge Associates has tracked both PE and VC returns since 1986. PE Beat's Laura Kreutzer wrote of the news:\n\n "It was the first time since the third quarter of 2007 and only the second time since 2005 began that buyout firms' quarterly returns have trailed those of their venture counterparts, as the buyout industry began to feel the impact of a weakening economy, declining public markets and mark to market accounting rules required by Financial Accounting Standards Board Rule 157."\n\nHowever, before VC firms crow too much about Cambridge's study, Kreutzer also notes:\n\n "Buyout professionals are quick to point out that quarterly returns don't carry much meaning given that theirs are long-term investments. The longer-term Cambridge Associates data shows that private equity has generated 13.3%, 19% and 11.8% returns over the past three years, five years and 10 years, respectively."\n\nStill for VCs, who have watched a growing number of startups join the deadpool in this economy, any silver lining is worth celebrating.

                                                                                                                      When Should a Process Be Art, Not Science?

                                                                                                                      Can a successful European sales process be rolled out worldwide, or should regional teams be allowed to perform their individual magic? Does it make sense for a manufacturer to invest in developing and documenting a detailed process that complies with the latest ISO standards, or would more employee training and empowerment lead to higher quality? Can quality be improved by managing surgeons like nurses or auditors like mechanics? Executives in almost every industry face similar questions about how to handle their processes. There are some processes that naturally resist definition and standardization-that are more art than science. Helping executives understand which should not be standardized and how to manage artistic and scientific processes in tandem is the purpose of this article.\n\nThe idea that some processes should be allowed to vary flies in the face of the century-old movement toward standardization. Process standardization is taught to MBAs, embedded in Six Sigma programs, and practiced by managers and consultants worldwide. Thousands of manufacturing companies have achieved tremendous improvements in quality and efficiency by copying the Toyota Production System, which combines rigorous work standardization with approaches such as just-in-time delivery of components and the use of visual controls to highlight deviations. Process standardization also has permeated nearly every service industry, generating impressive gains.

                                                                                                                        Some Banks, Citing Strings, Want to Return Aid

                                                                                                                        The list of demands keeps getting longer - and too much for many American banks, The New York Times's Stephen Labaton reports.\n\nFinancial institutions that are getting government bailout funds have been told to put off evictions and modify mortgages for distressed homeowners. They must let shareholders vote on executive pay packages. They must slash dividends, cancel employee training and morale-building exercises, and withdraw job offers to foreign citizens.\n\nAs public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.\n\nThe conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyond protecting taxpayers and border on social engineering.\n\nSome bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo.\n\nThey say they plan to return the money as quickly as possible or as soon as regulators set up a process to accept the refunds. On Tuesday, Signature Bank of New York announced that because of new executive pay restrictions in the economic stimulus package, it notified the Treasury that it intended to return the $120 million it had received from the government only three months ago.\n\nOther institutions like Johnson Bank of Racine, Wis., initially expressed interest in seeking bailout funds but have now changed their minds. Bank executives told The Milwaukee Journal Sentinel that one reason they rejected the government money was to avoid any disruption in the bank's role in the local community, including supporting the zoo or opera company if they chose to.\n\nOne of the biggest concerns of the banks is that the program lets Congress and the administration pile on new conditions at a

                                                                                                                          Rupert Murdoch BuysThe Brooklyn Paper

                                                                                                                          The Observer has learned that the 31-year-old independent newspaper, The Brooklyn Paper, has been purchased by Rupert Murdoch's News Corporation.\n\nThe Brooklyn Paper's editor (and onetime Observer profile subject) Gersh Kuntzman and its publisher Celia Weintrob confirmed the news.\n\n"We're very excited," said Mr. Kuntzman in an interview.\n\nHe said that he has not yet spoken to Mr. Murdoch, but he has had conversations with people from News Corp.\n\n"They don't want the product to change," said Mr. Kuntzman. "And they love the product. And the product is fantastic."\n\nMs. Weintrob said an official statement would be released on Friday.\n\nIn 2006, Mr. Murdoch purchased a rival chain of papers, The Courier-Life chain, which publishes 12 papers in Brooklyn. Last year, when Gawker speculated that the Paper was in financial trouble, Mr. Kuntzman was dismissive of that report-and of Mr. Murdoch's chain of papers.\n\n"The Brooklyn Paper, which just won 'Newspaper of the Year' from a major national trade group, is certainly not going out of business," he told Gothamist. "Brooklyn needs us too much right now, what with local papers being snapped up by billionaire moguls who have no interest in local news except maximizing classified ad sales. Has Rupert Murdoch even BEEN to Brooklyn? His reporters don't know the territory, either."\n\nWe'll have more as it comes in.

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                                                                                                                          • on 03-10-2009

                                                                                                                            Acciones Cemex se hunden más de un 6%

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                                                                                                                            Acciones Cemex se hunden más de un 6%

                                                                                                                            Las acciones de la cementera mexicana Cemex caían el lunes en la bolsa local, luego de que anunciara que está en conversaciones con bancos para renegociar la mayoría de su deuda, unos US$ 14.500 millones en créditos sindicados o bilaterales.\n\nLos títulos de la tercera mayor cementera del mundo caían un 6,49%, a 6.20 pesos. Sus ADR restaban un 7,41%, a US$ 4,0 dólares.\n\nLa compañía también anunció que pospuso indefinidamente una oferta de bonos y dijo que seguirá analizando otras estrategias, incluida la venta de activos.

                                                                                                                              Cemex negocia con bancos y pospone bono

                                                                                                                              La cementera mexicana Cemex dijo el lunes que inició conversaciones con bancos para renegociar unos 14,500 millones de dólares en deuda y que postergó la emisión de un bono por 500 millones de dólares.\n\nLa noticia provocó una caída de un 7 por ciento de las acciones del tercer mayor fabricante de cemento del mundo.\n\nLa semana pasada, Cemex, que se ha visto golpeada por la crisis económica mundial, no logró fijar el precio de una emisión de bonos que buscaba colocar en los mercados internacionales.\n\n"Cemex (...) ha iniciado conversaciones con sus principales bancos para renegociar la mayoría de su deuda de aproximadamente 14,500 millones de dólares en créditos sindicados y créditos bilaterales", dijo la empresa en un comunicado.\n\nCemex "pospone indefinidamente la emisión de un bono en mercados internacionales", agregó.\n\nLas acciones de la cementera caían un 5.58 por ciento, a 6.26 pesos, en la bolsa local. Sus papeles en Nueva York bajaban un 6.94 por ciento, moderando su retroceso después de haberse precipitado un 7.18 por ciento.

                                                                                                                                FMI proyecta caída de 5% en comercio mundial

                                                                                                                                El Fondo Monetario Internacional (FMI) proyectará una contracción del comercio mundial de cinco por ciento o más este año antes de una cumbre del 2 de abril en la que se reunirán los países ricos y en vías de desarrollo del G20, dijo el lunes una alta fuente comercial.\n\nIncluso esa cifra, mucho más aguda que la proyección anterior del FMI de hace menos de dos meses, probablemente resulte demasiado conservadora, mientras las potencias comerciales continúan anunciando caídas de dos dígitos en las exportaciones, según la fuente.\n\nLa potente caída del comercio, la primera contracción desde 1982, no es sólo un reflejo de la recesión, sino que muestra además cómo la interdependencia económica conocida como globalización se está desarmando bajo el impacto de la crisis financiera que estalló el año pasado.\n\nEl FMI probablemente presente una nueva estimación económica el 25 o el 26 de marzo, un número que mostrará que el comercio se contraerá este año cinco por ciento o más, dijo la fuente, quien pidió que su nombre no fuera revelado.\n\n"Esto es sólo un indicio que hemos tenido de ellos", dijo la fuente, en referencia a las autoridades del Fondo.

                                                                                                                                  Nueva York perderá 270.000 empleos por declive "severo"

                                                                                                                                  La Ciudad de Nueva York está en un retroceso "severo y prolongado" que en última instancia costará los empleos de 270.000 personas, incluyendo 50.900 trabajadores del sector de valores cuyos puestos impulsan la economía de la ciudad, dijo el lunes un informe.\n\nLa más reciente proyección, de la Oficina Independiente del Presupuesto, incrementa el número de despidos que pueden prever las personas que trabajan en la ciudad en 30.000 desde el cálculo de enero.\n\nSe anticipa que Wall Street seguirá perdiendo dinero este año, aunque la estimación de 8.300 millones de dólares es menor que las pérdidas totales del año pasado, que deberían exceder los 45.000 millones de dólares, dijo el reporte.\n\nLa industria financiera de la Ciudad de Nueva York cumple el mismo papel que las automotrices para Detroit. Hasta recientemente, los trabajadores de valores en promedio ganaban unos 400.000 dólares y sus empleos creaban entre una y tres posiciones de servicios, desde camareros hasta abogados

                                                                                                                                    Carlyle Raises $500 Million for Mideast Fund

                                                                                                                                    The Carlyle Group said Monday that it has raised $500 million for its first Middle East and North Africa private equity fund.\n\nThe firm said that it will seek to invest in growth companies in a variety of sectors in the region, including energy, financial services and infrastructure.\n\nCarlyle's Middle East and North Africa team was created in March 2007, and the 12-member group is based in Cairo, Dubai and Istanbul. It has made one investment, the purchase of a 50 percent stake in Turkish shipbuilder TVK Gemi Yapim Sanayi ve Ticaret in July.

                                                                                                                                      'The New York Times' alquila parte de sus oficinas para hacer frente a su deuda

                                                                                                                                      El periódico estadounidense The New York Times ha alcanzado un acuerdo con la empresa W.P. Carey para alquilar parte de sus oficinas centrales por 180 millones de euros con el fin de reducir deudas "en un momento dramático para la industria del papel", ha informado hoy la compañía editora del diario.

                                                                                                                                        Descubierto el que podría ser el único retrato de Shakespeare en vida

                                                                                                                                        El descubrimiento de un nuevo retrato de William Shakespeare que podría ser el único realizado en vida al dramaturgo inglés pretende cerrar, al menos de momento, el debate sobre su imagen real. El profesor Stanley Wells, quien fuera director del Instituto Shakespeare, aseguró hoy estar "convencido" de que este es el único retrato que se le hizo a Shakespeare en vida y que el resto de los conocidos hasta el momento son únicamente copias.\nLa imagen del escritor inglés más importante de todos los tiempos, presentada hoy en Londres, ha permanecido durante siglos oculta entre los cuadros que posee la familia Cobbe. Fue uno de sus miembros, Alec Cobbe, quien al visitar una exposición sobre Shakespeare organizada en 2006 por la Galería Nacional de Retratos, de Londres, se dio cuenta de que en su colección había uno muy similar al exhibido en este museo.

                                                                                                                                          Buffett says economy fell off cliff, fears inflation

                                                                                                                                          Warren Buffett said on Monday the U.S. economy had "fallen off a cliff" but would eventually recover, although a rebound could kindle inflation worse than that experienced in the late 1970s.\n\nSpeaking on CNBC television, the 78-year-old billionaire said the country is experiencing a "close to the worst-case" scenario of falling business activity and rising unemployment, causing consumer confidence and spending to tumble.\n\nBuffett called on Democratic and Republican policymakers to set aside partisan differences and unite under the leadership of President Barack Obama to wage an "economic war" that will fix the economy and restore confidence in banking.

                                                                                                                                            Senators push for GM bankruptcy

                                                                                                                                            In what may have been a coordinated effort to send the Obama administration a message while the Treasury Department's auto task force toured Detroit ahead of the bailout deadline, Sen. John McCain, R-Ariz., and Sen. Richard Shelby, R-Ala., chimed in on competing TV networks saying General Motors Corp. (NYSE:GM) should simply file for bankruptcy.\n"The best thing that could probably happen to General Motors, in my view, is they go into Chapter 11," McCain told Chris Wallace on "Fox News Sunday." A bankruptcy filing, he explained, would allow the company to more quickly restructure itself to become "stronger, better, leaner."\n\nSpeaking on ABC's "This Week with George Stephanopoulos," Shelby discussed both Citibank Inc. (NYSE:C) and GM. He repeated McCain's sentiments about GM, saying:\n\n "I've suggested they go into Chapter 11. That's where they belong. And they could reorganize. We could get, you know, money in place for them. We could do it if they did it and did it right. Short of that, the UAW will run those companies and run them into the ground."\n

                                                                                                                                              BofA withdraws job offers

                                                                                                                                              In what is sure to become a trend, Bank of America Corp. (NYSE:BAC), the so-called "bank of opportunity," has become the first U.S. bank to limit job opportunities for H1-B visa applicants by reportedly rescinding job offers the bank made to graduating foreign M.B.A. students. \nAccording to an article in the Financial Times, BofA says conditions in its $45 billion bailout deal will keep it from hiring highly skilled workers applying for H1-B visas. Those conditions, originally written into the $787 billion stimulus bill by Sen. Chuck Grassley, R-Iowa, were to limit the number of jobs available from Troubled Asset Relief Program recipients to foreign workers.\n\nThe number of international students receiving offers from BofA who are affected by the announcement are about 50, but other big banks with TARP funding such as Wells Fargo & Co. (NYSE:WFC), J.P. Morgan Chase & Co. (NYSE:JPM), Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) will most likely be required to soon follow suit. Most of these institutions have already frozen hiring foreign workers on H1-B visas.

                                                                                                                                                Deal Stocks: Is M&A Monday back?

                                                                                                                                                A few years ago, the term M&A Monday was a common utterance among members of the business media, but as the economy slowed, so too did merger activity ending the weekly merger announcement frenzy on Mondays. But M&A Monday just won't die as a parade of deals marched down Wall Street. Sadly, however, the news didn't lift the markets as the Dow closed down -79.89, or -1.21%, at 6,547.05. \nLeading Monday's pageant was drug giant Merck & Co. (NYSE:MRK), which agreed to buy rival Schering-Plough Corp. (NYSE:SGP) for $41.1 billion in cash and stock. The news sent Merck shares down $1.75, or 7.7%, to $20.99 a share and Schering shares up $2.50, or 14.2%, to $20.31. In related news, the deal vaulted Merck adviser Morgan Stanley (NYSE:MS) to the top of Thomson Reuters' league tables. However, the news didn't help its share price, which fell 70 cents, or 4.4%, to $16.48 a share.

                                                                                                                                                  Moody’s Slashes Clear Channel’s Debt Ratings

                                                                                                                                                  nother day, another leveraged buyout deal goes on death watch.\n\nClear Channel Communications, the nation's largest radio broadcaster, had its debt ratings slashed four notches further into junk territory on Monday by Moody's Investor Service. The credit-rating agency said there was a "high probability" that Clear Channel, which was taken private last year by Bain Capital Partners and Thomas H. Lee Partners in a $17.9 billion leverage buyout, would violate its debt covenants in the future because of a huge slump in advertising revenue.\n\nTo head off a possible default, Clear Channel may be forced to strike new deals with its lenders, which include several major banks, including Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, the Royal Bank of Scotland and Wachovia.

                                                                                                                                                    CEO bonuses are falling fast, study finds

                                                                                                                                                    Annual bonuses for U.S. chief executives are shrinking, though the declines may be cold comfort for shareholders rocked by big stock market declines.\n\nThe median total bonus pay for chiefs of 173 large U.S. companies fell 19.1 percent in fiscal 2008 from a year earlier, dropping to $889,715 from $1.1 million, according to new data from compensation research firm Equilar Inc to be released formally on Tuesday.\n\nA similar study a year ago found that CEO bonuses were down 4.5 percent in fiscal 2007 from 2006.\n\nSome companies, such as General Electric Co, have announced they awarded no CEO bonus last year amid declining corporate profits and stock prices. Overall, though, the bonus declines at companies in the study were not as steep as the losses sustained in the benchmark Standard & Poor's 500 index, which slid 38.5 percent for all of 2008.\n\nU.S. companies are under pressure to restrain CEO pay at a time of economic and stock market turmoil, with President Barack Obama and others criticizing what they see as excessive executive payouts, particularly at financial firms accepting government bailout money.

                                                                                                                                                      Arnold Likely To Be Wooed For CEO Jobs

                                                                                                                                                      In stepping down from a top post at Procter & Gamble Co., Susan Arnold , a longtime trailblazer at the consumer-products giant, becomes a hot commodity for other major corporations in the market for a CEO.\n\nExecutive recruiters have for years tried to interest the 55-year-old P&G executive in taking the helm of another big company, where she would join the rarefied ranks of female chief executives.\n\nLate last year, for instance, Walgreen Co. considered her during the first external CEO search in the drugstore chain's 108-year history, according to people familiar with the situation. But Ms. Arnold soon pulled out of the running for the Walgreen job, one informed individual said. A spokesman for Walgreen, which filled the vacancy with an insider, declined to comment on whether it approached Ms. Arnold.

                                                                                                                                                        Chávez targets Coca-Cola in crackdown

                                                                                                                                                        President Hugo Chávez of Venezuela has made Coca-Cola the target of his latest salvo against the private sector, ordering the company to vacate a plot of land in western Caracas and signalling that his crackdown on businesses will continue.\n\n"We have to accelerate the transition to socialism," Mr Chávez said on his Sunday television show, Hello, ­President.\n\nDuring the programme, Mr Chávez announced that Coca-Cola, run here by Mexico's Grupo Femsa, had two weeks to vacate a plot of land it uses as a parking lot for delivery trucks, to make way for housing for the poor.\n\nMr Chávez said the government was also studying intervention in the cases of several farms underused in the states of Carabobo, Aragua, Yaracuy and Miranda. Last Friday Mr Chávez expropriated a 1,500-hectare eucalyptus plantation owned by Smurfit Kappa, the Irish paper packaging giant, arguing that the trees were causing ecological damage by drying up the soil and the area's rivers.

                                                                                                                                                          Cebrián se deja 20 millones en la caída bursátil de Prisa

                                                                                                                                                          uan Luis Cebrián, consejero delegado de Prisa, se ha dejado 20 millones en la caída bursátil del gigante de la Comunicación. Cebrián declara ante la CNMV que posee el 0,566% de las acciones del Grupo, siendo el miembro del Consejo que tiene más acciones a título individual, lo que significa 1.224.983 títulos, que hace dos años valían 21,8 millones de euros y que ahora, con la acción a 98 céntimos -como ha abierto esta mañana en la Bolsa de Madrid- su participación está valorada en 1,2 millones de euros. Nada de que alegrarse. \n\n\nEn cualquier caso, la máxima bursátil dice que mientras no vendas tus acciones, no han perdido dinero, aunque lo cierto es que a día de hoy, la participación de Juan Luis Cebrián en Prisa está valorada en 1,2 millones de euros, equivalente al 0,566% de las acciones que el Consejero Delegado de Prisa posee y que se encuentra declarado en los registros de la Comisión Nacional del Mercado de Valores.

                                                                                                                                                            Auction - Smurfit-Stone Container Corp.

                                                                                                                                                            Target(s): Smurfit-Stone Container Corp.\nSeller(s): Smurfit-Stone Container Corp.\nAnnouncement Date: Jan 15, 2009\nAuction Description: Lenders of the company were told that Smurfit-Stone could file for bankruptcy protection within two weeks\nAuction Status: Still on the block\nAuction Updates (5) : - Close\n\nUpdate date : Mar 06, 2009\n As a result of the significant decline in value of its equity securities and its debt instruments and the downward pressure placed on earnings by the weakening U.S. economy, Smurfit-Stone said it has evaluated the carrying amount of its goodwill and intangible assets for potential impairment in the fourth quarter of 2008. The company obtained third-party valuation reports as of Dec. 31, 2008 that indicated the carrying amount of its goodwill and intangible assets should be fully impaired based on declines in current and projected operating results and cash flows.\n \nUpdate date : Feb 23, 2009\n Smurfit-Stone Container announced that the U.S. Bankruptcy Court in Wilmington, Del., has granted final approval of its $750 million DIP credit facility. It provides the company with access to the full amount of the facility. The court had previously granted the company interim authority to access $550 million of the DIP facility. The court also granted final approval to various other interim orders that had been entered at the commencement of the bankruptcy case.\n \nUpdate date : Jan 29, 2009\n Smurfit-Stone has now received court authorization to, utilize up to $550 million of the company's new $750 million DIP credit facility on an interim basis; a hearing at which Smurfit-Stone will seek final court approval for the full amount of the DIP facility; and other first day motions has been scheduled for Feb. 23, 2009.\n \nUpdate date : Jan 26, 2009\n Smurfit-Stone Container Corp., a maker of cardboard packaging and one of the world's largest paper recyclers, files for bankruptcy in the face of falling demand and heavy debt payments.\n \nUpdate date : Jan 15, 2009\n Altho

                                                                                                                                                              Quadrangle Promotes Four Executives

                                                                                                                                                              The Quadrangle Group, the media-focused private equity firm, announced several promotions on Thursday, including one executive to the title of principal.\n\nQuadrangle is the firm that was until recently led by Steven Rattner, the former investment banker who is now a senior adviser to the Treasury Department on its auto industry negotiations.\n\nAmanda Siegel, a vice president who was named as a new principal, joined the firm in 2003 from DLJ Merchant Banking Partners. Executives being promoted to vice president include Alex Hocherman and Sebastien Briens, both formerly of consulting firm Bain & Company, and Mark Brennan, formerly of TVG Capital Partners.

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                                                                                                                                                              • on 03-08-2009

                                                                                                                                                                Innovations of the Future

                                                                                                                                                                Quotes:

                                                                                                                                                                Innovations of the Future

                                                                                                                                                                "History reminds us that at every moment of economic upheaval and transformation, this nation has responded with bold action and big ideas." As President Barack Obama addressed a joint session of Congress on Tuesday, Feb. 24, he took a moment to look back, pointing to the innovations that have arisen from times of difficulty: the railroad tracks, laid across the country in the midst of the civil war; the public high school system that emerged from the Industrial Revolution; the GI Bill that sent a generation to college. Obama's theme was clear: Times of economic difficulty can inspire extraordinary innovation. And now, even as the markets continue their roller-coaster ride, he described a time "to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation and punishes shortcuts and abuse."

                                                                                                                                                                  The Liquidation Business: Too Liquid?

                                                                                                                                                                  Since the economic distress took hold this autumn, liquidators have sold off some $15 billion worth of stuff-the stuff of executives' miscalculations and failed aspirations, but for all that, just everyday stuff. Suits and sheets and college sweatshirts. Video games, GPS devices, and plasma televisions. These goods had been accumulating at troubled stores around the country, including Mervyns, Linens 'n Things, Steve & Barry's, KB Toys, and Circuit City. And liquidators think it's possible that some 12,000 other stores, stuck with several billion dollars' worth of more stuff, may go out of business this year, too.

                                                                                                                                                                    Street Smarts: Surviving the Recession

                                                                                                                                                                    Fear can be a motivator, but it can also lead you into bad decisions, particularly in times like these. I have no doubt that a lot of business owners have spent the past couple of months implementing cost-saving plans and survival strategies that will weaken their companies and damage their long-term prospects. They've done it because they've been afraid, and fear makes us shortsighted. With the economy falling apart around us, we forget that recessions always end. Yes, some businesses will go under, but some companies will emerge stronger. If you want yours to be among the latter, you need to be careful about which costs you cut and which deals you offer your customers.\n\nThese thoughts came to mind after my first meeting with another one of the entrepreneurs I'll be following in the months to come. Her name is Lisa Kristine, and she is a fine-art photographer. I met her on a recent trip to San Francisco, where I was taping a video about my book, The Knack. The video producer mentioned that her partner, Lisa, had some questions she wanted to ask me about her photography business. I said I'd be happy to talk to her and asked where she was based. In Sonoma, the producer said, about an hour north of the city, but she also had a gallery in Sausalito, on the other side of the Golden Gate Bridge. As it happened, my wife, Elaine, and I were free the next day, and we arranged to meet Lisa the following afternoon.\n\nAs we stepped inside the gallery, we got our first look at Lisa's work. Our reaction was wonderment bordering on awe. The walls were covered with stunning photographs of people in far-off places: nomads in the Sahara, monks in Myanmar, nuns in Angkor Wat. After exchanging introductions, Lisa and I found a quiet café where we could talk.\n\nI began, as I usually do, by asking Lisa about her life -- where she lived, what family she had, what she liked to do, what her personal goals were. I also asked about her business. "I have my financials here," she said. "I have a lot of questions."\n\n"We'll get to those," I sai

                                                                                                                                                                      Man in the Middle

                                                                                                                                                                      It was 2004 and Tim Geithner, president of the Federal Reserve Bank of New York, had a message for the Federal Open Market Committee in Washington. He told his 18 colleagues gathered around the long mahogany table that a clearinghouse was needed to monitor risks in the burgeoning $5 trillion market for credit-default swaps -- the over-the-counter derivatives that would later spin out of control and help take down Wall Street.\n\nIn a move that may have foreshadowed his role as President Barack Obama's Treasury secretary, Geithner over the next two years nudged financial firms to voluntarily clear a backlog of swap trades. They stopped short of creating a clearinghouse to bring more transparency to the market.\n\n"Geithner was making noise on reining in derivatives, but he didn't push hard enough," says Jane D'Arista, a former economist at the Congressional Budget Office in Washington and a longtime Fed observer. "Maybe he'll be more forceful now that he's in a position with real power. But I'm not so sure."

                                                                                                                                                                        The Fall of China's Billionaires

                                                                                                                                                                        If China's richest man knew he was about to become the most prominent casualty of the country's love-hate relationship with capitalism, he didn't show it this past August.\n\nHuang Guangyu, a peasant's son who became a billionaire by building Gome Electrical Appliances Holding Ltd. from scratch, outlined plans for continued expansion of the 800-store appliance chain.\n\nHe told the board members gathered in the company's mauve- carpeted executive offices 61 floors above Hong Kong's Victoria Harbor that Gome's profit had tripled in the first half of 2008 from a year earlier.\n\nThe directors lunched on Cantonese dishes ordered in from Man Wah, one of the city's ritziest restaurants. "It was a very pleasant, chatty meeting," says Mark Greaves, 51, chief executive officer of London-based investment bank Hanson Capital, who is one of the company's two non-Chinese directors. "Mr. Huang talked about his crusade to take Gome to all corners of China."

                                                                                                                                                                          Global Water Crisis Running Dry

                                                                                                                                                                          Las Vegas may lose 40 percent of its water by 2012 if the level of the Lake Mead reservoir keeps dropping. Droughts and a growing population mean the risk of such shortages is increasing worldwide.\n\nBy John Lippert and Jim Efstathiou Jr.\nBloomberg Markets, April 2009\n\nOn a cloudless December day in the Nevada desert, workers in white hard hats descend into a 30-foot-wide shaft next to Lake Mead.\n\nAs they've been doing since June, they'll blast and dig straight down into the limestone surrounding the reservoir that supplies 90 percent of Las Vegas's water. In September, when they hit 600 feet, they'll turn and burrow for 3 miles, laying a new pipe as they go.\n\nThe crew is in a hurry. They're battling the worst 10-year drought in recorded history along the Colorado River, which feeds the 110-mile-long reservoir. Since 1999, Lake Mead has dropped about 1 percent a year. By 2012, the lake's surface could fall below the existing pipe that delivers 40 percent of the city's water.

                                                                                                                                                                            Ganancias de Telecom cayeron un 52%

                                                                                                                                                                            Telecom Argentina, una de las mayores empresas del sector en el país, dijo el viernes que sus utilidades cayeron un 52 por ciento interanual en el cuarto trimestre del 2008, por debajo de las expectativas del mercado.\n\nEl período cerró con una ganancia de 130 millones de pesos (unos 36,7 millones de dólares), desde los 270 millones que había registrado en el último trimestre del 2007.\n\nLa compañía informó en un comunicado que terminó el año pasado con una ganancia de 961 millones de pesos, superando en un 9 por ciento los 884 millones del 2007.\n\nAnalistas consultados por Reuters esperaban en promedio que Telecom Argentina reportara una ganancia trimestral de 194 millones de pesos.

                                                                                                                                                                              Colombia registra superávit en 2008

                                                                                                                                                                              Colombia arrojó un superávit comercial de US$ 470,5 millones en el 2008, frente al déficit de US$ 824,3 millones en el 2007, por un aumento del intercambio con Venezuela, Estados Unidos y Ecuador, informó el jueves el Gobierno.\n\nEl valor de las exportaciones del país andino subió un 25,5% a US$ 37.625 millones frente a los US$ 29.991 millones en el 2007, reveló el estatal Departamento Nacional de Estadísticas (DANE) en un comunicado.\n\nPero el país fue afectado por segundo mes consecutivo por la crisis global y la caída de los precios de las materias primas, al registrar en diciembre una caída de un 6,7 por ciento en el valor de sus exportaciones a US$ 2.963 millones, frente al mismo mes del 2007.\n\nInmediatamente, el DANE no suministró el valor de las importaciones en el 2008, pero destacó que se trata del primer superávit comercial desde el 2005.\n\nEl mayor superávit comercial de esta nación andina en el 2008 lo registró con Venezuela, al aumentar un 26,7% a US$ 4.951 millones, debido a las mayores ventas de alimentos. El balance favorable con Estados Unidos, el destino más importante de las exportaciones de petróleo de Colombia, subió un 42,3% a US$ 3.312 millones.

                                                                                                                                                                                El BID y la crisis financiera

                                                                                                                                                                                menos de seis semanas de la Reunión Anual de la Asamblea de Gobernadores del Banco Interamericano de Desarrollo, que se llevará a cabo en la ciudad de Medellín, Colombia, y en medio de la crisis económica más grande que haya padecido el mundo en siete décadas, el presidente del BID, Luis Alberto Moreno, conversa sobre el impacto de la crisis en las economías de América Latina y el Caribe y lo que pueden hacer los países para atenuar sus impactos.\n\n¿Cómo afectará la crisis a la región?\n\nLa crisis está reduciendo la disponibilidad de crédito en los países con economías emergentes y está reduciendo, al mismo tiempo, la demanda de materias primas, que son la principal fuente de exportaciones de América Latina y el Caribe. Nuestro sistema bancario, a pesar de su sólido marco regulatorio, también ha sido expuesto a la crisis, debido a la presencia de la banca internacional, que ha estado limitando sus préstamos a la región. En consecuencia, el crecimiento económico de la región se verá afectado, traduciéndose en menos empleos y más personas bajo la amenaza de regresar a las filas de la pobreza.

                                                                                                                                                                                  Acciones de Cemex siguen a la baja

                                                                                                                                                                                  Las acciones de la cementera mexicana Cemex, la tercera mayor del mundo, caían el viernes por segundo día consecutivo entre preocupaciones por sus próximos vencimientos de deuda y el retraso en una planeada emisión de bonos en dólares.\n\nLos títulos de Cemex perdían un 8.42 por ciento en la bolsa local a 6.42 pesos poco antes del cierre del mercado, mientras que en Nueva York bajaban un 7.89 por ciento, a 4.20 dólares.\n\nCemex, que opera en más de 50 países, está tratando de colocar un bono por alrededor de 500 millones de dólares para refinanciar algunos de sus pasivos, pero al parecer la colocación podría retrasarse debido a las difíciles condiciones de los mercados financieros.\n\n"La caída de la acción es completamente ligada al tema de la colocación de los bonos. La preocupación es que Cemex no vaya a completar todo, a lo mejor logra vender la mitad del monto", dijo a Reuters Patricio Rivera Torres, analista de Ixe.\n\nEl jueves, las acciones de la compañía ya habían perdido un 15.44 por ciento en la bolsa mexicana a 7.01 pesos, su mayor caída en lo que va del año, mientras que en Nueva York bajaron un 14.61 por ciento a 4.56 dólares.

                                                                                                                                                                                    Perú, con déficit comercial de US$ 176M en enero

                                                                                                                                                                                    Perú registró en enero un déficit comercial de 176 millones de dólares, frente al resultado positivo del mismo mes del año pasado, por efecto de la crisis que golpea a la economía mundial, dijo el viernes el gerente de estudios económicos del Banco Central, Adrián Armas.\n\nEn enero del 2008 el país andino había registrado un superávit comercial de 349 millones de dólares.\n\nEl funcionario precisó que la caída de la balanza comercial respondió a una contracción tanto de los precios como de los volúmenes de las exportaciones peruanas.\n\n"Es un dato particularmente bajo, no creemos que indique la tendencia del año. En el mes de febrero hay indicios de que el resultado va a ser bastante mejor por una mejora de los términos de intercambio", explicó Armas en una conferencia telefónica.\n\nPerú registró en el 2008 un superávit comercial de 3.162 millones de dólares, impulsado principalmente por las exportaciones mineras, aunque el saldo fue menos de la mitad que el acumulado en el año previo.

                                                                                                                                                                                      Madoff da primer paso para declararse culpable

                                                                                                                                                                                      Bernard Madoff, el financista de Wall Street que según la justicia de Estados Unidos montó un gigantesco fraude de 50.000 millones de dólares, dio el viernes el primer paso para declararse culpable, según documentos de la corte.\n\nUn documento presentado ante una corte de Manhattan dijo que los fiscales tienen la intención de presentar una "información" criminal en el caso "ante la renuncia del defendido a una acusación".\n\nNo había señales concretas de cuándo sería presentada esa "información", que es un documento que se presenta cuando se espera que un acusado se declare culpable.\n\n"Este es el primer paso para lograr un acuerdo con el acusado", dijo Peter Henning, profesor de la Facultad de Derecho de la Wayne State University en Detroit.\n\n"Muchos acuerdos se hacen a través de una información criminal y no con una acusación", agregó.\n\nLos fiscales tienen hasta el 13 de marzo para acusar a Madoff o cerrar un acuerdo para que se declare culpable.\n\nSegún las autoridades, Madoff confesó en diciembre haber creado "un gigantesco esquema Ponzi", que es un sistema financiero en el que los nuevos inversores pagan la rentabilidad de los primeros clientes.\n\nEn estos esquemas, la empresa que recauda el dinero puede no realizar ninguna operación financiera con el dinero recibido, pero usualmente informa a sus clientes de los movimientos en sus cuentas como si todo fuera normal.

                                                                                                                                                                                        Asian Bankers Still Finding Deals To Make

                                                                                                                                                                                        China remains Asia's economic engine for recovery. Although Chinese markets have declined and growth has slowed over the last year, China is still charging ahead economically, and many companies have cash for acquisitions. Despite pressure from shareholders to invest cash reserves, many corporate leaders in China are holding back, trying to pick the stock price bottom. China thus has not seen the acquisitions surge as Japan has. Many of the cash-rich Chinese companies are state-owned, the author points out, and tend to make decisions slowly. Companies have also been turning to block trades and accelerated bookbuilding for equity issues. Continued economic growth may make Chinese markets, particularly Hong Kong, the leaders in financial recovery and thus a major focus of investment banks' activity.

                                                                                                                                                                                          Worst of times for NYT's Sulzburger

                                                                                                                                                                                          The New York Times is a national newspaper of record, so not only do people rely upon it for news, but the rest of the newspaper industry often looks to it for guidance. So ears were likely perking up when the New York Times Co. (NYSE:NYT) chairman Arthur Sulzburger Jr. appeared on CNBC Friday saying the environment for newspapers "is the worst I've ever seen." And Sulzberger should know; he's been in the industry for 35 years -- half of that time managing The Gray Lady.\n\nThe comment comes during one of the most critical points of the New York Times' and the newspaper industry's existence, where both seem to be at a breaking point. The Times' problems is emblematic of what's ailing the entire industry. The Gray Lady is saddled with huge debt while revenue has been hurt from falling advertising and subscription income that is likely being siphoned away by free Web content.\n\nThe Times has raised money to bolster its bottom line via a Carlos Slim $250 million investment, through layoffs and by cutting its dividend as well as putting its stake in the Boston Red Sox on the auction block. However, are those steps enough amid one of the worst recessions since the Great Depression? Even Sulzberger admits it may not be enough and is open to even more change, including charging for Times content on the Web, again. Sulzberger told CNBC: "We'll consider anything." \n

                                                                                                                                                                                            Citigroup to withdraw from Japan?

                                                                                                                                                                                            As suspected, Citigroup Inc. (NYSE:C) is evidently withdrawing from Japan.\n\nMany analysts and media sources, including Dealscape, have suggested that Citi's reorganization plans included divesting its stakes in international companies and withdrawing from territories completely.\n\nFurther confirming those suspicions: Friday's news that Citigroup plans to sell its 26% stake in Japanese online broker Monex Group Inc.\nMonex Group is worth about ¥14.1 billion ($144 million), according to Reuters. Potential bidders could include Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group Inc.\n\nStill not convinced a retreat is in the offing? Last month Citigroup put retail brokerage Nikko Cordial Securities Inc. up for sale. The unit, which could be sold completely or as a joint venture, is expected to fetch about ¥300 billion, according to Reuters. It's also suspected that Citigroup could sell Nikko Citigroup, the Japanese investment bank, along with Nikko Cordial to push up the price. Rumored bidders for the asset are the same as those interested in Monex.

                                                                                                                                                                                              CBS may need more credit to pay off debt

                                                                                                                                                                                              If CBS Corp. (NYSE:CBS) owned a credit card, Barclays Capital credit analyst Scott Shiffman would likely say it's maxed out. Shiffman wrote in a research note that the New York-based media company may have to borrow more money to pay its existing debt. The prediction contradicts CBS chief financial officer Fred Reynolds' assertion last month that CBS reportedly could self-fund all its debt maturities through 2012 with cash and cash flow generated by its businesses.\nShiffman disagrees, suggesting CBS may face an $893 million funding deficit for bonds maturing in 2010. The Barclays' analyst predicts one possibility for the media company to dig itself out of this impending hole is to sell new debt to help pay off $1.4 billion of bonds due in July 2010. That scenario is not pretty, but CBS' options are limited unless it decides to sell assets to pay its bill. The New York Times Co. is going down that divestment road, looking to sell its stake in the Boston Red Sox and likely other holdings if the price is right.\n\nCredit markets are tight and interest rates will likely be high for a company whose credit profile is sliding down a slippery slope. S&P rates CBS' debt BBB+, one tier above junk status. Should CBS look for more credit to payoff existing debt, rating agencies may possibly downgrade the Tiffany Network, a tarnish that would obviously cause the media company even more money in the long term

                                                                                                                                                                                                Gambling industry goes bust

                                                                                                                                                                                                As more Americans adhere to the old adage that the safest way to double your money is to fold it over and put it in your pocket, much of the once-high-flying gaming industry stumbles toward bankruptcy. Many of the debt-laden companies are having difficulty finding lenders willing to gamble on a refinancing.\nTrump Entertainment Resorts Inc. filed for Chapter 11 on Feb. 17 after months of negotiations with creditors, the third time The Donald's casinos in Atlantic City, N.J., have passed through bankruptcy protection.\n\nResorts Atlantic City also could file for bankruptcy. The company reportedly stopped paying interest on its bank loans in November, and lender Column Financial Inc. has been cleared to foreclose on the Atlantic City property, although the casino's owner retains control.\n\nAcross the country, meanwhile, Las Vegas-based Station Casinos Inc. reportedly said Tuesday that its lender had agreed to forbearance agreements that would give it more time to win approval of a debt restructuring plan. Station Casinos hopes to swap its old debt for less expensive debt securities and land a $244 million capital infusion through a prepackaged bankruptcy filing. The company has rejected a $950 million offer from rival Boyd Gaming Corp.\nMagna Entertainment Corp., the largest horse racetrack operator in North America, entered bankruptcy protection on Thursday with plans to sell its assets. The Aurora, Ontario, company "has far too much debt and interest expense," chairman and CEO Frank Stronach said in a statement.

                                                                                                                                                                                                  The Press and the Wall Street Meltdown - DealBook Blog - NYTimes.com

                                                                                                                                                                                                  here are lessons for the financial press in the current financial debacle, but complaints about journalism's role also raise expectations that are unrealistic, Robert Teitelman, the editor in chief of The Deal, says in a commentary.\n\nWhether it comes from bloggers or "The Daily Show," suggestions that the press played a part in the boom-turned-bust seem to be growing. And Mr. Teitelman says he agrees there was "not enough connecting of dots" leading up to the mortgage-fueled meltdown.\n\nHowever, he also argues that the dots were spread far and wide, and lots of solid, skeptical financial coverage simply didn't get noticed, or didn't get noticed enough to avert a crisis.\n\nIn the end, though, Mr. Teitelman says, there seems to be a belief in some quarters that journalists should have been able to see the crash coming. But, he suggests, finance is fiendishly complex. He writes:\n\n"If investment professionals and regulators fail again and again to master its perturbations, as academic studies have always shown, then why on this green earth would a financial journalist succeed at predicting the future?"

                                                                                                                                                                                                    Veteran Media Banker to Leave Goldman Sachs - DealBook Blog - NYTimes.com

                                                                                                                                                                                                    oseph Ravitch, one of the nation's leading media and sports bankers, is retiring from Goldman Sachs, DealBook has learned.\n\nMr. Ravitch, who is co-head of the firm's media investment banking practice, has had a hand in many high-profile deals during his years at Goldman. As BusinessWeek wrote in this 2007 profile, he advised on the sale of the New Jersey Nets and the Seattle Supersonics basketball teams.\n\nHe also worked with the National Basketball Association in its formation of a venture called N.B.A. China, which drew $253 million from five investors, including the ESPN division of the Walt Disney Company.\n\nIn addition, Mr. Ravitch helped broker a deal between Chris Albrecht, the former chief executive of HBO, and Theodore J. Forstmann, the financier who owns the talent agency IMG, in which Mr. Albrecht joined IMG as head of its global media unit.

                                                                                                                                                                                                      In M&A, at Least, Citi Is on Top

                                                                                                                                                                                                      Citigroup's stock price may be plumbing new depths, but Citi's bankers are apparently doing a bang-up job landing deals, especially considering the state of the market.\n\nCitigroup grabbed the top spot on the mergers and acquisitions league table as of the beginning of March, according to data from Thomson Reuters.\n\nThe beleaguered and bailed-out bank advised on $138.3 billion worth of deals so far this year, edging out second-place Morgan Stanley, which rang up $136.2 billion.\n\nJPMorgan rounded out the top three with $114 billion, followed by Goldman Sachs and Bank of America, with $89 billion and $86 billion, respectively.\n\nCiti has had its hands in about 45 percent of the $302 billion worth of M&A deals announced so far this year around the world.\n\nThat is quite an improvement from the fifth-place position the bank found itself in at the same time last year. Then again, there were more investment banks to compete against back then. The demise of Bear Stearns and Lehman Brothers, and the distressed sale of Merrill Lynch to Bank of America, have knocked some players off the league tables and allowed some of the survivors, like Citi, to advance.

                                                                                                                                                                                                        Roche Raises Bid for Genentech to $93 a Share

                                                                                                                                                                                                        The Swiss drug giant Roche raised its hostile offer on Friday to buy out the biotechnology company Genentech to $93 a share, from $86.50. Analysts said the new price was likely to entice many more Genentech shareholders to tender their shares, The New York Times's Andrew Pollack reports.\n\nRoche also extended its offer to shareholders by a week, until March 20. Genentech has already urged its shareholders to reject the $86.50-a-share bid, saying it believes Genentech is worth $112 a share.\n\nFranz B. Humer, the chairman of Roche, said in an interview on Friday that the new offer was made to speed up the process, following conversations the company had with Genentech shareholders. "We thought we needed to put on the table, to get things really moving, our very, very attractive offer," he said.\n\nAsked if he thought the new price would be high enough to clinch the deal, he replied, "Absolutely."

                                                                                                                                                                                                          Berkshire, G.E. and a World of Worry

                                                                                                                                                                                                          Consider these data points from a recent analysts' report: Michael Hartnett and Michael Penn of Bank of America Merrill Lynch are pointing out that credit default swaps on Berkshire Hathaway are trading at wider spreads than those covering Vietnam's debt, and swaps on GE Capital, the finance arm of General Electric, are wider than those for Russia's debt.\n\nThis state of affairs would seem to imply that investors see a bigger risk of default for debt of Berkshire, the holding company of Warren E. Buffett, one of the world's most prominent investors, than for sovereign debt issued by Vietnam.\n\nIt also suggests a bigger risk for debt of GE Capital, part of a blue-chip conglomerate, than for the sovereign debt of Russia, whose credit history in recent decades is not exactly pristine.\n\nIt's all the more remarkable because Berkshire's and GE Capital's debt both carry the highest rating of triple-A from Moody's and Standard & Poor's.\n\nCredit default swaps offer the holder protection in case the underlying debt should default. So in theory, higher prices to buy default swaps would imply a bigger perceived risk of default.

                                                                                                                                                                                                            Judge Approves Yahoo Accord on Microsoft Bid

                                                                                                                                                                                                            A judge in Delaware Chancery Court approved a settlement Friday by Yahoo that makes changes in its severance plan that investors contend would make it easier for Microsoft and other potential suitors to buy the Internet search company.\n\nChancellor William B. Chandler III said he would approve the settlement, which resolves investor lawsuits over Yahoo's decision last year to reject Microsoft's attempt to buy the company, Bloomberg News reports.\n\nShareholders sued after the company's then-chief executive, Jerry Yang, rejected Microsoft's bid. Microsoft withdrew its final offer of as much as $33 a share, or $47.5 billion, in June.\n\nThe settlement amounted to "an extraordinary victory" for investors seeking to remove stumbling blocks to a potential acquisition, said Joel Friedlander, a lawyer for two Detroit pension funds that sued over Yahoo's handling of the Microsoft offers.

                                                                                                                                                                                                              UBS Looks at Possible Tobacco Deals

                                                                                                                                                                                                              The future for Big Tobacco may be to get even bigger. Mergers and acquisitions in the tobacco sector have been all but snuffed out by the economic crisis and the restrictions in credit. But deal-making in the industry could resume once the financial markets bounce back.\n\nThe tobacco industry has been in consolidation mode for quite some time. Since the beginning of 2007, there have been a number of deals including Altria's purchase of UST last year for $11 billion, Japan Tobacco's acquisition of Gallaher and Imperial Tobacco's purchase of Altadis and Commonwealth Brands, just to name a few.\n\nThese mergers have been fueled by many factors, including product diversification and the desire to expand globally. But the main driver seems to be that he deals create real value. For example, the merger between R.J. Reynolds and Brown & Williamson in 2004 yielded $600 million in cost synergies and another $800 million in productivity improvements, according to UBS.

                                                                                                                                                                                                                Prisa debe cuatro veces su patrimonio

                                                                                                                                                                                                                Se acaba el tiempo. La deuda del grupo asciende a 5.044 millones y sus activos valen 1.258. Antes del 31 de marzo debe pagar a la banca 1.950 millones de euros.Por mucho que se repita, no deja de ser sorprendente la situación en la que se encuentra el primer grupo de medios en español del mundo. Prisa, dueño del diario más influyente en castellano, presente en Latinoamérica, Francia y Portugal, imperio levantado de la nada durante décadas por Jesús Polanco, tiene ahora veinte días para pagar a la banca 1.950 millones de euros por el crédito que pidió a varias entidades para lanzar la opa por Sogecable. Veinte días.\n\nEl tiempo se le agota a la familia Polanco y las soluciones no son fáciles. A diciembre de 2008, Prisa tiene acumulada una deuda de 5.044 millones, de los que 1.950 tiene que abonarlos antes de que acabe marzo, mientras su patrimonio neto a final del año pasado no llegaba a los 1.300 millones. Podría decirse que el grupo está en quiebra técnica.

                                                                                                                                                                                                                  Acciones para “todo a 1€”

                                                                                                                                                                                                                  uince títulos de los que cotizan en el continuo lo hacen por debajo de un euro. En si mismo no quiere decir nada, pero esas situaciones suelen producirse tras depreciaciones colosales, tras quedarse en torno al 10% del valor de referencia anterior, en algunos casos del de salida al mercado. En el IBEX35 no hay ningún título a euro, pero todo se andará, demos tiempo. Y entre los destacados que han entrado en ese club aparece un invitado del otro lado del Atlántico: Citigroup que ayer perdió el dólar aunque cerró la sesión tres céntimos por encima e incluso puede entrar pronto General Motors cuya capitalización apenas supera los mil millones de dólares y sus acciones andan por 1,8$. De los del "club de 1€" en España el más notorio ahora es Prisa, valor al que el mercado ha dado la espalda a pesar del control de la empresa que disfruta su consejo de administración que acumula casi dos tercios del capital. Lo del euro es simbólico, el valor de un título depende de más factores, acciones muy baratas por unidad pueden ser caras en su conjunto y al revés; pero todos los casos de precio irrisorio por título corresponden con devaluaciones severas de la compañía. Las bolsas están por los suelos y amenazan con escarbar, no hay fondo; en ausencia de compradores los precios se van al fondo como fardos pesados que caen al mar. ¿Cuándo volverán los compradores? Pues cuando vuelvan, cuando recuperen la confianza y ver futuro. Y de eso aun no hay nada.

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                                                                                                                                                                                                                  • on 03-06-2009

                                                                                                                                                                                                                    Brasil desarrollará trenes de alta velocidad

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                                                                                                                                                                                                                    Brasil desarrollará trenes de alta velocidad

                                                                                                                                                                                                                    La ministra de la Presidencia brasileña, Dilma Rousseff, anunció hoy que el Gobierno se propone crear una nueva empresa estatal que deberá "absorber" y desarrollar tecnología para la construcción de trenes de alta velocidad.\n\nSegún dijo Rousseff en un seminario sobre desarrollo, la idea es que esa empresa trabaje "articulada con universidades y empresas privadas nacionales" y sea "la portadora de la transferencia de tecnología" que se exigirá en la licitación para la construcción de un tren de alta velocidad entre Río de Janeiro y Sao Paulo.\n\nEl proyecto para la construcción del tren está enmarcado en las obras que el Gobierno desarrollará para la celebración del Mundial de fútbol del año 2014.\n\nLa previsión es que la licitación sea convocada este mismo año y que las obras tengan un costo de unos US$11.000 millones.\n\nRousseff, a quien el jefe de Estado brasileño, Luiz Inácio Lula da Silva, promociona como candidata presidencial para el año 2010, cuando será elegido su sucesor, reiteró que la construcción del tren de alta velocidad es una de las prioridades del Gobierno en el área de transporte.\n\nEl proyecto está incluido en el llamado Programa de Aceleración del Crecimiento (PAC), un ambicioso plan para la construcción de infraestructuras anunciado en 2006 y que contempla inversiones por cerca de US$ 250.000 millones hasta 2010.

                                                                                                                                                                                                                      Utilidades de la banca colombiana crecieron 35% en enero

                                                                                                                                                                                                                      Los bancos colombianos alcanzaron en enero pasado utilidades por unos US$ 142,9 millones, cifra superior en un 35,3% a la registrada en el mismo mes de 2008, informó hoy la Superintendencia Bancaria.\n\nLa entidad explicó que el resultado positivo para el primer mes de este año se debió al comportamiento de los fondos de pensiones, cuya rentabilidad fue de 3,62% y sus ganancias de unos US$ 818 millones.\n\nDe acuerdo con la superintendencia, las utilidades de las sociedades administradoras de fondos de pensiones y cesantías sumaron US$ 14,2 millones.

                                                                                                                                                                                                                        México: Credit Suisse va por el mercado doméstico

                                                                                                                                                                                                                        El banco suizo Credit Suisse anunció el inicio de su servicio de Banca Privada Doméstica en México, a través del Banco Credit Suisse México S.A. Esta prestación se suma a las otras que ya ofrecía esta entidad financiera en México, principalmente, a través de la Banca de Inversión.\n\nSegún Jorge Rodríguez, director ejecutivo de Banca Privada en México, se escogió este país luego de analizar cuáles eran los 10 puntos clave en el mundo donde el banco debía expandir su presencia. "México es uno de los países que muestran un atractivo ritmo de crecimiento de la riqueza en el mundo", dijo el ejecutivo.\n\nEn este país quieren apuntar a dos tipos de clientes: tanto a jóvenes emprendedores como a inversionistas calificados y sofisticados que ya cuentan con un importante patrimonio y necesitan asesoría en su inversión financiera. ¿Buen momento para invertir" "En estos tiempos de crisis también hay oportunidades", explicó Andrés Borrego, director general de Credit Suisse México. "Lo que es valora es una buena asesoría profesional". Además, según los ejecutivos de esta entidad bancaria, en los últimos cuatro, cinco años el nivel de riqueza en México ha venido creciendo a tasas de entre un 7% y 11%.

                                                                                                                                                                                                                          Cemex seguirá buscando refinanciamiento

                                                                                                                                                                                                                          La cementera mexicana Cemex, la tercera más grande del mundo, dijo el jueves que seguirá buscando refinanciar su pesada deuda, luego de que sus acciones se desplomaron en la bolsa en medio de preocupaciones por sus próximos vencimientos y la depreciación del peso.\n\nLas acciones de Cemex perdieron un 15.44 por ciento en la bolsa mexicana a 7.01 pesos, su mayor caída en lo que va del año, mientras que en Nueva York bajaron un 14.61 por ciento a 4.56 dólares.\n\nCemex tiene una deuda de casi 19,000 millones de dólares, de los cuales 4,100 millones de dólares tienen vencimientos este año. Pero la compañía dijo que sólo pagaría 3,600 millones con la venta de activos y flujo de efectivo de su operación.\n\nLa semana pasada, la cementera inició una serie de presentaciones en Londres y Nueva York para tratar de colocar un bono a cinco años por alrededor de 500 millones de dólares, a fin de refinanciar algunos de sus pasivos.\n\n"Parece que la colocación del bono no va bien, al parecer sólo han podido vender la mitad", dijo un analista que pidió el anonimato.\n\nCemex agregó en un comunicado que sus esfuerzos de refinanciamiento, que incluyen la emisión de deuda en mercados internacionales, seguirán en función de las condiciones del mercado.\n\nLa crisis financiera global ha elevado la aversión al riesgo en México, recortando el financiamiento para algunas compañías, que se han visto obligadas a respaldar sus emisiones de deuda local con garantías del Gobierno, entre ellas Cemex.\n\nCemex dijo el jueves que colocó 393 millones de pesos en certificados bursátiles, de una oferta de hasta 454.8 millones de pesos.\n\nAlgunos analistas también consideraron que la fuerte depreciación del peso mexicano golpeará aún las finanzas de la cementera.\n\n"Creo que es la debilidad del tipo de cambio y el flujo negativo de noticias en los últimos días, (....) pone en duda si Cemex va a tener que hacer una venta de acciones dado su apalancamiento", dijo a Reuters Francisco Chávez, analista de BBVA Bancomer.

                                                                                                                                                                                                                            Banco Central de Perú redujo tasa a 6%

                                                                                                                                                                                                                            El Banco Central de Reserva de Perú redujo el jueves su tasa de interés clave para operaciones entre bancos a un 6,0 por ciento desde un 6,25 por ciento anterior, en línea con lo que esperaba el mercado.\n\nEn un sondeo de Reuters, cinco de ocho analistas de bancos e instituciones locales y extranjeras dijeron que el ente emisor reduciría su tasa a un 6,0 por ciento.\n\nLos tres restantes esperaban un recorte más agresivo, a un 5,75 por ciento, según el sondeo.

                                                                                                                                                                                                                              Costco’s sales of own-brand goods increase

                                                                                                                                                                                                                              Costco, the leading US warehouse club, on Wednesday underlined the steady growth in sales of low-cost private label food and household goods, reporting sharp increases in sales of its Kirkland Signature own-brand products.\n\nRichard Galanti, chief financial officer, said that the share of Kirkland Signature goods sold at Costco had increased by about 3 percentage points over the past six months, compared with a usual level of annual growth of about 1 per cent. Private label accounts for almost 20 per cent of sales at Costco.

                                                                                                                                                                                                                                InBev steps up disposals and cost-cutting

                                                                                                                                                                                                                                Anheuser Busch InBev is to move ahead with "at least" $7bn in asset disposals and cut costs more quickly than expected as it tries to de-leverage its balance sheet, which carries €45bn ($56.5bn) in debt.\n\nThe group became the world's biggest brewer, but also the most highly leveraged, following InBev's $52bn purchase of Anheuser Busch last year.\nEDITOR'S CHOICE\nAB InBev may sell Russian unit to focus on US - Mar-05\nPrivate equity firm agrees to buy Labatt USA - Feb-24\nLobby attacks drinks makers over pay terms - Feb-24\nBuyers await Anheuser-Busch assets sale - Jan-15\nLex: Anheuser-Busch InBev - Nov-24\nA-B Inbev launches €6.4bn rights issue - Nov-24\n\nOn Thursday it said synergies from the acquisition would be higher than expected, reaching $2.25bn instead of the $1.5bn originally expected, as it reported a 5.2 per cent rise in group underlying sales growth for 2008. Its shares rose 84 euro cents, or 4.3 per cent, to €20.20 in Brussels.\n\nAB InBev also announced that Carlos Brito, its chief executive, and most of its top management would not receive bonuses this year because they missed their financial targets in 2008.

                                                                                                                                                                                                                                  Chávez steps up nationalisation drive with seizure of Cargill mill

                                                                                                                                                                                                                                  Hugo Chávez was yesterday locked in battles with Cargill, the world's largest trader of agricultural commodities, and Venezuela's biggest privately owned company, Polar, as he stepped up the nationalisation drive that has been a cornerstone of his 10-year rule.\n\nAfter an inspection of a Cargill rice mill on Wednesday, the Venezuela president ordered its expropriation and accused the US food giant of "flagrantly violating" laws that require it to produce rice at regulated prices.\n\nIt is the first nationalisation since Venezuelans voted last month to abolish presidential term limits and allow Mr Chávez, who took office in 1999, to continue for as long as he liked.

                                                                                                                                                                                                                                    Chávez hopes for Midas touch

                                                                                                                                                                                                                                    As the helicopter skims low over one of the largest undeveloped gold deposits in the world, just south of the ragtag mining town of El Dorado, the pilot shrugs bleakly.\n\n"It's a great shame," he says, gesturing at the scar blighting the pristine forest in south-eastern Venezuela, cleared by thousands of small-scale, illegal miners in their hunt for gold.\n\nBut after a decades-long free-for-all in which prospectors have wreaked environmental havoc while private companies have failed to extract an ounce of gold from Las Cristinas, Hugo Chávez, the president, has said it may be exploited in a joint venture between the state and a Rusoro Mining, a Russian miner.\n\nSince oil provides more than 90 per cent of export revenues and more than half of government spending, collapsing energy prices have ignited the government's interest in the sizeable gold reserves in order to bolster its earnings, as well as in commodities such as coffee and cacao - once Venezuela's biggest export.\n\nThe partnership between the socialist president and the Russian company is one of the fruits of a budding friendship between Caracas and Moscow - part of the strategy of Venezuela's anti-imperialist president to challenge US influence in the region.\n\n"The spirit of goodwill between the two governments has certainly helped us a lot," says George Salamis, president of Rusoro, which has already acquired and turned round two struggling mining operations here in the past year.

                                                                                                                                                                                                                                      Cash-Rich Activision Eyes Deals

                                                                                                                                                                                                                                      The games giant Activision Blizzard, with $3 billion in cash and no debt, is keeping its eye out for deal opportunities as prices of potential targets continue to fall, the company's top publishing executive told Bloomberg News.\n\n"The combination of Activision holding a fair amount of cash and presumably prices being depressed, not only for publicly traded companies, but also likely for new intellectual property licensing rights, should certainly create opportunities," Mike Griffith, the chief of Activision publishing, told Bloomberg.\n\nThe company became the world's largest video game publisher last year after it closed a $9.8 billion merger between Activision and Vivendi Games.\n\nThe giant is now seeking to fill holes in its product line and expand internationally, Mr. Griffith told the news service.

                                                                                                                                                                                                                                        YouTube and Universal Music Said to Discuss Deal

                                                                                                                                                                                                                                        Google's YouTube and the Universal Music Group, the world's largest music label, are in advanced discussions over a licensing agreement that could lead to the creation of a premium site for music videos, The New York Times's Miguel Helft reported, citing a person briefed on the talks.\n\nThe discussions remain fluid and the terms of the agreement, which could not be learned, are still being negotiated, The Times said. A final deal could still be weeks away, and its terms may be different from those being discussed currently, according to the newspaper.\n\nThe proposed agreement represent the latest effort by YouTube, the online video service, to attract premium content that might lure higher-priced advertisements. Music videos are among the most popular content on YouTube, but they have failed to produce significant revenue for YouTube or the music labels.

                                                                                                                                                                                                                                          Amazon Gets In Used-Game Business

                                                                                                                                                                                                                                          After enjoying a virtual monopoly in the used videogames market, videogame specialty retailer GameStop Corp. faces a threat from a potentially formidable rival, Amazon.com Inc.\n\nThe Seattle Internet retailer launched a service Thursday in which it will allow customers to trade in used videogames for store credit, taking aim at a key portion of GameStop's business.\n\nShares of GameStop plunged 14% Thursday after the news, which was announced on Amazon's Game Room blog. GameStop stock ended the day at $23.46, down $3.84, after rising 26% since the start of the year.

                                                                                                                                                                                                                                            U.S. judge releases $500 mln in Stanford assets

                                                                                                                                                                                                                                            A federal judge on Thursday ordered the release of about $500 million from Stanford Group Co customer brokerage accounts held by Pershing LLC that had been subject to a court-ordered freeze since February, a filing showed.\n\nRalph Janvey, the receiver in charge of the operations and assets of Texas billionaire Allen Stanford's Stanford Group Co, had asked U.S. District Judge David Godbey in Dallas to release about 12,000 accounts containing less than $250,0000 on Wednesday.\n\nThe U.S. Securities and Exchange Commission has accused Allen Stanford, two top aides and three of his companies of a long-running $8 billion securities fraud using high-yield certificates of deposit issued by a Stanford bank in Antigua.

                                                                                                                                                                                                                                              Slim, Icahn and Malone lead media debt feast

                                                                                                                                                                                                                                              Investors are turning to acquiring secured debt in financially starved media companies to establish a foothold. The strategy is nothing new, especially among hedge funds and hostile bidders, but it's interesting to note some of the well-known investors that have lent money to companies such as the New York Times Co. (NYSE:NYT) and Sirius XM Radio Inc. (NASDAQ:SIRI). The New York Post points out on Thursday some of these heavy-hitting media debt investors include financiers Carl Icahn, and Carlos Slim, and media moguls John Malone and Charlie Ergen.

                                                                                                                                                                                                                                                Citigroup breaks the buck

                                                                                                                                                                                                                                                Chalk it up as a measure of how much damage the credit crunch has wrought that Citigroup Inc. (NYSE:C), once the most valuable bank in the world, trades at less than $1 a share Thursday.\n\nWith over $37.5 billion in losses over the last five quarters, Citi's stock is down roughly 85% this year, leaving it with a market cap of $5.5 billion, down from a high of $227 billion in 2006. But more importantly, Citi's foray into penny stock territory indicates that none of its pronouncements or government bailouts has given the market any confidence in an institution deemed "too big to fail."

