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Published 1 hour ago in Business - Google News
Moneycontrol.comBA boss Walsh plans swoop on 12 airlines to create worlds biggest airlineDaily MailBritish Airways boss Willie Walsh has drawn up a secret hit-list of 12 airlines he wants to take over to create the worlds biggest airline, he revealed yesterday. The carriers Walsh proposes to court are ' likeminded ...Walsh sets his sights high for BA-IberiaFinancial TimesBA's Walsh draws up shopping list of 12 airlinesTelegraph.co.ukBritish Airways identifies 12 potential acquisition targetsThe AustralianBloomberg -Business Standard -Livemintall 59 news articles »
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Police are to consider any new information in the News of the World phone-hacking case and consult prosecutors.
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At least 40 people are missing in Guatemala after a massive landslide buried up to 100 rescuers.
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Pakistan Test batsman Yasir Hameed has backed down after accusing his team-mates of fixing "almost every match".
Published 1 hour ago in Reuters: Business News
LONDON (Reuters) - Santander could hire up to 6,000 new staff over the next year or two as part its expansion in Britain, the Financial Times said on its website on Sunday.
Published 1 hour ago in Latest financial, market & economic news and analysis | guardian.co.uk
Unions argue that abusive behaviour and racism are widespread and wants shake-up of system in light of worsening safety recordTransocean, the American rig owner at the centre of BP's Gulf of Mexico oil spill, has been accused of compromising safety in the North Sea by "bullying, harassment and intimidation" of its staff.The allegations, in a damning report by the Health and Safety Executive (HSE) seen by the Guardian, will deeply embarrass Transocean, which on Tuesday appears before a House of Commons investigation into the lessons to be learnt from the Deepwater Horizon spill.The offshore and transport union, RMT, argues that abusive behaviour and racism towards an increasingly multinational workforce in the North Sea are widespread, and it wants a huge shake-up of the system in the light of a worsening safety record.The allegations came as Thad Allen, the US official leading the Deepwater Horizon cleanup, said an important milestone had been reached with the replacement of the blowout preventer that failed to stop the flow of oil in the original accident. He said the original device had been hauled to the surface for investigators to determine what went wrong.The HSE reported less than two weeks ago that the combined fatal and major injury rate had almost doubled, rising to 192 per 100,000 workers in 2009-10 from 106 12 months earlier. There was also a big increase in hydrocarbon releases, from 61 to 85 – raising the possibility of fires and explosions offshore, the kind of accident that triggered the Piper Alpha disaster, in which 167 UK workers died.Transocean has so far managed to avoid the kind of acute scrutiny given to BP over the Macondo well, but the British oil company is expected to criticise the rig operator when it publishes its own internal investigation into what went wrong. The HSE "specialist inspection report" resulted from a visit to four rigs operated by Transocean Offshore (North Sea) Ltd, including the John Shaw and Sedco 711, in the summer and autumn of last year.The HSE report says: "The company has not considered the human contribution to safety in a structured and systematic manner," and says the organisational culture is based on blame and intolerance.Most damagingly, the report says instances of unacceptable behaviour by offshore management were raised with HSE inspectors by Transocean staff on more than one rig visited. These included bullying, aggression, harassment, humiliation and intimidation, and were "causing some individuals to exhibit symptoms of work-related stress, with potential safety implications", the HSE says.Responding to the allegations in a statement, Transocean said: "The HSE report confirmed that Transocean has demonstrated a commitment to fostering an organisational culture based on trust and respect that improves our safety and performance records. Third-party assessments such as those conducted by HSE and Lloyd's Register are a key part of the company's philosophy of continuous review and improvement."Jake Molloy, regional organiser for the RMT's offshore branch in Aberdeen, said he was extremely alarmed by the report, but not surprised. "I have dealt with three cases where workers were unfairly dismissed by Transocean and in each one I have been able to