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Singapore growth at 8.1% in 2004
Singapore's economy grew by 8.1% in 2004, its best performance since 2000, figures from the trade ministry show.
The advance, the second-fastest in Asia after China, was led by growth of 13.1% in the key manufacturing sector. However, a slower-than-expected fourth quarter points to more modest growth for the trade-driven economy in 2005 as global technology demand falls back. Slowdowns in the US and China could hit electronics exports, while the tsunami disaster may effect the service sector.
Economic growth is set to halve in Singapore this year to between 3% and 5%. In the fourth quarter, the city state's gross domestic product (GDP) rose at an annual rate of 2.4%. That was up from the third quarter, when it fell 3.0%, but was well below analyst forecasts. "I am surprised at the weak fourth quarter number. The main drag came from electronics," said Lian Chia Liang, economist at JP Morgan Chase. Singapore's economy had contracted over the summer, weighed down by soaring oil prices. The economy's poor performance in the July to September period followed four consecutive quarters of double-digit growth as Singapore bounced back strongly from the effects of the deadly Sars virus in 2003.
| However, a slower-than-expected fourth quarter points to more modest growth for the trade-driven economy in 2005 as global technology demand falls back.The economy's poor performance in the July to September period followed four consecutive quarters of double-digit growth as Singapore bounced back strongly from the effects of the deadly Sars virus in 2003.The advance, the second-fastest in Asia after China, was led by growth of 13.1% in the key manufacturing sector."I am surprised at the weak fourth quarter number.That was up from the third quarter, when it fell 3.0%, but was well below analyst forecasts. |
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Firms pump billions into pensions
Employers have spent billions of pounds propping up their final salary pensions over the past year, research suggests.
A survey of 280 schemes by Incomes Data Services' (IDS) said employer contributions had increased from £5.5bn to £8.2bn a year, a rise of 49.7%. Companies facing the biggest deficits had raised their pension contributions by 100% or more, IDS said. Many firms are struggling to keep this type of scheme open, because of rising costs and increased liabilities. A final salary scheme, also known as a defined benefit scheme, promises to pay a pension related to the salary the scheme member is earning when they retire.
The rising cost of maintaining such schemes has led many employers to replace final salary schemes with money purchase, or defined contribution, schemes. These are less risky for employers. Under money purchase schemes, employees pay into a pension fund which is used to buy an annuity - a policy which pays out an income until death - on retirement.
IDS said there were some schemes in good health.
But, in many cases, firms had been forced to top up funds to tackle "yawning deficits". The level of contributions paid by employers has increased gradually since the late 1990s. In 1998/99, for example, contributions rose by 4.7% and in 2002/03 by 8.6%. In contrast, between 1996 and 1998, some employers cut their contribution levels. Helen Sudell, editor of the IDS Pensions Service, said the rise in contributions was "staggering" and the highest ever recorded by IDS. "We have warned before that the widespread closure of final salary schemes to new entrants is just the beginning of a much bigger movement away from paternalistic provision," said Ms Sudell. "With figures like this there can be little doubt that many employers will have to reduce future benefits at some point for those staff still in these schemes."
| The rising cost of maintaining such schemes has led many employers to replace final salary schemes with money purchase, or defined contribution, schemes.A survey of 280 schemes by Incomes Data Services' (IDS) said employer contributions had increased from £5.5bn to £8.2bn a year, a rise of 49.7%.A final salary scheme, also known as a defined benefit scheme, promises to pay a pension related to the salary the scheme member is earning when they retire.IDS said there were some schemes in good health.Companies facing the biggest deficits had raised their pension contributions by 100% or more, IDS said.Helen Sudell, editor of the IDS Pensions Service, said the rise in contributions was "staggering" and the highest ever recorded by IDS.In contrast, between 1996 and 1998, some employers cut their contribution levels. |
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Dollar hits new low versus euro
The US dollar has continued its record-breaking slide and has tumbled to a new low against the euro.
Investors are betting that the European Central Bank (ECB) will not do anything to weaken the euro, while the US is thought to favour a declining dollar. The US is struggling with a ballooning trade deficit and analysts said one of the easiest ways to fund it was by allowing a depreciation of the dollar. They have predicted that the dollar is likely to fall even further.
The US currency was trading at $1.364 per euro at 1800 GMT on Monday. This compares with $1.354 to the euro in late trading in New York on Friday, which was then a record low.
The dollar has weakened sharply since September when it traded about $1.20 against the euro. It has lost 7% this year, while against the Japanese yen it is down 3.2%. Traders said that thin trading levels had amplified Monday's move. "It's not going to take much to push [the dollar] one way or the other," said Grant Wilson of Mellon Bank. Liquidity - a measure of the number of parties willing to trade in the market - was about half that of a normal working day, traders said.
| The US dollar has continued its record-breaking slide and has tumbled to a new low against the euro.The US is struggling with a ballooning trade deficit and analysts said one of the easiest ways to fund it was by allowing a depreciation of the dollar.The dollar has weakened sharply since September when it traded about $1.20 against the euro.The US currency was trading at $1.364 per euro at 1800 GMT on Monday.Investors are betting that the European Central Bank (ECB) will not do anything to weaken the euro, while the US is thought to favour a declining dollar. |
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Industrial revival hope for Japan
Japanese industry is growing faster than expected, boosting hopes that the country's retreat back into recession is over.
Industrial output rose 2.1% - adjusted for the time of year - in January from a month earlier. At the same time, retail sales picked up faster than at any time since 1997. The news sent Tokyo shares to an eight-month high, as investors hoped for a recovery from the three quarters of contraction seen from April 2004 on. The Nikkei 225 index ended the day up 0.7% at 11,740.60 points, with the yen strengthening 0.7% against the dollar to 104.53 yen. Weaker exports, normally the engine for Japan's economy in the face of weak domestic demand, had helped trigger a 0.1% contraction in the final three months of last year after two previous quarters of shrinking GDP. Only an exceptionally strong performance in the early months of 2004 kept the year as a whole from showing a decline. The output figures brought a cautiously optimistic response from economic officials. "Overall I see a low risk of the economy falling into serious recession," said Bank of Japan chief Toshihiko Fukui, despite warning that other indicators - such as the growth numbers - had been worrying.
Within the overall industrial output figure, there were signs of a pullback from the export slowdown. Among the best-performing sectors were key overseas sales areas such as cars, chemicals and electronic goods. With US growth doing better than expected the picture for exports in early 2005 could also be one of sustained demand. Electronics were also one of the keys to the improved domestic market, with products such as flat-screen TVs in high demand during January.
| Industrial output rose 2.1% - adjusted for the time of year - in January from a month earlier.Weaker exports, normally the engine for Japan's economy in the face of weak domestic demand, had helped trigger a 0.1% contraction in the final three months of last year after two previous quarters of shrinking GDP.With US growth doing better than expected the picture for exports in early 2005 could also be one of sustained demand.Electronics were also one of the keys to the improved domestic market, with products such as flat-screen TVs in high demand during January.Within the overall industrial output figure, there were signs of a pullback from the export slowdown.At the same time, retail sales picked up faster than at any time since 1997. |
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Ebbers 'aware' of WorldCom fraud
Former WorldCom boss Bernie Ebbers was directly involved in the $11bn financial fraud at the firm, his closest associate has told a US court.
Giving evidence in the criminal trial of Mr Ebbers, ex-finance chief Scott Sullivan implicated his colleague in the accounting scandal at the firm. Mr Sullivan, WorldCom's former number two, is the government's chief witness in its case against Mr Ebbers. Mr Ebbers has denied multiple charges of conspiracy and fraud.
Senior WorldCom executives are accused of orchestrating a huge fraud at the former telecoms company in which they exaggerated revenues and hid the cost of expenses. The firm was forced into bankruptcy, the largest in US history. Mr Sullivan, 42, pleaded guilty to fraud last year and agreed to assist the government with its case against Mr Ebbers.
Prosecutors have alleged that Mr Ebbers, 63, directed Mr Sullivan to hide the true state of the company's finances by providing false information to the firm's accountants. Mr Ebbers has denied all the charges, saying he was unaware of the fraud. His lawyers claim that their client was unfamiliar with detailed accounting practices and left that side of the business to Mr Sullivan.
However, on Monday Mr Sullivan named Mr Ebbers as one of five executives who participated in the accounting fraud. "He [Ebbers] has got a hands-on grasp of financial information," Mr Sullivan told a New York court. On his first day of questioning, Mr Sullivan admitted to falsifying the company's financial statements.
"We did not disclose these adjustments," he said. "We did not talk about these adjustments and the information was false." Mr Sullivan said his former boss knew more about accounting matters than many chief financial officers and described him as "detail-oriented".
He portrayed Mr Ebbers, a charismatic businessman who built up WorldCom from a small regional operator into one of America's largest telecoms firms, as obsessed with costs. "He would talk about that there were more coffee filters than coffee bags and that means employees are taking coffee home," he said. "We needed to cut expenses. We needed to cut a lot more than coffee expenses." Mr Sullivan is at the centre of the government's case against Mr Ebbers. Mr Ebbers could face a sentence of 85 years if convicted of all the charges he is facing.
| Mr Sullivan is at the centre of the government's case against Mr Ebbers.However, on Monday Mr Sullivan named Mr Ebbers as one of five executives who participated in the accounting fraud.Mr Sullivan, WorldCom's former number two, is the government's chief witness in its case against Mr Ebbers.Mr Sullivan, 42, pleaded guilty to fraud last year and agreed to assist the government with its case against Mr Ebbers.Mr Ebbers has denied all the charges, saying he was unaware of the fraud.Prosecutors have alleged that Mr Ebbers, 63, directed Mr Sullivan to hide the true state of the company's finances by providing false information to the firm's accountants.Mr Ebbers has denied multiple charges of conspiracy and fraud."He [Ebbers] has got a hands-on grasp of financial information," Mr Sullivan told a New York court.Mr Sullivan said his former boss knew more about accounting matters than many chief financial officers and described him as "detail-oriented". |
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Cash gives way to flexible friend
Spending on credit and debit cards has overtaken cash spending in the UK for the first time.
The moment that plastic finally toppled cash happened at 10.38am on Wednesday, according to the Association for Payment Clearing Services (Apacs) Apacs chose school teacher Helen Carroll, from Portsmouth, to make the historic transaction. The switch over took place as she paid for her groceries in the supermarket chain Tesco's Cromwell Road branch.
Mrs Carroll was born in the same year that plastic cards first appeared in the UK. "I pay for most things with my debit card, with occasional purchases on one of my credit cards," said Mrs Carroll, who teaches at Peel Common Infants School in Gosport.
Spending patterns for the year and estimates for December led Apacs to conclude that 10.38am was the time that plastic would finally rule the roost. Shoppers in the UK are expected to put £269bn on plastic cards during the whole of 2004, compared with £268bn paid with cash, Apacs said. When the first plastic cards appeared in the UK in June 1966, issued by Barclaycard, but only a handful of retailers accepted them and very few customers held them. "But in less than 40 years, plastic has become our most popular way to pay, due to the added security and flexibility it offers," said Apacs spokeswoman Jemma Smith. "The key driver has been the introduction of debit cards, which now account for two-thirds of plastic card transactions and are used by millions of us every day."
| Mrs Carroll was born in the same year that plastic cards first appeared in the UK.Shoppers in the UK are expected to put £269bn on plastic cards during the whole of 2004, compared with £268bn paid with cash, Apacs said.Spending on credit and debit cards has overtaken cash spending in the UK for the first time.When the first plastic cards appeared in the UK in June 1966, issued by Barclaycard, but only a handful of retailers accepted them and very few customers held them. |
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Oil rebounds from weather effect
Oil prices recovered in Asian trade on Tuesday, after falling in New York on milder winter weather across the US.
With winter temperatures staying relatively high in the northern US, a barrel of light crude ended Monday down $1.33 to $42.12. However crude prices have rebounded in Asia, rising to $42.30 a barrel for February delivery. In London, trading of Brent crude was suspended for a public holiday, but the price fell to $39.20 in the Far East.
With milder temperatures expected to continue in the northern parts of the US over the next few days at least, analysts have said the price of oil may fall further - even if the decline was only temporary. "Weather has been the Achilles' heel of this market," said ABN AMRO analyst John Brady. "But it is winter in the northeast. Eventually we'll get another cold blast." Despite a fall of more than $12 a barrel from the record highs reached in late October, the price of crude oil remains almost 30% higher than year-ago levels. Prices rose last week after militant attacks in Riyadh, the capital of Saudi Arabia, briefly renewed fears that the supply chain might be broken in the world's leading crude exporter. "The market was panicked but fears essentially evaporated... since there was no follow-up," said Deborah White, senior economist for energy at SG Securities in Paris.
| With winter temperatures staying relatively high in the northern US, a barrel of light crude ended Monday down $1.33 to $42.12.With milder temperatures expected to continue in the northern parts of the US over the next few days at least, analysts have said the price of oil may fall further - even if the decline was only temporary.Oil prices recovered in Asian trade on Tuesday, after falling in New York on milder winter weather across the US.Despite a fall of more than $12 a barrel from the record highs reached in late October, the price of crude oil remains almost 30% higher than year-ago levels.However crude prices have rebounded in Asia, rising to $42.30 a barrel for February delivery. |
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House prices rebound says Halifax
UK house prices increased by 1.1% in December, the first monthly rise since September, the Halifax has said.
The UK's biggest mortgage lender said prices rose 15.1% over the whole of 2004, but by only 2.8% in the second half of the year. The average price of a house in the UK now stands at £162,086, Halifax said. The survey seems to fly in the face of recent evidence that the UK housing market has been slowing substantially in response to interest rate rises.