                                                                                                                                                                                                                                                  Ford seeks to retire $10.4B in debt

                                                                                                                                                                                                                                                  Ford Motor Co. late Wednesday, March 4, announced a swap offer aimed at retiring upwards of $10.4 billion in debt as the company continues its restructuring effort.\n\nDearborn, Mich.-based Ford said it would spend up to $2.2 billion and use 500 million of its shares if the maximum amount of debt is surrendered under the voluntary plan. The company, which to date is the only U.S. automaker not to request bailout loans from the U.S. government, said the move is designed to pare down its $25.8 billion in debt as it weathers a severe auto sales slump that has eaten into liquidity.

                                                                                                                                                                                                                                                    Los auditores alertan del riesgo de quiebra de General Motors

                                                                                                                                                                                                                                                    General Motors está en serio riesgo de quiebra. Lo advirtieron ayer sus auditores, que por primera vez hablan de que la automovilística estadounidense se verá empujada a la liquidación si el plan de viabilidad que examina la Administración de Barack Obama no funciona. El riesgo de bancarrota gana cuerpo. Entretanto, Ford Motor anunció un plan para reducir su deuda casi a la mitad.La opinión de los auditores no fue ninguna sorpresa. GM despidió el año de su centenario ahogado en pérdidas. El gigante de Detroit, que se mantiene con vida gracias a las ayudas públicas, cerró 2008 con un saldo negativo de 30.900 millones de dólares, el segundo peor año en su historia.

                                                                                                                                                                                                                                                      Chávez expropia una empresa arrocera de Estados Unidos

                                                                                                                                                                                                                                                      "Oiga bien el país la instrucción que estoy dando: iníciese el proceso expropiatorio a Cargill y además con investigaciones judiciales". Ésa fue la orden que el miércoles por la noche impartió a sus ministros el presidente venezolano, Hugo Chávez, contra esta empresa estadounidense de 2.000 empleados, que desde hace 23 años produce en Venezuela casi toda la gama de productos básicos: arroz, harina de trigo, aceite, café, pasta, azúcar, café, leche, margarina. La expropiación sólo afectará a la planta procesadora de arroz de Cargill.

                                                                                                                                                                                                                                                        Barnes & Noble Buys E-Book Seller Fictionwise

                                                                                                                                                                                                                                                        Barnes & Noble on Thursday acquired Fictionwise, the online electronic book retailer, for $15.7 million in cash. The move positions Barnes & Noble to enter the e-book market space and compete with Amazon.com as a distributor of digital content.\n\nBarnes & Noble also said in a statement that Fictionwise will remain a separate business, but will play a role when it opens its own e-book store this year

                                                                                                                                                                                                                                                          Mr. Barofsky, the TARP Cop, Gets Into Role as Street Tough

                                                                                                                                                                                                                                                          Wall Street's latest headache toils in a musty, ground-floor office at the Treasury Department.\n\nNeil Barofsky, the man overseeing the $700 billion bailout, is armed with broad authority, including the right to carry a handgun and the power to subpoena. As special inspector general for the Troubled Asset Relief Program, he is charged with tracking the bailout funds. In the process, Mr. Barofsky is ruffling feathers on Wall Street and in Washington, demanding access and information some aren't eager to provide.\nLawyers at institutions that have received government aid are trying to figure out how much leeway they have to push back against Mr. Barofsky, say people familiar with the matter. Some government officials say they are concerned about Mr. Barofsky's aggressive approach.

                                                                                                                                                                                                                                                            La acción de Prisa ya vale menos de un euro

                                                                                                                                                                                                                                                            (Libertad Digital) La capitalización bursátil de Prisa ya ronda los 216 millones de euros, después de que sus acciones sufrieran un nuevo desplome y perdieran el valor simbólico de un euro.\n\nLos mercados ya habían descontado la previsible bajada de tipos del BCE y tuvieron cotizaciones al alza en los últimos días. Este jueves ha tocado desplome. Una caída que ha sido especialmente acentuada en las acciones de este grupo de comunicación.\n\nDurante la sesión de este jueves, los títulos de Prisa han perdido un 8,3%, dejando el valor de la acción en 0,99 euros. Una cifra simbólica ya que, representa un precio inferior al que vale el periódico del grupo, El País¸ que cuesta 1,10 euros.

                                                                                                                                                                                                                                                              Prisa va camino del valor cero

                                                                                                                                                                                                                                                              Miguel Pato (PD)-. Las acciones de este grupo de comunicación han perdido ya más de un 93% de su valor en tan sólo un año. Y ahora han bajado del terrible umbral de un euro por acción. Al cierre de la sesión bursátil de este jueves los títulos de Prisa marcaban el 0,99.\n\nLa situación de la empresa es preocupante porque hay que tener en cuenta que un accionista de Prisa que tenía valores por 17 euros hace dos años, hoy se le han quedado en 0,99.\n\nEl grupo dirigido por Cebrián espera poder vender la división de Digital + para tratar de reflotar sus acciones y minimizar la deuda que atenaza a la entidad. Sin embargo, a día de hoy no ha encontrado un comprador que le ofrezca una cifra adecuada.

                                                                                                                                                                                                                                                                NY Post: Apple TV + Boxee = the future of television

                                                                                                                                                                                                                                                                "For a long, dreamlike week now, I've been watching the future of television," Stephen Lynch reports for The New York Post\n\n"It started when I bought a device called AppleTV, a $230 mini-computer that plugs into your television and connects, wirelessly, to Apple's popular iTunes service," Lynch reports. "Through this, you can buy or rent an array of television shows and movies, many in high-definition, from $2 to about $20."\n\n"But I also loaded AppleTV with a software program called Boxee (something Apple does not authorize, but does not block, either)," Lynch reports. "Boxee lets you browse, though AppleTV's wireless connection, Hulu.com, CBS.com, ABC.com, MTV.com and any number of sites that make television shows and movies available for free online."\n\nLynch reports, "On my 42-inch TV, without having to get up from my couch, I have watched music videos by Jay-Z, old episodes of 'Miami Vice,' viral videos from the UK, 'Ghostbusters,' the latest '24,' Warner Bros. cartoons, a special on the origins of the universe .ñ.ñ. the list goes on and on. It's enough to quit my job and gain 50 pounds."

                                                                                                                                                                                                                                                                  Twelve Year Lows ? | The Big Picture

                                                                                                                                                                                                                                                                  Thomas Lee, US Equity Strategy at JPMorgan writes: "Believe or not, retracing 12-year lows for the Dow is an incredibly rare event. Besides the retest of 1997 lows seen on Monday, this has only happened two other times, on April 8, 1932, and December 6, 1974."\n\nGiven the rarity of the event, it is worth taking a closer look at the past instances: The 12 year low in 1932 was ~three months before the end of the bear market. In 1974, it was exactly the low for that bear market.\n\nDan Greenhaus of Miller Tabak adds, in both cases, "the economy continued contracting beyond the bear market bottoms; this is typical of rrecessions. Unemployment continued rising and GDP remained weak. The 1974 Bear market ended in December, but GDP contracted even in the Q1 1975 at a 4.7% clip - the worst GDP Q of that entire recession. Despite this, the Dow managed to rally 24.65%."\n\nHitting a twelve year low is by no means is proof the bear market is over. And, two prior examples does not a sufficient sample make. Financial and housing sectors remain in a state of paralysis, and while substantial levels of stimulus are coming, eveer larger deficits are coming too.\n\nRegardless, the oversold nature of the market, as well as the virtual straight down drop that brought us here, does present a real possibility of a strong market rally.

                                                                                                                                                                                                                                                                    Europe's Largest Newspaper Publisher: 'A Bankrupt Media Company Is Better Than a Government Funded One' - SPIEGEL ONLINE - News - International

                                                                                                                                                                                                                                                                    'A Bankrupt Media Company Is Better Than a Government Funded One'\n\nIn a SPIEGEL interview, Mathias Döpfner, the 46-year-old CEO of Germany's Axel Springer, Europe's biggest newspaper group, discusses the press crisis in the United States, whether governments should subsidize ailing media and the future of journalistic quality on the Internet.\n\nSPIEGEL: Mr. Döpfner, in its lyrics (the German rock band) Die Ärzte (The Doctors) describes your company's daily newspaper Bild as a blend of "fear, hate, tits and the weather report." When was the last time your publishing house's flagship publication was an embarrassment?\n\nDöpfner: It's a shame that Die Ärzte doesn't read Bild. I think it's in particularly good shape, and that the move from Hamburg to Berlin was very good for the newspaper.\n\nSPIEGEL: Bild defines itself as a mass-circulation paper, but circulation keeps shrinking.\n\nDöpfner: Well, that puts Bild in pretty good company. Given the many additional media offerings -- from private television to the Internet to mobile phone communication -- I think this development, though not welcome, is unfortunately relatively normal.\n\nSPIEGEL: Circulation is crumbling almost across the board in your core newspaper business. And you accept this as a natural course of events?\n\nDöpfner: Rising circulation would be preferable, of course. What's important to me is that we do not lose any market share, and that we have made the transition into the online business quickly enough and are able to keep the circulation of our publications profitable. I don't want to sugarcoat it, because the circulation trend is upsetting to us, but it isn't a tragedy. Bild's reach has been growing for the past 20 years. Just under 12 million readers a day -- now that's something not even television can beat. And the returns it produces are enough to make us turn bright red -- if the logo weren't red enough already. The Welt Group (eds: Springer's quality daily newspaper) made money for the first time in 2007 and increased its profits in 2008.\n\nSPIEGE

                                                                                                                                                                                                                                                                      A Better Plan for the Newspaper Industry

                                                                                                                                                                                                                                                                      The recession killed a Denver icon last week. After more than a century reporting on local and state government, crime, sports, and the community, The Rocky Mountain News has folded under pressure from E.W. Scripps (NYSE: SSP) to cut costs.\n\nThe shutdown followed a months-long search for a buyer for the News with no success. Color me saddened, and not surprised. Every major media market is under assault. Take San Francisco. Even as the News was dying, Hearst Co. was threatening to kill one of its signature properties, The San Francisco Chronicle.\n\nOld pressmen never die ...\nI'll admit to preferring The San Jose Mercury News when I lived in the Bay Area, but that's hardly the point. The Chronicle is an icon -- the paper where Herb Caen played eyewitness to the emergence of his city's beatnik culture and where another Herb (Greenberg) established a reputation for stock market commentary.\n\nHere in Denver, the Rocky waged a legendary game of one-upmanship with MediaNews Group's The Denver Post. No longer. One combatant has passed on, never to fight again. That's a loss for Denver and for me personally; I'll miss the Rocky's rich Saturday edition.\n\nOther cities face a similar fate. McClatchy (NYSE: MNI) is searching for a buyer for The Miami Herald. Former PR pro Brian Tierney proved unable to keep his newspaper company out of hock, threatening the future of both The Philadelphia Inquirer and its competitor, The Philadelphia Daily News. Tribune Co., too, has filed for bankruptcy protection. Capital-raising efforts include selling its interests in the Chicago Cubs baseball team.\n\nHey! Over here! How about a bailout?\nVarying ideas for how to save the newspaper industry have floated to the surface in recent weeks. One calls for a pay-per-story model a la Apple's (Nasdaq: AAPL) iTunes. Another says the newspaper industry should turn to digital platforms like Amazon's (Nasdaq: AMZN) Kindle e-book reader. Hearst has already announced a plan for just such a device. Others say that it's time to think of newspapers as non-prof

                                                                                                                                                                                                                                                                        0 follow-ups

                                                                                                                                                                                                                                                                      • on 03-06-2009

                                                                                                                                                                                                                                                                        Brasil desarrollará trenes de alta velocidad

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                                                                                                                                                                                                                                                                        Brasil desarrollará trenes de alta velocidad

                                                                                                                                                                                                                                                                        La ministra de la Presidencia brasileña, Dilma Rousseff, anunció hoy que el Gobierno se propone crear una nueva empresa estatal que deberá "absorber" y desarrollar tecnología para la construcción de trenes de alta velocidad.\n\nSegún dijo Rousseff en un seminario sobre desarrollo, la idea es que esa empresa trabaje "articulada con universidades y empresas privadas nacionales" y sea "la portadora de la transferencia de tecnología" que se exigirá en la licitación para la construcción de un tren de alta velocidad entre Río de Janeiro y Sao Paulo.\n\nEl proyecto para la construcción del tren está enmarcado en las obras que el Gobierno desarrollará para la celebración del Mundial de fútbol del año 2014.\n\nLa previsión es que la licitación sea convocada este mismo año y que las obras tengan un costo de unos US$11.000 millones.\n\nRousseff, a quien el jefe de Estado brasileño, Luiz Inácio Lula da Silva, promociona como candidata presidencial para el año 2010, cuando será elegido su sucesor, reiteró que la construcción del tren de alta velocidad es una de las prioridades del Gobierno en el área de transporte.\n\nEl proyecto está incluido en el llamado Programa de Aceleración del Crecimiento (PAC), un ambicioso plan para la construcción de infraestructuras anunciado en 2006 y que contempla inversiones por cerca de US$ 250.000 millones hasta 2010.

                                                                                                                                                                                                                                                                          Utilidades de la banca colombiana crecieron 35% en enero

                                                                                                                                                                                                                                                                          Los bancos colombianos alcanzaron en enero pasado utilidades por unos US$ 142,9 millones, cifra superior en un 35,3% a la registrada en el mismo mes de 2008, informó hoy la Superintendencia Bancaria.\n\nLa entidad explicó que el resultado positivo para el primer mes de este año se debió al comportamiento de los fondos de pensiones, cuya rentabilidad fue de 3,62% y sus ganancias de unos US$ 818 millones.\n\nDe acuerdo con la superintendencia, las utilidades de las sociedades administradoras de fondos de pensiones y cesantías sumaron US$ 14,2 millones.

                                                                                                                                                                                                                                                                            México: Credit Suisse va por el mercado doméstico

                                                                                                                                                                                                                                                                            El banco suizo Credit Suisse anunció el inicio de su servicio de Banca Privada Doméstica en México, a través del Banco Credit Suisse México S.A. Esta prestación se suma a las otras que ya ofrecía esta entidad financiera en México, principalmente, a través de la Banca de Inversión.\n\nSegún Jorge Rodríguez, director ejecutivo de Banca Privada en México, se escogió este país luego de analizar cuáles eran los 10 puntos clave en el mundo donde el banco debía expandir su presencia. "México es uno de los países que muestran un atractivo ritmo de crecimiento de la riqueza en el mundo", dijo el ejecutivo.\n\nEn este país quieren apuntar a dos tipos de clientes: tanto a jóvenes emprendedores como a inversionistas calificados y sofisticados que ya cuentan con un importante patrimonio y necesitan asesoría en su inversión financiera. ¿Buen momento para invertir" "En estos tiempos de crisis también hay oportunidades", explicó Andrés Borrego, director general de Credit Suisse México. "Lo que es valora es una buena asesoría profesional". Además, según los ejecutivos de esta entidad bancaria, en los últimos cuatro, cinco años el nivel de riqueza en México ha venido creciendo a tasas de entre un 7% y 11%.

                                                                                                                                                                                                                                                                              Cemex seguirá buscando refinanciamiento

                                                                                                                                                                                                                                                                              La cementera mexicana Cemex, la tercera más grande del mundo, dijo el jueves que seguirá buscando refinanciar su pesada deuda, luego de que sus acciones se desplomaron en la bolsa en medio de preocupaciones por sus próximos vencimientos y la depreciación del peso.\n\nLas acciones de Cemex perdieron un 15.44 por ciento en la bolsa mexicana a 7.01 pesos, su mayor caída en lo que va del año, mientras que en Nueva York bajaron un 14.61 por ciento a 4.56 dólares.\n\nCemex tiene una deuda de casi 19,000 millones de dólares, de los cuales 4,100 millones de dólares tienen vencimientos este año. Pero la compañía dijo que sólo pagaría 3,600 millones con la venta de activos y flujo de efectivo de su operación.\n\nLa semana pasada, la cementera inició una serie de presentaciones en Londres y Nueva York para tratar de colocar un bono a cinco años por alrededor de 500 millones de dólares, a fin de refinanciar algunos de sus pasivos.\n\n"Parece que la colocación del bono no va bien, al parecer sólo han podido vender la mitad", dijo un analista que pidió el anonimato.\n\nCemex agregó en un comunicado que sus esfuerzos de refinanciamiento, que incluyen la emisión de deuda en mercados internacionales, seguirán en función de las condiciones del mercado.\n\nLa crisis financiera global ha elevado la aversión al riesgo en México, recortando el financiamiento para algunas compañías, que se han visto obligadas a respaldar sus emisiones de deuda local con garantías del Gobierno, entre ellas Cemex.\n\nCemex dijo el jueves que colocó 393 millones de pesos en certificados bursátiles, de una oferta de hasta 454.8 millones de pesos.\n\nAlgunos analistas también consideraron que la fuerte depreciación del peso mexicano golpeará aún las finanzas de la cementera.\n\n"Creo que es la debilidad del tipo de cambio y el flujo negativo de noticias en los últimos días, (....) pone en duda si Cemex va a tener que hacer una venta de acciones dado su apalancamiento", dijo a Reuters Francisco Chávez, analista de BBVA Bancomer.

                                                                                                                                                                                                                                                                                Banco Central de Perú redujo tasa a 6%

                                                                                                                                                                                                                                                                                El Banco Central de Reserva de Perú redujo el jueves su tasa de interés clave para operaciones entre bancos a un 6,0 por ciento desde un 6,25 por ciento anterior, en línea con lo que esperaba el mercado.\n\nEn un sondeo de Reuters, cinco de ocho analistas de bancos e instituciones locales y extranjeras dijeron que el ente emisor reduciría su tasa a un 6,0 por ciento.\n\nLos tres restantes esperaban un recorte más agresivo, a un 5,75 por ciento, según el sondeo.

                                                                                                                                                                                                                                                                                  Costco’s sales of own-brand goods increase

                                                                                                                                                                                                                                                                                  Costco, the leading US warehouse club, on Wednesday underlined the steady growth in sales of low-cost private label food and household goods, reporting sharp increases in sales of its Kirkland Signature own-brand products.\n\nRichard Galanti, chief financial officer, said that the share of Kirkland Signature goods sold at Costco had increased by about 3 percentage points over the past six months, compared with a usual level of annual growth of about 1 per cent. Private label accounts for almost 20 per cent of sales at Costco.

                                                                                                                                                                                                                                                                                    InBev steps up disposals and cost-cutting

                                                                                                                                                                                                                                                                                    Anheuser Busch InBev is to move ahead with "at least" $7bn in asset disposals and cut costs more quickly than expected as it tries to de-leverage its balance sheet, which carries €45bn ($56.5bn) in debt.\n\nThe group became the world's biggest brewer, but also the most highly leveraged, following InBev's $52bn purchase of Anheuser Busch last year.\nEDITOR'S CHOICE\nAB InBev may sell Russian unit to focus on US - Mar-05\nPrivate equity firm agrees to buy Labatt USA - Feb-24\nLobby attacks drinks makers over pay terms - Feb-24\nBuyers await Anheuser-Busch assets sale - Jan-15\nLex: Anheuser-Busch InBev - Nov-24\nA-B Inbev launches €6.4bn rights issue - Nov-24\n\nOn Thursday it said synergies from the acquisition would be higher than expected, reaching $2.25bn instead of the $1.5bn originally expected, as it reported a 5.2 per cent rise in group underlying sales growth for 2008. Its shares rose 84 euro cents, or 4.3 per cent, to €20.20 in Brussels.\n\nAB InBev also announced that Carlos Brito, its chief executive, and most of its top management would not receive bonuses this year because they missed their financial targets in 2008.

                                                                                                                                                                                                                                                                                      Chávez steps up nationalisation drive with seizure of Cargill mill

                                                                                                                                                                                                                                                                                      Hugo Chávez was yesterday locked in battles with Cargill, the world's largest trader of agricultural commodities, and Venezuela's biggest privately owned company, Polar, as he stepped up the nationalisation drive that has been a cornerstone of his 10-year rule.\n\nAfter an inspection of a Cargill rice mill on Wednesday, the Venezuela president ordered its expropriation and accused the US food giant of "flagrantly violating" laws that require it to produce rice at regulated prices.\n\nIt is the first nationalisation since Venezuelans voted last month to abolish presidential term limits and allow Mr Chávez, who took office in 1999, to continue for as long as he liked.

                                                                                                                                                                                                                                                                                        Chávez hopes for Midas touch

                                                                                                                                                                                                                                                                                        As the helicopter skims low over one of the largest undeveloped gold deposits in the world, just south of the ragtag mining town of El Dorado, the pilot shrugs bleakly.\n\n"It's a great shame," he says, gesturing at the scar blighting the pristine forest in south-eastern Venezuela, cleared by thousands of small-scale, illegal miners in their hunt for gold.\n\nBut after a decades-long free-for-all in which prospectors have wreaked environmental havoc while private companies have failed to extract an ounce of gold from Las Cristinas, Hugo Chávez, the president, has said it may be exploited in a joint venture between the state and a Rusoro Mining, a Russian miner.\n\nSince oil provides more than 90 per cent of export revenues and more than half of government spending, collapsing energy prices have ignited the government's interest in the sizeable gold reserves in order to bolster its earnings, as well as in commodities such as coffee and cacao - once Venezuela's biggest export.\n\nThe partnership between the socialist president and the Russian company is one of the fruits of a budding friendship between Caracas and Moscow - part of the strategy of Venezuela's anti-imperialist president to challenge US influence in the region.\n\n"The spirit of goodwill between the two governments has certainly helped us a lot," says George Salamis, president of Rusoro, which has already acquired and turned round two struggling mining operations here in the past year.

                                                                                                                                                                                                                                                                                          Cash-Rich Activision Eyes Deals

                                                                                                                                                                                                                                                                                          The games giant Activision Blizzard, with $3 billion in cash and no debt, is keeping its eye out for deal opportunities as prices of potential targets continue to fall, the company's top publishing executive told Bloomberg News.\n\n"The combination of Activision holding a fair amount of cash and presumably prices being depressed, not only for publicly traded companies, but also likely for new intellectual property licensing rights, should certainly create opportunities," Mike Griffith, the chief of Activision publishing, told Bloomberg.\n\nThe company became the world's largest video game publisher last year after it closed a $9.8 billion merger between Activision and Vivendi Games.\n\nThe giant is now seeking to fill holes in its product line and expand internationally, Mr. Griffith told the news service.

                                                                                                                                                                                                                                                                                            YouTube and Universal Music Said to Discuss Deal

                                                                                                                                                                                                                                                                                            Google's YouTube and the Universal Music Group, the world's largest music label, are in advanced discussions over a licensing agreement that could lead to the creation of a premium site for music videos, The New York Times's Miguel Helft reported, citing a person briefed on the talks.\n\nThe discussions remain fluid and the terms of the agreement, which could not be learned, are still being negotiated, The Times said. A final deal could still be weeks away, and its terms may be different from those being discussed currently, according to the newspaper.\n\nThe proposed agreement represent the latest effort by YouTube, the online video service, to attract premium content that might lure higher-priced advertisements. Music videos are among the most popular content on YouTube, but they have failed to produce significant revenue for YouTube or the music labels.

                                                                                                                                                                                                                                                                                              Amazon Gets In Used-Game Business

                                                                                                                                                                                                                                                                                              After enjoying a virtual monopoly in the used videogames market, videogame specialty retailer GameStop Corp. faces a threat from a potentially formidable rival, Amazon.com Inc.\n\nThe Seattle Internet retailer launched a service Thursday in which it will allow customers to trade in used videogames for store credit, taking aim at a key portion of GameStop's business.\n\nShares of GameStop plunged 14% Thursday after the news, which was announced on Amazon's Game Room blog. GameStop stock ended the day at $23.46, down $3.84, after rising 26% since the start of the year.

                                                                                                                                                                                                                                                                                                U.S. judge releases $500 mln in Stanford assets

                                                                                                                                                                                                                                                                                                A federal judge on Thursday ordered the release of about $500 million from Stanford Group Co customer brokerage accounts held by Pershing LLC that had been subject to a court-ordered freeze since February, a filing showed.\n\nRalph Janvey, the receiver in charge of the operations and assets of Texas billionaire Allen Stanford's Stanford Group Co, had asked U.S. District Judge David Godbey in Dallas to release about 12,000 accounts containing less than $250,0000 on Wednesday.\n\nThe U.S. Securities and Exchange Commission has accused Allen Stanford, two top aides and three of his companies of a long-running $8 billion securities fraud using high-yield certificates of deposit issued by a Stanford bank in Antigua.

                                                                                                                                                                                                                                                                                                  Slim, Icahn and Malone lead media debt feast

                                                                                                                                                                                                                                                                                                  Investors are turning to acquiring secured debt in financially starved media companies to establish a foothold. The strategy is nothing new, especially among hedge funds and hostile bidders, but it's interesting to note some of the well-known investors that have lent money to companies such as the New York Times Co. (NYSE:NYT) and Sirius XM Radio Inc. (NASDAQ:SIRI). The New York Post points out on Thursday some of these heavy-hitting media debt investors include financiers Carl Icahn, and Carlos Slim, and media moguls John Malone and Charlie Ergen.

                                                                                                                                                                                                                                                                                                    Citigroup breaks the buck

                                                                                                                                                                                                                                                                                                    Chalk it up as a measure of how much damage the credit crunch has wrought that Citigroup Inc. (NYSE:C), once the most valuable bank in the world, trades at less than $1 a share Thursday.\n\nWith over $37.5 billion in losses over the last five quarters, Citi's stock is down roughly 85% this year, leaving it with a market cap of $5.5 billion, down from a high of $227 billion in 2006. But more importantly, Citi's foray into penny stock territory indicates that none of its pronouncements or government bailouts has given the market any confidence in an institution deemed "too big to fail."

                                                                                                                                                                                                                                                                                                      Ford seeks to retire $10.4B in debt

                                                                                                                                                                                                                                                                                                      Ford Motor Co. late Wednesday, March 4, announced a swap offer aimed at retiring upwards of $10.4 billion in debt as the company continues its restructuring effort.\n\nDearborn, Mich.-based Ford said it would spend up to $2.2 billion and use 500 million of its shares if the maximum amount of debt is surrendered under the voluntary plan. The company, which to date is the only U.S. automaker not to request bailout loans from the U.S. government, said the move is designed to pare down its $25.8 billion in debt as it weathers a severe auto sales slump that has eaten into liquidity.

                                                                                                                                                                                                                                                                                                        Los auditores alertan del riesgo de quiebra de General Motors

                                                                                                                                                                                                                                                                                                        General Motors está en serio riesgo de quiebra. Lo advirtieron ayer sus auditores, que por primera vez hablan de que la automovilística estadounidense se verá empujada a la liquidación si el plan de viabilidad que examina la Administración de Barack Obama no funciona. El riesgo de bancarrota gana cuerpo. Entretanto, Ford Motor anunció un plan para reducir su deuda casi a la mitad.La opinión de los auditores no fue ninguna sorpresa. GM despidió el año de su centenario ahogado en pérdidas. El gigante de Detroit, que se mantiene con vida gracias a las ayudas públicas, cerró 2008 con un saldo negativo de 30.900 millones de dólares, el segundo peor año en su historia.

                                                                                                                                                                                                                                                                                                          Chávez expropia una empresa arrocera de Estados Unidos

                                                                                                                                                                                                                                                                                                          "Oiga bien el país la instrucción que estoy dando: iníciese el proceso expropiatorio a Cargill y además con investigaciones judiciales". Ésa fue la orden que el miércoles por la noche impartió a sus ministros el presidente venezolano, Hugo Chávez, contra esta empresa estadounidense de 2.000 empleados, que desde hace 23 años produce en Venezuela casi toda la gama de productos básicos: arroz, harina de trigo, aceite, café, pasta, azúcar, café, leche, margarina. La expropiación sólo afectará a la planta procesadora de arroz de Cargill.

                                                                                                                                                                                                                                                                                                            Barnes & Noble Buys E-Book Seller Fictionwise

                                                                                                                                                                                                                                                                                                            Barnes & Noble on Thursday acquired Fictionwise, the online electronic book retailer, for $15.7 million in cash. The move positions Barnes & Noble to enter the e-book market space and compete with Amazon.com as a distributor of digital content.\n\nBarnes & Noble also said in a statement that Fictionwise will remain a separate business, but will play a role when it opens its own e-book store this year

                                                                                                                                                                                                                                                                                                              Mr. Barofsky, the TARP Cop, Gets Into Role as Street Tough

                                                                                                                                                                                                                                                                                                              Wall Street's latest headache toils in a musty, ground-floor office at the Treasury Department.\n\nNeil Barofsky, the man overseeing the $700 billion bailout, is armed with broad authority, including the right to carry a handgun and the power to subpoena. As special inspector general for the Troubled Asset Relief Program, he is charged with tracking the bailout funds. In the process, Mr. Barofsky is ruffling feathers on Wall Street and in Washington, demanding access and information some aren't eager to provide.\nLawyers at institutions that have received government aid are trying to figure out how much leeway they have to push back against Mr. Barofsky, say people familiar with the matter. Some government officials say they are concerned about Mr. Barofsky's aggressive approach.

                                                                                                                                                                                                                                                                                                                La acción de Prisa ya vale menos de un euro

                                                                                                                                                                                                                                                                                                                (Libertad Digital) La capitalización bursátil de Prisa ya ronda los 216 millones de euros, después de que sus acciones sufrieran un nuevo desplome y perdieran el valor simbólico de un euro.\n\nLos mercados ya habían descontado la previsible bajada de tipos del BCE y tuvieron cotizaciones al alza en los últimos días. Este jueves ha tocado desplome. Una caída que ha sido especialmente acentuada en las acciones de este grupo de comunicación.\n\nDurante la sesión de este jueves, los títulos de Prisa han perdido un 8,3%, dejando el valor de la acción en 0,99 euros. Una cifra simbólica ya que, representa un precio inferior al que vale el periódico del grupo, El País¸ que cuesta 1,10 euros.

                                                                                                                                                                                                                                                                                                                  Prisa va camino del valor cero

                                                                                                                                                                                                                                                                                                                  Miguel Pato (PD)-. Las acciones de este grupo de comunicación han perdido ya más de un 93% de su valor en tan sólo un año. Y ahora han bajado del terrible umbral de un euro por acción. Al cierre de la sesión bursátil de este jueves los títulos de Prisa marcaban el 0,99.\n\nLa situación de la empresa es preocupante porque hay que tener en cuenta que un accionista de Prisa que tenía valores por 17 euros hace dos años, hoy se le han quedado en 0,99.\n\nEl grupo dirigido por Cebrián espera poder vender la división de Digital + para tratar de reflotar sus acciones y minimizar la deuda que atenaza a la entidad. Sin embargo, a día de hoy no ha encontrado un comprador que le ofrezca una cifra adecuada.

                                                                                                                                                                                                                                                                                                                    NY Post: Apple TV + Boxee = the future of television

                                                                                                                                                                                                                                                                                                                    "For a long, dreamlike week now, I've been watching the future of television," Stephen Lynch reports for The New York Post\n\n"It started when I bought a device called AppleTV, a $230 mini-computer that plugs into your television and connects, wirelessly, to Apple's popular iTunes service," Lynch reports. "Through this, you can buy or rent an array of television shows and movies, many in high-definition, from $2 to about $20."\n\n"But I also loaded AppleTV with a software program called Boxee (something Apple does not authorize, but does not block, either)," Lynch reports. "Boxee lets you browse, though AppleTV's wireless connection, Hulu.com, CBS.com, ABC.com, MTV.com and any number of sites that make television shows and movies available for free online."\n\nLynch reports, "On my 42-inch TV, without having to get up from my couch, I have watched music videos by Jay-Z, old episodes of 'Miami Vice,' viral videos from the UK, 'Ghostbusters,' the latest '24,' Warner Bros. cartoons, a special on the origins of the universe .ñ.ñ. the list goes on and on. It's enough to quit my job and gain 50 pounds."

                                                                                                                                                                                                                                                                                                                      Twelve Year Lows ? | The Big Picture

                                                                                                                                                                                                                                                                                                                      Thomas Lee, US Equity Strategy at JPMorgan writes: "Believe or not, retracing 12-year lows for the Dow is an incredibly rare event. Besides the retest of 1997 lows seen on Monday, this has only happened two other times, on April 8, 1932, and December 6, 1974."\n\nGiven the rarity of the event, it is worth taking a closer look at the past instances: The 12 year low in 1932 was ~three months before the end of the bear market. In 1974, it was exactly the low for that bear market.\n\nDan Greenhaus of Miller Tabak adds, in both cases, "the economy continued contracting beyond the bear market bottoms; this is typical of rrecessions. Unemployment continued rising and GDP remained weak. The 1974 Bear market ended in December, but GDP contracted even in the Q1 1975 at a 4.7% clip - the worst GDP Q of that entire recession. Despite this, the Dow managed to rally 24.65%."\n\nHitting a twelve year low is by no means is proof the bear market is over. And, two prior examples does not a sufficient sample make. Financial and housing sectors remain in a state of paralysis, and while substantial levels of stimulus are coming, eveer larger deficits are coming too.\n\nRegardless, the oversold nature of the market, as well as the virtual straight down drop that brought us here, does present a real possibility of a strong market rally.

                                                                                                                                                                                                                                                                                                                        Europe's Largest Newspaper Publisher: 'A Bankrupt Media Company Is Better Than a Government Funded One' - SPIEGEL ONLINE - News - International

                                                                                                                                                                                                                                                                                                                        'A Bankrupt Media Company Is Better Than a Government Funded One'\n\nIn a SPIEGEL interview, Mathias Döpfner, the 46-year-old CEO of Germany's Axel Springer, Europe's biggest newspaper group, discusses the press crisis in the United States, whether governments should subsidize ailing media and the future of journalistic quality on the Internet.\n\nSPIEGEL: Mr. Döpfner, in its lyrics (the German rock band) Die Ärzte (The Doctors) describes your company's daily newspaper Bild as a blend of "fear, hate, tits and the weather report." When was the last time your publishing house's flagship publication was an embarrassment?\n\nDöpfner: It's a shame that Die Ärzte doesn't read Bild. I think it's in particularly good shape, and that the move from Hamburg to Berlin was very good for the newspaper.\n\nSPIEGEL: Bild defines itself as a mass-circulation paper, but circulation keeps shrinking.\n\nDöpfner: Well, that puts Bild in pretty good company. Given the many additional media offerings -- from private television to the Internet to mobile phone communication -- I think this development, though not welcome, is unfortunately relatively normal.\n\nSPIEGEL: Circulation is crumbling almost across the board in your core newspaper business. And you accept this as a natural course of events?\n\nDöpfner: Rising circulation would be preferable, of course. What's important to me is that we do not lose any market share, and that we have made the transition into the online business quickly enough and are able to keep the circulation of our publications profitable. I don't want to sugarcoat it, because the circulation trend is upsetting to us, but it isn't a tragedy. Bild's reach has been growing for the past 20 years. Just under 12 million readers a day -- now that's something not even television can beat. And the returns it produces are enough to make us turn bright red -- if the logo weren't red enough already. The Welt Group (eds: Springer's quality daily newspaper) made money for the first time in 2007 and increased its profits in 2008.\n\nSPIEGE

                                                                                                                                                                                                                                                                                                                          A Better Plan for the Newspaper Industry

                                                                                                                                                                                                                                                                                                                          The recession killed a Denver icon last week. After more than a century reporting on local and state government, crime, sports, and the community, The Rocky Mountain News has folded under pressure from E.W. Scripps (NYSE: SSP) to cut costs.\n\nThe shutdown followed a months-long search for a buyer for the News with no success. Color me saddened, and not surprised. Every major media market is under assault. Take San Francisco. Even as the News was dying, Hearst Co. was threatening to kill one of its signature properties, The San Francisco Chronicle.\n\nOld pressmen never die ...\nI'll admit to preferring The San Jose Mercury News when I lived in the Bay Area, but that's hardly the point. The Chronicle is an icon -- the paper where Herb Caen played eyewitness to the emergence of his city's beatnik culture and where another Herb (Greenberg) established a reputation for stock market commentary.\n\nHere in Denver, the Rocky waged a legendary game of one-upmanship with MediaNews Group's The Denver Post. No longer. One combatant has passed on, never to fight again. That's a loss for Denver and for me personally; I'll miss the Rocky's rich Saturday edition.\n\nOther cities face a similar fate. McClatchy (NYSE: MNI) is searching for a buyer for The Miami Herald. Former PR pro Brian Tierney proved unable to keep his newspaper company out of hock, threatening the future of both The Philadelphia Inquirer and its competitor, The Philadelphia Daily News. Tribune Co., too, has filed for bankruptcy protection. Capital-raising efforts include selling its interests in the Chicago Cubs baseball team.\n\nHey! Over here! How about a bailout?\nVarying ideas for how to save the newspaper industry have floated to the surface in recent weeks. One calls for a pay-per-story model a la Apple's (Nasdaq: AAPL) iTunes. Another says the newspaper industry should turn to digital platforms like Amazon's (Nasdaq: AMZN) Kindle e-book reader. Hearst has already announced a plan for just such a device. Others say that it's time to think of newspapers as non-prof

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                                                                                                                                                                                                                                                                                                                          • on 03-05-2009

                                                                                                                                                                                                                                                                                                                            Corficolombiana reportó una alta rentabilidad de sus inversiones en varios sectores de la economía

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                                                                                                                                                                                                                                                                                                                            Corficolombiana reportó una alta rentabilidad de sus inversiones en varios sectores de la economía

                                                                                                                                                                                                                                                                                                                            El presidente de la entidad, José Elías Melo, dijo que la rentabilidad sobre el patrimonio alcanzó el 12%, que se dio por el manejo de un portafolio de inversiones sólidas en varios sectores.\n\nAsí lo confirmó al presentar el balance de gestión ante la asamblea de accionistas.\n\nEl presidente de la entidad, José Elías Melo, dijo que la rentabilidad sobre el patrimonio alcanzó el 12 por ciento, que se dio por el manejo de un portafolio de inversiones sólidas en varios sectores económicos.\n\nCorficolombiana alcanzó al cierre del año pasado un índice de solvencia de 52 por ciento, frente al 9 por ciento mínimo que exige la normatividad colombiana. De hecho, ese indicador coloca a la entidad que controla Luis Carlos Sarmiento Angulo en una de las de mayor solidez del mercado financiero nacional.\n\nEl portafolio de inversiones de Corficolombiana está integrado en un 11,2 por ciento en negocios de energía, 11,7 por ciento con concesiones, 4,3 por ciento en combustibles, entre otros.

                                                                                                                                                                                                                                                                                                                              Laboratorios Synthesis de Colombia venderá parte de sus acciones a peruana Farmindustria

                                                                                                                                                                                                                                                                                                                              Se venderá el 29,5% de las acciones de firmas de inversionistas colombianos Caripharm Inc., Laboratorios Synthesis Ltda. & Cía. SCA e Inmunosyn S.A., y el 35% de Chimipharm S.A., por US$6 millones.\n\nSin embargo, la junta de accionistas de la empresa peruana decidió ampliar el plazo del precio acordado hasta el próximo 31 de marzo para comprar el lote de acciones de Caripharm Inc., Laboratorios Synthesis Ltda. & Cía. SCA e Inmunosyn S.A. \n\nLaboratorios Synthesis exporta a Guatemala, El Salvador, Honduras, Panamá, República Dominicana y Ecuador. Próximamente planea hacerlos a Perú, Venezuela, Costa Rica, Chile y México.\n\nFarmindustria es controlada por la empresa española Farmacéutica Mont Blanc y el año pasado tuvo ingresos por 69 millones de dólares.

                                                                                                                                                                                                                                                                                                                                Ingenios azucareros le apuestan al etanol, Articulo OnLine

                                                                                                                                                                                                                                                                                                                                El sector azucarero colombiano, uno de los más productivos del mundo, aspira incrementar su producción de etanol en el 2009 en un 22%, pasando de 258 millones de litros producidos en el 2008, a producir 315 millones de litros el presente año. Además, dado los avances tecnológicos en países vecinos y la colaboración del estado, "el incremento del mercado podría llegar a ser superior siete veces el actual", sostiene Luis Fernando Londoño, presidente de Asocaña.\n\nEn el mercado nacional, hasta el momento, el programa de adición de alcohol, solo llega a cubrir el 70% del consumo interno. En otras palabras, la mezcla promedio de etanol con gasolina corriente es de tan solo el 7% en todo el país. Con la entrada de nuevos carros y nuevas tecnologías flexibles, es decir, que permitan su funcionamiento con cualquier mezcla de alcohol con gasolina, el mercado interno de etanol puede llegar a un promedio de mezcla del 50%, al ver lo que ocurre con los países vecinos.\n\nEn Brasil la mezcla obligatoria para los vehículos a gasolina es de 25% de etanol; existen además carros que funcionan 100% a alcohol y en la actualidad mas del 90% de los vehículos que se venden son de tecnología flexible. En promedio, en dicho país el etanol representa más del 60% del consumo de combustible vehicular.\n\nActualmente entre las 5 destilerías de alcohol carburante (Incauca, Providencia, Manuelita, Mayagüez y Risaralda) se producen 1.050.000 litros al día, lo que equivale a haber descubierto un pozo de petróleo de 16.000 barriles por día.\n\nSegún el presidente de Asocaña, se espera que a finales de marzo la expansión de utilización de alcohol carburante llegará al 75% del país, cubriendo Tolima y el Huila, donde se espera demanda total de Colombia llegará a ser de 32 millones de litros al mes.\n\nAl día de hoy, los ingenios azucarero han invertido cerca de US$140 millones en la implementación del programa de etanol o alcohol carburante, 30% de los cuales han sido destinados a inversiones ambientales.

                                                                                                                                                                                                                                                                                                                                  Slim creará 34.000 empleos en México

                                                                                                                                                                                                                                                                                                                                  El empresario mexicano Carlos Slim, considerado el segundo hombre más rico del planeta, informó que este año sus empresas crearán alrededor de 34.000 nuevos empleos.\n\nSlim prevé además una inversión de US$ 516 millones a través de sus fundaciones para desarrollo social, consignó El Universal.\n\n"Vamos a hacer una gran inversión este año, seguramente también en 2010 y vamos a crear más de 34.000 nuevos empleos", dijo el empresario tras recibir el premio "Hombre del Año" que le entregó el Consejo Mundial de Boxeo (CMB), en un acto celebrado en Ciudad de México.\n\nAsimismo, el ejecutivo informó que a través de las fundaciones de Teléfonos de México (Telmex) se programaron fondos para educación, salud, medio ambiente, cultura y deporte que beneficiarán a miles de familias a generar empleos.\n\nEl magnate mexicano, quien es presidente vitalicio de Teléfonos de México, prefirió no realizar comentarios sobre el cambio de titular en la Secretaría de Comunicaciones y Transportes, la cual estará a cargo de Juan Molinar Horcasitas, en sustitución de Luis Téllez.

                                                                                                                                                                                                                                                                                                                                    Venezuela aplazaría compra de Banco Santander

                                                                                                                                                                                                                                                                                                                                    Venezuela aplazó al menos por este año la nacionalización de la unidad local del banco español Santander, en momentos en que el país sufre una dramática caída de sus vitales ingresos petroleros, dijeron el miércoles fuentes gubernamentales y de la entidad.\n\nEl presidente, Hugo Chávez, ha sustentado su revolución socialista sobre los ingentes ingresos públicos por la venta de petróleo, pero analistas creen que ahora deberá tomar medidas como un drástico recorte de gastos, nuevos impuestos o devaluar la moneda para enfrentar el desplome en el valor del crudo.\n\nChávez había anunciado en el 2008 la compra del Banco de Venezuela, uno de los más emblemáticos y grandes del país medido por activos, depósitos y créditos.\n\nPero un funcionario de alto rango dijo el miércoles a Reuters: "No, no creo que se pueda este año definitivamente (comprar el banco) (...) ya se habló con ellos".\n\nUna fuente del banco había revelado previamente a Reuters que "el Gobierno dijo que sigue interesado aún pero que de momento se suspendían las negociaciones y que la prioridad de la compra es de ellos".

                                                                                                                                                                                                                                                                                                                                      Panamá recibe ofertas para ampliación del canal

                                                                                                                                                                                                                                                                                                                                      La Autoridad del Canal de Panamá (ACP) recibió el martes tres ofertas para el contrato de construcción de las nuevas esclusas, que son parte de la expansión que se está ejecutando en el canal por US$ 5.250 millones.\n\nLa firma que se adjudique el contrato tendrá a su cargola construcción de dos nuevas esclusas, una en la parte del Pacífico y la otra en la del Atlántico. Éstas duplicarán la capacidad de tráfico del canal y permitirán el paso de buques más anchos y largos.\n\nSe estima que el valor del contrato rondaría los US$ 2.730 millones y es la obra más importante de la expansión de vía interoceánica. Según detalló el consejero delegado de la ACP en diciembre, Alberto Alemán, se estima que en mayo se elija al consorcio ganador. \n\nLa ACP había seleccionado a cuatro grupos para que presentaran sus ofertas, sin embaro, sólo tres lo hicieron. El primero de ellos, Consorcio Canal, que está integrado por las empresas españolas Actividades de Construcción y Servicios SA (ACS), Acciona SA, Fomento de Construcciones y Contratas SA y la alemana Hochtief AG.\n\nEl segundo consorcio está integrado por una filial de la estadounidense Bechtel Group Inc y por las empresas japonesas Taisei Corp y Mitsubishi Corp En el tercero participan la española Sacyr Vallehermoso SA, la italiana Impregilo y la panameña Constructora Urbana..

                                                                                                                                                                                                                                                                                                                                        EE.UU. destinará US$ 28.000M a carreteras

                                                                                                                                                                                                                                                                                                                                        El presidente de Estados Unidos, Barack Obama, aseguró el martes que dentro de las obras que están contempladas en el plan de estímulo para reactivar la economía, se destinarán US$ 28.000 millones para la reconstrucción de carreteras.\n\nEn esa línea, adelantó que en las próximas semanas el Departamento de Transporte iniciará 200 proyectos para mejorar la infraestructura del país.\n\nEl mandatario aseguró que gracias a los proyectos que ejecutará su gobierno a partir de este año y hasta finales de 2010 se crearán 150.000 puestos de trabajo, informó el diario La Tercera con un cable de Efe.\n\nObama también detalló que durante su administración se construirá "la infraestructura del siglo XXI", tal como fue construido el puente Golden Gate, de San Francisco, en 1937. Esto en alusión a que éste fue parte del programa de obras públicas que lanzó el presidente Franklin Roosevelt, para promover la economía alicaída producto de la Gran Depresión.

                                                                                                                                                                                                                                                                                                                                          Chile aumentaría en 30% recursos para obras

                                                                                                                                                                                                                                                                                                                                          El Ministerio de Obras Públicas de Chile (MOP) anunció que el presupuesto para el organismo durante el 2009 tendrá un aumento de un 30% respecto al del año pasado, lo que significa cerca de US$ 252 millones más, con lo que se busca hacer frente a los efectos de la crisis económica en el país.\n\nLos nuevos recursos permitirán ejecutar 600 contratos adicionales a los 1.200 contemplados en la Ley de Presupuesto 2009. Además, aumentarán los nuevos puestos de trabajos acercándose a los 100.000. "Estamos ejecutando a máxima fuerza toda la capacidad del Estado para compensar", aseguró Bitar.\n\nEl titular del MOP, Sergio Bitar, aseguró que "si se nos aprueba todo lo enviado (al Ministerio de Hacienda y a la Contraloría) significaría un aumento del presupuesto 2009 respecto de 2008 de 30%, que -me atrevo a decir- es el más alto del mundo como incremento de un ministerio de infraestructura en un año de crisis", informó el ministerio.

                                                                                                                                                                                                                                                                                                                                            Ecuador habría crecido un 5,3% en 2008

                                                                                                                                                                                                                                                                                                                                            El Producto Interno Bruto (PIB) de Ecuador se habría expandido en un 5,3% el año pasado en comparación con el crecimiento del 2,5% de 2007, informó el miércoles el Banco Central en un comunicado.\n\nEn enero, el presidente del Banco Central, Carlos Vallejo, dijo que era probable que la economía ecuatoriana se hubiese expandido un 6,88% en 2008, gracias al crecimiento de los sectores de construcción y electricidad.\n\nEl PIB de Ecuador creció un 1,19% durante el tercer trimestre de 2008, frente a un incremento del 2,71% durante el trimestre anterior, mientras que el crecimiento anualizado durante el período subió al 8,63% frente al tercer trimestre de 2007.\n\nTodavía no está claro cuando se publicará el indicador definitivo del PIB de 2008. De acuerdo a la última proyección del banco central, el PIB se expandirá un 2,3% en 2009.

                                                                                                                                                                                                                                                                                                                                              Cadbury wraps up Fairtrade agreement

                                                                                                                                                                                                                                                                                                                                              Cadbury is to become the first mass-market chocolate brand to adopt the Fairtrade certification mark, signalling the rising importance of ethical credentials to big business even as consumers become choosier in how they spend their money.\n\nThe confectionery group will certify 300m of its Cadbury Dairy Milk chocolate bars as well as its packaged cocoa, at a cost of £1.5m ($2.1m), by the end of summer. The company raised prices last year, partly to absorb the cost of the move to Fairtrade.\nEDITOR'S CHOICE\nSolo status offers sweet rewards - Feb-25\nCadbury sweetens its margins - Feb-25\nNestlé confident of 5% sales growth - Feb-19\nChocolate prices set for further increases - Jan-25\nCadbury to sell Australian drinks arm - Dec-26\nSales growth softening at Cadbury - Dec-16\n\nHarriet Lamb, the chief executive of the Fairtrade Foundation, said Cadbury's move, which represents £200m in retail sales, would "throw down the gauntlet" to other big chocolate manufacturers. "It's an iconic British brand ... This does really set the pace for the mainstream industry."\n\nPeter Melchett, policy director for the Soil Association, a certification organisation for organic food, said the move showed the recession was not causing consumers to abandon ethical concerns. "It's surprising how continually committed people are," he said.

                                                                                                                                                                                                                                                                                                                                                Univision Reaches Retransmission-Consent Pact With DirecTV

                                                                                                                                                                                                                                                                                                                                                Univision Communications Inc. has reached a multiyear retransmission-consent agreement with leading satellite provider DirecTV.\n\nThe deal, terms of which were not disclosed, covers the network feeds of Univision, sister broadcast service TeleFutura and cable network Galavision. In addition, it encompasses Univision owned-and-operated stations, as well affiliated stations owned and run by Entravision Communications Corp., Equity Media Holdings Corp. and Fisher Communications, Inc.\nUnivisionSources familiar with the deal indicate that Univision 's carriage contract with DirecTV had expired at year-end, but the parties continued to negotiate, culminating with this agreement.\n\nThe deal with DirecTV marks Univision's second major retransmission-consent pact. Just after the turn of the year, the leading Spanish-language media holder in the U.S. -- which last week confirmed that it had issued pink slips to about 300 employees in the face of the faltering economy -- announced it had struck a similar accord with the nation's largest distributor, top cable operator Comcast.

                                                                                                                                                                                                                                                                                                                                                  Cablevision To Aim Ads At 500,000 Subscribers

                                                                                                                                                                                                                                                                                                                                                  Cablevision Systems announced it will expand its addressable-advertising capabilities to be able to deliver TV spots based on an individual subscriber's demographic data to some 500,000 households across the New York metro area this summer.\n\nThe half-million-homes deployment -- representing cable's largest with addressable advertising to date -- comes after an 18-month trial covering 100,000 households, in which Cablevision tested the targeted form advertising for its Optimum-branded services.\n\nAccording to Cablevision, the trial showed a "double-digit" lift in sales in areas that received the addressable ads compared with homes that did not. After building out to 500,000 households across multiple zones within the New York DMA, Cablevision ultimately expects to bring addressability to all of its 2.8 million digital TV subscribers.

                                                                                                                                                                                                                                                                                                                                                    Roche tries soft touch

                                                                                                                                                                                                                                                                                                                                                    Roche Holding AG assured Genentech Inc. shareholders that holdouts in its tender offer have no downside and a potential to receive greater value for their shares after data about cancer drug Avastin comes available next month.\n\nRoche updated the language in its tender offer late Monday to amend and clarify its intentions should it own 90% or more of Genentech shares at the completion of its offer. With its initial filing of the tender offer for the 44.2% of Genentech it does not own at $86.50 per share, Roche stated that if it gets 90% it intends to consummate a merger with Genentech for the same price subject to the Affiliation Agreement between the companies.

                                                                                                                                                                                                                                                                                                                                                      U.S. to launch TALF

                                                                                                                                                                                                                                                                                                                                                      The U.S. Treasury and Federal Reserve on Tuesday launched a highly anticipated lending facility aimed at generating up to $1 trillion in consumer and small business loans.\n\nThe Term Asset-Backed Securities Loan Facility will make loans to purchasers of highly rated or triple A-rated securities backed by new auto, credit card, student and Small Business Administration guaranteed loans. The facility is commonly referred to as the TALF.\n

                                                                                                                                                                                                                                                                                                                                                        Activision Blizzard to spend its spare changee

                                                                                                                                                                                                                                                                                                                                                        Video game publisher Activision Blizzard Inc. (NASDAQ:ATVI) has put its quarters on the screen as it reportedly is preparing to spend some of its $3 billion in cash on acquisitions.\n\nBloomberg reports that president of Activision Publishing Mike Griffith, the company's third highest executive, said:\n\n "The combination of Activision holding a fair amount of cash and presumably prices being depressed, not only for publicly traded companies, but also likely for new intellectual property licensing rights, should certainly create opportunities."

                                                                                                                                                                                                                                                                                                                                                          LBO firms primed for infrastructure deals

                                                                                                                                                                                                                                                                                                                                                          After raising billions for new infrastructure funds last year, private equity firms are now moving to put that money to work in spite of the dour leveraged loan market.\n\nThe latest example is Ports America, a portfolio company of buyout shop Highstar Capital, which has agreed to invest $150 million into updating a section of the Port of Oakland as part of a 50-year deal it just closed to operate five shipping berths there. Over the life of the deal, the company expects to make over $500 million in additional improvements to the port.

                                                                                                                                                                                                                                                                                                                                                            Google’s Chief on M&A and Twitter

                                                                                                                                                                                                                                                                                                                                                            There's been lots of chirping on the subject lately, but Google's chief executive signaled Tuesday that his company isn't in much of a mood for acquisitions.\n\nEric Schmidt, speaking at a conference in San Francisco, said Google "was pretty inactive right now" when it comes to mergers and acquisitions. He went on to suggest that potential targets were still a bit pricey.\n\nGetting bought by Google is something of a Holy Grail for many Silicon Valley entrepreneurs: It did wonders for the bank accounts of YouTube's founders.\n\nLately, there has been some speculation that Google might be interested in Twitter, a Web start-up that has gained a lot of buzz with its platform for sharing messages in short bursts.\n\nFacebook, the popular social network, held talks with Twitter about a possible deal, but the two sides couldn't agree on price and structure: That's what one of Facebook's biggest investors recently told BusinessWeek.

                                                                                                                                                                                                                                                                                                                                                              What the Next Bankruptcy Wave Will Bring

                                                                                                                                                                                                                                                                                                                                                              Bankruptcy filings are on the rise again, and this uptick in the cycle could be especially nasty for debtors that find themselves squeezed by a credit crunch and more stringent bankruptcy laws.\n\nIn its annual Business Restructuring Review, the law firm Jones Day offers some insights on what the next wave of bankruptcies will look like. Difficulties in getting debtor-in-possession, or DIP, financing, as well as exit funding, could mean a fundamental shift in strategy for companies that seek protection from creditors, including more companies that go straight to liquidation.\n\nIn addition, municipal borrowers could be especially vulnerable in this downturn, leading to a surge in so-called Chapter 9 bankruptcy filings.\n\nIt probably isn't a shocker that the number of bankruptcy filings shot up in 2008 as the economy slipped into recession. Last year was a banner year for commercial bankruptcies and bank and brokerage firm failures, with 136 public companies filing for protection, a 74 percent increase from 2007.

                                                                                                                                                                                                                                                                                                                                                                G.E. Shares Touch 18-Year Low

                                                                                                                                                                                                                                                                                                                                                                hares of General Electric, long considered the archetypal blue-chip stock, tumbled as much as 18 percent on Wednesday amid concerns that the industrial and financial conglomerate might lose its coveted triple-A credit rating.\n\nSome analysts have suggested G.E. will need to raise additional capital, diluting shareholders, speculation that the company dismissed Wednesday as "inaccurate."\n\nG.E. shares touched as low as $5.73, a level not seen since 1991. They later rebounded a bit, ending trading down 4.56 percent, or 32 cents, to $6.69.\n\nEgan-Jones, the independent credit rating firm, wrote in a note to investors Wednesday morning that G.E. "probably needs to raise $20 billion to $40 billion to support its supposed 'AAA' rating." The note said that declining revenue because of the economic slowdown, combined with a need to refinance over $40 billion in debt over the next 14 months in a difficult credit market, would weigh heavily on the company.

                                                                                                                                                                                                                                                                                                                                                                  Icahn Puts Another $250 Million Into His Fund

                                                                                                                                                                                                                                                                                                                                                                  The billionaire financier Carl C. Icahn put another $250 million into his hedge fund at the beginning of the year after suffering further losses in the fourth quarter on investments in Motorola and Yahoo, according to a letter he sent to investors.\n\nThe Icahn Fund Ltd. was down about 33 percent through the end of January after plummeting 22 percent in the fourth quarter, according to the letter. After receiving more than $1 billion in redemption requests from investors, Mr. Icahn put $250 million of his own cash into the fund in November to avoid selling shares to meet the redemptions.\n\nTrying to instill confidence in his investors, Mr. Icahn decided to make another $250 million cash injection into the fund on Jan. 1. Still, over the last five months, Icahn Capital's funds under management have shrunk by about $2.5 billion.\n\nThe losses are likely to affect the publicly traded Icahn Enterprises fund, which reports earnings on Thursday.

                                                                                                                                                                                                                                                                                                                                                                    Ford Moves to Restructure Its Debt

                                                                                                                                                                                                                                                                                                                                                                    The Ford Motor Company said Wednesday afternoon that it intended to eliminate as much as $10.4 billion in debt by giving cash and shares of its stock to creditors, The New York Times's Nick Bunkley and Bill Vlasic report from Detroit.\n\nThe action is similar to what Ford's cross-town rivals, General Motors and Chrysler, are required to do under the terms of their multibillion-dollar loans from the federal government. But Ford, which has not taken a bailout, is restructuring its debt voluntarily.\n\nFord said it agreed during negotiations to get concessions from the United Automobile Workers union to press other stakeholders to make sacrifices.\n\nThe company will put up $2.2 billion in cash, including $1.8 billion from Ford's lending arm, Ford Motor Credit, and 500 million shares of its stock to persuade bondholders and other creditors to accept the offer. Shares of Ford stock were worth $1.87 at the close of trading Wednesday.

                                                                                                                                                                                                                                                                                                                                                                      Los directivos de Prisa se suben el sueldo un 40% pese a las dificultades del grupo

                                                                                                                                                                                                                                                                                                                                                                      La gran deuda que acecha a Prisa y la necesidad de obtener miles de millones de euros para afrontar el vencimiento de un crédito no han evitado que los altos cargos del gran grupo mediático quieran vivir la crisis en una situación de mayor privilegio. Para ello, los gestores se han subido el sueldo en 2008 en un 70 por ciento mientras que el Consejo de Administración lo hizo en un 38 por ciento.\n\nSegún informa El Economista, la empresa justifica estos pagos alegando "al pago de una retribución extraordinaria por el cumplimiento de objetivos entre 2005 y 2007". Además, Prisa ha doblado las dietas a los administradores por asistir a los consejos, llegando así hasta los 2,8 millones.\n\nEl aumento de las retribuciones al equipo gestor se incrementó hasta los 11,1 millones mientras que el del Consejo ha alcanzado los 14,1 millones. El grupo presidido por Ignacio Polanco no ha dudado en realizar este gasto a pesar de las grandes dificultades por las que pasa y más ante los problemas que están encontrando para poder vender su filial Digital +. Sin embargo, esta actitud contrasta con la decisión tomada por el presidente de Vocento, Diego de Alcalá, que ha decidido no cobrar los 300.000 euros que le corresponden por dirigir el grupo.\nAdemás, Prisa ha obtenido unos pésimos resultados en 2008 después de que haya reducido sus beneficios netos un 56 por ciento pasando de 192 millones en 2007 a 83 el pasado año. A todo ello hay que sumar el desplome de las acciones de la compañía que han experimentado una brusca caída en los últimos tiempos.

                                                                                                                                                                                                                                                                                                                                                                        El consejo de Prisa ganó un 38% más en 2008 por la consecución de objetivos

                                                                                                                                                                                                                                                                                                                                                                        Ni el fuerte endeudamiento ni el desplome en bolsa de sus títulos ha impedido que Prisa incremente con fuerza la remuneración salarial, tanto de su consejo de administración como del equipo gestor en el pasado año. Según los últimos datos remitidos a la CNMV por la compañía, los salarios de los gestores en 2008 aumentaron un 70% respecto al año anterior, hasta superar los 11,1 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                          Codere ve difícil la venta del grupo a un nuevo accionista

                                                                                                                                                                                                                                                                                                                                                                          El futuro del accionariado de Codere ha vuelto a dar una nueva vuelta de tuerca. La operadora de apuestas deportivas y casinos asume que sus administradores 'han evaluado como remota (...) la posibilidad de que pueda producirse un cambio en su accionista de referencia', según explica en la auditoría del ejercicio 2008 remitidas a la CNMV.\n\nA finales de octubre, la familia Martínez Sampedro (que controla el 71% del capital de Codere a través de la sociedad instrumental Masampe Holding) se vio obligada a poner a la venta su participación al no haber abonado la deuda de 187 millones de euros que mantenían con sus ex socios, los hermanos Franco. Los hermanos Martínez Sampedro adquirieron en 2006 a los propietarios de Recreativos Franco su 39,5% del capital de Codere a cambio de 391 millones de euros. Sin embargo, nunca completaron el pago, por lo que Jesús y Joaquín Franco ejecutaron la opción de exigir la venta de la participación bajo control de Masampe, donde ambos socios pueden ejercer como compradores.