win compensation for them," he said. But he feared that Transocean was far from unique, and said the increase in accidents reported by the HSE still almost certainly underestimated the true position."I know from the phone calls I get in this office that other really serious incidents are not being reported because of widespread bullying and intimidation. I cannot follow up these cases because it would expose the guys to losing their jobs," he said.Molloy said he was aware of rigs with 19 different nationalities on board speaking a mixture of Portuguese, Spanish, Russian, Italian and French. He feared that some staff did not have the language skills either to communicate well with each other or to understand safety instructions properly. It was not unusual for Filipinos and others to be racially abused.The Guardian has spoken independently to foreign oil workers, who confirm they have faced bullying, intimidation and racism. One, who asked not to be named, said he recently witnessed offshore fires that he was told not to report as it could cause a fuss and endanger either his own job or those of his fellow crew members.The Norwegian safety authorities have just published their own figures and expressed grave concern that the number of hydrocarbon "releases" from their rigs and platforms has gone up from 14 to 15 over the past 12 months.The UK government announced in June it was increasing environmental inspections offshore but also boasted that "our safety and environmental regulatory regime is fit for purpose. It is already among the most robust in the world and the industry's record in the North Sea is strong."Oil and gas companiesCorporate social responsibilityOilTrade unionsTerry Macalisterguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
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A founding member of rock group Electric Light Orchestra was killed when a giant bale of hay tumbled down a hill and crashed onto his van.
Published 1 hour ago in Business - Google News
The Guardian10 million in line for rebate after tax fiascoTelegraph.co.ukMore than 10 million people may have paid too much income tax and will be owed money by the Government due to errors in the HM Revenue and Customs (HMRC) tax code system. Many more workers and pensioners could also find themselves overpaying this year ...Taxman: We must 'improve accuracy'This is MoneySix million hit by tax mistakesBBC NewsSix million people affected by tax computer errorsIndependentThe Guardian -Herald Scotland -Daily Mailall 402 news articles »
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InTheNews.co.ukPubs struggle as beer drinkers stay at homeThis Is LancashirePUB landlords in Bolton are suffering a slump in trade as new figures reveal the UK has seen its biggest fall in alcohol consumption in 60 years. The British Beer and Pub Association said 2009 saw the sharpest year-on-year decline in drinking since ...'Big drop' in alcohol consumptionIndependentAlcohol drinking 'continues fall'BBC NewsAlcohol drinking in Britain sees sharpest fall since 1948Telegraph.co.ukReuters UK -The Press Association -Sky Newsall 166 news articles »
Published 2 hours ago in Reuters: Business News
DUBLIN (Reuters) - The European Commission wants to wind down nationalised Anglo Irish Bank while management still believes it would better to keep a rump open, the bank's chief executive said in an interview in the Sunday Business Post.
Published 2 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
Development and democracy flourish on the continent, and trade with it would help the UK to escape recessionAchacachi is a rough little town in Bolivia, one long rutted street lined with greasy beer halls and soup shops skilled at refuelling the poor in a hurry. At dawn, in the cold, it leaves few impressions: a pit stop for country buses in the Aymara tribal heartland of stubborn Andean isolationism, a town notorious for its political temper, given to blocking the road with boulders when it does not get its way."Evo mi Presidente", reads the graffiti on Achacachi's dusty walls, for if Evo Morales's attempted revolution means anything, it is in places like this. The country has fallen into the hands of its people, the latest and still mostly optimistic participants in Latin America's saga of leftist disappointments. Buying a round of coffee – thick black syrup in a tin mug, diluted with lukewarm water – I offered a 10 boliviano note, about 90p, and asked the stall-holder to keep the difference. "We don't need it now," she said, proudly but without malice, handing me back my change. "The people of Venezuela are helping us."It's decent of her to hope, though the only obvious sign of anything changing