Last week, the Nationwide said that house prices fell 0.2% in December, with annual inflation running at a three year low.
On Tuesday, figures from the Bank of England showed that the number of mortgages approved in the UK has fallen to the lowest level for nearly a decade. New loans in November fell to 77,000, from 85,000 in October, the lowest rate since September 1995, the Bank of England said. Growth in unsecured lending, such as personal loans and credit cards, also slowed last month. Capital Economics, which has in the past predicted a sharp fall in UK house prices, branded Halifax's findings a "temporary surprise," which would be reversed over the coming months. "The month by month volatility of the Halifax house price data should not distract from the fact that there is a clear downward trend in house prices," a Capital Economics statement said.
Experts believe five interest rate rises since November 2003 are cutting borrowers' appetite for debt.
Despite recording a price rise in December, the Halifax survey concluded that there was "continuing signs of a genuine slowdown in the housing market." Martin Ellis, Halifax chief economist, said that there was no need to revise the bank's prediction, made last month, that prices would fall by 2% in 2005. "Sound housing market fundamentals will continue to underpin the market in 2005, ensuring that the market remains healthy and that house prices fall only slightly," Mr Ellis said. If the bank's prediction of a 2% price drop comes true, it will be the first annual fall in nine years.
The bank said that the recent pattern of house prices rising the fastest in the north of England continued in December. In the North West and Yorkshire and the Humber, Halifax said prices rose by 3% and 1.2% in the two regions respectively during the month. At the other send of the scale, prices in the South East and London fell by 1.6% and 0.5% respectively. The biggest decline was seen in Wales where prices fell by 6.2%, an area that had experienced strong house price growth during most of 2004. Overall, Halifax said prices in the final quarter of 2004 were 0.1% higher than in the previous quarter. This was the smallest quarterly rise since the second quarter of 2000, the bank said. As a result, annual house price inflation dipped below 20% during the final few months of 2004.
| UK house prices increased by 1.1% in December, the first monthly rise since September, the Halifax has said.The average price of a house in the UK now stands at £162,086, Halifax said.The bank said that the recent pattern of house prices rising the fastest in the north of England continued in December."The month by month volatility of the Halifax house price data should not distract from the fact that there is a clear downward trend in house prices," a Capital Economics statement said.Last week, the Nationwide said that house prices fell 0.2% in December, with annual inflation running at a three year low.Martin Ellis, Halifax chief economist, said that there was no need to revise the bank's prediction, made last month, that prices would fall by 2% in 2005.The biggest decline was seen in Wales where prices fell by 6.2%, an area that had experienced strong house price growth during most of 2004.In the North West and Yorkshire and the Humber, Halifax said prices rose by 3% and 1.2% in the two regions respectively during the month.As a result, annual house price inflation dipped below 20% during the final few months of 2004. |
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EU ministers to mull jet fuel tax
European Union finance ministers are meeting on Thursday in Brussels, where they are to discuss a controversial jet fuel tax.
A levy on jet fuel has been suggested as a way to raise funds to finance aid for the world's poorest nations. Airlines and aviation bodies have reacted strongly against the plans, saying they would hurt companies at a time when earnings are under pressure. The EU said a tax would only be passed after full consultation with airlines. It was keen to point out earlier this week that any new tax on jet fuel should not hurt the "competitiveness of the airlines". Ministers will also be discussing reforms to regulations governing European public spending.
Global leaders have focused attention on poverty reduction and development at recent meetings of the G7 Group and World Economic Forum. The world's richest countries have said they want to boost the amount of aid they give to 0.7% of their annual gross national income by 2015. Many EU ministers are thought to support the plan to tax jet fuel - tabled by France and Germany following the recent G7 meeting. At present, the fuel used by airlines enjoys either a very low tax rate or is untaxed in EU member states.
| European Union finance ministers are meeting on Thursday in Brussels, where they are to discuss a controversial jet fuel tax.Many EU ministers are thought to support the plan to tax jet fuel - tabled by France and Germany following the recent G7 meeting.It was keen to point out earlier this week that any new tax on jet fuel should not hurt the "competitiveness of the airlines".The EU said a tax would only be passed after full consultation with airlines. |
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Hyundai to build new India plant
South Korea's Hyundai Motor has announced that it plans to build a second plant in India to meet the country's growing demand for cars.
The company didn't give details of its investment but it said the new plant would produce 150,000 cars a year. This will boost the annual production capacity of the company - India's second-largest car manufacturer - to 400,000 units. Hyundai expects its sales in India to grow 16% to 250,000 in 2005. By 2010, it expects to nearly double sales to 400,000 cars. The new plant will be built close to the existing one in Chennai, in the southern province of Tamil Nadu.
South Korea's top car maker estimates that the Indian market will grow 15% this year, to 920,000 vehicles, reaching 1.6 million vehicles by 2010. Demand in India has been driven by the poor state of public transport and the very low level of car ownership, analysts said. Figures show that currently only eight people per thousand are car owners. "We desperately need to expand our production in order to meet growing demand in the Indian auto market, which is growing over 12 percent every year, and to top our competitors," chairman Chung Mong-koo said in the statement. He said the company plans to use India as a base for exports to Europe, Latin America and the Middle East. The company - which controls half of the South Korean's market - aims to become a global top five auto maker by 2010.
| The company didn't give details of its investment but it said the new plant would produce 150,000 cars a year.South Korea's Hyundai Motor has announced that it plans to build a second plant in India to meet the country's growing demand for cars.South Korea's top car maker estimates that the Indian market will grow 15% this year, to 920,000 vehicles, reaching 1.6 million vehicles by 2010.Hyundai expects its sales in India to grow 16% to 250,000 in 2005.Demand in India has been driven by the poor state of public transport and the very low level of car ownership, analysts said. |
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Ukraine strikes Turkmen gas deal
Ukraine has agreed to pay 30% more for natural gas supplied by Turkmenistan.
The deal was sealed three days after Turkmenistan cut off gas supplies in a price dispute that threatened the Ukrainian economy. Supplies from Turkmenistan account for 45% of all natural gas imported by Ukraine, which has large coal deposits but no gas fields. Turkmenistan is also trying to strike a similar deal with Russia, which is not so dependent on its gas. Turkmen President Saparmurat Niyazov, who signed the contract, said the Turkmen side agreed to lower the price demanded by $2 per 1,000 cubic metres, bringing it down to $58. But the new price is still $14 higher than the price fixed in the contract for 2004. The head of the Ukrainian state-owned Naftohaz company, Yury Boyko, said he was "fully happy" with the deal. On Friday, Turkmenistan acted on a threat and shut off gas supplies to Ukraine in attempt to bring the price dispute to a head. Mr Niyazov said that his government would insist on the same price for supplies to Russia. Analysts say thay may not happen as Russia, the world's leading gas producer, needs the cheap Turkmen gas only to relieve is state-owned Gazprom from costly investment in the exploration of oil fields in Siberia. Turkmenistan is the second-largest gas producer in the world.
| The deal was sealed three days after Turkmenistan cut off gas supplies in a price dispute that threatened the Ukrainian economy.On Friday, Turkmenistan acted on a threat and shut off gas supplies to Ukraine in attempt to bring the price dispute to a head.Supplies from Turkmenistan account for 45% of all natural gas imported by Ukraine, which has large coal deposits but no gas fields.Ukraine has agreed to pay 30% more for natural gas supplied by Turkmenistan.Turkmenistan is the second-largest gas producer in the world. |
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Reliance unit loses Anil Ambani
Anil Ambani, the younger of the two brothers in charge of India's largest private company, has resigned from running its petrochemicals subsidiary.
The move is likely to be seen as the latest twist in a feud between Mr Ambani and his brother Mukesh. Anil, 45, has stepped down as director and vice-chairman of Indian Petrochemicals Corporation (IPC). The company was not available for comment. IPC is 46%-owned by Reliance Industries which in turn is run by Mukesh. Mukesh has spoken of ownership issues between the two brothers, who took over control of the Reliance empire following the death of their father in July, 2002.
Reliance's operations have massive reach, covering textiles, telecommunications, petrochemicals, petroleum refining and marketing, as well as oil and gas exploration, insurance and financial services. The brothers' spat has hogged headlines in India during recent weeks, despite a denial from the family that there was anything wrong. Speculation has been rife about what has triggered the stand-off, with some observers blaming Anil's political ambitions, others the heavy investment by Mukesh and Reliance in a mobile phone venture. Shares of IPC dipped on the news in Mumbai, but recovered to trade almost 6% higher. Reliance shares added 1.7%, while Reliance Energy, headed by Anil, jumped 7%.
| Anil, 45, has stepped down as director and vice-chairman of Indian Petrochemicals Corporation (IPC).Mukesh has spoken of ownership issues between the two brothers, who took over control of the Reliance empire following the death of their father in July, 2002.IPC is 46%-owned by Reliance Industries which in turn is run by Mukesh.Speculation has been rife about what has triggered the stand-off, with some observers blaming Anil's political ambitions, others the heavy investment by Mukesh and Reliance in a mobile phone venture.Anil Ambani, the younger of the two brothers in charge of India's largest private company, has resigned from running its petrochemicals subsidiary. |
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Safety alert as GM recalls cars
The world's biggest carmaker General Motors (GM) is recalling nearly 200,000 vehicles in the US on safety grounds, according to federal regulators.
The National Highway Traffic Safety Administration (NHTSA) said the largest recall involves 155,465 pickups, vans and sports utility vehicles (SUVs). This is because of possible malfunctions with the braking systems. The affected vehicles in the product recall are from the 2004 and 2005 model years, GM said. Those vehicles with potential faults are the Chevrolet Avalanche, Express, Kodiak, Silverade and Suburban; the GMC Savana, Sierra and Yukon.
The NHTSA said a pressure accumulator in the braking system could crack during normal driving and fragments could injure people if the hood was open. This could allow hydraulic fluid to leak, which could make it harder to brake or steer and could cause a crash, it warned. GM is also recalling 19,924 Cadillac XLR coupes, SRX SUVs and Pontiac Grand Prix sedans from the 2004 model year. This is because the accelerator pedal may not work properly in extremely cold temperatures, requiring more braking. In addition, the car giant is calling back 17,815 Buick Raniers, Chevrolet Trailblazers, GMC Envoys and Isuzu Ascenders from the 2005 model years because the windshield is not properly fitted and could fall out in a crash. However, GM stressed that it did not know of any injuries related to the problems. News of the recall follows an announcement last month that GM expects earnings this year be lower than in 2004. The world's biggest car maker is grappling with losses in its European business, weak US sales and now a product recall. In January, GM said higher healthcare costs in North America, and lower profits at its financial services subsidiary would hurt its performance in 2005.
| The affected vehicles in the product recall are from the 2004 and 2005 model years, GM said.The NHTSA said a pressure accumulator in the braking system could crack during normal driving and fragments could injure people if the hood was open.The world's biggest carmaker General Motors (GM) is recalling nearly 200,000 vehicles in the US on safety grounds, according to federal regulators.News of the recall follows an announcement last month that GM expects earnings this year be lower than in 2004.In addition, the car giant is calling back 17,815 Buick Raniers, Chevrolet Trailblazers, GMC Envoys and Isuzu Ascenders from the 2005 model years because the windshield is not properly fitted and could fall out in a crash.The National Highway Traffic Safety Administration (NHTSA) said the largest recall involves 155,465 pickups, vans and sports utility vehicles (SUVs). |
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Wall Street cheers Bush victory
The US stock market has closed higher in response to George W Bush's victory in the presidential elections.
The benchmark Dow Jones share index closed more than 1% higher at 10,137, while the Nasdaq rose 0.9% to 2,004. Many investors believe that Mr Bush's policies are more business-friendly than those of his Democrat challenger, John Kerry. The higher share prices also reflect relief that a clear winner has emerged from what proved to be a tight poll.
Investors had worried that the outcome of the poll would be inconclusive, paving the way for a repeat of the legal wrangling that marred the 2000 election.
The Dow lost 5% of its value in the three weeks immediately after that election, when it was unclear who would occupy the White House. Mr Kerry conceded defeat on Wednesday, abandoning last-ditch hopes of carrying the vote in the swing state of Ohio. "The relief for the markets may be that we have a decision and can move forward," said Tim Ghriskey, chief investment officer of Solaris Asset Management. Some analysts predicted that the jump in share prices would be short-lived, saying investors would quickly focus once again on the health of the US economy. "I would look at the stock market rally for Bush as kind of a one-day event," said Ken Mayland at Clearview Economics. The US' recent economic performance has been mixed, with solid growth offset by disappointingly low job creation figures, and mounting worries over a record budget deficit. Elsewhere in the financial markets on Wednesday, the dollar dipped slightly against the euro and climbed against the yen, while US oil prices closed up $1.26 at $50.88 a barrel in New York. The rise in oil prices partly reflects the view that President Bush is less likely than Mr Kerry to release supplies from the US' strategic oil reserve. Share prices in London, Frankfurt and Paris also closed higher.
Successive polls in the run-up to Tuesday's election had shown the two candidates running neck and neck.
