Link to the article: Channel 4 News
By Faisal Islam
Economic output is shrinking at an even faster rate than previously calculated, according to official figures.
Output slumped by 2.4 per cent in the first quarter of this year and that is the biggest quarterly drop recorded in more than half a century.
The dire state of construction, and bigger falls in the service sector explain the worsening situation and in turn falling output could also further undermine the public finances.
Tuesday, 30 June 2009
Monday, 29 June 2009
Madoff gets 150 years
Link to the article: Channel 4 News
By Jonathan Rugman
Disgraced financier Bernie Madoff is sentenced to 150 years in prison for a huge investment fraud which lost investors $65bn.
The New York courtroom erupted in cheers and applause as the maximum possible prison sentence was imposed on the 71-year-old who committed the biggest investment fraud in Wall Street history.
Madoff stood facing the judge with his hands clasped in front of him as he learned his fate. Before his sentencing, Madoff addressed the court saying, "I cannot offer you an excuse for my behaviour.
"How do you excuse betraying thousands of investors who entrusted me with their life savings? I live in a tormented state now, knowing the pain and suffering I have created."
Earlier, the court heard statements from Madoff's victims, one of whom told him he was an "evil lowlife", while another declared his jail cell should be his coffin.
"How could somebody do this to us? How could this be real? We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer.
Madoff confessed to running a multibillion-dollar "Ponzi scheme" in which investors were paid returns from money paid by later investors.
Investigators do not know how much in total was stolen, according to court papers. Prosecutors say $170bn flowed through the principal Madoff account over decades, and that weeks before the financier's December arrest the firm's statements showed a total of $65bn in accounts.
The trustee winding down the Madoff firm has so far collected $1.2bn to return to investors.
By Jonathan Rugman
Disgraced financier Bernie Madoff is sentenced to 150 years in prison for a huge investment fraud which lost investors $65bn.
The New York courtroom erupted in cheers and applause as the maximum possible prison sentence was imposed on the 71-year-old who committed the biggest investment fraud in Wall Street history.
Madoff stood facing the judge with his hands clasped in front of him as he learned his fate. Before his sentencing, Madoff addressed the court saying, "I cannot offer you an excuse for my behaviour.
"How do you excuse betraying thousands of investors who entrusted me with their life savings? I live in a tormented state now, knowing the pain and suffering I have created."
Earlier, the court heard statements from Madoff's victims, one of whom told him he was an "evil lowlife", while another declared his jail cell should be his coffin.
"How could somebody do this to us? How could this be real? We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer.
Madoff confessed to running a multibillion-dollar "Ponzi scheme" in which investors were paid returns from money paid by later investors.
Investigators do not know how much in total was stolen, according to court papers. Prosecutors say $170bn flowed through the principal Madoff account over decades, and that weeks before the financier's December arrest the firm's statements showed a total of $65bn in accounts.
The trustee winding down the Madoff firm has so far collected $1.2bn to return to investors.
Vodafone to bid for T-Mobile?
Link to the article: Channel 4 News
By Benjamin Cohen
Vodafone is considering a takeover bid for T-Mobile in a move which would create the largest mobile telecoms operator in the UK. Benjamin Cohen reports.
T-Mobile has been the subject of takeover speculation for some time.
The UK has the most competitive mobile phone market in Europe.
But there are fears that a takeover could reduce competition and increase prices for customers.
By Benjamin Cohen
Vodafone is considering a takeover bid for T-Mobile in a move which would create the largest mobile telecoms operator in the UK. Benjamin Cohen reports.
T-Mobile has been the subject of takeover speculation for some time.
The UK has the most competitive mobile phone market in Europe.
But there are fears that a takeover could reduce competition and increase prices for customers.
Thursday, 25 June 2009
Steel giant Corus cuts 2,000 jobs
Link to the article: Channel 4 News
By Nick Martin
The struggling steelmaker has made the redundancies in another round of sweeping job losses across the country.
