‘Significant’ US Change on Global Warming: Al Gore Barack Obama is leading a “significant” change in US policy towards global warming, Nobel Peace Prize winner Al Gore said, days ahead of the US president’s trip to the global climate summit in Copenhagen. Afp, AFP GLOBAL EDITION - 11 minutes ago
US TRAVEL AND TOURISM ARE GOING NOWHERE The downturn has pummeled U.S. tourism, with airlines and hotels suffering the greatest damage. Despite the dollar’s decline against most other world currencies, fewer travelers are visiting. Sales at publicly traded travel companies in the U.S. are way down, while those in China have seen gains. Tara Kalwarski, BUSINESSWEEK - 16 minutes ago
IT’S NOT A JUNKET, IT’S AN INVESTMENT The bad press surrounding AIG’s infamous October 2008 sales meeting in Dana Point, Calif.--where employees partied at a lavish resort as AIG got billions in a bailout--helped put a chill on the luxury hotel business. Companies ran scared, canceling meetings or switching them to less opulent venues. Maritz Travel, a meetings company, says between October and December of last year it had $150 million in cancellations for 2009 bookings, a big chunk of its typical $600 million in bookings annually. Spending on U.S. events this year will fall almost 13%, says the U.S. Travel Assn. Burt Helm, BUSINESSWEEK - 16 minutes ago
A LIFELINE OF CREDIT FOR THE RECOVERY Lending remains tight, but overall bank standards are relaxing, and that will make it possible for businesses to expand as demand picks up James C. Cooper, BUSINESSWEEK - 16 minutes ago
TRUMP STILL HOLDS CARDS The Donald is back at the table--sort of. After seeing his New Jersey casino empire slide into bankruptcy for the third time, real estate baron Donald Trump on Nov. 17 folded his bid to regain control but didn’t give up his seat. As part of a deal with bondholders, Trump will get a 10% stake in a recapitalized Trump Entertainment Resorts, which owns three Atlantic City casinos. In exchange, Trump and his daughter Ivanka agreed to drop claims against the company. Trump will be free to use his name on other gambling ventures but not in five neighboring states. He and Ivanka quit the board in February. Harry Maurer & Cristina Linblad, BUSINESSWEEK - 16 minutes ago
HOW VENTURE CAPITAL LOST ITS WAY The current focus on fees at VC funds promotes startup flipping, not nurturing Carl Schramm and Harold Bradley, BUSINESSWEEK - 16 minutes ago
STEVE SCHWARZMAN STARTS WARMING UP At the height of the private equity boom, no firm was flying higher than Blackstone Group, the juggernaut founded by Pete Peterson and Steve Schwarzman. In the past couple of years, Blackstone’s profile has been considerably lower than it was in early 2007 when it paid $39 billion for Equity Office Properties in the biggest real estate buyout deal ever. Now, Blackstone is looking tanned, fit, and ready for action. On Nov. 6, Bloomberg reported that the publicly traded Blackstone posted a third-quarter profit of $275.3 million, and in a conference call, Schwarzman said the firm is planning eight or more initial public offerings of companies in its portfolio in coming months. Blackstone has also just launched a fund-management firm in China and (little fish, take note) is finalizing a $2.3 billion deal to buy Busch Entertainment, which owns theme parks like SeaWorld in Orlando. Maria Bartiromo, BUSINESSWEEK - 16 minutes ago
EMPLOYEE--OR CONTRACTOR? Do some businesses classify workers as contractors to deny them benefits and avoid paying employment taxes? Or is this “independent contractor” status simply a way for companies to render workers more productive and entrepreneurial? In response to our story about employment practices at FedEx ("They’re Employees. No, They’re Not," What’s Next, Nov. 16), readers took up positions on both sides of the debate. Michael Orey, BUSINESSWEEK - 16 minutes ago
KEYON COMMUNICATIONS MAKES ITS CASE “A Broadband Player’s Unorthodox Stock Play” (What’s Next, Nov. 16) suggests that KeyOn Communications' stock performance is directly and solely related to bullish comments by Emerging Growth Research and other analysts. The article argues that EGR did not adequately disclose its ownership of KeyOn stock and implies that KeyOn somehow exerts control over EGR’s disclosure practices. We do not. And we believe EGR properly disclosed its relationship with KeyOn. Not mentioned in the article are KeyOn’s operational performance, balance sheet restructurings, and federal stimulus application submissions (plus a $3 million grant from the State of Illinois if we get the federal dollars). Business Week, BUSINESSWEEK - 16 minutes ago