                                                                                                                                                                                                                                                                                                                                                                            Blockbuster Hires Law Firm to Explore Restructuring - WSJ.com

                                                                                                                                                                                                                                                                                                                                                                            Movie-rental chain Blockbuster Inc. has hired law firm Kirkland & Ellis LLP to explore restructuring options, from refinancing its debt to filing for bankruptcy protection if the company cannot quickly resolve its liquidity issues, according to people familiar with the situation.\n\nThe Dallas-based company said it had hired the firm to help with "ongoing finance and capital raising initiatives" but said it does "not intend" to file for bankruptcy protection. Blockbuster shares fell 77% to 22 cents on the New York Stock Exchange Tuesday before trading was halted.\n\nBlockbuster is in an increasingly difficult position as the ground beneath the video-rental market has shifted and the company has faced stiff competition from online rival Netflix Inc., pioneer of DVD rentals by mail.\n\nBlockbuster has also been scrambling in a tough credit climate to restructure hundreds of millions of dollars in debt, including a revolving credit facility and a term loan, both due in August.\n\nView Full Image\nBlockbuster is grappling with a changing video market and a heavy debt load.\nAssociated Press\n\nBlockbuster is grappling with a changing video market and a heavy debt load.\nBlockbuster is grappling with a changing video market and a heavy debt load.\nBlockbuster is grappling with a changing video market and a heavy debt load.\n\nPeople familiar with the situation said Blockbuster also is working with investment bank Rothschild on its restructuring options. Blockbuster spokesman Karen Raskopf said the company also is "talking to" financial advisers and investment banks, one of which is Rothschild, but hasn't yet hired one. Rothschild declined to comment.\n\nMichael Pachter, an analyst at Wedbush Morgan Securities, said Blockbuster isn't likely to file for bankruptcy imminently, though he estimates the company, with its current rate of cash flow, will have to refinance a portion of its debt by 2011. Mr. Pachter said Blockbuster is likely planning ahead to avoid a situation where the company is forced into liquidation.\n\n"I give them credit f

                                                                                                                                                                                                                                                                                                                                                                              Google and Universal Music Discuss Music-Video Partnership

                                                                                                                                                                                                                                                                                                                                                                              Google Inc.'s YouTube and Universal Music Group are discussing a significant partnership under which YouTube would provide technology and ad sales support to help distribute Universal's video content to other Web sites, said people familiar.\n\nThe plan would entail YouTube's building a new hub for music videos, people familiar with the matter say, in order to sell more, higher-priced ads against the popular content.\n\nFinancial details of the arrangement -- which is in negotiations and could still fall apart -- could not be learned. But the partnership would represent YouTube's stepped-up efforts to lure premium content through added services and promotion beyond basic ad-sharing relationships it has relied on in the past.\n\nTalks about the new effort, which has the working title "Vevo," have been under way since last fall, according to people familiar with this matter, and are at an advanced stage. The arrangement is still weeks away from being finalized and could still fall apart, they say.\n\nWhether YouTube is discussing a similar agreement with other music companies with whom it is in regular negotiations remains unclear.\n\nA spokesman for YouTube declined to comment on any discussions with Universal, but said "we are always working with our partners to find creative ways to connect music, musicians, and fans." A spokesman for Universal declined to comment.\n\nThe plan aims to help both companies milk more money out of music videos, which are some of the most popular on the video-sharing site. The idea is to better showcase the videos on and off the site in a way that appeals to advertisers, people familiar with the matter say.\n\nIt comes as tensions between YouTube and the record labels have escalated in recent months, with both sides facing pressure to earn more revenue. In December, Warner Music Group Corp. removed its songs and videos from the site, after talks to renew their licensing agreement failed.\n\nThe new agreement would extend far beyond the existing licensing arrangements YouTube has struck with Vivendi

                                                                                                                                                                                                                                                                                                                                                                                Pearson Net Up 2.8%; Steady '09 Expected - WSJ.com

                                                                                                                                                                                                                                                                                                                                                                                Publisher Pearson PLC posted a 2.8% increase in 2008 net profit and said it expects to at least maintain profit this year as its limited reliance on advertising revenue shields it from the worst of the media slowdown.\n\nThe company, which owns the Financial Times newspaper and Penguin Books, said net profit rose to £292 million ($418 million) from £284 million a year earlier. The bottom line was weighed down by a loss and tax charge related to last year's sale of Data Management, Pearson's data collection and scanning business, for $225 million. Full year revenue rose 16% to £4.81 billion.\n\nPearson, which also publishes educational textbooks in the U.S., bucked the media downturn as its higher-education business in the U.S. balanced a weak market for textbooks, and the fall in advertising at the Financial Times was offset by subscription and digital revenue.\n\nThe publisher said that it expects tough market conditions to continue in 2009, but that it will benefit from early actions "to revise products and supply lines, reduce costs and sustain investment." It expects to achieve earnings per share at or above the 2008 adjusted level of 57.7 pence.\n\nCompared with other publishers, Pearson is less dependent on ad revenue. This has shielded it from the most virulent fallout of the media slowdown, but the company has also taken steps to cut costs in anticipation of a worsening economic climate.\n\nIn the U.S., where states are cutting budgets amid the economic downturn, Chief Executive Marjorie Scardino said she expects the economic stimulus package outlined by President Barack Obama to benefit the company, although this isn't yet factored into its outlook.\n\nShe said that Pearson's U.S. business would still be fine without the package, but added that "about half of the $100 billion in the education category is going to go to states, to help them stabilize their budgets," and pay for the projects that Pearson already has with them. The remaining $50 billion will benefit the company when they get channeled into educational

                                                                                                                                                                                                                                                                                                                                                                                  NBC Universal Write-Down Pushes Vivendi Into the Red - WSJ.com

                                                                                                                                                                                                                                                                                                                                                                                  Media and telecommunications company Vivendi SA reported a loss for the fourth quarter, hit by a massive write-down on the value of its stake in NBC Universal, but said it expects to post strong profit growth in 2009.\n\nFor the three months ended Dec. 31, Vivendi had a net loss of €1.38 billion ($1.75 billion), compared with a net profit of €521 million a year earlier, after writing down its 20% stake in NBC Universal, its media and entertainment joint venture with General Electric Co. by €1.5 billion.\n[vivendi and activision ] Associated Press\n\nVivendi's revenue was aided in part by a merger of its videogame unit with Activision. Above, a game screenshot from 'Call of Duty: World at War.'\n\nRevenue grew 27% to €7.62 billion from €6.01 billion, boosted by the acquisition of Neuf Cegetel by Vivendi telecommunications unit SFR and the merger of Vivendi's videogame division with Activision Inc.\n\nVivendi owns Universal Music Group, one of the world's biggest music companies, as well as majority stakes in telecommunications operators SFR and Maroc Telecom, pay-television company Canal+ and videogame giant Activision Blizzard Inc. It declared a dividend for 2008 of €1.40 per share, up 7.7% from a year earlier, and will maintain its distribution rate of at least 50% of adjusted profit, said Chief Executive Jean-Bernard Levy.\n\n"Despite the current market conditions, I approach 2009 with confidence and vigilance," Mr. Levy said in a statement. "The profitable growth is expected to continue."\n\nAdjusted earnings before interest and tax are expected to grow more than the 4.9% reported for 2008, the CEO said on a conference call. However, due to the "unpredictable situation," Mr. Levy said he wasn't in a position to confirm Vivendi's 2011 goal of €3.5 billion to €4 billion in adjusted profit.\n\n"The results look good," said Conor O'Shea, an analysts at Kepler Capital Markets, adding that the outlook "is pretty positive."\n\nVivendi could be interested in making acquisitions in the pay-TV sphere, but hasn't found the right opportun

                                                                                                                                                                                                                                                                                                                                                                                    Amazon Extends Book Sales Beyond Its Kindle to iPhone - WSJ.com

                                                                                                                                                                                                                                                                                                                                                                                    Amazon.com Inc. plans to release a program Wednesday for reading electronic books on Apple Inc.'s iPhone, extending Amazon's sales of digital books to devices beyond its Kindle e-book reader.\n\nAmazon's software application, which can be downloaded free of charge, allows iPhone and iPod Touch users to read books or periodicals purchased on the Web or through their dedicated Kindle device, usually for $9.99. Using a service that Amazon calls whispersync, the program keeps track of a readers' latest page in any given book across both a Kindle and iPhone.\n\n"There are times when you're going to be in a place where you happen to have your iPhone but not your Kindle," said Ian Freed, an Amazon vice president. "If I get stuck in line at the grocery store, I can pick up where I was reading with my iPhone."\n\nOther e-book providers, such as Indigo Books and Music Inc.'s Shortcovers, already allow users to buy and read books on the iPhone. Amazon also faces competition from Google Inc., which allows users to read e-books via a Web site optimized for the iPhone screen.\n\nAmazon unveiled a new version of the Kindle on Feb. 9. Although the Seattle company has yet to say how many of the devices -- its first foray into the world of consumer electronics -- it has sold, the digital distribution of books could be a strategically important source of sales growth for Amazon, as well as for publishers.\n\nMr. Freed said he is "not at all concerned" that making e-books available on other devices will cannibalize sales of the $359 Kindle. Instead, it will increase sales of digital books and the Kindle, he says. Amazon says it plans to release applications to read Kindle books on other devices, but declined to specify which ones.\n\nMr. Freed says he expects that users of the iPhone application would read their books for 20 to 30 minutes at most, after which eye strain or battery life might become a problem.\n\nThe iPhone application initially won't be available for use outside of the U.S. Users will be allowed to have their books synchronized a

                                                                                                                                                                                                                                                                                                                                                                                      Cox Radio's Loss Widens on Hefty Write-Down as Revenue Drops 13%

                                                                                                                                                                                                                                                                                                                                                                                      Cox Radio Inc.'s fourth-quarter net loss ballooned on a hefty write-down as advertising revenue continued to decline.\n\nThe recession and the ad slowdown have taken a toll on media companies that were already wrestling with threats posed by the Internet. The impact has been particularly harsh on "old" media such as radio, newspapers, magazines and local TV stations, as businesses pare back spending on marketing to save money.\n\nCox Radio, whose stations operate throughout the South, reported a net loss of $357.3 million, or $4.45 a share, much wider than a year-earlier loss of $52.1 million, or 57 cents a share. Both periods included write-downs of $601.6 million and $117.1 million, respectively, related to impairment charges and the value of Federal Communications Commission licenses.\n\nRevenue fell 13% to $99.4 million from $114.3 million. Analysts surveyed by Thomson Reuters, on average, expected revenue of $102 million.\n\nLocal revenue dropped 14% while national revenue declined 10%. Station operating margin fell to 29.7% from 40.6%, as its income tumbled 36%.\n\nThe results follow CC Media Holdings Inc.'s report Monday of a $5 billion loss for the fourth quarter. CC Media, the parent of Clear Channel Communications, the nation's biggest radio-station owner, also wrote down license values as it too continued to be hurt by ad weakness.

                                                                                                                                                                                                                                                                                                                                                                                        Alto costo de libros escolares hace crecer el mercado del arriendo

                                                                                                                                                                                                                                                                                                                                                                                        El arriendo de libros escolares es un negocio que está en auge, por el alto costo de los textos. ¿Cómo opera el mercado? Para arrendar un libro debe existir un convenio entre el colegio -que hace las veces de aval- y la librería que lo importa. Luego el apoderado debe ir y firmar un contrato en el cual se compromete a pagar hasta cuatro veces el valor del libro, si éste no es devuelto en óptimas condiciones al finalizar el año. El arriendo se paga por adelantado.\n\nEstos textos pueden ser arrendados en librerías como San Juan, Galileo libros o Books & Bits. El dueño de esta última, Arnie Cotton, cuenta que son libros cuyo costo unitario oscila entre US$ 100 y US$ 150 en Estados Unidos, más los gastos de importación y el IVA. "Que los padres puedan arrendarlos a un quinto de su valor, es una gran ayuda al bolsillo familiar", dice Cotton.\n\nEn la librería San Juan si el costo de un texto es de $43 mil, el arriendo es de $19 mil y por un libro de $29 mil, hay que pagar $13 mil por el año. En Books & Bits por un libro de $80 mil, el valor del arriendo es de $18 mil.\n\nOtra forma de ahorrar es comprar por internet, donde el descuento puede llegar a 5%, no obstante que aquí no se puede arrendar.\n\nLa compra de libros usados también es una opción muy utilizada, pero el arriendo gana más adeptos y aceptación en los propios colegios, que compran stocks de textos y los arriendan a sus alumnos.\n\nEsta fórmula puede implicar un ahorro importante ya que se están exigiendo libros importados no sólo para cursos de idioma. También para matemáticas, ciencias y artes.\n\nEn un colegio de Lo Barnechea, para los alumnos de cuarto año básico, se pide el libro "SF Math 2005 G4 Student's Book". La diferencia en calidad entre éste y uno nacional es clara. 749 páginas a todo color y multiplicidad de elementos visuales.\n\nEl texto extranjero arrendado está pensado para durar 10 años, no se puede rayar y trae en su parte interior un recuadro para que cada alumno que lo utilice, consigne su nombre en él.\n\nLa experiencia se intentó emular en Chile e

                                                                                                                                                                                                                                                                                                                                                                                          DirecTV shows interest in internet TV initiative, TWC chief gets even more serious

                                                                                                                                                                                                                                                                                                                                                                                          We heard that the cable industry (or at least TWC and Comcast) could begin offering up a lot of pay-TV content to subscribers via the web by this summer, but frankly, we didn't believe it. But thanks to new quotes from Time Warner Cable chief executive Jeff Bewkes and DirecTV CEO Chase Carey, you can safely put us in the "believer" camp. Reportedly, TWC has already given its approach a name -- TV Anywhere -- and it's supposedly looking to provide pay-TV content via the internet and even on mobile devices for no extra charge. Bewkes even noted that "everything on television should become available to [customers] on broadband for free," which is pretty amazing for a cable guy to say. DirecTV also seems kosher with the idea of giving in before customers simply jump ship, with its head honcho intelligently stating that "in the past, when a company tries to stop or block something from happening, it's usually failed." Oh, and this whole regime could totally be the shot in the arm mobile TV providers have been yearning for.

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                                                                                                                                                                                                                                                                                                                                                                                          • on 02-27-2009

                                                                                                                                                                                                                                                                                                                                                                                            Santander confirma venta de petrolera Cepsa

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                                                                                                                                                                                                                                                                                                                                                                                            Santander confirma venta de petrolera Cepsa

                                                                                                                                                                                                                                                                                                                                                                                            El banco español Santander confirmó el miércoles que se encuentra en negociaciones para la venta de su participación en la petrolera hispana Cepsa en un rango de precios de entre 30 y 35 euros (US$ 38 y 45) por acción, aunque todavía no logra un acuerdo.\n\nLa noticia provocó por segundo día consecutivo un fuerte descenso en las acciones de la petrolera, un valor con escasa liquidez y que según los analistas no cotizaba a precios reales.\n\nEn un comunicado al regulador, el banco no identificó al potencial comprador, mientras que la eléctrica Unión Fenosa, que dijo recientemente que Santander lideraba las negociaciones para salir conjuntamente del capital de la petrolera, no hizo comentarios.\n\nFenosa tiene un 5% de Cepsa.\n\nLas acciones de Cepsa, que fueron suspendidas temporalmente en la mañana del miércoles, profundizaban las bajas iniciadas en la víspera y ajustaban su precio a cerca del rango manejado por Santander.

                                                                                                                                                                                                                                                                                                                                                                                              Colombia: exportaciones de café caen 18%

                                                                                                                                                                                                                                                                                                                                                                                              Las ventas de café y la producción del grano en Colombia cayeron en enero respecto del mismo periodo de 2008, informó la Federación Nacional de Cafeteros (Federacafé).\n\nSegún un comunicado de prensa difundido el martes y publicado por La República, la federación explicó que en el primer mes del año las exportaciones pasaron de 1.029.000 sacos de 60 kilos cada uno, a 849.000 sacos en 2009, lo que implicó una reducción del 18%.

                                                                                                                                                                                                                                                                                                                                                                                                Exportaciones mexicanas caen 31%

                                                                                                                                                                                                                                                                                                                                                                                                México exportó mercancías por US$ 15.231 millones en enero, registrando una caída de 31,5% respecto del mismo mes de 2008, su peor resultado desde octubre de 1986.\n\nEl Instituto Nacional de Estadística y Geografía (Inegi) informó que la baja en las exportaciones estuvieron principalmente motivadas por un descenso de 54,2% de las exportaciones petroleras (US$ 41.908 millones) y de 26,3% de las no petroleras (US$ 13.323 millones), según consignó El Semanario.\n\nLas importaciones, en tanto, sumaron US$ 16.789 millones en ese mismo mes, representando un descenso de 30% y determinando un déficit comercial de US$ 1.558 millones, un 11,7% menor frente al de enero de 2008.\n\nSegún su origen, las importaciones petroleras se redujeron 52,4% y las no petroleras lo hicieron en un 27,3%, mientras que las importaciones de bienes de consumos cayeron en un 44,2%, las de bienes intermedios en un 30,1% y las de bienes de capital en un 10,3%.

                                                                                                                                                                                                                                                                                                                                                                                                  Pepsico invertirá US $3.000M en México

                                                                                                                                                                                                                                                                                                                                                                                                  El consorcio estadounidense PepsiCo anunció el miércoles un plan de inversiones por US$3.000 millones para sus sedes mexicanas durante los próximos cinco años.\n\nEn compañía del Presidente de México, Felipe Calderón, la presidenta mundial de ese grupo, Indra K. Nooyi, informó de la noticia durante la inauguración de la nueva planta Gamesa-Quaker en Celaya, en el estado mexicano de Guanajuato, que demandara una inversión de US$ 100 millones y generara 400 empleos directos y 682 indirectos.

                                                                                                                                                                                                                                                                                                                                                                                                    Slim eleva participación en New York Times

                                                                                                                                                                                                                                                                                                                                                                                                    El multimillonario mexicano Carlos Slim Helu incrementó su participación en The New York Times al 7%, de acuerdo a informes presentados a la Comisión de Bolsa y Valores de Estados Unidos, (SEC, por sus siglas en inglés).\n\nSlim, por medio de su entidad de propiedad familiar Inmobiliaria Carso, informó haber comprado 150,000 acciones el jueves y el viernes pasados a precios de entre 3.46 y 3.77 dólares por acción. Slim también informó el lunes a la SEC que compró en enero 46,000 acciones a 5.92 dólares cada una.\n\nDespués de las recientes compras, la entidad cuenta con 10.05 millones de acciones de New York Times.\n\nEn enero, Slim acordó una inversión de 250 millones de dólares en la empresa editorial a cambio de un interés anual del 14% sobre pagarés a seis años. La inversión también incluyó títulos opcionales de compra por alrededor de 16 millones de acciones a un precio de 6.36 dólares cada una.\n\nA media jornada de este jueves, las acciones del NYT suben 3.54%, a 4.1 dólares en la Bolsa de Nueva York.

                                                                                                                                                                                                                                                                                                                                                                                                      Femsa compra filial de agua de Bavaria

                                                                                                                                                                                                                                                                                                                                                                                                      La embotelladora mexicana Coca-Cola FEMSA anunció el viernes en un comunicado que concluyó exitosamente la transacción con Bavaria, filial de SABMiller, para adquirir conjuntamente con The Coca-Cola Company, la marca y los activos de producción del agua embotellada colombiana Brisa.\n\nCoca-Cola FEMSA, señaló en el comunicado que la transacción le permitirá incrementar su presencia en el mercado de agua embotellada y ampliar su cartera. Brisa vendió 47 millones de cajas durante 2008 en Colombia.\n\nEl comunicado señaló que el precio de compra de US$ 92 millones fue compartido en partes iguales por Coca-Cola FEMSA y The Coca-Cola Company. Ambas empresas también llegaron a un acuerdo de transición después del cierre, durante el cual Bavaria seguirá produciendo, vendiendo y distribuyendo Brisa.

                                                                                                                                                                                                                                                                                                                                                                                                        Colombia abre licitación para Ruta del Sol

                                                                                                                                                                                                                                                                                                                                                                                                        Tras cinco años de estudios, el Instituto Nacional de Concesiones (Inco) de Colombia abrió el martes el llamado al proceso de licitación para la Ruta del Sol, que conectará Bogotá con la costa Atlántica y que requerirá una inversión de cerca de US$ 2.500 millones.\n\nSegún publicó el organismo en su página web, en 15 días se empezarán a recibir propuestas de los consorcios interesados en participar en la licitación y el plazo se extenderá hasta agosto. La adjudicación de la concesión será en septiembre.\n\nLa empresa que ejecute las obras deberá concluirlas en el 2015. La ruta, que unirá la capital colombiana con el puerto de Santa Marta, permitirá reducir el tiempo de viaje de 18 a 10 horas.\n\nEl proyecto fue dividido en tres contratos, de acuerdo a paquetes de tramos. Con su ejecución, se esperar crear 8.000 empleos y la compra de 3.000 hectáreas en predios.\n\nEl ministro del Transporte, Andrés Uriel Gallego, explicó que "un proponente podrá quedarse con algunos de los tramos o los tres. Depende de la propuesta que nos presente", según citó el miércoles La República.\n\nPor su parte, el director del Inco, Álvaro José Soto, detalló que de la inversión total requerida, US$ 1.900 millones provendrán desde el Estado y otros cerca de US$ 460 millones los proveerá el sector privado.

                                                                                                                                                                                                                                                                                                                                                                                                          Obama destinará US$ 5.000M para infraestructura

                                                                                                                                                                                                                                                                                                                                                                                                          El proyecto de presupuesto del presidente estadounidense Barack Obama destina US$ 5.000 millones a crear un banco nacional de infraestructura con la idea de "expandir y fortalecer las actuales inversiones federales en obras públicas", según el plan presentado el jueves.\n\n"La misión de esta entidad será no sólo proveer inversión federal directa, sino también ayudar a fortalecer la coordinación a través de inversiones estatales, municipales o privadas en nuestras necesidades de infraestructura más urgentes", señala el proyecto.\n\nEl presupuesto, que debe ser aprobado por el Congreso, pide US$ 5.000 millones para crear el banco en el año fiscal 2010 que comienza el 1 de octubre. Además, anticipa que la entidad recibirá US$ 25.200 millones desde entonces hasta el 2019.\n\nEl Congreso evalúa desde hace más de un año la creación de lo que muchos han llamado una "Reserva Federal de Infraestructura", que usaría dinero del Gobierno para establecer un directorio independiente para dar subsidios a los proyectos de capital de los estados y los Gobiernos locales.

                                                                                                                                                                                                                                                                                                                                                                                                            Fraude de Stanford tiene más de seis años

                                                                                                                                                                                                                                                                                                                                                                                                            Una ex empleada de Stanford Group Company dijo en el 2003 a organismos de control que la firma de servicios financieros estaba involucrada en un fraude, cinco años antes de que reguladores acusaran a su presidente, Allen Stanford, por un fraude de 8.000 millones de dólares.\n\nLeyla Basagoitia, quien fue despedida de Stanford Group Company en el 2002, dijo a una comisión de arbitraje de corredurías que la firma estaba involucrada en un fraude, según un documento publicado en el sitio web de la Autoridad de Regulación de la Industria Financiera (FINRA, por su sigla en inglés).\n\nEn el 2003, Basagoitia y Stanford Group Company estaban intentando resolver una disputa por un préstamo a través de un foro de arbitraje manejado por un predecesor de la FINRA.\n\nEn ese entonces, Basagoitia dijo al panel de arbitraje que antes de aceptar su posición en la firma ella enfatizó que su intención no era asignar los fondos de sus clientes al banco offshore de Stanford Group, Stanford International Bank, una de las compañías nombradas en la demanda civil del Gobierno.

                                                                                                                                                                                                                                                                                                                                                                                                              Chile: desempleo trimestral sube a un 8%

                                                                                                                                                                                                                                                                                                                                                                                                              La tasa de desempleo del trimestre noviembre-enero se ubicó en un 8,0%, registrando así un aumento de 0,8 % en doce meses y 0,5% respecto del trimestre anterior, indicó el Instituto Nacional de Estadísticas (INE).\n\nEn doce meses las cifras globales muestran una marcada desaceleración del ritmo de crecimiento. La fuerza de trabajo retrocedió un 1,4% y el empleo bajo un 0,5%, registrando de esta forma las variaciones más bajas de 2008.\n\nEl menor incremento del empleo es resultado de la desaceleración del empleo asalariado (1,9%) y la baja del trabajo por cuenta propia (-2,3%), categoría que ha tenido un comportamiento negativo predominantemente en los últimos años. También disminuyó la ocupación de empleadores en un -7,3% y en el servicio doméstico -2,9%.\n\nSegún ramas de actividad, destaca la pérdida de dinamismo del empleo en construcción y servicios sociales, comunales y personales y la caída en servicios financieros, de comercio y minería en doce meses.

                                                                                                                                                                                                                                                                                                                                                                                                                Colombia recorta su tasa de interés a 8%

                                                                                                                                                                                                                                                                                                                                                                                                                El Banco Central de Colombia recortó el viernes en 100 puntos base a un 8 por ciento su tasa de interés de referencia, en un ritmo más agresivo que el esperado por el mercado, ante expectativas de un mayor descenso de la inflación y el fuerte deterioro de la economía.\n\nSe trata del tercer recorte mensual consecutivo decretado por el emisor desde que inició su ciclo de política monetaria expansiva, en diciembre pasado, con lo que acumula 200 puntos básicos desde ese mes.\n\nEl gerente del Banco Central, José Darío Uribe, dijo que ahora el directorio del emisor tiene mayor confianza de que la inflación continuará cayendo en los meses siguientes y que se cumplirá la meta para este año, de entre 4,5 y 5,5 por ciento.\n\n"La disminución de la inflación y las expectativas de inflación ratifican que la debilidad de la demanda interna y externa y la caída en los precios internacionales de los productos básicos se están reflejando en menores presiones inflacionarias", explicó.

                                                                                                                                                                                                                                                                                                                                                                                                                  Chávez anunció cambios en su gabinete

                                                                                                                                                                                                                                                                                                                                                                                                                  El presidente de Venezuela, Hugo Chávez, anunció el viernes que hará cambios en su tren ejecutivo en los próximos días, al tiempo que informó que designó nuevamente a Jorge Giordani como ministro de Planificación, en momentos en que el país debe enfrentar una baja en sus ingresos petroleros.\n\nLuego del referendo del 15 de febrero, en el que fue aprobada una enmienda constitucional para que el mandatario pueda postularse sin límites en futuras elecciones, era esperado un cambio ministerial en la nación, que está sufriendo un frenazo en el crecimiento económico ante la caída de los precios del crudo, su vital producto de exportación.\n\n"Voy a hacer varios cambios en el Gobierno en estos próximos días", dijo Chávez durante un discurso en una homilía al aire libre.\n\nMedios de prensa han especulado que los cambios pasan desde la vicepresidencia del país hasta ministerios clave como el de Energía y Petróleo y el de Economía y Finanzas.\n\nEl presidente, quien dijo hace poco que la crisis global no ha tocado "ni un pelo" a Venezuela, anunció el regreso del académico Giordani al Gabinete, en sustitución de Haiman El Troudi, quien entró al tren ejecutivo en enero del 2008.

                                                                                                                                                                                                                                                                                                                                                                                                                    First Wave of Cisco Layoffs Begins

                                                                                                                                                                                                                                                                                                                                                                                                                    Cisco Systems Inc. laid off several hundred employees this week, joining other tech giants that have cut staff as they deal with the recession.\n\nThe layoffs are the first wave of a planned cut of up to 2,000 employees. The networking giant eliminated about 250 jobs at its San Jose, Calif., headquarters on Tuesday, according to a company spokesman. It also eliminated other positions in offices in the U.S. and overseas. The total number of positions eliminated isn't clear.\n\n"Cisco is constantly evaluating its business priorities, resources and overall employee alignment as part of our business management process," the company said in a statement. It called the move a "limited restructuring" and said that more reductions would follow.\n\nCisco CEO John Chambers said in a Feb. 4 call with Wall Street analysts that the company would cut between 1,500 and 2,000 employees. Mr. Chambers said that Cisco would not do any mass layoffs, which he characterized as cutting 10% of the workforce.

                                                                                                                                                                                                                                                                                                                                                                                                                      Obama Budget Pushes Sweeping Change

                                                                                                                                                                                                                                                                                                                                                                                                                      resident Barack Obama delivered a $3.6 trillion budget blueprint to Congress Thursday that aims to "break from a troubled past," with expanded government activism, tax increases on affluent families and businesses, and spending cuts targeted at those he says profited from "an era of profound irresponsibility."\n\nThe budget blueprint for fiscal year 2010 is one of the most ambitious policy prescriptions in decades, a reordering of the federal government to provide national health care, shift the energy economy away from oil and gas, and boost the federal commitment to education.\n\nOne war would end, as troops leave Iraq, while another would ramp up in Afghanistan. To fund it all, families earning over $250,000 and a variety of businesses will pay a steep price, but Mr. Obama implored Americans to own up to the mistakes of the past while accepting profound sacrifices.

                                                                                                                                                                                                                                                                                                                                                                                                                        Continuing Jobless Claims Top 5 Million

                                                                                                                                                                                                                                                                                                                                                                                                                        New U.S. claims for state unemployment benefits unexpectedly jumped last week to a 26-year high while total claims cracked the five million mark for the first time ever, the latest evidence that the already severe recession is deepening as it extends into its second year.\n\nSeparately, new-home sales tumbled a sixth time in a row during January as bloated inventories kept prices on a stubborn retreat in a recession scaring people away from the housing market. And in another sign of economic weakness, durable goods orders plunged in January, a sign of future demand fell, and a barometer of capital spending by businesses dropped, according to data showing how the recession is battering the factory sector.

                                                                                                                                                                                                                                                                                                                                                                                                                          Cablevision Posts Quarterly Loss

                                                                                                                                                                                                                                                                                                                                                                                                                          Cablevision Systems Corp. swung to a fourth-quarter loss amid a $402 million write-down from the company's recently acquired Newsday newspaper and slowing subscriber growth at its cable business.\n\nDespite those headwinds, Cablevision continued to generate healthy cash flow, and the company's chief operating officer, Tom Rutledge, said cable-subscriber growth in the current quarter has so far exceeded that of last year's first quarter at the same point.

                                                                                                                                                                                                                                                                                                                                                                                                                            S&P Cuts Ratings on Life Insurers

                                                                                                                                                                                                                                                                                                                                                                                                                            Standard & Poor's Ratings Services cut credit ratings on 10 groups of U.S. life insurers and seven U.S. life-insurance holding companies as market turmoil continues to put pressure on the sector's earnings and capital adequacy..\n\nThe ratings firm also cited changes in its stress factors for evaluating insurers' bond holdings, commercial mortgages and commercial mortgage-backed securities.\n\nThe firm also warned that further downgrades were highly likely on two groups of U.S. life insurers, one of which had its ratings lowered.

                                                                                                                                                                                                                                                                                                                                                                                                                              U.S. to Take Big Citi Stake and Overhaul the Board

                                                                                                                                                                                                                                                                                                                                                                                                                              Struggling banking giant Citigroup Inc., moving aggressively to shore up its equity base, announced a stock swap Friday that if successful will leave the government owning more than a third of the company and wipe out nearly three-quarters of existing shareholders' stake.\n\nThe move is an acknowledgment that more than $50 billion in government capital and a backstop on more than $300 billion in troubled Citigroup assets haven't been enough to stop the bank's slide. It also represents a deepening of the government's role in trying to prop up the U.S. banking sector.

                                                                                                                                                                                                                                                                                                                                                                                                                                GDP Shrank 6.2% in 4th Quarter, Deeper Than First Thought

                                                                                                                                                                                                                                                                                                                                                                                                                                The U.S. recession deepened a lot more in late 2008 than first reported, according to government data showing a big revision down because businesses cut supplies to adjust for shriveling demand.\n\nGross domestic product decreased at a seasonally adjusted 6.2% annual rate October through December, the Commerce Department said Friday in a new, revised estimate of fourth-quarter GDP.\n\nThe 6.2% decline meant the worst quarterly showing for GDP since a 6.4% decrease in first-quarter 1982 GDP.\n\nIn its original estimate, issued a month ago, the government had reported fourth-quarter 2008 GDP fell 3.8%. The sharply lower revision to a decline of 6.2% reflected adjustments downward of inventory investment, exports and consumer spending.

                                                                                                                                                                                                                                                                                                                                                                                                                                  Obama Sets Iraq Pullout for August 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                  Nearly six years after President George W. Bush first ordered U.S. troops into Iraq, President Barack Obama told thousands of Marines at a sprawling base here that the war would effectively end next summer\n\nMr. Obama said roughly two-thirds of the 142,000 American troops now in Iraq will be withdrawn by the latter half of 2010, with the U.S. role in Iraq then shifting from combat to more limited set of missions. All remaining U.S. troops will leave Iraq by the end of 2011, the president said.\n\n"Let me say this as plainly as I can: By August 31, 2010, our combat mission in Iraq will end," Mr. Obama said to cheers from the Marines crowding the rafters of a gymnasium here.

                                                                                                                                                                                                                                                                                                                                                                                                                                    National Amusements in Deal to Restructure $1.6 Billion in Debt

                                                                                                                                                                                                                                                                                                                                                                                                                                    Sumner Redstone's family holding company, National Amusements Inc., has reached an agreement with its lenders, according to people familiar with the situation, ending months of uncertainty over the fate of the family's troublesome debt pile.\n\nNational Amusements has been in negotiations with its lenders to restructure $1.6 billion of debt since it breached terms of the loans last fall. The discussions stirred concerns that the Redstone family would be forced by its lenders to sell key assets such as its controlling holdings in media units Viacom Inc. and CBS Corp.\nHowever, the deal with lenders does not require specific asset sales to repay the debt, the people said. Instead, privately-held National Amusements can select which assets it sells to meet repayments. The holding company will also tap tax refunds and cash flow from its operations, the people said.

                                                                                                                                                                                                                                                                                                                                                                                                                                      Venezuelans count the cost of Stanford

                                                                                                                                                                                                                                                                                                                                                                                                                                      Huge numbers of Venezuelans reluctant to buy into President Hugo Chávez's socialist dream opted instead to trust their savings with Sir Allen Stanford, the Texas billionaire charged with "massive and ongoing" fraud by the SEC last week.\n\nSome 15,000 Venezuelans are now regretting their decision to invest in the "improbably" high-yielding dollar-denominated certificates of deposits (CDs) offered by Stanford International Bank as family fortunes and retirement savings are feared to have been wiped out.\n\nAlthough up to three-quarters of the $8bn of allegedly fraudulently sold CDs were sold in Latin America (a region with a long history of political and financial turmoil) Venezuelans were, by far, the biggest buyers, holding as much as $3bn.

                                                                                                                                                                                                                                                                                                                                                                                                                                        UK - Thomson Reuters shines after merger

                                                                                                                                                                                                                                                                                                                                                                                                                                        From his vantage point on the 30th floor of Thomson Reuters' Times Square headquarters, Tom Glocer overlooks the shimmering building into which The New York Times moved in 2007.\n\nOn recent occasions, the most venerable name in the New York media has seemed to shrink, as it staggered under a debt load that has forced it to suspend its dividend and seek a $250m loan from a Mexican billionaire.\n\nThe turmoil in newsrooms around the world has hit Thomson Reuters' newswire business, but The Times could be forgiven for looking on Midtown Manhattan's other media resident with envy. As advertising revenues evaporate elsewhere in the media sector, the Anglo-Canadian group's focus on essential information for professionals from tax lawyers to traders has allowed it to report continued growth and even raise its dividend.

                                                                                                                                                                                                                                                                                                                                                                                                                                          Madoff and Merkin: A Scandal’s Odd Couple

                                                                                                                                                                                                                                                                                                                                                                                                                                          In retrospect, so many small things about Bernard L. Madoff can seem prophetic: His blinking tic, his obsession with right angles, even his off-handed jokes - such as referring to Securities and Exchange Commission employees at his niece's wedding as "the enemy."\n\nThese details and more are part of this week's New York magazine cover story on Mr. Madoff (pictured above, left), which looks at Mr. Madoff's background, his place in New York and Palm Beach society and what might have driven him to perpetrate what he has told prosecutors was a giant Ponzi scheme.

                                                                                                                                                                                                                                                                                                                                                                                                                                            Genentech Urges a Rebuff to Roche

                                                                                                                                                                                                                                                                                                                                                                                                                                            Genentech urged its shareholders on Monday to reject a hostile takeover offer from the company's majority owner, Roche, The New York Times's Andrew Pollack writes.\n\nIn a letter to shareholders, a committee of Genentech's directors said that Roche's offer of $86.50 a share substantially undervalued the company, given its track record of developing new biotechnology drugs. And the committee accused Roche of being "consistently dismissive" of efforts to negotiate a deal.\n\nThe action was expected because the same board committee had rejected an offer of $89 a share that Roche made last July for the 44 percent of Genentech it does not own.\n\nRoche early this month began a tender offer at the lower price of $86.50 a share in cash, saying it was dissatisfied with the pace of negotiations since the rejection last summer. The new offer is worth about $42.1 billion in total, down from $43.7 billion for the original offer.

                                                                                                                                                                                                                                                                                                                                                                                                                                              Icahn May Seek Board Changes at Lions Gate

                                                                                                                                                                                                                                                                                                                                                                                                                                              Carl C. Icahn has once again raised his stake in Lions Gate Entertainment and said he may seek to make changes to the film studio's board.\n\nMr. Icahn now holds a 14.28 percent stake in Hollywood's largest independent studio, up from a roughly 12 percent stake he reported last week.\n\nMr. Icahn has owned shares in Lions Gate for about two years, but his recent stake-building has sparked speculation that the activist investor my try to engineer a sale of the studio, which has one of the largest film libraries in Hollywood.\n\nIts film library includes the Saw horror film franchise, as well as Monster's Ball and others. Lions Gate also produces the popular Mad Men television series.\n\nMr. Icahn may seek to add nominees to the board, either by expanding the board or removing current members, according to an S.E.C filing.

                                                                                                                                                                                                                                                                                                                                                                                                                                                Stanford Said to Market Fund Run By Bidens

                                                                                                                                                                                                                                                                                                                                                                                                                                                A fund of hedge funds run by two relatives of Vice President Joseph R. Biden Jr. was marketed exclusively by firms controlled by Robert Allen Stanford, the Texas-born financier sued by regulators over what they say was a $8 billion fraud, The Wall Street Journal reported.\n\nThe $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the newspaper said.\n\nStanford-related companies marketed the fund to investors and invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Judge Rules Against Late Investor With Madoff

                                                                                                                                                                                                                                                                                                                                                                                                                                                  A late investor in Bernard L. Madoff's reputed $50 billion Ponzi scheme was given a dose of disheartening news on Tuesday: he will have to stand in line with everyone else trying to recover what's left of their money.\n\nThe investor, Martin Rosenman, who runs a heating oil distributor in the Bronx, placed $10 million with Mr. Madoff just days before the disgraced financier was arrested and charged with fraud on Dec. 11. Mr. Rosenman said that he deposited the money in a bank account that was supposed to be invested with Mr. Madoff the following month and that therefore he should not treated as a normal creditor because he never actually invested with the firm.

                                                                                                                                                                                                                                                                                                                                                                                                                                                    Senate Hears Doubts About Star Makers’ Merger - DealBook Blog - NYTimes.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                    hile Ben S. Bernanke, the Federal Reserve chairman, was certainly the star of Capitol Hill on Tuesday, the star makers themselves also faced the glare of skeptical lawmakers.\n\nExecutives at Ticketmaster Entertainment and Live Nation defended their proposed merger before a Senate subcommittee, saying it would allow them to better serve artists and consumers.\n\n"Far from harming consumers or promoters or artists, this deal will benefit them as we spur competition and innovation," said Michael Rapino, chief executive of Live Nation.\n\nBut members of a Senate Judiciary subcommittee questioned that claim, saying the merger would stifle competition in the concert business.\n\n"The burden will be on Ticketmaster and Live Nation to demonstrate that consumers will in fact be better off," said the panel's chairman, Senator Herbert Kohl, Democrat of Wisconsin.

                                                                                                                                                                                                                                                                                                                                                                                                                                                      At News Corp., Succession Back in Focus

                                                                                                                                                                                                                                                                                                                                                                                                                                                      Directors of the News Corporation have a golden chance to show some backbone, according to breakingviews.com. With the planned departure in June of its president, Peter Chernin, the issue of who will succeed Rupert Murdoch as head of the media empire is firmly on the boardroom table. For the sake of all shareholders, the company's directors should not make the accession of Murdoch's son, James, a fait accompli, Breakingviews argues.\n\nThat does not necessarily mean the younger Mr. Murdoch would not eventually make a fine leader of the conglomerate Rupert Murdoch fashioned from the remnants of his own father's Australian newspaper assets, it says.

                                                                                                                                                                                                                                                                                                                                                                                                                                                        Stanford Workers Had Ties to Regulator Finra

                                                                                                                                                                                                                                                                                                                                                                                                                                                        Two employees of Robert Allen Stanford's financial business, which United States regulators have accused of massive fraud, held advisory roles at a watchdog group overseeing United States broker-dealers aimed at preventing abuses, Reuters reported.\n\nLena Stinson, director of global compliance at Stanford Financial Group, served on the membership committee of the Financial Industry Regulatory Authority, or Finra, which describes itself as the largest independent regulator of American securities firms.\n\nFrederick Fram, the chief operating officer of Stanford Group Holdings, served on the Finra continuing education content committee, "where he participates in creating material for the Regulatory Element continuing education program," according to a biography on Stanford's Web site.

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Madoff’s Brother Sued by Lautenberg Foundation

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Peter B. Madoff, the younger brother of disgraced financier Bernard L. Madoff, has been sued by Senator Frank R. Lautenberg's family foundation over his role in the vast Ponzi scheme that prosecutors say went on for years at Bernard L. Madoff Investment Securities.\n\nThe plaintiffs, who include two of Mr. Lautenberg's children, Joshua and Ellen, allege that as the firm's chief compliance officer, the younger Mr. Madoff failed to spot, or deliberately concealed, telltale signs of a scam.

                                                                                                                                                                                                                                                                                                                                                                                                                                                            Tribune Drops Plans to Sell Headquarters

                                                                                                                                                                                                                                                                                                                                                                                                                                                            The Cubs are still slated for a sale, but the Tribune Company will not be putting its landmark office buildings in Chicago and Los Angeles on the block this spring as expected, because of the weak real estate market and the media company's bankruptcy filing late last year.\n\nCrain's Chicago business reported that finding a buyer for the two buildings would have been very difficult given the state of the markets. Stephanie Pater, Tribune's director of real estate, confirmed to Crain's that the sales were on hold for now.\n\nTribune announced that it was selling the buildings last year to raise cash to service the billions of dollars of debt it took on when it went private in a buyout led by Sam Zell, the Chicago real-estate mogul. The two buildings, one housing The Chicago Tribune newspaper and the other The Los Angeles Times, were expected to fetch about $260 million.

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Court Finds Madoff Moved $164 Million

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Bernard Madoff moved $164 million from his London operation to his New York securities firm weeks before he was arrested, The New York Post reported, citing a report by the court-appointed receiver Lee Richards.\n\nTwo transfers in November "greatly reduced" the funds held by Madoff Securities International, the report said. However, Mr. Richards indicated that a lack of cooperation from British liquidators had impeded him from compiling a complete inventory of Mr. Madoff's foreign business assets.\n\nRichards said his "extremely limited" information showed that Mr. Madoff's London firm "has no clients and serves as a proprietary trading business."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                Elie Wiesel Levels Scorn at Madoff

                                                                                                                                                                                                                                                                                                                                                                                                                                                                What does Elie Wiesel, the Nobel Peace Prize laureate and Holocaust survivor who has dedicated his life to fighting hatred and intolerance, think about Bernard L. Madoff?\n\n" 'Psychopath' - it's too nice a word for him," Mr. Wiesel said in his first public comments on Mr. Madoff and the Ponzi scheme he is accused of perpetrating on thousands of individuals and charities, including the Elie Wiesel Foundation for Humanity.\n\n" 'Sociopath,' 'psychopath,' it means there is a sickness, a pathology. This man knew what he was doing. I would simply call him thief, scoundrel, criminal," The New York Times's Stephanie Strom quotes him as saying.\n\nMr. Wiesel's charity lost $15.2 million, and he and his wife, Marion, lost their life savings. "This was a personal tragedy where we discovered all of a sudden what we had done in 40 years - my books, my lectures, everything - was gone," said Mr. Wiesel, who shared his story as part of a panel discussion on the Madoff scandal on Thursday.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Write-Down at Newsday Hurts Cablevision

                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Cablevision Systems posted a loss for the fourth quarter on Thursday, mostly the result of a write-down on the value of the Long Island newspaper Newsday.\n\nThe company, which operates a cable television network and other entertainment units, said it lost $321.4 million, or $1.11 a share, in contrast to a profit of $6.6 million, or 2 cents a share, in the fourth quarter of 2007.\n\nThe latest quarter included a write-down of $402.4 million related to Newsday, which the company bought for $650 million last summer, and a $41 million charge related to discontinuing Voom HD Networks\n\nCablevision's revenue climbed 11 percent, to $2.05 billion from $1.84 billion.\n\nNewsday recorded an operating loss of $407.6 million on $107.1 million in revenue.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Time Warner Cable Spinoff to Finish Next Month

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    The long-expected spin-off of Time Warner Cable will be completed next month, taking its parent, Time Warner, another step closer to becoming a pure media content company, Reuters reports.\n\nTime Warner first set the wheels in motion for an eventual separation of its telecommunications cable operations from content assets nearly four years ago.\n\nThe move will refocus Time Warner on its major media brands, which include the cable networks CNN and HBO, magazines like Time and Sports Illustrated, and its Hollywood studio, Warner Bros.\n\n"Both companies will be better positioned to compete, with capital structures more suited to their respective needs," Jeffrey Bewkes, Time Warner's chief executive, said in a statement on Thursday.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Elisabeth Murdoch declines News Corp. board seat

                                                                                                                                                                                                                                                                                                                                                                                                                                                                      In the weeks that Rupert Murdoch was locked in unsuccessful negotiations to keep his longtime No. 2 at News Corp., the media baron also had to accept his daughter Elisabeth's decision to turn down a spot on the company's board, sources told Fortune.\n\nMurdoch's interest in having Elisabeth rejoin the family business adds to the palace intrigue surrounding president Peter Chernin's pending departure and the question of who will eventually run the globe-spanning media conglomerate Murdoch assembled and controls through a 37% voting interest. Indeed, Elisabeth was in New York today as an "observer" at the company's first board meeting since announcing Chernin's departure yesterday, two people said. She could not be reached for comment.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Yahoo's CFO Jorgensen to leave

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Yahoo Inc. Chief Financial Officer Blake Jorgensen is leaving the Internet company, the latest in a series of executive departures since CEO Carol Bartz took the reins six weeks ago.\n\nYahoo has initiated a search for a new CFO and Jorgensen will remain through a "transition period," the company said in a filing with the U.S. Securities and Exchange Commission on Thursday.\n\nThe move comes amid expectations that Bartz is on the brink of announcing a major corporate reorganization.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Some store chains are seeking product ideas from consumers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          With store sales rapidly shrinking, some merchants are reaching out to their customers to come up with innovative and exciting products that might actually sell.\n\nEarlier this week, home accessories retailer Bed Bath & Beyond (BBBY, Fortune 500), in partnership with Web-based product consultant Edison Nation, launched a search on its Web site for the next "product idea" that could eventually be sold in its stores.\n\n"This is the first time that we've done something like this," said Bari Fagin, spokeswoman for Bed Bath & Beyond.\n\nBari said the concept is a "way to listen to what our customers want. Nobody has better ideas than our customers."\n\n"Somewhere out there is the next great product. We hope we find it," said Fagin.\n\nFagin said the company is seeking ideas from women inventors only, since the search is designed to commemorate March as Women's History Month and the 200th anniversary of the first patent awarded to a woman.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            FDIC predicts epic $80 billion cost for bank failures

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The worsening U.S. economy prompted the Federal Deposit Insurance Corp. Friday to double its projected U.S. bank failure costs to more than $80 billion over a five-year period ending in 2013.\n\nThe 25 U.S. bank failures in 2008 cost the agency $18 billion, the FDIC said. Another $65 billion in bank failure costs is expected from 2009 to 2013, it said.\n\nOn Thursday, the FDIC announced that the number of problem U.S. banks jumped by nearly 50% to 252 in the fourth quarter of 2008.\n\nFDIC staff recommended the agency assess U.S. banks a special one-time fee to raise as much as $15 billion to restore the fund being depleted by bank failures. The assessment of 20 basis points, which equates to $200,000 per $100 million in domestic deposits, in the third quarter would represent the first such move since 1996, when regulators took a similar action in the aftermath of the savings and loans crisis.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                              GM to split from Opel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                              General Motors' European division announced Friday that its German subsidiary, Opel cars, will become a separate company. GM will keep a stake in the new company.\n\nOpel is asking for a more than $4 billion bailout from the governments of Germany and the other European countries that have Opel plants, GM Europe's CEO Carl-Peter Forster said at a news conference.\n\n"We are in need of capital that we hope to get with the help of the public sector of about 3.3 billion euros," said Forster, who was speaking at Opel's main plant in Ruesselsheim, Germany. "With this aid, we believe that we can lead this company to a very profitable future."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                GM India targets 10% sales growth this year

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                General Motors (GM) India, a wholly-owned subsidiary of US-based General Motors Corporation, today said it expects to register 10 per cent growth in its sales in India during the calendar year 2009 to touch around 72,000 units compared to 2008.\n\n \n Also Read\n \n News Now \n \n Paper \n \n Specials \n- Sensex cuts losses on late buying; Tata Steel, HDFC rally\n- FII-TO-FII: Pantaloon traded at 8% premium\n- Forex reserves dip $165 mn at $249.52 bn\n- Citigroup reaches aid deal with US govt\n- Ashok Leyland signs MoU with Corp Bank\n- Yahoo! CFO Blake Jorgensen to quit\nMore \n \n Also Read\n \n News Now \n \n Paper \n \n Specials \n\n- Reliance, RPL set to merge\n- Citi gets third rescue as US plans to raise stake\n- Stone-laying ceremonies set the foundation for poll campaigns\n- Lenders decline seat on Maytas Infra board\n- Growth nosedives to 5.3% in Q3\n- RBI prods banks to cut interest rates\nMore\n \n Also Read\n \n News Now \n \n Paper \n \n Specials \n \n- Q3 FY09 Results: Earnings Season\n- Saving Satyam: Govt gets into action\n- India-Pakistan Tensions: Fallout of Mumbai Terror Attack\n- Your Money: Where to invest\n- Market Crash: Global worries weigh\n- Time Out: Books, fashion, food, travel, sports, health...\n More\n\n"The Indian economy is still in doldrums and the car market is unlikely to see full recovery this year. Last year also we grew by around 10 per cent despite the overall car market registering a drop of 2 per cent. This year we are are optimistic that our sales will grow by around 10 per cent year on year," Karl Slym, President & Managing Director, GM India said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  NYT and WSJ engage in war of words

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Two major American newspapers have engaged in war of words, with The New York Times (NYT) alleging that its rival The Wall Street Journal (WSJ) has been "wrongly maintaining circulation by offering heavy discount" to its subscribers.\n\n \n Also Read\n \n News Now \n \n Paper \n \n Specials \n- Sensex cuts losses on late buying; Tata Steel, HDFC rally\n- FII-TO-FII: Pantaloon traded at 8% premium\n- Forex reserves dip $165 mn at $249.52 bn\n- Citigroup reaches aid deal with US govt\n- Ashok Leyland signs MoU with Corp Bank\n- Yahoo! CFO Blake Jorgensen to quit\nMore \n \n Also Read\n \n News Now \n \n Paper \n \n Specials \n\n- Reliance, RPL set to merge\n- Citi gets third rescue as US plans to raise stake\n- Stone-laying ceremonies set the foundation for poll campaigns\n- Lenders decline seat on Maytas Infra board\n- Growth nosedives to 5.3% in Q3\n- RBI prods banks to cut interest rates\nMore\n \n Also Read\n \n News Now \n \n Paper \n \n Specials \n \n- Q3 FY09 Results: Earnings Season\n- Saving Satyam: Govt gets into action\n- India-Pakistan Tensions: Fallout of Mumbai Terror Attack\n- Your Money: Where to invest\n- Market Crash: Global worries weigh\n- Time Out: Books, fashion, food, travel, sports, health...\n More\n\nNYT reported yesterday that WSJ has been able to maintain its paid circulation only because it is offering heavy discount to its subscribers.\n\nShortly after NYT hit the stands, WSJ accused it of providing its readers with "misleading information" about the Journal's circulation strategy.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    EL MUNDO recorta 46.000 ejemplares a 'El País'

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    La fidelidad de los lectores a EL MUNDO se ha vuelto a reflejar en enero. En un contexto de crisis del sector, el diario generalista de Unidad Editorial no sólo ha mantenido prácticamente sus ventas en el quiosco, sino que, además, ha recortado la distancia con su principal competidor, 'El País'. Y mucho: 46.000 ejemplares.\n\nLa cabecera de Prisa es, de hecho, una de las que peores resultados comparativos muestra en el último informe de la Oficina de Justificación de la Difusión (OJD). Respecto a enero del pasado año sus ventas al número, esto es en el quiosco, han caído en 56.183 ejemplares.\n\nTan relevante cifra se traduce en un significativo descenso de su difusión total, que baja en 52.719 ejemplares respecto al mismo mes de 2008. La importancia de esta caída se visualiza al comprobar que sólo es superada por 'La Razón': la cabecera de Planeta resta 57.691 ejemplares en su difusión total respecto a enero del año pasado.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Telecinco cierra 2008 con un descenso del beneficio neto del 40%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Telecinco obtuvo un beneficio neto de 211,28 millones de euros en 2008, lo que supone un descenso del 40,2% respecto a 2007.\n\nSegún la compañía, descontando el impacto de test de deterioro de Endemol, consecuencia de aplicar las nuevas normas de contabilidad, y las amortizaciones de intangibles, el resultado se elevaría a 282,5 millones de euros, y arrojaría una reducción del 22% menos en relación a 2007.\n\nTelecinco cerró 2008 con un descenso del 9,2% en sus ingresos, que sumaron 981,85 millones de euros, tras la caía del 11,3% registrada en los ingresos netos de publicidad. El beneficio bruto de explotación (EBITDA) cayó un 19,5%, hasta 394,85 millones.\n\nA las 9:42 horas Telecinco sube un 0,77%, hasta los 5,22 euros.\n\nS.B.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Baquía: Los medios digitales alcanzan la mayoría de edad

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        En 1995, Prisa dio sus primeros pasos en Internet con su empresa Promotora de Ediciones Electrónicas (Proel). Desde entonces, el gigante español de los media ha acometido diversas iniciativas mediante diversas pruebas de ensayo y error.\n\nEn mayo de 1996 apareció El País Digital y en 2000 Proel evolucionaba hacia Inicia, un portal en el que las cabeceras del grupo no gozaban de demasiado protagonismo. Mientras tanto, los medios digitales se imponían con fuerza, las ventas de lectores del papel caían y la publicidad iba apostando tímidamente por Internet en detrimento del papel.\nAl igual que otros grupos empresariales, Prisa se percató de que sus medios estrella tenían que estar en Internet. Pero asumió que los profesionales formados en la cultura del medio en formato papel no eran los más idóneos para impulsar la versión .com, ya que muchos de ellos contemplaban a las ediciones electrónicas como un rival que iba a canibalizar las ventas. El resultado fue Prisacom, la compañía que desde entonces se encarga de desarrollar y potenciar la presencia de las marcas de Prisa en la Red.\n\nEn 2000, el estallido de la burbuja puntocom dio al traste con Inicia y Prisacom asumió todo el presupuesto digital del grupo, convirtiéndose en una unidad transversal que se encarga de las versiones digitales, desde El País Digital hasta 5Dias.com, explotándolas en régimen de usufructo.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El Ibex amortigua el desastre pese a la economía de EEUU: baja el 2,44%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El terrorífico dato de PIB en EEUU -que se hundió el 6,2% en el cuarto trimestre frente al 3,8% inicialmente estimado- ha provocado un impresionante bajonazo de las bolsas europeas este mediodía. El Ibex 35 ha llegado a perder el 3,4% y ha acercarse a los 7.500 puntos. Pero la apertura de Wall Street -que, aunque negativa, no ha sido catastrófica- y cierto maquillaje de fin de mes hen permitido al índice recuperar parte del terreno perdido. La caída final se ha reducido al 2,44%, con lo que el Ibex termina en 7.620,9 puntos. Europa también se ha recuperado desde mínimos: el EuroStoxx ha cedido el 2,5%.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Prisa aumentó el pasado año el Ebitda un 21,6%, hasta 948,3 millones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            El consejo de administración del Grupo Prisa, que tuvo lugar ayer, decidió celebrar su Junta General Ordinaria de Accionistas, en Madrid, previsiblemente en primera convocatoria, el día 13 de marzo de 2008, según una comunicación enviada a la CNMV. La junta debería aprobar las cuentas anuales de la sociedad; dar el visto bueno a la gestión del grupo; reelegir como consejeros a Ignacio Polanco Moreno, presidente de la sociedad, y a Diego Hidalgo Schnur. Igualmente, se propone dar el visto bueno al plan de retribuciones mediante la entrega de opciones sobre acciones, y otro acuerdos. Prisa remitió también ayer a la CNMV el informe anual de Gobierno corporativo de 2007.\n\nLas inversiones en inmovilizado han ascendido a 868,22 millones en 2007. Las más significativas correspondieron a Vertix, por la adquisición del 61,69% adicional de Media Capital, como resultado de la opa voluntaria; el incremento de la participación de un 4,15% en Sogecable, por 152,3 millones, hasta alcanzar el 47,09% de participación; Radio Internacional, por la formalización de la adquisición por parte de Unión Radio de la totalidad de las acciones de Iberoamericana Radio Chile (57,81 millones de euros) y Media Capital: fundamentalmente por la adquisición del 40% adicional de CLMC Multimedia por 3,21 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Codere prevé reducir inversiones en 2009 a 107 millones de euros

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El grupo de juegos y apuestas Codere dijo el viernes que prevé reducir sus inversiones totales a 107 millones de euros en 2009 frente a los 160 millones de euros de 2008.\n\nEn una presentación remitida a la CNMV tras los resultados de 2008, el grupo dijo que espera que el EBITDA del primer trimestre del año esté en un rango de entre 50 y 52 millones de euros, frente a los 61,8 millones que ganó en el primer trimestre de 2008.\n\nRespecto a las inversiones, la compañía dijo que el porcentaje del total de 2009 en España pasará a un 29 desde el 32 por ciento de 2008.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                More Newspapers File for Chapter 11 - WSJ.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The weekend bankruptcy filings of Philadelphia's two major newspapers and Journal Register Co., publisher of the New Haven Register and 19 other dailies, marks the latest in a wave of companies crushed by corporate debt and is likely a sign of more pain to come.\n\nThe operating arm of Philadelphia Media Holdings, publisher of the Philadelphia Inquirer and Daily News, sought bankruptcy protection Sunday, following on the heels of a Saturday filing by the Journal Register. Both companies were victims of debt taken on for acquisitions, which became a noose as advertising revenue shrivels across the newspaper industry.\n[Brian Tierney] Rusty Kennedy/Associated Press\n\nBrian Tierney, chief executive of Philadelphia Newspapers Inc., during a press conference in 2006.\n\nPublishers are proving especially vulnerable in a global economic downturn that has forced firms from telecommunications to the car-parts industry to tip into Chapter 11. Four newspaper owners have filed for bankruptcy protection since December, and there is a queue of others whose debt ratings are considered risky: MediaNews Group, publisher of the Denver Post and San Jose Mercury News; Orange County Register publisher Freedom Communications Inc.; and small-town newspaper publisher Morris Publishing Group. More are scrambling to rework their debt terms.\n\nNewspaper companies have been pounded by spiraling advertising declines, but many of their wounds are self-inflicted. New York Times Co., McClatchy Co., Journal Register and others plunged into newspaper deals that now look ill-conceived as falling profits undermine their ability to repay debt. Leadership from outside the newspaper industry didn't fare much better, with huge debts racked up to buy Tribune Co., the Philadelphia dailies, GateHouse Media Inc. and the Star Tribune in Minneapolis. Tribune and the Star Tribune already are operating under bankruptcy protection, and many in the industry believe it's only a matter of time before disgruntled debt holders push more publishers into bankruptcy court.\nDo

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Bezos On Amazon’s Gadget Ambitions

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Amazon.com CEO Jeff Bezos announced a new version of the \nKindle e-book reader\n Monday. Is the Kindle 2 just the beginning \nof Amazon's plans to be a player in consumer electronics?\n\nThe Kindle was designed by an Amazon subsidiary called Lab126, located in \nCupertino, Calif., just a few blocks away from Apple. Lab126 has more than a \ndozen job openings listed on its \nWeb \nsite\n, leading some analysts to speculate the ecommerce company has visions \nof launching its own music player or other device.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Electronic books are becoming popular. Will newspapers follow?Electronic books are becoming popular. Will newspapers follow?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    JEFF BEZOS, Amazon's boss, pays attention to symbolism. He named his e-commerce company after the world's largest river to suggest a flood of books and other products. He named Amazon's e-book reader, launched in 2007, the Kindle to suggest that it would spark a fire (and not of the book-burning sort). This week he unveiled the Kindle 2, an improved version for the same $359, against the backdrop of a \nlibrary that was once the private collection of John Pierpont Morgan. Assisting him was Stephen King, a popular author who has written a novella that will be available only on the device. The Kindle 2, Mr Bezos means to say, is about preserving a great tradition-book reading-and improving it, not about replacing it.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Kindle 2: More Than a Pretty Face

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The younger, slimmer, and smarter sister of Amazon's (AMZN) \nsold-out Kindle electronic reader arrived on Feb. 9, at the same $359 price of its older sib. Gone are the angular lines and clunky silhouette that consumers and critics complained about when the first Kindle was introduced in November \n2007. In their place is an ultra-sleek, tablet-like object with smooth, rounded edges and keys. But while the new object is gorgeous, tech experts say, its real beauty lies in its innovative service.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        The value of handwaving to arithmetic | A handwaving approach to arithmetic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        HUMAN language is the subject of endless scientific investigation, but the gestures that accompany speech are a surprisingly neglected area. It is sometimes jokingly said that the way to render an Italian speechless is to tie his wrists together, but almost everyone moves their hands in meaningful ways when they talk. Susan Goldin-Meadow of the University of Chicago, however, studies gestures carefully-and not out of idle curiosity. Introspection suggests that gesturing not only helps people communicate but also helps them to think. She set out to test this, and specifically to find out whether gestures might be used as an aid to children's learning. It turns out, as she told the AAAS, that they can.\n\nThe experiment she conducted involved balancing equations. Presented with an equation of the form 2 + 3 + 4 = x + 4, written on a blackboard, a child is asked to calculate the value of x. In the equations Dr Goldin-Meadow always made the last number on the left the same as the last on the right; so x was the sum of the first two numbers. Commonly, however, children who are learning arithmetic will add all three of the numbers on the left to arrive at the value of x.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Caso Allen Stanford: engaños y artilugios; prometía rentabilidades inalcanzables

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La empresa servía a clientes acaudalados, contaba con empleados de categoría y se ufanaba de ser "una institución de capital privado con libertad para dedicarse a su prioridad: usted, el cliente".\n\nLos documentos de la Comisión de Valores de E.U. expresan el compromiso de "ganancias sin par".\n\nPero esas ganancias, al parecer, nunca existieron. Aunque la compañía aseguraba haber logrado réditos de dos dígitos entre 1993 y el 2005, en realidad no alcanzaban el 10 por ciento desde 1994, según documentos judiciales.\n\nLas autoridades allanaron las oficinas en Houston el martes, confiscaron materiales y cerraron la compañía, en medio de acusaciones de que Stanford había prometido a sus clientes réditos fantasiosos con base en 8.000 millones de dólares en certificados de depósitos, y de que cometió otros tipos de fraudes financieros.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • on 02-21-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            A special report on the new middle classes in emerging markets: Burgeoning bourgeoisie