in Achacachi is a new football stadium, one of many Morales has built in his name. The first indigenous leader in a country whose people have always been exploited, Morales has the misfortune to play a bit part in Latin America's endless looped film of student heroes: Castro, Che, Allende, the Sandinistas, and now Chávez. He, at least, is the genuine article. The thing such leaders have in common is a defiant self-reliance, characteristic of Latin America, a reaction against the superpower to the north and a consequence of our own indifference.Other parts of the world boom, or fail, or starve and in Europe we tend to know about it. But in Latin America dozens of countries and millions of people exist almost as if on a private planet. More than anywhere else of similar size and importance, it is mysterious and overlooked. There are no big wars to concern us, no extreme famines (though much suffering), no crazy dictators, no nuclear bombs, no internationally threatening terrorists, indeed no unavoidable call on our attention at all other than the consequences of environmental destruction in the Amazon. We can be drawn to Latin America or ignore it as we choose.By and large, in Britain, we do the latter. It is symbolic that our lavishly funded development department neglects South America entirely, writing it off as a problem or opportunity for others, our small but craven contribution to the idea that Latin America is really a protectorate of the US.The insult is of our making and to our loss. David Cameron, anxious to promote British business engagement with India and China, has probably not given Latin America a moment's thought since he became prime minister. But the combined South American economy is currently double the size of India's, and Latin America's, including Mexico, only just short of China's and growing just as fast. We think of the region, if at all, in caricatures of drug lords, generals in sunglasses staging coups, llamas, hyperinflation, the Falklands war and the Incas. We have retreated from it, when we should have been engaging.If Britain is to escape recession, it needs to trade with those parts of the world that are getting richer. It is no excuse that British businessmen don't speak Spanish or Portuguese, or that there is no longer a non-stop flight from London to anywhere in South America other than Brazil. Trade with India is harder, but we make the effort. Britain is being held back by a historical misunderstanding, a sense that somehow Latin America has nothing to do with this country, and never will.Things were once different. Britain played a noble part in the liberation of the continent from Spanish rule: British legions fought at the battle of Boyacá, which freed Colombia, and Carabobo, which did the same for Venezuela. Almost two centuries ago, Henry Brougham told the Commons: "There can be no field of enterprise so magnificent in promise ... so congenial to the most generous sympathies, so consistent in the best and highest interests of England, as the vast continent of South America." But somehow, in the 20th century, we gave up, diverted by the places we tried to rule. We still are. A fraction of the political and economic effort being applied to Afghanistan or Africa could transform Britain's standing in Latin America.This is a part of the world where development and democracy works. Neoconservatives have overlooked it, because the governments that result are not all ones that they like. Every South American country is a democracy. Brazil, flourishing, will chose a successor to President Lula next month. France has taken Brazil's resurgence more seriously than Britain, and is backing the country's indisputable qualification for a permanent seat on the UN security council. Spain has revived its economic links with the continent. Britain has been complacent: seen, one Latin American official put it to me, as an elderly relative, once rather grand and part of the family, but now sadly distant and decayed.Out across the Atlantic, beyond the Falklands, which obsesses us too much, there is a continent that would like to be a friend and partner to Britain, a still-respected alternative to what Latin Americans see as the imposition of North American capitalismo salvaje – wild capitalism, exploitation from the north. We have turned our back on all of them. They wonder why.BrazilBoliviaRecessionJulian Gloverguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 2 hours ago in Reuters: Business News
GWANGJU, South Korea (Reuters) - The world economy is recovering moderately but still faces challenges such as the need for medium-term fiscal consolidation, the IMF's First Managing Director, John Lipsky, said on Sunday.
