Link to the article: Channel 4 News
By Channel 4 News
Lehman Brothers bankrupt, AIG rescued and HBOS-Lloyds merge - we look back at the week that triggered a financial meltdown.
On this day in 2008 banking giant Lehman Brothers collapsed.
It was the largest financial bankruptcy in US history and triggered a global financial meltdown whose repercussions are still being felt.
As Channel 4 News reported, the week of 15-19 September 2008 was one of economic turmoil which also saw Merrill Lynch bought, AIG rescued and a HBOS-Lloyds merger.
Click on article link for time lines of the Lehman Banking Collapse.
Monday, 14 September 2009
Sunday, 13 September 2009
Product placement rules to change
Link to the article: Channel 4 News
By Channel 4 News
Will the future of television suddenly start looking quite a bit more commercial?
Product placement for money has been a taboo in British TV, and as recently as March the government reaffirmed its opposition to it.
But there are now strong indications that opposition is being dropped.
By Channel 4 News
Will the future of television suddenly start looking quite a bit more commercial?
Product placement for money has been a taboo in British TV, and as recently as March the government reaffirmed its opposition to it.
But there are now strong indications that opposition is being dropped.
Cadbury spurns 'low growth' Kraft
Link to the article: BBC News
UK confectioner Cadbury has said would-be suitor Kraft has a "low growth" business model, and that a tie-up between the firms is "unappealing".
Last week Cadbury rejected a £10.2bn approach from Kraft Foods, saying the approach "fundamentally undervalued" the Dairy Milk maker.
Now Cadbury chairman Roger Carr has sent an open letter to Kraft chief executive Irene Rosenfeld.
He said the Kraft proposal was "of uncertain value" for his shareholders.
The letter also says that under Kraft's offer, "Cadbury would be absorbed into Kraft's low growth, conglomerate business model, an unappealing prospect".
Cadbury statement re Kraft Foods proposal
UK confectioner Cadbury has said would-be suitor Kraft has a "low growth" business model, and that a tie-up between the firms is "unappealing".
Last week Cadbury rejected a £10.2bn approach from Kraft Foods, saying the approach "fundamentally undervalued" the Dairy Milk maker.
Now Cadbury chairman Roger Carr has sent an open letter to Kraft chief executive Irene Rosenfeld.
He said the Kraft proposal was "of uncertain value" for his shareholders.
The letter also says that under Kraft's offer, "Cadbury would be absorbed into Kraft's low growth, conglomerate business model, an unappealing prospect".
Cadbury statement re Kraft Foods proposal
Unions fear further unemployment
Link to the article: Channel News
Cutting public spending would prolong the recession and lead to unemployment soaring to four million, the country's most senior union leaders have warned.
Speaking ahead of the TUC conference in Liverpool, its general secretary Brendan Barber said there could be industrial and social unrest if future governments attempted to slash public sector jobs.
Gordon Brown will address the conference on Tuesday but unions are already warning they will not support cuts.
Mark Serwotka, general secretary of the Public and Commercial Services union, said he feared there will be "huge" spending cuts, whichever party wins the election.
"Cuts will be quicker and deeper under the Tories, but there will be no golden era under Labour," he told a news conference in Liverpool, ahead of the TUC Congress, which opens tomorrow.
Mr Serwotka said the current debate about the state of public finances was merely preparing the ground for a "massive onslaught" on spending.
Cutting public spending would prolong the recession and lead to unemployment soaring to four million, the country's most senior union leaders have warned.
Speaking ahead of the TUC conference in Liverpool, its general secretary Brendan Barber said there could be industrial and social unrest if future governments attempted to slash public sector jobs.
Gordon Brown will address the conference on Tuesday but unions are already warning they will not support cuts.
Mark Serwotka, general secretary of the Public and Commercial Services union, said he feared there will be "huge" spending cuts, whichever party wins the election.
"Cuts will be quicker and deeper under the Tories, but there will be no golden era under Labour," he told a news conference in Liverpool, ahead of the TUC Congress, which opens tomorrow.
Mr Serwotka said the current debate about the state of public finances was merely preparing the ground for a "massive onslaught" on spending.
Saturday, 12 September 2009
Arctic North East Passage breakthrough
Link to the article: Channel 4 News
By Channel 4 News
Two merchant ships open up the Arctic's North East Passage, which has been the dream of seafarers for 500 years. Jane Dodge reports.
Explorers have died trying to conquer the dangerous route, once ice-covered across the top of the world and frozen solid for centuries.
But global warming has pushed back the ice, and this weekend two German-owned vessels are expected to get through with ease.
Shipping firms hope they can now open the passage to worldwide trade.
By Channel 4 News
Two merchant ships open up the Arctic's North East Passage, which has been the dream of seafarers for 500 years. Jane Dodge reports.
Explorers have died trying to conquer the dangerous route, once ice-covered across the top of the world and frozen solid for centuries.