Economic issues, as well as the war in Iraq, were the forefront of the campaign. In key swing states such as Ohio, which has suffered substantial job losses in the past four years, President Bush's handling of the economy became a crucial election issue. Senator Kerry attacked President Bush's economic record during his campaign, hammering home the fact that a net 800,000 jobs were lost during his term in office. President Bush focused on the fact that two million jobs have been created in the past year, claiming that it has vindicated his tax-cutting agenda. As for future policies, both candidates pledged to bring America's $422bn federal budget deficit under control. Senator Kerry planned to increase taxes on those earning more than $200,000 a year. President Bush has placed reform of the pensions system at the heart of his economic agenda for a second term. However, economists have said both candidates' economic programmes rested on questionable assumptions about future growth.
| Senator Kerry attacked President Bush's economic record during his campaign, hammering home the fact that a net 800,000 jobs were lost during his term in office.The US stock market has closed higher in response to George W Bush's victory in the presidential elections.The higher share prices also reflect relief that a clear winner has emerged from what proved to be a tight poll.The rise in oil prices partly reflects the view that President Bush is less likely than Mr Kerry to release supplies from the US' strategic oil reserve.In key swing states such as Ohio, which has suffered substantial job losses in the past four years, President Bush's handling of the economy became a crucial election issue.President Bush has placed reform of the pensions system at the heart of his economic agenda for a second term.President Bush focused on the fact that two million jobs have been created in the past year, claiming that it has vindicated his tax-cutting agenda.The US' recent economic performance has been mixed, with solid growth offset by disappointingly low job creation figures, and mounting worries over a record budget deficit.Share prices in London, Frankfurt and Paris also closed higher.Some analysts predicted that the jump in share prices would be short-lived, saying investors would quickly focus once again on the health of the US economy. |
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M&S cuts prices by average of 24%
Marks & Spencer has cut prices in London and the regions by an average of 24%, according to research from a City investment bank.
Dresdner Kleinwort Wasserstein said: "In spite of the snow in the UK, it still feels very early to be cutting prices of spring merchandise." Stuart Rose, head of M&S, said last year its prices were too high. "We are bringing in ranges at new price points to compete against mid-market retailers like Next," said M&S.
Next is one of M&S's biggest competitors and the move may force it to lower prices. DrKW said the cuts are either to clear stock or could indicate a longer term "step change in pricing in certain areas" at M&S. "Either way, this cannot be good news for M&S' margin," it added. "We have brought in quite a lot of new clothing at new price points as part of Stuart Rose's strategy of quality, style -and price," said the M&S spokesman. Many analysts believe February is proving to be a difficult month for retailers and British Retail Consortium figures, due in a few weeks, are expected to reflect the tough trading environment. Separately, investment bank Goldman Sachs produced reseach showing that a basket of 35 M&S goods is now 11% above the high-street average, compared with 43% higher last year.
It has been a strange week for M&S, which on Tuesday received a statement from Philip Green, the billionaire Bhs owner, confirming he was not rebidding for the company. This was followed the same day by Mark Paulsmeier, a South African financier, issuing a press release saying his Paulsmeier Group was interested in M&S. A sudden spike in M&S's share price followed. However, an M&S spokesman said on Sunday it had no evidence that Mr Paulsmeier had lined up sufficient finance for a bid. He also said the Takeover Panel and the UK's financial watchdog the Financial Services Authority had been in touch with M&S at the beginning of the week to find out what it knew about the Paulsmeier developments.
| "We are bringing in ranges at new price points to compete against mid-market retailers like Next," said M&S.Stuart Rose, head of M&S, said last year its prices were too high."We have brought in quite a lot of new clothing at new price points as part of Stuart Rose's strategy of quality, style -and price," said the M&S spokesman.However, an M&S spokesman said on Sunday it had no evidence that Mr Paulsmeier had lined up sufficient finance for a bid.DrKW said the cuts are either to clear stock or could indicate a longer term "step change in pricing in certain areas" at M&S.He also said the Takeover Panel and the UK's financial watchdog the Financial Services Authority had been in touch with M&S at the beginning of the week to find out what it knew about the Paulsmeier developments. |
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US adds more jobs than expected
The US economy added 337,000 jobs in October - a seven-month high and far more than Wall Street expectations.
In a welcome economic boost for newly re-elected President George W Bush, the Labor Department figures come after a slow summer of weak jobs gains. Jobs were created in every sector of the US economy except manufacturing. While the separate unemployment rate went up to 5.5% from 5.4% in September, this was because more people were now actively seeking work.
The 337,000 new jobs added to US payrolls in October was twice the 169,000 figure that Wall Street economists had forecast. In addition, the Labor Department revised up the number of jobs created in the two previous months - to 139,000 in September instead of 96,000, and to 198,000 in August instead of 128,000. The better than expected jobs data had an immediate upward effect on stocks in New York, with the main Dow Jones index gaining 45.4 points to 10,360 by late morning trading. "It looks like the job situation is improving and that this will support consumer spending going into the holidays, and offset some of the drag caused by high oil prices this year," said economist Gary Thayer of AG Edwards & Sons.
Other analysts said the upbeat jobs data made it more likely that the US Federal Reserve would increase interest rates by a quarter of a percentage point to 2% when it meets next week. "It should empower the Fed to clearly do something," said Robert MacIntosh, chief economist with Eaton Vance Management in Boston. Kathleen Utgoff, commissioner of the Bureau of Labor, said many of the 71,000 new construction jobs added in October were involved in rebuilding and clean-up work in Florida, and neighbouring Deep South states, following four hurricanes in August and September. The dollar rose temporarily on the job creation news before falling back to a new record low against the euro, as investors returned their attention to other economic factors, such as the US's record trade deficit. There is also speculation that President Bush will deliberately try to keep the dollar low in order to assist a growth in exports.
| The 337,000 new jobs added to US payrolls in October was twice the 169,000 figure that Wall Street economists had forecast.The US economy added 337,000 jobs in October - a seven-month high and far more than Wall Street expectations.Kathleen Utgoff, commissioner of the Bureau of Labor, said many of the 71,000 new construction jobs added in October were involved in rebuilding and clean-up work in Florida, and neighbouring Deep South states, following four hurricanes in August and September.Other analysts said the upbeat jobs data made it more likely that the US Federal Reserve would increase interest rates by a quarter of a percentage point to 2% when it meets next week.In addition, the Labor Department revised up the number of jobs created in the two previous months - to 139,000 in September instead of 96,000, and to 198,000 in August instead of 128,000.In a welcome economic boost for newly re-elected President George W Bush, the Labor Department figures come after a slow summer of weak jobs gains. |
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Standard Life cuts policy bonuses
Standard Life, Europe's largest mutual life insurer, has cut bonuses for with-profit policyholders.
Annual bonus rates on its with-profits life policies were cut from 2.5% to 2%, while bonuses on pension policies were reduced from 3.25% to 2.5%. It is the sixth time in three years Standard Life has made cuts to bonus rates, despite an 8.7% rise in the value of the with-profits fund in 2004. The insurer blamed the cuts on poor share returns and low interest rates.
With-profits policies are designed to smooth out the peaks and troughs of stock market volatility. Profits made in good years are kept in reserve to pay investors an annual bonus even when the stock market performs badly. Slumping share prices throughout 2001 and 2002 forced most firms to trim bonus rates on their policies. Standard Life came in for criticism for sticking with stock market investments during 2001 and 2002. The insurer argued that shares outperformed other investments over the long term and that policyholders would feel the benefit when the stock market recovered. Recently, Norwich Union and Axa Sun Life both cut their with-profit bonus rates.
John Gill, managing director of the insurer's life and pensions division, said that a strong stock market recovery in the past two years had only "partly compensated for losses during 2001 and 2002". In addition, low interest rates meant that "long-term investment returns are well below historic levels", Mr Gill added. However, Mr Gill maintained that with-profits continued to perform well over the long term. "Our payouts continue to stand up well against other types of long-term investments over similar periods," he said. Standard Life has an estimated 2.4 million with-profits policyholders. Last year, the company announced that it was looking to float on the stock market in 2006.
| Standard Life, Europe's largest mutual life insurer, has cut bonuses for with-profit policyholders.It is the sixth time in three years Standard Life has made cuts to bonus rates, despite an 8.7% rise in the value of the with-profits fund in 2004.Standard Life came in for criticism for sticking with stock market investments during 2001 and 2002.Annual bonus rates on its with-profits life policies were cut from 2.5% to 2%, while bonuses on pension policies were reduced from 3.25% to 2.5%.Standard Life has an estimated 2.4 million with-profits policyholders.Recently, Norwich Union and Axa Sun Life both cut their with-profit bonus rates.John Gill, managing director of the insurer's life and pensions division, said that a strong stock market recovery in the past two years had only "partly compensated for losses during 2001 and 2002". |
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'Post-Christmas lull' in lending
UK mortgage lending showed a "post-Christmas lull" in January, indicating a slowing housing market, lenders have said.
Both the Council of Mortgage Lenders (CML) and Building Society Association (BSA) said lending was down sharply. The CML said gross mortgage lending stood at £17.9bn, compared with £21.8bn in January last year. The BSA said mortgage approvals - loans approved but not yet made - were £2bn, down from £2.6bn in January 2004.
At the same time, the British Bankers' Association (BBA) said lending was "weaker". Overall, the BBA said mortgage lending rose by £4bn in January, a far smaller increase than the £5.1bn seen in December. This was a return to the "weaker pattern" of lending seen in the last months of 2004, the BBA added. However, it is the year-on-year lending comparisons which are the most striking. The CML said lending for house purchases and gross mortgage lending were 29% and 18% lower year-on-year respectively. "These figures show beyond doubt the recent slowdown in the housing market," Peter Williams, CML deputy director, said.
| The CML said gross mortgage lending stood at £17.9bn, compared with £21.8bn in January last year.The CML said lending for house purchases and gross mortgage lending were 29% and 18% lower year-on-year respectively.Overall, the BBA said mortgage lending rose by £4bn in January, a far smaller increase than the £5.1bn seen in December.Both the Council of Mortgage Lenders (CML) and Building Society Association (BSA) said lending was down sharply. |
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Watchdog probes Vivendi bond sale
French stock market regulator AMF has filed complaints against media giant Vivendi Universal, its boss and another top executive.
It believes the prospectus for a bond issue was unclear and that executives may have had privileged information. AMF has begun proceedings against Vivendi, its chief executive Jean-Rene Fourtou and chief operating officer Jean-Bernard Levy. Vivendi advisor Deutsche Bank was also the subject of a complaint filing. Deutsche Bank, which was responsible for selling the convertible bonds to investors, could face penalties if the complaint is upheld.
Vivendi has said it believes there is "no legal basis" for the complaints. The watchdog is said to believe the executive pair were party to "privileged information" surrounding the issue of the bonds. Both men bought some of the bonds, the Associated Press news agency reported. AMF is investigating claims that the duo were aware of an interest in Vivendi's US assets from investor Marvin Davis, at the time of the bond sale. Vivendi, however, has said that the information was public knowledge as Mr Davis' offer for the US assets had already been rejected by Vivendi's board. AMF is also looking into whether the executives knew that Vivendi was considering exercising its right to buy British Telecom's shares in Cegetel. Vivendi has rejected the charge, saying the decision to buy the Cegetel shares was "no more than a possibility, of which the public was perfectly aware" at the time of the bond issue. Back in December, Vivendi and its former chief executive Jean-Marie Messier were each fined 1m euros ($1.3m; £690,000) by AMF. The fines came after a 15-month probe into allegations that the media giant misled investors after a costly acquisition programme went wrong.
| Vivendi has rejected the charge, saying the decision to buy the Cegetel shares was "no more than a possibility, of which the public was perfectly aware" at the time of the bond issue.Vivendi, however, has said that the information was public knowledge as Mr Davis' offer for the US assets had already been rejected by Vivendi's board.French stock market regulator AMF has filed complaints against media giant Vivendi Universal, its boss and another top executive.AMF is also looking into whether the executives knew that Vivendi was considering exercising its right to buy British Telecom's shares in Cegetel.It believes the prospectus for a bond issue was unclear and that executives may have had privileged information.Vivendi advisor Deutsche Bank was also the subject of a complaint filing. |
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India-Pakistan peace boosts trade
Calmer relations between India and Pakistan are paying economic dividends, with new figures showing bilateral trade up threefold in the summer.
The value of trade in April-July rose to $186.3m (£97m) from $64.4m in the same period in 2003, the Indian Government said. Nonethless, the figures represent less than 1% of India's overall exports. But business is expected to be boosted further from 2006 when the South Asian Free Trade Area Agreement starts. Both countries eased travel and other restrictions as part of the peace process aimed at ending nearly six decades of hostilities.
Sugar, plastics, pharmaceutical products and tea are among the major exports from India to its neighbour, while firms in Pakistani have been selling fabrics, fruit and spices. "If the positive trend continues, two-way trade could well cross half a billion dollars this fiscal year," India's federal commerce Minister Kamal Nath said. According to official data, the value of India's overall exports in the current fiscal year is expected to reach more than $60bn, while in Pakistan's case it is set to hit more than $12bn. Meanwhile, the Indian Government said the prospects for the country's booming economy remained "very bright" despite a "temporary aberration" this year. Its mid-year economic review forecasts growth of 6-6.5% in 2004, compared with 8.2% in 2003. Higher oil prices, the level of tax collections, and an unfavourable monsoon season affecting the farm sector had hurt the economy in April-September, it said.
| The value of trade in April-July rose to $186.3m (£97m) from $64.4m in the same period in 2003, the Indian Government said."If the positive trend continues, two-way trade could well cross half a billion dollars this fiscal year," India's federal commerce Minister Kamal Nath said.Calmer relations between India and Pakistan are paying economic dividends, with new figures showing bilateral trade up threefold in the summer.According to official data, the value of India's overall exports in the current fiscal year is expected to reach more than $60bn, while in Pakistan's case it is set to hit more than $12bn.Meanwhile, the Indian Government said the prospects for the country's booming economy remained "very bright" despite a "temporary aberration" this year. |
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S Korean consumers spending again
South Korea looks set to sustain its revival thanks to renewed private consumption, its central bank says.