Published 2 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
Larry Ellison, Oracle chief executive, praised Hurd for restoring Hewlett-Packard to its former glory Mark Hurd, who resigned as chief executive of Hewlett-Packard a month ago following a sexual harassment and expenses scandal, is reported to be in talks to join Oracle's senior management.Hurd, 53, abruptly quit as chairman and chief executive of HP following an investigation into his relationship with a marketing consultant, Jodie Fisher, a former actress, who accused him of sexual harassment. While the board's investigation found no violation of its harassment policy, it found that he had violated the company's code of conduct by filing inaccurate expense claims.According to the Wall Street Journal, he is not in the running for the top job as Larry Ellison, who founded Oracle more than 30 years ago and has served as the company's only chief executive, has no intention of leaving. But Ellison, who is a friends of Hurd and occasionally plays tennis with him, waded into the row with an email to the New York Times in which he blasted HP over its "cowardly" handling of the affair."The HP board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago," he wrote. "That decision nearly destroyed Apple and would have if Steve hadn't come back and saved them."The 66-year-old software billionaire, a revered figure in Silicon Valley and America's third-richest man, said Hurd had spent five years doing a "brilliant job" restoring HP to its "former greatness" after "a long list of failed CEOs". He also argued it was "not credible" to accuse Hurd of fiddling expenses as he was unlikely to have done them himself, like most other CEOs.Oracle declined to comment.Hurd ran Hewlett-Packard for more than five years and expanded into new areas such as computer services. Under his leadership it became the world's biggest maker of personal computers and server systems and the No 1 technology company, and its stock market value nearly doubled.Oracle, the world's second-biggest software maker, has started to step on HP's turf after buying hardware maker Sun Microsystems in January, moving into the server and storage systems market for the first time.Last week News Corp revealed that Hurd was leaving its board, of which he had been a director since February 2008. He has not been nominated for re-election and will step down after the media group's annual meeting in mid-October.Hurd said at the time: "I have decided to move on and focus on future career opportunities."Oracle declined to comment.Hewlett-PackardOracleSun MicrosystemsJulia Kolleweguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 3 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
Mobile phone giant says search began prior to last month's shareholder opposition to re-election of Sir John BondVodafone has begun the hunt for a new chairman to replace under-fire Sir John Bond, who has held the role for the past five years.Bond is one of the best known company bosses in Britain and helped to defuse a bitter boardroom row when he arrived at the company in 2006, but he has recently found himself heavily criticised over the mobile phone group's strategy.Bond faced down a minor investor revolt at the firm's most recent annual meeting last month, when more than 6.5% of shareholders opposed his re-election. The protest vote was led by the Ontario Teachers' Pension Plan, which accused Vodafone of a disastrous series of acquisitions and demanded that Bond be replaced.Sources insisted that the decision to begin the search had been taken before the meeting and that succession planning was part of an ongoing process. Bond, a former chairman of HSBC, is said to have made it clear internally that he had always intended to stay at Vodafone for six years. The company has hired Anna Mann, the City recruitment expert. Vodafone declined to comment.When Bond arrived he played a crucial role in rebuilding Vodafone's relationship with investors who objected to the strategy pursued by the then chief executive Arun Sarin.Vodafone is poised to start breaking up its sprawling portfolio of assets by selling its stake in China Mobile in a deal that could raise more than £4bn. Vittorio Colao, current Vodafone boss, is understood to have decided to offload its 3.2% stake – either to a single buyer or on the open market. A sale could come within the next few weeks, ahead of an eagerly awaited strategy update from Colao that will set the future direction of the company.Two years after replacing Sarin, Colao appears ready to end Vodafone's global ambitions in favour of a more focused approach. The company has not paid a dividend since 2005.The business has suffered a string of write downs, most recently in India, which has caused investors and analysts to question Vodafone's judgment when it comes to acquisitions. Colao is said to have already told investors that the company will concentrate on Europe, India and Africa. To achieve this, he must resolve the long-standing issue of Vodafone 's 45% minority stake in its US joint venture with Verizon Wireless.VodafoneTelecommunications industryDavid Teatherguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 3 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