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            A special report on the new middle classes in emerging markets: Burgeoning bourgeoisie

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            THE crowd surges back and forth, hands above heads, mobile-phone cameras snapping one of Brazil's best-known samba bands. It could be almost anywhere in Latin America's largest city on a Saturday night. But this is Paraisopolis, one of São Paulo's notorious crime-infested favelas (slums). Casas Bahia, the country's largest retailer, is celebrating the opening there of its first ever store in a favela (pictured above). It is selling television sets and refrigerators in a place that, at first glance, has no running water or electricity.\n\nAmong the shacks, though, rise three-storey brick structures with satellite dishes on their tin roofs. In the new shop, Brazilians without bank accounts-plumbers, salesmen, maids-flock to buy on instalment credit. In a country with no credit histories, the system is cumbersome: the staff interview customers about their qualifications and get them to sign stacks of promissory notes, like post-dated cheques, before allowing them to take their purchases home. But it works, more or less. According to Maria, a cleaner, "Everything I have comes from Casas Bahia. Things are very expensive but the means of payment are better for people like us, without any money." This is the emerging markets' new middle class out shopping.\nEduardo Giannetti da Fonseca, one of Brazil's most distinguished economists, describes members of the middle class as "people who are not resigned to a life of poverty, who are prepared to make sacrifices to create a better life for themselves but who have not started with life's material problems solved because they have material assets to make their lives easy." That covers a broad range of ambitions, as two other examples will show.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Two reform plans for primary schools

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              LIKE buses, not just one but two reviews of primary education in Britain are arriving at the same time. Their titles may be similar but they could hardly differ more.\n\nThe Cambridge Primary Review was independently conceived and financed, has been years in the planning and execution, and draws on international evidence and scores of experts. Its final conclusions, due later this year, will synthesise 30 research surveys on all aspects of primary education. The Primary Curriculum Review, by contrast, was commissioned and paid for by the government and is the sole work of a serial government-report writer, Sir Jim Rose. He was asked to look at only the curriculum-not standards, testing or funding-and within that limited remit he was constrained by a tight brief and heavy hints as to the desired conclusions.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Latinoamérica se protege de Stanforfd; cinco países decretaron intervenciones o suspensiones temporales

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Colombia, Ecuador, Panamá, Perú y Venezuela tomaron medidas en relación con las firmas vinculadas al magnate financiero Robert Allen Stanford.\n\nEste jueves, en Venezuela, el Gobierno tomó el control y anunció la venta inmediata del Stanford Bank Venezuela, tras el retiro masivo de dinero por parte de sus clientes y para garantizar la estabilidad del mercado financiero local.\n\nLos retiros de dinero "han colocado en situación sumamente precaria a este banco, obligando a las autoridades (...) a tomar la decisión de intervención, que está seguida de la venta inmediata de este banco", explicó el ministro de Finanzas, Alí Rodríguez.\n\nEl ministro subrayó que la filial venezolana de Stanford Bank, llamada Stanford Bank Venezuela S.A., Banco Comercial, que cuenta con 15 sucursales en el país, ya ha recibido algunas ofertas de potenciales compradores.\n\nPero los problemas de los venezolanos no acaban con la toma de control de este banco local por parte del Gobierno. Según ha publicado la prensa local, clientes venezolanos tendrían cerca de 3.000 millones de dólares en Stanford International Bank en Antigua.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Madoff no ordenó compras de acciones en últimos 13 años, según su liquidador

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Autoridades descubren que el financiero Bernard Madoff, acusado de orquestar una de las mayores estafas de la historia, no invirtió el dinero de sus clientes en lo obvio: comprar acciones de bolsa.\n\nEn una reunión con clientes de Madoff organizada este viernes en Nueva York, el abogado Irving Picard, administrador legal de los bienes del financiero, detalló que las investigaciones llevadas a cabo están permitiendo empezar a entender cómo actuó en los últimos años de actividad, hasta que fue detenido el pasado diciembre.\n \nSegún las autoridades, Madoff confesó entonces haber montando una gigantesca estructura piramidal para captar capital de nuevos inversionistas que le permitía ir pagando las elevadas rentabilidades que prometía a sus clientes, a los que aseguraba estar realizando inteligentes inversiones en bolsa.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Caso Allen Stanford: engaños y artilugios; prometía rentabilidades inalcanzables

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    La empresa servía a clientes acaudalados, contaba con empleados de categoría y se ufanaba de ser "una institución de capital privado con libertad para dedicarse a su prioridad: usted, el cliente".\n\nLos documentos de la Comisión de Valores de E.U. expresan el compromiso de "ganancias sin par".\n\nPero esas ganancias, al parecer, nunca existieron. Aunque la compañía aseguraba haber logrado réditos de dos dígitos entre 1993 y el 2005, en realidad no alcanzaban el 10 por ciento desde 1994, según documentos judiciales.\n\nLas autoridades allanaron las oficinas en Houston el martes, confiscaron materiales y cerraron la compañía, en medio de acusaciones de que Stanford había prometido a sus clientes réditos fantasiosos con base en 8.000 millones de dólares en certificados de depósitos, y de que cometió otros tipos de fraudes financieros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Stanford sumaba 93 millones de dólares en Ecuador

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Las filiales de Stanford en Ecuador habían captado alrededor de 93 millones de dólares, aseguró el jueves el intendente del mercado de Valores, de la Superintendencia de Compañías, Santiago Noboa.\n\n"Hemos intervenido la Casa de Valores Stanford y la Administradora de Fondos Stanford para precautelar los intereses de los inversionistas y usuarios de los servicios de ambas compañías", dijo Noboa a la AP. Una tercera está bajo investigación.\n\nSeñaló que las actividades legales de Stanford suman 93 millones de dólares.\n\nExplicó que la intervención implica que la Superintendencia de Valores debe dar los avales y tiene la última palabra en todas las decisiones operativas, financieras, técnicas que tomen ambas instituciones y que además debe dar el visto bueno para cualquier transacción que ejecuten.\n\nNoboa agregó que el objetivo de intervención "es trasladar todas estas administraciones de los fondos, fideicomisos, y fideicomisos de terceros a otra administradora de fondos que no tenga ninguna vinculación con Stanford".\n\nAñadió que hasta el momento no se conoce de posibles captaciones ilegales de fondos, pero invitó a la ciudadanía a denunciar posibles acciones ilegales por parte de Stanford.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Exportadores analizan estrategias ante la crisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Perdigão, una de las mayores compañías brasileñas del sector alimenticio, tiene lista su estrategia para mantener en alza las ventas al exterior durante la crisis. Para Antônio Augusto De Toni, director general de comercio exterior de la empresa, que en los primeros nueve meses del año pasado facturó US$ 3.800 millones en exportaciones, la idea es aprovechar la presencia física de la empresa en Europa, donde tiene tres fábricas, y su centro de distribución en el Medio Oriente para estrechar las relaciones con sus clientes y enfocarse en los canales de venta de mayor valor agregado. "Vamos a centrar nuestras actividades en el mercado minorista de supermercados y en el segmento de food service (por ejemplo desarrollando productos especiales para grandes cadenas de restaurantes o cafeterías). También reduciremos nuestra participación en el mercado B2B, de ventas directas a la industria", afirma.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Colombia: Ashmore-Inverlink operará fondo

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El consorcio conformado por el británico Ashmore Investment Management y la colombiana Inverlink administrará el fondo de infraestructura de Colombia, una operación considerada vital por el Gobierno para enfrentar la crisis global, informó el viernes la CAF.\n\nEl fondo de US$ 500 millones iniciales, el más grande de su tipo en la historia del país, busca desarrollar proyectos y compañías de transporte, energía, agua, comunicaciones y logística, dijo en un comunicado la Corporación Andina de Fomento (CAF), uno de sus gestores.\n\nEl país andino exhibe uno de los más graves problemas de atraso de infraestructura en América Latina, que le ha impedido desarrollar su economía y reducir el elevado nivel de pobreza de casi un 50%.\n\n"La selección del consorcio Ashmore-Inverlink se basó en las credenciales y experiencia de los participantes", aseguró la CAF.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Oro sube a más de US$1.000 como refugio seguro

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Los futuros de oro subían por encima de los US$ 1.000 la onza el viernes, porque inversionistas se refugiaban en el metal en medio de una caída de los mercados bursátiles.\n\nEl temor a la inflación en el largo plazo, que aumentaron por el enorme paquete de estimulo económico promulgado esta semana en Estados Unidos, ha llevado a los inversores a comprar oro, que es percibido como el activo más seguro si el dólar se debilita.\n\n"Creo que hay un poco de pánico allá afuera. Las acciones están en nuevos mínimos y el oro es u lugar para escapar. No creo que haya mucho más que eso", dijo Robert MacIntosh, economista jefe de Eaton Vance en Boston, Estados Unidos.\n\nEl oro en Estados Unidos alcanzaba su nivel más alto de los últimos siete meses.\n\nLos futuros de oro para entrega en abril en la división de metales Comex de la Bolsa Mercantil de Nueva York ganaban US$ 17,70 a US$ 994,20 la onza a las 1532 GMT. El contrato avanzó a un máximo de sesión de US$ 1.000,30, su nivel más alto desde el 16 de julio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Inversores culpan a Chávez de fraude de Stanford

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Venezolanos de clase media y ricos confiaron su dinero al grupo financiero de tejano Allen Stanford, acusado de un "fraude masivo", porque creían que sus ahorros estaban más seguros allí que en los bancos del país gobernado por el presidente Hugo Chávez.\n\nLos fondos de venezolanos representarían más de una cuarta parte de los 8.000 millones de dólares que los investigadores de Estados Unidos dicen fue invertido en certificados de depósitos fraudulentos por parte de Stanford con tasas de interés sospechosamente altas.\n\nEl Gobierno local debió intervenir el jueves al banco comercial Stanford, una pequeña operación del holding, después de que la noticia del fraude en Estados Unidos desatara una corrida de depósitos.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Paradero de Stanford es nuevamente un misterio

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El paradero del magnate tejano Allen Stanford, acusado de un fraude masivo que tiene en vilo cientos de inversionistas en América latina, se convirtió nuevamente en un misterio el viernes luego de que el FBI lo notificara de la demanda pero lo dejara en libertad.\n\nEquipos periodísticos mantenían una guardia fuera de la casa de la familia de una mujer señalada como una novia de Stanford, pero no hubo señales de que él hubiera pasado la noche allí. Las luces se apagaron temprano en la noche.\n\nLa modesta casa, de tres pisos y fachada de ladrillos, pertenece a parientes de Andrea Stoelker, según un cruce de referencias de un banco de datos y el periódico Free Lance-Star, de Fredericksburg.\n\nLa Comisión de Valores de Estados Unidos (SEC) acusó a Stanford de estafar a 50.000 clientes en el mundo con un multimillonario esquema de inversiones. Actuando bajo petición de la SEC, agentes del FBI alcanzaron a Stanford el jueves en Fredericksburg y le entregaron la demanda.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Nestlé claims its strategy can yield 5% sales growth

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Nestlé defied its peers' gloomy prognoses for 2009 yesterday, reassuring investors it could produce organic sales growth of close to 5 per cent this year.\n\nPaul Bulcke, chief executive of the Swiss food group, attributed the strong performance to Nestlé's strategy of selling cheap as well as expensive versions of the same product category. This includes brands such as Nescafé coffee and Nido milk powder, which are sold in small sachets in emerging markets.\n\n"Nestlé offers the ability to trade up and trade down without trading out of Nestlé products," he said.\n\nGlobal sales of what it describes as "popularly positioned products" - small packages of food sold at a low price so poorer customers can afford them - rose 27 per cent last year to SFr5bn ($4.3bn).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Reaching for the Starbucks

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    The decision of Starbucks to begin marketing Via, its own brand of instant coffee, is a powerful symbol of something - either of the unexpected resilience of innovative companies or the collapse of the whole logic of the consumer economy.\n\nThe struggles of Starbucks are well known. Its stock lost half its value last year, and store sales were off 9 per cent in the most recent quarter. The company announced in January that it would shed 6,700 jobs and close 300 more outlets, after shuttering 600 last year. Other espresso chains are nipping at its heels, some with better services (such as Caribou in the US, where high-speed internet is free), some with lower prices (such as Dunkin' Donuts). Home-grown competitors are rising in important markets - for example Costa Coffee and Caffè Nero in Britain. People differ on whether Starbucks has expanded too fast - losing sight of the bohemian ambience that was its main selling point - or whether peddling coffee for several dollars, or pounds, a cup is a non-starter in this straitened economy.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      CBS News Adding Medical Webcast

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      CBS News is launching a new weekly webcast Doc Dot Com, hosted by CBS News medical correspondent Dr. Jonathan LaPook.\n\nThe webcast, which will go live every Thursday at 2 p.m., will explore medical and health issues and news as well as give viewers practical medical advice.\n\nDoc Dot Com is the latest webcast to come out of CBS News, which has bumped up its web video programming following the success of Katie Couric hosted webcasts following the political conventions, election and inauguration.\n\nEarlier this month the network announced a weekly webcast hosted by CBS News Washington correspondent and Face The Nation host Bob Schieffer.\n\n"CBSNews.com continues to create original Web programming that is informative and interesting and complements CBS News broadcasts," said Mark Larkin, Vice President of Programming and Operations, CBSNews.com in a statement. "Doc Dot Com will provide an in-depth look at medical breakthroughs, common medical myths, and the latest health headlines, and help our audience make sense of how this affects them."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        CNN Plans More Web-Only Shows, Re-Partnering with Facebook for Obama Address

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Look for CNN anchors and reporters to start doing more Web-only pieces and shows.\n\nThat is according to a network spokesperson referencing the network's on-air/online coverage of President Barack Obama's first address to Congress Feb. 24.\n\nJohn King, for example, will host the first online-exclusive edition of his new Sunday show, State of The Union with John King, from noon to 1 p.m. on CNN.com Tuesday, followed by Ali Velshi and Christine Romans hosting an online-only special, State of The Economy, which will undoubtedly be a major topic of the president's speech.\n\nCNN will also re-team with Facebook to create an online community tied to the event and accessible via CNN.com. The two paired on coverage/community for the Inauguration.\n\nAnd just in case anyone needs a reminder of how bad things are where they live, CNN.com will enable users to "track the current economic climate state-by-state across various categories and indicators, including unemployment rate, foreclosures and job sector changes."\n\nCNN will also have special on-air coverage throughout the day, including a two-hour Anderson Cooper at 10-midnight following the speech.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TV.com Fires Back at Hulu

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          CBS's TV.com fired the latest salvo in an ongoing battle with News Corp./NBC Universal backed video site, Hulu over who gets to air which shows online and where.\nEarlier this week, Hulu yanked its material off rival CBS' TV.com saying, "Hulu has contractual rights with regards to our relationship with TV.com and we are exercising those rights. Out of respect for their confidentiality, we will not disclose our discussions."\n\nThen late yesterday, the CBS Website issued a combative statement defending its right to continue to Webcast the top shows from NBC's and Fox's programming library.\n\nThe statement read: "CBS Interactive is well within its rights to stream Hulu video content on TV.com under its agreement with Hulu. We are evaluating our next steps at this time."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            UK - Venezuela, Peru and Mexico act

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Latin American authorities yesterday moved against the local operations of the Stanford business empire, as thousands of individual depositors across the region waited anxiously for news of their savings.\n\nVenezuela seized the local operations of Antigua-based Stanford International Bank, which was charged with fraud by US regulators earlier this week, after hundreds of investors scrambled to recover their funds.\n\nIn Peru, the authorities moved to take control of Stanford's local business, while Mexico's banking regulator said it was investigating the local Stanford bank affiliate for possible violation of banking laws.\n\nUp to three-quarters of the $8bn in certificates of deposit that the Securities and Exchange Commission, the US financial regulator, has accused Stanford International Bank of selling fraudulently are understood to have been bought in its offices in Latin America.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              La banca acreedora de los Sanahuja toma el 65,52% de Metrovacesa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Los bancos acreedores de la familia Sanahuja, hasta ahora primer accionista de Metrovacesa, han cerrado el acuerdo por el que se hacen con el 65,52% del capital de la inmobiliaria y ponen como presidente de la compañía a Vitalino Nafría y como consejero delegado a Eduardo Paraja.Según la información remitida a la Comisión Nacional del Mercado de Valores (CNMV), los Sanahuja han traspasado al BBVA, Banesto, Banco Sabadell, Banco Santander, Banco Popular y Caja Madrid el 54,75% del capital social de Metrovacesa a cambio de cancelar una deuda de 2.090 millones de euros y de una cantidad en efectivo.Asimismo, el Banco Santander, BBVA, Banco Popular y Banco Sabadell han comprado una participación adicional del 10,77% a 57 euros por acción, sobre el que el hasta ahora presidente de la compañía, Román Sanahuja, tendrá una opción de compra durante un plazo de cuatro años.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Stanford Chief’s Former Home Came With a Moat

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                He's a knight, at least in the Caribbean nation of Antigua & Barbuda.\n\nSo perhaps it should not be so surprising that R. Allen Stanford, the Texas-born billionaire at the center of a major financial scandal, used to live at a castle.\n\nSifting through various legal actions involving Mr. Stanford in the United States, Bloomberg News turned up information about the mogul's lifestyle, including the fact that he used to live in the Wackenhut Castle outside of Miami. Bloomberg says the property was a 18,000-square-foot, 57-room structure with a tower and a moat, all of which was demolished last year.\n\nThe castle, and a "fleet of aircraft worth approximately $100 million," were cited in a March 2008 filing in a paternity case in Florida, Bloomberg said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Time Warner details plans to spin off cable unit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Time Warner Inc. said Thursday it will spin off Time Warner Cable, sketching out more details to a plan unveiled in 2008 to split the company's media content and distribution businesses.\n\nThe separation will be completed by the end of the current quarter through a "spin-off distribution," the companies said.\n\nThe process will involve a pro-rata dividend of all Time Warner Cable (TWC) stock held by Time Warner to Time Warner (TWX, Fortune 500) shareholders, but the companies did not say in Thursday's statement how this would be accomplished or offer more details.(Time Warner Cable is a subsidiary of Time Warner, which also owns CNNMoney.com.)\n\nThis month, the U.S. Federal Communications Commission approved the proposed spinoff with no major conditions, clearing the last major hurdle to the long-awaited deal.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Lowe's profit sinks 60%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Lowe's Co. reported a sharp drop in quarterly profit Friday as it marked down prices in the recession and it gave profit forecasts that fell short of Wall Street estimates, sending shares down 3%.\n\nThe second-largest home improvement retailer also cut its planned store openings for 2009.\n\n"The stimulus efforts will provide some support to the consumer, but today the macro environment shows few positive signs and therefore we continue to plan conservatively," Lowe's Chairman Robert Niblock said during a conference call.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Saab wins safety from creditors, seeks funds

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Loss-making Nordic carmaker Saab's fight for survival moved up a gear on Friday as the General Motors unit won protection from creditors while it tries to find a new partner and raise fresh funds.\n\nGM (GM, Fortune 500), itself facing mountainous debts and an uncertain future, refuses to continue funding Saab's losses. In a plan submitted to the U.S. Treasury this week, GM said the Swedish firm would become an independent business as of Jan. 1, 2010.\n\nSaab said it lost about 3 billion crowns ($340 million) in 2008, according to documents filed with the Swedish court that granted the company a stay of execution. It expects a similar loss this year, blaming slack demand, ageing products, overcapacity and high costs.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Banks pounded by fear of nationalization

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Bank of America and Citigroup shares plummeted for a sixth straight session Friday, hammered by fears the U.S. government could nationalize the banks, wiping out shareholders.\n\nBank of America (BAC, Fortune 500) shares fell 3.6% to $3.79 by the end of trading, touching their lowest close since 1984, while Citigroup (C, Fortune 500) shares fell more than 22% to $1.95, reaching their lowest close since 1990. Both stocks have lost more than 90% of their value in the past year.\n\nCitigroup's market capitalization shrank to $10.6 billion, making it worth less than asset administrator Northern Trust Corp. (NTRS, Fortune 500) Bank of America is now worth $24 billion, less than it paid for Merrill Lynch (MER, Fortune 500) less than two months ago.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Prisa redujo un 56,8% su beneficio en 2008, hasta los 83 millones de euros

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Prisa obtuvo un beneficio neto de 83 millones de euros en 2008, lo que representa una \ncaída del 56,8% con respecto al ejercicio anterior, informó\neste \njueves\nla compañía a la Comisión Nacional del Mercado de Valores (CNMV). El \ngrupo de comunicación explicó que el descenso del beneficio se debió \nfundamentalmente al comportamiento negativo de los gastos financieros y a las \npérdidas extraordinarias en el ejercicio.\n\nEl resultado bruto de explotación (Ebitda) del grupo alcanzó los 948,34 \nmillones euros, un 21,6% más, mientras que el beneficio de explotación (Ebit) \nascendió a 698,19 millones de euros, con un incremento del 34,3%. Los ingresos \nde explotación ascendieron a 4.001,35 millones de euros en 2008, un 8,3% más, \naunque los procedentes de la publicidad cayeron un 4,9%, hasta los 1.067,07 \nmillones de euros.\n\nLos ingresos de libros y formación aumentaron un 8,1%, hasta los 579,74 \nmillones de euros, mientras que los de venta de periódicos y revistas se \nmantuvieron estables con respecto al ejercicio anterior (209,86 millones de \neuros).\n\nIngresos récord de Sogecable \n\nLos ingresos de Sogecable alcanzaron a 31 de diciembre de 2008 un nuevo \nrécord, hasta los 1.872,87 millones de euros. Digital+ incrementó su Ebit un \n34,6%, hasta alcanzar los 237,83 millones de euros, con una notable mejora en \nlos márgenes (15,4% frente a 11,6%).\n\nLos ingresos de abonados ascendieron a 1.141,1 millones de euros, un 0,4% \nmás. La base de abonados de Digital+ se situó a 31 de diciembre de 2008 en 2,035 \nmillones. Por su parte, la cadena en abierto Cuatro aumentó sus ingresos un \n13,7% y alcanzó una audiencia media del 8,6% en 2008, tras tres años completos \nde emisiones.\n\nLa deuda financiera del grupo a cierre del año ascendió a 5.044,1 millones de \neuros, principalmente por la oferta pública de adquisición (OPA) de acciones \nsobre su filial audiovisual Sogecable.\n\nLa posición financiera de Prisa se incrementó en 1.850,4 millones de euros \nfrente al cierre del ejercicio 2007, por el i

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            La posible fusión de BBVA y Popular llega al parqué

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            La crisis financiera internacional \nfavorecerá las concentraciones de entidades en España, como se está demostrando \ncon el caso de la Caja de Castilla- La Mancha, cuya mala gestión de negocio está \nobligando al PSOE (partido que dirige la caja autonómica) a buscarle un \ncaballero blanco que le salve de la quiebra y que evite la transparencia a la \nhora de que el público conozca quienes fueron los destinatarios de unos créditos \nque ahora son impagados. \n\nPero esta tendencia a la concentración no es exclusiva de las cajas \nde ahorros . Los bancos grandes se preparan para un proceso de fusiones \nque reduciría el número de entidades medias. De hecho, la banca mediana \nen España ha interesado durante los últimos años a inversores nacionales e internacionales, y ahora la baja cotización de los títulos de algunos bancos que tienen beneficios millonarios hace más atractivas estas operaciones. \n\nFuentes del mercado confirmaron a LD que este es el caso del Banco Popular, una entidad que cerró 2008 con un beneficio atribuido de 1.052 millones de euros, una cantidad nada desdeñable en los tiempos que corren. \n\nAdemás, la entidad ha decidido encarar 2009 " desde la base de la fortaleza de capital, la financiación y el exceso de reservas" , según explicó Ángel Ron durante la presentación de resultados. \n\nAsimismo, el margen de intermediación alcanzó los 2.520,5 millones de euros y \nfue un 8,6% más alto que el registrado en el mismo periodo de 2007 y los depósitos de clientes repuntaron un 21,1%, hasta 51.657,6 millones. Finalmente, la tasa de morosidad se colocó en el 2,81%, por debajo de la media del mercado. \n\nEn este contexto se comprende el interés de BBVA . Las fuentes consultadas explicaron que "de momento se trata sólo de rumores que están en el mercado" aunque confirmaron que el banco que preside Francisco González "está barajando esta posibilidad". \n\n\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Estadística sorprende con un PIB 'inflado' que ignora el desplome real de la economía

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Estadística sorprende con un PIB 'inflado' que ignora el \ndesplome real de la economía \n\nParadojas que da la vida. \n\nMes a mes, los indicadores económicos que elaboran el Instituto Nacional de \nEstadística y otros organismos oficiales reflejan una caída sin precedentes de \nla actividad económica (muchos expertos hablan ya de la peor recesión en 50 \naños). Pero ayer el propio INE publicó una Contabilidad Nacional -la información que recoge la actividad económica de un país a lo largo de un año- \nque apenas refleja ese desplome. \n\nEs más. Pese a que los datos que envía a Eurostat el propio INE de manera puntual muestran que España es, junto a Irlanda y Reino Unido, el país más afectado por el ajuste económico, a la luz de lo publicado ayer por Estadística resulta que la economía española (afectada por una doble crisis: la derivada del estallido de la burbuja inmobiliaria y la restricción del crédito) decrece menos que la Unión Europea. En concreto, un -0,7% en términos interanuales, por debajo del -2,6% de Italia, el -1,8% del \nReino Unido, el -1,6% de Alemania o el -1% de Francia. ¿Es esto posible? \n\nEl dato español, no por esperado, ha vuelto a aflorar las críticas que desde hace mucho tiempo realizan algunos de los mejores coyunturalistas del país, que cuestionan abiertamente la metodología que utiliza el INE para elaborar la Contabilidad Nacional, \ntodas vez que no recoge fielmente el momento económico. En su opinión, el INE sobreestima el volumen del PIB en periodos como los actuales. Por el contrario, suaviza los resultados cuando la economía va viento en popa, algo que era muy útil cuando España peleaba por los fondos estructurales de la UE. \n\n"No es de recibo", sostiene el \nresponsable de estudios de una entidad financiera, "que se diga que la economía \nha decrecido un 0,7% en el cuarto trimestre de este año cuando todos los \nindicadores muestran una caída generalizada de muchísima mayor importancia".\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Nestlé Pushes a Lifestyle, and a Cup of Coffee

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The current recession may be most serious since the 1930s, but these are boom times at Nespresso - the seemingly omnipresent brand of coffee and coffee makers owned by the Swiss food giant Nestlé.Presenting its 2008 earnings Thursday, Nestlé said sales of Nespresso products grew 30 percent in 2008, taking annual revenue past its goal of 2 billion Swiss francs, or $1.7 billion, two years ah\n\nbillion, two years ahead of schedule.\n\nThough it represents about 5 percent of overall Nestlé sales of 110 billion francs, Nespresso is now the fastest growing among the most important brands at a company that owns household names like Perrier water, Maggi sauce, Felix cat food and, of course, Nestlé chocolate.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  New York Times suspends dividend

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The New York Times Company has suspended its dividend entirely, just three months after cutting the payout by almost three quarters to preserve cash at the indebted newspaper publisher.\n\nArthur Sulzberger Jr, chairman of the group and a senior member of the controlling family that has depended heavily on the dividend for its income, described the move as "a difficult but prudent measure in this operating environment."\nThe suspension had not been widely expected, as the Times had been seen to buy itself breathing space last month by borrowing $250m at a 14 per cent interest rate from Carlos Slim, the Mexican telecoms billionaire.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    FBI agents locate Stanford in Virginia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Sir Allen Stanford, whose whereabouts had been unknown since being charged this week by the Securities and Exchange Commission in connection with an alleged $8bn fraud, was located in Virginia on Thursday by the FBI.\n\nThe agents served Sir Allen with court orders relating to the SEC civil filing against the Texas billionaire's investment firm, Stanford Financial Group, the Federal Bureau of Investigation said. He was not arrested.\n\nIt also emerged on Thursday that federal investigators in the US had widened their probe into the alleged fraud.\n\nThe FBI has launched a criminal inquiry into Sir Allen's activities, in conjunction with the US attorney's office in Houston,\non, the Financial Times understands.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Colombia importará autos eléctricos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      El Gobierno de Colombia anunció el miércoles que autorizó la importación libre de aranceles de 100 vehículos eléctricos durante 2009 para incentivar el consumo de ese tipo de automóviles, libre de gases contaminantes.\n\nSegún un comunicado emitido por el Ministerio de Comercio, Industria y Turismo, la medida se tomó por no existir producción nacional ni subregional. Se espera también que brinde beneficios al consumidor derivados de los costos de operación del vehículo y ambientales, pues su "emisión de ruido y de contaminantes al medio ambiente es prácticamente nula".\n\nSegún el titular de ese ministerio, Luis Guillermo Plata, existen en el mundo antecedentes de esa medida, como en la India y la Unión Europea, y que esperan que por cada vehículo con motor eléctrico que se importe, se incentiva la inversión extranjera directa en Colombia y la generación de nuevos empleos en el país.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Lenovo inaugura planta en México

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El fabricante chino de computadoras Lenovo, abrió el miércoles una planta en el municipio de Apodaca, estado mexicano de Nuevo León, con una inversión de US$ 40 millones. La inauguración contó con la presencia del presidente de México, Felipe Calderón, el gobernador del estado Natividad González Parás, y el presidente y fundador de Lenovo, Yang Yuanqing.\n\nEl presidente Calderón, expresó que está convencido de que la nueva planta consolida a México como un excelente destino de inversión para empresas que quieren aprovechar la posición estratégica del país en términos logísticos y de acceso privilegiado a Estados Unidos, aprovechando el Tratado de Libre Comercio, pero también con Europa, Asia y América Latina, consignó un comunicado del gobierno.\n\nPor su parte, Yuanqing Yang, fundador y Ceo de Lenovo Apodaca, informó que la inversión en Lenovo asciende a US$ 40 millones y que esperan generar más de 2.000 empleos directos e indirectos, de acuerdo a información suministrada por el diario Milenio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Los coletazos del fraude de Stanford en la región

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Los temores a que el "fraude masivo" del que fue acusado en Estados Unidos el grupo financiero Stanford genere una ola de impactos en América Latina encendieron las alarmas de los gobiernos donde operaba la institución. Muchos inversionistas entraron en pánico y buscaron retirar sus ahorros de bancos y otras entidades vinculadas al Stanford International Bank.\n\nPese a que las instituciones financieras que funcionan bajo el nombre de Stanford en la región emitieron comunicados asegurando que trabajan en forma autónoma, las informaciones provenientes desde Estados Unidos agitaron los ánimos de los depositantes e inversionistas, que acudieron a las oficinas de Stanford con la esperanza de llevarse el dinero.\n\nSe estima que sólo en Venezuela se compraron hasta US$ 3.000 millones de los US$ 8.000 millones en certificados que fueron vendidos por representantes de Stanford, informaron las autoridades del país sudamericano. En total, clientes latinoamericanos compraron alrededor del 75% de los certificados, de acuerdo a una persona con conocimiento de las operaciones de Stanford que cita la agencia Reuters.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Heineken takes hit on profits as Carlsberg figures triple

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Heineken and Carlsberg yesterday reported widely diverging impacts on their profit lines of their joint acquisition of Scottish & Newcastle last year, HeinekenCarlsbergScottish & Newcastle but the companies warned they both faced further cost cuts as the recession pushes beer drinkers out of pubs.\n\nHeineken saw net profits plunge in 2008, dragged down by financing costs, while those of Danish rival Carlsberg have soared since the two paid HeinekenCarlsberg£7.8bn ($11bn) for the UK brewer. Heineken chiefly got S&N's British assets while Carlsberg took those in Russia and France. Scottish & Newcastle\n\nBut Heineken yesterday insisted its acquisition of most of S&N's mature western European assets was not a source of regret.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Brazil to supply oil to China for loans

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Brazil and China signed a landmark agreement on Thursday that will ensure long-term supplies of oil to China while delivering much-needed financing to help Brazil develop enormous reserves of oil and gas recently discovered in its coastal waters.\n\nThe deal was announced after Xi Jinping, China's vice-president, met President Luiz Inácio Lula da Silva in Brasília.\nPetrobras, Brazil's publicly traded but state-controlled oil company, will supply China with between 100,000 and 160,000 barrels of oil a day. In return, China will supply loans of up to $10bn (£7bn, €8bn) to help Petrobras and its private-sector partners develop the so-called "pre-salt" fields.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Venezuela interviene un banco local controlado por Stanford

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El Gobierno de Venezuela ha tomado hoy el control de la división local de un banco propiedad del inversor texano Allen Stanford, presunto responsable de un fraude multimillonario en Estados Unidos, según han informado fuentes del Ejecutivo que preside Hugo Chávez.\n\nSir Robert Allen Stanford, que se encuentra en paradero desconocido, está acusado por la el supervisor bursátil estadounidense (SEC) de un gigantesco fraude, cifrado en 8.000 millones de dólares (unos 6.300 millones de euros).\n\nEl caso recuerda al de Bernard Madoff, acusado de estafar 50.000 millones de dólares a sus clientes mediante una trama piramidal de inversiones. A este respecto, el fiscal general de EE UU, Eric Holder, ha asegurado que estos dos casos de fraude son los más importantes que se han dado, según el fiscal. Pero al preguntarle si aparecerán otros casos y si estos serán de mayor tamaño, Holder no ha querido arriesgarse: "Es difícil de decir, pero me gustaría creer que van a ser los más grandes".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tremor Media lands $18M Series C

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Online video ad network Tremor Media Inc. has pulled in an $18 million Series C round led by Meritech Capital Partners.\n\nAlso participating were previous investors Canaan Partners, Masthead Venture Partners and European Founders Fund. The company in June announced an investment of undisclosed size from European Founders Fund, and a year ago it raised an $11 million Series B round led by Canaan and Masthead. Tremor Media has raised over $37.4 million in total.\n\nNew York-based Tremor Media's video advertising network allows advertisers to buy in-banner and in-stream video ads on more than 800 top-tier publisher sites. The company's major advertising clients are large branded advertisers that typically run ads on television, and often run their TV spots on the Web. Tremor also provides publishers with a suite of products and services to monetize streaming video.\n\nThe startup said the latest funding will enable it to keep penetrating the $70 billion television advertising market and help accelerate the shift of TV ad budgets to online video. Citing comScore, Tremor said it has grown its video ad network to the fourth-largest streaming aggregator behind YouTube, MySpace and Yahoo!. - Olaf de Senerpont Domis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    G.M. Says New Loan Is Adequate to Save It

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    General Motors vowed on Wednesday that its latest request for federal aid would be the last it would need to carry it through the biggest reorganization in its history.\n\n"There are no guarantees in life," Frederick A. Henderson, G.M.'s president, said in a telephone conference with analysts and reporters on Wednesday, the day after the company requested an additional $12 billion in loans to bring its total bailout to $30 billion. "But I do think we've sized the funding requirements, as well as the actions necessary for us to take, based on conservative assumptions."\n\nG.M., the nation's largest automaker, also is assuming it will be able to pull off a remarkable turnaround if gets the additional loans, The New York Times's Bill Vlasic and Nick Bunkley write.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Roche Raises $16 Billion in Bond Sale

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Roche Holding of Switzerland sold $16 billion of bonds to finance its $42.1 billion takeover of the United States-based biotech company Genentech. The bond offering, the second-largest company bond offering in history, was a sign of thawing credit markets, Bloomberg News said, citing its own data.\n\nThe Swiss drug giant said this week that it plans to finance its bid to take full ownership of Genentech with a mix of cash, bonds, commercial paper and bank loans.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Where in the World Is R. Allen Stanford?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        As the scandal surrounding the Stanford Group continues to grow, no one seems to know where to find R. Allen Stanford, the cricket-loving billionaire at the center of the story - not even his father, apparently.\n\nJames Stanford, who is 81, told The Houston Chronicle on Wednesday that he didn't know where his son might be. He said he spoke to Stanford fils last week, at which time he mentioned "problems with the business climate in general, but nothing of this magnitude."\n\nThe magnitude of the problem appears to be about $8 billion: That is the size of the fraud that the Securities and Exchange Commission suspects Mr. Stanford's Houston-based firm and its Antigua-based affiliate might have carried out. The firm's Antigua affiliate had offered certificates of deposit with what the S.E.C. thinks were suspiciously generous returns.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Santander Says 70% of Clients Agreed to Madoff Accords

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          About 70 percent of Banco Santander's clients caught up in the Bernard L. Madoff case have signed compensation agreements with the Spanish bank, lawyers for the bank told a federal court in Miami on Thursday.\n\nThe disclosure was made at a hearing on a class-action lawsuit filed on behalf of people who lost money through their investments in a bank fund that had invested with Mr. Madoff.\n\n"About 70 percent have already executed exchange agreements," a lawyer, Sam Danon, told Judge Paul Huck of Federal District Court. "I believe somewhere in the area of 7 or 9 percent have rejected it. There's a percentage that are still considering the agreement."\n\nThe two sides in the Miami lawsuit also told the court that they had agreed to send a notice to Santander clients that outlines details of the pending Miami class action.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Real channel aims to reach 10 million homes on launch

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Real Global Broadcasting, the joint venture between the Turner International and the Alva Brothers Entertainment, today said it expects to kick-off its Hindi general entertainment channel, Real with a reach on 10 million homes.\nThe company is currently in talks with leading DTH players also to have a significant presence in the segment at the time of launch early next month

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sony CEO Dasgupta quits

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Kunal Dasgupta, CEO, Multi Screen Media, has resigned from the company, which operates the Hindi general entertainment channel Sony.\nSpeaking to Business Standard, Dasgupta, who joined Sony Entertainment Television (now Multi Screen Media) in 1995, said he was "leaving for personal reasons. The 14-year vanvaas is over and I have other plans chalked out already. I have done whatever there was to be done at Sony."\n\nAccording to a release issued by the company, chairman of the Multi Screen Media board, Man Jit Singh, has been appointed the interim CEO.\n\nDasgupta was among the first employees of Sony TV, a joint venture between the Japanese company Sony Pictures Television International (SPTI) and a bunch of Indian promoters with a stake of about 32 per cent.\n\nIn 2007, Dasgupta was given a two-year extension as CEO till June 2009.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                PRISA obtuvo 948 millones de EBITDA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El EBITDA crece un 21,6% hasta 948,34 millones de euros. Los ingresos de explotación crecieron un 8,3% hasta alcanzar los 4.001,35 millones y el resultado de explotación (EBIT) un 34,3%, hasta los 698,19 millones de euros.\n\n* Santillana aumentó un 8,5% en ingresos y su EBITDA mejora un 12% hasta 134,35 millones de euros. Destacan los significativos crecimientos en España (+15,2%), Venezuela (+38,6%), Argentina (+19,4%) y Perú (+96,7%). Resalta el crecimiento de Brasil que aumenta un 30% respecto a 2007.\n\n* Cadena SER revalida su liderazgo con 4.705.000 oyentes diarios (3ª Ola EGM). La Radio Internacional incrementa sus ingresos un 7% hasta los 94,80 millones de euros, con una mejora en los márgenes de EBITDA.\n\n* El País fortalece su posición de liderazgo con una difusión media diaria de 431.034 ejemplares diarios en 2008 y obtiene un EBITDA de 52,76 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Prisa obtuvo un beneficio antes de impuestos de 948 millones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El Grupo PRISA tuvo en 2008 unos ingresos de 4.001,35 millones de euros, lo que supone un crecimiento del 8,3%. En este ejercicio ha generado un EBITDA (beneficio antes de impuestos, intereses, depreciaciones y amortizaciones) de 948,34 millones de euros,frente a los 779,62 obtenidos en el mismo período del año anterior. En un año caracterizado por las dificultades a las que se han enfrentado todos los medios de comunicación en España y en el resto del mundo, esto supone un aumento del 21,6%. El margen de EBITDA sobre ingresos ha sido del 23,7% frente al 21,1% de 2007. Cabe destacar el crecimiento en el EBITDA del área Editorial con 14,43 millones de euros (+12%), unido a la mejora en sus márgenes, y en la actividad de Televisión de Pago que aumentó su EBITDA en un 10,4% frente a 2007.El resultado de explotación (EBIT) del Grupo fue de 698,19 millones de euros frente a los 519,93 millones registrados en 2007, lo que representa una mejora interanual del 34,3%. Destaca la mejora en casi cuatro puntos de Digital +, que incrementa su EBIT un 34,6% hasta alcanzar los 237,83 millones. El margen de EBIT sobre ingresos ha sido del 17,4% frente al 14,1% del ejercicio anterior.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Cinco Días recomienda vender acciones de PRISA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Las acciones del Grupo Prisa no dejan de caer. En la sesión de hoy se han dejado un 1,66% de su valor. El mínimo histórico de esta empresa ha quedado en 1,69 euros por acción. Con estos datos el análisis que realiza Cinco Días recomienda a los inversores vender los títulos de PRISA.\n\nEl diario económico, además del seguimiento individualizado de cada uno de los valores del parqué madrileño, elabora un índice según el que recomienda a los inversores la compra o la venta de determinados valores.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La deuda y la caída de la publicidad derrumban Prisa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Prisa no ha conseguido superar la crisis de 2008 y mantener sus resultados, que han caído un 56,8%, hasta 83 millones frente a los 192 de 2007 o los 229 de 2006. Ni siquiera los 300 millones logrados por la venta de sus sedes más emblemáticas han frenado la sangría provocada por la deuda, la caída de la publicidad y de la rentabilidad de las promociones. Males parecidos a los de una gran parte de la prensa y a los de sus competidores más inmediatos. Sólo el audiovisual y la fortaleza del negocio editorial, especialmente en educación, han permitido aumentar un 8,3% los ingresos hasta superar los 4.001 millones de euros y salvar a Prisa de una debacle mayor. El grupo de la familia Polanco ha tenido que afrontar unos gastos para financiar su deuda de 290,94 millones de euros, a los que se suman otros 88,31 millones de la deuda del negocio de impresión. Prisa tiene que afrontar deudas con los bancos de 2.532 millones de euros, cuyo pago está vinculado a la venta de Digital Plus, mientras debe otros 1.798 millones a largo plazo. En total, una deuda de 5.044,1 millones de euros.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • on 02-20-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Nestlé Pushes a Lifestyle, and a Cup of Coffee

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Nestlé Pushes a Lifestyle, and a Cup of Coffee

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        The current recession may be most serious since the 1930s, but these are boom times at Nespresso - the seemingly omnipresent brand of coffee and coffee makers owned by the Swiss food giant Nestlé.Presenting its 2008 earnings Thursday, Nestlé said sales of Nespresso products grew 30 percent in 2008, taking annual revenue past its goal of 2 billion Swiss francs, or $1.7 billion, two years ah\n\nbillion, two years ahead of schedule.\n\nThough it represents about 5 percent of overall Nestlé sales of 110 billion francs, Nespresso is now the fastest growing among the most important brands at a company that owns household names like Perrier water, Maggi sauce, Felix cat food and, of course, Nestlé chocolate.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          New York Times suspends dividend

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          The New York Times Company has suspended its dividend entirely, just three months after cutting the payout by almost three quarters to preserve cash at the indebted newspaper publisher.\n\nArthur Sulzberger Jr, chairman of the group and a senior member of the controlling family that has depended heavily on the dividend for its income, described the move as "a difficult but prudent measure in this operating environment."\nThe suspension had not been widely expected, as the Times had been seen to buy itself breathing space last month by borrowing $250m at a 14 per cent interest rate from Carlos Slim, the Mexican telecoms billionaire.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            FBI agents locate Stanford in Virginia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Sir Allen Stanford, whose whereabouts had been unknown since being charged this week by the Securities and Exchange Commission in connection with an alleged $8bn fraud, was located in Virginia on Thursday by the FBI.\n\nThe agents served Sir Allen with court orders relating to the SEC civil filing against the Texas billionaire's investment firm, Stanford Financial Group, the Federal Bureau of Investigation said. He was not arrested.\n\nIt also emerged on Thursday that federal investigators in the US had widened their probe into the alleged fraud.\n\nThe FBI has launched a criminal inquiry into Sir Allen's activities, in conjunction with the US attorney's office in Houston,\non, the Financial Times understands.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Colombia importará autos eléctricos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El Gobierno de Colombia anunció el miércoles que autorizó la importación libre de aranceles de 100 vehículos eléctricos durante 2009 para incentivar el consumo de ese tipo de automóviles, libre de gases contaminantes.\n\nSegún un comunicado emitido por el Ministerio de Comercio, Industria y Turismo, la medida se tomó por no existir producción nacional ni subregional. Se espera también que brinde beneficios al consumidor derivados de los costos de operación del vehículo y ambientales, pues su "emisión de ruido y de contaminantes al medio ambiente es prácticamente nula".\n\nSegún el titular de ese ministerio, Luis Guillermo Plata, existen en el mundo antecedentes de esa medida, como en la India y la Unión Europea, y que esperan que por cada vehículo con motor eléctrico que se importe, se incentiva la inversión extranjera directa en Colombia y la generación de nuevos empleos en el país.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Lenovo inaugura planta en México

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El fabricante chino de computadoras Lenovo, abrió el miércoles una planta en el municipio de Apodaca, estado mexicano de Nuevo León, con una inversión de US$ 40 millones. La inauguración contó con la presencia del presidente de México, Felipe Calderón, el gobernador del estado Natividad González Parás, y el presidente y fundador de Lenovo, Yang Yuanqing.\n\nEl presidente Calderón, expresó que está convencido de que la nueva planta consolida a México como un excelente destino de inversión para empresas que quieren aprovechar la posición estratégica del país en términos logísticos y de acceso privilegiado a Estados Unidos, aprovechando el Tratado de Libre Comercio, pero también con Europa, Asia y América Latina, consignó un comunicado del gobierno.\n\nPor su parte, Yuanqing Yang, fundador y Ceo de Lenovo Apodaca, informó que la inversión en Lenovo asciende a US$ 40 millones y que esperan generar más de 2.000 empleos directos e indirectos, de acuerdo a información suministrada por el diario Milenio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Los coletazos del fraude de Stanford en la región

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Los temores a que el "fraude masivo" del que fue acusado en Estados Unidos el grupo financiero Stanford genere una ola de impactos en América Latina encendieron las alarmas de los gobiernos donde operaba la institución. Muchos inversionistas entraron en pánico y buscaron retirar sus ahorros de bancos y otras entidades vinculadas al Stanford International Bank.\n\nPese a que las instituciones financieras que funcionan bajo el nombre de Stanford en la región emitieron comunicados asegurando que trabajan en forma autónoma, las informaciones provenientes desde Estados Unidos agitaron los ánimos de los depositantes e inversionistas, que acudieron a las oficinas de Stanford con la esperanza de llevarse el dinero.\n\nSe estima que sólo en Venezuela se compraron hasta US$ 3.000 millones de los US$ 8.000 millones en certificados que fueron vendidos por representantes de Stanford, informaron las autoridades del país sudamericano. En total, clientes latinoamericanos compraron alrededor del 75% de los certificados, de acuerdo a una persona con conocimiento de las operaciones de Stanford que cita la agencia Reuters.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Heineken takes hit on profits as Carlsberg figures triple

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Heineken and Carlsberg yesterday reported widely diverging impacts on their profit lines of their joint acquisition of Scottish & Newcastle last year, HeinekenCarlsbergScottish & Newcastle but the companies warned they both faced further cost cuts as the recession pushes beer drinkers out of pubs.\n\nHeineken saw net profits plunge in 2008, dragged down by financing costs, while those of Danish rival Carlsberg have soared since the two paid HeinekenCarlsberg£7.8bn ($11bn) for the UK brewer. Heineken chiefly got S&N's British assets while Carlsberg took those in Russia and France. Scottish & Newcastle\n\nBut Heineken yesterday insisted its acquisition of most of S&N's mature western European assets was not a source of regret.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Brazil to supply oil to China for loans

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Brazil and China signed a landmark agreement on Thursday that will ensure long-term supplies of oil to China while delivering much-needed financing to help Brazil develop enormous reserves of oil and gas recently discovered in its coastal waters.\n\nThe deal was announced after Xi Jinping, China's vice-president, met President Luiz Inácio Lula da Silva in Brasília.\nPetrobras, Brazil's publicly traded but state-controlled oil company, will supply China with between 100,000 and 160,000 barrels of oil a day. In return, China will supply loans of up to $10bn (£7bn, €8bn) to help Petrobras and its private-sector partners develop the so-called "pre-salt" fields.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Venezuela interviene un banco local controlado por Stanford

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El Gobierno de Venezuela ha tomado hoy el control de la división local de un banco propiedad del inversor texano Allen Stanford, presunto responsable de un fraude multimillonario en Estados Unidos, según han informado fuentes del Ejecutivo que preside Hugo Chávez.\n\nSir Robert Allen Stanford, que se encuentra en paradero desconocido, está acusado por la el supervisor bursátil estadounidense (SEC) de un gigantesco fraude, cifrado en 8.000 millones de dólares (unos 6.300 millones de euros).\n\nEl caso recuerda al de Bernard Madoff, acusado de estafar 50.000 millones de dólares a sus clientes mediante una trama piramidal de inversiones. A este respecto, el fiscal general de EE UU, Eric Holder, ha asegurado que estos dos casos de fraude son los más importantes que se han dado, según el fiscal. Pero al preguntarle si aparecerán otros casos y si estos serán de mayor tamaño, Holder no ha querido arriesgarse: "Es difícil de decir, pero me gustaría creer que van a ser los más grandes".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Tremor Media lands $18M Series C

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Online video ad network Tremor Media Inc. has pulled in an $18 million Series C round led by Meritech Capital Partners.\n\nAlso participating were previous investors Canaan Partners, Masthead Venture Partners and European Founders Fund. The company in June announced an investment of undisclosed size from European Founders Fund, and a year ago it raised an $11 million Series B round led by Canaan and Masthead. Tremor Media has raised over $37.4 million in total.\n\nNew York-based Tremor Media's video advertising network allows advertisers to buy in-banner and in-stream video ads on more than 800 top-tier publisher sites. The company's major advertising clients are large branded advertisers that typically run ads on television, and often run their TV spots on the Web. Tremor also provides publishers with a suite of products and services to monetize streaming video.\n\nThe startup said the latest funding will enable it to keep penetrating the $70 billion television advertising market and help accelerate the shift of TV ad budgets to online video. Citing comScore, Tremor said it has grown its video ad network to the fourth-largest streaming aggregator behind YouTube, MySpace and Yahoo!. - Olaf de Senerpont Domis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            G.M. Says New Loan Is Adequate to Save It

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            General Motors vowed on Wednesday that its latest request for federal aid would be the last it would need to carry it through the biggest reorganization in its history.\n\n"There are no guarantees in life," Frederick A. Henderson, G.M.'s president, said in a telephone conference with analysts and reporters on Wednesday, the day after the company requested an additional $12 billion in loans to bring its total bailout to $30 billion. "But I do think we've sized the funding requirements, as well as the actions necessary for us to take, based on conservative assumptions."\n\nG.M., the nation's largest automaker, also is assuming it will be able to pull off a remarkable turnaround if gets the additional loans, The New York Times's Bill Vlasic and Nick Bunkley write.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Roche Raises $16 Billion in Bond Sale

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Roche Holding of Switzerland sold $16 billion of bonds to finance its $42.1 billion takeover of the United States-based biotech company Genentech. The bond offering, the second-largest company bond offering in history, was a sign of thawing credit markets, Bloomberg News said, citing its own data.\n\nThe Swiss drug giant said this week that it plans to finance its bid to take full ownership of Genentech with a mix of cash, bonds, commercial paper and bank loans.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Where in the World Is R. Allen Stanford?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                As the scandal surrounding the Stanford Group continues to grow, no one seems to know where to find R. Allen Stanford, the cricket-loving billionaire at the center of the story - not even his father, apparently.\n\nJames Stanford, who is 81, told The Houston Chronicle on Wednesday that he didn't know where his son might be. He said he spoke to Stanford fils last week, at which time he mentioned "problems with the business climate in general, but nothing of this magnitude."\n\nThe magnitude of the problem appears to be about $8 billion: That is the size of the fraud that the Securities and Exchange Commission suspects Mr. Stanford's Houston-based firm and its Antigua-based affiliate might have carried out. The firm's Antigua affiliate had offered certificates of deposit with what the S.E.C. thinks were suspiciously generous returns.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Santander Says 70% of Clients Agreed to Madoff Accords

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  About 70 percent of Banco Santander's clients caught up in the Bernard L. Madoff case have signed compensation agreements with the Spanish bank, lawyers for the bank told a federal court in Miami on Thursday.\n\nThe disclosure was made at a hearing on a class-action lawsuit filed on behalf of people who lost money through their investments in a bank fund that had invested with Mr. Madoff.\n\n"About 70 percent have already executed exchange agreements," a lawyer, Sam Danon, told Judge Paul Huck of Federal District Court. "I believe somewhere in the area of 7 or 9 percent have rejected it. There's a percentage that are still considering the agreement."\n\nThe two sides in the Miami lawsuit also told the court that they had agreed to send a notice to Santander clients that outlines details of the pending Miami class action.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Real channel aims to reach 10 million homes on launch

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Real Global Broadcasting, the joint venture between the Turner International and the Alva Brothers Entertainment, today said it expects to kick-off its Hindi general entertainment channel, Real with a reach on 10 million homes.\nThe company is currently in talks with leading DTH players also to have a significant presence in the segment at the time of launch early next month

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Sony CEO Dasgupta quits

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Kunal Dasgupta, CEO, Multi Screen Media, has resigned from the company, which operates the Hindi general entertainment channel Sony.\nSpeaking to Business Standard, Dasgupta, who joined Sony Entertainment Television (now Multi Screen Media) in 1995, said he was "leaving for personal reasons. The 14-year vanvaas is over and I have other plans chalked out already. I have done whatever there was to be done at Sony."\n\nAccording to a release issued by the company, chairman of the Multi Screen Media board, Man Jit Singh, has been appointed the interim CEO.\n\nDasgupta was among the first employees of Sony TV, a joint venture between the Japanese company Sony Pictures Television International (SPTI) and a bunch of Indian promoters with a stake of about 32 per cent.\n\nIn 2007, Dasgupta was given a two-year extension as CEO till June 2009.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        PRISA obtuvo 948 millones de EBITDA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El EBITDA crece un 21,6% hasta 948,34 millones de euros. Los ingresos de explotación crecieron un 8,3% hasta alcanzar los 4.001,35 millones y el resultado de explotación (EBIT) un 34,3%, hasta los 698,19 millones de euros.\n\n* Santillana aumentó un 8,5% en ingresos y su EBITDA mejora un 12% hasta 134,35 millones de euros. Destacan los significativos crecimientos en España (+15,2%), Venezuela (+38,6%), Argentina (+19,4%) y Perú (+96,7%). Resalta el crecimiento de Brasil que aumenta un 30% respecto a 2007.\n\n* Cadena SER revalida su liderazgo con 4.705.000 oyentes diarios (3ª Ola EGM). La Radio Internacional incrementa sus ingresos un 7% hasta los 94,80 millones de euros, con una mejora en los márgenes de EBITDA.\n\n* El País fortalece su posición de liderazgo con una difusión media diaria de 431.034 ejemplares diarios en 2008 y obtiene un EBITDA de 52,76 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Prisa obtuvo un beneficio antes de impuestos de 948 millones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El Grupo PRISA tuvo en 2008 unos ingresos de 4.001,35 millones de euros, lo que supone un crecimiento del 8,3%. En este ejercicio ha generado un EBITDA (beneficio antes de impuestos, intereses, depreciaciones y amortizaciones) de 948,34 millones de euros,frente a los 779,62 obtenidos en el mismo período del año anterior. En un año caracterizado por las dificultades a las que se han enfrentado todos los medios de comunicación en España y en el resto del mundo, esto supone un aumento del 21,6%. El margen de EBITDA sobre ingresos ha sido del 23,7% frente al 21,1% de 2007. Cabe destacar el crecimiento en el EBITDA del área Editorial con 14,43 millones de euros (+12%), unido a la mejora en sus márgenes, y en la actividad de Televisión de Pago que aumentó su EBITDA en un 10,4% frente a 2007.El resultado de explotación (EBIT) del Grupo fue de 698,19 millones de euros frente a los 519,93 millones registrados en 2007, lo que representa una mejora interanual del 34,3%. Destaca la mejora en casi cuatro puntos de Digital +, que incrementa su EBIT un 34,6% hasta alcanzar los 237,83 millones. El margen de EBIT sobre ingresos ha sido del 17,4% frente al 14,1% del ejercicio anterior.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Cinco Días recomienda vender acciones de PRISA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Las acciones del Grupo Prisa no dejan de caer. En la sesión de hoy se han dejado un 1,66% de su valor. El mínimo histórico de esta empresa ha quedado en 1,69 euros por acción. Con estos datos el análisis que realiza Cinco Días recomienda a los inversores vender los títulos de PRISA.\n\nEl diario económico, además del seguimiento individualizado de cada uno de los valores del parqué madrileño, elabora un índice según el que recomienda a los inversores la compra o la venta de determinados valores.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              La deuda y la caída de la publicidad derrumban Prisa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Prisa no ha conseguido superar la crisis de 2008 y mantener sus resultados, que han caído un 56,8%, hasta 83 millones frente a los 192 de 2007 o los 229 de 2006. Ni siquiera los 300 millones logrados por la venta de sus sedes más emblemáticas han frenado la sangría provocada por la deuda, la caída de la publicidad y de la rentabilidad de las promociones. Males parecidos a los de una gran parte de la prensa y a los de sus competidores más inmediatos. Sólo el audiovisual y la fortaleza del negocio editorial, especialmente en educación, han permitido aumentar un 8,3% los ingresos hasta superar los 4.001 millones de euros y salvar a Prisa de una debacle mayor. El grupo de la familia Polanco ha tenido que afrontar unos gastos para financiar su deuda de 290,94 millones de euros, a los que se suman otros 88,31 millones de la deuda del negocio de impresión. Prisa tiene que afrontar deudas con los bancos de 2.532 millones de euros, cuyo pago está vinculado a la venta de Digital Plus, mientras debe otros 1.798 millones a largo plazo. En total, una deuda de 5.044,1 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Prisa redujo un 56,8% su beneficio en 2008, hasta los 83 millones de euros

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Prisa obtuvo un beneficio neto de 83 millones de euros en 2008, lo que representa una \ncaída del 56,8% con respecto al ejercicio anterior, informó\neste \njueves\nla compañía a la Comisión Nacional del Mercado de Valores (CNMV). El \ngrupo de comunicación explicó que el descenso del beneficio se debió \nfundamentalmente al comportamiento negativo de los gastos financieros y a las \npérdidas extraordinarias en el ejercicio.\n\nEl resultado bruto de explotación (Ebitda) del grupo alcanzó los 948,34 \nmillones euros, un 21,6% más, mientras que el beneficio de explotación (Ebit) \nascendió a 698,19 millones de euros, con un incremento del 34,3%. Los ingresos \nde explotación ascendieron a 4.001,35 millones de euros en 2008, un 8,3% más, \naunque los procedentes de la publicidad cayeron un 4,9%, hasta los 1.067,07 \nmillones de euros.\n\nLos ingresos de libros y formación aumentaron un 8,1%, hasta los 579,74 \nmillones de euros, mientras que los de venta de periódicos y revistas se \nmantuvieron estables con respecto al ejercicio anterior (209,86 millones de \neuros).\n\nIngresos récord de Sogecable \n\nLos ingresos de Sogecable alcanzaron a 31 de diciembre de 2008 un nuevo \nrécord, hasta los 1.872,87 millones de euros. Digital+ incrementó su Ebit un \n34,6%, hasta alcanzar los 237,83 millones de euros, con una notable mejora en \nlos márgenes (15,4% frente a 11,6%).\n\nLos ingresos de abonados ascendieron a 1.141,1 millones de euros, un 0,4% \nmás. La base de abonados de Digital+ se situó a 31 de diciembre de 2008 en 2,035 \nmillones. Por su parte, la cadena en abierto Cuatro aumentó sus ingresos un \n13,7% y alcanzó una audiencia media del 8,6% en 2008, tras tres años completos \nde emisiones.\n\nLa deuda financiera del grupo a cierre del año ascendió a 5.044,1 millones de \neuros, principalmente por la oferta pública de adquisición (OPA) de acciones \nsobre su filial audiovisual Sogecable.\n\nLa posición financiera de Prisa se incrementó en 1.850,4 millones de euros \nfrente al cierre del ejercicio 2007, por el i

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  La posible fusión de BBVA y Popular llega al parqué

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  La crisis financiera internacional
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  favorecerá las concentraciones de entidades en España, como se está demostrando
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  con el caso de la Caja de Castilla- La Mancha, cuya mala gestión de negocio está
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  obligando al PSOE (partido que dirige la caja autonómica) a buscarle un
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  caballero blanco que le salve de la quiebra y que evite la transparencia a la
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  hora de que el público conozca quienes fueron los destinatarios de unos créditos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  que ahora son impagados.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Pero esta tendencia a la concentración no es exclusiva de las cajas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  de ahorros . Los bancos grandes se preparan para un proceso de fusiones
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  que reduciría el número de entidades medias. De hecho, la banca mediana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  en España ha interesado durante los últimos años a inversores nacionales e internacionales, y ahora la baja cotización de los títulos de algunos bancos que tienen beneficios millonarios hace más atractivas estas operaciones.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Fuentes del mercado confirmaron a LD que este es el caso del Banco Popular, una entidad que cerró 2008 con un beneficio atribuido de 1.052 millones de euros, una cantidad nada desdeñable en los tiempos que corren.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Además, la entidad ha decidido encarar 2009 “ desde la base de la fortaleza de capital, la financiación y el exceso de reservas” , según explicó Ángel Ron durante la presentación de resultados.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Asimismo, el margen de intermediación alcanzó los 2.520,5 millones de euros y
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  fue un 8,6% más alto que el registrado en el mismo periodo de 2007 y los depósitos de clientes repuntaron un 21,1%, hasta 51.657,6 millones. Finalmente, la tasa de morosidad se colocó en el 2,81%, por debajo de la media del mercado.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  En este contexto se comprende el interés de BBVA . Las fuentes consultadas explicaron que “de momento se trata sólo de rumores que están en el mercado” aunque confirmaron que el banco que preside Francisco González “está barajando esta posibilidad”.