The country's economy has suffered from an overhang of personal debt after its consumers' credit card spending spree. Card use fell sharply last year, but is now picking up again with a rise in spending of 14.8% year-on-year. "The economy is now heading upward rather than downward," said central bank governor Park Seung. "The worst seems to have passed." Mr Park's statement came as the bank decided to keep interest rates at an all-time low of 3.25%. It had cut rates in November to help revive the economy, but rising inflation - reaching 0.7% month-on-month in January - has stopped it from cutting further. Economic growth in 2004 was about 4.7%, with the central bank predicting 4% growth this year. Other indicators are also suggesting that the country is inching back towards economic health. Exports - traditionally the driver for expansion in Asian economies - grew slower in January than at any time in 17 months. But domestic demand seems to be taking up the slack. Consumer confidence has bounced back from a four-year low in January, and retail sales were up 2.1% in December. Credit card debt is falling, with only one in 13 of the 48 million cards now in default - down from one in eight at the end of 2003. One of its biggest card issuers, LG Card, was rescued from collapse in December, having almost imploded under the weight of its customers' bad debts. The government last year tightened the rules for card lending to keep the card glut under control.
| The country's economy has suffered from an overhang of personal debt after its consumers' credit card spending spree.The government last year tightened the rules for card lending to keep the card glut under control.Credit card debt is falling, with only one in 13 of the 48 million cards now in default - down from one in eight at the end of 2003.One of its biggest card issuers, LG Card, was rescued from collapse in December, having almost imploded under the weight of its customers' bad debts.Economic growth in 2004 was about 4.7%, with the central bank predicting 4% growth this year.Card use fell sharply last year, but is now picking up again with a rise in spending of 14.8% year-on-year. |
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Senior Fannie Mae bosses resign
The two most senior executives at US mortgage giant Fannie Mae have resigned after accounting irregularities were uncovered at the company.
Chief executive Franklin Raines, a former senior official in the Clinton administration, and chief financial officer Tim Howard have left the firm. Fannie Mae was criticised by financial regulators and could have to restate its earnings by up to $9bn (£4.6bn). It is America's second largest financial institution.
Recent investigations have exposed extensive accounting errors at Fannie Mae, which supplies funds to America's $8 trillion mortgage market. Last week, the firm was admonished by the Securities and Exchange Commission which said it had made major errors in its financial reporting.
The financial regulator said Fannie Mae would have to raise substantial new capital to restore its balance sheet. Analysts said the SEC's criticism made it impossible for Fannie Mae's senior executives to remain. Mr Raines, head of the Office of Management and Budget under President Clinton, has taken early retirement while Mr Howard has also stepped down, the company said on Tuesday. KPMG, Fannie Mae's independent auditor, will also be replaced. "By my early retirement, I have held myself accountable," Mr Raines said in a statement.
Fannie Mae was found to have violated accounting rules relating to derivatives - financial instruments used to hedge against fluctuations in interest rates - and some pre-paid loans. As a result, it could be forced to restate $9bn in earnings over the past four years, effectively wiping out a third of the company's profits since 2001. Although not making loans directly to buyers, Fannie Mae is the largest single player in the mortgage market, underwriting half of all US house purchases. The firm operates under charter from the US Congress. It has faced stinging criticism from Congressional leaders who held hearings into its finances earlier this year and from government regulator, the Office of Federal Housing Enterprise Oversight (OFHEO). "We are encouraged that the board's announcement signals a new culture and a new direction for Fannie Mae," Armando Falcon, OFHEO director said. The problems afflicting Fannie Mae are just the latest to hit the US mortgage industry. Freddie Mac, the country's other largest mortgage firm, was forced to restate its earnings by $4.4bn last year and pay a $125m fine after an investigation of its books.
| Fannie Mae was criticised by financial regulators and could have to restate its earnings by up to $9bn (£4.6bn).The financial regulator said Fannie Mae would have to raise substantial new capital to restore its balance sheet.The two most senior executives at US mortgage giant Fannie Mae have resigned after accounting irregularities were uncovered at the company.The problems afflicting Fannie Mae are just the latest to hit the US mortgage industry.Recent investigations have exposed extensive accounting errors at Fannie Mae, which supplies funds to America's $8 trillion mortgage market.Although not making loans directly to buyers, Fannie Mae is the largest single player in the mortgage market, underwriting half of all US house purchases.Analysts said the SEC's criticism made it impossible for Fannie Mae's senior executives to remain.Fannie Mae was found to have violated accounting rules relating to derivatives - financial instruments used to hedge against fluctuations in interest rates - and some pre-paid loans. |
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India's Maruti sees profits jump
India's biggest carmaker Maruti has reported a sharp increase in quarterly profit after a booming economy and low interest rates boosted demand.
Net profit surged 70% to 2.39bn rupees ($54.98m; £29.32m) in the last three months of 2004 compared with 1.41bn rupees a year earlier. Total sales were 30.1bn rupees, up 27% from the same 2004 period. Maruti accounts for half of India's domestic car sales, luring consumers with cheap, fuel-efficient vehicles.
Demand in India also has been driven by the poor state of public transport and the very low level of car ownership, analysts said.
Figures show that only eight people per thousand are car owners. Maruti beat market expectations despite an increase in raw materials costs. The company, majority-owned by Japan's Suzuki, said an increase in steel and other raw material prices was partially offset by cost cutting. Sales in the fiscal third quarter, including vans and utility vehicles, rose by 17.8% to 136.069 units. Maruti is not the only company benefiting as Indian's economic growth gives consumer greater spending power. Utility vehicle and tractor maker Mahindra has reported a 52% rise in net profit during the last three months of 2004. Profit was 1.33bn rupees compared with 874.2m rupees a year earlier.
| Net profit surged 70% to 2.39bn rupees ($54.98m; £29.32m) in the last three months of 2004 compared with 1.41bn rupees a year earlier.Profit was 1.33bn rupees compared with 874.2m rupees a year earlier.India's biggest carmaker Maruti has reported a sharp increase in quarterly profit after a booming economy and low interest rates boosted demand.Maruti accounts for half of India's domestic car sales, luring consumers with cheap, fuel-efficient vehicles.Utility vehicle and tractor maker Mahindra has reported a 52% rise in net profit during the last three months of 2004. |
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Ukraine steel sell-off 'illegal'
The controversial sell-off of a Ukrainian steel mill to a relative of the former president was illegal, a court has ruled.
The mill, Krivorizhstal, was sold in June 2004 for $800m (£424m) - well below other offers. President Viktor Yushchenko, elected in December, is planning to revisit many of Ukraine's recent privatisations. Krivorizhstal is one of dozens of firms which he says were sold cheaply to friends of the previous administration.
On Wednesday, Prime Minister Yulia Tymoshenko said as many as 3,000 firms could be included on the list of firms whose sale was being reviewed.
Mr Yushchenko had previously said the list would be limited to 30-40 enterprises. More than 90,000 businesses in all, from massive corporations to tiny shopfronts, have been sold off since 1992, as the command economy built up when Ukraine was part of the Soviet Union was dismantled. Analysts have suggested that the government needs to avoid the impression of an open-ended list, so as to preserve investor confidence.
Thursday's ruling by a district court in Perchesk overturned a previous decision in a lower court permitting the sale. The consortium which won the auction for the mill was created by Viktor Pinchuk, son-in-law of former-President Leonid Kuchma, and Rinat Akhmetov, the country's richest man. The next step is for the supreme court to annul the sale altogether, opening the way for Krivorizhstal to be resold. Mr Yushchenko has suggested a fair valuation could be as much as $3bn. One of the foreign bidders who lost out, steel giant LNM, told BBC News that it would be interested in any renewed sale.
| On Wednesday, Prime Minister Yulia Tymoshenko said as many as 3,000 firms could be included on the list of firms whose sale was being reviewed.The mill, Krivorizhstal, was sold in June 2004 for $800m (£424m) - well below other offers.The controversial sell-off of a Ukrainian steel mill to a relative of the former president was illegal, a court has ruled.Mr Yushchenko had previously said the list would be limited to 30-40 enterprises.Krivorizhstal is one of dozens of firms which he says were sold cheaply to friends of the previous administration.The next step is for the supreme court to annul the sale altogether, opening the way for Krivorizhstal to be resold. |
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UK firm faces Venezuelan land row
Venezuelan authorities have said they will seize land owned by a British company as part of President Chavez's agrarian reform programme.
Officials in Cojedes state said on Friday that farmland owned by a subsidiary of the Vestey Group would be taken and used to settle poor farmers. The government is cracking down on so-called latifundios, or large rural estates, which it says are lying idle. The Vestey Group said it had not been informed of any planned seizure.
The firm, whose Agroflora subsidiary operates 13 farms in Venezuela, insisted that it had complied fully with Venezuelan law. Prosecutors in the south of the country have targeted Hato El Charcote, a beef cattle ranch owned by Agroflora. According to Reuters, they plan to seize 12,900 acres (5,200 hectares) from the 32,000 acre (13,000 hectare) farm.
Officials claim that Agroflora does not possess valid documents proving its ownership of the land in question. They also allege that areas of the ranch are not being used for any form of active production. "The legal boundaries did not match up with the actual boundaries and there is surplus," state prosecutor Alexis Ortiz told Reuters. "As a consequence the government has taken action."
Controversial reforms passed in 2001 give the government the right to take control of private property if it is declared idle or ownership cannot be traced back to the 19th Century.
Critics say the powers - which President Chavez argues are needed to help the country's poorest citizens and develop the Venezuelan economy - trample all over private property rights. The Vestey Group said it had owned the land since 1920 and would co-operate fully with the authorities. But a spokesman added: "Agroflora is absolutely confident that what it has submitted will demonstrate the legality of its title to the land." The company pointed out that the farm, which employs 300 workers, provides meat solely for the Venezuelan market.
Last month, the government said it had identified more than 500 idle farms and had yet to consider the status of a further 40,000. The authorities said landowners whose titles were in order and whose farms were productive had "nothing to fear". Under President Chavez, the Venezuelan government has steadily expanded the state's involvement in the country's economy. It recently said all mining contracts involving foreign firms would be examined to ensure they provided sufficient economic benefits to the state.
| The Vestey Group said it had owned the land since 1920 and would co-operate fully with the authorities.Officials in Cojedes state said on Friday that farmland owned by a subsidiary of the Vestey Group would be taken and used to settle poor farmers.Venezuelan authorities have said they will seize land owned by a British company as part of President Chavez's agrarian reform programme.Last month, the government said it had identified more than 500 idle farms and had yet to consider the status of a further 40,000.The firm, whose Agroflora subsidiary operates 13 farms in Venezuela, insisted that it had complied fully with Venezuelan law.Under President Chavez, the Venezuelan government has steadily expanded the state's involvement in the country's economy.The authorities said landowners whose titles were in order and whose farms were productive had "nothing to fear".The Vestey Group said it had not been informed of any planned seizure. |
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Deadline nears for Fiat-GM deal
Fiat and General Motors (GM) have until midnight on 1 February to settle a disagreement over a potential takeover.
The deadline marks the point at which Fiat will gain the right to sell its car division to GM, part of an alliance agreed in 2000. GM, whose own European operations are losing money, no longer wants to own the unprofitable Fiat unit. Reports of deadlocked talks sent Fiat shares down 1.2% on Tuesday, after Monday's 4% gain on hopes of a payoff. The US firm is thought to be offering about $2bn (£1.06bn) to extricate itself from the arrangement. It has argued the deal was voided by Fiat's decision to sell off Fiat's finance arm and halve GM's stake via a capital-raising effort.
The 2000 deal resulted from a race between GM and DaimlerChrysler to ally with Fiat. The German firm wanted to buy Fiat outright. But Gianni Agnelli, the godfather of the group, wanted to keep control, and preferred GM's offer to buy a 20% stake and give Fiat the right to sell in the future, known as a "put option". Since then, however, Fiat cars have lost market share and the firm has piled up losses, while a plan to raise new money in 2003 cut GM's stake in half to 10%. For its part, GM's European units Opel and Saab have both had trouble, with Opel management threatening to cut 12,000 jobs. "The last thing they need is additional production capacity in Europe," said Patrick Juchemich, auto analyst at Sal Oppenheim Bank.
| Since then, however, Fiat cars have lost market share and the firm has piled up losses, while a plan to raise new money in 2003 cut GM's stake in half to 10%.The German firm wanted to buy Fiat outright.The deadline marks the point at which Fiat will gain the right to sell its car division to GM, part of an alliance agreed in 2000.The 2000 deal resulted from a race between GM and DaimlerChrysler to ally with Fiat.GM, whose own European operations are losing money, no longer wants to own the unprofitable Fiat unit. |
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Industrial output falls in Japan
Japanese industrial output fell in October while unemployment rose, casting further doubt on the strength of the country's economic recovery.
Production dropped 1.6% in October, reflecting a decline in exports, while unemployment levels edged up 0.1% to 4.7%, slightly higher than forecast. The economy has grown for six quarters but growth slowed dramatically in the last quarter amid weaker global demand. Japan's government remains optimistic due to strong domestic demand.
Analysts had been forecasting a 0.1% rise in month on month industrial output.
According to figures from the Ministry of Economy, Trade and Industry (METI), the decline was led by a fall in demand for electronic parts for mobile phones and digital televisions. Although inventories fell 0.7% month on month, they were 36% higher than a year ago. "It's a sign that the economy's adjustment phase is stronger than expected," said Takashi Yamanaka, an economist with UFJ Bank. Japan downgraded its overall economic assessment earlier this month for the first time in a year.