Search engine giant alleged to have manipulated rankings of rivals myTriggers, SourceTool/TradeComet and Foundem Regulators in Texas have launched the first broad anti-trust review of Google's search and advertising practices in the US.While federal regulators in Washington have investigated the impact on competition of Google's business deals in the past, Greg Abbott, Texas attorney general, is the first regulator to look more broadly at its core search business, amid growing concerns about the power the online business wields.Officials in Brussels have also raised the prospect of a possible inquiry into anti-competitive behaviour by Google. Leading competition official, Joaquín Almunia, said in July he would examine complaints from three companies, including Microsoft, that the search engine had been unfairly demoting rivals in its rankings.In the Texas case, Google said in a blog post on Friday that it had been asked for information about three different firms that have raised complaints against it.The three – myTriggers and SourceTool/TradeComet in the US, and Foundem in the UK – have accused Google of reducing their traffic by pushing them down its search rankings."Occasionally, we're asked about the 'fairness' of our search engine – why do some websites get higher rankings than others?" Don Harrison, Google deputy general counsel, wrote in the post."The important thing to remember is that we built Google to provide the most useful, relevant search results and ads for users. In other words, our focus is on users, not websites. Given that not every website can be at the top of the results, or even appear on the first page of our results, it's unsurprising that some less relevant, lower-quality websites will be unhappy with their ranking."He added that companies such as Amazon, Shopping.com and Expedia typically rank high in Google's search results "because of the quality of the service they offer users".The internet firm has faced a flurry of legal challenges and lost a copyright case in Germany against its YouTube business. It also paid $8.5m to settle a class action lawsuit in the US over alleged privacy violations at its Buzz social networking service. It also faces a lawsuit from software company Oracle, which accuses Google of patent infringement with the Android mobile operating system.GoogleSearch enginesInternetUnited StatesJulia Kolleweguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 3 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
German economist Hans-Werner Sinn warns further austerity might push Greece to the brink of 'civil war'Greece's exit from the eurozone would be the "worst possible option", Europe's central bank chief said at the weekend amid concerns over the debt-stricken country's ability to pull itself out of crisis.Ahead of a crucial week for George Papandreou, the prime minister, with threats of renewed civil unrest over government austerity policies in the run-up to the leader's keynote annual economic speech, the ECB president sought to squash speculation that Athens' only solution was to revert to the drachma."We created the euro to achieve the single market for the prosperity and stability of Europe," Jean-Claude Trichet said at a meeting of prominent political and business leaders on the shores of Italy's Lake Como. "The national governments have to take care of their own national competitiveness within the euro area."The Greek administration has won widespread praise for implementing an unprecedented belt-tightening programme of tax hikes, wage and pension cuts in return for a three-year, €110bn (£92bn) package of emergency aid from the IMF and eurozone nations.Without the rescue loans, the EU member state would have defaulted on its sovereign debt in May.At a conference marking his socialist Pasok party's foundation, Papandreou insisted that Greeks, who are experiencing their first recession in 16 years, were on course to not only exiting the crisis but emerging much stronger for it.But his government has also been criticised for failing to move fast enough to enact reforms spurring growth and development, seen as vital to kick-start the economy. Despite the measures, revenue intake has also remained off-target.With borrowing costs for the nation back at the record levels that preceded the bailout – and public anger over austerity measures poised, with summer's end, to spill onto the streets – leading economists are again questioning whether Greece can weather the storm.Galloping unemployment has helped fuel fears that the country is heading for an unparalleled winter of discontent.An MRB poll revealed that an overwhelming 81.7% of the population believe the ruling socialists will soon be forced to resort to yet tougher measures, while nearly 46% think it likely that Greece would become bankrupt.Highlighting the scepticism surrounding Greek efforts to solve the crisis, the head of Germany's prestigious thinktank IFO Institute, Hans-Werner Sinn, predicted that further austerity would push the nation to the brink of "civil war".The "least bad" option, he said, would be for Athens to drop the common currency."The policy of forced 'internal devaluation,' deflation and depression could risk driving Greece to the edge of civil war," Sinn told the gathering of political and business leaders in Italy. "It is impossible to cut wages by 30% without major riots … Greece would have been bankrupt without the rescue. All the alternatives are terrible, but the least terrible is for the country to get out of the eurozone, even if this kills the Greek banks."European debt crisisEuropean banksEuropean Central BankGreeceEuroEuroIMFGlobal recessionHelena Smithguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 3 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