Plants in Rotherham and Scunthorpe will be hardest hit - as the company blamed a slump in demand.
The government called it "very disappointing news" and said it was working with Corus to help secure the futures of as many workers as possible.
But union leaders said it was now a fight for the future of British steelmaking.
By Nick Martin
The struggling steelmaker has made the redundancies in another round of sweeping job losses across the country.
Plants in Rotherham and Scunthorpe will be hardest hit - as the company blamed a slump in demand.
The government called it "very disappointing news" and said it was working with Corus to help secure the futures of as many workers as possible.
But union leaders said it was now a fight for the future of British steelmaking.
800 British Airways staff to work unpaid
Link to the article: Channel 4 News
By John Sparks
They were asked to work for nothing - and 800 BA staff have volunteered to work unpaid for up to a month to help the struggling airline cut costs.
In all, almost 7,000 BA employees have agreed to take some kind of pay cut, including unpaid leave and switching to part time work.
The airline called it a "fantastic response" which would save up to £10m.
But this programme understands that BA's proposed cost-cutting goes far deeper, with plans to slash salaries of cabin crew and cut jobs to a minimum.
Mick Rix, the national officer for aviation at the GMB union, gave his view on the current situation.
By John Sparks
They were asked to work for nothing - and 800 BA staff have volunteered to work unpaid for up to a month to help the struggling airline cut costs.
In all, almost 7,000 BA employees have agreed to take some kind of pay cut, including unpaid leave and switching to part time work.
The airline called it a "fantastic response" which would save up to £10m.
But this programme understands that BA's proposed cost-cutting goes far deeper, with plans to slash salaries of cabin crew and cut jobs to a minimum.
Mick Rix, the national officer for aviation at the GMB union, gave his view on the current situation.
Wednesday, 24 June 2009
Even greater wall of China
Link to the article: Channel 4 News
By Channel 4 News
The government in China is introducing technology to allow greater control of what people can see online.
Protests against local and national officials can now be seen around the world, so the authorities are planning to install software onto every imported computer allowing the government to filter all access to the internet.
By Channel 4 News
The government in China is introducing technology to allow greater control of what people can see online.
Protests against local and national officials can now be seen around the world, so the authorities are planning to install software onto every imported computer allowing the government to filter all access to the internet.
Tuesday, 23 June 2009
Setanta Sports goes off air
Link to the article: Channel 4 News
By Benjamin Cohen
Struggling sports broadcaster Setanta goes off-air after announcing it is to axe 200 jobs as efforts to rescue the business fail.
By Benjamin Cohen
Struggling sports broadcaster Setanta goes off-air after announcing it is to axe 200 jobs as efforts to rescue the business fail.
Friday, 19 June 2009
Total sacks 900 oil workers
Link to the article: Channel 4 News
By James Blake
Workers at the Lindsey oil refinery in Lincolnshire have been sacked following wildcat strikes over disputed redundancies.
The workers walked out last week in a disagreement over redundancies - a move plant owner Total says was unofficial and illegal.
In the past few days workers at other oil plants and power stations have conducted their own wildcat strikes in sympathy.
By James Blake
Workers at the Lindsey oil refinery in Lincolnshire have been sacked following wildcat strikes over disputed redundancies.
The workers walked out last week in a disagreement over redundancies - a move plant owner Total says was unofficial and illegal.
In the past few days workers at other oil plants and power stations have conducted their own wildcat strikes in sympathy.
Apple vs Nokia: the smartphone battle
Link to the article: Channel 4 News
By Benjamin Cohen
Nokia's newest gadget, the "iPhone killer", goes on sale the same day as Apple launch the iPhone 3GS. Benjamin Cohen asks whether the new phones are worth the hype.
Apple have turned iPhone launches into an art. Since 2007, once a year, I have dutifully trudged down to an Apple store to stand outside as a load of Apple devotees rush in to be the first to have the hallowed phone in their hands.