Growth slowed to 0.3% in the quarter ending September 30, down from 6.3% in the first quarter of 2004. Experts believe the economy -which stagnated for most of the 1990s -may be entering a softer patch on the back of rising oil prices and the falling dollar. Japanese government officials played down the latest data, arguing that domestic consumer demand was still resilient. "The outlook for November is positive so I don't think one can say that conditions have worsened just because of the fall in October," said a METI official. Despite the rise in unemployment, jobless figures are still some way below historical highs of recent years. The comparatively weak economic date preyed on shares with the Nikkei down 1% in afternoon trade.
| The economy has grown for six quarters but growth slowed dramatically in the last quarter amid weaker global demand.Japanese industrial output fell in October while unemployment rose, casting further doubt on the strength of the country's economic recovery.Analysts had been forecasting a 0.1% rise in month on month industrial output.According to figures from the Ministry of Economy, Trade and Industry (METI), the decline was led by a fall in demand for electronic parts for mobile phones and digital televisions.Although inventories fell 0.7% month on month, they were 36% higher than a year ago.Japanese government officials played down the latest data, arguing that domestic consumer demand was still resilient. |
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Two Nigerian banks set to merge
Nigerian banks United Bank of Africa and Standard Trust Bank have agreed plans to merge and create the biggest bank in West Africa.
The deal is also in line with a 2004 directive from the Nigerian central bank that called for more consolidation in the nation's crowded banking sector. The merger was announced in a statement on Standard Trust's website on Tuesday, but no financial details were revealed. United Bank is the third biggest in Nigeria in terms of number of branches. Standard Trust is smaller but more profitable. "The boards of United Bank and Standard Trust, at separate meetings yesterday, approved arrangements to merge both institutions," Standard Trust said. Standard Trust is 100% Nigerian-owned, but United Bank has some foreign investors, including New York-based Global Depository Receipts (32.8%), and Banca Nazionale del Lavoro and Monte del Paschi di Siena, both from Italy, who each have a 2.4% stake.
| Nigerian banks United Bank of Africa and Standard Trust Bank have agreed plans to merge and create the biggest bank in West Africa."The boards of United Bank and Standard Trust, at separate meetings yesterday, approved arrangements to merge both institutions," Standard Trust said.Standard Trust is smaller but more profitable. |
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French wine gets 70m euro top-up
The French government is to hand its struggling wine industry 70m euros ($91m) in aid to help it battle falling sales and damaging overproduction.
The financial package is aimed at assisting vintners in financial trouble and improving how its wine is marketed. The French wine industry, the world's second largest, has been hit by declining consumption at home and the growing popularity of New World wines. Wine makers, however, claimed the support did not go far enough. The package was announced by agriculture minister Dominique Bussereau after talks with vintners' representatives.
The bulk of the money - about 40m euros - will be offered in the form of preferential loans to heavily indebted producers to enable them to reschedule their payments. A further 15m euros will be made available to wine cooperatives, which make up the majority of French producers, in low interest loans. Efforts to promote French wine abroad are to be boosted by an extra 3.5m euros in funding. France fell behind the 'New World' producers of Australia, Chile and the United States for the first time in 2003 in terms of exports.
Domestic consumption, accounting for 70% of sales, has suffered from strict restrictions on advertising and tough drink-driving laws.
The aid package would "create a positive climate around French viticulture," Mr Bussereau said. However, wine makers and farmers said the support was much less than they had been hoping for. "I am afraid the resources are not up to the ambitions," Jean-Michel Lemetayer, from the FNSEA agricultural union, told the Associated Press news agency. In an effort to tackle overcapacity, the government will agree that vines can be destroyed in areas where growers give their unanimous consent, while 500 vintners will be helped to take early retirement. The government will also seek European Union approval to distil about 250 million litres of excess wine into alcohol, with vintners receiving compensation. Production is currently outstripping demand by about 30%. The support is designed to make French producers more competitive in the face of increasing global consolidation across the wine industry. Wine makers in France's best-known regions, such as Burgundy, have found it hard to invest in new technology and to create recognisable brands to appeal to overseas buyers.
| The French government is to hand its struggling wine industry 70m euros ($91m) in aid to help it battle falling sales and damaging overproduction.The support is designed to make French producers more competitive in the face of increasing global consolidation across the wine industry.The French wine industry, the world's second largest, has been hit by declining consumption at home and the growing popularity of New World wines.Efforts to promote French wine abroad are to be boosted by an extra 3.5m euros in funding.A further 15m euros will be made available to wine cooperatives, which make up the majority of French producers, in low interest loans.However, wine makers and farmers said the support was much less than they had been hoping for.The government will also seek European Union approval to distil about 250 million litres of excess wine into alcohol, with vintners receiving compensation.Wine makers, however, claimed the support did not go far enough. |
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Troubled Marsh under SEC scrutiny
The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.
The Securities and Exchange Commission has asked for information about transactions involving holders of 5% or more of the firm's shares. Marsh has said it is co-operating fully with the SEC investigation. Marsh is also the focus of an inquiry the New York attorney-general into whether insurers rigged the market. Since that inquiry was launched in October, Marsh has replaced its chief executive and held a boardroom shake-out to meet criticism by lessening the number of company executives on the board. Prosecutors allege that Marsh - the world's biggest insurance broker - and other US insurance firms may have fixed bids for corporate cover. This is the issue at the heart of the inquiry by New York's top law officer, Eliot Spitzer, and a separate prosecution of five insurers by the State of California. The SEC's investigation into so-called related party transactions includes dealings in the Trident Funds, managed by MMC Capital, the company's private equity firm. Marsh's new chief executive, Michael Cherkasky, is trying to negotiate a settlement with Mr Spitzer. Mr Spitzer has built up a reputation as a fierce critic and campaigner against corporate America's misdeeds.
The uncertainty unleashed by the scandal has prompted three credit rating agencies - Standard & Poor's, Moody's and Fitch - to downgrade Marsh in recent weeks. According to the Financial Times, insurance analysts are now questioning whether Marsh will be able to maintain its strong record of earning growth as they draw up forecasts for the first quarter of next year. Doubts also exist over how much the company may have to pay regulators and lawyers to put the scandal behind.
| The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.Marsh has said it is co-operating fully with the SEC investigation.Marsh is also the focus of an inquiry the New York attorney-general into whether insurers rigged the market.Since that inquiry was launched in October, Marsh has replaced its chief executive and held a boardroom shake-out to meet criticism by lessening the number of company executives on the board.Prosecutors allege that Marsh - the world's biggest insurance broker - and other US insurance firms may have fixed bids for corporate cover.The uncertainty unleashed by the scandal has prompted three credit rating agencies - Standard & Poor's, Moody's and Fitch - to downgrade Marsh in recent weeks. |
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Hariri killing hits Beirut shares
Shares in Solidere, the Lebanese company founded by assassinated former prime minister Rafik Hariri, fell 15% in renewed trading in Beirut.
The real estate firm, which dominates Lebanon's stock exchange, ended the day down at $8.08. Traders said there was some panic selling during Friday's session, the first since a three-day market closure to mourn the death of Mr Hariri. Beirut's benchmark BLOM stock index closed down 7.9% at 642.80.
Solidere, in which Mr Hariri was a major shareholder, was the major drag on the index. The company owns much of the property in central Beirut, which it restored and redeveloped following the end of Lebanon's bitter 15-year civil war. "Solidere should be above $10 but because of this disaster it is falling," said one trader. "If Solidere drops much lower I would consider it a buying opportunity. This is a very big company held by many Lebanese." Critics had accused Mr Hariri of using Lebanon's post-war reconstruction drive for his personal financial gain. But his assassination on Monday sent shudders through Lebanon's business community, which saw the billionaire tycoon as the country's best hope for economic revival. Solidere posted profits of $12.5m in the first half of 2004, and its shares had been gaining in recent months.
| Solidere, in which Mr Hariri was a major shareholder, was the major drag on the index.Shares in Solidere, the Lebanese company founded by assassinated former prime minister Rafik Hariri, fell 15% in renewed trading in Beirut.Critics had accused Mr Hariri of using Lebanon's post-war reconstruction drive for his personal financial gain.Traders said there was some panic selling during Friday's session, the first since a three-day market closure to mourn the death of Mr Hariri.The company owns much of the property in central Beirut, which it restored and redeveloped following the end of Lebanon's bitter 15-year civil war. |
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European losses hit GM's profits
General Motors (GM) saw its net profits fall 37% in the last quarter of 2004, as it continued to be hit by losses at its European operations.
The US giant earned $630m (£481.5m) in the October-to-December period, down from $1bn in the fourth quarter of 2003. GM's revenues rose 4.7% to $51.2bn from $48.8bn a year earlier. The fourth-quarter losses at General Motors Europe totalled $345m, up from $66m during the same period in 2003. GM's main European brands are Opel and Vauxhall.
Excluding special items, GM's global income from continuing operations totalled $569m during the quarter, down from $838m a year earlier. The results were in line with Wall Street expectations and shares in GM rose by about 1% in pre-market trade. For the whole of 2004, GM earned $3.7bn, down from $3.8bn in 2003, while its annual revenue rose 4.5% to $193bn. GM said its profits were also hit by higher healthcare costs in the US. "GM reported solid overall results in 2004, despite challenging competitive conditions in many markets around the globe," GM chairman and chief executive Rick Wagoner said in a statement. The company recently announced that it expected profits in 2005 to be lower than in 2004.
| For the whole of 2004, GM earned $3.7bn, down from $3.8bn in 2003, while its annual revenue rose 4.5% to $193bn.GM's revenues rose 4.7% to $51.2bn from $48.8bn a year earlier.General Motors (GM) saw its net profits fall 37% in the last quarter of 2004, as it continued to be hit by losses at its European operations.The US giant earned $630m (£481.5m) in the October-to-December period, down from $1bn in the fourth quarter of 2003.GM said its profits were also hit by higher healthcare costs in the US. |
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Winter freeze keeps oil above $50
Oil prices carried on rising on Wednesday after cold weather on both sides of the North Atlantic pushed US crude prices to four-month highs.
Freezing temperatures and heavy snowfalls took crude oil prices past $50 a barrel on Tuesday for the first time since November. Declines in the dollar have also contributed to the rising oil price. US crude was trading at $51.39 at 0710 GMT in Asian electronic trade on Wednesday. A barrel of US crude oil closed up $2.80 at $51.15 in New York on Tuesday. Opec members said on Tuesday that, given such high prices, the cartel saw no reason to cut its output.
Although below last year's peak of $55.67 a barrel, which was reached in October, prices are now well above 2004's average of $41.48. Brent crude also rose in London trading, adding $1.89 to $48.62 at the close.
Much of western Europe and the north east of America has been shivering under unseasonably low temperatures in recent days. The decline in the US dollar to a five-week low against the euro has also served to inflate prices. "The primary factor is the weak dollar," said Victor Shum, a Singapore-based analyst with Purvin and Gertz. Expectations that a rebound in the dollar would halt the oil price rise were not immediately borne out on Wednesday morning, as oil prices carried on upwards as the dollar strengthened against the euro, the pound and the yen.
Several Opec members said on Tuesday that a cut in production was unlikely, citing rising prices and strong demand for oil from Asia. "I agree that we do not need to cut supply if the prices are as much as this," Fathi Bin Shatwan, Libya's oil minister, told Reuters. "I do not think we need to cut unless the prices are falling below $35 a barrel," he added.
| Oil prices carried on rising on Wednesday after cold weather on both sides of the North Atlantic pushed US crude prices to four-month highs.Declines in the dollar have also contributed to the rising oil price.Several Opec members said on Tuesday that a cut in production was unlikely, citing rising prices and strong demand for oil from Asia.Expectations that a rebound in the dollar would halt the oil price rise were not immediately borne out on Wednesday morning, as oil prices carried on upwards as the dollar strengthened against the euro, the pound and the yen.Freezing temperatures and heavy snowfalls took crude oil prices past $50 a barrel on Tuesday for the first time since November.A barrel of US crude oil closed up $2.80 at $51.15 in New York on Tuesday. |
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Ebbers denies WorldCom fraud
Former WorldCom chief Bernie Ebbers has denied claims that he knew accountants were doctoring the books at the firm.
Speaking in court, Mr Ebbers rejected allegations he pressured ex-chief financial officer Scott Sullivan to falsify company financial statements. Mr Sullivan "made accounting decisions," he told the federal court, saying his finance chief had "a keen command of the numbers". Mr Ebbers has denied charges of fraud and conspiracy. During his second day of questioning in the New York trial Mr Ebbers played down his working relationship with Mr Sullivan and denied he frequently met him to discuss company business when questioned by the prosecution.
"In a lot of weeks, we would speak ... three or four times," Mr Ebbers said, adding that conversations about finances were rarely one-on-one and were usually discussed by a "group of people" instead.