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Estadística sorprende con un PIB 'inflado' que ignora el desplome real de la economía

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Estadística sorprende con un PIB ‘inflado’ que ignora el
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    desplome real de la economía

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Paradojas que da la vida.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Mes a mes, los indicadores económicos que elaboran el Instituto Nacional de
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Estadística y otros organismos oficiales reflejan una caída sin precedentes de
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    la actividad económica (muchos expertos hablan ya de la peor recesión en 50
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    años). Pero ayer el propio INE publicó una Contabilidad Nacional –la información que recoge la actividad económica de un país a lo largo de un año-
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    que apenas refleja ese desplome.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Es más. Pese a que los datos que envía a Eurostat el propio INE de manera puntual muestran que España es, junto a Irlanda y Reino Unido, el país más afectado por el ajuste económico, a la luz de lo publicado ayer por Estadística resulta que la economía española (afectada por una doble crisis: la derivada del estallido de la burbuja inmobiliaria y la restricción del crédito) decrece menos que la Unión Europea. En concreto, un -0,7% en términos interanuales, por debajo del -2,6% de Italia, el -1,8% del
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Reino Unido, el -1,6% de Alemania o el -1% de Francia. ¿Es esto posible?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    El dato español, no por esperado, ha vuelto a aflorar las críticas que desde hace mucho tiempo realizan algunos de los mejores coyunturalistas del país, que cuestionan abiertamente la metodología que utiliza el INE para elaborar la Contabilidad Nacional,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    todas vez que no recoge fielmente el momento económico. En su opinión, el INE sobreestima el volumen del PIB en periodos como los actuales. Por el contrario, suaviza los resultados cuando la economía va viento en popa, algo que era muy útil cuando España peleaba por los fondos estructurales de la UE.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    “No es de recibo”, sostiene el
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    responsable de estudios de una entidad financiera, “que se diga que la economía
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    ha decrecido un 0,7% en el cuarto trimestre de este año cuando todos los
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    indicadores muestran una caída generalizada de muchísima mayor importancia”.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      0 follow-ups

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • on 02-19-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      FMI: economía mundial podría estancarse en 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      FMI: economía mundial podría estancarse en 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      El Fondo Monetario Internacional tendría que bajar nuevamente su estimación sobre el crecimiento económico mundial de este año, dado que la actividad global podría estancarse en el 2009, dijo el jefe del organismo multilateral en una entrevista con un diario.\n\n"Esta situación está bastante clara. El 2009 ya está decidido y será un año muy malo", dijo Dominique Strauss-Kahn al periódico francés Les Echos en una entrevista dada a conocer antes de su publicación oficial prevista para el jueves.\n\nEn una evaluación sombría de la economía mundial, el FMI recortó el mes pasado su estimación para el crecimiento del 2009 a un 0,5 por ciento, el nivel más débil desde la Segunda Guerra Mundial.\n\nStrauss-Kahn dijo que la cifra final "bien podría acercarse a cero".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Carlsberg and Heineken warn on cost cuts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Heineken and Carlsberg on Wednesday reported widely diverging impacts on profit from their joint acquisition of Scottish & Newcastle last year, but the companies warned they both faced further cost cuts as the recession pushes beer drinkers out of pubs.\n\nHeineken saw net profits plunge in 2008, dragged down by financing costs, while those of Danish rival Carlsberg have soared since the two paid £7.8bn ($11bn) for the UK brewer. Heineken chiefly got S&N's British assets, while Carlsberg took those in Russia and France.\n\nBut Heineken insisted on Wednesday that its acquisition of most of S&N's mature western European assets was not a source of regret.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Comcast Results Show Drop in Customer Growth

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          It looks like the economic downturn officially came to cable in the fourth quarter, putting a dent in key customer growth metrics at No. 1 MSO Comcast, while having a lesser effect on the cable giant's revenue and operating cash flow growth.\n\nComcast shed 233,000 basic subscribers in the fourth quarter, well above analysts' estimates. Revenue and operating cash flow growth were about 8% for the period, in-line with expectations.\n\nComcast also said it would increase its quarterly cash dividend by 8% to 27 cents per share.\n\nCoupled with the accelerated basic-customer losses -- analysts expected declines to be in the 200,000 range -- Comcast also saw a slowdown in advanced services growth in the quarter. Digital additions were 247,000 in the quarter, below analysts estimates of 400,000. High-speed Internet customers rose by 184,000, compared with projections calling for 275,000 additions, while digital phone subscribers rose by 344,000, short of predictions of 425,000.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Hulu Pulls Its Content From CBS rival TV.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            NBC Universal and News Corp-owned Website Hulu.com has removed its TV program content from competitor, TV.com which is owned by CBS.\n\nThe two parties are engaged in a dispute though neither party wished to shed any light on the nature of the talks. A Hulu statement today read simply, "Hulu has contractual rights with regards to our relationship with TV.com and we are exercising those rights. Out of respect for their confidentiality, we will not disclose our discussions." A spokeswoman for TV.com had no comment about the issue.\n\nHulu, which launched in beta in October 2007 and publicly in March 2008, has been a runaway success for its backers, even garnering some high profile Super Bowl promotion. But TV.com, relaunched by CBS in January, is also growing and offering up some increased competition for viewers that wish to stream their favorite shows online. According to a Mediapost story today, TV.com recorded a 1,261% increase in streams for January and a 263% increase in unique viewers in January, according to Nielsen VideoCensus data.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Time Warner Cable Names Britt Chairman

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Time Warner Cable shifted some key management positions in anticipation of its planned split with parent Time Warner Inc., naming CEO Glenn Britt to the additional position of chairman.\n\nTime Warner Cable chairman Glenn BrittTime Warner Cable announced plans to split from Time Warner Inc. last May. The company received the necessary government approvals for the split earlier this month and said it expected to complete the split by the end of the first quarter.\n\nBritt, who has run the cable operation since 1999 and has more than 30 years with the company and its parent will replace retired Time Warner Inc. executive Don Logan as chairman. Logan will remain on TWC's board of directors. Peter Haje, who has served on the TWC board since 2006, was named lead director.\n\nTime Warner Inc. chairman and CEO Jeff Bewkes will be leaving the cable company's board of directors.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Iberia's Clickair agrees merger with Vueling

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The board of Spanish airline Clickair, majority owned by Iberia (IBLA.MC), has agreed to merge with rival Vueling (VULG.MC), both airlines said on Wednesday, following Vueling's approval last week. The statement added that Iberia would manage some of the handling and maintenance activities of the merged airline which will be known as Vueling.\n\nIberia, which will own around 45 percent of the merged airline, and fellow Clickair shareholder Nefinsa had agreed to remain as shareholders, the stock market statement said. (Reporting by Ben Harding; editing by Tracy Rucinski)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Asahi, Kirin, Lotte vying for S.Korea brewer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  South Korea's No. 2 beer maker Oriental Brewery has drawn interest from Japan's Asahi Breweries Ltd (2502.T) and Kirin Holdings Co (2503.T) and local firm Lotte Group, in a deal worth about $700 million, a newspaper reported on Thursday.\n\nThe Maeil Business Newspaper cited unnamed industry sources as saying that about 10 preliminary bidders had shown interest through JPMorgan (JPM.N), which is managing the sale on behalf of Anheuser-Busch InBev NV (INTB.BR), the world's largest brewer.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    'Goals Gone Wild': How Goal Setting Can Lead to Disaster

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    In early 1969, just as the U.S. was preparing to reach John F. Kennedy's lofty goal of sending Americans to the moon, the famed Ford executive Lee Iacocca gave a similarly ambitious mandate to his team of engineers.\n\nFaced for the first time with competition from low-cost, high-mileage foreign imports, Iacocca set a specific target: Ford would design a new automobile that weighed less than 2,000 pounds and sold for under $2,000, and it would be on the showroom floor in time for the 1971 model year. What resulted was a mad dash to create the Ford Pinto.\n\nThe rush to roll out the Pinto had lethal consequences. Common-sense safety checks took a backseat to meeting Iacocca's deadline. In particular, engineers failed to examine the decision to place the Pinto's fuel tank only 10 inches behind the rear axle. When the Pinto was rear-ended, it often went up in flames. Fiery rear-end crashes caused 53 deaths, numerous injuries and a string of costly lawsuits.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Stanford panic spreads across Latin America

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Peru, Mexico, Ecuador, Colombia and Mexico were the latest Latin American countries to experience the fall-out from the Stanford case on Wednesday.\n\nWell-heeled investors queued at the offices of Stanford Financial Group's Ecuadorean affiliate in the capital of Quito, demanding to know the status of their deposits.\n\nStock exchanges in Quito and Guayaquil, where a second Stanford unit is based, were expected to suspend the group's local brokerage house by late Wednesday.\n\nSantiago Noboa, head regulator for markets in Quito, told Reuters an investigation had been launched into the portfolios managed by Stanford. He said the Stanford units managed a fund and investor portfolios that totalled about $15m, but authorities were unaware of other instruments the firm might have sold to local investors.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Llamadas y sms gratis a cambio de anuncios

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Crisis general. Todos los sectores de cara al público buscando en la publicidad el salvavidas, una nueva fuente de ingresos con la que capear el declive del negocio tradicional. La industria del móvil no es una excepción. Las tarifas caen por efecto de la regulación y cada vez es más costoso retener a los clientes debido a la competencia. Así que hay que buscar fórmulas para facturar. Telefónica, a través de su marca Movistar, ha decidido dar el paso más arriesgado: regalar a sus clientes llamadas, mensajes y puntos (canjeables por terminales) a cambio de remitirles publicidad.La operadora va a lanzar una campaña entre sus mejores clientes para que se apunten a esta iniciativa inédita en España. Y es que no se trata de anuncios masivos e indiscriminados, como los que se reciben ahora vía SMS, sino de publicidad a la medida. En efecto, los clientes que deseen convertirse en beneficiarios del programa deberán remitir vía SMS un perfil con sus gustos publicitarios, y decidir qué tipo de anuncios quieren recibir de acuerdo a sus preferencias, hábitos de consumo y aficiones personales.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ELPAÍS.com, también desde el iPhone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Desde esta semana, los usuarios que así lo deseen podrán tener acceso a ELPAÍS.com desde el iPhone. Los usuarios del dispositivo móvil de Apple tienen ya a su disposición en la Apple Store una aplicación gratuita a través de la que se ofrecen los contenidos habituales de ELPAÍS.com en los formatos de texto, fotografía y vídeo.ELPAÍS.com ha adaptado los contenidos multimedia, ya que una de las ventajas del terminal es la posibilidad de visualizar las imágenes en alta calidad. La descarga de la aplicación se realiza a través de la Apple Store, disponible en iTunes o en el menú principal del propio iPhone, dentro de la categoría "Noticias". Una vez finalizada la descarga se instalará en el escritorio del iPhone un icono de acceso directo, así el usuario podrá acceder a la información actualizada de ELPAÍS.com.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Sirius faces its next challenge in May

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Sirius XM Radio Inc. just got thrown a $530 million lifeline from Liberty Media Corp. that will keep it out of bankruptcy -- for now. That's because Sirius XM, despite Liberty's intervention, has an overall debt load of $2.3 billion still to worry about.\n\nThe struggling satellite radio company, which warned last week of a possible Chapter 11 filing if it failed to finance its debt, announced the news of its agreement with Liberty Media on Tuesday.\n\nBut all the Liberty deal does is buy Sirius XM a few months because the company has an additional $350 million due in May. Forget issuing more stock. Sirius' share price dove to 10 cents per share from $3.80 on Feb. 13. Meanwhile, its creditors have said that they would move to fire CEO Mel Karmazin if Sirius entered bankruptcy.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Greenspan Said to Support Some Bank Nationalizations

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Alan Greenspan, the former chairman of the Federal Reserve, told The Financial Times on Tuesday that short-term nationalization of some United States banks might be the "least bad solution" for the nation's banking crisis.\n\n"It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring," he told the newspaper before a speech to the Economic Club of New York. "I understand that once in a hundred years this is what you do."\n\nHe went on to suggest that by taking control of certain banks, the government could transfer the most troubled assets to a so-called bad bank while sidestepping the thorny issue of what those assets are worth.\n\nThe newspaper points out that during his tenure as Fed chairman, Mr. Greenspan was a strong supporter of a hands-off, laissez-faire approach to the financial system. He frequently said that self-regulation was the best way to ensure the markets functioned well.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Parsing Sirius XM’s Form 8-K (Sirius’s Last Chance)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Distressed deals are sausage. The panic-driven negotiations of the distressed company and the leverage of its savior often work to create both extreme and unusual provisions.\n\nSo, it is with this hope that I perused the press release of Sirius XM Radio announcing that Liberty Media would provide up to $530 million in loans to Sirius XM and receive a 40 percent stake in Sirius.\n\nThe press release was disappointing and quite short on details about the transaction. Sirius, however, also filed a Form 8-K with the Securities and Exchange Commission on Wednesday disclosing the announcement of the transaction. This is typical. Also typical was Sirius's fuller description of the transaction in the Form 8-K itself. It was here that my search yielded some fruit.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  New York Plans to Retrain Laid-Off Wall St. Workers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Just as Michigan is scrambling to retrain laid-off auto workers, New York City officials have come up with a plan to find new work for the unemployed of its core industry: investment banking.\n\nUnder a program Mayor Michael R. Bloomberg unveiled on Wednesday, the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create, The New York Times's Patrick McGeehan reports.\n\nThe plan is intended to stem the exodus of talent from the rapidly collapsing financial services industry, which has been the city's economic engine for decades, and speed the industry's recovery, which may take years, officials said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Panicky Depositors Seek Money From Stanford

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Hundreds of people rushed Wednesday to withdraw money from banks in Antigua and Venezuela linked to the Texas financier Robert Allen Stanford, as the fallout from the American fraud charges against him rippled across the world.\n\nMr. Stanford, 58, remained out of sight a day after the Securities and Exchange Commission accused him of running a "massive ongoing fraud" involving as much as $8 billion in high-yielding certificates of deposit held at the Stanford Group's bank in Antigua.\n\nThe S.E.C. officials said they did not know where Mr. Stanford was.\n\nThe Stanford Group's operations in Miami and Baton Rouge, La., are being shut down by a court-appointed receiver, a person briefed on the matter told Reuters. Federal authorities shut down Mr. Stanford's headquarters in Houston on Tuesday

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Playboy may seek buyer after dismal quarter

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Playboy Enterprises Inc., publisher of one of the world's best known adult magazines, posted a wider fourth-quarter loss, hurt by $157.2 million in restructuring and other one-time costs, as well as weaker-than-expected revenue.\n\nThe company, which posted a net loss in each quarter of 2008, also said it would be open to discussions about an outright sale of the company, or changes in the strategic direction of the flagship Playboy Magazine.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        CBS slashes dividend as advertising weakens

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        CBS Corp. sliced its dividend and reported sharply lower quarterly earnings Wednesday, as the advertising downturn struck across its television, radio and billboard businesses.\n\nCBS, which owns the most-watched U.S. television network, reported fourth-quarter net profit tumbled to $136.1 million, or 20 cents per share, from $286.2 million, or 43 cents a share, in the period a year ago.\n\nAdjusted earnings dropped to 34 cents per share from 56 cents per share.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Auto bailout tab could top $130 billion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          General Motors and Chrysler LLC asked the government Tuesday for $21.6 billion in additional loans, but the final cost of a bailout of the auto industry could be significantly higher.\n\nThe two struggling auto giants have already received a total of $17.4 billion in loans. If they get the new loans they want, the price tag of the bailout would climb to $39 billion.\n\nWhat's more, $7.5 billion in loans have already been approved for the financing arms of GM and Chrysler. Congress also approved funding last year for $25 billion in loans to help automakers convert their plants to produce more fuel efficient cars.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Offerpal Media Raises $15 Million to Peddle In-Game Ads

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            For most casual gamers on social networking sites like Facebook, MySpace and Bebo, tricking out their avatars is almost more fun than playing the game.\n\nOne way to build an impressive inventory of virtual goods is by earning them through hours of game play. Another way is to take a quick survey or sign up for a service like Blockbuster or Netflix to earn virtual, in-game currency. Some games even allow players to spend real cash to buy game goods.\n\nOfferpal Media is one of the companies providing those in-game offers and surveys to help third-party developers monetize their games.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Hulu Will Cut Off Users of Boxee Video Software - Bits Blog

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              The dream of a free and easy way to watch Internet video on a television set just ran into some harsh reality.\n\nLast month we wrote about Boxee, a free software package that combines multiple sources of Internet video content in an easy-to-use interface. One of its most important content sources, the video site Hulu, said on Wednesday that later this week it would stop allowing its programs to be shown through Boxee.\n\nIn a blog entry that had an apologetic tone, Jason Kilar, Hulu's chief executive, said the content companies that back Hulu were asking it to do this.\n\n"While we never had a formal relationship with Boxee, we are under no illusions about the likely Boxee user response from this move," Mr. Kilar wrote. "This has weighed heavily on the Hulu team, and we know it will weigh even more so on Boxee users."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                What Newspapers Do, Have Done and Will Do - NYTimes.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Outside the shrinking guild of scribblers, it's disappointingly hard to find much sympathy for the beleaguered newspaper industry. Only 18 percent of Americans believe all or most of what The New York Times publishes, according to a poll last year by the Pew Research Center. If the Internet is putting us out of business, who cares?\n\nIt matters. The argument that if newspapers go bust there will be nobody covering city hall is true. It's also true that corruption will rise, legislation will more easily be captured by vested interests and voter turnout will fall.\n\nIn 1981, the Indian economist Amartya Sen argued that the famine caused by China's Great Leap Forward could never have happened in India because the government could not have ignored the plight of its people. "Newspapers play an important part in this," he said.\n\nFrom the poorest country to the richest, a welter of academic research since then points to the importance of an independent press - mostly newspapers - in disseminating hard-to-get information, mobilizing the public and putting pressure on government and businesses in favor of the public good.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The Public Editor - A Balancing Act on the Web

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  LAST week, I wrote that a hastily published article on The Times's Web site highlighted a fear in newsrooms that the Internet, with its emphasis on minute-to-minute competition, is undermining the values of print journalism, which put a premium on accuracy, tone and context.The offending article contained an anonymous political attack on Caroline Kennedy and broadcast vague allegations - highly exaggerated, it turned out - that she had nanny and tax problems.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • on 02-18-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Caterpillar: Record Latin Sales

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Caterpillar: Record Latin Sales

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Despite a challenging fourth quarter, U.S.-based Caterpillar set a new record in sales and revenues in Latin America last year, exceeding the company's expectations.\n\n"Latin America as a whole continued to not only meet demand for commodities, but also the infrastructure development expanded throughout the region as many countries, like Mexico, Colombia, Peru, Chile and Brazil, maintained their internal growth," says Tom Gales, Caterpillar's vice president for Latin America.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Ecopetrol y Glencore aún no llegan a acuerdo sobre proyecto de modernización de Refinería de Cartagena

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Para dicho proyecto, que se adelanta a través de Reficar S.A, con participaciones del 51 y 49%, respectivamente, se analizan distintas alternativas, informó Ecopetrol en un comunicado.\n\nEl comunicado informa que "a la fecha no se ha alcanzado un acuerdo al respecto". \n\nY termina: "En la medida en que se avance en las definiciones estaremos informando a la opinión pública. Entre tanto continúan las actividades de Reficar según lo previsto".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Brasil y Colombia quieren establecer intercambio comercial sin utilizar dólares

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Así lo plantearon los presidentes de de Brasil, Luiz Inácio Lula da Silva, y Colombia, Alvaro Uribe, este martes, en el marco de la visita del mandatario colombiano al vecino país.\n\nLos gobernantes, reunidos en la capital brasileña, pidieron celebrar un encuentro entre los ministros de Hacienda y presidentes de los bancos centrales de los dos países para negociar un acuerdo de intercambio en moneda local, similar al que tienen Brasil y Argentina.\n\n''Podemos apelar más a nuestras propias monedas sin acudir a terceras monedas en nuestras relaciones comerciales'', declaró Uribe tras su encuentro con Lula, el noveno entre ambos líderes.\n\nEl gobernante brasileño, a su vez, preguntó ''¿por qué nuestra balanza comercial no se realiza en nuestras monedas? ¿Por qué tenemos que comprar dólares para realizar las compras de Brasil y Colombia''.\n\nLos dos presidentes consideraron que sustituir el dólar por monedas locales permitirá agilizar e incrementar el comercio bilateral, que en 2008 alcanzó 3.000 millones de dólares.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Juan Valdez reevalúa abrir otras 15 tiendas en Chile; en siete años ya tiene más de 170 en el mundo

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La idea de la Federación Nacional de Cafeteros de Colombia -propietaria de la marca Juan Valdez- es atraer a los clientes hacia un café de mayor calidad por el que pagarán también un mayor precio.\n\nAsí, las ventas del producto con valor agregado pasaron de 0,9 millón de sacos de café en 2002 a 2,6 millones en 2008.\n\nPero, ¿qué pasará con la crisis? Hay una teoría que dice que el consumo de café está blindado ante los bajones de ventas y este año será el momento de comprobarla, responde Catalina Crane, presidenta de Procafecol.\n\nIgualmente, antes de conocer los efectos del complejo 2009, Juan Valdez será más cauteloso con la expansión. "En Chile estábamos planteando 15 tiendas en el plan de negocios, pero se irá paso a paso. En Ecuador se plantearon unas seis o siete, pero también se irá paso a paso", dice Crane. El gerente administrativo de la Federación de Cafeteros, Luis Genaro Muñoz, agrega que este año la entidad estará "muy atenta, mirando cómo se comportan los mercados".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            TV digital para el 42% de la población colombiana al finalizar el año 2009, anunció la CNTV

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Así lo confirmó la directora de la Comisión Nacional de Televisión, María Carolina Hoyos Turbay, en la instalación de Andina Link, el encuentro de la industria de comunicaciones, en Cartagena.\n\nLa funcionaria explicó que los primeros que se beneficiarán con el avance son los habitantes de 115 municipios en los departamentos de Cundinamarca, Boyacá, Antioquia, Caldas y Tolima.\n\nPara la instalación de la primera estación de transmisión digital en el Cerro de Majui en Cundinamarca, la entidad invertirá cerca de 3.500 millones de pesos. Otros 4.700 millones de pesos serán destinados a instalar las estaciones de Cerro Kennedy, en la Sierra Nevada de Santa Marta, Padre Amaya, en el departamento de Antioquia, y la Azalea, en el Valle del Cauca.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              58,6% creció Telmex en Colombia, según resultados de cuarto trimestre del 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Un informe de la compañía dice que en Colombia la firma facturó más de $270.000 millones y que hay una cobertura de 4,7 millones de hogares conectados.\n\nEn los segmentos empresariales, las iniciativas de negocio durante el 2008 se enfocaron en crecer el número de servicios por cliente en el segmento corporativo e incrementar los clientes pyme con servicios de datos, Internet y telefonía. \n\nEl número de servicios en estas líneas de productos se incrementó en 15 por ciento en servicios de datos, 37 por ciento en servicios de Internet y 87 por ciento en líneas telefónicas; en comparación con el número de servicios a diciembre de 2007. \n\n"La estrategia de penetración en pymes fue fundamental en el crecimiento de Internet y las líneas telefónicas", dice un comunicado de la empresa.\n\nEn diciembre del 2008 se lanzó el servicio de larga distancia, con lo cual se complementa el portafolio de servicios, eso les ayudó a ofrecer cobertura en un mayor número de clientes, en diferentes segmentos.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Venezuela garantiza plan ferroviario

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El gobierno de Venezuela aseguró que la situación financiera internacional no afectará la continuidad del Plan Ferroviario Nacional, que tiene una inversión total de US$ 2.100 millones, según detalló el presidente del Instituto Ferroviario del Estado (IFE), Michell Douaihy.\n\nEl funcionario aseguró que los recursos para garantizar la continuidad de la iniciativa están contemplados en la Ley Especial de Endeudamiento Anual para el Ejercicio Fiscal 2009, que está en el Presupuesto Nacional, informó la Agencia Bolivariana de Noticias.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  FMI espera que la crisis termine en el 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Los Gobiernos deben mantener una mejor coordinación para combatir la crisis económica global, ya que los remedios nacionales están demostrando ser ineficientes, dijo el martes el jefe del Fondo Monetario Internacional, Dominique Strauss-Kahn.\n\nSi los países tomaran las medidas necesarias para lidiar con la situación, la crisis pudiera terminar a principios del 2010, dijo a la radioemisora France Inter.\n\n"El 2009 será un año en cualquier caso difícil", dijo. "Si hacemos todo lo que necesitamos hacer, el final de la crisis podría llegar a principios del 2010. Si no hacemos lo necesario, durará".\n\n"Lo que me choca, usted ve, lo que me molesta un poco es que en la arena internacional (...) cada quien acepta que necesitamos trabajar juntos", pero "cuando cada quien va a casa, cada quien tiene sus restricciones nacionales, cada quien hace cosas un poco diferentes y algunas veces un poco contradictorias, y es por esta razón que hay algunos riesgos", expresó.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Moody's mejora calificación de Telefónica

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Moody's mejoró el martes la perspectiva de la calificación de la española Telefónica a "positiva" desde "estable", además de afirmar la nota la operadora.\n\nLa calificación de largo plazo de la matriz y sus filiales quedan en "Baa1", mientras que las de corto se mantienen en "Primer-2".\n\n"El cambio de perspectiva y la afirmación de los ratings reflejan que telefónica mantendrá un perfil de riesgo financiero mejorado", explicó la agencia en una nota.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      México: producción industrial cayó 6,7%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La actividad industrial de México bajó un 6.7 por ciento en diciembre del año pasado a tasa anual, dijo el martes el instituto de estadísticas, una caída más profunda de la esperada por el mercado.\n\nAnalistas esperaban un descenso del 5.04 por ciento, según el promedio de un sondeo de Reuters entre 14 bancos, firmas de investigación y corredurías de la Ciudad de México.\n\nLa mediana del sondeo arrojó una baja del 4.80 por ciento.\n\nEn cifras desestacionalizadas, la producción industrial de México, orientada en gran parte hacia la exportación a Estados Unidos, cayó un 4.68 por ciento en diciembre del año pasado frente al mes previo, dijo el Instituto Nacional de Estadística y Geografía (INEGI).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Foster’s

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Foster's is taking the hair of the dog. The Australian drinks group binged on wine, over-paying for assets including Australia's Southcorp in 2005, and then failed to squeeze out sufficient returns. That sparked a review last year which, optimists hoped, would lead to a sale or demerger. Markets, however, were unreceptive. So Australia's biggest brewer has now decided to "retain and reshape" its wine business.\n\nScepticism is in order. Foster's failed to integrate and develop its wine acquisitions, so delivery must again be in question. The reorganisation in part entails junking duff assets, including about a third of vineyard acreage, along with about half of its brand portfolio which generates just 5 per cent of revenues. It also plans to boost sales, with more salesmen on the ground, and cut costs, with more procurement and manufacturing efficiencies. Management will be reshuffled.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Wal-Mart’s global sales break through $400bn

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Wal-Mart, the world's largest retailer, beat expectations after its US discount stores accounted for about 50 per cent of all US retail growth during 2008 - while its full-year global sales passed $400bn for the first time, and profits hit $13.4bn.\n\nMike Duke, who took over as chief executive three weeks ago, said the fourth quarter and full-year results showed that Wal-Mart had gained "momentum" during the year in all of its markets, despite the tough economic environment.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Japan's economy tumbles at 12.7% annual rate in quarter

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Japan is grappling with its worst economic crisis since the end of World War II, the nation's economic and fiscal policy minister said Monday.\n\nThe comments from Kaoru Yosano followed news of Japan's gross domestic product falling at a 12.7% annual rate in the fourth quarter in 2008.\n\n"This is the worst economic crisis in the post-war era," Yosano said at a press conference, according to Japan's Kyodo news agency.\n\nThe global economic crisis has pummeled Japan, which depends largely on its auto and electronics exports. The slump in exports has led to tens of thousands of layoffs across Japan.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Bolivia pays a high price for nationalisation

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Bolivia, the linchpin of gas supplies to the southern half of Latin America, is struggling to secure long-term investment for its hydro-carbons sector amid questions over its reliability as a supplier and uncertainty over demand from export markets.\n\nEvo Morales, the country's popular leftist president who faces a presidential election in December, travelled to Russia this week to sign an agreement with Gazprom, the state gas monopoly, to develop Bolivia's gas reserves until 2030.\n\nThe government estimates the Gazprom agreement, which includes a joint project with Total of France, will be worth $3bn (€2.3bn, £2bn). It says Venezuela and Yacimientos Petroliferos Fiscales Bolivianos (YPFB), Bolivia's state-owned gas company, will together invest a further $240m.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Chávez triumphant

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Like everything Hugo Chávez does, whether making policy while telling convoluted jokes on his prime time TV show Aló Presidente or sounding off against imperialist lackeys, his referendum scrapping the limits on how long he can remain in power is full of colour and controversy.\n\nThe Obama administration, unlike its predecessor that painted Mr Chávez in lurid, almost Iranian colours and backed a failed coup against him in 2002, gave a measured welcome to the "civic spirit" of the plebiscite. The leader of Venezuela's "Bolivarian revolution" has, after all, won 14 out of 15 popular votes during his decade in power.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El teléfono móvil, el banco de los pobres

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Hay más de mil millones de personas con teléfono móvil, pero sin cuenta bancaria. Muchos sobreviven con dos dólares al día e, incluso con estos pobres ingresos, necesitan ahorrar para los días en que esos dos dólares no llegan. El teléfono y una tienda de su pueblo pueden servirles para ello. La Fundación Bill y Melinda Gates ha donado 12,5 millones de dólares a la GSMA (asociación de operadoras de telefonía) para promover este proyecto.Ignasi Mas es el subdirector de servicios financieros para la pobreza de la fundación. Lleva unas pocas semanas trabajando en ella pero muestra un entusiasmo total con la idea. Conoce el panorama porque ha estado en el Banco Mundial. "La infraestructura bancaria, el despliegue de oficinas, es cara. En muchos pueblos no existe y hay gente que tiene que hacer 10 kilómetros para ir al banco o da el dinero al chófer del autobús para que le haga la gestión". Se trata de buscar canales más flexibles. Y ahí está el papel de la tienda local. "Se trata de que el vecino acuda a la tienda y haga un depósito con el móvil. El tendero tiene la certeza inmediata de la transacción porque se la da el móvil, que funciona como una tarjeta". Hay ya una experiencia en marcha. La operadora Safari.com, de Vodafone, en Kenia tiene cinco millones de clientes con su programa bancario en el móvil. La operadora mantiene una cuenta única con estos pequeños ingresos que respalda las operaciones de sus clientes. Y es la operadora la que tiene un acuerdo bancario.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    La banca hunde a la Bolsa española al nivel de 2004

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Un día más la banca. El enésimo. Su mala evolución pesa demasiado en la Bolsa. Tanto que el Ibex 35 cayó ayer hasta niveles desconocidos desde agosto de 2004. Perdió un 2,87% y cerró en 7.843 puntos. No fue el único, los bancos pesaron en todos los mercados europeos. Más incluso que en España. Casi todos los grandes índices selectivos del resto del continente, excepto el londinense, cayeron más que el español.El pesimismo sobre la banca encontró continuidad en Wall Street. JPMorgan o Bank of America figuraban entre los valores más castigados en el Dow Jones. Así que el inicio de la sesión en Estados Unidos aumentó la magnitud de las pérdidas en Europa.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Computer Maker’s Stock Soars on Offer Rumor

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Positivo Informatica, Brazil's biggest computer maker, surged 79 percent in São Paulo trading on speculation that the Lenovo Group had increased its buyout offer.\n\nLenovo, the biggest maker of personal computers in China, bolstered its offer to 31 reais ($13.90) a share from 18 reais ($8.07), said Décio Pecequilo, senior trader at TOV Corretora in São Paulo.\n\n"There's nothing official, but there are rumors that they changed the offer price," Mr. Pecequilo told Bloomberg News.\n\nA Lenovo spokeswoman in São Paulo declined to comment, the news service said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Santander Sweetens Deal For Madoff Clients, Report Says

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Banco Santander , Spain's biggest bank, has quietly improved a deal to compensate selected private banking clients who lost money to accused swindler Bernard L. Madoff, The Wall Street Journal reported.\n\nSantander in January offered to return a portion of the money lost by its clients in the purported $50 billion fraud carried out by the New York-based investment manager.\n\nThe bank's representatives have been offering incentives to their best clients to get them to accept the proposed compensation, after lawyers representing some of the investors had dismissed the original offer as inadequate, the newspaper said, citing unspecified people familiar with the matter.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Carlos Slim Helú: The Reticent Media Baron

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Carlos Slim Helú was clearly annoyed. He had invited dozens of foreign correspondents to lunch one day last fall and, after many questions about business trends, one journalist pressed him on how it felt to be worth so much in a country in which many people struggle to get by.\n\nMr. Slim cut off the questioner and defended his stewardship of a vast business empire. His curt tone made clear that he did not favor that line of questioning.\n\nMr. Slim, Mexico's richest man and now a major shareholder in and lender to The New York Times, has a complex relationship with the news media, The Times's Marc Lacey writes. He invests money in an array of television and newspaper companies and says he sees a bright future for those media companies that adapt.\n\nBut when the news media focus their spotlight on him, he sometimes gives the impression that he wants to be left alone to make more money in peace.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Citigroup’s Banamex Says It’s Not for Sale

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The head of Citigroup's Mexican bank on Monday denied reports that the troubled U.S. institution plans to sell Banamex to streamline operations and pare losses at home.\n\nBanco Nacional de Mexico, known as Banamex, is part of Citigroup's ''strategic plan" for the future and will maintain lending levels despite Mexico's slowing economy, the bank's chief executive Enrique Zorrilla told reporters.\n\n"We're in the most important emerging market for the U.S. and (Citigroup) has mentioned Banamex as the example to be followed in other countries," Mr. Zorrilla said.\n\nCitigroup, which has reportedly put the bank up for sale in an effort to raise cash, shelled out $12.5 billion for Banamex in 2001. Mexican financiers estimate it is worth $9 to $10 billion, CNBC said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Oracle Goes Bargain-Hunting

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              As the financial turmoil has reduced the price-tag for many companies, Oracle has been taking advantage of its cash-rich position to go on a major buying spree, The Wall Street Journal reported.\n\nThe software giant completed 10 acquisitions in the past year, ranging from a maker of insurance-policy-writing tools, to a designer of "plan-o-gram" software used by stores to maximize their use of shelf space, the newspaper said. This month, for example, it bought mValent, a tiny maker of software that helps configure other software.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Why you can't get a loan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Bankers say they are lending but try telling that to consumers having difficulty getting approved for mortgages, credit cards or auto loans.\n\nIn recent weeks, politicians have accused financial institutions of failing to extend credit, despite taking in billions of dollars in taxpayers' funds during the past few months.\n\nBut financial executives, including the CEOs of eight banks that testified before Congress last week, have maintained that they are making new loans and that the nation would face an even more severe credit crunch had the government not thrown the industry a lifeline.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Sirius shares soar after loan announcement

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  John Malone's Liberty Media Corp. has agreed to lend $530 million to Sirius XM Radio Inc. in exchange for a 40% equity stake, saving the satellite radio provider from possible bankruptcy and sending its shares up 100%.\n\nThe deal also helps Sirius (SIRI) Chief Executive Mel Karmazin fend off a potential takeover bid by Charles Ergen's EchoStar Corp. (SATS), which has purchased hundreds of millions of Sirius' total debt of about $3.25 billion.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Casinos crap out

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    It looks like the house doesn't always win, after all.\n\nTrump Entertainment, the Atlantic City-based casino operator, filed for Chapter 11 bankruptcy Tuesday. The news follows the resignation on Friday of the company's titular chairman (the Donald, of course). The stock plunged more than 35% Tuesday, and now trades at about 15 cents a share.\n\nBut Trump (TRMP) isn't the only gaming company facing hard times. The casino industry has turned out to be hardly recession proof.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Financier charged with $9.2 billion investment fraud

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The Securities and Exchange Commission said Tuesday that it has charged financier R. Allen Stanford and three of his companies with orchestrating a $9.2 billion investment and sales fraud.\n\nThe SEC's complaint alleges that the fraud centered on a CD program in which Stanford International Bank promised "improbable and unsubstantiated high interest rates."\n\nSIB, based in Antigua, allegedly acted through a network of Stanford Group Company financial advisers to sell approximately $8 billion of "certificates of deposit" to investors.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Starbucks unveils new instant coffee

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Starbucks, home of the $4 latte, has introduced a new product to keep cash-strapped consumers sipping its brew.\n\nThe coffee chain said Tuesday that it would soon start offering instant coffee for less than a buck a cup.\n\nBut don't expect any barrista to serve you up a brew because you'll have to mix the beverage yourself.\n\nThe instant coffee packages are intended for customers to buy at the store and then make at home or the office.\n\nThe national rollout for the instant coffee is set for the fall, but on March 3, the instant coffee will be available in the Seattle area, where Starbucks was originally founded, and in Illinois. The instant bags will hit select stores in London on March 25.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Sirius XM Reaches Investment Deal With Liberty

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Sirius XM, the embattled satellite radio company, said early Tuesday that it reached an 11th-hour deal with Liberty Media that will allow it to repay maturing debt and avoid a bankruptcy filing, at least for the moment.\n\nThe last-minute deal parries an aggressive move by EchoStar, which owns the Dish Network and had been buying Sirius's debt in hopes of taking control of the company if it defaulted. It calls for a total of $530 million in loans from Liberty Media, the media group controlled by John Malone, which will get preferred stock convertible into 40 percent of Sirius's common equity, the companies said in a press release Tuesday.\n\nMr. Malone, who is Liberty's chairman, and Greg Maffei, Liberty's president and chief executive, are expected to join Sirius's board as part of the deal.\n\nThe investment pact came after a week of fast-paced negotiations by Mel Karmazin, the head of Sirius, which was formed out of the merger of two rival satellite radio providers. In clinching the loans, Andrew Ross Sorkin commented in his DealBook column published on Tuesday, Mr. Karmazin managed to save his company and his job "by pitting some of the most hard-nosed negotiators in the business against each other."\n\n"We are pleased to have come to this agreement with Liberty Media, particularly in light of today's challenging credit markets," Mr. Karmazin said in the press release.\n\nMr. Maffei, who once was chief financial officer at Microsoft, said that "Sirius XM's ability to grow subscribers and revenue in a difficult financial and auto market is indicative of how listeners view this as a 'must have' service."\n\nLiberty's investment will come in two phases, the first part consisting of a $280 million loan, and the second part consisting of a $150 million loan and an agreement to buy an additional $100 million in loans from other lenders. At the completion of the second phase, Liberty will get 12.5 million preferred shares convertible into a 40 percent common equity stake, the companies said.\n\nLiberty will get seats on the board

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Pasa vende 75% de subsidiaria de servicios petroleros a Double V Holding

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            México, 13 de febrero.- La mexicana Promotora Ambiental (Pasa) vendió 75% de las acciones de Promotora Ambiental del Sureste, una subsidiaria de servicios petroleros, a Double V Holding por 150 millones de pesos (42.9 millones de dólares).\n\nLa empresa, que conservará 25% de las acciones de la filial, utilizará los recursos para financiar nuevos proyectos y fortalecer su balance. Double ya entregó 20% del pago y cancelará el resto en los próximos seis meses.\n\nPromotora Ambiental justificó la venta al informar que le permitirá enfocar sus esfuerzos en la solidez de su negocio base de manejo de residuos, pero a la vez mantener una posición que le permita acceder a oportunidades relacionadas al manejo de residuos en la industria petrolera.\n\nPasa se dedica a la recolección de basura y a la operación de rellenos sanitarios.\n\nDouble V Holding se dedica a ejecutar proyectos en energía eléctrica, petróleo y minería.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Delkáder acusa a Rouco de “chantajear al poder político” a través de la COPE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El consejero delegado de Unión Radio, Augusto Delkáder, ha acusado al presidente de la Conferencia Episcopal, Antonio María Rouco Varela, de ser el responsable de la "infamia y la injuria" que difunde la COPE. Durante una conferencia en el Foro de la Nueva Comunicación, Delkáder ha aseverado que le consta que gran parte de la plantilla de esta emisora "lleva muy mal" la estrategia marcada por el jefe de los obispos, una línea de actuación que dividiría incluso a una parte de la jerarquía católica que "no está de acuerdo con la línea editorial de determinados programas". A su juicio, es un error que otros medios inviertan tiempo en "amparar o criticar la ética" del cardenal, el "sostenedor de una emisora de radio que basa sus programas principales en la infamia y la injuria" porque su comportamiento es, en realidad, "un chantaje al poder político democráticamente constituido".\nEn otros aspectos, el consejero delegado de Unión Radio también ha negado que el Grupo Prisa, accionista mayoritario de este haya recibido apoyo de gobiernos socialistas. "Durante años, individuos de distinto pelaje han promovido la idea de que el Grupo Prisa tuvo apoyos gubernamentales, lo cual no es realidad". Tal como explicó, fue José María Aznar quien durante sus ocho años en el Gobierno realizó "todo tipo de maniobras para arruinar" el grupo.\n\nLas embestidas de Aznar\nAznar "utilizó a Telefónica para tratar de hundir la plataforma de pago de televisión", y "acosó" al que fuera presidente del Grupo, Jesús de Polanco, y a Juan Luis Cebrián, "por un juez que luego fue considerado un delincuente", en referencia a Javier Gómez de Liaño, condenado por prevaricación tras una dura campaña contra Prisa.\n\nInversiones que no favores\nDelkáder ha señalado que cuando se privatizaron los periódicos del Movimiento, a Prisa no se le dio ninguno y que la compra de la SER no fue concesión del Gobierno "y menos de Alfonso Guerra, que no era partidario de que entráramos en ella", sino que se hizo a base de inversiones, algo que "que impidió la quiebra" de l

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Grupos Clarín y Prisa: La democracia no peligra si alguno de ellos quiebra

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Acosado por la crisis financiera mundial y por malas inversiones realizadas que hacen que el Grupo de medios más grande de España, Prisa, adeude la friolera de €5.000 millones, dos de sus máximos ejecutivos han perdido la cordura y han salido con los tapones de punta a tratar que el Estado español le ayude a salir del estado de bancarrota en que se encuentra.\n \nAugusto Delkáder, consejero delegado de Unión Radio del Grupo Prisa, como lo informó ayer Urgente24, negó lo innegable, que Prisa se haya visto favorecido por los gobiernos socialistas, en especial el de Felipe González; mientras señaló que el ex presidente de gobierno de España, del PP, José María Aznar realizó "todo tipo de maniobras para arruinar al Grupo (Prisa)".\n \nAugusto Delkáder también ha tenido palabras para la Cadena COPE, propiedad de la Conferencia Episcopal de España, a quien ha acusado de seguir la línea "de chantajear al poder político democráticamente constituido".\n \nSorprende la fragilidad de memoria del directivo de Prisa. Merced al 'antenicidio', Prisa pudo monopolizar el mercado radiofónico en España y la creación de Unión Radio, conglomerado que actualmente controla. Esto no es óbice para que Delkáder asuma el papel de víctima con absoluta naturalidad y niegue los constantes apoyos que los diferentes gobiernos socialistas le brindaron al Grupo de la familia Polanco.\n \nDelkáder aseguró que, durante ocho años, el Ejecutivo de Aznar realizó "todo tipo de maniobras para arruinar" a Prisa y que "utilizó a Telefónica para tratar de hundir la plataforma de pago de televisión", junto al "acoso" contra Jesús de Polanco y José Luis Cebrián, actual mandamás del Grupo español "por un juez [Gómez de Liaño] que luego fue considerado un delincuente".\n \nMientras tanto, el consejero delegado de Prisa, José Luis Cebrián, le pidió al Gobierno de Rodríguez Zapatero y al Parlamento español que "afronten con seriedad" la "muy mala temporada" que están pasando los medios de comunicación y "establezcan reglas de juego más viables" para que "los medios respe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Los expertos de Fortis no esperan un buen cuarto trimestre para Prisa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Prisa dará a conocer sus resultados correspondientes al año 2008 el próximo jueves, 18 de febrero, y ofrecerá una multiconferencia para analistas el día 19, a las 17:00 horas. Los expertos de Fortis sitúan sus previsiones sobre la compañía en la parte alta del consenso del mercado, y esperan un crecimiento de las ventas del 9,3%, hasta los 4.039 millones de euros; un incremento del EBITDA del 21,3%, hasta los 945,5 millones de euros y un resultado neto de 200 millones de euros (+4,2%).\n\nSegún estos analistas, las cifras del grupo "seguirán mostrado crecimientos interanuales fuertes a nivel de EBIT y EBITDA, gracias a la contabilización de plusvalías de las ventas de inmuebles y del negocio de radio", y a la buena evolución del negocio editorial.\n\nSin embargo, "en líneas generales" no esperan que el cuarto trimestre sea bueno, si tenemos en cuenta el difícil entorno del mercado publicitario, que afectará a los márgenes de las áreas de prensa, radio y televisión. En el primer caso, las ventas caerán un 12% en facturación y un 49,4% en EBITDA. Además, los números de Santillana se verán afectados por la depreciación de divisas en Latinoamérica, aunque no por ello 2008 dejará de ser un buen año para este tipo de negocio.\n\nEn cualquier caso, puntualizan, el foco de atención estará en la situación financiera, "sobre la que esperamos una actualización en la conference call".\n\nA las 12:05 horas, Grupo Prisa cae un 2,04%, hasta los 1,92 euros.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    International magazine of newspaper strategy, business and technology

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    newspaper techniques: Can we start by providing some background? I think I am right in saying that all the printing of the Financial Times (FT) has been contracted out for a number of years?\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Monitor shifts from print to Web-based strategy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The Christian Science Monitor plans major changes in April 2009 that are expected to make it the first newspaper with a national audience to shift from a daily print format to an online publication that is updated continuously each day.\n\nThe changes at the Monitor will include enhancing the content on CSMonitor.com, starting weekly print and daily e-mail editions, and discontinuing the current daily print format.\n\nThis new, multiplatform strategy for the Monitor will "secure and enlarge the Monitor's role in its second century," said Mary Trammell, editor in chief of The Christian Science Publishing Society and a member of the Christian Science Board of Directors. Mrs. Trammell said that "journalism that seeks to bless humanity, not injure, and that shines light on the world's challenges in an effort to seek solutions, is at the center of Mary Baker Eddy's vision for the Monitor. The method of delivery and format are secondary" and need to be adjusted, given Mrs. Eddy's call to keep the Monitor "abreast of the times."

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • on 02-14-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Periódicos en peligro de extinción buscan estrategias para sobrevivir

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Periódicos en peligro de extinción buscan estrategias para sobrevivir

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El destino de la prensa de E.U. estaría en la calidad de la noticia o un sistema de micropagos (estilo iTunes); periodistas, editores, blogueros y analistas debaten futuro de la debilitada industria.\n\n"Cómo salvar su diario" es la nota de portada de la revista 'Time' de esta semana, en la que Walter Isaacson, ex jefe de edición de esa publicación, aboga por hacer que los lectores paguen por las noticias en línea a través de un sistema de micropagos.\n \n"Planes de batalla para los diarios" es el título de un trabajo en 'The New York Times' en el cual los editores del diario invitaron a ocho prominentes expertos en medios e Internet para que sugieran "estrategias de supervivencia" para los periódicos estadounidenses, en peligro de extinción.\n \nEntre los colaboradores están Craig Newmark, fundador de craigslist.org, a quien algunos en la industria de la prensa escrita acusan de destruir su lucrativo negocio de avisos clasificados con su servicio gratuito en línea.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Miami, entre las 10 'ciudades más miserables' de E.U., según la revista 'Forbes'

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La publicación analizó la situación en 150 de las más grandes áreas metropolitanas del país y evaluó niveles de corrupción, desempleo, crímenes violentos, impuestos y problemas de transporte.\n\n"La corrupción y crímenes violentos", además de un alto nivel de hipotecas ilegales e incobrables, llevaron a Miami a los más altos puestos, según el ránking anual que elabora la revista estadounidense.\n\nLa revista ubicó en primer lugar como la ciudad más miserable de Estados Unidos a Stockton (California, oeste) donde "sólo 15% de los adultos son graduados universitarios" --uno de los niveles más bajos del país- y donde se espera que el desempleo llegue a 15% en 2010, indica la publicación.\n\nChicago (Illinois, centro-norte), la ciudad del presidente Barack Obama, con un alto nivel de corrupción y graves problemas de transporte e infraestructura, está ubicada en el tercer lugar del ránking, detrás de Memphis (Tennessee, centro-este).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Banco Mundial invertirá US$13.000 millones en A. Latina; Colombia, prioridad

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            En total el BM invertirá este año US$35.000 millones en países en desarrollo del mundo para ayudarles a sobrellevar la crisis; en Colombia, daría incentivos a padres que envíen sus hijos al colegio.\n\nRobert Zoellick, presidente del organismo, se refirió expresamente a países como Colombia o México, donde estuvo la semana pasada, y explicó que son países con buena disciplina económica que pueden verse en dificultades para financiar un déficit incluso del 2 por ciento de su PIB.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Colombia arrancó positivamente el año

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Colombia arrancó positivamente el año\n\nEl Ministerio de Hacienda destaca 10 hechos económicos positivos en Colombia en los primeros días del 2009. Entérese de cuales son.\n\nEn los primeros 40 días del año 2009, en Colombia se han registrado más de 10 hechos económicos importantes que deben destacarse teniendo en cuenta que cada día se profundiza más la recesión económica mundial en Estados Unidos, Europa y el continente asiático. Definitivamente, Colombia comenzó bien el año 2009, según el Ministerio de Hacienda.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Banca Colombiana sube un 27,5% en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Bogotá. Las utilidades netas de la banca que opera en Colombia subieron un 27,5% a 4,86 billones de pesos (US$ 1.929 millones) en el 2008 frente a las del 2007, por la valorización de sus inversiones y mayores colocaciones de crédito, dijo el viernes el Gobierno.\n\nLas ganancias en el 2007 totalizaron 3,81 billones de pesos, precisó un comunicado de la estatal Superintendencia Financiera, el regulador bancario y bursátil del país.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  GoResponse approved by GamCare

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  GoResponse, the UK's leading provider of outsourced call centre services to the remote gaming sector, is the first centre of its kind to achieve GamCare certified status.\n\nGoResponse has centres in the UK and in Spain that provide a wide range of call centre services, 24 hours a day. Clients include Gala Bingo, Nissan and Robert Dyas and many other household names.\n\nGoResponse has over the last five years demonstrated a proven track record in providing value-added call handling solutions to the remote gaming sector and providing live telephone answering for new registrations, customer services queries, account maintenance and assistance with spending limits or player self exclusion.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Lucien Barriere launches 3D casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Lucien Barrière Hotels and Casinos will be launching the world's first truly 3D online casino in the UK this year.\n\n"LeCroupier.com is set to provide a brand new way to play online," said a company spokesperson. "Whether players are looking for a little entertainment or genuine 3D casino gaming, they will find it at LeCroupier.com - creating their own virtual characters from a series of life-like avatars in a 'dressing room' area. Using their avatars, players will then be able to look around the casino, talk to other players while at the tables and play a few games of roulette and blackjack or even try their luck on the slots."\n\nLeCroupier.com will set itself apart from other online offerings currently in the UK market as the first online casino to mirror a real-life casino.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Google Scraps Radio Advertising Initiative

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Internet search giant Google has abandoned its effort to sell radio ads through its online buying platform, but will continue a similar program for the television industry, Google TV Ads.\n\nGoogle, which announced the move yesterday in a blog posting by Susan Wojcicki, VP of product management, said it will phase out its existing Google Audio Ads and AdSense for Audio products by May 31 and sell the Google Radio Automation business, which provides software that automates broadcast radio programming. That business originated with Google's 2006 acquisition of radio ad specialist dMarc Broadcasting.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Argentina offers new deal for international investors

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Argentina's hopes of buying more time to service its debt and assuage fears of default could receive another boost in the coming days.\n\nInternational holders of so-called Guaranteed Loans - issued in 2001 as Argentina lurched towards a $95bn default, the biggest sovereign default in history - will be invited to swap their bonds for new 5-year paper, with a 2 per cent capital reduction and a fixed 15.4 per cent rate for the first year and a variable rate after that.\n\nThe terms are identical to those offered last month to domestic Guaranteed Loan holders. Virtually all of them accepted, relieving the government of a $4.3bn (£3bn, €3.3bn) debt servicing headache in the next few years.\n\nOfficial sources say the international tranche, for about $2.3bn, will prove trickier. Argentina's country risk is now nearly 1,600 according to the JP Morgan EMBI+ index and "much will depend on market conditions," one official source said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Bolivarian revolution put to the test in poll

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Hugo Chávez, the Venezuelan president, has revived denunciations of coup plots and assassination attempts against him in an attempt to galvanise support before a referendum on Saturday that could determine the future of his "Bolivarian revolution".\n\nTensions have mounted in the run-up to the plebiscite on scrapping term limits for elected officials, which would clear the way for Mr Chávez to stand in the presidential elections in 2012.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Blackstone and KKR suffer India paper losses

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            US buyout firms Blackstone Group and Kohlberg Kravis Roberts have suffered large paper losses on their investments in India amid the poor economic environment.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Investment banking fees to worsen after 23% fall

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Banks are to suffer from a further deterioration in investment banking revenues, with last month's 23% drop in global fee pool being just the start of their woes, a downbeat report from Credit Suisse has predicted.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Layoff Watch: Morgan Stanley, DLA Piper and more

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The layoffs at Morgan Stanley apparently began Tuesday in the equity derivatives department, according to Dealbreaker.\n\nRumors continue that Goldman, Sachs & Co. may lay off 10% of its global work force.\n\nPutnam Investments laid off 260 people Thursday, according to The Boston Globe.\n\nCounty Bank's 500 employees are in limbo. The bank was recently taken over by the FDIC and its assets acquired by Westamerica, which is making no job guarantees to employees.\n\nMeanwhile, Thursday the legal world saw a massive bloodletting as eight major firms let go 800 staffers, according to the National Law Journal. Some of the notable firms include:\n\n * Goodwin Procter LLP laid off 38 associates and 36 staff.\n * DLA Piper cut 80 associates, primarily West Coast-based. The other 28 associates were based in New York and Chicago. DLA also let go of 100 staff members nationwide.\n * Holland & Knight LLP cut 70 lawyers and 173 support staff.\n * Dechert LLP laid off 19 attorneys.\n * Cozen O'Connor laid off 61 support staff.\n * Bryan Cave LLP cut 58 attorneys and 76 staff.\n\nAnother law firm not included in NLJ's list, but reducing staff, ias Merchant & Gould PC, which is cutting 33 jobs.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Stimulus Bill Cheers Clean Tech

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The Obama administration's $789 billion stimulus bill, it seems, has injected a healthy dose of optimism into Silicon Valley.\n\nCertain provisions in the bill, including $30 billion for a smarter electricity grid and other energy-efficient projects, as well as $20 billion in tax incentives for renewable energy and energy-efficient projects, has clean-tech firms gearing up for growth, The San Jose Mercury News reported.\n\nValley clean-technology firms told the newspaper that they expect to add thousands of employees in the next few years as a result of the stimulus bill.\n\n"We'll be hiring hundreds of people over the next 12 to 18 months," Kevin Surace, president and chief executive of Serious Materials, a Sunnyvale company that makes green building materials, told The Mercury News.\n\nThe stimulus plan will "catapult the U.S. to be the world's largest solar market by the end of 2010," predicted Suvi Sharma, chief of Solaria, a solar-cell maker in Fremont, told the newspaper.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Redstone Says Deal With Creditors Is Within Reach

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Sumner Redstone said Thursday that negotiations were advancing with creditors to restructure $1.6 billion of debt from National Amusements, a holding company that owns cinema chains and his controlling stakes in Viacom and CBS.\n\n"Constructive dialogue is continuing and I must tell you there has been very substantial progress since I last spoke to you," Mr. Redstone said on a conference call to discuss Viacom's quarterly earnings. "Indeed, I have been advised that an agreement acceptable to all parties is now within reach."\n\nInvestors have also been closely watching the financial shape of Mr. Redstone, who is the controlling shareholder of both Viacom and CBS. Last October, National Amusements surprised Wall Street by announcing that it was heavily in debt, to the tune of about $1.6 billion, and that the covenants of Mr. Redstone's bank loans were tied to the value of Viacom and CBS.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Why EchoStar May Need Sirius

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Charles W. Ergen's move to snap up Sirius XM Satellite Radio debt has been regarded as shrewd play by the EchoStar chief to take over the struggling satellite radio company on the cheap.\n\nBut, BusinessWeek says, Mr. Ergen may need Sirius as badly as the near bankrupt radio company needs him.\n\nSeparately, The Wall Street Journal said that the two had made progress toward a compromise under which Mr. Ergen would keep Mel Karmazin as Sirius's chief executive. The satellite radio's talks with an EchoStar rival, Liberty Media, have ended, the paper said, citing unnamed sources.\n\nMr. Ergen's Dish Network, once ahead of rival DirecTV, has been struggling to keep up recently, BusinessWeek notes.\n\nDish recently lost its tie-up with AT&T, which defected to DirecTV. The deal with the telephone giant counted for the lion's share of Dish's meager subscriber growth of late, BusinessWeek says.\n\nBy taking control of Sirius, Mr. Ergen could move into a faster growth area. He would be able to use the bankruptcy proceedings to drive down costs, including deals with carmakers, which share profits with Sirius for pushing new subscription, the publication says. Furthermore, BusinessWeek says, Dish could also market its TV service jointly with the radio service and make use of other Sirius operations.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Google Buys Finnish Paper Mill

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Google has acquired the buildings and premises of a mill site in Finland for around $51.7 million.\n\nThe Finland-based paper group Stora Enso said it was selling most of the Summa Mill site, where production of paper has ceased, to Google in a deal expected to close this quarter.\n\nGoogle said in the statement that it would announce its plans for the mill "in due course," but a spokesman for the search giant told Reuters that it was mulling turning the property into a data center.\n\n"We are currently considering to build a data center at this site," a Google spokesman, Kay Oberbeck, told Reuters.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Roche Looks to Raise Cash from Bond Offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Roche Holding is planning to hold a European roadshow next week for a bond issue to help the Swiss drugmaker fund its planned buyout of Genentech, Reuters reported, citing three sources familiar with the situation.\n\nRoche is seeking to raise cash for its hostile $42 billion bid, launched Monday, for the 44 percent of the U.S. biotechnology group it does not already own.\n\nSpokesman Daniel Piller told Reuters that company planned to go first to the bond market to secure financing, but declined to give details about any meetings or say how large the bond issue might be.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Michael Moore Wants Wall Street Scuttlebutt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Workers of Wall Street: You may feel unappreciated, or even reviled, these days, but take heart - there's a big-name movie director who wants to talk to you.\n\nMichael Moore, the man behind "Bowling for Columbine," and "Fahrenheit 9/11," has put out the call for people in the banking, brokerage and insurance industries to tell him the inside story about the recent financial meltdown and what he refers to as "the biggest swindle in American history."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sirius XM Shares Rise on News of Refinancing Efforts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sirius XM Satellite Radio said Friday that it had refinanced about $172.5 million in outstanding bonds, but that it might be forced to file for bankruptcy by Tuesday if it cannot make further headway in negotiations with its creditors.\n\nShares in Sirius XM jumped on the news, trading up nearly 34 percent in midmorning trading, at 10 cents, after having risen higher earlier in the day.\n\nThe highly indebted satellite radio company has been locked in talks with its bondholders over $175 million in debt that matures on Tuesday and an additional $400 million that comes due in December. Sirius XM has held talks principally with EchoStar, the owner of the Dish Network, though also with Liberty Media, which owns DirecTV.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Pink Slips, Not Valentines, for Many Lawyers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Big Law is getting smaller.\n\nHundreds of lawyers and their support staff at top law firms around the nation have been laid off over the past few days, and many of those who were spared are shaking in their white shoes. Much of the carnage appears to have taken place on Wednesday and Thursday, when as many as 800 law firm workers may have lost their jobs, according to an estimate in The Recorder, an industry publication.\n\nAnd the layoffs are likely to continue.\n\n"There will be more," Peter Zeughauser, a consultant, told The Recorder. "Materially more. I'm aware of some big ones coming up."\n\nReports in trade publications like American Lawyer, The National Law Journal, Legal Week and The Recorder, and on legal blogs like Above the Law, cited a long list of firms that cut staff this week, including: Bryan Cave, Cadwalader Wickersham & Taft, Dechert, DLA Piper, Epstein Becker, Faeger & Benson, Fish & Richardson, Goodwin Procter, Holland & Knight, Lovells, Luce Forward, McDermott Will & Emery, Nixon Peabody, and Winstead.\n\nAbove the Law readers have voted to call the mass firings "The Valentine's Day Massacre."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The problem with paying back TARP

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  NEW YORK (CNNMoney.com) -- Banks may need money - they just claim that they don't want it from the U.S. government anymore.\n\nSeveral of the top executives from eight of the industry's biggest institutions said at a high-profile Congressional hearing Wednesday that they were anxious to pay back funds from the government's Troubled Asset Relief Program, or TARP.\n\n"We would like nothing better than to pay it back early," said Ken Lewis, Bank of America's (BAC, Fortune 500) chairman and CEO. His firm has received $45 billion from TARP so far.\n\nSome of Lewis' peers, including JPMorgan Chase (JPM, Fortune 500) chief Jamie Dimon and Goldman Sachs' (GS, Fortune 500) Lloyd Blankfein echoed those remarks before Congress.\n\nTo be sure, one reason bank executives want to get out from under the TARP program is because of fears of greater regulation.\n\nBut it goes without saying that paying back the TARP funds sooner rather than later would go a long way toward mollifying angry politicians and taxpayers who believe that the banks are not using the money for loans to consumers and businesses.\n\nAs such, some lawmakers suggested Wednesday that they were eager to have the banks pay the government back. Still, reimbursing billions to taxpayers will require much more than simply writing a check.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Starbucks' instant coffee gamble

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    NEW YORK (Fortune) -- Starbucks CEO Howard Schultz has been hyping a major announcement for weeks, hinting only that it would involve "innovation, competition, and value."\n\nBut before he could present the idea at a Feb. 17 press junket in New York, executives close to the project spilled the beans Thursday to Advertising Age: Starbucks is going to sell instant coffee.\n\nThe new product, called Via, will be sold at Starbucks stores in packs of three for $2.95 and packs of 12 for $9.95, according to the Wall Street Journal. Customers can "brew" the coffee by emptying the granules into hot water.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Buffett to assume $250M Tiffany & Co. debt, yielding 10%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NEW YORK (Reuters) -- Warren Buffett's Berkshire Hathaway Inc. has agreed to buy $250 million of debt from luxury jewelry maker Tiffany & Co., the latest in a string of high-yielding investments by the billionaire investor.\n\nNew York-based Tiffany said it sold Berkshire $125 million of eight-year notes and $125 million of 10-year notes, all yielding 10%. It said it will use the proceeds to refinance debt and for general corporate purposes.\n\nThe investment marks at least the seventh time since September that Berkshire has gotten at least a 10% payout by buying company bonds, preferred stock or convertible securities.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        USL-Diageo deal may get delayed