John Lewis expects to show half-year profits returning to 2008 levels, driven by homewares and fashionProfits at the John Lewis department store chain have bounced back to pre-recession levels, defying the economic gloom and concerns that spending cuts will pitch the economy back into recession.The store chain's half-year results, which will be issued this month, are expected to show profits returning to 2008 levels – after crashing 50% to just £20m last year.The bounceback is the result of shoppers piling back into the homewares department, which accounts for more than a third of JL's trade and an even higher proportion of profits. Total homeware sales in the six months to the end of July were up 17% on 2009 levels.Fashion sales have also been important to the John Lewis revival, with its clothing business – the fastest growing division – up 19% in the first six months. Last month fashion sales were up 17% compared with growth of 2.2% recorded by the electrical department. Fashion also accounts for a third of the department store chain's near-£3bn turnover and more than 90% of the range is available online.John Lewis is playing catch-up with other department stores which have long recognised the pulling power of a strong fashion offer. Peter Ruis, its buying and brand director, who joined from Levi Strauss five years ago, admitted not so long ago its clothing ranges were "average". He said: "We'd be the first to admit that in the past we underestimated how contemporary our customers were."Ruis, who was recently promoted to the board, is in charge of a rolling refurbishment programme that has replaced the sea of frumpy, safe clothes with popular high-street brands such as Whistles, Reiss and Ted Baker. His fashion industry background, coupled with major investments such as £10m poured into the new womenswear floor at its Oxford Street store – has helped persuade designer and young fashion brands who had previously worried that being stocked in John Lewis would hurt their image.To underline the store's new fashion credentials the store is backing the High Street Fashion Week that gets underway tomorrow and plans to revamp the fashion floors of 20 stores over the next three years, to deliver sales increases of 5%-10%."Now we have got credibility in fashion it's easy for brands to be part of it," says Ruis. "I don't have to have those conversations anymore because most accept they are right for John Lewis now."Marks & Spencer has also enjoyed strong trading, gaining market share in all fashion departments with its Per Una range among the bestsellers. It also saw suit sales surge after supplying grey two or three-piece suits to the England football team. M&S is another retailer trying to shed its frumpy image.Despite the gloom surrounding the economy, with drastic public spending cuts looming in October followed by a VAT rise in January, retail sales have held up surprisingly well in recent months, boosted by the summer sales, warm weather and the school holidays.The CBI reported in its latest monthly survey of retailers that consumers were splashing out on new clothes and shoes, as well as investing in some home improvements. Its August report showed that 35% of retailers reported rising sales, against 33% in July, marking the highest reading since April 2007.Economists have been expecting retail sales to weaken after the boost from the World Cup in June faded. The strong numbers bode well for economic growth in the third quarter, although recent weaker manufacturing and construction figures have cast a shadow over the recovery.Discount fashion retailer Primark says there is no let-up in demand for its "cheap chic" and toy store Hamleys has ended a six-year losing streak as a combination of job cuts and a revival in sales helped it move back into the black.However, a growing number of retailers, including fashion chain Next and supermarket group Asda, are concerned that consumer spending is slowing down.Fashion revampWith rails of bottle-green bodycon frocks, sexy lingerie and one-offs from hip designer Osman Yousefzada, you might think it is Selfridges. But it's not.Better known as the purveyor of duvets and lampshades to the middle-classes, John Lewis now has high-end fashion in its sights, and on Wednesday will unveil a £10m revamp at its Oxford Street store in London."Our customers were saying 'don't treat me like I've given up!'" says Peter Ruis, John Lewis's buying and brand director.Ruis is behind the shake-up that has replaced the retailer's dowdier lines with sought-after high street and designer names such as Mint Velvet and Denmark's Bruuns Bazaar. Grace Brothers-style wigged mannequins of old have been dumped in favour of futuristic metallic props with clothes displayed in boutiquey clusters."We didn't want people to feel intimidated – we want them to be promiscuous and buy trousers from Nicole Farhi and a skirt from White Stuff.The store's previously chaste lingerie department has also got "sexier and a bit louche", he says, with the introduction of boudoir-style lighting and high-end brands such as Stella McCartney. "People buy lingerie for all kinds of reasons," Ruis suggests politely.To show the retailer is serious about gaining fashion kudos it has forged direct links with the fashion community – but not with the aim of creating cheaper high-street designs, like the Designers at Debenhams range. Next week it will launch five exclusive ranges, the highlights of which will include a £250 draped jersey dress by Yousefzada and a £200 cocktail dress by young British designer William Tempest. "Our customers were crying out for us to be more relevant," says Ruis.John LewisRetail industryConsumer spendingMarks & SpencerConfederation of British Industry (CBI)FashionZoe WoodJulia Finchguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 3 hours ago in Reuters: Business News
LONDON (Reuters) - Debt levels that ran up ahead of the financial crisis have shown only a modest decline since and are likely to fall sharply in the coming years, a study said.