During the launch of the first iPhone, I got thrown out of the Apple store for repeatedly asking the company's Senior Vice President, Phil Schiller about why iTunes (which is a key component on the phone) charged British customers more than Americans and those in the Euro. The clip has been viewed more than 100,000 times on YouTube and made me a star in the tech scene for about ten minutes.
Last year, we covered the launch of the iPhone 3G that much improved upon the first version. Back then some were angry that then new version came out just months after the first, especially given that many customers were locked into lengthy 18 to 24 month contracts.
This year was a much more low key affair. Some of the Apple fanatics turned up but in truth there were probably more journalists, public relations people, Apple staff and the odd protestor than there were actual contracts. Perhaps it is because many customers are still part way through hefty 24 month contracts.
That's because exactly a year after the last release comes the iPhone 3GS. This time Apple have added the rather basic function of copy and paste (not sure why this wasn't in earlier phones), a video camera and assisted GPS. It is also much faster to use and has larger storage capacity than the previous release.
The success of the iPhone has in part been due to the iPhone Apps that for a nominal fee allow you to add useful add-ons to the phone.
They ain't cheap. You can only use the iPhone on the O2 network.
If you wish to purchase the iPhone 3GS with the largest memory – 32GB and don't want to pay anything upfront you’ll need to signup to a 24 month contract of £73.41 a month or a total price of £1,761.84. You will get an astronomical 3,000 minutes a month, but given the ability to use internet based phone services I’m not sure why you would need that many. It is more than £800 more expensive than a similar contract for rival Nokia's N97 phone which is also out today.
It is much cheaper to buy the iPhone for £274.23 and chose an 18 month contract of £34.26 a month, the total is £890.91.
But there will be complaints from some customers who are still stuck in contracts for the iPhone 3G. They will have to continue to pay for them even if they wish to purchase the newer model. There are exceptions, if you spend more than £35 per month every month, you can upgrade a month early; spend more than £80 extra a month you can upgrade six months early.
Carphone Warehouse, the only place other than Apple Stores and O2 shops where you can purchase the phone will offer customers refunds on their iPhone 3Gs. If you purchased a 16 GB model, they’ll give you back £180, but you will still be forced to pay for two mobile phone contracts at the same time.
But the high charges don’t just end with the contacts. A new function called "tethering" allows you to plug the iPhone into your laptop and use it as a mobile broadband dongle. O2 are charging £14.68 a month for this with a 3GB a month allowance. But, the iPhone does come with "unlimited" data usage and there is a hack being circulated around the internet allowing you to tap into this rather than having to pay a further £176.16 a year to O2 for this functionality. Although, O2 have said that if users are caught doing this they will be charged the full cost or disconnected.
The phone comes out on the day that Nokia debut its "iPhone killer", the N97, more about that later.
By Benjamin Cohen
Nokia's newest gadget, the "iPhone killer", goes on sale the same day as Apple launch the iPhone 3GS. Benjamin Cohen asks whether the new phones are worth the hype.
Apple have turned iPhone launches into an art. Since 2007, once a year, I have dutifully trudged down to an Apple store to stand outside as a load of Apple devotees rush in to be the first to have the hallowed phone in their hands.
During the launch of the first iPhone, I got thrown out of the Apple store for repeatedly asking the company's Senior Vice President, Phil Schiller about why iTunes (which is a key component on the phone) charged British customers more than Americans and those in the Euro. The clip has been viewed more than 100,000 times on YouTube and made me a star in the tech scene for about ten minutes.
Last year, we covered the launch of the iPhone 3G that much improved upon the first version. Back then some were angry that then new version came out just months after the first, especially given that many customers were locked into lengthy 18 to 24 month contracts.
This year was a much more low key affair. Some of the Apple fanatics turned up but in truth there were probably more journalists, public relations people, Apple staff and the odd protestor than there were actual contracts. Perhaps it is because many customers are still part way through hefty 24 month contracts.