SEEDS OF A RALLY FOR MONSANTO The world’s No. 1 seed producer, Monsanto (MON), is playing catch-up: It missed the market rally, but that was O.K. with Keith Goddard, president of Capital Advisors Growth Fund, who scouts for blue-chip companies that stumble because of problems he sees as fixable. Gene Marcial, BUSINESSWEEK - 16 minutes ago
AUGMENTED REALITY: NOT THAT REAL YET Why iPhone apps that act as a digital guidebook aren’t quite ready for prime time Stephen H. Wildstrom, BUSINESSWEEK - 16 minutes ago
THE KING OF THE CLOUD Salesforce.com CEO Marc Benioff’s book is a fun, user-friendly guide for entrepreneurs and spectators Steve Hamm, BUSINESSWEEK - 16 minutes ago
How to Play It: Philips Dutch conglomerate Philips is weathering the recession far better than it has previous downturns. In 2001 during the dot-com bust, Philips' shares fell 70% from their peak and took nearly four years to recover. This time, a slimmer Philips is bouncing back faster. After hitting a low of about 11 euros ($16.45) in March, Philips shares are now hovering closer to 19 euros ($28), a 30% gain from the start of the year. Kerry Capell, BUSINESSWEEK - 16 minutes ago
WHAT’S INSIDE PIMCO? Pimco Total Return Fund’s nearly $193 billion in total assets rival the gross domestic product of a small country--of Chile, Singapore, or the Philippines, say. It is the largest mutual fund ever, dwarfing its closest competitor, American Funds' Growth Fund of America, which has $145 billion. Lewis Braham, With Tara Kalwarski, BUSINESSWEEK - 16 minutes ago
WHY DRUGMAKERS DON’T TWITTER The FDA has so far failed to craft rules clarifying how companies can participate in online discussions Catherine Arnst, BUSINESSWEEK - 16 minutes ago
ONE-STOP TECH GIANTS On Nov. 11, Hewlett-Packard announced the $2.7 billion acquisition of networking company 3Com, the latest in a line of tech megamergers. It may also be one of the last, according to Canaccord Adams analyst Paul Mansky. He says the deals are a sign of an industry in transition. In the past, companies could choose one provider for networking needs and another for servers or storage. Now, big players are becoming one-stop shops. Ben Levisohn, BUSINESSWEEK - 16 minutes ago
TOYOTA GETS STUCK IN A PAIR OF RUTS While a strengthening yen eats up profits, the carmaker’s reputation for quality is taking a hit David Welch and Ian Rowley, BUSINESSWEEK - 16 minutes ago
ABERCROMBIE BARGAINS FOR A REBOUND It hung tough on pricing, and teens took a hike. Now can the paragon of preppy coolness woo them back? Matthew Boyle, BUSINESSWEEK - 16 minutes ago
CHINA’S REVERSE BRAIN DRAIN Beijing is making progress in its effort to lure back top Chinese scientists working overseas Pete Engardio, BUSINESSWEEK - 16 minutes ago
HEALING CHILE’S MALAISE Despite decades of economic growth, average citizens are dissatisfied--and want better schools and more opportunities Geri Smith, BUSINESSWEEK - 16 minutes ago
INNOVATION GOES DOWNTOWN From Barcelona to Seoul, urban science parks are being built to lure the best minds and the industries of tomorrow Pete Engardio, With Moon Ihlwan In Seoul and Andy Reinhardt In Barcelona, BUSINESSWEEK - 16 minutes ago
A Big Loophole in Cap and Trade How companies may be rewarded for green projects they already had in the works Ben Elgin, BUSINESSWEEK - 16 minutes ago
CAN ADOBE BEAT BACK THE HACKERS? As its software becomes a major means of attack, security experts wonder if it can fight hard enough Aaron Ricadela, BUSINESSWEEK - 16 minutes ago
Wall Street Vs. America Taxpayers are taking another hit as strapped local governments fork over billions in fees on investments gone bad Theo Francis, Ben Levisohn, Christopher Palmeri, and Jessica Silver-Greenberg, BUSINESSWEEK - 16 minutes ago
THESE MEN COULD KILL SARBOX Two tenacious Washington lawyers have the Sarbanes-Oxley Act in their sights--and they just might take it down Theo Francis, BUSINESSWEEK - 16 minutes ago
A CHILL IN BRITAIN With more layoffs looming, it may struggle in 2010, too Stanley Reed, BUSINESSWEEK - 16 minutes ago
HEALTH CARE: GE GETS RADICAL It’s offering only high-deductible, consumer-directed plans. That will save millions but may damage morale Jena McGregor, With Esme Deprez, BUSINESSWEEK - 16 minutes ago
CISCO’S EXTREME AMBITIONS CEO John Chambers is now chasing market share in 30 different categories--and making powerful enemies Peter Burrows, BUSINESSWEEK - 16 minutes ago
VODAFONE’S INDIAN DILEMMA It’s signing up plenty of new customers, but price wars are putting a serious crimp in the carrier’s margins Mehul Srivastava and Mark Scott, BUSINESSWEEK - 16 minutes ago