But global warming has pushed back the ice, and this weekend two German-owned vessels are expected to get through with ease.
Shipping firms hope they can now open the passage to worldwide trade.
Thursday, 10 September 2009
Making cash: what is Twitter doing?
Link to the article: Channel 4 News
By Benjamin Cohen
The microblogging site Twitter goes offline with Twestival Local, hundreds of events around the world bringing Tweeters together to raise money for charity. But can Twitter make money for itself?
It is one of the world's most popular websites, allowing people to send instant messages to online followers and friends.
But despite the increasing commercialisation of its service Twitter itself isn't making any money and still has no revenue stream of its own.
By Benjamin Cohen
The microblogging site Twitter goes offline with Twestival Local, hundreds of events around the world bringing Tweeters together to raise money for charity. But can Twitter make money for itself?
It is one of the world's most popular websites, allowing people to send instant messages to online followers and friends.
But despite the increasing commercialisation of its service Twitter itself isn't making any money and still has no revenue stream of its own.
Small-scale brewing grows in popularity
Link to the article: Channel 4 News
By Rags Martel
The big manufacturers may be shutting breweries but it seems that making beer is proving a big draw on a smaller scale.
More than 70 microbreweries were set up in the UK last year and there are now more than at any time since the second world war.
And it is not just men with beards and pot bellies who are getting a taste for real ale.
By Rags Martel
The big manufacturers may be shutting breweries but it seems that making beer is proving a big draw on a smaller scale.
More than 70 microbreweries were set up in the UK last year and there are now more than at any time since the second world war.
And it is not just men with beards and pot bellies who are getting a taste for real ale.
Vauxhall deal puts British jobs under threat
Link to the article: Channel 4 News
By Channel 4 News
Fears are growing over thousands of British jobs following the decision by General Motors to sell Vauxhall and the rest of its European business to the Canadian parts maker Magna.
Germany stumped up billions of pounds to secure the deal and will now keep all four of its car plants open.
Chancellor Angela Merkel could barely contain her delight but workers at the UK's two plants in Luton and Ellesmere Port said they were "devastated" at the news and feared for their long-term future.
The deal suggests the British plants will continue to produce vehicles until 2012, but after that only production plants in Germany are likely to have a guaranteed future.
Pat McFadden MP, minister for business, told Channel 4 News: "We've been told that Magna see a continued production future in both Ellesmere Port and Luton.
"I don't think they've put a time limit on that.
"What we want to do in the weeks and months ahead is to make sure there is a future for both of those plants.
"Peter Mandelson has been in constant touch with both Magna and the General Motors board. We've been talking to all parties throughout this.
"There has not been a negotiating table that we haven't been at. If there's been a meeting in Germany that we've not been at I'm sure there's been a meeting in the UK they've not been at.
"I don't think you can say that somehow we have not been active on this. I don't think that's what the union are saying today. They know that we've made significant efforts on their behalf.
"I've got confidence in the UK workforce and the products they make and we want to make sure they've got a secure future going forward."
General Motors has been considering rival bids for its European arm of the company since filing for bankruptcy earlier this year. A competing bid was made by RHJ International, a Brussels-based investment house.
Unite's joint general-secretary Tony Woodley said: "I think we could have had an unmitigated disaster if General Motors had gone into receivership and liquidation. But we've got a major disappointment.
"Magna clearly are not our preferred buyer because their plans for Britain at the moment allow us to be uncertain about the future of both our Luton and Ellesmere Port plants.
"It's secure at the moment for the next four years certainly in both of those plants but time flies and in our industry we require 14 years' security.
"I don't think either of the plants have a very clear long-term future at the moment because the Magna deal identifies a lack of investment and lack of product beyond the new Astra at Ellesmere Port that's just coming off the tracks now and beyond the deal with Renault that sees vans coming off the Luton tracks.
"You've got a general election in Germany. They've obviously been prepared to put politics at the forefront and offer Magna a blank cheque.
"Germany's the largest partner in General Motors Europe. It's got most of the plants and most of the employees so they've got to cut a deal but the deal is far from done and dusted here. If I was sitting in the Antwerp plant I'd be much more worried than my Vauxhall plants at the moment.
"But we've got to get the Government back on board and make it clear to Magna they can't sack our people and expect to pick up our marketplace, the goodwill of a workforce and maybe as much as £500 million from the Government.
"So there are some hard negotiations now to take place."
More videos linked to article at Channel 4 News
By Channel 4 News
Fears are growing over thousands of British jobs following the decision by General Motors to sell Vauxhall and the rest of its European business to the Canadian parts maker Magna.
Germany stumped up billions of pounds to secure the deal and will now keep all four of its car plants open.
Chancellor Angela Merkel could barely contain her delight but workers at the UK's two plants in Luton and Ellesmere Port said they were "devastated" at the news and feared for their long-term future.
The deal suggests the British plants will continue to produce vehicles until 2012, but after that only production plants in Germany are likely to have a guaranteed future.