Published 3 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
Day 32: Family members say the men are 'very angry' that government has been censoring mailThe Chilean miners trapped in a collapsed mine shaft are starting to rebel against restrictions imposed by their government as they enter their second month below ground.Family members said the 33 men had protested that the government was censoring letters and restricting information to them during a video conference at the weekend.The miners have also shown increasing independence in recent days as they rejected one food delivery of peaches and continued to drive vehicles around the mine tunnels 700m below ground, disregarding explicit orders not to do so. They are also increasingly vehement in their demands for wine and cigarettes.Family members said the miners were angry because they had not received much mail. "He totally cursed me out, they are not sending the letters to him," said the son of trapped miner Victor Zamora. "He is going to blow up down there.""It is a big problem that they are not getting the letters," said the nephew of miner José Ojeda. "They are very angry."Luis Urzua, the leader of the miners, on Saturday told rescue officials that failure to deliver the letters was a major item of discontent among the trapped men.Government officials at the rescue site have repeatedly explained to family members that only letters with positive messages will be delivered. But rescue officials also promised to streamline the postal service and create a central log for letters sent and letters received."They say they are not sick," said one rescue leader, who asked not to be named. "They want to go back to their regular life. This is what we have been hearing over and over again from Nasa."Nasa officials who have gone to Chile to help support the trapped men said their behaviour was not unusual. Briefing the rescue leaders at the weekend, Nasa consultants said that during one space mission, the astronauts simply refused to speak to Mission Control and switched the communications system off."This [anger and stress] is common in groups under isolation. They [the miners] have nowhere to go for support," said Professor Nick Kanas, professor of psychiatry at the University of California, San Francisco, and long time consultant to Nasa. "After six weeks the situation turns sterile and confining. What was once quirky and fun – like the jokes of a colleague – become irritable and tiresome."Despite the concerns about censorship of written communications, many families were elated at the new video system. "You saw daddy, you saw daddy," said Veronica Quispe, 20, wife of Bolivian miner Carlos Mamani, the only non-Chilean among the trapped men. With her one year old daughter Yemily, who was breastfeeding, Quispe danced around the rocky mountainside.Carolina Lobos, 26, daughter of Franklin Lobos, the football star cum miner trapped in the San José mine, said her father was looking very well. "We told him that when he gets out, we are going to have a huge party, a blowout!" she said. "He looks great." She thanked the technicians for installing the fiber optic video connection: "It was like he was in the living room, right here."Her sister Claudia Lobos, 20, said: "I tried to be strong, but I cried at once. We were so excited we didn't let him talk."ChileMiningMiningJonathan Franklinguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
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The GuardianJob losses 'inevitable' to fund upgrade of London transport networkThe GuardianThe London transport network faces waves of industrial unrest amid fears that more jobs and services will be cut under Boris Johnson's funding settlement with the government. Transport secretary Philip Hammond and Johnson, the London mayor, ...Tube strike sees London turn to boats and bikesMetroTube strikes start for London commutersBBC NewsLondon Faces Transport Turmoil as Subway Workers Plan Strike Over Job CutsBloombergFinancial Times -Telegraph.co.uk -Fresh Business Thinkingall 317 news articles »
Published 4 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