ASIA’S MBA HOPEFULS LOOK HOMEWARD The U.S. is still the most popular destination for business school applicants from Asia, who now make up 29% of all GMAT takers. But more of the region’s MBA hopefuls are looking closer to home when picking a program. A study from the Graduate Management Admission Council, which administers the GMAT, shows those taking the test in Asia forwarded a lower percentage of their score reports to U.S. schools in 2008 (71%) than they did in 2004 (77%). The number sent to Indian MBA programs was up 470%. B-schools in Singapore received 305% more, and 112% more scores went to programs in China. One reason for the tilt away from American MBA programs: the move by U.S. lawmakers to restrict the hiring of foreigners on H-1B visas. (Most Asians who study in the U.S. hope to stay.) A second reason, says GMAC President and CEO David Wilson, is that Asian B-schools “are stepping up their game in terms of curriculum, students, and faculty.” Frederik Balfour In Hong Kong, BUSINESSWEEK - 16 minutes ago
WHY HOLLYWOOD LOVES TO REPEAT ITSELF With their built-in fan base, sequels are seen as a safe bet in Hollywood. Now research by two academics--one at Cass Business School in London, the other at Texas Christian University’s Neeley School of Business in Fort Worth--shows just how safe. The two studied the take for more than 100 movie sequels released from 1998 to 2006. Comparing those box-office numbers with what was earned by thematically similar standalone films shown around the same time, they found sequels generated an average 27% more revenue. Using their formula, they estimate the upcoming teen vampire film The Twilight Saga: New Moon (the second in the Twilight franchise) should make $34 million more domestically than an upcoming standalone movie about adolescent bloodsuckers. The professors, TCU’s Mark Houston and Cass' Thorsten Hennig-Thurau, also studied the “feedback” effect of follow-up flicks, finding that they’re responsible for boosting DVD sales of their parent films by 1.3 million copies. Mark Scott In London, BUSINESSWEEK - 16 minutes ago
IS THE FED CREATING NEW BUBBLES? Its easy-money policy has Asia worried. But Bernanke says fears of a speculative surge are overblown Peter Coy, With David Henry and Peter Carbonara In New York and Dexter Roberts In Beijing, BUSINESSWEEK - 16 minutes ago
China House Church Leaders Sentenced A court in northern China has sentenced five leaders of an unauthorized Protestant church to prison terms of up to seven years on charges including illegal assembly, rights groups reported Thursday. Christopher Bodeen, AP NEWS - 26 minutes ago
Freed Foreign Journalists Leave Somalia Two foreign journalists freed after more than a year in captivity flew to neighboring Kenya, said Somalia’s national security minister on Thursday. Mohamed Olad Hassan, AP NEWS - 26 minutes ago
Art-House Films Top Contenders at Chinese Oscars An Australia-based director’s romance, a Taiwanese family drama and the story of a Chinese peasant guarding a cow are the unlikely trio of top contenders at the Chinese-language equivalent of the Oscars to be announced on Saturday. Min Lee, AP NEWS - 32 minutes ago
Toyota Slashes Bonuses for Managers by 20 Percent Toyota is slashing bonus pay for managers as the Japanese automaker tackles a massive recall in the U.S. and deep losses for the second straight fiscal year. Yuri Kageyama, AP NEWS - 36 minutes ago
Group: Chinese Over-Investment Could Strain Trade China’s stimulus spending has fueled massive overexpansion in steel and other industries that could force companies to boost exports, igniting a protectionist backlash abroad, a European business group warned Thursday. Joe McDonald, AP NEWS - 37 minutes ago
Invading Camels to Be Shot in Australian Town State authorities plan to corral about 6,000 wild camels with helicopters and gun them down after they overran a small town in Australia’s Outback in search of water, trampling fences, smashing tanks and contaminating supplies. Staff, AP NEWS - 44 minutes ago
Khmer Rouge Prison Chief Could Get 40 Years Lawyers for the Khmer Rouge prison chief blamed for thousands of killings in Cambodia accused prosecutors Thursday of making him a scapegoat for all the horrors committed by the regime. Sopheng Cheang and Luke Hunt, AP NEWS - 58 minutes ago
Asian Stocks Fall as Dollar Slides; Gold at Record Asian stock markets dropped Thursday as mostly positive economic news in the U.S. failed to inspire investors and the dollar tumbled to a 14-year low against the Japanese yen. Jeremiah Marquez, AP NEWS - 61 minutes ago
Dollar Falls to 14-Year Low vs Yen, Touching 86.51 The dollar tumbled to 14-year low against the Japanese yen Thursday after indications U.S. interest rates will remain low and that the Federal Reserve isn’t overly concerned about the dollar’s slide. Malcolm Foster, AP NEWS - 62 minutes ago