Pat McFadden MP, minister for business, told Channel 4 News: "We've been told that Magna see a continued production future in both Ellesmere Port and Luton.
"I don't think they've put a time limit on that.
"What we want to do in the weeks and months ahead is to make sure there is a future for both of those plants.
"Peter Mandelson has been in constant touch with both Magna and the General Motors board. We've been talking to all parties throughout this.
"There has not been a negotiating table that we haven't been at. If there's been a meeting in Germany that we've not been at I'm sure there's been a meeting in the UK they've not been at.
"I don't think you can say that somehow we have not been active on this. I don't think that's what the union are saying today. They know that we've made significant efforts on their behalf.
"I've got confidence in the UK workforce and the products they make and we want to make sure they've got a secure future going forward."
General Motors has been considering rival bids for its European arm of the company since filing for bankruptcy earlier this year. A competing bid was made by RHJ International, a Brussels-based investment house.
Unite's joint general-secretary Tony Woodley said: "I think we could have had an unmitigated disaster if General Motors had gone into receivership and liquidation. But we've got a major disappointment.
"Magna clearly are not our preferred buyer because their plans for Britain at the moment allow us to be uncertain about the future of both our Luton and Ellesmere Port plants.
"It's secure at the moment for the next four years certainly in both of those plants but time flies and in our industry we require 14 years' security.
"I don't think either of the plants have a very clear long-term future at the moment because the Magna deal identifies a lack of investment and lack of product beyond the new Astra at Ellesmere Port that's just coming off the tracks now and beyond the deal with Renault that sees vans coming off the Luton tracks.
"You've got a general election in Germany. They've obviously been prepared to put politics at the forefront and offer Magna a blank cheque.
"Germany's the largest partner in General Motors Europe. It's got most of the plants and most of the employees so they've got to cut a deal but the deal is far from done and dusted here. If I was sitting in the Antwerp plant I'd be much more worried than my Vauxhall plants at the moment.
"But we've got to get the Government back on board and make it clear to Magna they can't sack our people and expect to pick up our marketplace, the goodwill of a workforce and maybe as much as £500 million from the Government.
"So there are some hard negotiations now to take place."
More videos linked to article at Channel 4 News
Wednesday, 9 September 2009
Gold: the economic safe haven?
Link to the article: Channel 4 News
By Channel 4 News
Despite reports that the UK economy may be heading out of recession, gold passes the $1,000 an ounce mark for only the third time in history.
Gold is an investment that usually does well in uncertain times.
And despite reports that the UK economy may be heading out of recession, gold has passed the $1,000 an ounce mark for only the third time in history.
It peaked yesterday at $1009 per troy ounce, close to the all-time record of $1032 set last March.
But adjusting for inflation, it is a long way behind the highs hit in 1980 when it passed the equivalent of $2200 in today's money.
By Channel 4 News
Despite reports that the UK economy may be heading out of recession, gold passes the $1,000 an ounce mark for only the third time in history.
Gold is an investment that usually does well in uncertain times.
And despite reports that the UK economy may be heading out of recession, gold has passed the $1,000 an ounce mark for only the third time in history.
It peaked yesterday at $1009 per troy ounce, close to the all-time record of $1032 set last March.
But adjusting for inflation, it is a long way behind the highs hit in 1980 when it passed the equivalent of $2200 in today's money.
Monday, 7 September 2009
Spotify secures iPhone music deal
Link to the article: Channel 4 News
Updated on 07 September 2009
Spotify, the popular European digital music service, has secured a deal to launch a mobile offering on Apple's iPhone costing customers £10 a month, it was revealed today.
Spotify, a Swedish firm, said a mobile application was now available for its premium subscribers in the UK, Sweden, Spain, France and Norway on the iPhone, iPod Touch and phones using the Android platform.
The application will allow premium users to access millions of tracks from the service, previously only available via a computer, wherever they go.
Spotify has won plaudits from the music industry, which has been undermined by piracy, for offering a better and smoother alternative to illegal sites. It has more than 6m users in Europe and over 5m tracks available.
Users of the service can either listen to music for free and in exchange for watching adverts, or pay a premium fee of £9.99 a month to avoid the ads.
"This is a hugely significant day in Spotify's short history," said Gustav Sderstrm, director of portable solutions at Spotify. "Since our launch last October, we've worked hard to provide our users with a high quality service that gives them access to whatever music they want, whenever they want it."
Tuesday, 1 September 2009
Incredible bulk: Disney buys Marvel
Link to the article: Channel 4 News
By More4 News
As of today, Mickey Mouse and Captain America, as well as Hannah Montana and Spiderman, are all colleagues.
Disney has taken over another vast company selling lurid childhood fantasy to the world, Marvel.
By More4 News
As of today, Mickey Mouse and Captain America, as well as Hannah Montana and Spiderman, are all colleagues.
Disney has taken over another vast company selling lurid childhood fantasy to the world, Marvel.
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