Mr Ebbers relationship to Mr Sullivan is key to the case surrounding financial corruption that led to the collapse of the firm in 2002 following the discovery of an $11bn accounting fraud. The prosecution's star witness is Mr Sullivan, one of six WorldCom executives indicted in the case, He has pleaded guilty to fraud and appeared as a prosecution witness as part of an agreement with prosecutors. During his time on the witness stand Mr Sullivan repeatedly told jurors he met frequently with Mr Ebbers, told him about changes made to WorldCom's accounts to hide costs and had warned him such practises were improper. However during the case on Tuesday Mr Ebbers denied the allegations. "I wasn't advised by Scott Sullivan of anything ever being wrong," he told the court. "He's never told me he made an entry that wasn't right. If he had, we wouldn't be here today." Mr Ebbers could face a jail sentence of up to 85 years if convicted of all the charges he is facing. Shareholders lost about $180bn in WorldCom's collapse, 20,000 workers lost their jobs and the company went bankrupt. The company emerged from bankruptcy last year and is now known as MCI.
| Mr Ebbers relationship to Mr Sullivan is key to the case surrounding financial corruption that led to the collapse of the firm in 2002 following the discovery of an $11bn accounting fraud.During his time on the witness stand Mr Sullivan repeatedly told jurors he met frequently with Mr Ebbers, told him about changes made to WorldCom's accounts to hide costs and had warned him such practises were improper.Mr Ebbers has denied charges of fraud and conspiracy.During his second day of questioning in the New York trial Mr Ebbers played down his working relationship with Mr Sullivan and denied he frequently met him to discuss company business when questioned by the prosecution.However during the case on Tuesday Mr Ebbers denied the allegations.Speaking in court, Mr Ebbers rejected allegations he pressured ex-chief financial officer Scott Sullivan to falsify company financial statements.Mr Sullivan "made accounting decisions," he told the federal court, saying his finance chief had "a keen command of the numbers". |
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Euronext joins bid battle for LSE
Pan-European stock market Euronext has approached the London Stock Exchange (LSE) about a possible takeover bid.
"The approach is at an early stage and therefore does not require a response at this point," LSE said. Talks with the European stock market and with rival bidder Deutsche Boerse will continue, the LSE said. Last week, the group rejected a £1.3bn ($2.5bn) takeover offer from Deutsche Boerse, claiming that it undervalued the business. LSE saw its shares surge 4.9% to a new high of 583p in early trade, following the announcement on Monday.
The offer follows widespread media speculation that Euronext would make an offer for LSE. Experts now widely expect a bidding war for Europe's biggest stock market, which lists stocks with a total capitalisation of £1.4 trillion, to break out. Commentators say that a deal with Euronext, which owns the Liffe derivatives exchange in London and combines the Paris, Amsterdam and Lisbon stock exchanges, could potentially offer the LSE more cost savings than a deal with Deutsche Boerse.
A weekend report in the Telegraph had quoted an unnamed executive at Euronext as saying the group would make a cash bid to trump Deutsche Boerse's offer. "Because we already own Liffe in London, the cost savings available to us from a merger are far greater than for Deutsche Boerse," the newspaper quoted the executive as saying. Euronext chief executive Jean-Francois Theodore is reported to have already held private talks with LSE's chief executive Clara Furse. Further reports had suggested that Euronext could make an offer in excess of the LSE's 533p a share closing price on Friday. However, Euronext said it could not guarantee "at this stage" that a firm offer would be made for LSE. There has been extensive speculation about a possible takeover of the company since an attempted merger with Deutsche Boerse failed in 2000.
| Commentators say that a deal with Euronext, which owns the Liffe derivatives exchange in London and combines the Paris, Amsterdam and Lisbon stock exchanges, could potentially offer the LSE more cost savings than a deal with Deutsche Boerse.Pan-European stock market Euronext has approached the London Stock Exchange (LSE) about a possible takeover bid.The offer follows widespread media speculation that Euronext would make an offer for LSE.However, Euronext said it could not guarantee "at this stage" that a firm offer would be made for LSE.Talks with the European stock market and with rival bidder Deutsche Boerse will continue, the LSE said.A weekend report in the Telegraph had quoted an unnamed executive at Euronext as saying the group would make a cash bid to trump Deutsche Boerse's offer. |
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Brazil jobless rate hits new low
Brazil's unemployment rate fell to its lowest level in three years in December, according to the government.
The Brazilian Institute for Geography and Statistics (IBGE) said it fell to 9.6% in December from 10.6% in November and 10.9% in December 2003. IBGE also said that average monthly salaries grew 1.9% in December 2004 from December 2003. However, average monthly wages fell 1.8% in December to 895.4 reais ($332; £179.3) from November. Tuesday's figures represent the first time that the unemployment rate has fallen to a single digit since new measurement rules were introduced in 2001. The unemployment rate has been falling gradually since April 2004 when it reached a peak of 13.1%. The jobless rate average for the whole of 2004 was 11.5%, down from 12.3% in 2003, the IBGE said.
This improvement can be attributed to the country's strong economic growth, with the economy registering growth of 5.2% in 2004, the government said. The economy is expected to grow by about 4% this year. President Luiz Inacio Lula da Silva promised to reduce unemployment when he was elected two years ago. Nevertheless, some analysts say that unemployment could increase in the next months. "The data is favourable, but a lot of jobs are temporary for the (Christmas) holiday season, so we may see slightly higher joblessness in January and February," Julio Hegedus, chief economist with Lopes Filho & Associates consultancy in Rio de Janeir, told Reuters news agency. Despite his leftist background, President Lula has pursued a surprisingly conservative economic policy, arguing that in order to meet its social promises, the government needs to first reach a sustained economic growth. The unemployment rate is measured in the six main metropolitan areas of Brazil (Sao Paolo, Rio de Janeiro, Belo Horizonte, Recife, Salvador and Porto Alegre), where most of the population is concentrated.
| Brazil's unemployment rate fell to its lowest level in three years in December, according to the government.IBGE also said that average monthly salaries grew 1.9% in December 2004 from December 2003.The Brazilian Institute for Geography and Statistics (IBGE) said it fell to 9.6% in December from 10.6% in November and 10.9% in December 2003.The jobless rate average for the whole of 2004 was 11.5%, down from 12.3% in 2003, the IBGE said.The unemployment rate has been falling gradually since April 2004 when it reached a peak of 13.1%.However, average monthly wages fell 1.8% in December to 895.4 reais ($332; £179.3) from November. |
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Huge rush for Jet Airways shares
Indian airline Jet Airways' initial public offering was oversubscribed 16.2 times, bankers said on Friday.
Over 85% of the bids were at the higher end of the price range of 1,050-1,125 rupees ($24-$26). Jet Airways, a low-fare airline, was founded by London-based ex-travel agent Naresh Goya, and controls 45% of the Indian domestic airline market. It sold 20% of its equity or 17.2 million shares in a bid to raise up to $443m (£230.8m). The price at which its shares will begin trading will be agreed over the weekend, bankers said. "The demand for the IPO was impressive. We believe that over the next two years, the domestic aviation sector promises strong growth, even though fuel prices could be high," said Hiten Mehta, manager of merchant banking firm, Fortune Financial Services. India began to open up its domestic airline market - previously dominated by state-run carrier Indian Airlines - in the 1990s. Jet began flying in 1993 and now has competitors including Air Deccan and Air Sahara. Budget carriers Kingfisher Airlines and SpiceJet are planning to launch operations in May this year. Jet has 42 aircraft and runs 271 scheduled flights daily within India. It recently won government permission to fly to London, Singapore and Kuala Lumpur.
| Indian airline Jet Airways' initial public offering was oversubscribed 16.2 times, bankers said on Friday.Jet Airways, a low-fare airline, was founded by London-based ex-travel agent Naresh Goya, and controls 45% of the Indian domestic airline market.India began to open up its domestic airline market - previously dominated by state-run carrier Indian Airlines - in the 1990s.The price at which its shares will begin trading will be agreed over the weekend, bankers said.Over 85% of the bids were at the higher end of the price range of 1,050-1,125 rupees ($24-$26). |
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Worldcom boss 'left books alone'
Former Worldcom boss Bernie Ebbers, who is accused of overseeing an $11bn (£5.8bn) fraud, never made accounting decisions, a witness has told jurors.
David Myers made the comments under questioning by defence lawyers who have been arguing that Mr Ebbers was not responsible for Worldcom's problems. The phone company collapsed in 2002 and prosecutors claim that losses were hidden to protect the firm's shares. Mr Myers has already pleaded guilty to fraud and is assisting prosecutors.
On Monday, defence lawyer Reid Weingarten tried to distance his client from the allegations. During cross examination, he asked Mr Myers if he ever knew Mr Ebbers "make an accounting decision?". "Not that I am aware of," Mr Myers replied. "Did you ever know Mr Ebbers to make an accounting entry into Worldcom books?" Mr Weingarten pressed. "No," replied the witness. Mr Myers has admitted that he ordered false accounting entries at the request of former Worldcom chief financial officer Scott Sullivan. Defence lawyers have been trying to paint Mr Sullivan, who has admitted fraud and will testify later in the trial, as the mastermind behind Worldcom's accounting house of cards.
Mr Ebbers' team, meanwhile, are looking to portray him as an affable boss, who by his own admission is more PE graduate than economist. Whatever his abilities, Mr Ebbers transformed Worldcom from a relative unknown into a $160bn telecoms giant and investor darling of the late 1990s. Worldcom's problems mounted, however, as competition increased and the telecoms boom petered out. When the firm finally collapsed, shareholders lost about $180bn and 20,000 workers lost their jobs. Mr Ebbers' trial is expected to last two months and if found guilty the former CEO faces a substantial jail sentence. He has firmly declared his innocence.
| During cross examination, he asked Mr Myers if he ever knew Mr Ebbers "make an accounting decision?"."Not that I am aware of," Mr Myers replied."Did you ever know Mr Ebbers to make an accounting entry into Worldcom books?"Mr Myers has admitted that he ordered false accounting entries at the request of former Worldcom chief financial officer Scott Sullivan.David Myers made the comments under questioning by defence lawyers who have been arguing that Mr Ebbers was not responsible for Worldcom's problems.Defence lawyers have been trying to paint Mr Sullivan, who has admitted fraud and will testify later in the trial, as the mastermind behind Worldcom's accounting house of cards.Mr Myers has already pleaded guilty to fraud and is assisting prosecutors.Former Worldcom boss Bernie Ebbers, who is accused of overseeing an $11bn (£5.8bn) fraud, never made accounting decisions, a witness has told jurors. |
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Stormy year for property insurers
A string of storms, typhoons and earthquakes has made 2004 the most expensive year on record for property insurers, according to Swiss Re.
The world's second biggest insurer said disasters around the globe have seen property claims reach $42bn (£21.5bn). "2004 reinforces the trend towards higher losses," said Swiss Re. Tightly packed populations in the areas involved in natural and man-made disasters were to partly to blame for the rise in claims, it said. Some 95% of insurance claims were for natural catastrophes, with the rest attributed to made-made events.
The largest claims came from the US, which was struck by four hurricanes, and Japan, which suffered the highest concentration of typhoons for decades plus a major earthquake.
Europe suffered fewer natural disasters, but 191 people were killed and more than 2,000 injured in March after the terrorist attack on train stations in Madrid. The damages claimed in 2004 eclipsed previous years, including 2001 when the 11 September attacks pushed claims up to $37bn. Swiss Re said it had registered about 300 natural and man-made disasters around the world in 2004. Twenty-one thousand people lost their lives in the catastrophes with a cost to the global economy of around $105bn (£54bn).
| Swiss Re said it had registered about 300 natural and man-made disasters around the world in 2004.The world's second biggest insurer said disasters around the globe have seen property claims reach $42bn (£21.5bn).Tightly packed populations in the areas involved in natural and man-made disasters were to partly to blame for the rise in claims, it said.The damages claimed in 2004 eclipsed previous years, including 2001 when the 11 September attacks pushed claims up to $37bn. |
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Russia gets investment blessing
Soaring oil sales and a budget surplus mean Russian debt is no longer a risky investment, one of the world's leading credit rating agencies says.
Standard & Poor's has classed Russian bonds as "investment grade", up from their former "speculative" rating. Russia's reputation among investors has been hurt in recent months by the heavy tax bills and asset seizures imposed on companies such as oil giant Yukos. S&P said the solidity of government finances outweighed the risk. Russia is now a net creditor rather than a debtor. Gold and foreign currency reserves of $119bn beat its foreign public debt of some $113bn.
The other two major ratings agencies - Fitch and Moody's have long since upped their rating of Russia's sovereign debt. S&P had held back through fear that the government was dragging its feet on economic and legal reforms. Now, though, it has finally followed suit. But the agency made it clear that the improved rating did not mean that the risks were a thing of the past. Instead, with Russian government coffers brimming with tax revenues from energy sales, S&P said the government's own debt is looking a good bet. "These improvements are so significant that they now outweight the serious and growing political risk that continues to be a key ratings constraint on Russia," wrote S&P credit analyst Helena Hessel.
The Yukos saga is the most high-profile of the political risks to which Ms Hessel alludes. The company's founder and ex-chief executive, Mikhail Khodorkovsky, is in jail on trial for tax evasion and fraud. Many believe the real motive for his prosecution is that he threatened to use his wealth to set up a political alternative to President Vladimir Putin. His company, meanwhile, is widely believed to have fallen victim to the Kremlin's wish to get Russian energy resources as far as possible back under state control.
| "These improvements are so significant that they now outweight the serious and growing political risk that continues to be a key ratings constraint on Russia," wrote S&P credit analyst Helena Hessel.Instead, with Russian government coffers brimming with tax revenues from energy sales, S&P said the government's own debt is looking a good bet.Soaring oil sales and a budget surplus mean Russian debt is no longer a risky investment, one of the world's leading credit rating agencies says.The other two major ratings agencies - Fitch and Moody's have long since upped their rating of Russia's sovereign debt.But the agency made it clear that the improved rating did not mean that the risks were a thing of the past.S&P said the solidity of government finances outweighed the risk.Standard & Poor's has classed Russian bonds as "investment grade", up from their former "speculative" rating. |
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GSK aims to stop Aids profiteers
One of the world's largest manufacturers of HIV/Aids drugs has launched an initiative to combat the smuggling of cheaper pills - supplied to poorer African countries - back into Europe for resale at far higher price.