That's because exactly a year after the last release comes the iPhone 3GS. This time Apple have added the rather basic function of copy and paste (not sure why this wasn't in earlier phones), a video camera and assisted GPS. It is also much faster to use and has larger storage capacity than the previous release.
The success of the iPhone has in part been due to the iPhone Apps that for a nominal fee allow you to add useful add-ons to the phone.
They ain't cheap. You can only use the iPhone on the O2 network.
If you wish to purchase the iPhone 3GS with the largest memory – 32GB and don't want to pay anything upfront you’ll need to signup to a 24 month contract of £73.41 a month or a total price of £1,761.84. You will get an astronomical 3,000 minutes a month, but given the ability to use internet based phone services I’m not sure why you would need that many. It is more than £800 more expensive than a similar contract for rival Nokia's N97 phone which is also out today.
It is much cheaper to buy the iPhone for £274.23 and chose an 18 month contract of £34.26 a month, the total is £890.91.
But there will be complaints from some customers who are still stuck in contracts for the iPhone 3G. They will have to continue to pay for them even if they wish to purchase the newer model. There are exceptions, if you spend more than £35 per month every month, you can upgrade a month early; spend more than £80 extra a month you can upgrade six months early.
Carphone Warehouse, the only place other than Apple Stores and O2 shops where you can purchase the phone will offer customers refunds on their iPhone 3Gs. If you purchased a 16 GB model, they’ll give you back £180, but you will still be forced to pay for two mobile phone contracts at the same time.
But the high charges don’t just end with the contacts. A new function called "tethering" allows you to plug the iPhone into your laptop and use it as a mobile broadband dongle. O2 are charging £14.68 a month for this with a 3GB a month allowance. But, the iPhone does come with "unlimited" data usage and there is a hack being circulated around the internet allowing you to tap into this rather than having to pay a further £176.16 a year to O2 for this functionality. Although, O2 have said that if users are caught doing this they will be charged the full cost or disconnected.
The phone comes out on the day that Nokia debut its "iPhone killer", the N97, more about that later.
Wednesday, 17 June 2009
Unemployment hits 13-year high
Link to the article: Channel 4 News
By Faisal Islam
Unemployment reaches its highest level in 13 years, with 2.25m people out of work in the UK. Faisal Islam reports.
The unemployment rate is at just over seven per cent and rising numbers claiming job seekers allowance will put even more pressure on public finances.
The prime minister was under attack on the issue, with David Cameron calling on the government to admit their plans would mean cuts in spending.
Meanwhile, the chancellor will be addressing some of these issues in a speech later.
By Faisal Islam
Unemployment reaches its highest level in 13 years, with 2.25m people out of work in the UK. Faisal Islam reports.
The unemployment rate is at just over seven per cent and rising numbers claiming job seekers allowance will put even more pressure on public finances.
The prime minister was under attack on the issue, with David Cameron calling on the government to admit their plans would mean cuts in spending.
Meanwhile, the chancellor will be addressing some of these issues in a speech later.
Tuesday, 16 June 2009
BA pilots to exchange pay for shares
Link to the article: Channel 4 News
By John Sparks
Pilots at British Airways may be on the verge of striking a deal to accept a pay cut in exchange for taking shares in the company.
Channel 4 News understands the highly unusual trade-off could be unveiled shortly, as BA is negotiating a series of money saving measures with its unions.
The airline says it is in a "fight for survival" and asked staff today to agree to work for nothing, voluntarily giving up their wages for up to a month.
By John Sparks
Pilots at British Airways may be on the verge of striking a deal to accept a pay cut in exchange for taking shares in the company.
Channel 4 News understands the highly unusual trade-off could be unveiled shortly, as BA is negotiating a series of money saving measures with its unions.