Taiwan Fines Newspaper for Motion Crime News A daily newspaper in Taiwan has been fined for illustrating news stories involving crime and violence in vivid animation on its Web site, an official said Thursday. Staff, AP NEWS - 62 minutes ago
Activist Group Posting 573,000 9/11 Pager Messages An activist group has begun posting 573,000 pager messages purportedly sent on Sept. 11, 2001, from “Second World Trade Center tower collapses” to “I’m ok & love you..xoxoxoxoxoxoxoxox.” Karen Matthews, AP NEWS - 66 minutes ago
Tight Economy Forces Some to Stay Home for Holiday There’s still family, turkey and football, but one Thanksgiving tradition is taking a hit this year. Millions of Americans are spending the holiday at home, saying the poor economy has made it unaffordable to hit the road or board a plane. Michael Tarm, AP NEWS - 66 minutes ago
AP IMPACT: A Stream of WH Health Care Visits President Barack Obama’s top aides met frequently with lobbyists and health care industry heavyweights as his administration pieced together a national health care overhaul, according to White House visitor records obtained Wednesday by The Associated Press. Sharon Theimer and Julie Hirschfeld Davis, AP NEWS - 68 minutes ago
Obama to Vow Greenhouse Emissions Cuts in Denmark Putting his prestige on the line, President Barack Obama will personally commit the U.S. to a goal of substantially cutting greenhouse gases at next month’s Copenhagen climate summit. He will insist America is ready to tackle global warming despite resistance in Congress over higher costs for businesses and homeowners. H. Josef Hebert, AP NEWS - 69 minutes ago
Ahmadinejad Hails Anti-US ‘Brothers’ on Venezuela Trip Iranian President Mahmoud Ahmadinejad vowed while standing next to President Hugo Chavez that Iran and Venezuela would “stand together until the end” in the face of US “imperialism.” Afp, AFP GLOBAL EDITION - 71 minutes ago
China Mine Disaster Toll Hits 108: State Media Rescuers have recovered the corpse of the last person missing after an explosion in a coal mine in northeastern China, bringing the death toll to 108, state media reported on Thursday. Afp, AFP GLOBAL EDITION - 71 minutes ago
Climate Change to Cost Trillions, Say Economists Estimates vary widely on the costs of damage from climate change, easing these impacts and taming the carbon gas stoking the problem, but economists agree the bill is likely to be in the trillions of dollars. Afp, AFP GLOBAL EDITION - 71 minutes ago
Freddie Mercury Memorial a Beacon for British Asians Eighteen years since he died, an unglamorous London suburb has unveiled Britain’s first memorial to Freddie Mercury, hoping it will inspire other local British Asians to take the world by storm. Afp, AFP GLOBAL EDITION - 71 minutes ago
Canadian, Australian Journalists in Somalia Freed Two freelance journalists, one from Canada and the other from Australia, were freed on Wednesday after 15 months in captivity in Somalia, with the Canadian alleging she was tortured. Afp, AFP GLOBAL EDITION - 71 minutes ago
Kidd Rises to 2nd in NBA All-Time Assists in Dallas Win Jason Kidd moved into second place on the NBA’s all-time assists list while Jason Terry scored 27 points to lead the Dallas Mavericks past Houston 130-99. Afp, AFP AMERICAN EDITION - 71 minutes ago
Oil Falls to Near $77 Amid Mixed Demand Signs Oil prices fell to near $77 a barrel Thursday in Asia amid mixed indications about the strength of global crude demand. Alex Kennedy, AP NEWS - 73 minutes ago
Mexican President: Gangs Were ‘Taking Over’ Mexico Mexican President Felipe Calderon said in an interview that crime gangs and drug cartels were “taking over Mexico” before he launched his offensive against them, and said the crackdown had achieved uneven results. Mark Stevenson, AP NEWS - 75 minutes ago
Mumbai Commemorates Anniversary of Attacks A police parade showcasing new armored vehicles and weapons, a mournful candlelight vigil and a blood donation drive brought Mumbai residents together Thursday as they remembered the city’s worst terror attack a year ago that left 166 people dead. Erika Kinetz, AP NEWS - 76 minutes ago
Mexican President Says Poverty Now First Priority Mexican President Felipe Calderon said Wednesday that the top priority in the second half of his term will be reducing poverty, after the war against drug cartels took center stage in the first three years of his administration. Mark Stevenson, AP NEWS - 76 minutes ago
Search Crew Working to Free Man Stuck in Cave Rescuers chipped away with air-powered tools in a narrow tunnel Wednesday in a frustrating daylong effort to free a man trapped upside-down deep inside in a popular Utah cave. Brock Vergakis, AP NEWS - 76 minutes ago
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