The company, GlaxoSmithKline, is to alter the packaging and change the colour of the pills, currently provided to developing nations under a humanitarian agreement. It is estimated that drugs companies are losing hundreds of millions of dollars each year as a result of the diversion of their products in this way. This is a very sensitive area for the big drugs companies. They want to maintain their profits, but have been put under tremendous pressure to provide cheap anti-Aids drugs to the world's poorest nations.
The result is that drugs supplied to Africa are now more than thirty times cheaper than those sold in Europe; bringing these medicines within the reach of millions of HIV-positive Africans through their government's health care systems.
But the wide difference in price also means that there are big gains to be made from illegally diverting these cheaper drugs back into wealthier countries and re-selling them at a higher price. GlaxoSmithKline believes that by coating the pills destined for Africa in a red dye and adding new identification codes both onto the pills and on the packaging, then this trade can be substantially reduced. The company says that it will then be possible to identify specific distributors in Africa who have re-sold humanitarian drugs for profit, as well as those suppliers in Europe that have also been involved in the trade. Glaxo says distribution of the new-look drugs has already begun and that their chemical content is identical to those currently being sold in Europe.
| The company says that it will then be possible to identify specific distributors in Africa who have re-sold humanitarian drugs for profit, as well as those suppliers in Europe that have also been involved in the trade.One of the world's largest manufacturers of HIV/Aids drugs has launched an initiative to combat the smuggling of cheaper pills - supplied to poorer African countries - back into Europe for resale at far higher price.The result is that drugs supplied to Africa are now more than thirty times cheaper than those sold in Europe; bringing these medicines within the reach of millions of HIV-positive Africans through their government's health care systems.Glaxo says distribution of the new-look drugs has already begun and that their chemical content is identical to those currently being sold in Europe. |
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Virgin Blue shares plummet 20%
Shares in Australian budget airline Virgin Blue plunged 20% after it warned of a steep fall in full year profits.
Virgin Blue said profits after tax for the year to March would be between 10% to 15% lower than the previous year. "Sluggish demand reported previously for November and now December 2004 continues," said Virgin Blue chief executive Brett Godfrey. Virgin Blue, which is 25% owned by Richard Branson, has been struggling to fend off pressure from rival Jetstar. It cut its full year passenger number forecast by "approximately 2.5%". Virgin Blue reported a 22% fall in first quarter profits in August 2004 due to tough competition. In November, first half profits were down due to slack demand and rising fuel costs. Virgin Blue was launched four years ago and now has roughly one third of Australia's domestic airline market. But the national carrier, Qantas, has fought back with its own budget airline, Jetstar, which took to the skies in May 2004. Sydney-listed Virgin Blue's shares recovered slightly to close 12% down on Wednesday. Shares in its major shareholder, Patrick Corporation - which owns 46% of Virgin Blue - had dropped 31% by the close.
| Shares in Australian budget airline Virgin Blue plunged 20% after it warned of a steep fall in full year profits.Virgin Blue said profits after tax for the year to March would be between 10% to 15% lower than the previous year.Virgin Blue reported a 22% fall in first quarter profits in August 2004 due to tough competition.Virgin Blue was launched four years ago and now has roughly one third of Australia's domestic airline market.Virgin Blue, which is 25% owned by Richard Branson, has been struggling to fend off pressure from rival Jetstar. |
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Jobs growth still slow in the US
The US created fewer jobs than expected in January, but a fall in jobseekers pushed the unemployment rate to its lowest level in three years.
According to Labor Department figures, US firms added only 146,000 jobs in January. The gain in non-farm payrolls was below market expectations of 190,000 new jobs. Nevertheless it was enough to push down the unemployment rate to 5.2%, its lowest level since September 2001. The job gains mean that President Bush can celebrate - albeit by a very fine margin - a net growth in jobs in the US economy in his first term in office. He presided over a net fall in jobs up to last November's Presidential election - the first President to do so since Herbert Hoover. As a result, job creation became a key issue in last year's election. However, when adding December and January's figures, the administration's first term jobs record ended in positive territory.
The Labor Department also said it had revised down the jobs gains in December 2004, from 157,000 to 133,000.
Analysts said the growth in new jobs was not as strong as could be expected given the favourable economic conditions. "It suggests that employment is continuing to expand at a moderate pace," said Rick Egelton, deputy chief economist at BMO Financial Group. "We are not getting the boost to employment that we would have got given the low value of the dollar and the still relatively low interest rate environment." "The economy is producing a moderate but not a satisfying amount of job growth," said Ken Mayland, president of ClearView Economics. "That means there are a limited number of new opportunities for workers."
| The job gains mean that President Bush can celebrate - albeit by a very fine margin - a net growth in jobs in the US economy in his first term in office.Analysts said the growth in new jobs was not as strong as could be expected given the favourable economic conditions.The Labor Department also said it had revised down the jobs gains in December 2004, from 157,000 to 133,000.The US created fewer jobs than expected in January, but a fall in jobseekers pushed the unemployment rate to its lowest level in three years."The economy is producing a moderate but not a satisfying amount of job growth," said Ken Mayland, president of ClearView Economics.He presided over a net fall in jobs up to last November's Presidential election - the first President to do so since Herbert Hoover. |
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Nortel in $300m profit revision
Telecoms equipment maker Nortel Networks has sharply revised downwards its profits for the 2003 fiscal year.
In a long-awaited filing, Nortel said it had made $434m (£231m), compared to the previously reported $732m. But the figures - revised after an audit which led to the sacking of the Canadian firm's chief - showed revenue was about 4% higher than first thought. Nortel shares, which have lost nearly 50% of their value since last year, climbed 1.46% in Toronto on Tuesday. Nortel's head Frank Dunn and two other executives were fired in January last year after the company announced it had conducted the internal audit. Securities and police authorities in both the US and Canada are still conducting inquiries into the accounts.
Nortel also issued new figures for the 2001-2002 period, which they had previously indicated had understated losses. "With the completion of our restatements we have a solid foundation on which to move forward with our business," said Nortel president and chief executive Bill Owens. "The restatement has been a monumental task, both complex and demanding." The company also said 12 senior executives - none of whom were involved directly in the accounting of the revised figures - have voluntarily agreed to repay to bonuses awarded in 2003 totalling $8.6m. Nortel added: "these members of the core executive team share the board's deep disappointment over the circumstances that led to the restatement."
| "With the completion of our restatements we have a solid foundation on which to move forward with our business," said Nortel president and chief executive Bill Owens.Nortel added: "these members of the core executive team share the board's deep disappointment over the circumstances that led to the restatement."Telecoms equipment maker Nortel Networks has sharply revised downwards its profits for the 2003 fiscal year.Nortel also issued new figures for the 2001-2002 period, which they had previously indicated had understated losses.In a long-awaited filing, Nortel said it had made $434m (£231m), compared to the previously reported $732m. |
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Vodafone appoints new Japan boss
Vodafone has drafted in its UK chief executive William Morrow to take charge of its troubled Japanese operation.
Mr Morrow will succeed Shiro Tsuda as president of Vodafone KK, Japan's number three mobile operator, in April. Mr Tsuda, who will become chairman, was appointed president only two months ago but the business has struggled since then, losing customers in January. Vodafone had pinned its hopes on the launch of its 3G phones in November but demand for them has been slow.
While it has more than 15 million customers in Japan, Vodafone has found it difficult to satisfy Japan's technologically demanding mobile users. It suffered a net loss of more than 58,000 customers in January, its second monthly reverse in the last year. "Vodafone is going to need to put a lot of money into Japan if it wants to rebuild the business," Tetsuro Tsusaka, a telecoms analyst with Deutsche Bank, told Reuters. "I do not know if it will be worth it for them to spend that kind of money just for Japan."
| While it has more than 15 million customers in Japan, Vodafone has found it difficult to satisfy Japan's technologically demanding mobile users.Mr Tsuda, who will become chairman, was appointed president only two months ago but the business has struggled since then, losing customers in January.Mr Morrow will succeed Shiro Tsuda as president of Vodafone KK, Japan's number three mobile operator, in April.Vodafone has drafted in its UK chief executive William Morrow to take charge of its troubled Japanese operation. |
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Chinese exports rise 25% in 2004
Exports from China leapt during 2004 over the previous year as the country continued to show breakneck growth.
The spurt put China's trade surplus - a sore point with some of its trading partners - at a six-year high. It may also increase pressure on China to relax the peg joining its currency, the yuan, with the weakening dollar. The figures released by the Ministry of Commerce come as China's tax chief confirmed that growth had topped 9% in 2004 for the second year in a row. State Administration of Taxation head Xie Xuren said a tightening of controls on tax evasion had combined with the rapid expansion to produce a 25.7% rise in tax revenues to 2.572 trillion yuan ($311bn; £165bn).
According to the Ministry of Commerce, China's exports totalled $63.8bn in December, taking the annual total up 35.4% to $593.4bn. With imports rising a similar amount, the deficit rose to $43.4bn. The increased tax take comes despite healthy tax rebates for many exporters totalling 420bn yuan in 2004, according to Mr Xie. China's exporting success has made the trade deficit of the United States soar even further and made trade with China a sensitive political issue in Washington. The peg keeping the yuan around 8.30 to the dollar is often blamed by US lawmakers for job losses at home. A US report issued on Tuesday on behalf of a Congressionally-mandated panel said almost 1.5 million posts disappeared between 1989 and 2003. The pace accelerated in the final three years of the period, said the report for the US-China Economic and Security Review Commission, moving out of labour-intensive industries and into more hi-tech sectors. The US's overall trade deficit with China was $124bn in 2003, and is expected to rise to about $150bn for 2004.
| The US's overall trade deficit with China was $124bn in 2003, and is expected to rise to about $150bn for 2004.State Administration of Taxation head Xie Xuren said a tightening of controls on tax evasion had combined with the rapid expansion to produce a 25.7% rise in tax revenues to 2.572 trillion yuan ($311bn; £165bn).According to the Ministry of Commerce, China's exports totalled $63.8bn in December, taking the annual total up 35.4% to $593.4bn.The increased tax take comes despite healthy tax rebates for many exporters totalling 420bn yuan in 2004, according to Mr Xie.The figures released by the Ministry of Commerce come as China's tax chief confirmed that growth had topped 9% in 2004 for the second year in a row.With imports rising a similar amount, the deficit rose to $43.4bn. |
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Golden rule 'intact' says ex-aide
Chancellor Gordon Brown will meet his golden economic rule "with a margin to spare", according to his former chief economic adviser.
Formerly one of Mr Brown's closest Treasury aides, Ed Balls hinted at a Budget giveaway on 16 March. He said he hoped more would be done to build on current tax credit rules. Any rate rise ahead of an expected May election would not affect the Labour Party's chances of winning, he added. Last July, Mr Balls won the right to step down from his Treasury position and run for parliament, defending the Labour stronghold of Normanton in West Yorkshire.
Mr Balls rejected the allegation that Mr Brown had been sidelined in the election campaign, saying he was playing a "different" role to the one he played in the last two elections. He rejected speculation that Mr Brown was considering becoming Foreign Secretary, saying his recent travels had been linked to efforts to boost international development. Gordon Brown's decision to announce the date of the Budget while on a trip to China was a "sensible thing to do", since he was talking about skills and investment at the time, Mr Balls told the BBC. Commenting on speculation of an interest rate rise, he said it was not within the remit of the Bank of England's Monetary Policy Committee (MPC) to factor a potential election into its rate decisions. Expectations of a rate rise have gathered pace after figures showed that house prices are still rising. Consumer borrowing rose at a near-record pace in January. "I don't believe it would be a big election issue in Britain or a problem for Labour," Mr Balls said. Prime Minister Tony Blair has yet to name the date of the election, but most pundits are betting on 5 May as the likely day.
| Mr Balls rejected the allegation that Mr Brown had been sidelined in the election campaign, saying he was playing a "different" role to the one he played in the last two elections."I don't believe it would be a big election issue in Britain or a problem for Labour," Mr Balls said.Any rate rise ahead of an expected May election would not affect the Labour Party's chances of winning, he added.Commenting on speculation of an interest rate rise, he said it was not within the remit of the Bank of England's Monetary Policy Committee (MPC) to factor a potential election into its rate decisions.Gordon Brown's decision to announce the date of the Budget while on a trip to China was a "sensible thing to do", since he was talking about skills and investment at the time, Mr Balls told the BBC.Formerly one of Mr Brown's closest Treasury aides, Ed Balls hinted at a Budget giveaway on 16 March. |
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Fiat chief takes steering wheel
The chief executive of the Fiat conglomerate has taken day-to-day control of its struggling car business in an effort to turn it around.
Sergio Marchionne has replaced Herbert Demel as chief executive of Fiat Auto, with Mr Demel leaving the company. Mr Marchionne becomes the fourth head of the business - which is expected to make a 800m euro ($1bn) loss in 2004 - in as many years. Fiat underperformed the market in Europe last year, seeing flat sales.
The car business has made an operating loss in five of the last six years and was forced to push back its break-even target from 2005 to 2006. The management changes are part of a wider shake-up of the business following Fiat's resolution of its dispute with General Motors. As part of a major restructuring, Fiat is to integrate the Maserati car company - currently owned by Ferrari - within its own operations. Ferrari, in which Fiat owns a majority stake, could be separately floated on the stock market in either 2006 or 2007.
Mr Marchionne, who only joined the company last year, said Fiat Auto was now the "principal focus" of his attention. "I have made the decision to take on the post of chief executive of the auto unit to speed up the company's recovery," he said. "A profound cultural transformation is underway following a management reorganisation that has delivered a more agile and efficient structure," he added.