The airline says it is in a "fight for survival" and asked staff today to agree to work for nothing, voluntarily giving up their wages for up to a month.
Inflation down – but by less than forecast
Link to the article: Channel 4 News
By Krishnan Guru-Murthy
Economists were expecting to see a sharp fall in inflation today, but that did not happen.
Economists were expecting to see a sharp fall in inflation today, but that didn't happen.
The headline rate of Retail Prices Index (RPI) inflation, which includes mortgage interest payments, rose to minus 1.1 per cent in May from minus 1.2 per cent in April, according to the Office for National Statistics - that's partly because of a surprise increase in house prices.
The consumer prices index - which doesn't include housing - rose 2.2 per cent, that's 0.1 per cent below last month's figure.
The figures showed food prices rising by less than a year ago in May, while electricity bills fell this year compared with unchanged prices 12 months earlier. But this was offset by price hikes for alcohol and tobacco over the month following.
And the weaker pound is also pushing up import prices, with DVDs and television prices rising this year compared with falling prices a year ago, ONS statisticians indicated.
The CPI measure has now been above target for 20 months, although, according to the Bank of England's forecasts, it is set to fall to 1 per cent or lower later this year as the recession bears down on prices.
Does this mean inflation is more persistent than we thought?
Krishnan Guru-Murthy talks to Karen Ward, a UK Economist at HSBC.
By Krishnan Guru-Murthy
Economists were expecting to see a sharp fall in inflation today, but that did not happen.
Economists were expecting to see a sharp fall in inflation today, but that didn't happen.
The headline rate of Retail Prices Index (RPI) inflation, which includes mortgage interest payments, rose to minus 1.1 per cent in May from minus 1.2 per cent in April, according to the Office for National Statistics - that's partly because of a surprise increase in house prices.
The consumer prices index - which doesn't include housing - rose 2.2 per cent, that's 0.1 per cent below last month's figure.
The figures showed food prices rising by less than a year ago in May, while electricity bills fell this year compared with unchanged prices 12 months earlier. But this was offset by price hikes for alcohol and tobacco over the month following.
And the weaker pound is also pushing up import prices, with DVDs and television prices rising this year compared with falling prices a year ago, ONS statisticians indicated.
The CPI measure has now been above target for 20 months, although, according to the Bank of England's forecasts, it is set to fall to 1 per cent or lower later this year as the recession bears down on prices.
Does this mean inflation is more persistent than we thought?
Krishnan Guru-Murthy talks to Karen Ward, a UK Economist at HSBC.
Digital Britain ‘to speed UK recovery’
Link to the article: Channel 4 News
By Benjamin Cohen, Victoria Macdonald
Licence money to pay for local news services and a levy to fund high-speed broadband are two of the measures contained in today’s Digital Britain report.
BBC licence money will be used to fund independent local news services, as part of the government’s Digital Britain proposals.
Presenting the Digital Britain report in the Commons, Culture Secretary Ben Bradshaw also said that a “small levy” would be imposed on fixed telephone lines to fund expansion of high-speed broadband across Britain.
In addition, the government intends to upgrade all national radio stations from analogue to digital by 2015.
Bradshaw told MPs the Digital Britain report would “accelerate Britain’s recovery from the biggest economic shock the world has seen since the second world war.”
Channel 4 News technology correspondent Benjamin Cohen writes: "I’ve spoken to sources at both BT, Sky and TalkTalk, all of whom have confirmed to me that they were unaware of the planned £6 a year levy in order to pay for super-fast broadband.
"I’ve been told that there is confusion both within the Department for Business, Innovation and Skills and among telecoms providers as to whether customers will ultimately be charged the £6 or whether telecoms companies may choose to absorb the costs themselves.
"A source close to Sky told me that a tax to fund next-generation super-fast broadband is unwise, given that there is yet to be proof of demand for services that need really fast internet connection.”