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        The move by United Spirits (USL), the Rs 3,500-crore flagship spirits firm of the UB Group, to rope in Diageo as a strategic partner is taking more time than expected. Diageo, a global leader in spirits, is reported to have said it was yet to figure out a structure under which they could forge a strategic relationship with USL.\n\nUSL has been actively involved in discussions with Diageo for nearly eight months now and early this month, the top brass of the UB Group, including its Chairman Vijay Mallya, had a fresh round of discussions with the Diageo management. "While there is no detailing on how the negotiations are going on, there are bound to be hiccups in a deal of such proportions," an analyst detailed.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Age factor: SRK out of Youngistaan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Soft drinks major PepsiCo is dropping Shah Rukh Khan from its 'Youngistaan' advertisement campaign as the company focuses on youngsters, though it is understood that the company is not fully severing ties with the Bollywood Badshah.\n\nThe actor confirmed that his contract with the company is not being renewed.\n\n"I am not a part of the campaign anymore, as of now we are not renewing the contract," Khan said.\n\nAsked if his IPL team Kolkata Knight Riders would be tying up with the soft drinks firm for sponsorship, he declined to comment saying the team's marketing division is in talks with PepsiCo currently.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            3i portfolio company faces creditors after breaking banking covenants

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            3i's portfolio company VNU Business Media Europe is facing a potential takeover by creditors as it is believed to be close to breaking its banking covenant, according to The Times.\n3i reportedly acquired the Dutch B2B media company for €320m in 2006, but will have to inject fresh capital or let creditors swap debt for equity.\n\nAn interim management statement for the period 30 September to 31 December shows an estimated 21 per cent reduction in the value of the firm's top 50 investments.\n\nEarlier today, the beleaguered listed firm announced that Philip Yea, 3i's chief executive since 2004, has resigned from his post.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              The Economics of Giving It Away

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Over the past decade, we have built a country-sized economy online where the default price is zero -- nothing, nada, zip. Digital goods -- from music and video to Wikipedia -- can be produced and distributed at virtually no marginal cost, and so, by the laws of economics, price has gone the same way, to $0.00. For the Google Generation, the Internet is the land of the free.\n\nWhich is not to say companies can't make money from nothing. Gratis can be a good business. How? Pretty simple: The minority of customers who pay subsidize the majority who do not. Sometimes that's two different sets of customers, as in the traditional media model: A few advertisers pay for content so lots of consumers can get it cheap or free. The concept isn't new, but now that same model is powering everything from photo sharing to online bingo. The last decade has seen the extension of this "two-sided market" model far beyond media, and today it is the revenue engine for all of the biggest Web companies, from Facebook and MySpace to Google itself.\n\nView Full Image\nEconomics of Giving Away\nJohn Kuczala\nEconomics of Giving Away\nEconomics of Giving Away\n\nIn other cases, the same digital economics have spurred entirely new business models, such as "Freemium," a free version supported by a paid premium version. This model uses free as a form of marketing to put the product in the hands of the maximum number of people, converting just a small fraction to paying customers. It's an inversion of the old free sample promotion: Rather than giving away one brownie to sell 99 others, you give away 99 virtual penguins to sell one virtual igloo. (Confused? Ask a child: This is the business model for the phenomenally successful Club Penguin.)\n\nWith physical stuff, samples must be doled out sparingly -- there are real costs to be paid. With bits, the free versions are too cheap to meter and can be spread far and wide. That's why so many people businesses (expensive!) are turning into software businesses (cheap!), which is why your cranky tax accountant ha

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                ‘Long Tail’ Author Anderson: Free Doesn’t Work As A Standalone Business Model | paidContent.org

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Long Tail author and Wired EIC Chris Anderson explains why the "zero sum" model doesn't work alone in this economy-and teases his next book Free-in Saturday's Wall Street Journal. The argument: "free" wasn't enough before for all but a few and it's not going to work now without a pay component, whether it's "freemium"-"free as a form of marketing to put the product in the hands of the maximum number of people, converting just a small fraction to paying customers" or flat out charging for the bulk of goods and services. (The essay itself exemplifies "freemium"-free for anyone who wanders by WSJ.com, not just to those of us who pay to subscribe to the site's full content.) It works for the consumer, or as Anderson puts it, "It's a consumer's paradise: The Web has become the biggest store in history and everything is 100% off." Of course, that's until the products they use disappear because the money isn't there. A couple of excerpts:\n\n-"What about those companies trying to build a business on the Web? In the old days (that would be until September of last year) the model was pretty simple. 1. Have a great idea. 2. Raise money to bring it to market, ideally free to reach the largest possible market. 3. If it proves popular, raise more money to scale it up. 4. Repeat until you're bought by a bigger company. Now steps 2 through 4 are no longer available. So Web startups are having to do the unthinkable: come up with a business model that brings in real money while they're still young. ... What about the oldest trick in the book: actually charging people for your goods and services? This is where the real innovation will flourish in a down economy. It's now time for entrepreneurs to innovate, not just with new products, but new business models." Anderson admires Tapulous, which is gives away its general iPhone app Tap Tap Revenge, but charges for band-specific versions with add-on songs.\n\n-Working through the list of major usual suspects (Twitter, Digg, YouTube, Facebook) that haven't yet figured out how to turn massiv

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tribune Forms ‘Online Entertainment News’ Bureau; LAT and Zap2It Merge Efforts | paidContent.org

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tribune, still in the middle of its Chapter 11 bankruptcy proceedings, has expanded into something new, for a change: it has formed an online "entertainment news bureau" that that will provide original, multimedia content to the company's newspaper and TV websites. The bureau will merge the resources of Los Angeles Times, other Trib-owned newspapers and TV stations, and Zap2it, the Tribune Media Services-owned entertainment listings portal. TMS itself may be a sale candidate, according to previous reports.\n\nAs to what this bureau will do, that is slightly confusing: "The bureau will will leverage writers and reporters from across Tribune to bring readers constantly updated blogs and other multimedia news on more than 60 top TV shows. One of the team's first editorial projects will be a behind-the-scenes look at the unstoppable phenomenon of 'American Idol.' While located at The Times, the bureau's editorial content will be aggregated on the Zap2it portal, which will be enhanced and re-launched early this year," the company said.\n\nThis comes as LAT keeps on cutting jobs: late last month it did its third round of layoffs in less than six months.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    News Corp. Raises $1 Billion On News America Bonds

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Late last week, Rupert Murdoch's News Corp (NYSE: NWS) posted a $6.4 billion Q4 loss following an $8.4 billion writedown of its Dow Jones acquisition. Now the company is raising $1 billion by issuing notes on its News America Inc., the primary U.S. subsidiary that holds Fox Entertainment Group, Dow Jones and more. The sale, managed by JP MorganChase, was split between $700 million of 6.90 percent 10-year senior notes and $300 million of 7.85 percent 30-year senior notes. Bloomberg reports that the issues include a "poison put" that allows investors sell the bonds back for 101 cents on the dollar if the company changes control.\n\nIn its post-market announcement, the company said it would use the net proceeds-- the gross will be $998.3 million-for "general corporate purposes." The amount raises News Corp.'s debt back past $10 billion; according to the Seeking Alpha transcript, during the earnings call last week, CFO Dave DeVoe said the company had decreased its net debt to $9.7 billion by shaving off $900 million in 2008. DaVoe said then that News Corp.'s current cash balance was enough to pay debts maturing to 2015.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Analysts: Liberty Isn’t Serious About Sirius

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The Sirius/Echostar drama took a new turn last night with reports that John Malone's Liberty Media (NSDQ: LINTA) was in talks with Sirius (NSDQ: SIRI) about investing in the company and saving it from bankruptcy. But two analysts who cover Liberty have reports out today dismissing the likelihood of the two companies striking an agreement.\n\nCollins Stewart analyst Tom Eagan said an investment in Sirius by Liberty was "highly doubtful," adding that Sirius likely approached Liberty as a way of putting pressure on Echostar's CEO Charlie Ergen during their negotiations. Barclays analyst Vijay Jayant agreed that the talks are probably a negotiating ploy, and he went further, saying Sirius CEO Mel Karmazin likely approached Echostar because he is more apt to be able to stay on as CEO if Sirius partners with Liberty instead of Echostar (NSDQ: SATS). Jayant wrote: "Ergen is a hands-on operator, and would not like to have a strongly independent CEO at a company he controls." Karmazin is known for being outspoken.\n\nWhile agreeing that the chances of a Liberty/Sirius deal are slim, the analysts differed on the question of, if the transaction were to happen, which company under the Liberty umbrella would do the deal. There are currently three Liberty tracking stocks: Liberty Media (LMDIA), Liberty Capital (LCAPA) and Liberty Interactive (LINTA). Eagan wrote that Liberty Media would probably be the one because both Liberty Capital and Liberty Interactive have heavy debt loads. Jayant, however, argued that it would be Liberty Capital because even though that company has a lot of debt, it also has a strong cash position. He said the company had $1.7 billion in cash at the end of 2007, with an additional $530 million set aside to buy distressed debt.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        RealNetworks Breaks Out Subscriber Numbers For First Time: 775,000 Pay For Rhapsody | paidContent.org

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        When RealNetworks (NSDQ: RNWK) released its Q408 earnings after hours Thursday, it also included some data the company says it is releasing for the first time: subscriber numbers. It's not as detailed as some of us might like-for instance, basic Rhapsody for $12.99 and Rhapsody-to-Go for $14.99 are lumped together with no color about how many get which-but it's more than we had before. The grand total: Real says it has 34.1 million total subscribers across all of its services-direct to consumer and through other providers. That includes ringback tones, music-on-demand, video-on-demand, Rhapsody, Rhapsody-to-Go, RadioPass, SuperPass, GamePass, and stand-alone subscriptions.\n\nSome details:\n\n-Real claims 2.85 million total music subscribers. That breaks down as follows: Rhapsody , 775,000 and radio, 1.225 million, for a total of 2 million; those who subscribe through other providers or get music on demand account for another 875,000. The numbers do not include the free Rhapsody 25 or SuperPass subscribers.\n\n-Some of the numbers have been consistent for multiple consecutive quarters. For instance, Rhapsody counted 600,000 subs for six straight quarters from Q107 through Q208. Then the numbers started to tick up, something a Rhapsody spokesman attributes, in part, to the surge of promotion from MTVN (NYSE: VIA) as part of the Rhapsody America JV. Real also attributes it to the promotion of its wireless partner Verizon (NYSE: VZ). Less clear: how many of the new subs come from the deal to take over Yahoo's premium music service.\n\nIn Q308, Rhapsody subs rose to 750,000.\nAt the same time, though, revenue from music has been more fluid, hitting a peak of $43.8 million in Q408, the third quarter of sequential growth. That revenue includes subscriptions, download sales, site advertising, and distribution of third-party products.\n\nThis is a first read so I'm sure other details will pop out-and more questions.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Lionsgate Latest Media Company to Report Losses

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Lionsgate, the production and distribution company behind such shows as AMC's Mad Men and Showtime's Weeds, became the latest media company to record a loss for the final quarter of the year.\n\nThe company said on Monday that its movie slate and softness in the preschool non-theatrical DVD market hurt results despite gains in its TV unit.\n\nFor the fiscal third quarter, net losses were $93.4 million compared with net income of $7.3 million in the prior year's quarter. Revenue was $324 million for the quarter ended December 31. Home entertainment revenue saw an 11% fall, to $101.5 million.\n\nTV production revenue in the quarter was up 82%, to $69.2 million, in the quarter, thanks to delivery of the second season of Mad Men and the first season of the TV series Crash, to Starz. Separately, Turner Broadcasting has also ordered 80 episodes of Tyler Perry's Meet the Browns.\n\nLionsgate is in the midst of acquiring TV Guide Network and its accompanying Website for $255 million. Lionsgate already owns other TV channels including Fearnet, a horror channel and EPIX, a premium channel to be launched with Viacom and MGM.\n\n"During the quarter, we were negatively impacted by some of the same broad economic factors reported by other companies in the media and entertainment sector," said co-chairman and CEO Jon Feltheimer. "However the primary factor contributing to this quarter's loss was the underperformance of our feature film slate."\n\nThe company is expected to discuss its results on a conference call on Tuesday morning.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Wilbur Ross lukewarm on revamped TARP (Dealscape)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Even though distressed investor Wilbur Ross is actively searching for a bank to buy, he's taking a wait and see approach on the reworked Troubled Asset Relief Program (or, as the Obama administration prefers to call it, the Financial Stability Plan) that's supposedly designed to draw in private investors ... like Ross.\n\nThe head of WL Ross & Co. told Bloomberg that private capital investors like himself are steering clear of the toxic assets until the banks come clean on the value of the securities on their books. \n"The reason the assets haven't changed hands is they haven't been properly marked," Ross said in an interview with Bloomberg Television.\n \nAlthough the banks have already taken billions in write-downs on these assets, Ross still thinks that lenders are marking them at prices well above what the market will pay for them. Ross also sees the lack of available leverage to purchase the toxic assets as slowing the entrance of private equity into the sector.\n\nWhile Ross thinks the Geithner plan needs work, he appears to be happy to see a change from how the crisis was handled by the Bush administration.\n \n"Even for lack of specifics, at least it's a direction," Ross said. "It was hippity-hoppity all over the lot," Ross said of the Treasury's financial rescue policies under former Treasury Secretary Henry Paulson. "That created a lot of problems because it made the average citizen feel the government didn't know what it was doing."\n\nAt the moment Ross' fund is reportedly considering teaming with the Carlyle Group to buy the distressed thrift BankUnited Financial Corp. - George White

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Viacom Sees Cable-TV Ads Slipping

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Viacom Inc. reported a 69% decline in quarterly profit and said it expects advertising to further sour in coming quarters -- a sign that the cable-TV market is succumbing to the recession that has dragged down other parts of the media world.\n\nWhitney Port, left, and Olivia Palermo of MTV's new show 'The City,'which is part of Viacom's effort to reverse a ratings slump.\n\nViacom Chairman Sumner Redstone also said there has been "very substantial progress" in talks between lenders and his family holding company, National Amusements Inc., to resolve debt troubles. "I have been advised that an agreement acceptable to all parties is now within reach," Mr. Redstone said in a conference call.\n\nAfter months of drama over the debt, the deal would set out a repayment schedule but is not expected to require specific asset sales, according to people familiar with the situation. National Amusements is separately looking at selling some of its movie theaters to bring down the debt.\n\nIn October, Mr. Redstone sold $233 million of Viacom and CBS Corp. stock to comply with the terms of his debt, but he reiterated Thursday that National Amusements doesn't expect to sell more shares in the companies.\n\nFor the fourth quarter, Viacom reported net income of $173 million on flat revenue of $4.24 billion. Revenue at the core networks unit, including MTV and Nickelodeon, increased 1.1% as advertising weakness dented rising affiliate fees. At its Paramount studio, revenue fell 1.6% on weak DVD sales -- echoing declines across Hollywood.\n[viacom net income]\n\nThe company took a $454 million hit against earnings in the quarter on previously announced charges for job cuts and to write down programming costs. Adjusting for the charges, the company reported diluted earnings of 76 cents a share in the quarter, down 9.5% from the year-earlier period.\n\nViacom's advertising revenue on its U.S. cable networks fell 3% in the fourth quarter. It cited declines in ad categories like movies and toys, as well as smaller audiences for some of its key network

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Malone’s Satellite Moves May Revive Old Rivalry

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Is John C. Malone's interest in Sirius XM Radio just a ploy to make life harder for his longtime rival, Charles W. Ergen?\n\nLiberty Media, the conglomerate controlled by Mr. Malone, is reportedly in preliminary talks with the satellite radio giant, which on the verge of bankruptcy.\n\nA deal between Sirius XM and Liberty, which owns a controlling interest in DirecTV, could create a battle for control of the satellite radio company with Mr. Ergen's EchoStar, the television satellite company that has been acquiring Sirius XM's debt.\n\nMr. Ergen has been angling to take over the company as part of a negotiation to keep Sirius from falling into bankruptcy. DirecTV is the nation's largest satellite television provider by subscribers, ahead of the Dish Network from EchoStar.\n\nBut, The New York Times's Andrew Ross Sorkin and Zachery Kouwe noted, Mr. Malone's involvement with Sirius may just be a ploy to make a takeover by EchoStar more expensive.\n\nIf that is the case, Mr. Malone would be taking a page from Mr. Ergen's playbook - EchoStar has been known for becoming involved in potential mergers to drive up the price a rival must pay.\n\nMr. Ergen has lost a number of bidding wars in the last few years, including a failed bid for the satellite giant Intelsat and the broadcast network Ion Media Networks.\n\nSirius XM is facing $175 million in debt payments that will come due on Tuesday. The company is unlikely to be able to meet those obligations. Mel Karmazin, Sirius XM's chief executive, has been locked in talks with Mr. Ergen, his counterpart at EchoStar, The Times said. The two men are said not to get along, and Mr. Karmazin has rebuffed Mr. Ergen's advances before.\n\nA play by Mr. Malone for Sirius XM would pit the nation's two big satellite television stations against each other.\n\nWhile EchoStar's proposal to Sirius XM is unclear, it may be no better for the radio company's bondholders than a bankruptcy filing, people close to the company told The Times. Sirius XM hired advisers several weeks ago to prepare for a potential b

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Huge Debt Prompts Charter to Seek Bankruptcy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  After years of struggling with an ever-growing debt burden, Charter Communications is trying to clean up its balance sheet, The New York Times's Michael J. de la Merced writes.\n\nCharter, one of the nation's largest cable television operations, said on Thursday that it would file for bankruptcy by April 1 as part of an effort to handle $21 billion in debt. Under the plan it has worked out with some of its creditors, Charter will be able to shave about $8 billion from that amount.\n\nThe move by Charter, whose chairman and largest stakeholder is Paul G. Allen, a co-founder of Microsoft, illustrates the tough debt environment for a broad spectrum of companies these days. Analysts say that while Charter is a sound company in a fairly resilient industry, its debt load proved crippling, and it could exhaust the patience of its creditors no longer.\n\n"The writing was on the wall in terms of the company's needing a wholesale restructuring," said Russell Solomon, a senior vice president at Moody's Investors Service.\n\nCharter's impending bankruptcy filing would be the year's largest so far, at $15 billion in assets, according to data from Thomson Reuters. Two other companies - Midway Games and Aleris, an aluminum products business - filed for bankruptcy protection on Thursday.\n\nThe company's announcement took no one by surprise. It had hired the investment bank Lazard and the law firm Kirkland & Ellis to help it try to restructure its debt as it dealt with a committee of bondholders over possible alternatives to bankruptcy.\n\nLast month, Charter said that it would forgo a $74 million interest payment on its bonds due Jan. 15, entering a 30-day grace period during which it tried to work out a pact with some of its creditors.\n\nThat period was set to expire within days. Earlier this month, it hired Greg Doody, a lawyer who helped restructure the California utility Calpine, to help reorganize the company.\n\nIn its announcement on Thursday, Charter said that it had an agreement in principle with its bondholders in which the company

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Google Buys ? A Paper Mill?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Consider it a sign of the times when internet company Google acquires the buildings and premises of a mill site from a paper, packaging and forest products company that caters to the print industry.\n\nToday, Finland-based paper group Stora Enso has announced that Google is buying the buildings and most of the Summa Mill site, where production of paper was ceased last month in January 2008, for approximately ?40 million ($51.7 million).\n\nFrom the press release:\n\nStora Enso has signed an agreement to sell the buildings and most of the Summa Mill site in Finland to Google Group of Companies for approximately EUR 40 million.The sale is expected to close by the end of the first quarter 2009. The transaction will improve operating profit by approximately EUR 38 million, of which approximately EUR 15 million is a reversal of earlier impairment, and will be recorded as a non-recurring item in the first quarter 2009 results.\nad_icon\n\nGoogle is expected to announce its plans or future investment "in due course", and has agreed that part of the mill site will be further transferred to the City of Hamina for other industrial uses.\n\nUpdate: obviously the space is most likely going to serve as a data center, which has now also been confirmed by Reuters.\n\nAn earlier (brutally honest) press release from Stora Enso reveals that the mill site was closed down because of "persistent losses in recent years and poor long-term profitability prospects" It continues: "Despite tremendous efforts by its employees, the mill cannot compete in today's and tomorrow's markets using expensive virgin wood fibre, much of which is imported".\n\nYou can read the whole release about further cost reductions and lay-offs here.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      España se pone también al frente del desplome industrial en la eurozona con una caída del 19,6%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La producción industrial de la zona euro sufrió en diciembre un descenso interanual del 12%, mientras que la caída respecto a noviembre fue del 2,6%, según los datos publicados por la oficina comunitaria de estadística, Eurostat, que indican que España ha pasado de liderar el desplome en la construcción y el aumento del paro en los países que comparten el euro con colocarse también al frente de la caída interanual de la producción industrial con un descenso del 19,6%.\n\nPor su parte, en el conjunto de la Unión Europea, la producción industrial disminuyó en diciembre un 2,2% mensual y un 11,5% respecto al mismo mes de 2007. De este modo, el indicador medio de producción industrial de la eurozona retrocedió un 1,7% en el conjunto de 2008, mientras que para la UE bajó un 1,6%.\n\nEn términos interanuales, la producción de energía bajó un 3,3% tanto en la zona euro como en la UE, mientras que la producción de bienes de consumo no duraderos disminuyó un 3,9% y un 4,1%, respectivamente. La producción de bienes de capital bajó un 11,7% en la zona euro y un 12,2% entre los Veintisiete. A su vez, la producción de bienes de consumo duraderos fue la que más bajó con un 14,5% en la zona euro y un 14,1% en la UE, mientras que la producción de bienes intermedios disminuyó un 20,3% y un 19,2%, respectivamente.\n\nDe este modo, la producción industrial registró en diciembre descensos interanuales en la totalidad de los países miembros de los que existían datos disponibles. Las caídas más pronunciadas respecto al mismo mes de 2007 se observaron en Estonia (-20,7%), España (-19,6%) y Suecia (-18,4).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        PRISA reorganiza su área audiovisual bajo la dirección de Javier Díez de Polanco | Prisa | Educación, información, entretenimiento

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        PRISA ha procedido a reestructurar el área audiovisual del Grupo bajo la dirección de Javier Díez de Polanco. Dicha Unidad quedará estructurada en torno a cinco áreas: Televisión de pago, Televisión en abierto en España, Televisión en abierto en Portugal, Producción Audiovisual, y la Dirección de Operaciones.\n\n * El área de Televisión de pago aglutina todas las actividades que ha venido desarrollando Digital+ (plataforma de TV de pago por satélite) que distribuye los canales premium de Canal+, y una oferta de canales temáticos, opciones y servicios.\n * La Televisión en abierto en España se organiza en torno a Cuatro, y a la oferta de televisión digital terrestre. Cuatro, en sus versiones analógica y digital, con los canales CNN+ y 40 Latino, en su versión digital, compondrán la oferta de televisión en abierto en España.\n * El área de Producción Audiovisual integra la producción de Plural/NBP (empresa perteneciente a Media Capital) para España, Portugal y Estados Unidos, a la que se suman todos los servicios técnicos de televisión del Grupo.\n * La Televisión en abierto en Portugal, que ha venido operando Media Capital a través del canal de televisión en abierto TVI, líder indiscutible de audiencia en Portugal, agregará próximamente a su oferta un canal de noticias 24 horas.\n * La Dirección de Operaciones será la encargada de la administración, finanzas, control de gestión, compras, tecnologías de la información, recursos humanos y servicios generales.\n\nLa reorganización de la Unidad Audiovisual obedece al deseo de mejorar el desarrollo de los negocios ya existentes, y a avanzar en las nuevas oportunidades, aprovechando todas las sinergias entre sus diferentes áreas para implantar una política transversal de recursos compartidos en todas sus actividades.\n\nLa Dirección General del Área de Televisión de Pago será asumida por Ignacio Campo, que ocupaba hasta ahora la Dirección General de Compras y la Gestión de Derechos de Sogecable.\n\nDaniel Gavela seguirá desempeñando la Dirección General de Cuatro, y

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Cebrián ablanda a la banca pero prosigue la guillotina en Prisa - ESD

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Algo más de 5.000 millones de euros de deuda son muchos millones. Y si, además, de ésos, 1.950 tienen fecha límite de devolución en un plazo que finalizaba el próximo 31 de marzo, la situación se complica. Más aún cuando el panorama no invita precisamente a lanzar las campanas al aire. Resultado: Había que ablandar el corazón de la banca.\n\nY eso mismo es lo que finalmente ha conseguido el Grupo Prisa con su consejero delegado, Juan Luis Cebrián, a la cabeza. El grupo editorial y de entretenimiento ha sido incapaz de cumplir sus compromisos asumidos con las entidades acreedoras, pero ha vuelto a lograr un balón de oxígeno. Es decir, según cuentan a Garganta Profunda fuentes solventes, un nuevo acuerdo de refinanciación de su deuda que le permite ganar un tiempo precioso de tres años de plazo para mejorar su situación.\n\nCebrián y los gestores del grupo han cerrado con los seis bancos (HSBC, Banesto, La Caixa, Caja Madrid, BNP y Natixis) que ya participaron en la concesión del préstamo que, por importe de casi 2.000 millones, sirvió para financiar la OPA lanzada por PRISA sobre su filial Sogecable, un acuerdo para volver a prorrogar la vida de ese préstamo. El nuevo plazo servirá para acometer una profunda reestructuración de sus activos con los que hacer frente a sus obligaciones.\n\nTraducido, un conjunto de medidas encaminadas a obtener liquidez y tiempo para seguir intentando la venta de Digital Plus, la clave de todo. Pero, como ocurre cuando uno intenta vender una casa, si los posibles compradores saben que el propietario necesita el dinero con urgencia, intentan aprovecharse para bajar el precio. No ha habido manera de vender la plataforma, dada la valoración por encima del precio del mercado que hizo el Grupo Prisa, y, por tanto, los cálculos para reintegrar el crédito no han salido.\n\nDe puertas para adentro, la intranquilidad es patente entre el personal. Los despidos, más o menos incentivados, están al orden del día. Y 2009 amenaza aún peor que 2008. El Grupo Prisa, en el fondo, es consciente de que sólo pue

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            LA VENTA FALLIDA DE DIGITAL+ LLEVA A PRISA A REESTRUCTURAR SU NEGOCIO - MarketingDirecto.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Finalmente, Prisa ha desistido en sus esfuerzos por la venta de Digtal+, ante la falta de ofertas firmes para su adquisición, ya que tanto Vivendi como Telefónica, sus principales pretendientes, discrepaban sobre el valor de la plataforma digital de pago. Este fracaso, unido a la renuncia del responsable de negocio de televisión de pago, Carlos Abad, sustituido por el director general de compras de derechos, Ignacio Campo, ha llevado a la empresa a una completa reestructuración del área audiovisual.\n\nSegún recoge el diario Expansión, el grupo Prisa quedaría dividido en cinco nuevas áreas de negocio: televisión de pago, televisión en abierto en España, televisión en abierto en Portugal, producción audiovisual y dirección de operaciones. Un segundo reto que se plantea la empresa en estos momentos es el de liquidar su deuda de 4.850 millones de euros, comenzando por devolver antes del 31 de marzo el crédito puente de 1.950 millones de euros.\n\nDe este modo, el grupo trata de llegar a un acuerdo con sus acreedores bancarios. Además, lanzará emisiones de obligaciones por valor de 2.000 millones de euros y dará entrada a socios en su capital o en el de sus filiales (El País, Santillana, Unión Radio y Media Capital), según recoge Expansión.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • on 02-13-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Única posibilidad de acuerdo con las Farc es la libertad de todos los secuestrados, dijo Uribe

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Única posibilidad de acuerdo con las Farc es la libertad de todos los secuestrados, dijo Uribe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El presidente Álvaro Uribe hizo el pronunciamiento tras reunirse este jueves con los obispos colombianos reunidos en la Conferencia Episcopal.\n\n"El único acuerdo humanitario que se acepta es que liberen unilateralmente y de inmediato y que cesen los actos de violencia y que hagan la paz", dijo Uribe.\n\nEl mandatario también rechazó la inclusión de los jefes guerrilleros Ricardo Palmera 'Simón Trinidad' y Nayibe Rojas Valderrama 'Sonia' en un eventual acuerdo, al señalar que ambos fueron extraditados a Estado Unidos para que respondieran ante la justicia de ese país por el delito de narcotráfico.\n\n"Ellos fueron extraditados por narcotráfico, como han sido extraditados los 14 jefes paramilitares y como han sido extraditados 800 y más narcotraficantes en los últimos años. O sea que allí hay un tema simplemente de narcotráfico que no podemos olvidar", expuso Uribe.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                In Caracas, New Mayor Fights for City Hall

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Last November, in the election for mayor of the Venezuelan capital, conservative Antonio Ledezma defeated a Socialist candidate hand-picked by President Hugo Chávez. The opposition win seemed to burnish the country's democratic credentials.\n\nNow, the mayor's situation highlights a different lesson: Beating Mr. Chávez at the polls is one thing, but getting him to abide by the outcome is another. Using his broad presidential authority, Mr. Chávez has stripped the mayor's office of much of its power. Mr. Ledezma can't even get into city hall -- it's occupied by pro-Chávez militants.\n"Our philosophy is to try to do a lot with very little," given the limits on his power, says Mr. Ledezma, a trim 53-year-old with swept-back gray hair who is working from a drab city-owned building near the occupied city hall. "But Chávez has to recoOur philosophy is to try to do a lot with very little," given the limits on his power, says Mr. Ledezma, a trim 53-year-old with swept-back gray hair who is working from a drab city-owned building near the occupied city hall. "But Chávez has to recognize that he lost, and give us back the city."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Latin American Panel Calls U.S. Drug War a Failure

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  As drug violence spirals out of control in Mexico, a commission led by three former Latin American heads of state blasted the U.S.-led drug war as a failure that is pushing Latin American societies to the breaking point.\n\n"The available evidence indicates that the war on drugs is a failed war," said former Brazilian President Fernando Henrique Cardoso, in a conference call with reporters from Rio de Janeiro. "We have to move from this approach to another one."\n\nThe commission, headed by Mr. Cardoso and former presidents Ernesto Zedillo of Mexico and César Gaviria of Colombia, says Latin American governments as well as the U.S. must break what they say is a policy "taboo" and re-examine U.S.-inspired antidrugs efforts. The panel recommends that governments consider measures including decriminalizing the use of marijuana.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    NEWSPAPER WEB SITE AUDIENCE RISES TWELVE PERCENT IN 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Average monthly unique audience figures for newspaper Web sites grew by nearly 7.3 million in 2008 to 67.3 million visitors, an increase of 12.1 percent over 2007, according to a new report by Nielsen Online for the Newspaper Association of America. Monthly unique visitors during the fourth quarter of 2008 averaged 68.2 million, an 8.6 percent increase over the same period a year ago (62.8 million). The data comprise home and work Internet usage.\n\n"Newspapers' digital audience has grown 60 percent in the last three years as the newspaper Web sites continue to attract sophisticated readers who demand comprehensive news and information that no other medium can match," said NAA President and CEO John F. Sturm. "With the presidential election and economy dominating recent headlines, consumers continue to rely on newspapers as their trusted media brand for highly accurate reporting on the events that impact us all, each and every day."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La venta de Digital a Telefónica y Vivendi a 200 millones de cerrarse

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Fuentes financieras apuntan que el consorcio formado por el grupo francés y la operadora han ofrecido 2.350 millones de euros a Prisa por el 100% de su televisión de pago. El problema es que la familia Polanco pide entre 2.500 y 2.600 millones como mínimo por Digital +. En realidad solo ofrecen cerca de 500 millones de euros, porque el resto es deuda que saldría del balance de Prisa.\n\nEl problema para el grupo de medios de comunicación es que por debajo de los 2.600 millones de euros la venta es perjudicial porque, pese a reducir de forma sustancial su endeudamiento, también supondría una pérdida significativa en la aportación de Digital+ al beneficio operativo de Prisa. De ahí que Juan Luis Cebrián, nombrado primer ejecutivo en la pasada junta extraordinaria de accionistas celebrada el pasado mes de diciembre, no quiera bajar de esa cifra y haya rechazado por el momento la oferta de Vivendi (65% del consorcio) y Telefónica (35%).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        La OPA de Alierta el gran error de Cebrián

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Hay decisiones erróneas que marcan la vida de una persona, una familia o una empresa. Cuando se trata de algo íntimo, el perdón suele compensar la equivocación. Cuando hablamos de cuestiones corporativas y del dinero de los accionistas, la cuestión cambia.\n \nUno de esos desaciertos fue la compra del 49% del capital de Sogecable que Prisa no controlaba hasta la primavera del pasado año mediante una Oferta Pública de Adquisición (OPA) a 27,98 euros por acción. Telefónica, que tenía el 17%, decidió acudir a la oferta el último día hábil -el 9 de mayo de 2008- para suscribirla pese a que dos meses antes su presidente, César Alierta, había sostenido lo contrario.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Pushed to Do Rohm Deal, Dow Cuts Dividend

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Dow Chemical's chief executive, Andrew Liveris, was forced to swallow a bitter pill on Thursday when the company cut its dividend for the first time since 1912. The move will save Dow about $1 billion a year and may help the company complete its proposed $15 billion takeover of Rohm & Haas.\n\nMr. Liveris initially suggested that the dividend was safe, but he publicly reversed course on Jan. 27 after Rohm sued Dow for failing to close the merger after all the conditions had been met. Mr. Liveris contends he still wants to buy Rohm, but says Dow needs more time to negotiate a more flexible financing package and sell assets.\n\nDow will now pay a dividend of 15 cents a share on April 30 - a 64 percent cut from its previous dividend of 42 cents a share. The company could have saved an additional $550 million a year by eliminating the dividend altogether - a move that many Rohm shareholders were pushing for.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Jack Flack’s TARP Hearing Spin Awards

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            With most of the television commentators repeatedly referring to the "drama" and "theater" of the event, Wednesday's House Financial Services Committee hearing - which featured eight chiefs from big banks that took money from the Troubled Asset Relief Program - demands its own set of awards.\n\nBest Leading Man: Jamie Dimon. With a McQueen-like severity, Mr. Dimon of JPMorgan Chase set the overall tone for the respondents, respectfully standing his ground, thoughtfully answering some annoyingly superficial questions, and generally inspiring plenty of gushing on the CNBC set.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Stimulus to Include Repeal of Bank Merger Tax Break

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Lawmakers have inserted a provision in the final version of the economic stimulus package that will make it less attractive for troubled banks to merge, but is expected to restore billions of dollars in tax revenue.\n\nThe American Recovery and Reinvestment Act, which is expected to be on President Obama's desk on Monday, incorporates legislation introduced last fall by Representative Lloyd Doggett, aides to Mr. Doggett, a Texas Democrat, told DealBook on Thursday. The measure reverses a Treasury Department directive issued last fall allowing merging banks to reap billions of dollars in new tax breaks.\n\nIn September, the Treasury department, led at the time by Henry Paulson Jr., issued a notice amending a 1986 rule that limited an acquirer's ability to use a target company's net operating losses to shield taxable income in the future.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Harvard Sells Off Many U.S. Stocks

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Harvard University's endowment cut 67 percent of its holdings in United States stocks in the fourth quarter, amid big losses in equity markets.\n\nThe Harvard Management Company, which oversees the school's $28.8 billion fund, sold its holdings in 117 publicly listed stocks in the quarter, leaving it with 57, according to a filing with the U.S. Securities and Exchange Commission.\n\nThe remaining stocks were valued at $571 million. Its holdings in United States stocks were worth $2.8 billion as of Sept. 30.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Facing the Music of a Heavy Debt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Charles O. Prince III, the deposed chief executive at Citigroup, probably didn't mean it literally when he equated the credit boom to a musical dance. Mr. Prince may not have been a great banker, but he certainly was prescient, Breakingviews says.\n\nJust this week, the company that pioneered easy listening in elevators, Muzak, filed for bankruptcy protection; Sirius XM Radio began preparing its own Chapter 11 filing; and Clear Channel Communications, the nation's largest radio station owner, tapped a last-resort credit line.\n\nWhat common refrain - apart from filling the air with dulcet tones - unites these three companies? They are all viable businesses suffering from a surfeit of debt, says Breakingviews. Like Mr. Prince's former employer, they failed to stop hustling on the dance floor when they should have, the publication says.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    El plan de Obama logra el acuerdo final

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    A falta de las votaciones en ambas cámaras del Congreso que ratifiquen hoy el acuerdo alcanzado, Barack Obama tiene ya en sus manos el instrumento que solicitaba para atajar la crisis económica: un plan de estímulo de 789.000 millones de dólares (615.000 millones de euros) con el que promete crear tres millones y medio de puestos de trabajo en dos años. Ha costado más de lo esperado y no se ha conseguido con gran respaldo bipartidista, pero el presidente ha sacado adelante, esencialmente, su proyecto, y manejará a partir de ahora la más importante inversión pública desde los tiempos del new deal del presidente Franklin D. Roosevelt.En el camino de esta difícil negociación, se han quedado alrededor de 30.000 millones de dólares (23.390 millones de euros) de gasto social al que los demócratas han tenido que renunciar en aras del compromiso, y se han consumido muchas de las energías y del crédito del flamante presidente. No era para menos. Ésta es la gran apuesta de su mandato. En esto -en la capacidad de este plan para resolver la crisis- se juega su futuro. Él lo sabe, y por eso siguió ayer, por cuarto día consecutivo, defendiendo su proyecto ante los ciudadanos de a pie. Y lo sabe también la oposición, que no podía, por tanto, permitirle al presidente un camino de rosas en el Capitolio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La crisis amenaza el 'sí' a Chávez

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Hace cuatro años que la policía no entra en El 23 de Enero. Lo dice con su punto de orgullo revolucionario Glen Martínez, de 38 años, uno de los líderes vecinales que controlan y administran justicia en este barrio de Caracas cercano al palacio presidencial donde viven 100.000 personas, algunas de las cuales -10 años después de que Hugo Chávez se hiciera con el poder- sólo disponen de agua potable tres horas al día, y no todos. Martínez, sentado en una silla de plástico en la puerta de la radio comunitaria que dirige, observa las riadas de jóvenes vestidos de rojo que bajan hacia la ciudad para asistir -bajo la música atronadora y las banderas al aire- al acto central de la campaña de Chávez por continuar indefinidamente en el poder.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Rio fights back on China deal

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Rio Tinto yesterday defended its planned $19.5bn capital injection from Chinalco, the Chinese state-owned metals group, as criticism of the deal intensified from the mining group's UK shareholders.\n\nHeavily indebted Rio has proposed selling minority stakes in some of its best assets, including the Hamersley iron ore mine in Australia and the Escondida copper mine in Chile, to Chinalco to raise $12.3bn.\n\nIt is also raising $7.2bn through an issue of bonds to the Chinese group that can be converted into equity, lifting Chinalco's stake in Rio from 9 per cent to as much as 18 per cent.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Sirius XM still in talks with Liberty-source

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          NEW YORK, Feb 12 (Reuters) - With only days to go until a critical deadline, Sirius XM Radio Inc (SIRI.O) is still in talks with potential investor Liberty Media Corp (LINTA.O), a person familiar with the matter said on Thursday.\n\nThe talks are seen as a last-ditch attempt by Sirius Chief Executive Mel Karmazin to stave off a takeover bid by Charles Ergen's EchoStar Corp (SATS.O), which holds $175 million in Sirius convertible bonds due on Feb. 17. [ID:nN10305535]\n\nBut analysts said Liberty, led by cable mogul John Malone, is unlikely to help the Sirius satellite radio service since that could complicate his own long-term satellite plans.\n\nLiberty Media is in the process of splitting off most of its Liberty Entertainment (LMDIA.O) unit, which owns the majority stake in U.S. satellite TV operator DirecTV Group Inc (DTV.O).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Microsoft to open own stores, take on Apple

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Microsoft Corp announced plans on Thursday to open its own chain of branded stores as it looks to catch up with rival Apple Inc's successful move into retailing.\n\nThe world's largest software company, which also makes the Xbox video game console and the Zune digital music player, did not say how many stores it was looking to open, or when, or which of its products would be on sale.\n\nThat is to be decided by David Porter, a former DreamWorks Animation executive, which Microsoft named as its new vice president of retail stores.\n\nTurner, a former Wal-Mart Stores Inc manager, will report to Microsoft chief operating officer Kevin Turner.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              In recession, U.S. MBA students seek backup plan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              For decades, investment banking was a well-worn path to affluence for business-school graduates. But as Wall Street teeters, many are scrambling to find alternate routes into a brutal job market.\n\nFacing one of the worst economic downturns since the Great Depression, some Masters of Business Administration students are lowering expectations. Aspiring investment bankers are looking elsewhere, while international students wonder if they will have better luck at home than in the United States.\n\nAs big banks including Citigroup Inc, Bank of America Corp and Goldman Sachs Group Inc cut tens of thousands of jobs, MBA students who just a few years ago would have been aggressively recruited by companies now expect to fight for the handful of positions available.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Coca-Cola sales sparkle despite the downturn

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Coca-Cola defied the recessionary gloom yesterday, saying it would stick to its long-term growth targets in spite of what Muhtar Kent, chief executive, called an "incredibly challenging economic environment".\n\nWhile other branded goods companies have suffered falling sales as consumers switch to cheaper options, the world's largest soft drinks group is proving resilient in the face of the global economic downturn.\n\nCoke yesterday reported a 4 per cent rise in sales volumes in the last three months of 2008 and a 10 per cent increase in comparable earnings. The shares were up 7.6 per cent at $44.39 by the close of trade in New York.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Diageo cuts profit forecast to new low

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Diageo has cut its annual profit growth forecast to a new low and warned of a slowdown in global drink sales, in spite of reporting a 3 per cent rise in interim pre-tax profits to £1.4bn.\n\nShares in the maker of Johnnie Walker whisky and Tanqueray gin fell 30p to 877½p on Thursday after the group dropped its 2009 profit growth forecast to 4-6 per cent from a previous estimate of 7-9 per cent.\nEDITOR'S CHOICE\nDiageo statement - Feb-12\nLion Nathan ends Coca-Cola Amatil bid - Feb-09\nUS brewers - Feb-10\nIndia's drinks baron closes in on stake sale to Diageo - Jan-27\n\nPaul Walsh, chief executive, had considered scrapping earnings guidance because of the uncertain outlook. "Things are not horrible but we're not growing at the rate we were . . . What is more troubling is what the future holds and, to be honest, I don't know."\n\nMr Walsh was most concerned about the outlook for consumer spending, he said. "Will the consumer have enough money in their pockets to buy our brands?"

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Latinoamérica puede paliar impacto de la crisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Latinoamérica puede minimizar el impacto de la crisis financiera global y el Fondo Monetario Internacional (FMI) está listo para ofrecer financiamiento a países con economías sólidas que estén padeciendo la falta de liquidez, aseguró el director del Departamento del Hemisferio Occidental del FMI, Nicolás Eyzaguirre.\n\n"Vemos cómo las políticas que han sido adoptadas durante el último tiempo han preparado la región para resistir mucho mejor eventuales temporales que vengan desde afuera", sostuvo Eyzaguirre, quien fuera ministro de Hacienda (finanzas) de Chile entre 2000 y 2006, en una entrevista con el boletín del organismo que reproducimos a continuación.\n\n¿Qué impacto va a tener esta crisis global sobre América Latina?\n\nTenemos que tener presente lo que ha dicho el Director Gerente hace pocos días: 2009 va a ser el peor año para la economía mundial en 60 años y por tanto pensar que América Latina puede quedar libre de algún efecto negativo sería una ilusión. Lo que si creemos es que esta vez América Latina, no obstante la brusca desaceleración de la economía mundial, se va a mantener creciendo, si bien a una tasa bastante más modesta que lo que ha venido haciendo en los últimos años.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Aversión al riesgo golpea a materias primas

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La aversión al riesgo golpeó el jueves con toda la fuerza a las materias primas debido a más datos sombríos sobre la economía.\n\nEl mercado de petróleo en Estados Unidos cayó un 5,5 por ciento y el oro fue el único que escaló, extendiendo un máximo de 6 meses y medio a causa de que los inversores buscaron un depósito seguro de valor.\n\nLos últimos datos sobre desempleo de Estados Unidos revelaron que el número de personas que recibió beneficios por desocupación aumentó en la última semana de enero en 11.000, a un récord de 4,81 millones. Además, la zona euro informó sobre un desplome récord en la producción industrial que agudizó los temores.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Chile: Banco Central decide inédito recorte de tasas

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El Banco Central de Chile recortó el jueves su tasa de política monetaria en 250 puntos básicos a un 4,75%, su menor nivel en tres años, en una baja mucho más profunda que lo que esperaba el mercado tras datos de un freno de la economía y un descenso en la inflación.\n\n"Esta decisión se fundamenta en la perspectiva de una caída significativa de la inflación y adelanta la convergencia de la tasa de política a un nivel coherente con el entorno macroeconómico actual y sus riesgos", dijo el Banco Central en un comunicado.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Colombia habría crecido un 3% en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El Banco Central de Colombia previó el jueves que el crecimiento de la economía se habría ubicado en alrededor de un 3 por ciento en el 2008, una fuerte desaceleración respecto del 2007, por el impacto de la crisis mundial.\n\nLa estimación está por debajo de la meta del Gobierno de un 3,5 por ciento, pero el gerente general del emisor, José Darío Uribe, destacó que el país está creciendo aún en medio de la más fuerte crisis internacional desde la depresión de la década de 1930.\n\nPara el 2009, el funcionario reiteró que el Banco Central prevé un crecimiento de entre 1 y 3 por ciento. En el 2007, el país andino se expandió un 7,7 por ciento, su mejor desempeño en tres décadas.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Brasil es el nuevo gigante petrolero regional

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Venezuela y México se están rezagando a medida que Brasil gana fuerza con gigantescas inversiones y una creciente producción.\n\nSi Brasil continúa con este ritmo, ayudará a compensar la caída de la producción en una región que bombea cerca de un 10% del petróleo del mundo y fortalecerá la influencia política y económica del país.\n\nLa estatal Petróleo Brasileiro SA, que representa casi toda la producción de crudo de Brasil, espera que varios campos nuevos eleven la producción este año a 2,05 millones de barriles al día. La producción de Petrobras ha saltado 46% desde 2000.\n\nA su vez, la Agencia Internacional de Energía (IEA) calcula que la producción de petróleo de México caiga en al menos 7% este año, después de un declive de 9% en 2008, debido a que la productividad de su campo principal, Cantarell, continúa en descenso. Cantarell ha reducido la producción total del país en un quinto desde 2004.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Charter to File Bankruptcy as Part of Restructuring

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Charter Communications Inc., the money-losing cable-television company, said it plans to file for Chapter 11 bankruptcy as part of a financial restructuring on or before April 1.\n\nCharter said today in a statement that it reached an agreement with a committee of some debt holders to reduce its obligations by about $8 billion. Controlled by Microsoft Corp. co-founder Paul Allen and based in St. Louis, Charter has about 5.6 million customers in 28 states, according to its Web site.\n\nThe cable company has sold the most U.S. high-yield bonds of any company in the past decade, according to data compiled by Bloomberg. Allen bought Charter in 1998, amassed the company's debt burden while building it into the fourth-largest U.S. cable provider. Charter, which has reported losses every year since going public in 1999, added telephone, digital-TV and Internet services to compete with larger rivals and fiber-optic networks.\n\n"The restructuring was coming one way or another," Matt Dundon, managing director of distressed analysis at Miller Tabak Roberts Securities, said in a phone interview. "Even with the $8 billion debt reduction figure, the company is still heavily indebted and vulnerable to further restructuring if EBTDA takes a turn for the worse."\n\n'Financial Alternatives'\n\nIn December, Charter started talks with bondholders on "financial alternatives" including restructuring. Through the first three quarters of 2008, Charter lost almost $1 billion.\n\nCharter's $1.5 billion of 10.25 percent notes due in 2010 rose about 10 cents to 64 cents on the dollar at 2:40 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The securities traded as low as 29 cents on the dollar in December and as high as 101 cents last June, Trace data show.\n\nIn a separate filing, Charter predicts 2008 adjusted profit before interest, taxes, depreciation and amortization will be $2.32 billion, a 10 percent increase from 2007 and in line with analysts' estimates. The company expects it

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • on 02-12-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Aerolíneas de América Latina transportaron un 6% más de pasajeros en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Aerolíneas de América Latina transportaron un 6% más de pasajeros en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Las líneas aéreas de Latinoamérica, pese a la crisis económica y los elevados costos, transportaron 115,7 millones de pasajeros en el 2008, lo que representó un incremento del 6% respecto al año pasado, se informó hoy.\n\nLa Asociación Latinoamericana de Transporte Aéreo (Alta), con sede en Miami, indicó en un comunicado que en el tráfico, medido en la cantidad de los pasajeros transportados y multiplicado por la distancia recorrida, aumentó un 9,1%.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Ganancias de Coca-Cola superan previsiones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Coca-Cola Enterprises Inc, el mayor embotellador mundial de los refrescos Coca Cola, reportó el miércoles una ganancia mayor a la esperada en el cuarto trimestre excluidos ítems, impulsado por una leve mejora en las tendencias en los negocios en Norteamérica.\n\nCoca-Cola Enterprises, informó una pérdida neta de US$ 1.450 millones, o US$ 2,99 por acción en el cuarto trimestre, comparado con una utilidad de US$ 158 millones, o 32 centavos por acción, en igual período del año pasado.\n\nExcluido un cargo por desvalorización relacionado a la amortización del valor de su licencia de franquicia norteamericana, la embotelladora de Coca Cola ganó 22 centavos de dólar por acción en el trimestre. Analistas consultados por Reuters Estimates esperaban ganancias de 19 centavos en promedio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    AméricaEconomía - El sitio de los negocios globales de América Latina

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    isa Inc, la red de tarjetas de crédito más grande del mundo, prevé alcanzar en el 2009 su meta de ahorro de costos de 300 millones de dólares, un año antes de lo previsto ante la caída del consumo a nivel mundial, dijo el miércoles su presidente financiero.\n\nEl presidente financiero, Byron Pollitt, dijo en una entrevista con Reuters que cumplirá con el ahorro de costos reestructurando seis unidades en una sola.\n\nCreada en octubre del 2007 con la fusión de las operaciones de Visa en Estados Unidos, a nivel internacional y Canadá, Visa comenzó a cotizar en bolsa en marzo del año pasado en la mayor oferta pública inicial de una empresa estadounidense.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Ad spend and cutting costs a winning formula

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Almost a decade on from the merger that created Reckitt Benckiser,\n\nthe household goods group has been more successful than anyone - besides Bart Becht, its chief executive - might have imagined.\n\nAs longer established rivals feel the chill of an economic downturn and a reluctance to commit to profit targets, Mr Becht again promises strong growth in net income.\n\nUnlike Unilever's complaint last week that it was suffering increased competition from "private label" goods - available under supermarkets' own brands - Mr Becht claims to be untroubled.\n\n"Private label may be gaining market share, but we are not interested, what is interesting to us is that we are gaining share", he says. "Of course it is worrying that supermarkets are [trying to get customers to switch to their brands] and that is why we will continue to emphasise the quality they are getting when they buy our stuff."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        DirecTV Adds 301,000 Subs In Q4

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        DirecTV delivered its best quarterly subscriber growth in three years, adding 301,000 net U.S. subscribers in the last three months of 2008, while net income for the quarter dropped 5%.\n\nRevenue for the quarter ended Dec. 31 was $5.31 billion, up 9% year over year, and earnings per share increased 7% to $0.32 compared with the same period last year.\n\nThe satellite operator's 301,000 net adds in the U.S. -- giving it 17.621 million subs at the close of 2008 -- blew past analyst expectations; Sanford Bernstein had projected 214,600 net subscriber additions for the quarter. Analyst consensus estimates were earnings of 34 cents per share, though quarterly revenue was in line with expectations...

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Obama says U.S. automakers must transform industry

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          WASHINGTON (Reuters) - U.S President Barack Obama said on Wednesday he remains committed to giving ailing U.S. automakers "serious help" in the future, but only if they can produce a viable plan to transform the industry, The Detroit Free Press reported.\n\nIn an interview with regional reporters, Obama said that if the automakers are realistic, more government help could be in the offing and if not, "we're going to have to ask them to go back to the drawing board," Obama said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Ireland to invest $9 bln into top two banks

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            DUBLIN, Feb 11 (Reuters) - The Irish government said on Wednesday it would invest 7 billion euros ($9.05 billion) into the country's two main lenders and in return Allied Irish Banks (ALBK.I) and Bank of Ireland (BKIR.I) will increase lending and cut executive pay.\n\n"The bank does not intend to take control of these banks," Finance Minister Brian Lenihan said in a news conference.\n\nAllied Irish Banks and Bank of Ireland will each receive 3.5 billion euros in Core Tier 1 capital via preference shares with a fixed dividend of 8 percent.\n\nLenihan did not unveil any insurance scheme or "bad bank" plan for the banks' bad debts but said the government would examine proposals for the reduction of risks associated with property loans. (Reporting by Andras Gergely; Editing by Carmel Crimmins, Phil Berlowitz)\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Advantages Of A Virtual Dataroom During (And Even After)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Mustering forces online. To house the thousands of documents necessary for the transaction and carve out space for discussions, Fairmont needed to locate a large, secure dataroom near its home office in Toronto. On a suggestion from outside counsel, the company investigated setting up a virtual dataroom with an outside provider, as an alternative to a physical office. Such a dataroom would be able to house and display the thousands of documents that potential bidders might need to review, as well as provide a clearinghouse for transaction information. Use of such datarooms is on the rise, the author observes. Based on a study with 350 respondents-including mid-size companies, investment banks, and private equity dealmakers-the Association for Corporate Growth reports that 65% of the LBOs, private placements, restructurings, and other M&A deals in 2006 used a virtual dataroom. This figure is up from the 35% using virtual datarooms in 2004.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Economic Constriction Requires Creative Dealmaking In 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Credit will remain elusive. New economic realities will put a crimp in deal volume for at least the first half of 2009, and perhaps much longer. Drawing on their M&A expertise, attorneys Frank Aquila and Melissa Sawyer predict that scarce credit will reduce the size of transactions and place the emphasis on strategic acquisitions. The markets are in such a fluid, volatile state that the traditional leisurely pace of deal negotiation and implementation now carries a high probability of failure. The rapid changes in market conditions generally and in financial companies themselves will put particular pressure on dealmakers to write tight contracts that can be implemented quickly-before conditions change and jeopardize the deal. Parties to the deal and their funding sources will both need to pay special attention to setting deal parameters, factoring in potential changes in circumstances, crafting escape clauses and penalties, and otherwise mitigating uncertainty.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Protecting Intellectual Property During M&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Discovering in-house IP. Dealmakers facing an M&A transaction (or even a corporate bankruptcy) should know all about what is often the company's most valuable asset: its intellectual property. Attorney Judith Church suggests a four-stage IP audit. First, catalogue all trademarks, copyrights, patents, and trade secrets. Review all related documents, including filings of registrations and security interests; assignments; license, development, and research-funding agreements; policies on new and departing employees, document preservation and information technology; and competitors' filings. Evaluate possible infringement claims by or against the company. Then, create-and assign the task of maintaining-all-inclusive IP files and databases. Third, evaluate revenue-enhancing potential of the IP and spot latent liabilities, such as noncompliance with US or foreign laws; susceptibility to third-party challenges; dangers of altered laws, technologies, or business models; and privacy breaches. Finally, base a business plan with long- and short-range goals on the audit.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    4Q Bank Earnings Worst Since Depression: S&P

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    The largest US banks posted their worst financial performance in the just-ended fourth quarter since the Great Depression of 1929, according to Standard & Poor's, which warned that the credit cycle still has "quite a way to go" before things improve.\n\nAdjusting for items that S&P views to be nonrecurring, only US Bancorp was profitable among the seven companies examined in a report published this week. The seven banks covered in the report are Citigroup, Wells Fargo, SunTrust, JP Morgan, US Bancorp, Fifth Third, Bank of America and Huntington.\n\nAccording to S&P, market valuations of problematic assets dropped further after Lehman's bankruptcy last September. "Thus, most companies with significant trading operations incurred substantial additional writedowns related to such exposures as leveraged finance positions, residential mortgage related securities, commercial real estate related loans and securities." Also values of private equity holdings declined, the credit rating agency said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      iPhone y los 'smartphones', detrás del auge del mercado de los juegos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      El 34% de los que descargaron videojuegos para su teléfono en 2008 lo hicieron desde un smartphone, un crecimiento muy notable comparado con el 10% del año anterior, según el último informe de Comscore. En Estados Unidos ha crecido un 17% el número de abonados que se descargan juegos, hasta alcanzar los 8,5 millones, cifra aún relativamente baja ya que no supone ni el 4% de abonados al móvil.\n\niPhone se ha convertido en un potente motor que está empujando las ventas de videojuegos. La popularidad de su tienda online App Store es exponencial. Abierta en julio de 2007, se han descargado más de 500 millones de aplicaciones de un catálogo con más de 15.000 referencias de pago y gratuitas, entre las que destacan los videojuegos.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Lula critica el proteccionismo y reclama libre comercio

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El presidente de Brasil, Luiz Inácio Lula da Silva, criticó ayer el proteccionismo y reafirmó su tesis de que el comercio ayudará a afrontar la crisis mundial. "El comercio es ciertamente parte de la solución. El proteccionismo, en contrapartida, sólo servirá para agravar la crisis económica", advirtió el mandatario en un discurso.\n\n"No podemos actuar solos contra los efectos de una turbulencia que golpea, sobre todo, a las más fuertes economías del planeta", agregó Lula durante un almuerzo oficial que ofreció al presidente de Namibia, Hifikepunye Pohamba, quien visitaba ayer Brasilia.\n\nEn enero, técnicos del Ministerio de Industria y Comercio de Brasil establecieron obligatoriedad para la entrada al país de unos 3.000 productos -que representan el 60% de las importaciones de Brasil- de obtener licencias de importación.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Slim consigue apoyo político a su crítica económica del Gobierno mexicano

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La Administración de Calderón ha reconocido la severidad del momento económico, que, según cifras de la Seguridad Social, costó ya el empleo a más de medio millón de mexicanos, situación ante la cual anunció un plan de inversiones públicas (para mantener los puestos de trabajo) y protección social. En el foro legislativo México ante la crisis, ¿qué hacer para crecer?, Slim dijo: "Van a quebrar las empresas, muchas, chicas, medianas y grandes; van a desaparecer los comercios, va a haber locales cerrados por todos lados, inmuebles vacíos...".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            I can't afford my lifestyle?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            As the nation's top bankers defend their way of life on Capitol Hill, MTV is readying reality shows about bankers whose lifestyles have been downsized.\n\nThe 405 Club, a site for unemployed New Yorkers; Craigslist; and finance industry Facebook groups -- including Citigroup Inc.'s -- have all been solicited for casting calls regarding a show that promises to be something like "The Real World" meets "Wall Street."\n\nInterested? Here's the ad:\n\n Were you living large but hit hard by the current economic situation? Did you have a pimped out crib and now have to downsize? Has you new financial status affected your relationships because you can no longer play with the high rollers? Are you dating someone who had it all, but find yourself disappointed to have to swap five course entrees for five dollar footlongs? Do you feel that you can't possibly give up the life you worked for, but are left with no other choice? If you have answered 'yes' to any of these, then MTV would like to hear your story. If you appear to be between the ages of 17-28 and can't afford your lifestyle and would like to share your story please email us DIRECTLYat LIFESTYLE@MTVN.COM. Please include a your name, your story, a phone number and a photo.\n\nPerhaps MTV could add some other questions to make sure they secure the most representative cast:\n\n * Did you push for a $10 million dollar bonus after selling your company off and get laid off for redecorating your office?\n * Did you have to fly a commercial jet in coach or (sigh!) take a train, even though your company owns a private jet?\n * Do you now get paid a dollar for your occupation rather than the millions you used to get?\n\nThese questions might be better asked of employees beyond the 17-to-28-year-old age range. -

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sirius XM Holds Talks With Liberty Media

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Liberty Media, the media company controlled by John C. Malone, is in preliminary talks with the satellite radio giant Sirius XM Radio, people briefed on the negotiations told DealBook.\n\nA deal between Liberty and Sirius XM could throw a wrench in takeover plans by EchoStar, the television satellite company that has been acquiring Sirius XM's debt.\n\nThe high drama comes at a critical time for Sirius XM, which faces $175 million in debt payments that will come due on Feb. 17. The company is unlikely to be able to meet those obligations.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Sirius' tough time finding a white knight

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                One day Sirius XM Radio will be a great business. But it will take lots of time and plenty of capital to see the U.S. satellite radio broadcaster to the Promised Land.\n\nToday it's on the brink of default. The company's not generating cash and needs to repay $175 million of debt in a week's time, plus another $750 million later in the year.\n\nNo wonder then that Echostar - the satellite television broadcaster run by Charles Ergen - has accumulated a chunk of that debt in the hopes of nabbing control of the company. The only alternative to folding the company to Echostar (SATS) would be finding a buyer willing to recapitalize the business and pay off its imminent debts.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  AG accuses Merrill of handing out bonuses of $3.6 billion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Merrill Lynch "secretly" doled out huge bonuses before reporting a huge quarterly loss and getting absorbed by Bank of America, according to New York state's attorney general.\n\n"Merrill Lynch's decision to secretly and prematurely award approximately $3.6 billion in bonuses, and Bank of America's apparent complicity in it, raise serious and disturbing questions," Andrew Cuomo wrote in a letter to Rep. Barney Frank, D-Mass., chairman of the House Committee on Financial Services.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Is Sirius XM seriously toast?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    It's not often that a company with a stock trading for just six cents a share makes headlines. But when that company just happens to be the employer of Howard Stern, you can understand why it's in the news.\n\nSirius XM (SIRI), the only satellite radio game in town, is in desperate need of a savior. The company's stock has plummeted in the past year due to concerns about how it will pay off its debt load, which is about as big as Stern's ego.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Banks to Congress: 'We are lending'

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Lawmakers grilled the top executives from eight of the nation's largest financial institutions Wednesday about their apparent lack of willingness to lend to consumers and businesses despite taking in billions of dollars in government aid.\n\nAt a closely-watched hearing before the House Financial Services Committee, members of Congress blasted the eight CEOs, including the heads of embattled firms Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500), for their actions since the eight banks collectively received $165 billion in capital last fall.\n\n"There is a great deal of anger in the country, much of it justified, about past practices," Barney Frank, D-Mass, the chairman of the House Financial Services Committee, noted in his opening remarks.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Critics decry complicated airline fees - checked bags, food

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        U.S. airlines have made a real meal out of charging for niceties - like pillows, choice seats and food - that used to be part of standard fares, but they aren't making it easy for passengers to know what fees they will be hit with when they book flights, critics say.\n\nWhether fliers book trips through a brick-and-mortar travel agency or one online, some experts claim customers are having a hard time finding real travel bargains when looking to spend some of their shrinking discretionary cash.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          335 companies report forex losses in December quarter

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Companies are trying to clean up their balance-sheets and make provisions for forex losses as they think the disclosures will not have a major bearing on their valuations, which are already down.\n\n \nThis is reflected in the large number of companies reporting forex losses in the quarter ended December 2008, against the quarter ended September 2008.\n\nA total of 335 firms made a mark-to-market (MTM) provision of Rs 9,618 crore on their forex loans, receivables or derivatives during the December quarter, against 165 companies making a provision of Rs 9,815 crore in the September quarter.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Global drug majors slow R&D offshoring to India