• TfL's £39bn funding settlement until 2018 to be reassessed• London Underground staff face 800 redundanciesThe London transport network faces waves of industrial unrest amid fears that more jobs and services will be cut under Boris Johnson's funding settlement with the government.Transport secretary Philip Hammond and Johnson, the London mayor, have identified the preservation of multibillion-pound upgrades to the tube system as a key priority. However, on the eve of a one-day walkout by tube workers over staff cuts, transport experts have warned that preserving the underground revamp will inevitably lead to deep cuts in Transport for London's operational budget – setting the mayor's TfL authority on a collision course with trade unions.Stephen Glaister, director of the RAC Foundation and a former TfL board member, said possible cuts "will force the pace on industrial relations issues". The London Underground, which carried 1 billion passengers last year and accounts for 45% of TfL's revenues, employs about 20,000 people and would be a prime candidate for cuts if the upgrades are preserved."There is probably scope to reduce the cost of operations at London Underground because it is heavily unionised and has not been subjected to competitive pressures," said Glaister.But the difficulty of carving out costs on the tube network will be underlined tomorrow, when the RMT and TSSA unions are due to begin a 24-hour strike over plans to cut 800 jobs including 450 ticket office posts. TfL says the changes will not involve compulsory redundancies, but union officials claim they are a threat to health and safety.Tony Travers, director of the Greater London group at the London School of Economics, said TfL would have no choice but to tackle parts of the organisation where trade union representation is strongest. Up to half of the LU workforce, including train drivers, station staff and engineers, could walk out on Monday – causing massive disruption to 3.5 million tube commuters.Travers said: "Preserving the upgrades will concentrate the reductions in spending on the parts of London Underground that are most strike-prone, which are the bits featuring the RMT, the TSSA and [drivers' union] Aslef. So it solves one problem but it creates many more."The chancellor, George Osborne, has told departments to prepare for cuts of between 25% and 40%, with TfL facing deep cuts because it accounts for nearly a quarter of Department for Transport spending. Overhauling the Northern, Victoria, Piccadilly, Circle, District, Metropolitan and Hammersmith & City lines by 2018 will cost TfL about £10bn. Under the previous mayor, Ken Livingstone, TfL secured a £39bn funding settlement from 2010 to 2018. However, that is now likely to become a smaller four-year settlement with the fate of the £16bn Crossrail scheme to be decided by the Treasuryin a beauty contest with capital projects from other departments across Whitehall.Government sources claim Crossrail is unlikely to be scrapped, although the scope of the project could be curtailed. Peter Hendy, London's transport commissioner, said TfL would "not cease" to make the case for the upgrades but was also determined to protect frontline services. "This includes a commitment to all stations being staffed at all times, and to protecting the quality and volume of Tube and bus services so important to our customers and to businesses across the capital."A DfT spokesperson said: "The decision about where to make savings following this autumn's spending review will be for the directly elected mayor. However, we have a shared commitment with the Mayor to economically-important projects such as Crossrail and Tube investment."TransportLondonPublic sector cutsBoris JohnsonJob lossesDan Milmoguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
Published 4 hours ago in Yahoo! News: Latest news headlines News Headlines | Top Stories
CAIRO (Reuters) - A web page casting doubt on the religious credentials of the family of Egyptian presidential hopeful Mohamed ElBaradei has become the latest focus of an online battle for votes.
Published 4 hours ago in Latest financial, market & economic news and analysis | guardian.co.uk
Published 4 hours ago in Yahoo! News: Latest news headlines News Headlines | Top Stories
A young man is believed to have been murdered elsewhere before his badly-burnt body was dumped in undergrowth at a golf course.
Published 5 hours ago in Yahoo! News: Latest news headlines News Headlines | Top Stories
A British soldier has died in hospital in the UK while another was killed in an explosion in southern Afghanistan.
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