By Benjamin Cohen, Victoria Macdonald
Licence money to pay for local news services and a levy to fund high-speed broadband are two of the measures contained in today’s Digital Britain report.
BBC licence money will be used to fund independent local news services, as part of the government’s Digital Britain proposals.
Presenting the Digital Britain report in the Commons, Culture Secretary Ben Bradshaw also said that a “small levy” would be imposed on fixed telephone lines to fund expansion of high-speed broadband across Britain.
In addition, the government intends to upgrade all national radio stations from analogue to digital by 2015.
Bradshaw told MPs the Digital Britain report would “accelerate Britain’s recovery from the biggest economic shock the world has seen since the second world war.”
Channel 4 News technology correspondent Benjamin Cohen writes: "I’ve spoken to sources at both BT, Sky and TalkTalk, all of whom have confirmed to me that they were unaware of the planned £6 a year levy in order to pay for super-fast broadband.
"I’ve been told that there is confusion both within the Department for Business, Innovation and Skills and among telecoms providers as to whether customers will ultimately be charged the £6 or whether telecoms companies may choose to absorb the costs themselves.
"A source close to Sky told me that a tax to fund next-generation super-fast broadband is unwise, given that there is yet to be proof of demand for services that need really fast internet connection.”
Sunday, 14 June 2009
Media waits for digital report
Link to the article: Channel 4 News
By Benjamin Cohen
The government's vision of Britain's television and internet future will be unveiled on Tuesday in its digital britain white paper.
By Benjamin Cohen
The government's vision of Britain's television and internet future will be unveiled on Tuesday in its digital britain white paper.
Thursday, 11 June 2009
The downside to recession recovery
Link to the article: Channel 4 News
Signs of economic improvement have been accompanied by a decline in cheap deals for consumers.
"The recession has ended" - at least that is the headline in one newspaper today.
And there are definitely signs that a recovery is underway. But despite the good news, many cheap recession deals are starting to recede.
For one, mortgages are starting to get more expensive.
Nationwide has increased the rates by up to 0.86 per cent on its fixed-rates deals.
And swap rates - which determine how much it costs banks to raise money to lend to homebuyers - have been rising sharply over the past month.
That means other lenders are expected to follow Nationwide's move.
The mortgage broker Melanie Bien, of Savills Private Finance, speaks to Channel 4 News about the economic recovery.
Signs of economic improvement have been accompanied by a decline in cheap deals for consumers.
"The recession has ended" - at least that is the headline in one newspaper today.
And there are definitely signs that a recovery is underway. But despite the good news, many cheap recession deals are starting to recede.
For one, mortgages are starting to get more expensive.
Nationwide has increased the rates by up to 0.86 per cent on its fixed-rates deals.
And swap rates - which determine how much it costs banks to raise money to lend to homebuyers - have been rising sharply over the past month.
That means other lenders are expected to follow Nationwide's move.
The mortgage broker Melanie Bien, of Savills Private Finance, speaks to Channel 4 News about the economic recovery.
Tuesday, 9 June 2009
Sugar called to the boardroom
Link to the article: Channel 4 News
Sir Alan Sugar's new role as the government's enterprise adviser prompts tough questions over his alleged conflicts of interest. Rags Martel reports for More 4 News.
Sir Alan Sugar is used to giving others jobs. Today he started a new one himself as the government's enterprise adviser.
But he is facing criticism over alleged conflicts of interest by being a BBC presenter and because of his business interests.
Sir Alan Sugar's new role as the government's enterprise adviser prompts tough questions over his alleged conflicts of interest. Rags Martel reports for More 4 News.
Sir Alan Sugar is used to giving others jobs. Today he started a new one himself as the government's enterprise adviser.
But he is facing criticism over alleged conflicts of interest by being a BBC presenter and because of his business interests.
Monday, 8 June 2009
Are Labour's troubles going postal?
Link to the article: Channel 4 News
By Jenny Wivell
Opposition mounts to Gordon Brown's plan to part-privatise the Royal Mail as unions vote on whether to disaffiliate from the Labour party.