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            New drug discovery and contract research have taken a back seat as global drug majors have slowed down their research and development offshoring to India.\n\nThe domestic players could only manage three small deals in January since September last year. These three are between Intas Biopharma and Canadian generic major Apotex, Biocon subsidiary Syngene International and US biotech firm Sapient Discovery, and Jubilant Biosys' drug discovery partnership with US-based BioLeap.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Prisa reorganiza su TV ante la falta de ofertas por Digital +

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Cambio de planes en el grupo Prisa. La compañía ha creado un área de televisión de pago, dentro de la reestructuración de su negocio audiovisual, ante la paralización de la venta de Digital + por la ausencia de ofertas.\n\nEl fracaso temporal de la operación ha forzado a la empresa a incluir esta división en su área televisiva, cuya reorganización estaba pendiente, precisamente, de la desinversión prevista.\n\nLa renuncia del responsable del negocio de televisión de pago de Prisa, Carlos Abad, que ha sido sustituido por el director general de Compras de Derechos de la empresa, Ignacio Campo, ha contribuido a acelerar esta decisión, según fuentes cercanas a la compañía. La reestructuración del área audiovisual del grupo supone la desaparición de Sogecable, la empresa que Prisa ha absorbido y excluido de cotización tras una opa por el 100% de su capital.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                PRISA reorganiza el área audiovisual

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El Grupo PRISA (editor de EL PAÍS) ha reestructurado la unidad audiovisual, que agrupa a Digital +, Canal +, Cuatro, la portuguesa TVI y la productora Plural, entre otras actividades. Al frente de esta división estará Javier Díez de Polanco, que hasta ahora era consejero delegado de Sogecable, sociedad absorbida por PRISA. El objetivo de esta reorganización es "mejorar el desarrollo de los negocios existentes y avanzar en las nuevas oportunidades" aprovechando las "sinergias", anunció el grupo.\n\nEl área de televisión de pago aglutina la plataforma Digital +, que distribuye toda la familia de Canal +, y una oferta de canales temáticos, opciones y servicios. Estará dirigida por Ignacio Campo.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Forget Micropayments -- Here's a Far Better Idea for Monetizing Content

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  You're not listening, I can tell. Many people in the newspaper industry are already in full-fledged panic mode, and one of the recent responses has been a wave of calls to resurrect an online publishing business model that has not yet worked: micropayments.\n\nTime magazine has even offered a cover story titled "How to Save Your Newspaper," by journalism all-star Walter Isaacson, singing the praises of news publishers getting paid for their online content at last, and touting micropayments as the best option. No More Free News! Another industry lion, Steven Brill, has similar advice for The New York Times and other newspapers.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Odds & Ends

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    With the current model of free online content, newspapers have essentially turned themselves into shoppers - but, ironically, still with great quality, created by the same culture and people whose work consumers used to pay for. This is complete suicide. Newspapers should, in fact, be more profitable online - because it gets rid of the cost of paper, printing and delivery. This should be the golden age of journalism, delivered without the trucks.\n\nNewspapers bought into the idea that the culture of the Internet is "free," or maybe they thought initially that online content was just an add-on to attract subscribers, but it hasn't turned out that way.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Gift to Kennesaw State for Journalism Innovation Center

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Kennesaw (Ga.) State University has received a $1.5 million Harnisch Foundation gift to establish a center to research and develop innovative ways to produce and distribute news.\n\nKennesaw State President Daniel S. Papp announced the award and the creation of The Center for Sustainable Journalism on Saturday at the SoCon09 "Unconference," attended by more than 300 business, non-profit and media professionals, bloggers and digital media enthusiasts.\n\nLeonard Witt, Kennesaw State's Robert D. Fowler Distinguished Chair in Communication and associate professor, who organized the SoCon09 conference, will oversee the new center. A pioneer in community-supported journalism and the potential of online social networks to disseminate news, Witt's work caught the attention of the foundation, which funds programs that promote sustainable social change in philanthropy, coaching and journalism. It initially provided more than $60,000 to support Witt's launch of a Minnesota-based community-supported journalism project.\n\nSpread over five years, the award will help underwrite applied research‚ build collaborations and advance innovative journalism projects regionally and around the country. The center will research and test a stream of journalism projects and nurture the best of them into self-sustaining entities, according to the university.\n\n"We are living in an era when old journalism models are failing, newspapers are faltering and experienced journalists are losing their jobs," Witt said (who blogs at PJNet.org). "This solution-oriented funding comes at a critical time, and with it, we can start to build new models that will ensure journalism continues to play its vital role in our democracy."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        'Washington Post' Launches Profile-Based Web Site

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        The Washington Post has launched a new site that it claims will give a behind-the-scenes look at government through profiles of hundreds of government officials.\n\nWhoRunsGov.com is described by the paper as "a Web site offering a unique look at the world of Washington through its key players and personalities. The site features concise profiles of influential political officials who shape government policy, including members of the new presidential administration, Pentagon officials, lawmakers, senior congressional aides and committee staff. In later phases, the site will be expanded to include state officials and experts at think tanks and interest groups."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          French Publisher to Deploy Nstein CMS, Text Mining

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Montreal-based Nstein Technologies Inc. has announced that France's Midi Libre will deploy Nstein's WCM 4.0 (Web Content Management System) and TME (Text Mining Engine).\n\nAlready an Nstein customer, Midi Libre is a publication of the Les Journaux du Midi group, which operates more than 10 portals, including Midi Libre l'Indépendant and Centre Presse.\n\nThe new solution provides Midi Libre editors with a production tool that helps drive their strategy to rapidly roll out event Web sites.\n\nThe system's "intuitive nature, user-friendliness and the fact that it was simple to learn, without technical knowledge" led to the WCM 4.0 choice, Information Systems Director Fabrice Boulanger said in a statement. "The TME's semantic analysis engine's unique strength is that it enables us to enrich our content and offers our readers contextual, personalized content, thereby encouraging them to spend more time with us," said Boulanger, adding that WCM also boosts ad revenues by increasing content consumption and the number of event sites for the region's topical news stories.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            'Atlanta Journal-Constitution' Restructures Sales Teams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The Atlanta Journal-Constitution is unrolling a new offering, AJC Media Solutions, which caters to advertisers interested in the AJC's digital, print and direct marketing products.\n\nIn conjunction with AJC Media Solutions, the company launched YourAudienceDelivered.com to help advertisers pinpoint and custom their buys across channels.\n\nThe AJC is trying to take advantage of its local market dominance. When all of its products are considered, the AJC reaches 73% -- more if its shared-marketing programs are counted -- of Atlanta.\n\n"We have fundamentally changed our organizational structure and go-to market approach based on research and feedback we heard from our advertisers and prospects about their continued challenges," W. Michael Clay, senior vice president and chief revenue officer, said in a statement.\n\nThe AJC has reorganized its sales division into a "one-point-of-contact, multi-media consultancy." Account executives sell across all platforms instead of specializing in one.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Metro Shutters Spanish Operations

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Metro International is pulling the plug on its Spanish operations, which publishes seven free dailies in the country.\n\nThe company launched the Spanish edition in 2001 and said that by 2004 it was turning a profit. But the challenging advertising climate and intense competition forced Metro to seek other options including mergers. "The size of the combined losses of the Spanish Free press market made it extremely difficult to find an alternative that would have improved the future financial performance of Metro Spain," the company stated in a release.\n\nMetro said it's going to take a non-cash charge of 5 to 6 million Euros because of the move. The company had invested 25.5 million Euros in Spain.\n\n"Despite dedicated efforts from our Spanish management team and staff, it is with deep regret that we have taken the difficult decision to close down our operations in Spain," Per Mikael Jensen, president and CEO of Metro, said in a statement. "A continued investment in Spain cannot be justified at this point and we are therefore focusing our resources on growth areas where we can create long term shareholder value."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                'USA Today,' 'FT' Sign on as Plastic Logic's First Newspaper Content Providers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                USA Today and the Financial Times have signed on to be the first newspapers providing content when Plastic Logic's eReader debuts next year, the company said Monday.\n\nPlastic Logic said it also reached agreement with LibreDigital to provide newspaper replicas to the forthcoming Plastic Logic Reader. Plastic Logic also inked agreements with Ingram Digital for ebooks and Zinio for emagazines.\n\nThe Plastic Logic Reader features is thin reader about the size of an 8 1/2-inch by 11-inch pad of paper that the company says weighs less than many print magazines. It uses a plastic electronics display.\n\nPlastic Logic also announced Monday a partnership with Fictionwise, the big econtent retailer, to run its Web store of digital content from newspapers, magazines, trade journals, blogs, ebooks and other sources.\n\nPlastic Logic said it plans to make its Reader available in trials and pilots with partners and key customers during the second half of 2009, followed by widespread commercial availability in 2010.\n\n"Newspaper and econtent fans will love the portable, durable and full-page format of the Plastic Logic Reader," LibreDigital President and CEO Russell P. Reeder said in a statement. "Working with Plastic Logic, we can deliver digital content on-demand to its content store, ensuring that people have access to hundreds of the world's top newspapers and econtent from the day they turn on their new devices."\n\nUSA Today.com Publisher Jeff Webber called the product "an exciting new platform for publishers to reach new and existing readers."\n\nFT CEO John Ridding said the partnership with Plastic Logic will be part of the paper's digital distribution strategy to "offer our customers the opportunity to consume FT content across any channel that suits them."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  'NYT' Syndicate Relaunches Online Marketplace

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The New York Times Syndication Sales has re-launched its Web site nytsyn.com with a new online marketplace where buyers can purchase news articles, features, images and multimedia content from the New York Times and its content partners.\n\nThe site also offers sample columns and previews of what journalists are working on each day.\n\nUsers can buy the content online or through a sales representative.\n\n"We are very excited to announce the launch of nytsyn.com," Christian Edwards, president of the New York Times news service division, said in a statement. "We are committed to offering the highest quality journalism and developing more effective platforms to reach our global client base. Our new e-commerce site allows us to better serve our clients by offering a more immediate and convenient solution to their content needs."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Uh-Oh, Canada: Moody's Sees Ad Slump Through 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    The recession and the global credit crunch will combine to keep down advertising spending and media revenue in Canada, with newspapers likely to be hurt the most, Moody's Investors Service said Wednesday.\n\nIn an executive summary of the report "Canadian Telecommunications, Media and Technology Companies -- Winter 2009 Briefing," Moody's says that within these sectors "advertising-sensitive companies in the newspaper publishing and television broadcasting" will be most affected.\n\n"The recession will adversely affect advertising revenues, and EBITDA (earnings before interest, taxes, depreciation and amortization) will\ndecline," Moody's Vice President and Senior Credit Officer Bill Wolfe said, "and this temporal matter may have lasting implications for these two struggling sectors."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Tribune Launches Online Entertainment News Bureau

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      ribune Co. is rolling out an online entertainment news bureau with content from the Los Angeles Times and movie and TV listings aggregator Zap2it as well as other Tribune properties.\n\nThe bureau will be located in the Los Angeles Times, and Zap2it will provide the content.\n\n"This bureau will work with reporting and producing teams at all our newspapers and TV stations to bring our audience the most complete, behind-the-scenes entertainment report on the Web," Marc Chase, president of Tribune Interactive, said in a statement.\n\nRichard Rushfield and Joseph Kapsch will lead the bureau. Rushfleld has been appointed director/national entertainment programming and will be responsible for coordinating coverage among Tribune sites. He will continue to serve as entertainment editor for latimes.com.\n\nKapsch has been named editorial director for Zap2it.com. In his new role he will lead Zap2it in its expansion as a national entertainment portal. He will also still have his duties as executive producer/entertainment at latimes.com.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        WSJ.com Expands Asia, Europe Sites

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        The Wall Street Journal unveiled expanded sites dedicated to Asia and Europe,\nand secured HSBC as the exclusive advertiser for the launch.\n\nAdditionally, the Journal debuted a new home page for its India coverage.\n\nReaders in Europe and Asia now have mobile access to regional content through WSJ.com Mobile Reader.\n\n"The two fundamental trends of our age -- globalization and digitization -- have created an extraordinary opportunity for people around the world to access the world's most trusted and insightful journalism," Robert Thomson, editor in chief of Dow Jones and managing editor of the Journal, said in a statement.\n\nThe sites in Asia and Europe will offer more local multimedia features, regional market data centers, topic pages, Weekend Journal pages dedicated to the regions and the most popular feature.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          'Metro N.Y.' Sells Edition to One Advertiser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          The free daily tabloid Metro New York sold its entire Feb. 4 edition to one advertising sponsor.\n\nThe Atlantic City Service (ACES), a joint venture among three hotel and casinos in Atlantic City, went to Metro to tease its campaign before it launched on Feb. 6.\n\nThe ads in Metro promote train service between New York City and Atlantic City.\n\n"We wanted this campaign to send a clear message that ACES isn't your ordinary train service," Jennifer Weissman, regional vice president of marketing at Harrah's Entertainment, said in a statement.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            ECRM Centralizes Sales and Marketing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            ECRM, Tewksbury, Mass., today announced a global centralized sales and marketing strategy that will divide its market into four geographical segments. The Americas, Europe/Middle East/Africa will report directly to Sales and Marketing Vice President Doug Barr. The Asia Pacific region will continue to report to Vice President Joseph Chevalier.\n\n"The sales and marketing demands of a more global economy make a centralized approach increasingly more beneficial to ECRM, our dealer partners and customers," ECRM President and CEO Rick Black said in a statement. "Our restructuring will support a more unified and consistent worldwide sales strategy."\n\nWith the changes, as of Feb. 1, Derek Sizer, vice president, eastern hemisphere, left ECRM to pursue other opportunities.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Reflections of a Newsosaur

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              our news-gathering companies are stumbling to extinction\nTuesday, February 10, 2009\nCablevision chokes on Newsday\nCablevision's investment in Newsday flamed out even faster than I expected when I wrote 10 months ago that the over-priced deal was unlikely to succeed.\n\nBut the company's decision to declare as a loss up to 70% of the value of the newspaper might be good news for Rupert Murdoch, who declined to match the aggressive $650 million that Cablevision paid last year in a three-way bidding war for the property.\n\nIn addition to Cablevision and Murdoch, the third potential buyer in the auction skillfully staged by the strapped Tribune Co. was Mortimer Zuckerman, the owner of the struggling New York Daily News.\n\nMurdoch, who might be motivated now to seize on the likely disenchantment of the folks at Cablevision to make a low-ball offer for the paper, was the odds-on favorite in 2008 to buy the Long Island tabloid. That's because he could have reaped an estimated $100 million in annual savings by combining certain editorial, ad sales, production and circulation operations at Newsday with those of his perennially unprofitable New York Post.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                'Time' To the Rescue for Newspapers?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The temptation is irresistible to begin any commentary on Walter Isaacson's piece in Time -- "How To Save Your Newspaper: A Modest Proposal" -- by observing that Time itself looks more in need of saving than even newspapers that symbolize the industry's troubles, like the Chicago Tribune or Chicago Sun-Times, both of which dropped pretty hefty packages on my doorstep Sunday.\n\nBy E&P's count Time sold all of 14 pages of ads in the slim issue. Alan Jacobson of Brass Tacks Design puts it nicely at his blog with a trenchant piece that is far more worthy to be at the center of industry debate than Isaacson's sort of obvious observations: "But its 'Modest Proposal' is delivered in a form that is remarkably modest itself -- its 56 pages are barely thick enough to shim a coffee table, let alone support an entire industry."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  'Wall Street Journal' Librarian Laments Shutdown

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The librarian who operates The Wall Street Journal's news research library -- which is set to close with the elimination of her job and another staffer's -- said in a memo to other librarians that the shutdown is both a personal difficulty and a hit to news coverage.\n\n"When I asked who will do research for the reporters, I was told, 'No one,'" the memo from Leslie A. Norman, posted on a librarian list serve last week, stated. "The reporters will probably be using a Lexis product called Due Diligence Dashboard (you know how your moms told you 'if you can't say something nice...')"

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Cooke Leaving 'Sun-Times' to Become 'Toronto Star' Editor

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Chicago Sun-Times Editor in Chief Michael Cooke is resigning to become editor in chief of the Toronto Star, the Sun-Times said Wednesday.\n\nAt the Star, he will be reunited with John Cruickshank, who was publisher of the Sun-Times during its most tumultuous years following the ouster and later arrest on federal fraud charges of Publisher David Radler and his boss Conrad Black.\n\n"I love the Chicago Sun-Times and this city. Both have been extraordinarily kind to me and my family," Cooke said in a statement. "However, the opportunity to edit Canada's biggest newspaper, the Toronto Star, is irresistible. The Toronto Star was my first newspaper job in North America when I left my native England some 30 years ago. And in joining the Star, I will renew a 30-year relationship during which Publisher John Cruickshank has been my friend, colleague, partner and boss."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      El País lidera la caída de la publicidad de las principales cabeceras nacionales en enero con un 32% de descenso

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      El mes de enero ha sido calificado como "catastrófico" por los directivos de los diarios nacionales. La publicidad ha descendido de manera generalizada en todas las cabeceras. Y lo peor es que la tendencia continuará a la baja durante varios meses más.\n\nSegún los datos que manejan los principales rotativos nacionales, a los que ha podido tener acceso El Confidencial Digital, el periódico que más ha visto mermada su cuenta de ingresos publicitarios durante el pasado mes de enero ha sido el diario El País. Concretamente, la cabecera de Prisa ha tenido un descenso publicitario del 32% en relación al primer mes del año de 2008.\n\nDatos ligeramente mejores ha obtenido el diario El Mundo. El rotativo de Unidad Editorial ha comenzado el año con una bajada publicitaria del 28% en relación a enero del pasado año. Hay que recordar que los ingresos publicitarios del periódico de Pedro J. Ramírez descendieron en 2008 en torno al 20% en relación al año anterior.\n\nIdéntico descenso publicitario que El Mundo experimentó el diario La Razón durante el primer mes de 2008: un 28%. Por su parte, el diario ABC ha recibido un 26% menos de anuncios durante el mes de enero en relación al mismo periodo de 2008.\n\nLas cabeceras trabajan con datos que confirman que estas cifras continuarán a la baja de manera generalizada durante los próximos meses. Las previsiones más optimistas de los directivos de la prensa hablan de que en 2010 habrá un tímida recuperación, y que hasta 2011 o 2012 no se volverá a repetir la situación del 2007. Incluso, algunos trabajan con 2015 como la fecha en que se logrará la estabilidad publicitaria.\n\nLas fuentes directivas consultadas explican que las ediciones digitales son las únicas que se están salvando de esta crisis. El volumen de facturación publicitaria en los medios de comunicación en Internet se está manteniendo, o aumentando en algunos casos.\n\nNo obstante, matizan las mismas fuentes, hay que tener en cuenta que los ingresos por publicidad en la Red aún se encuentran a años luz de los del papel.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        UBS posts $7 billion loss, plans to slash 2,000 jobs - Feb. 10, 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        UBS posted the biggest ever annual loss for a Swiss firm on Tuesday, but said client withdrawals reversed in January and it will axe 2,000 more jobs as it restructures to focus on wealth management.\n\nUBS reported a $7 billion net loss in the fourth quarter, missing a Reuters poll forecast for $6.1 billion. UBS's loss for 2008 came in at $17 billion, above analysts' predictions for $16.2 billion.\n\nThe quarterly loss came on the back of a hefty $7.6 billion trading loss, as well as charges it made after selling billions in toxic assets to the Swiss National Bank when it was rescued by the state in October.\n\nChief Executive Officer Marcel Rohner told journalists that the world's biggest wealth manager was not paying a 2008 dividend but still aims to return to profit in 2009 after seeing some positive signs at the start of the year.\n\n"While we leave a bad year behind us... we can nevertheless report substantial progress," Rohner said.\n\n"Our businesses are well positioned for a challenging future. We had an encouraging start into the new year but the environment will remain difficult and volatile as the real economy has not seen (the) worst yet."\n\nUBS continued to suffer massive outflows in the fourth quarter at its core wealth management business. But the Swiss bank said net new money had turned positive in both wealth management and asset management in January, the first time after a streak of negative quarters. It did not give details.\n\n"In its outlook statement UBS indicates a strong start into 2009 and a reversal of the money flows. We remain skeptical as the clean-up of the mess will take several quarters," Dirk Becker, Kepler Capital Markets analyst, said in a note.\n\nUBS stock swung sharply in early trade, rising as much as 7% before dipping 2% to trade at $10.93 by 4:10 am ET, broadly in line with a 2.3% weaker DJ Stoxx European banking index.\n\nVontobel analyst Marcel Staub said investors would continue to shun the stock as long as uncertainties remained: "We will have to wait-and-see if management's (overly)

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Colombia elimina arancel para cemento

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Colombia elimina arancel para cemento

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Estas alzas amenazan al sector de la construcción y cuyo dinamismo es vital en medio de la fuerte desaceleración de la economía, anunció el martes el Gobierno.\n\nEl ministro de Comercio Industria y Turismo, Luis Guillermo Plata, dijo que la medida de bajar a cero desde 10 por ciento el arancel se aplicará hasta el 31 de diciembre del 2009, pero que puede extenderse dependiendo de los resultados.\n\nEl Gobierno había anunciado la medida el fin de semana, luego de reportar incrementos hasta de un 15 por ciento en los precios del cemento, cuya demanda es atendida en su mayor parte por la mexicana Cemex; la suiza Holcim y la local Cementos Argos.\n\n"Ayer se aprobó la eliminación del arancel del cemento gris tipo Portland, por el aumento desmedido de los precios en Colombia, particularmente en los últimos 15 días del año pasado", aseguró Plata en una conferencia de prensa.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Alpina colocó bonos por $260.000 millones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Alpina colocó hoy en el mercado de valores una emisión por $260.000 millones en tres plazos -de 10, 12 y 15 años-, que fue calificada por Julián Jaramillo, presidente de la compañía, como exitosa. "Fue una novedad para el mercado que una compañía del sector real saque unos papeles con estos plazos y hemos logrado una colocación de más del 100%", explicó a Dinero.com en momentos en que se cerraba la operación.\n\nEsos recursos tendrán como foco el desarrollo de la producción en Colombia, para los años 2010 y 2011, en proyectos como la planta de Enterríos en Antioquia; una apuesta al negocio de jugos en la planta de Caloto, y la ampliación al 100% de las capacidades de la quesería del Sopó.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Slim prevé fuerte caída del PIB de México

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El magnate mexicano Carlos Slim previó el lunes que la economía de su país tendrá una fuerte contracción por la caída de los precios del petróleo y de las exportaciones, en medio de la recesión económica mundial.\n\nSlim, propietario de un imperio empresarial que incluye empresas de telefonía como la gigante de celulares América Móvil, constructoras y cadenas minoristas, entre otras, afirmó que el país debe concentrarse en desarrollar su economía interna y proteger el empleo para superar la crisis.\n\n"No cabe duda que el Producto Interno Bruto (PIB) mexicano se va a desplomar (...) el PIB va a ser negativo, va a ser sustancialmente negativo por la caída del petróleo y la exportación, entre otras cosas', dijo el magnate en un discurso durante un foro en el Congreso del país latinoamericano.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Ganancia de Gas Natural crece 10%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                La española Gas Natural dijo el martes que cerró el 2008 con una ganancia neta de 1.057 millones de euros, un 10,2% por encima del ejercicio anterior y en línea con las previsiones de los analistas.\n\nLa energética, que tiene en marcha una oferta de compra sobre Unión Fenosa, mejoró su resultado bruto de explotación (Ebitda) en un 12,6%, a 2.564 millones de euros, por la generación eléctrica y la incorporación de esa actividad en México, así como por la fortaleza de la distribución en Latinoamérica.\n\nAsimismo, su resultado neto de explotación (EBIT) sumó un 14,5%, a 1.794 millones.\n\nLos analistas consultados por Reuters esperaban en promedio una ganancia neta de 1.055 millones de euros, un Ebitda de 2.580 millones, y un Ebit de 1.754 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  México: nuevo mapa para las telecomunicaciones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  La minera sudafricana AngloGold Ashanti, tercera productora mundial de oro, anunció el lunes que halló nuevas reservas auríferas en Colombia e informó además que la producción del cuarto trimestre superó los pronósticos de la empresa.\n\nSi bien la compañía no detalló los lugares donde se encontraron los recursos, desde Ciudad del Cabo, el gerente de fondos de Renaissance Specialist Fund Managers, Andrew Joannou, afirmó que la empresa tiene "grandes hallazgos en sus libros de exploración".\n\nPor su parte, Mark Cutifani, presidente de AngloGold, dijo que la producción del cuarto trimestre aumentó a 1,27 millones de onzas más que el trimestre anterior y que su propia previsión, según da cuenta un despacho de la agencia Bloomberg, citado el martes por Portafolio.\n\nEl matutino informó además que las reservas de oro en Colombia de la empresa AngloGold, están estimadas en 12,3 millones de onzas.\n\nLa empresa sudafricana se encuentra a la espera de una licencia ambiental para reanudar trabajos pendientes en la mina La Colosa, donde se concentrarían las mayores reservas del metal.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    México: nuevo mapa para las telecomunicaciones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    México publicó el martes nuevas reglas de interconexión en telecomunicaciones con las que busca incrementar la competencia y ampliar el acceso de los operadores a las redes, y que han sido criticadas por la gigante de telefonía fija Telmex.\n\nEl nuevo Plan Fundamental de Interconexión obligará a todos los operadores de telecomunicaciones -incluyendo a líderes como Telmex y América Móvil del magnate Carlos Slim- a ofrecer a otras empresas acceso a sus redes en condiciones al menos iguales a las que usan para sus propias operaciones.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Construcción en Argentina cae 18,29%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La construcción en Argentina cayó un 18,29 por ciento interanual en enero, debido a la incertidumbre generada por la recesión global y a la crisis del sector agropecuario local, dijo el martes una entidad privada.\n\nEl índice que elabora el Grupo Construya, formado por 13 empresas del sector, mostró un crecimiento del 2,88 por ciento en enero respecto al mes previo.\n\n"Me parece importante destacar que justo lo que había sido la zona boom de la construcción, que se estaba nutriendo de un segmento que estaba andando muy bien como el campo, este año tuvo una caída de los precios de sus productos y una seca considerable", explicó Jorge Hernández, portavoz de Construya.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Banorte y Banco de Desarrollo de China firman alianza

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El Banco de Desarrollo de China y Banorte, el quinto mayor banco de México, firmaron un acuerdo para que sus clientes tengan acceso a cuentas de ambas entidades y a servicios como transferencias, cambio de divisas y envío de remesas.\n\nEl vicepresidente de China, Xi Jinping, se encuentra de visita en México a la cabeza de una comitiva que participa en un encuentro empresarial entre México y el gigante asiático, durante el cual se firmó el acuerdo.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Perú invirtió US$ 688M en telecomunicaciones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Las inversiones en el sector telecomunicaciones en Perú alcanzaron los US$ 688 millones durante el 2008. Superando incluso los recursos destinados para electricidad y saneamiento, que registraron US$ 599 millones y US$ 200 millones respectivamente.\n\nSegún detalló el presidente del Organismo Supervisor de la Inversión Privada en Telecomunicaciones (Osiptel), Guillermo Thornberry, las inversiones "se hicieron mayormente en provincias, donde existe todavía un gran camino por recorrer, pues el mercado limeño ingresó a una etapa de madurez", informó la agencia Andina.\n \nEn esa línea, el directivo aseguró que es de suma importancia mantener los niveles de inversión en el sector, para permitir el acceso a las telecomunicaciones en las zonas rurales.\n\nY aunque Thornberry señaló que "es posible que no alcancemos las tasas anteriores debido a la coyuntura que afrontamos ocasionada por la crisis financiera internacional, pero lo importante es que no nos detendremos".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Nuevo rescate no convenció a los mercados

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Los principales mercados bursátiles de América Latina se derrumbaron el martes por las dudas que rodean al nuevo plan de rescate bancario anunciado por Estados Unidos. El desplome de los mercados tuvo su epicentro en Wall Street, donde el promedio industrial Dow Jones registró su mayor caída porcentual diaria desde el 1 de diciembre.\n\nEl Tesoro estadounidense anunció el nuevo plan, que crea una sociedad público-privada para comprar US$ 500.000 millones en activos tóxicos de los bancos y respaldará nuevos préstamos por US$ 1 billón mediante la ampliación de un programa de la Reserva Federal.\n\nEl rebautizado "Plan de Estabilidad Financiera", anunciado por el secretario del Tesoro Timothy Geithner, dedicará también US$ 50.000 millones en fondos de rescate para intentar detener las ejecuciones hipotecarias. Pero, el programa dejó muchas dudas entre los analistas, que temen que sea demasiado tarde.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El presidente del BBVA ganó 16 millones entre sueldo y pensión

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El BBVA publicó ayer las retribuciones de sus directivos en su informe anual de gobierno corporativo. El presidente del banco, Francisco González, ganó 16,6 millones entre sueldo fijo, paga variable y dotación para su fondo de pensiones. Esa cifra no incluye un bono en acciones, de carácter trianual, valorado en 3,4 millones que se devengó entre 2006 y 2008.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Gas Natural luchará por el negocio gasista de Fenosa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Tras haber augurado algún acelerón en la operación, Gas Natural ha vuelto a sus cálculos iniciales, que le permitirán engullir Unión Fenosa el próximo mes de abril, partiendo de la premisa de que la Comisión Nacional de la Competencia (CNC) se pronunciará sobre la operación antes de que acabe este febrero. Pero antes de culminar la operación, la gasista participada por La Caixa y Repsol YPF dejó ya ayer clara su intención de batallar para quedarse con Unión Fenosa Gas, un negocio que la eléctrica comparte al 50% con la italiana Eni y cuya valoración se acerca a los 3.000 millones de euros.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Russia gets debt markets edgy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Global bond markets are getting anxious over Russia Tuesday morning. Reports are that the country's major firms are asking Moscow to help them renegotiate and postpone the payment of $400 billion in loans with European and other foreign banks.\n\nThe move, which has the potential to trigger a default, comes as Russia struggles to defend its currency and restructures its spending in the face of drastically reduced oil prices. Russia has already spent over $200 billion -- about 1/3 of its reserves -- over the last three months in efforts to slow the ruble's drop, but decided to pull out all the stops Monday by jacking up key rates by 100 basis points. The prospect of major defaults by Russia companies has slammed the euro due to the strong business ties between the the EU and Russia.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Cisco’s Cash Hoard Stokes Deal Rumors

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    With $30 billion, Cisco Systems likes to point out it has more cash on hand than any other technology company. So why did it just sell $4 billion worth of debt on Monday?\n\nCisco has been rather upfront about plans to make acquisitions. Last week, John Chambers, the chief executive at Cisco, told Bits that the company looks to strike next in the consumer electronics market, bolstering its home networking businesses.\n\nIn addition, Cisco has gobbled up security, software and hardware companies at a furious pace over the past five years.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Roche Takes Genentech Bid Hostile

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Genentech's directors told Roche in December that they would consider selling their company for $112 a share, an amount much higher than Roche was willing to pay, according to details of the negotiations made public on Monday.\n\nThe details, the first public indication of the behind-the-scenes discussions between the companies, are contained in documents related to the tender offer by Roche on Monday, The New York Times's Andrew Pollack writes. Roche is seeking to buy the 44 percent of Genentech it does not own for $86.50 a share in cash, or about $42 billion.\n\nUnable to reach a deal with the Genentech board after first proposing an $89-a-share takeover last July, Roche late last month said it would go directly to Genentech's stockholders through a tender offer.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Pfizer-Wyeth Deal May Force Roberts to Recuse Himself, Report Says

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Pfizer's $68 billion deal to buy Wyeth seems to have put a Supreme Court Justice in a bind.\n\nChief Justice John Roberts Jr., a shareholder in Pfizer, may have to recuse himself from one of the top cases of the current Supreme Court term, Wyeth v. Levine, Legal Times says.\n\nThe case, which is asking whether a state law tort action challenging the labeling on a Wyeth drug is pre-empted by federal law, is likely to affect Wyeth's value, and in turn Pfizer's, the publication said.\n\nThe court heard the case last November, is likely to have voted privately the outcome around the same time, but decision no has emerged, Legal Times said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Live Nation and Ticketmaster Announce Their Merger

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Live Nation, the largest concert promoter, and Ticketmaster Entertainment, the No. 1 ticket seller, announced their widely reported merger deal on Tuesday morning. The stock-for-stock transaction would create a powerhouse in the music and live entertainment industries and likely draw intense scrutiny from antitrust regulators and lawmakers.\n\nIn a joint statement, the companies said that Ticketmaster shareholders would get 1.384 Live Nation shares, subject to adjustments, for each Ticketmaster share. Based on Live Nation's closing price Monday of $5.29, that valued each Ticketmaster share at $7.32, or about 11 percent above where that stock closed the previous day.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The Week That Deals (Almost) Dried Up

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Deals aren't dead - just ask Pfizer or Live Nation - but they did seem to go into a coma last week.\n\nThe combined volume of mergers and acquisitions targeting United States companies came to just $926 million in the week that ended Feb. 6, according to data from Thomson Reuters. That is the lowest weekly total since the week ending May 1, 1993, when there was $904 million worth of announced deals. It was also one of only 10 weeks since 1990 in which deal volume targeting United States companies came in under a billion dollars.\n\nIt's not all doom and gloom, though. Optimists can point to the $98.7 billion in deal volume racked up so far this year. That's a 42 percent increase from the comparable period in 2008, when volume was $68.9 billion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sirius XM Prepares Bankruptcy Filing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sirius XM Satellite Radio has been working with advisers to prepare for a possible bankruptcy filing, in a move that could put pressure on the satellite company EchoStar, which owns a substantial amount of the company's debt.\n\nSirius has been working with the restructuring expert Joseph A. Bondi of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing, people close to the company said. The documents and analysis are nearly complete and a filing could come within days, according to a person familiar with the matter.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Morgan Stanley Names Global Head of M.&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Morgan Stanley named Robert A. Kindler to be its global head of mergers and acquisitions on Tuesday, according to a memo sent to employees.\n\nMr. Kindler, a longtime dealmaker who is a vice chairman of the firm, will succeed Gavin MacDonald, a London-based banker who died in December. Mr. Kindler, 55, is a colorful negotiator who joined Morgan Stanley in 2006. He was previously global head of mergers and acquisitions at JPMorgan Chase and a lawyer at Cravath, Swaine & Moore.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El Grupo PRISA reorganiza su cúpula directiva y mueve los cargos de los Polanco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  La reestructuración interna que el Grupo Prisa puso en marcha el pasado mes y que relanzó a dos profesionales de la casa: Ignacio Santillana y Manuel Polanco, parece desembocar en un profundo cambio en la cúpula directiva de la empresa que, en principio afecta a los cargos que ostentan los Polanco y a la posición que mantiene Cebrián.\n\nSegún publica El Confidencial Digital, Manuel Polanco es el nuevo 'hombre fuerte' de la sociedad, la persona que va a ser la referencia de la empresa de aquí a unos años. El puesto que formalmente ocupa en estos momentos es el de director general de las divisiones de Negocio y de su Dirección Comercial.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    El papel pierde fuerza en El Mundo

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Los trabajadores de Unidad Editorial se temen lo peor después del acuerdo anunciado entre el grupo de Pedrojota y Bermont para la creación de una nueva sociedad de impresión. Con este convenio, Pedrojota tiene vía libre para reducir la plantilla de talleres, como ya hicieran PRISA y Vocento.\n\nEl rumor viene escuchándose desde hace semanas cuando Pedrojota convocó una reunión extraordinaria con los representantes de los trabajadores para advertirles que necesitaban ahorrar 30 millones de euros en costes de personal. Ahora Unidad Editorial lo ha confirmado.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Convergence vs. disaggregation: the boutique model

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The independent investment bank/brokerage model is broken-what next?\nSee What's Hot in Financial Services\n\nIndependent broker dealers as well are feeling the pinch in this severe market downturn. Clients and advisors alike have been in a state of suspended animation -advisors holding hands while client's anxiety levels have sky rocketed. As a consequence, commission income is down, and speculation is increasing about an upcoming increase in mergers as firms struggle for revenue.\n\nAt the same time, formerly independent wirehouse firms like Merrill Lynch are starting to see an exodus of brokers as those who have short tenures are culled, and redundancies in management due to the merger leads to restructuring. Even more migration is likely as the impact of cultural clashes become apparent between the more conservative commercial banking atmosphere of BoA, and the more hard-driving and risk inclined culture of the formerly independent investment brokerage firm.\nOut of the ashes\n\nIndependent broker-dealers may reap the rewards as hedge funds come under more regulatory scrutiny -a situation that many think is inevitable. And fee based business may finally see the dramatic upswing that has been predicted for so long. After extended periods of turmoil such as we are seeing in the current environment, high-quality impartial advice becomes a valued commodity.\n\nWhat this also means is that out of the ashes of Wall Street a new type of boutique firm will likely arise. Many will consist of former employees of big investment banks, indeed, many of these firms are already being formed. As bonuses dry up at larger firms, smaller firms will be one way to build an advisory business and "stay under the radar" so to speak. Investors (such as sovereign wealth funds for instance) are always looking for expert advice. The current environment is providing the opportunity for a diverse number of specialized smaller firms to accumulate those assets.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • on 02-09-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        PRNoticias - Prisa refinancia sus créditos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        PRNoticias - Prisa refinancia sus créditos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        La cuesta de enero se ha resuelto para Prisa. El grupo ha logrado refinanciar el crédito sindicado por 2.000 millones, cuyo vencimiento se producía en marzo. Un consorcio liderado por HSBC y BNP habría aprobado el plan de reestructuración presentado por el Grupo. \n\n\nPara nadie es un misterio que los problemas se acumulan para Prisa. Es verdad que con esta refinanciación se han quitado de encima el peso de tener que responder ante sus acreedores en su peor momento financiero, pero esto no significa que las dificultades estén resueltas. Prisa tiene ahora por delante el desafío de revalorizar la compañía en el peor momento económico para la compañía, lo que implica necesariamente vender alguno de sus activos más rentables.\n\n\nPodrán ahora negociar sin presiones y es probable que incluso puedan 'colocar' Digital Plus a alguna de las empresas con las que han estado negociando. Esto les permitirá además avanzar en segundas opciones como la venta de la Cadena Ser o de la editorial Santillana, siempre sin descuidar la conflictividad laboral que está generando la división de El País en cuatro empresas diferentes.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Five trends that will shape business technology in 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          When downturns hit, there is a certain inevitability to their impact on IT. Declining profits will place tremendous pressure on IT budgets in most sectors and regions. CIOs will be called on to rationalize projects, downsize organizations, renegotiate contracts, and seek out other cost-reduction opportunities.\n\nMuch has changed, however, since the last big downturn, in 2001: technology budgets are larger, businesses have automated more processes, employees make greater use of tech-based productivity tools, and e-commerce has moved to the core of day-to-day operations. At the same time, IT organizations have established better mechanisms to govern IT decision making and have consolidated local IT operations to cut costs.\n\nTaken together, this combination of cost pressures and IT organizations that are leaner, larger, and more vital to company goals will have new implications for business technology in 2009. Here's what may be in store.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            New York Times plays peek-a-boo with conflicts (Dealscape)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The New York Times Monday decided to pen what essentially appears to be a defense of the corporate strategy of, well, The New York Times. In any other newspaper, the story by Richard Perez-Pena would have hardly elicited much in the way of comment. For anyone who's been following the mounting commentary on the Times and its debt load, there was little that was really new in the Times piece; the paper's senior business folks, notably CEO Janet Robinson and chairman Arthur Sulzberger Jr., refused to comment, though one has to assume they knew it was happening. Deep in the jump, Perez-Pena even makes a brave attempt to balance the story out, an attempt effectively undercut by the press release headline, "Resilient Strategy for Times Despite Toll of a Recession."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Brands in films gain more footage in slowing economy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Movies provide a cheaper, alternative platform for greater visibility and brand promotion.\n\nOn the back of a slowing economy, brands have been looking for cheaper, alternative media for greater visibility and returns for promotions. In-film promotions, one such option, is picking up with movies sporting multiple brands.\n\nConsider the movie Fashion. It had popular brands including Sunsilk, Kimaya and Lenovo. The latest is adidas. It has been roped in for in-film placement in Bum Bum Bole, a Percept Picture Company film, starring Darsheel Safary. The entire film revolves around a pair of shoes and Darsheel's character depicts how a small town boy bends the odds and states - 'Impossible is nothing' (adidas' slogan).

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Warner Bros to outsource jobs to India

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                In a move that could ruffle a few feathers in the Barack Obama administration, American entertainment giant Warner Bros is planning to outsource jobs to India.\n\nIt is believed that about 200 positions are to be outsourced to India and Poland by Warner Bros, which also said it would slash about 10 per cent of its 8,000-strong workforce in the coming days.\n\n"While no final decision have been made internationally, the company expects the layoffs, elimination of open positions and outsourcing to affect nearly 800 positions worldwide, or approximately 10 per cent of its 8,000 employees," a Warner Bros official said in an e-mailed statement. About 200 open positions and 300 outsourced jobs would be affected as part of the reduction, while another 300 employees would be laid off, the official said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Madoff Won’t Contest S.E.C. Civil Claims

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The Securities and Exchange Commission on Monday reached a partial settlement in its civil case with Bernard L. Madoff, the financier accused of masterminding a vast Ponzi scheme. The agreement, submitted to the federal judge overseeing the case, could eventually force him to pay a civil fine and return money raised from investors.\n\nThe agreement with the S.E.C. says that Mr. Madoff cannot contest the agency's civil fraud allegations and that possible civil fines and restitution will be decided "at a later time."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    McDonald's sales rise 7.1%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    McDonald's Corp. said Monday that worldwide sales at its restaurants open at least 13 months rose 7.1% in January, driven by strength abroad, and its shares rose in premarket trading.\n\nThe world's largest hamburger chain said January same-store sales rose 5.4% in the United States due to demand for McDonald's core menu and breakfast items.\n\nMcDonald's has benefited in recent months by cash-strapped consumers shifting down to lower-priced fare during the recession.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Why Disney wants DreamWorks

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      It's a no-brainer why DreamWorks wants to ally with Walt Disney.\n\nIt didn't come to terms with preferred partner Universal Studios, and the distribution deal expected to be announced today with Disney should end a period of limbo for the vaunted mini-studio that Steven Spielberg and pals set up 15 years ago. But for Disney, this is an atypical deal that underscores a lot of fundamental changes at the House of Mouse of late.\n\nFirst off, though, let's agree that the biggest reason for Disney or anyone else to be in business with DreamWorks is to secure a relationship with Spielberg - duh, he's the most successful director in history and no slouch as a producer.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Can Deals Help Save Newspapers?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Newspaper companies face "antiquated" antitrust rules that are preventing much-needed consolidation in a perilous time for the industry, John Chachas, a managing director of Lazard, wrote in an opinion piece in The Dallas Morning News.\n\nStating that as many as a third of American daily newspapers might be in bankruptcy protection by the middle of the year, Mr. Chachas called on the Justice Department and the Federal Communications Commission to take quick steps to relax antitrust restrictions that he said don't reflect the realities of the Internet age.\n\n"It is as if regulators went to sleep during the Eisenhower administration and woke up staring blankly at an iPhone," he wrote.\n\nAmong other changes, Mr. Chachas urged the agencies to end limits on local cross-media ownership and so-called in-market mergers.\n\n"No TARP money please," he wrote, "just enlightened policy."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Obama Taps Doerr for Advisory Board

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          President Barack Obama has named venture capital veteran John Doerr to his new 16-member Economic Recovery Advisory Board that will "provide advice directly to the president on the programs to jump-start economic growth and facilitate economic stability," the White House said Friday.\n\nThe committee, led by former Federal Reserve Chairman Paul Volcker, includes a smattering of regulators, chief executives, labor leaders and academics, including General Electric chief Jefferey Immelt, Oracle President Charles E. Phillips, and former Securities and Exchange Commission chief William Donaldson.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Electronic Book Start-Up Finds Partners

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Plastic Logic, maker of an electronic book reader, plans to announce partnership deals on Monday that it says will bring a number of major publications to its planned device, The New York Times's Eric A. Taub reported.\n\nThe company plans to make a device with a 10.7-inch diagonal electronic display, larger than the screens on an Amazon Kindle or Sony Reader, two of the more popular models currently on the market. Plastic Logic says the device will be available early next year. It uses the same technology to display print as its main competitors.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Mexico pays price for obesity trend

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Seven years ago, when he became too fat to stand up, Jesús Salvador Torres lay down on the cement floor of his parents' humble living room in western Mexico. He has been there ever since - sleeping, bathing, defecating and, above all, eating.\n\n"He loved his food," says Salvador Torres, Jesús' father. "He would always ask for a second helping." Today, Jesús has the arteries of a 65-year-old and weighs 200 pounds. The biggest worry is that he is only nine. Jesús is an example - albeit an extreme one - of a public health problem that is sweeping Mexico. According to statistics published last month by the health ministry, the country now has the fattest population in the world, with 70 per cent of adults either overweight or obese.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                New economic figures rattle Brazilians

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Luciano Coutinho, head of Brazil's national development bank, has strong views on what has become a controversial subject for investors and economists looking at the world's tenth biggest economy.\n\n"There is an idea going around that decoupling is over," he says. "That's a mistake. Decoupling has, yes, taken place and you'll see it in the rate of economic growth."\n\nBrazil was widely said to have decoupled from the rest of the world because its increasingly vibrant economy has become less vulnerable to destabilising forces from overseas. Thrown off course by the Russian and Asian crises of the late 1990s, it had until recently weathered the current global crisis better than many expected.\n\nBut decoupling came under severe questioning this week after the release of some alarming economic data. Nevertheless, other contradictory evidence suggests that while Brazilians are suffering a crisis of confidence, they also believe their economic downturn will end soon.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  M&A Is Down, But Not Entirely Out

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Occasional opportunities. For acquirors with cash and solid balance sheets, opportunities still abound. Surprisingly, many of the deals done in troubled times have the best returns. Perhaps, the author suggests, this is because they are the result of rigorous due diligence and comprehensive modeling. Creative financing has been replaced by financing that is transparent and straightforward. Private equity firms and cash-rich sovereign wealth funds are still strong players in the M&A field, still finding tempting targets despite dismal economic times. Many recent deals provide unique opportunities involving family-held companies, where a founder or controlling shareholder is the defining element in a company's future prospects. In such deals, the combination of the investor's financial expertise with the owner's operating acumen is critical. Although private equity firms have helped to keep the M&A activity alive, firms with limited access to worldwide credit markets have not been so fortunate. The volume of financial sponsor-backed deals dropped to its lowest level since 2004, down 70% from the same period in 2007.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Telecom Egypt eyeing regional deal

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Telecom Egypt, the largest Arab fixed-line phone operator by subscribers, is still looking to buy a telecom firm in the region to reduce dependence on its home market.\n\nThe company, which faces market saturation in Egypt where it has a monopoly, said in August it could spend at least US$1bn on an acquisition in the Middle East or North Africa.\n\n'We always have three preferences, the MENA (Middle East and North Africa) region, an existing operation rather than greenfield and an integrated fixed and mobile operation; this is the ideal target for us,' Akil Beshir told reporters late on Sunday.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Casi medio millón cubanos ya usa celulares

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Casi medio millón de cubanos tiene teléfonos celulares menos de un año después de el gobierno comunista de la isla permitió la venta libre de ese servicio a la población, informaron las autoridades. \n\n"Al cierre del 2008 se registraban en Cuba un total de 479.861 líneas celulares" reportó el diario Juventud Rebelde en su edición dominical.\n\nLa cifra incluye los celulares adquiridos en moneda libremente convertible (CUC), los asignados por "interés social" o los "teléfonos fijos alternativos" (TFA) que prestan servicio en las comunidades donde no llegan las líneas telefónicas normales.\n\nCuando el gobierno cubano autorizó la venta libre de celulares en marzo de 2008, activar una línea costaba 111 CUC hasta diciembre cuando bajó a 60 CUC (unos 65 dólares). Los abonados deben comprar tarjetas para cargar crédito y utilizar sus líneas.\n\nEn Cuba un peso cubano equivale a 24 dólares y un CUC corresponde a 1,20 dólares.\n\nLa operación de celulares se mantiene bajo el monopolio de la firma italo-cubana ETECSA.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Minera china invertirá US$1.000M en Perú

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        El presidente de la empresa minera Shougang Hierro Perú, Wu Bin, anunció el sábado que invertirá US$ 1.000 millones en ampliar su planta peruana de producción de hierro, en 10 millones de toneladas anuales para fines de 2010.\n\nShougang Hierro Perú es propiedad del grupo chino Shougang, desde el 1de enero de 1993, cuando asumió el control de la gerencia y las operaciones de la explotación mineral y es una de las cinco principales empresas exportadoras a China, según consignó El Comercio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Rusia aprueba crear banco con Venezuela

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El primer ministro ruso, Vladimir Putin, aprobó la semana pasada el acuerdo para crear un banco conjunto con Venezuela para financiar proyectos bilaterales en el campo de la energía, entre otros.\n\nPutin ordenó al Ministerio de Economía, a los bancos Gazprombank y VTB y a otras agencias implicadas, que cierren el acuerdo con el país sudamericano y procedan a firmarlo.\n\nLa nueva entidad, en la que también participarán el Ministerio de Hacienda venezolano y la petrolera estatal Pdvsa, tendrá sede en Moscú y una sucursal en Venezuela, según cables de la agencia RIA Novosti citados por El Nacional.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Brasil: Producción de autos salta 92,7% en enero

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            La producción de vehículos en Brasil saltó un 92,7% en enero a 186.100 autos frente a diciembre tras cinco meses de caídas por la crisis de crédito, aunque perdió un 27,1% ante enero del 2008, informó el lunes la entidad que agrupa a los fabricantes.\n\nEn tanto, las ventas subieron un 1,5% el mes pasado ante diciembre, pero cayeron un 8,1% en la comparación internanual, a 197.500 unidades, dijo la Asociación Nacional de Fabricantes de Vehículos Automotores (Anfavea). El aumento, según Anfavea, se debe a que los principales fabricantes de autos bajaron los precios luego que el Gobierno anunciara a fines de 2008 una exención fiscal transitoria.\n\nLas exportaciones de vehículos cayeron en enero un 48,1% sobre diciembre y un 60,1% respecto a enero del 2008, a 22.600 unidades, dijo Anfavea.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              FedEx eliminará cerca de 900 empleos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El gigante estadounidense de los envíos de encomiendas Fedex Corp dijo el lunes que eliminará cerca de 900 empleos en 130 instalaciones de FedEx Freight, con el fin de alinear esa unidad con los niveles de sus otros negocios.\n\nLa compañía dijo que, desde diciembre, los mercados internacionales se han deteriorado más de lo esperado y que el ambiente de precios es cada vez más agresivo.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Colombia espera IED por US$10.000M

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El ministro de Comercio, Industria y Turismo (Mincomercio), Luis Guillermo Plata, aseguró que el objetivo para 2009 es aumentar la Inversión Extranjera Directa (IED) a US$ 10.000 millones. En la ocasión aclaró, que de mantenerse el nivel de inversión de de 2008 de US$9.700 millones, sería prueba suficiente de la confianza que hay en la economía colombiana.\n\nEl funcionario también dijo que desde 2002, Colombia dejó atrás situaciones que le restaban competitividad como la inestabilidad jurídica y un régimen tributario poco competitivo, lo que llevó al país a reducir los trámites para los empresarios internacionales y fortalecer la seguridad democrática.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Carranza destaca "capacidad de respuesta" de Perú

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El ministro de Economía y Finanzas de Perú, Luis Carranza, reiteró el lunes que el producto interno bruto de su país debiera expandirse este año un 5,0%, muy por debajo de la tasa del 9,0% que habría registrado el PIB en 2008.\n\nCarranza añadió en una entrevista con la cadena radial RPP que el menor ritmo de crecimiento se deberá en gran parte a menores inversiones del sector privado. Previamente, el Gobierno proyectaba un crecimiento del PIB de hasta un 7,0% para este año.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Brasil: Crédito ha vuelto a niveles pre crisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    La disponibilidad de crédito en Brasil ha vuelto a los niveles previos a la agudización de la crisis mundial en septiembre, declaró el lunes el presidente del banco central brasileño, Henrique Meirelles.\n\nEn una presentación ante líderes empresariales en Brasilia, Meirelles dijo que la mejoría en la oferta crediticia ha sido resultado de las iniciativas gubernamentales para compensar la falta de liquidez en el exterior.\n\n"Estamos sustituyendo el crédito extranjero", dijo Meirelles. "En una segunda fase, será importante para que bajen los costos del crédito".\n\nEn una escala indexada de 100, la disponibilidad de crédito de Brasil aumentó a 101,1 en enero, respecto de un mínimo de 92,7 en septiembre, dijo Meirelles.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Twentieth Cancels 'Cristina’s Court'

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      wentieth Television's court show, Cristina's Court, will not return for fall 2009, the company said Friday. The show will remain in production and on the air through September 2009.\n \nCristina's Court, hosted by Cristina Perez, is in its third season on the air. In 2008, the show won the first-ever Daytime Emmy for a court show. Cristina's Court was the first court to be adapted for English-language television from Spanish-language TV. Previously, Perez hosted a popular program on NBC Universal-owned Telemundo titled La Corte De Familia.\n \nCristina's Court joins a growing list of syndicated shows facing cancellation because the lack of advertising and cash in the marketplace are making them economically impossible to continue to produce.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Norske Skog eyes sale of China mills

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Norwegian papermaker Norske Skog said on Monday it has taken initial steps to sell its two paper mills in China in a bid to cut capacity and reduce debt.\n\nThe paper industry has struggled for six years to climb out of a slump, burdened by overcapacity and soft prices, and the global economic crisis has hit prospects for 2009 as demand for basic materials, including paper, has dropped further.\n\n'Norske Skog has, on several occasions, stated that the company is evaluating divestments of assets to reduce ... net debt,' the company said in a statement, adding that one alternative was to sell its mills in China.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • on 02-06-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          The Ultimate Business Tune-up for Times Like These

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          The Ultimate Business Tune-up for Times Like These

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          George Naddaff, Boston Chicken\nBring Back the Fun\n\nBack in the days of Boston Chicken, we had a very effective promotion for slow periods. We had a chicken suit designed. Boy, that thing was chickenlike. One of the employees would slide into it. And then we would "put the chicken on the street." The chicken, armed with coupons, would chase women with strollers, flapping its wings. And the street would suddenly pick up. People would start honking their horns at the chicken. Giving the chicken the thumbs-up. It just made everyone more upbeat.\n\nSo I was thinking, What can I do to get more people into my new business, UFood Grill? I went to the guy who designed that chicken suit. And I said, "Bob, I want you to design us some French fries" -- we call them UnFries -- "in a box. And I'll put a person in the box. And I want you to design a cup that looks like my UBerry yogurt. And I'll put a person in that. And we'll put them on the street. We'll create some action."\n\nI put these things in front of our store in downtown Boston. People walking by, wanting to shake hands. Drivers raising their hands, calling out: "Hey, fries!" You create something where people are laughing. People don't laugh today. They're walking around worrying about their 401(k)s.\n\nThe suits cost only $2,500 each. We are getting a real bang for the buck, as they say in the trade. It has produced a good 8 percent increase across the stores. We are using the characters in front of all six of our stores in Boston, and we are going to ship them out to our franchises. We have five franchisees opening a total of 16 units. So we have three fries suits and three yogurt suits, and each unit gets to use one set for a week, and then they pass it on. We like to keep the fries and yogurt together because they get along so well.\n\nBack to list\nPaul Graham, Y Combinator\nThink Like a Tech Start-up\n\nA recession is a great time to ask yourself, Why am I spending so much money on IT? If you go to a typical Silicon Valley start-up, you will find that its IT expenses consi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Will Work for Praise

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            It's dawn at a Los Angeles apartment overlooking the Hollywood Hills. Laura Sweet, an advertising creative director in her early 40s, begins to surf the Net. She searches intently, unearthing such bizarre treasures for sale as necklaces for trees and tattoo-covered pigs. As usual, she posts them on ThisNext, a social network where people exchange shopping leads. Why does she spend so many hours each week working for free? "It's sort of a cool feeling that you're influencing people," she says.\n\nA half-hour's drive to the west, a serial entrepreneur named Gordon Gould strolls into the Santa Monica offices of ThisNext. Gould has managed to entice an army of volunteers, including Sweet, to labor on his site without pay. Traffic on ThisNext is soaring, with unique visits nearly tripling in a year, to 3.5 million monthly. Revenue comes from advertisers, who pay to display their wares amid so many shoppers. What's in it for the volunteer workers? "They can build their brands," Gould says. "In their niches, they can become mini-Oprahs."\n\nHere's how it works: Entrepreneurs like Gould build meeting places that provide visitors with tools to express themselves, mingle with friends and strangers, and establish their personal "brands." The result, when all goes well, is an outpouring of creativity. These bottom-up efforts have produced not only ThisNext but also YouTube (GOOG) and even American Idol.\nRECESSION CREATIVITY\n\nDoes the crashing economy affect the market for free labor? Gould says no. In fact, he's betting that people will continue to invest in their personal brands during hard times. Between investor visits during a recent trip to New York, he sips a soy latte and speculates. Amid the downturn, he says, firings are sapping loyalty to companies and steering people toward goals of self-sufficiency. In other words, Gould says acerbically, "the only person I can rely on not to screw me-hopefully-is myself."\n\nBeyond brand-hungry strivers, masses of free laborers-from coders building Linux open-source software to editor

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              http://www.foreignpolicy.com/story/cms.php?story_id=4585&print=1

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Scientists Are Divided"\n\nNo, they're not. In the early years of the global warming debate, there was great controversy over whether the planet was warming, whether humans were the cause, and whether it would be a significant problem. That debate is long since over. Although the details of future forecasts remain unclear, there's no serious question about the general shape of what's to come.\n\nEvery national academy of science, long lists of Nobel laureates, and in recent years even the science advisors of President George W. Bush have agreed that we are heating the planet. Indeed, there is a more thorough scientific process here than on almost any other issue: Two decades ago, the United Nations formed the Intergovernmental Panel on Climate Change (IPCC) and charged its scientists with synthesizing the peer-reviewed science and developing broad-based conclusions. The reports have found since 1995 that warming is dangerous and caused by humans. The panel's most recent report, in November 2007, found it is "very likely" (defined as more than 90 percent certain, or about as certain as science gets) that heat-trapping emissions from human activities have caused "most of the observed increase in global average temperatures since the mid-20th century."\n\nIf anything, many scientists now think that the IPCC has been too conservative-both because member countries must sign off on the conclusions and because there's a time lag. Its last report synthesized data from the early part of the decade, not the latest scary results, such as what we're now seeing in the Arctic.\n\nIn the summer of 2007, ice in the Arctic Ocean melted. It melts a little every summer, of course, but this time was different-by late September, there was 25 percent less ice than ever measured before. And it wasn't a one-time accident. By the end of the summer season in 2008, so much ice had melted that both the Northwest and Northeast passages were open. In other words, you could circumnavigate the Arctic on open water. The computer models, which are just a

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Japan's ailing electronic firms

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                O SEE the problems facing Japan's electronics companies, pop into one of the huge gadget shops in Tokyo's Akihabara district (pictured above), the consumer-electronics capital of the world. Nine domestic firms make mobile phones. Then head over to the appliances section: five of the same firms offer everything from vacuum cleaners to rice cookers. Three of them make the escalators that carry you through the shop. In short, the industry has too many companies selling too broad a range of products that overlap with one another.\n\nThis "supermarket" strategy, in which each company has a hand in every area, worked well during Japan's incredible economic boom between 1960 and 1990. "Made in Japan" gadgets, once cheap and flaky, ended up as world leaders in quality, humiliating America's electronics industry along the way. Consumers at home and abroad snapped them up, generating vast trade surpluses and bitter trade tensions.\n\nBut the companies got bigger and bigger, priding themselves on their girth rather than their profits. Many now have over 500 affiliates, from travel agencies to restaurants. Old practices linger. It is not uncommon for employees to recite the corporate mission in the morning, or stop work in the afternoon as the company song reverberates across the cubicles. LaserDisc players never really caught on after being introduced in 1980, but Pioneer stopped shipping them only last month.\n\nAll this could go on for as long as firms accepted low returns on equity. But the global recession is exposing their deep-seated problems with astonishing speed and severity. Demand for consumer electronics has collapsed. The strong yen is crippling exports: the currency has gained 67% against sterling in the past year, and almost 75% against the South Korean won. So Japanese exports-which account for more than half of some firms' sales-cost more to foreign buyers. Meanwhile, component prices are plunging, overcapacity is rife and margins are meagre. Apple's iPhone is stuffed with Japanese parts, but most earn their make

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Japan's troubled labour market | Non-regular and not wanted

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  AFTER clashes between riot police and protesters, workers at the Keihin Hotel in Tokyo were forcibly ejected on January 25th. They had been fired in October when the hotel went bust, but decided to keep it running-an example of the lengths to which people will go to keep their jobs in Japan, where unemployment is suddenly rising at an alarming rate. Over 150,000 people are expected to lose their jobs between October and March. Hisashi Yamada of the Japan Research Institute expects 1.5m job losses by the end of 2010, lifting the unemployment rate from 4% last year to over 6%. Though low by international standards, that is exceptionally high in Japan.\n\nHardest hit will be "non-regular" workers-those who work part-time, as day-labourers, for a fixed duration, or under agency contracts. "Regular" workers enjoy benefits such as housing, bonuses, training and (usually) lifetime employment, but non-regular workers earn as little as 40% of the pay for the same work, and do not receive training, pensions or unemployment insurance. In the past 20 years their numbers have grown to one-third of all workers.\n\nFor years most Japanese ignored their plight. But now their problems have erupted into plain sight. In January around 500 recently fired, homeless people set up a tent village in Hibiya Park-a highly visible spot in the centre of Tokyo. Politicians and television news crews flocked to the scene. The embarrassed city government eventually found accommodation for the park's homeless in unused city-owned buildings, though it put them up for only a week.\n\nThe problem is that Japan lacks a social safety net, says Makoto Yuasa, the organiser of the Hibiya tent village, who dropped out of a PhD programme at Tokyo University to help homeless people. Because families or companies traditionally looked after people, the state did not have to. Moreover, there is a stigma in Japan if an unemployed person asks for help: "If you don't work, you don't deserve to eat", the saying goes.\n\nYet there are signs of change. The main political p

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Colombia no restringirá mercado importador, aseguró Ministro de Comercio

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    "Una mala respuesta a la recesión internacional es imponer barreras proteccionistas", dijo Luis Guillermo Plata. Sin embargo, advirtió que el país no será ajeno a ese fenómeno.\n\nUn gran susto les pegó Brasil la semana pasada a sus socios comerciales al decretar la exigencia de permisos de importación (licencias previas) para 17 sectores, entre estos, plásticos, hierro y acero, textiles, autopartes, automóviles y algunos bienes de capital.\n\nCon esa medida, el gigante suramericano, que desde hace tiempo está jugando en las grandes ligas mundiales de la economía y el comercio, reeditaba la vieja política proteccionista de restringir las compras en el extranjero para apoyar su industria local.\n\nColombia, al parecer, ni siquiera tuvo tiempo de preocuparse pues en el Ministerio de Comercio no conocían oficialmente la decisión brasileña, que fue desmontada a las pocas horas tan sopresivamente como fue adoptada.\n\nEl fantasma del cierre de las fronteras nacionales, como una forma de enfrentar la crisis mundial y tratar de proteger el empleo, está recorriendo el planeta, al punto de que fue tema de discusión en el reciente Foro Económico de Davos (Suiza), donde consideraron que sería un retroceso en el camino del libre comercio.\n\nLas autoridades colombianas de comercio exterior no alcanzaron a calcular qué tanto afectaría al país la restricción importadora de Brasil, mercado al que, entre enero y octubre del 2008, facturó 578,5 millones de dólares en petróleo, carbón, confecciones y textiles, plásticos, productos metalúrgicos y de la química básica, entre otros.\n\nHace dos semanas, Ecuador, el tercer socio comercial de Colombia "con 1.225 millones de dólares en exportaciones en los primeros 10 meses del año pasado", restringió el ingreso de bienes de cualquier origen de 627 partidas arancelarias, que para Colombia significan alrededor de 210 millones de dólares anuales.\n\n"Lo de Brasil nos suena como a una especie de 'mico' y por eso reversaron la medida", comentó Tulio Zuluaga, presidente de Asopartes, quien expresó su gran

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Por US$900 millones, Ecopetrol adquiere empresa petrolera Petro Tech, en Perú

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Ecopetrol y la empresa Korea National Oil Corporation adquirieron por partes iguales la compañía peruana, que es la tercera petrolera más grande de ese país.\n\nEn la actualidad, Petro Tech (que pertenece a la estadounidense Offshore International Group Inc.) extrae el 10 por ciento de la producción de crudo del Perú (12.000 barriles por día). Además posee reservas por 100 millones de barriles.\n\nLa compra de la compañía se concretó luego de 10 meses de conversaciones y es la primera vez que Ecopetrol adquiere una compañía extranjera de producción y exploración de hidrocarburos. PetroTech tiene otras siete empresas filiales dedicadas a prestar servicios petroleros, movimiento de taladros y flota de barcos.\n\nLa empresa peruana se especializa en la búsqueda de crudo costa afuera y tiene en la actualidad 11 bloques en el Pacífico peruano y cuenta con 2.000 empleados.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Panamá, la más globalizada en América Latina; Colombia, 51 en ranking mundial

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Panamá ocupó el puesto número 21 del ranking mundial, según estudio de las firmas internacionales Foreign Policy y A.T. Kearny divulgado por CNN y citado por la prensa panañema.\n\nLas firmas mencionadas midieron a 62 países que representan el 96 por ciento del PIB del mundo y el 85 por ciento de la población global, señalando además que Panamá mejoró tres posiciones este año, comparado con el ranking de 2005, debido a un alto porcentaje en materia de integración económica.\n\nDespués de Panamá, como país más globalizado en América Latina, están Chile, en la posición 34; México, 42; Argentina, 47; Colombia, 51; Perú, 53; Venezuela, 55; y Brasil, en el puesto 57. \n\nEl índice mide la integración económica de los países a través del comercio exterior y la inversión extranjera; los contactos personales con la entrada de turistas, tráfico telefónico y transferencia de dinero; la colectividad tecnológica mediante el número de usuarios y servicios de Internet, y el compromiso político que incluye aspectos como la pertenencia a organismos internacionales, contriciones a las misiones de paz en las Naciones unidas y ratificación de tratados.\n\nEste año Panamá ascendió ocho puestos en el Índice Global de Competitividad del Foro Económico Mundial al pasar del 65 en 2005 al 57 en el 2006, aventajado sólo por Chile y Costa Rica. Panamá también ganó tres puntos en el índice de libertad económica, al pasar de la posición 52 en el 2005, a la 49 en el 2006, entre los 157 países que fueron sometidos a esa evaluación.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Barack Obama designa asesores externos para reactivar la economía de E.U.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El presidente firmó una orden ejecutiva de creación de la Junta Asesora de Recuperación Económica encabezada por el ex presidente de la Reserva Federal, Paul Volcker.\n\nEl presidente de EE.UU., Barack Obama, nombró hoy a Mónica Lozano, la editora del diario californiano La Opinión, como miembro de un nuevo consejo de asesores económicos independientes que le ayudará a formular su respuesta a la crisis.\n\nLozano lleva 19 años en La Opinión, el periódico en español de más tirada en Estados Unidos, que fue fundado por en 1926 por su abuelo, el mexicano Ignacio Lozano.\n\nComo miembro del Consejo Asesor para la Recuperación Económica, Lozano ofrecerá a Obama su visión de la situación económica del país junto con algunos nombres de gran peso en el mundo empresarial, académico y sindical del país.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Codelco sigue invirtiendo pese a la crisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            En medio de anuncios de suspensión de importantes proyectos y magras cifras de crecimiento de la economía chilena, la empresa estatal Codelco, aseguró que mantendrá su proyecto de expansión de Andina, una de las cinco divisiones de la minera, durante el 2009.\n\nAsí lo confirmó el jueves el ministro de Hacienda, Andrés Velasco, quien precisó que para hacer frente a la crisis financiera es necesario emprender este tipo de iniciativas.\n\nEl plan de desarrollo Andina Fase I, que es el primer paso de la gran expansión de la división, contempla una inversión de US$ 990 millones. Con esto se espera ampliar la capacidad de tratamiento desde las actuales 72.000 toneladas diarias a 94.500 toneladas de cobre fino..