The mauling at the hands of the electorate is not the only problem troubling the Labour party, as resistance grows to Gordon Brown's plans to part-privatise the Royal Mail.
Today the Communication Workers Union votes on whether to disaffiliate from the Labour Party in protest at the plan. Union members made their opposition clear when they marched on parliament in February.
Although a bill outlining plans for part-privatisation has made it through the House of Lords, nearly 150 Labour MPs have signed a motion condemning the proposal.
By Jenny Wivell
Opposition mounts to Gordon Brown's plan to part-privatise the Royal Mail as unions vote on whether to disaffiliate from the Labour party.
The mauling at the hands of the electorate is not the only problem troubling the Labour party, as resistance grows to Gordon Brown's plans to part-privatise the Royal Mail.
Today the Communication Workers Union votes on whether to disaffiliate from the Labour Party in protest at the plan. Union members made their opposition clear when they marched on parliament in February.
Although a bill outlining plans for part-privatisation has made it through the House of Lords, nearly 150 Labour MPs have signed a motion condemning the proposal.
Monday, 1 June 2009
Wheels finally come off General Motors
Link to the article: Channel 4 News
By Sarah Smith
For 100 years an icon of corporate capitalism, General Motors today declared itself bankrupt in one of the biggest industrial failures in US history. Sarah Smith reports.
President Obama said he was confident a stronger, streamlined company will emerge – under a massive restructuring plan, backed by another massive tranche of government aid.
But as workers braced themselves for news about their job, GM announced a series of factories would close, confirming it was more than $170bn in debt.
By Sarah Smith
For 100 years an icon of corporate capitalism, General Motors today declared itself bankrupt in one of the biggest industrial failures in US history. Sarah Smith reports.
President Obama said he was confident a stronger, streamlined company will emerge – under a massive restructuring plan, backed by another massive tranche of government aid.
But as workers braced themselves for news about their job, GM announced a series of factories would close, confirming it was more than $170bn in debt.
Wind farm on the ranch
Link to the article: BBC News
The high plains of the Texan Panhandle are running out of water. It spells bad news for the local cattle ranchers.
However the area is now turning to another source of income, wind.
Roger Harrabin visited rancher Mike Baca on his ranch outside Amarillo, Texas.
The high plains of the Texan Panhandle are running out of water. It spells bad news for the local cattle ranchers.
However the area is now turning to another source of income, wind.
Roger Harrabin visited rancher Mike Baca on his ranch outside Amarillo, Texas.
GM bankruptcy 'will hit Vauxhall'
Link to the article: Channel 4 News
By Jenny Wivell
The car giant General Motors is today filing for bankruptcy, as unions warn it will inevitably mean job losses at Vauxhall plants in Britain. Jenny Wivell reports.
General Motors is expected to file for bankruptcy protection today, marking the biggest corporate failure in American history.
The century-old car giant will receive emergency funding from the US government, which will in turn receive a 60 per cent stake in a new, leaner company due to be relaunched within 90 days.
Unions here warn that the restructuring, which includes the sell-off of GM Europe to a Canadian-Russian conglomerate, will mean that jobs will be lost at Vauxhall plants in Luton and Ellesmere Port.
By Jenny Wivell
The car giant General Motors is today filing for bankruptcy, as unions warn it will inevitably mean job losses at Vauxhall plants in Britain. Jenny Wivell reports.
General Motors is expected to file for bankruptcy protection today, marking the biggest corporate failure in American history.
The century-old car giant will receive emergency funding from the US government, which will in turn receive a 60 per cent stake in a new, leaner company due to be relaunched within 90 days.
Unions here warn that the restructuring, which includes the sell-off of GM Europe to a Canadian-Russian conglomerate, will mean that jobs will be lost at Vauxhall plants in Luton and Ellesmere Port.
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