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Ecuador levantaría barreras aduaneras a Perú

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              El viceministro ecuatoriano de Comercio Exterior, Eduardo Egas, propuso levantar las barreras comerciales globales que aplica desde enero sólo a las importaciones peruanas de materias primas, pero precisó que los aranceles para los productos finales de estas materias se mantendrían.\n\nEgas destacó que Ecuador está abierto a encontrar una solución al respecto y a no poner en riesgo lo avanzado en materia comercial con Perú, según consignó El Comercio.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Brasil: fusiones y adquisiciones cayeron en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Impulsada por algunas operaciones relevantes, la actividad de fusiones y adquisiciones de 2008 en Brasil fue muy movida, pero no lo suficiente para superar las cifras del año anterior, según el estudio publicado este jueves por la Asociación Nacional de Bancos de Inversiones (Anbid).\n\nEn total, se registraron 94 operaciones de más de 20 millones de reales, lo que generó un total de 89.914 millones en transacciones (unos US$ 39.125 millones), 3,5% menos que en 2007. Si se suman la reestructuración corporativa y ofertas públicas de adquisición (OPA), el total alcanza los R$ 100.400 millones de reales, contra los 117.800 millones del año anterior.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Las estafas de Madoff a inversores argentinos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El financista estadounidense Bernard Madoff, acusado de montar un gigantesco fraude financiero en Wall Street, defraudó a inversores argentinos en más de 500 millones de dólares, dijo el viernes el diario local La Nación, citando al estudio Borda Abogados.\n\nLa firma legal cerró un acuerdo con el bufete español Cremades & Calvo Sotelo, de Madrid, y, por su intermedio, con el estudio de abogados estadounidense Labaton and Sucharow -que representa a inversores en Florida- para asesorar en Argentina a los perjudicados por Madoff.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    EE.UU. con mayor pérdida de empleos en 34 años

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    asi 600.000 estadounidenses perdieron sus empleos en enero mientras que compañías de Europa y Japón continuaron reportando problemas, en hechos que resaltan la tarea monumental que enfrentan los Gobiernos para tratar de apagar la crisis económica mundial.\n\nLa cifra de enero elevó a 3,6 millones los empleos eliminados en la economía estadounidense en la recesión actual, la mayor racha ininterrumpida de caída de puestos de trabajo desde la Segunda Guerra Mundial.\n\nEuropa también enfrentaba presiones severas. La producción industrial británica cayó en diciembre a su ritmo más intenso desde 1974.\n\nY también cayó fuertemente la producción industrial de Alemania, en un récord del 4,6 por ciento en diciembre, al desplomarse los nuevos pedidos de la industria siderúrgica a su ritmo más fuerte desde la Segunda Guerra Mundial en el último trimestre del año pasado.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Bancos de Colombia crearían reserva anticrisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Los bancos de Colombia anunciaron que apoyarán la iniciativa gubernamental de crear un fondo de emergencia y manifestaron su disposición de guardar parte de sus utilidades y abstenerse de repartirlas como dividendos, como medida de prevención contra la crisis internacional.\n\nSegún la presidenta de la Asociación Bancaria, María Mercedes Cuéllar, la medida busca reforzar el blindaje de las instituciones crediticias y que éstas cuenten con suficiente dinero para responder a sus ahorristas.\n\nPor su parte, el ministro de Hacienda, Óscar Iván Zuluaga, aseguró que la finalidad de la reserva es garantizar la solidez del sistema, pero enfatizó que es sólo una medida transitoria que se levantaría después del año 2011, consignó El País.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Deuda externa de Bolivia llega a US$2.489M

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        La deuda externa de Bolivia superó los US$ 2.489 millones, monto mayor en US$ 238,6 millones al registrado en 2007, según informó el jueves el Banco Central de Bolivia (BCB).\n\nEl año pasado se contrataron nuevos préstamos que sumaron US$ 1.205 millones. De ese total, los créditos bilaterales correspondieron a más del 50%, llegando a los US$ 678,1 millones, según informó La Opinión.\n\nDel total de la deuda externa del país, la mayor parte, el 74,6%, fue contraída con fuentes multilaterales como la Corporación Andina de Fomento (CAF), con US$ 945,1 millones, el Banco Interamericano de Desarrollo (BID), con US$ 460,9 millones, y el Banco Mundial (BM), con una cifra estimada de US$ 280,1 millones.\n\nEl mayor acreedor bilateral de Bolivia fue Venezuela con 9% del total nacional y US$ 226,5 millones. Brasil ocupó el segundo puesto, con 5% de participación en montos declarados por US$ 114 millones.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Sol Perú sube levemente tras recorte en tasa de interés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          El sol peruano operaba con una leve alza el viernes, en una sesión volátil, debido a los mensajes encontrados de los mercados externos y del Banco Central local, que en la víspera desafió las expectativas del mercado al recortar su tasa de interés de referencia, dijeron agentes.\n\nEn la apertura, el sol marcó 3,235/3,245 unidades por dólar, frente a las 3,232/3,233 unidades del cierre previo.\n\nA las 11.25 hora local (1625 GMT), el sol se negociaba a 3,223/3,229 unidades por dólar, con negocios entre bancos por unos US$ 87 millones.\n\n"Han sido muchos mensajes juntos, por una parte los mercados del mundo positivos y por el otro la baja de tasas que aunque debería aumentar la demanda de dólares, llegó cuando los bancos ya estaban largos", explicó un operador.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            México seguirá interviniendo el mercado cambiario

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            México continuará realizando tanto ventas directas de dólares a bancos como subastas tradicionales, en un esfuerzo por ordenar el mercado cambiario, dijo el viernes el secretario de Hacienda.\n\nAgustín Carstens dijo que las intervenciones directas de la Comisión de Cambios -formada por la Secretaría de Hacienda y el banco central de México- esta semana, se deben a que algunos participantes del mercado buscaban utilizar las subastas de dólares que realiza el banco central para generar ganancias "desestabilizando el mercado".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Gaming Support's Bonus Box receives approval

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              The Bonus Box is a glass display case attached to a slot machine which displays a high value prize such as a mobile phone or an iPod. The company's Damien Connolly revealed a startling statistic. "We installed the system in Scandinavia but there was a gap in time between installation and the actual switch on. During that period, despite the fact that the prizes could not be won, the machines featured were favoured by players to a high degree."\n\nOne large casino chain that currently has Bonus Box on test has reported a 300 per cent increase in slot machine revenue.\n\nMaking its debut on the Gaming Support stand at IGE was Sunrise, a multimedia system that allows a casino to communicate with its customers on an individual level. The system can use existing screens on newer slots and older ones can be retrofitted.\n\n"The system can communicate directly with players, congratulating a winner or commiserating with a loser," said Connolly. "As well as individual messages, the system can also relay the same message on all screens for across-the-casino promotions. It allows casinos to extend the life of a slot machine."\n\nAlready using Sunrise is a large lottery group that uses it on over 1,000 of its video lottery terminals. "The system is ideal for places like Norway, where the law stipulates that machines are not available for gambling for 10 minutes in every hour. Sunrise can fill that gap and keep the player at the machine."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Konami unveils new products at IGE

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Mirror Reels takes a successful video idea and brings it to the five-reel game. The action focuses on the centre reel rather than the usual fifth. "This is on test on the Isle and Man and is currently shipping to France," said the company's senior director of marketing, Ross O'Hanley.\n\n"We are starting to get into Europe slowly and are looking to get into the Netherlands soon. We are taking our time and developing relationships."\nAlso new on the stand was the new Podium cabinet, which features two 22ins LCD screens on top of each other. "We developed the lighting effects with our parent company in Japan," said O'Hanley. There is an Xtra Reward button to bring it up to a 30-line bet and a Bet Max button to encourage players to maximise their bet.\n\n"It has been very successful in the US and will be released in Europe in the summer." Said O'Hanley.\n\nAlso new was Mystical Temple, a four-line progressive that can go on any of Konami's platforms. Another progressive, Beat The Field, is due for release soon. "We want to give operators the ultimate in flexibility," said O'Hanley.\n\nPirate's loot is a three-reel game where the middle reel locks. It has four bonus levels. Quick Strike is a two-level progressive that has done well in the US.\n\n"We want customers to know when they look at a screen that it is a Konami product," added O'Hanley, "so we have been working on making our games different to the rest."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  PartyGaming links up with Spanish casino group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  PartyGaming on Friday said it hoped to strengthen its position in the Hispanic market through the launch of a three year alliance with Spain's leading gaming group, as it reported a steep fall in fourth quarter revenues from its traditional online gambling activities.\n\nPartyGaming, which operates online gaming websites like PartyPoker.com and PartyCasino.com, said its alliance with Cirsa Gaming Corporation would enable it to "explore and develop internet gaming opportunities in Spanish-speaking countries."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Tanfield to take electric vehicles to US

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Tanfield is setting up a joint venture in order to take its electric vehicles into the US market.\n\nThe shares rose 16 per cent to 7.4p on the back of the news. However a trading update warned of a contraction this year compared with 2008.\nEDITOR'S CHOICE\nTanfield shares drop 40% after US rival warns of loss - Jun-28\nGreen taxi plan fails to halt Tanfield slide - Apr-22\nAim debut for hybrid bus maker - Feb-22\n\nThe company is to establish Smith Electric Vehicles US Corporation in the US, in which it will retain a 49 per cent stake. SEV US will hold a licence to Tanfield's intellectual property rights, brand, and all existing sales and sales enquiries in North America. Tanfield will receive a £1m advance on future royalties, which will be paid on every vehicle sold.\n\nSEV US is to establish a US manufacturing, sales and marketing structure. it is expected to start production of a limited number of 7.5 and 12 tonne electric powered trucks by the end of the year.\n\nThe company said that the US division, which is expected to raise US$10m, would qualify for Federal and regional funding available for electric vehicle production. It will be headed by Bryan Hansel, who "has a track record of bringing new technologies to market in North America".\n\nShares in the Aim-quoted company plunged from more than 200p last summer after it warned of production problems for its electric vehicles and a sharp drop in global demand for the industrial "cherry pickers" - or aerial platforms - which comprise most of its sales.\n\nIt experienced "much poorer market conditions" in the second half. Yesterday it said it had had "a number of loss-making months before the impact of cost cutting restored us to a break-even position on a monthly basis, before exceptional restructuring costs." Nevertheless revenues last year grew to £146.5m (£123.3m).\n\nAdverse trading and the unavailability of credit for customers was continuing to hit customers in all divisions. But the company said it remained free of debt, and was "well positioned to continue to ride o

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Recession Job Losses Surpass Three Million

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      U.S. employment plunged in January by a three-decade high, a government report showed, bringing total job losses since the recession started in December 2007 to 3.6 million.\n[unemployment]\n\nHalf of those losses occurred in the last three months alone, and the stepped-up pace of layoffs in recent months suggests no end in sight to the economic downturn.\n\nThe report, which included another sharp rise in the unemployment rate to a 16-year high, upped the heat on U.S. lawmakers to enact a large fiscal stimulus package.\n\nNonfarm payrolls, which are calculated by a survey of establishments, tumbled 598,000 in January, the U.S. Labor Department said Friday, the most since December 1974 and well above the 525,000 drop Wall Street economists in a Dow Jones Newswires survey expected. December was revised to show an even steeper decline of 577,000.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        At JPMorgan, Image Is Everything, Everywhere

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        JPMorgan Chase is stepping up its bid to separate its image from that of the rest of the beleaguered banking sector.\n\nEmploying more than a marketing campaign, the $2.2 trillion-asset New York company-and its chairman and chief executive, James Dimon-have been highly visible in various media, at conferences, and in advertisements, hammering home one message in several ways: JPMorgan Chase is lending.\n\nAn ad campaign it launched in November with the tag line "The Way Forward" focuses on how it is originating residential mortgages, providing government financing, making community and business loans, and supporting renewable energy. Meanwhile, Dimon has been ubiquitous to investors, clients, and employees. He even put in an appearance in Davos, Switzerland, for the World Economic Forum, which counterparts shunned as they attended to issues at home.\n\nCarter Franke, a senior vice president of marketing and a key executive behind the campaign, said the overall effort began in late September, when JPMorgan Chase began crafting its mortgage-modification program.\n\n"Since then we have been constantly thinking about the things we can do to get our message out," she said in an interview Thursday. "Our real objective has been to inform."\n\nFor the financial sector, September was a particularly tumultuous month punctuated by the Lehman Brothers collapse.\n\nAs part of its strategy, JPMorgan Chase is using the Internet more than ever and has created a "micro site" within its Web site highlighting its message. An introduction on that site explains the ongoing initiative this way: "As we move forward, we believe that shareholders will benefit as we do the right thing by our customers and the communities we serve."\n\nNot surprisingly, the effort has prompted others, including Bank of America, to follow suit.\n\nThe Charlotte company, which was hit hard with criticism after it posted fourth-quarter loss and its Jan. 1 purchase of Merrill Lynch led it to seek more capital from the Treasury Department, unveiled its own "Promise to America"

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Los vinos bíblicos de Monterrei

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Robert Parker es la Biblia. Le llaman el emperador del vino. El gurú. Él dicta una sentencia en forma de relación numérica y el caldo tocado por su fino olfato deja de cotizarse por su precio y pasa a hacerlo por su fama.Cuando Parker cuelga anualmente sus célebres listas en la red, antes de que salga a la calle la prestigiosa revista The Wine Advocate, los teléfonos de bodegueros y restauradores del mundo comienzan una juerga inusitada.\n\nEn marzo de 2008 Antonio Ángel Méndez, presidente de la Denominación de Origen Monterrei, se sumó al estrépito mundial. El gurú acababa de poner en el mapa un pedazo de viñas del sureste de la provincia, en el Ourense raioto. Cuatro vinos de esta denominación, una de las más jóvenes de Galicia, habían sido incluidos en la famosa lista Parker, la más influyente del mundo enológico. Los cuatro rozaban la máxima excelencia, los 100 puntos de la escala Parker.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Un ordenador (o algo parecido) por sólo 15 euros

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            India planea llevar más lejos su reputación de producir tecnología barata: quiere comercializar un ordenador portátil por 20 dólares (15,40 euros), que podría bajar hasta 10 dólares (7,70 euros). Esta semana, el Gobierno ha presentado un prototipo, que anunció como un "dispositivo informático", diseñado por varias universidades del subcontinente y respaldado económicamente por el Gobierno. Estará disponible en seis meses, según el secretario de educación superior, R. P. Agarwal. Pero por ahora, el Gobierno sufre duras críticas que califican de "broma" su intención porque hasta ahora nadie lo ha visto.\n\n\nMuchos dudan de que logren comercializar un ordenador masivamente a ese precio. O que se pueda comparar en calidad al de "100 dólares" -que en el mercado cuesta unos 200 dólares- de la fundación Un Ordenador Para Cada Niño (OLPC en sus siglas en inglés), fundada por Nicholas Negroponte y diseñado por el Instituto de Tecnología de Massachusetts. O con la opción de bajo coste de Intel, Classmate. O con el EeePC de la taiwanesa Asustek, que no tiene disco duro y cuesta entre 200 y 300 dólares.\n\nEl dispositivo indio, llamado Sakshat (Ante tus ojos, en hindi) buscaría mejorar el sistema educativo en el subcontinente, donde la mitad de los casi 1.148 millones de habitantes son menores de 25 años, y por tanto aumentar su crecimiento económico.\n\nEn teoría, el ordenador tendrá dos gigabytes de memoria y podrá conectarse a Internet inalámbricamente. Funcionará en las áreas rurales que carecen de buenos sistemas de electricidad y en los que hay poco acceso a la Red. Es parte de la misión nacional por la educación, que cuenta con 727 millones de euros en cinco años para intentar disminuir la brecha digital entre pobres y ricos.\n\nEn el subcontinente, el anuncio del Sakshat se ha recibido con alegría tras el entusiasmo aún presente por el proyecto Tata Nano, el coche más barato del mundo (unos 1.700 euros). Pero también se oyen muchas críticas y dudas de que pueda ser lanzado al mercado sin subvenciones. "Nadie lo ha tomado en

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              La morosidad de la gran banca pasa del 0,82 al 2,86% en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              La gran banca española -las cinco principales entidades financieras del país- vio triplicarse en 2008 su ratio medio de mora, que pasó del 0,82% al 2,86%, impulsado, entre otras cosas, por el creciente desempleo y por el deterioro de la economía española, en un momento crítico para la concesión de créditos.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El Gobierno amplía un año más la moratoria de hipotecas y flexibiliza las ayudas a las 'pymes'

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                El Gobierno ha aprobado hoy nuevas medidas para inyectar liquidez a las pymes y ha decidido dar más facilidades a los ciudadanos con dificultades económicas que hayan decidido retrasar dos años el pago de su hipoteca, que ahora dispondrán de un año más para comenzar a devolver la cantidad aplazada y flexibiliza los plazos de devolución, al tiempo que ha aprobado nuevas medidas para inyectar liquidez a las pymes. Tras la reunión del Consejo de Ministros, la vicepresidenta, María Teresa Fernández de la Vega, ha reconocido que esta modificación son el resultado de la reunión del lunes entre el presidente Zapatero y los bancos.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El juego 'online' le gana la partida a la crisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Es todo un tópico. Pero funciona. En tiempos de crisis, la gente juega más. Lo que el esfuerzo diario y el trabajo ya no proporcionan se intenta compensar con el azar. En el juego, casi todos pierden menos la banca. Ahora el tópico se ha puesto a la altura de los nuevos tiempos y de la tecnología. Y dónde más se juega es en Internet. Las firmas de apuestas online están sacando petróleo de la crisis. Bwin, una de las mayores a nivel mundial, batió el año pasado todos los récords de ingresos y de beneficios e incorporó a más de un millón de nuevos jugadores.\n\nLa firma austriaca de apuestas por Internet, conocida en España por patrocinar al Real Madrid, obtuvo unos ingresos récord en 2008 de 420,9 millones de euros, lo que supone un incremento del 19 %.Un aumento de casi el 20% que pocos sectores (por no decir ninguno) pueden ofrecer en estos tiempos de tribulación. Con la ventaja añadida de que el juego por Internet no paga impuestos, al menos en España.\n\nTodas las áreas de Bwin, que cotiza en la Bolsa de Viena, tuvieron aumentos de ese orden, batiéndose también el récord de ingresos de las apuestas de deporte, con un aumento del 21,1 % hasta 235,4 millones de euros. Los ingresos del póker online aumentaron un 14,2%; los del casino (tragaperras online), con aumento del 14,3 % mientras que en el capítulo de otros games (backgammon, billar, dados, etcétera) los ingresos crecieron un 37,3 %.\n\nCon la crisis, la gente juega más y es más gente la que juega. Bwin alcanzó 2,1 millones de usuarios activos y 1,1 millones de nuevos usuarios de dinero real. Para este año, la firma tiene aún mejores perspectivas. En las primeras semanas (enero 2009) del trimestre actual, la media diaria de ingresos brutos del juego ascendió a 1,3 millones de euros. Ello representa un incremento del 6,8% comparado con diciembre de 2008 o un 16,3 % si lo comparamos con enero de 2008. Basados en estos datos, la dirección espera obtener un beneficio bruto (Ebitda) de al menos 100 millones de euros, con un aumento del 35%. Alguien da más.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2 M.&A. Advisers Accused in Insider Trading Case - DealBook Blog - NYTimes.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Federal authorities accused two merger and acquisitions advisers at UBS and the Blackstone Group of giving information to an insider trading ring that included a former money manager at the Jefferies Group in a scheme that generated more than $11.6 million in illegal profits, according to the Securities and Exchange Commission.\n\nNicos Stephanou, associate director of mergers and acquisitions at UBS's London office, passed information about bids for Albertson's, ElkCorp and National Health Investors, federal prosecutors and the S.E.C. said in criminal and civil complaints on Thursday.\n\nRamesh Chakrapani, a managing director of Blackstone's mergers and acquisitions unit, provided tips on two of the deals, the S.E.C. said. The agency sued Mr. Stephanou and Mr. Chakrapani and five other people for involvement in the ring.\n\nFederal prosecutors in Manhattan announced criminal charges against Mr. Stephanou, Joseph Contorinis, a former colleague of Mr Stephanou and a former money manager for the Jefferies Paragon Fund, and a third man. Michael Koulouroudis.\n\n"It is unconscionable when these highly paid individuals abuse their access to sensitive information and enrich themselves at the expense of others," said Scott Friestad, deputy director of the S.E.C.'s enforcement division.\n\n"As today's actions demonstrate, we are aggressively working to combat insider trading wherever it occurs and whoever is involved," he said in a statement.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Microbanks Are Getting a Cash Infusion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The World Bank and the German government said Thursday that they hoped to inject as much as $600 million into microcredit banks, fledgling institutions in developing countries that are being starved of financing as the credit markets have tightened..\n\nThe effort highlights how even small banks in poor countries are getting caught in the financial crisis - and it offers them a chance to get public money to replace rapidly diminishing private capital, The New York Times's Carter Dougherty writes.\n\n"You have some viable projects here where the financing has simply dried up," the World Bank president, Robert B. Zoellick, told The Times from Berlin, where he and the leaders of other economic organizations met with Chancellor Angela Merkel of Germany.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Bank Sent Clients’ Cash to Its Madoff Account

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        More than $60 million of Westport National Bank customers' money was in an account that the bank had with Bernard L. Madoff shortly before he was arrested in December and charged with operating a global Ponzi scheme, The New York Times's Diana B. Henriques reported.\n\nNone of the money belonged to the bank, a division of Connecticut Community Bank in Westport, but the account was in its name. For that reason, the true customers may not qualify for the federal securities insurance program that is expected to cushion investors' losses, lawyers said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Is Dow Jones Deal Haunting News Corp.’s Bottom Line?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          When Rupert Murdoch shelled out $5 billion just over a year ago to win Dow Jones & Company, media analysts believed News Corporation had overpaid.\n\nThe company's most recent results, posted Thursday, indicate they may not have been wrong.\n\nThe News Corporation, the media empire controlled by Mr. Murdoch, said Thursday that it lost $6.4 billion in its second quarter as profit fell sharply at its television and movie units. The company also took a large write-down of $8.4 billion, about $3 billion of which reflected a decline in the value of the company's newspaper unit, which includes Dow Jones, the publisher of The Wall Street Journal.\n\nExcluding the write-down, the News Corporation had income of $320 million, or 12 cents a share, significantly below the Wall Street expectations. Analysts had forecast earnings of 19 cents a share, according to Thomson Reuters.\n\nTotal revenue was $7.9 billion, compared with $8.59 billion a year earlier and the $8.4 billion analysts expected.\n\nWhen times were better, Wall Street was more willing to ignore Mr. Murdoch's affinity for newspapers and high-priced deals like the acquisition of Dow Jones.\n\nBut the company has been punished by the market more than most of its peers. The News Corporation is down 52 percent over the last six months, and 70 percent off its 52-week high. The stock closed Thursday at $6.94, up 33 cents. (The earnings report was released after the stock market had closed.)\n\nTime Warner, Viacom and Walt Disney are all down less than the News Corporation, while CBS is down more, off 65 percent over the last six months.\n\nMr. Murdoch, the chairman and chief executive, said the economy had deteriorated faster than anticipated in the last three months.\n\n"Our results for the quarter are a direct reflection of the grim economic climate," he said. "While we anticipated a weakening, the downturn is more severe and likely longer-lasting than previously thought."\n\nAmong the company's assets are the Fox broadcast network, Fox News, the 20th Century Fox movie studio and newsp

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Sirius and Echostar in Talks on Debt, Report Says - DealBook Blog - NYTimes.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Sirius XM Satellite Radio has been in talks with EchoStar about its accumulation of Sirius' debt for several weeks, but both firms have not reached a resolution, The Wall Street Journal reported, citing people familiar with the matter.\n\nThe Journal had previously reported that EchoStar has quietly accumulated a substantial portion of Sirius' maturing debt in a possible effort to take control of the company.\n\nEchoStar could be pursuing a plan to use the debt as a way take control of the company either inside or outside of bankruptcy, the Journal has said.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Obama’s Executive Pay Plan May Have Loopholes

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              President Barack Obama's crackdown on Wall Street pay contains loopholes, and may have limited impact in restraining compensation, according to press reports.\n\nSome compensation professionals are already pointing out potential holes in the rules, including tactics such as changing executives' titles or rearranging pay packages, The Wall Street Journal said, citing executive-pay consultants and management attorneys.\n\n"You're pitting a group of government bureaucrats against compensation consultants and lawyers who are paid lots of money, and they're pretty damn smart," Graef Crystal, a former executive compensation consultant who has written six books on the subject, told The Los Angeles Times. "It's a lot easier to find ways around things like this than it is to invent them in the first place."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Nomura May Raise Up to $3.3 Billion - DealBook Blog - NYTimes.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Nomura Holdings, under strain from investment losses and the recent acquisition of assets from Lehman Brothers, filed to raise as much as 300 billion yen ($3.3 billion) by selling new stock.\n\nThe new share offering would be Nomura's first since early 1989, when Japan was at the height of its economic and stock-price bubble, Reuters reported. The Japanese investment bank reported a record quarterly loss of 342.9 billion yen ($3.8 billion) last month.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  For Wall Street’s Jobless, a Night Out

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The latest data show that nearly 600,000 people in the United States lost their jobs last month. Perhaps a few of them were seen Wednesday night in midtown Manhattan, sporting pink bracelets and drinking $2 Bud Lights.\n\nThis week marked the latest "Wall Street Pink Slip Party," a job-seeking event that got started in November and continues to attract unemployed traders, bankers and lawyers with the prospect of meeting recruiters, commiserating with peers or at least getting drunk cheaply.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Ex-Madam Says Some Wall St. Clients Billed Their Firms

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Wall Street executives have been catching heat lately for picking up fancy furniture, flying private jets and enjoying other perks on the corporate dime. Now, the former operator of a high-priced prostitution ring in New York is alleging that clients who worked for some of Street's best-known firms often used corporate credit cards to pay for sex.\n\nIn an interview to be aired Friday night on ABC's "20/20," Kristin Davis, who pleaded guilty to promoting prostitution last year, says bankers and finance executives were on her list of about 9,800 former clients. Some of those clients were described in an article Friday on ABCNews.com as being from from JPMorgan, Goldman Sachs, Merrill Lynch and Deutsche Bank.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      BofA Chief Says No More TARP Funds Needed

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Bank of America's stock has been whipsawed this week by concerns that the bank could seek more bailout funds or might even be taken over by the government.\n\nIn an interview Friday with Maria Bartiromo of CNBC, Kenneth Lewis, the bank's chief executive, categorically rejected the suggestion that his bank would need more government money. He also said the idea that Bank of America would be nationalized was "absurd" and that no one he had spoken to had even hinted at such a thing.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        News Corp's $6.4B loss

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Rupert Murdoch's News Corp. reported a quarterly net loss because of an $8.4 billion writedown on Dow Jones and other assets, as the recession dragged down advertising revenue.\n\nExcluding the impairment charge, the media conglomerate said Thursday its profit was 12 cents per share for the fiscal second quarter ended Dec. 31, missing the average analyst forecast of 19 cents, according to Reuters Estimates.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Rupert Murdoch's tarnished trophy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Rupert Murdoch isn't easily outfoxed. But the Bancroft family, which sold him Dow Jones, publisher of the Wall Street Journal, looks to have got the better of the media mogul.\n\nThe latest News Corp earnings crystallize the value destruction that Murdoch's pursuit of the financial publisher has wrought for shareholders. News Corp paid $5 billion for Dow Jones in December 2007.\n\nAs any reader of the Journal knows - and that should include News Corp auditors - the bottom fell out of the financial industry shortly thereafter. Contracting economic growth added to the sting of the newspaper industry's secular decline.\n\nNews Corp's (NWS, Fortune 500) quarterly results include impairment charges of $3.06 billion mostly related to Dow Jones. That suggests it still ascribes some $2 billion of value to the business. Is it worth that much? It's hard to say, given the paucity of information on the titles in News Corp's newspaper division.\n\nBut it would be hard to call this a mark-to-market valuation when one considers how Dow Jones' rivals have fared since Murdoch nabbed his quarry. New York Times (NYT) shares have fallen 70%. Gannett (GCI, Fortune 500) has lost 86% of its value.\n\nTake the average of those declines and apply it to the price Murdoch paid and Dow Jones would be worth $1 billion. That, of course, implies that the $5 billion that Murdoch paid in the first place was fair. He actually paid a $2 billion premium. Had Dow Jones remained independent, it would be worth even less.\n\nOf course, Murdoch loves newspapers. He may be the last billionaire on the planet who does. And he may even have some tricks up his sleeve, and fairy dust in his pocket, to enable the Journal to buck the industry's downward trend. But on the evidence so far, it's hard not to conclude that the Bancrofts will have the last laugh.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Triunfo arrollador del ‘Saturday’ español

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Se estrenaba ayer, en Cuatro, la versión cañí del mítico formato americano Saturday Night Live. Y lo ha hecho arrasando. 2.547.000 espectadores y una share del 13,8% le convierten en el mejor estreno de la temporada de la cadena del grupo Prisa.\n\nEl humor a ratos corrosivo de Eva Hache y los suyos se colocó como la segunda opción preferida por los espectadores en el prime time, sólo por detrás del Barcelona-Mallorca de Copa que emitía Telecinco (26,5% y 5.177.000 espectadores). El resto de cadenas generalistas consiguieron resultados menores en esa franja y también muy parejos, por cierto, lo que habla a las claras del creciente proceso de fragmentación que está experimentando el sector:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Prisa nombra nuevo director de recursos humanos

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              En pleno proceso de fusión de las redacciones de "El País" y de rediseño de la estructura empresarial del diario MADRID, 6 (SERVIMEDIA) Oscar Gómez Barbero ha sido nombrado director de Organización, Recursos y Tecnología del Grupo Prisa, según informó hoy la compañía que preside Ignacio Polanco en un comunicado.\n\nGómez estará al frente de las áreas de Recursos Humanos, Servicios Compartidos, Tecnologías de la Información y Compras, y dependerá del director general de PRISA (PRS.MCPRISA\n2,13 +4,41% +0,09\nÚltima noticiaEconomía/Empresas.- Oscar Gómez, nuevo director de recursos humanos y tecnologías de Prisa Ver más resumen noticias perfil recomendaciones / consenso gráficos carteras histórico Insider ) Ignacio Santillana.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Los comités de Prisa dan su apoyo a El País

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                La Coordinadora de Comités de Empresa del grupo Prisa ha manifestado su apoyo sin fisuras a la representación sindical de El País, que en estos momentos se encuentra en plena negociación de las condiciones laborales que tendrán los trabajadores después de la forzada migración a tres empresas distintas de nueva creación. Han pedido además que la empresa sea más eficaz en la entrega de información a los trabajadores y que justifique el goteo de despidos y de bajas incentivadas en todo el Grupo.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  P&G may retain its big brands

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Procter & Gamble's decision to seek buyers for its pharmaceuticals business is prompting some dealmakers to suggest the company may be cooling its focus on selling certain well-known consumer products brands.\n\nP&G has long debated whether to sell its Duracell battery business, its Iams pet food brand and its Pringles potato crisp brand, people close to the company say. But industry bankers say each of those units could be tough to divest.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    News Corp. Writes Down Value Of Assets By $8.4 Billion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    ews Corp. announced a net loss of $6.4 billion in the final quarter of the year, the company's second fiscal quarter, as it wrote down the value of its TV operations, newspapers and information services to the tune of $8.4 billion.\n \nCommenting on the results company Chairman and CEO, Rupert Murdoch, said the results were a "direct reflection of the grim economic climate." He said the downturn had been more severe than expected and would likely last longer than predicted. The company would continue its efforts to cut costs across the business.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Recharging America's battery business

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      There's a saying as the nation pushes for cleaner electric cars: The United States will end up trading dependence on Saudi oil for dependence on Asian batteries.\n\nMost of the big players in advanced batteries - the ones used to power the cars of tomorrow - are from Japan, South Korea or China.\n\nAmerica's battery industry is in need of a shock. Enter Stimulus.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        0 follow-ups

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • on 02-06-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NYTimes vuelve a analizar si cobra acceso en Web

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NYTimes vuelve a analizar si cobra acceso en Web

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Ante la crisis, nada es gratis. Esto es lo que estaría evaluando el prestigioso periódico que sufrió una caída del 48% en sus ingresos.\nLa crisis en la industria editorial está sometiendo a sus principales líderes a revisar constantemente las estrategias de comercialización de sus contenidos.\n\nAyer, el prestigioso diario The New York Times, uno de los periódicos más influyentes de los Estados Unidos, volvió a plantearse la posibilidad de cobrar a los lectores por el acceso a los contenidos de su página web.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Inflación se desacelera en Venezuela

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La inflación se ubicó en enero pasado en 2,3%, lo que representó una leve desaceleración respeto al mismo mes del 2008 pero continuó siendo alta de acuerdo a los estándares de bajos precios que suelen darse a inicios de año.\n\nEl Banco Central de Venezuela y el Instituto Nacional de Estadística dijeron el miércoles en un comunicado que la inflación de enero se vio afectada por los incrementos de precios que sufrieron los servicios de salud, educación, esparcimiento, comunicaciones y los alimentos.\n\nEl índice nacional de inflación registró en enero pasado una tasa de 2,3%, lo que representó una disminución de 0,3 puntos porcentuales respecto a diciembre y una baja de 0,8 puntos en comparación con enero del 2008.\n\nEn los últimos doce meses los precios en la región metropolitana han crecido 30,7%, afectados especialmente por el renglón de los alimentos que tienen una tasa anualizada de 43,7%.\n\nEl índice nacional de precios culminó el 2008 en 30,9%, lo que convirtió a Venezuela en el país con la mayor tasa de inflación de la región por tercer año consecutivo. \n\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            McDonald's recorta precios de China hasta un 33%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            McDonald's Corp, la mayor cadena global de comidas rápidas, ha recortado precios en hasta un tercio en China, donde se desacelera rápidamente la economía por la crisis financiera global.\n\nLa firma recortó alrededor de un 40 por ciento de sus precios y ahora la mitad de sus productos se venden al mismo nivel que hace 10 años o aún menos.\n\nUn número creciente de restaurantes y tiendas chinas están bajando los precios en una apuesta por atraer a los clientes y elevar las desmejoradas ventas, en un país donde millones han sido despedidos de sus empleos por la crisis económica.\n\nEl presidente ejecutivo de McDonald's, Jim Skinner, dijo a fines del año pasado que la compañía estaba bien posicionada frente a la recesión, porque ahora la gente pensaría dos veces dónde gastar su dinero cuando sale a comer.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              DirecTV abre su Call Center en Cali

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Con una inversión de US$ 4 millones la compañía de televisión DirecTV entró en operación un ambicioso proyecto denominado Telecenter Panamericana, que prestará servicios de call center desde Cali, para ocho países en América Latina.\n\nEl proyecto tendrá dos etapas, y en la primera, que arranca hoy, generará alrededor de 1.000 puestos de trabajo. Se estima que en abril próximo podría estar despegando esta primera fase.\n\nLa segunda etapa del proyecto, prevista para 2010, incluye la generación de otros 1.500 puestos de trabajo, según estimativos de la compañía.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Impuntualidad universitaria

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                La puntualidad es un problema que se esta viendo cada vez con más frecuencia en las universidades del país, no solo por parte de los alumnos sino, en varios casos, por los profesores. Importantes universidades aseguran que se toman las medidas adecuadas y afirman que en su universidad no ocurre éste problema, lo cierto es que los alumnos son los que se quejan.\n\nProfesores y universitarios ven la puntualidad como factor importante para el cumplimiento de metas, revelación de compromiso, hábito y oportunidad para generar credibilidad. Una falta en este cumplimiento puede generar una mala impresión, un incumplimiento en tares y trabajos, una reducción te tiempo en la realización de un examen, molestias a los asistentes en el aula de clases y sobretodo un obstáculo al cumplimiento, entre otras.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Carrefour invertirá US$866M al 2010 en Brasil

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  La minorista francesa Carrefour planea invertir hasta 2.000 millones de reales (US$ 866 millones) en sus operaciones en Brasil durante 2009 y 2010, informó el diario financiero local Valor Econômico.\n\nCarrefour invertirá 1.000 millones de reales por año y en 2009 proyecta abrir 70 puntos de venta en todo el país. "(El producto interno bruto de) Brasil crecerá por sobre el promedio mundial", dijo Laurent Bendavid, director ejecutivo de mercancías de alimentación de la empresa, según el diario.\n\nActualmente, la empresa cuenta con 770 puntos de venta en el país latinoamericano. Carrefour invirtió 3.000 millones de reales en sus operaciones locales entre 2006 y 2008.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    P&G may retain its big brands

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Procter & Gamble's decision to seek buyers for its pharmaceuticals business is prompting some dealmakers to suggest the company may be cooling its focus on selling certain well-known consumer products brands.\n\nP&G has long debated whether to sell its Duracell battery business, its Iams pet food brand and its Pringles potato crisp brand, people close to the company say. But industry bankers say each of those units could be tough to divest.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      News Corp. Writes Down Value Of Assets By $8.4 Billion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      ews Corp. announced a net loss of $6.4 billion in the final quarter of the year, the company's second fiscal quarter, as it wrote down the value of its TV operations, newspapers and information services to the tune of $8.4 billion.\n \nCommenting on the results company Chairman and CEO, Rupert Murdoch, said the results were a "direct reflection of the grim economic climate." He said the downturn had been more severe than expected and would likely last longer than predicted. The company would continue its efforts to cut costs across the business.\n

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Recharging America's battery business

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        There's a saying as the nation pushes for cleaner electric cars: The United States will end up trading dependence on Saudi oil for dependence on Asian batteries.\n\nMost of the big players in advanced batteries - the ones used to power the cars of tomorrow - are from Japan, South Korea or China.\n\nAmerica's battery industry is in need of a shock. Enter Stimulus.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Why China Needs to Grow Its Economy, or Risk Growing Unrest

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Chinese Premier Wen Jiabao took to the stage at last week's World Economic Forum in Davos, Switzerland, and confidently predicted that China's economy would grow by 8% this year -- the minimum growth that China's leaders say is needed to maintain order and keep everyone employed.\n\nBut what if it doesn't hit that target?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            La producción industrial registra su mayor caída en 15 años

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            La producción industrial en España, corregidos los efectos de calendario, se ha reducido en 2008 el 6,8% con respecto a 2007, la mayor caída desde 1993, informó hoy el Instituto Nacional de Estadística (INE). Este descenso, -que se ha agudizado en diciembre con una caída histórica del 19,6%-, se ha debido principalmente y según el destino económico de los bienes, a las reducciones del 11,8% en tasa interanual en el caso de los bienes intermedios y del 5,6% para los bienes de equipo.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Un nuevo Kindle de Amazon, a punto

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Amazon podría presentar su nuevo Kindle, el lector de libros electrónicos, tan pronto como el próximo lunes 9 de febrero.\nLos medios de comunicación estadounidenses han recibido una invitación emplazándoles para esta fecha en la biblioteca Morgan en Nueva York, lugar donde se presentó el primer Kindle de Amazon. Esta convocatoria ha hecho saltar los rumores de que la firma de comercio electrónico lanzará la segunda generación de libros electrónicos.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Petróleo exprimido

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Lo exprimen, lo exprimen y lo vuelven a exprimir. La refinería de BP de Castellón se planteó hace más de tres años cómo mantener la rentabilidad de sus instalaciones, sobrevivir adaptándose a la nueva demanda. La caída en el consumo de fuel les llevó a pelear dentro del grupo por obtener la aprobación para construir una planta que exprime aún más el crudo. Y esta semana, la refinería de Castellón ha iniciado las pruebas de la puesta en marcha de su planta de coque, tras una inversión de 304 millones de euros que la convierte en la única productora de este material en la Comunidad Valenciana.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Treasury seeks new financing tools

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The cost to date of the financial industry bailout and the recession's toll on tax receipts are forcing the Treasury Department to continue raising record amounts of money and to expand the variety of financial instruments it issues in order to lure investors.\n\nThe Treasury announced Wednesday it will auction a record $67 billion next week and plans some major changes to its auction schedule as the government strives to fund an expected $1.6 trillion budget deficit in fiscal 2009.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    More, not less M&A in troubled times

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    In a new article, The McKinsey Quarterly plumbs the M&A stats of the past several years and predicts that in comparison to earlier downturns and recoveries, acquisitions will bounce back more quickly and play a more important role in the economy at large.\n\nFor one, the tech downturn of 2001-2002 was far more limited in scope than the one we face today. Far more big companies are in financial distress this time around, and this will result in more large-scale, industry transforming M&A deals, McKinsey predicts.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Ticketmaster Merger Plan Could Touch on Antitrust

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      If Ticketmaster Entertainment and Live Nation agree to merge, it would become a powerhouse in the music industry and an early test of the Obama administration's views on concentrated corporate power, particularly in an area with potentially stark implications for consumers, The New York Times's Tim Arango writes.\n\n"For a couple of different reasons this is likely to have reasonably intense scrutiny," Bruce Sokler, a lawyer in the Washington office of Mintz Levin, who focuses on antitrust matters, told The Times. "One is, it's going to be an early, big spotlighted merger for the new administration. Second, it is a deal with great interest for consumers."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        John Paulson Urges Dow to Close Rohm Deal

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        John Paulson, the hedge fund guru, has jumped into the dispute over Dow Chemical's troubled deal to buy the rival chemical company Rohm & Haas. He is urging Dow to reverse tack and close the $15 billion acquisition - and he is even telling Dow how to go about doing it.\n\nIn a letter addressed to Andrew N. Liveris, Dow's chief executive, that was made public Thursday morning, Mr. Paulson and his crew at Paulson & Company insisted that there are no real obstacles to completing the deal and suggested several financing options that they claimed could make all the parties involved very happy.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Ex-JPMorgan Trader Is Expected to Open Fund

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Foster Smith, former head of power and natural gas trading at JPMorgan Chase in New York, is teaming up with Scott Mackle, a former Goldman Sachs power trader, to open a hedge fund, the energy trading news Web site SparkSpread reports.\n\nMr. Smith and Mr. Mackle have set up a management company based in Darien, Conn., FSM Capital, for the unnamed fund.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Fortunoff files for bankruptcy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            U.S. regional retailer Fortunoff filed for Chapter 11 bankruptcy protection Thursday and said it will try to sell the business, but that if it cannot it will close its doors.\n\nThe company, which sells jewelry, dinnerware and furniture in New York, New Jersey, Pennsylvania and Connecticut, began suffering a "severe liquidity crisis" in January as it was trying to sell the company, according to court documents.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sterlite close to Asarco buy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Sterlite Industries, the country's largest copper producer, is close to signing a contract to buy Asarco LLC, potentially ending the US miner's four-year-old bankruptcy, two people involved in the talks said.\n\nThe companies have agreed on a dollar value for the sale of Asarco's assets and other major points of a proposed contract, said the people, who declined to be identified because they aren't authorised to speak on the subject. The contract may be signed within two weeks, they said yesterday

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Diario HOY en la noticia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                La firma de capital español y que supo efectuar grandes negocios en los '90 durante los gobiernos de Menem y Duhalde, debería resignarse a soportar un nuevo mazazo para sus intereses.\nCodere perdería una buena parte de un negocio millonario en la Provincia, y que deja muy poco dinero a las arcas de la deteriorada economía local.\nYa son varios los contratiempos que viene sufriendo la empresa en los últimos tiempos, ya que a esta decisión\ndel Bingo San Martín, se suman la no renovación de la licencia de los bingos que opera en Mar del Plata y en nuestra ciudad.\nHabrá que ver cómo queda esta empresa luego de que la Legislatura bonaerense trate la renovación de las licencias de los bingos que hay en la Provincia, lo que se estima que desate una feroz pelea entre las distintas empresas que pugnan por el control del juego en territorio provincial.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  ¿A PRISA se le ha acabado la paciencia con ZP?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  ¿A qué juega PRISA? La crisis arrecia, el paro se dispara y las deudas del grupo Polanco pesan como una losa. ¿Ha llegado la hora de plantarle cara a ZP y recordarle sus coqueteos con los brujos visitadores? Parecía que el escándalo de espionaje en el PP madrileño serviría para templar los ánimos. Pero era una tregua. Gabilondo en el informativo de Cuatro y El País en su editorial disparan contra Solbes y Sebastián. ¿La cadena SER? Todavía sale rentable estar a favor de Zapatero en las ondas.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • on 02-04-2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    En India proyectan una computadora de US$20

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Quotes:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    En India proyectan una computadora de US$20

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Es un proyecto avalado por el gobierno, que busca difundir la tecnología en comunidades educativas de bajos recursos. Los primeros equipos saldrían al mercado en seis meses.\n\nLa carrera tecnológica está produciendo importantes reducciones de precios en el segmento de las computadoras personales de bajo costo.\n\nA las alternativas planteadas por Nicholas Negroponte con su programa "One laptop per Child" (OLPC), y la tecnología Classmate impulsada por Intel, ahora hay que adicionar una propuesta concebida en la India.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Revive esperanza para el TLC

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      La nominación del senador Judd Gregg como nuevo Secretario de Comercio de Estados Unidos, por parte del presidente Barack Obama, reavivó las esperanzas en Colombia por la aprobación del Tratado de Libre Comercio negociado entre los dos países y que desde noviembre de 2006 se mantiene congelado.\n\n\nEl ministro de Comercio, Luis Guillermo Pata, se mostró complacido con esta designación tras asegurar que Gregg "es un hombre de amplia experiencia, con un récord de votación en el Congreso que favorece el libre comercio".\n\n\nPlata destacó también que el recién designado Secretario de Comercio se ha reunido con el presidente Álvaro Uribe, ha recibido en su oficina a funcionarios colombianos en varias ocasiones y se ha pronunciado públicamente a favor del TLC con Colombia.\n\n\nNo obstante, reconoció el ministro de Comercio que es conciente "que la decisión de someter este proyecto de ley a un voto en el Congreso está en manos del presidente Obama y de la presidenta del Congreso, Nancy Pelosi".\n\n\nLa designación de Judd Gregg como nuevo Secretario de Comercio tendrá que ser ahora ratificada por el Senado de Estados Unidos.\n\n\nEl Tratado de Libre Comercio fue negociado entre Colombia y Estados Unidos entre mayo de 2004 y noviembre de 2006 y pese al lobby de los dos gobiernos, hasta el momento no ha recibido la aprobación del Congreso estadounidense por la oposición que en varias ocasiones ha hecho el partido Demócrata.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Mineros se expandirá por América Latina

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Mineros, el mayor productor de oro de Colombia, anunció el martes un plan de expansión regional, que incluirá las unidades de exploración y explotación, y que busca aumentar la producción y concretar negocios por US$ 800 millones.\n\nEn el ámbito de la explotación, la compañía minera, que concentra sus operaciones en el occidente de la región de Antioquia, informó que en 2020 pronostica extraer 500.000 onzas de oro, de las cuales, el 50% será desde el exterior de Antioquia y otro 20% de otros países de América Latina, según informó La República.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Argentina: producción autos cayó un 54,6%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La producción de automotores en Argentina registró en enero una caída del 54,6 por ciento interanual a 18.720 unidades, dijo el miércoles la Asociación de Fábricas de Automotores.\n\nLas exportaciones de automotores registraron una baja del 60 por ciento en el primer mes del año a 8.190 unidades, mientras que las ventas a concesionarios -que incluyen los vehículos importados- registraron una declinación del 38,9 por ciento a 33.699 vehículos.\n\nEn 2008 la producción de automotores en el país registró su nivel récord al totalizar 597.086 unidades.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Brasil inyecta millonarios recursos en obras

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            El Gobierno de Brasil anunció el miércoles que aumentará los gastos en proyectos de infraestructura contemplados en el Programa de Aceleración del Crecimiento (PAC) en 142.100 millones de reales (cerca de US$ 61.260 millones) hasta el 2010. Con esta inversión se espera dar un impulso a la economía.\n\nUn documento de la oficina de la jefa de Gabinete, Dilma Rousseff, precisó que el aumento incluye recursos presupuestarios, pero también otras fuentes, como dinero de empresas estatales, consignó la agencia Estado.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Colombia ve inversión estable en 2008

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Las cifras finales de la inversión extranjera directa (IED) en Colombia en el 2008 podrían ser similares o incluso superiores a las del 2007, pero la IED y las exportaciones se moderarán este año, dijo el ministro de Comercio de la nación andina.\n\nLos flujos de la IED a Colombia habrían alcanzado el año pasado alrededor de 9.000 millones de dólares o más, como en el 2007, debido a que el impacto negativo de la crisis financiera global sólo se empezó a sentir realmente en el cuarto trimestre del 2008, dijo el martes a la noche Luis Guillermo Plata.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Pemex coloca bonos por US$2.000M

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                La empresa Petróleos Mexicanos (Pemex) lanzó el miércoles al mercado internacional papeles de deuda por US$ 2.000 millones, con vencimiento en 2019, con el objetivo de recaudar recursos que serían destinados a proyectos de infraestructura.\n\nSegún un comunicado emitido por la empresa mexicana y citado el miércoles por El Semanario, los bonos, que darían intereses de 8%, fueron colocados por los organismos financieros Calyton Securities, HSBC Securities y Citigroup Global Markets.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Cemex promete pagar dividendo en 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  El presidente de la cementera mexicana Cemex, Lorenzo Zambrano, dijo el miércoles que la compañía pagará dividendos este año, pese a esperar una menor rentabilidad y a las preocupaciones sobre su pesada deuda.\n\nLa cementera, la tercera mayor del mundo, reportó en el cuarto trimestre del 2008 su primera pérdida neta en al menos una década.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Petrobras lanza bono a 10 años por US$ 1.500M

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    La petrolera estatal de Brasil, Petrobras, planea vender un bono a diez años en el mercado internacional de capitales para ayudar a financiar su plan de inversiones, dijo el miércoles el servicio de noticias IFR.\n\nLa emisión se hará a través de los bancos Santander, JPMorgan y HSBC, agregó IFR.\n\nNo hay informaciones sobre el tamaño de la operación, aunque IFR indicó que Petrobras podrá cerrar la emisión ofreciendo una remuneración de cerca del 8 por ciento anual.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Chavez doubts U.S. can shake oil needs

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Venezuelan President Hugo Chavez said he supported U.S. President Barack Obama's efforts to find alternative energy sources but doesn't believe the United States can do it.\n "I don't know how he will achieve what he said he would," Chavez said in an exclusive 30-minute interview with CNN en Espanol's Patricia Janiot Monday night. "It's very difficult for the United States to diminish its use of oil."\n\nThe United States, a major Venezuelan oil consumer, needed petroleum "like air, like oxygen to live, to survive," Chavez said.\n\n"We employ thousands of workers in the United States," Chavez said. "We give aid to hundreds of thousands of poor families in the United States with our heating oil program."

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Roche sees investors biting on new Genentech offer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Swiss drugmaker Roche (ROG.VX) is confident Genentech (DNA.N) shareholders will bite on its hostile $42 billion takeover bid, but is still not speaking directly to investors, executives said on Wednesday.\n\nChief Executive Severin Schwan said Roche Holding AG was not scooping up shares in the U.S. biotech group on the open market and would not meet investors until after it has officially filed its tender offer.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Prisa descubre ahora la crisis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          La catástrofe económica que padece España en general y el Grupo Prisa en particular -el imperio mediático que construyó Jesús Polanco a la sombra del poder socialista vive su peor situación financiera- podría desencadenar la guerra definitiva entre el Gobierno y la editora de El País.\n\nJuan Luis Cebrián ni perdona, ni olvida. Nunca ha disimulado su malestar por los favores de Zapatero al clan de Mediapro (Roures, Contreras, Ferreras, Barroso). El golpe de gracia llegó con el decidido apoyo, a través de TVE, del Gobierno a este grupo en la guerra del fútbol. Desde entonces comenzaron las hostilidades. Un primer aviso fue aquella portada y editorial de El País contra Carmén Chacón, a la sazón esposa de Miguel Barroso. De nada ha servido la mediación de Felipe González, para acabar con el "fuego amigo".

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Largest prehistoric snake slithers into record books

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            After the extinction of the dinosaurs 65m years ago, new giants evolved to terrorise life on Earth: snakes as long as a bus and as wide as a door.\n\nOn Thursday an international scientific team will announce in the journal Nature the discovery of Titanoboa, the largest snake that has ever lived. Its fossils were found in the Cerrejen coal mines of Colombia.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              CEOs' salaries that will be capped under reform

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              It looks like senior executives for companies receiving Troubled Asset Relief Program money could be limited to annual salaries of $500,000 under President Obama's new executive compensation reform plan. The reform will shrink the salaries, bonus pools and golden parachutes for CEOs of bailed-out companies along with the top 50 executives. Here's some executives that probably won't be too happy with Obama's plan.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                News Corp. may downsize newspaper holdings

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The newspaper business is no place to be making money these days, and the company with news in its name, News Corp., has demonstrated this. The media conglomerate is expected to report weak earnings on Friday, and published reports say the company is expected to respond with layoffs in its newspaper holdings to improve its bottom line. The move follows in the foot steps of its competition such as the New York Times Co. and Gannet Co.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  For boutiques, it's good to be small

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tech advisory boutiques are small and nimble by definition, and right now, that's a fine definition indeed. With venture capitalists tightening their purse strings, they and the executives at their portfolio companies are much more willing to contemplate an M&A exit, and seek advice.\n\nGrowthPoint Technology Partners, a tech boutique founded in 2005 by several bankers from the former SVB Alliant, said in a note Tuesday evening that strategic buyers are wiser after living through the tech downturn of eight years ago and have clean balance sheets and strong cash positions.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Buffett Pays Low for Another Icon - DealBook Blog - NYTimes.com

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Forget Sturgis, the annual South Dakota bikers' rally. Harley-Davidson riders may want to shift gears and head toward Omaha, Breakingviews says. That's because the motorcycle maker just joined General Electric, Coca-Cola, Goldman Sachs and Budweiser in Warren Buffett's collection of iconic American corporate brands.\n\nBut unlike the chopper maker's leather-vested customers, the billionaire investor isn't paying a trophy price. Rather, Harley is paying a premium for Mr. Buffett's show of confidence.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Lazard’s 4th-Quarter Earnings Fall 50%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Lazard, the independent investment bank run by Bruce Wasserstein, said Wednesday that its fourth-quarter profit fell about 50 percent as its mainstay businesses of advising on deals and managing money suffered from the market turmoil.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Obama Announces New Rules on Executive Pay

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        resident Obama sought once again on Wednesday to build support for his plan to invest billions of dollars to rally the economy, but assured Americans that they would not bear the burden alone as he presented a plan to cap high-flying salaries for executives.\n\n"We're taking the air out of golden parachutes," Mr. Obama said, speaking in the White House Grand Foyer less than one week after he scolded corporate executives for receiving bonuses on top of their paychecks even as they receive government bailout money.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Mexican Mogul Speaks About Circuit City Losses

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Ricardo Salinas, the Mexican billionaire who owns Azteca TV, took a risky gamble by snapping up shares of Circuit City after it fell into bankruptcy. But he failed to keep the embattled retailer from liquidating, and the wager cost him $41 million.\n\nIn a an interview with Michelle Caruso-Cabrera of CNBC, Mr. Salinas, the outspoken owner of Mexico's largest electronics retailer, Grupo Electra, and a host of other businesses from television stations to consumer lenders, explained why he made his bet on Circuit City and how it went wrong.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Callan Takes Leave From Credit Suisse

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Erin Callan, the former chief financial officer of Lehman Brothers, is taking a personal leave of absence from her current job at Credit Suisse.\n\nMs. Callan was removed from her job as C.F.O. of Lehman Brothers after just a few months in the position following huge losses that eventually landed the Wall Street firm in bankruptcy. She joined Credit Suisse five months ago.\n\nA fast-rising star at Lehman, she led a banking group that advised hedge funds prior to her elevation to C.F.O. She was a protégé of Joe Gregory, the former Lehman president who was ousted at the same time as Ms. Callan.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              The Deal Downturn: Different This Time?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Here's a hopeful piece of analysis for deal-makers that find themselves with little to do. A report from the McKinsey Quarterly suggests that the current bust in the mergers and acquisitions market may not be as severe as in other downturns.\n\nAnalysts at McKinsey, a consulting firm, said they believe that trends seen in the previous M&A up cycle, which peaked from 2006 to 2007, suggest a very different outcome than when other booms went bust. The differences could mean that recovery is closer than many believe, according to the report, which was highlighted in McKinsey Quarterly's February e-mail newsletter.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Ticketmaster, Live Nation in merger talks - Feb. 4, 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Ticketmaster Entertainment Inc. and Live Nation Inc. may unveil a merger as soon as this week, creating a music industry powerhouse with a combined market value of more than $700 million, a source briefed on the talks told Reuters on Tuesday.\n\nIf the deal goes ahead, the marriage of the world's biggest concert promoter and the leading ticketing and artist-management company will create a dominant force in the industry with ties to more than 200 artists such as the Eagles, Miley Cyrus, Christina Aguilera, Madonna and Jay-Z.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Time Warner posts quarterly loss of $16 billion

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Time Warner Inc. forecast profit in 2009 to be flat with the previous year as it grapples with weakening advertising sales that caused its fourth quarter results to fall below Wall Street expectations.\n\nThe media conglomerate said Wednesday advertising revenue dropped at its AOL Internet unit and Time Inc. magazine publishing business in the fourth quarter. Revenue at its Warner Bros. film studios fell slightly.

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