Although Mr Marchionne does not have a background in the car industry, he has been playing an increasing role in the group's activities. Last year, he said that a series of new models, launched as part of the group's recovery plan, had not boosted revenues as much as hoped. The car business, best known for its Alfa Romeo marque, is expected to make a loss of about 800m euros in 2004. Sales are expected to fall in 2005, Fiat said this week, as it exits unprofitable areas such as the rental car market. Mr Demel, a car industry veteran, took the helm in November 2003 after being recruited by former Fiat chief executive Giuseppe Morchio. Mr Morchio made a bid last year to become chairman after the death of president Umberto Agnelli. However, this was rejected by the founding Agnelli family and Mr Morchio subsequently resigned. Earlier this week, Fiat reached an agreement with GM to dissolve an alliance which could have obliged GM to buy the Italian firm outright. GM will pay Fiat $2bn as part of the settlement.
| Mr Marchionne, who only joined the company last year, said Fiat Auto was now the "principal focus" of his attention.Sergio Marchionne has replaced Herbert Demel as chief executive of Fiat Auto, with Mr Demel leaving the company.Mr Demel, a car industry veteran, took the helm in November 2003 after being recruited by former Fiat chief executive Giuseppe Morchio.The chief executive of the Fiat conglomerate has taken day-to-day control of its struggling car business in an effort to turn it around.The car business has made an operating loss in five of the last six years and was forced to push back its break-even target from 2005 to 2006.Sales are expected to fall in 2005, Fiat said this week, as it exits unprofitable areas such as the rental car market.Fiat underperformed the market in Europe last year, seeing flat sales.GM will pay Fiat $2bn as part of the settlement. |
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Markets fall on weak dollar fears
Rising oil prices and the sinking dollar hit shares on Monday after a finance ministers' meeting and stern words from Fed chief Alan Greenspan.
The London FTSE fell 0.8% while Tokyo's Nikkei 225 dropped 2.11%, its steepest fall in three months. G20 finance ministers said nothing about supporting the dollar, whose slide could further jeopardise growth in Japan and Europe. And Mr Greenspan warned Asian states could soon stop funding the US deficit.
On Monday afternoon, the euro was close to an all-time high against the dollar at above $1.30. Oil pushed higher too on Monday, as investors fretted about cold weather in the US and Europe and a potential output cut from oil producers' group Opec, although prices had cooled by the end of the day. In London, the benchmark Brent crude price closed down 51 cents at $44.38 a barrel, while New York light sweet crude closed down 25 cents at $48.64 a barrel. The slide comes as the US has been attempting to talk up the traditional "strong dollar" policy.
The latest to pitch in has been President George W Bush himself, who told the Asia Pacific Economic Co-operation (Apec) summit in Chile that he remained committed to halving the budget deficit. Together with a $500bn trade gap, the red ink spreading across America's public finances is widely seen as a key factor driving the dollar lower. And last week US Treasury Secretary John Snow told an audience in the UK that the policy remained unaltered. But he also said that the rate was entirely up to the markets - a signal which traders took as advice to sell the dollar. Some had looked to the G20 meeting for direction. But Mr Snow made clear exchange rates had not been on the agenda.
For the US government, letting the dollar drift is a useful short-term fix.
US exports get more affordable, helping perhaps to close the trade gap. In the meantime, the debt keeps getting bigger, with Congress authorising an $800bn rise in what the US can owe - taking the total to $8.2 trillion. But in a speech on Friday, Federal Reserve chairman Alan Greenspan warned that in the longer term things are likely to get tricky. At present, much of gap in both public debt is covered by selling bonds to Asian states such as Japan and China, since the dollar is seen as the world's reserve currency. Similarly, Asian investment helps bridge the gap in the current account - the deficit between what the US as a whole spends and what it earns. But already they are turning more cautious - an auction of debt in August found few takers. And Mr Greenspan said that could turn into a trend, if the fall of the dollar kept eating into the value of those investments. "It seems persuasive that, given the size of the US current account deficit, a diminished appetite for adding to dollar balances must occur at some point," he said.
| And Mr Greenspan warned Asian states could soon stop funding the US deficit.And Mr Greenspan said that could turn into a trend, if the fall of the dollar kept eating into the value of those investments.The slide comes as the US has been attempting to talk up the traditional "strong dollar" policy."It seems persuasive that, given the size of the US current account deficit, a diminished appetite for adding to dollar balances must occur at some point," he said.For the US government, letting the dollar drift is a useful short-term fix.Rising oil prices and the sinking dollar hit shares on Monday after a finance ministers' meeting and stern words from Fed chief Alan Greenspan.G20 finance ministers said nothing about supporting the dollar, whose slide could further jeopardise growth in Japan and Europe.At present, much of gap in both public debt is covered by selling bonds to Asian states such as Japan and China, since the dollar is seen as the world's reserve currency.Similarly, Asian investment helps bridge the gap in the current account - the deficit between what the US as a whole spends and what it earns.US exports get more affordable, helping perhaps to close the trade gap. |
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UK interest rates held at 4.75%
The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move.
Rates went up five times from November 2003 - as the bank sought to cool the housing market and consumer debt - but have remained unchanged since August. Recent data has indicated a slowdown in manufacturing and consumer spending, as well as in mortgage approvals. And retail sales disappointed over Christmas, with analysts putting the drop down to less consumer confidence.
Rising interest rates and the accompanying slowdown in the housing market have knocked consumers' optimism, causing a sharp fall in demand for expensive goods, according to a report earlier this week from the British Retail Consortium. The BRC said Britain's retailers had endured their worst Christmas in a decade.
"Today's no change decision is correct," said David Frost, Director General of the British Chambers of Commerce (BCC). "But, if there are clear signs that the economy slows, the MPC should be ready to take quick corrective action and cut rates. "Dismal reports from the retail trade about Christmas sales are worrying, if they indicate a more general weakening in consumer spending."
Mr Frost added: "The housing market outlook remains highly uncertain. "It is widely accepted that, if house prices start falling more sharply, the risks facing the economy will worsen considerably." CBI chief economist Ian McCafferty said the economy had "slowed in recent months in response to rate rises" but that it was difficult to gauge from the Christmas period the likely pace of activity through the summer. "The Bank is having to juggle the emergence of inflationary pressures, driven by a tight labour market and buoyant commodity prices, against the risk of an over-abrupt slowdown in consumer activity," he said. "Interest rates are likely to remain on hold for some time."
On Thursday there was more gloomy news on the manufacturing front, as the Office for National (ONS) statistics revealed British manufacturing output unexpectedly fell in November - for the fifth month in the past six. The ONS said manufacturing output dropped 0.1% in November, matching a similar unrevised fall in October and confounding economists' expectations of a 0.3% rise. Manufacturers' organisation, the EEF, said it expected the hold in interest rates to continue in the near future. It also said there was evidence that manufacturers' confidence may be waning as the outlook for the world economy becomes more uncertain.
"So far the evidence suggests that last year's rate increases have helped to rebalance the economy without damaging the recovery in manufacturing," said EEF chief economist, Steve Radley. "However, should the business outlook start to deteriorate, the Bank should stand ready to cut rates." Some economists have predicted rates will drop later in the year, although others feel the Bank may still think there is a need for a rise to 5% before that happens. The Bank remains concerned about the long-term risks posed by personal debt - which is rising at 15% a year - if economic conditions worsen.
| CBI chief economist Ian McCafferty said the economy had "slowed in recent months in response to rate rises" but that it was difficult to gauge from the Christmas period the likely pace of activity through the summer.Manufacturers' organisation, the EEF, said it expected the hold in interest rates to continue in the near future."The Bank is having to juggle the emergence of inflationary pressures, driven by a tight labour market and buoyant commodity prices, against the risk of an over-abrupt slowdown in consumer activity," he said.The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move."So far the evidence suggests that last year's rate increases have helped to rebalance the economy without damaging the recovery in manufacturing," said EEF chief economist, Steve Radley.It also said there was evidence that manufacturers' confidence may be waning as the outlook for the world economy becomes more uncertain.Rates went up five times from November 2003 - as the bank sought to cool the housing market and consumer debt - but have remained unchanged since August.Rising interest rates and the accompanying slowdown in the housing market have knocked consumers' optimism, causing a sharp fall in demand for expensive goods, according to a report earlier this week from the British Retail Consortium."Interest rates are likely to remain on hold for some time." |
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Deutsche Boerse set to 'woo' LSE
Bosses of Deutsche Boerse and the London Stock Exchange are to meet amid talk that a takeover bid for the LSE will be raised to £1.5bn ($2.9bn).
Last month, the German exchange tabled a 530 pence-per-share offer for LSE, valuing it at £1.3bn. Paris-based Euronext, owner of Liffe in London, has also said it is interested in bidding for LSE. Euronext is due to hold talks with LSE this week and it is reported to be ready to raise £1.4bn to fund a bid. Euronext chief Jean-Francois Theodore is scheduled to meet his LSE counterpart Clara Furse on Friday. Deutsche Boerse chief Werner Seifert is meeting Ms Furse on Thursday, in the third meeting between the two exchanges since the bid approach in December.
The LSE rejected Deutsche Boerse's proposed £1.3bn offer in December, saying it undervalued the business.
But it agreed to leave the door open for talks to find out whether a "significantly-improved proposal" would be in the interests of LSE's shareholders and customers. In the meantime, Euronext, which combines the Paris, Amsterdam and Lisbon stock exchanges, also began talks with the LSE. In a statement on Thursday, Euronext said any offer was likely to be solely in cash, but added that: "There can be no assurances at this stage that any offer will be made." A deal with either bidder would create the biggest stock market operator in Europe and the second biggest in the world after the New York Stock Exchange.
According to the FT, in its latest meeting Deutsche Boerse will adopt a charm offensive to woo the London exchange. The newspaper said the German suitor will offer to manage a combined cash and equities market out of London and let Ms Furse take the helm. Other reports this week said the Deutsche Boerse might even consider selling its Luxembourg-based Clearstream unit - the clearing house that processes securities transactions. Its ownership of Clearstream was seen as the main stumbling block to a London-Frankfurt merger. LSE shareholders feared a Deutsche Boerse takeover would force them to use Clearstream, making it difficult for them to negotiate for lower transaction fees.
| Bosses of Deutsche Boerse and the London Stock Exchange are to meet amid talk that a takeover bid for the LSE will be raised to £1.5bn ($2.9bn).The LSE rejected Deutsche Boerse's proposed £1.3bn offer in December, saying it undervalued the business.Last month, the German exchange tabled a 530 pence-per-share offer for LSE, valuing it at £1.3bn.Euronext is due to hold talks with LSE this week and it is reported to be ready to raise £1.4bn to fund a bid.LSE shareholders feared a Deutsche Boerse takeover would force them to use Clearstream, making it difficult for them to negotiate for lower transaction fees.Paris-based Euronext, owner of Liffe in London, has also said it is interested in bidding for LSE.In the meantime, Euronext, which combines the Paris, Amsterdam and Lisbon stock exchanges, also began talks with the LSE. |
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Bush to outline 'toughest' budget
President Bush is to send his toughest budget proposals to date to the US Congress, seeking large cuts in domestic spending to lower the deficit.
About 150 federal programs could be cut or axed altogether as part of a $2.5 trillion (£1.3 trillion) package aimed at curbing the giant US budget deficit. Defence spending will rise, however, while the proposals exclude the cost of continuing military operations in Iraq. Vice-President Dick Cheney said the budget was the "tightest" so far.
At the heart of the administration's fifth budget, presented to Congress on Monday, is an austere package of domestic measures. These would see discretionary spending rise below the projected level of inflation.
Such belt-tightening is designed to tackle the massive budget deficit increases of President Bush's first term. Mr Cheney admitted that the budget was the toughest of the Bush Presidency but argued it was "fair and responsible". "It is not something we have done with a meat axe, nor are we suddenly turning our back on the most needy people in our society," he said. The wars in Iraq and Afghanistan, increased expenditure on national security after 9/11 and the 2001 recession wiped out the budget surplus inherited by President Bush in 2001 and turned it into a record deficit. The shortfall is projected to rise to $427bn in 2005.
Education, environmental protection and transport initiatives are set to be scaled back as a first step towards reducing the deficit to $230bn by 2009.
Most controversially, the government is seeking to cut the Medicaid budget, which provides health care to the nation's poorest, by $45bn and to reduce farm subsidies by $587m. Spending on defence and homeland security is set to increase, although not by as much as originally planned. President Bush's proposals would see the Pentagon's budget rise by $19bn to $419.3bn while homeland security would get an extra $2bn.
The budget does not include the cost of running military operations in Iraq and Afghanistan, for which the administration in expected to seek an extra $80bn from Congress later this year.
Also not featuring in the proposals is the cost of funding the administration's radical proposed overhaul of social security provision. Some expects believe this could require borrowing of up to $4.5bn trillion over a twenty year period. Despite the Republicans holding a majority in both houses of Congress, the proposals will be fiercely contested over the next few months.
John McCain, a Republican Senator, said he was pleased the administration was prepared to tackle the deficit. "With the deficits that we are now running, I am glad the president is coming over with a very austere budget," he said. However, Democratic Senator Kent Conrad said the proposals exposed the country to huge financial commitments beyond 2009. "The cost of everything he [President Bush] advocates explodes," he said.
| President Bush's proposals would see the Pentagon's budget rise by $19bn to $419.3bn while homeland security would get an extra $2bn.President Bush is to send his toughest budget proposals to date to the US Congress, seeking large cuts in domestic spending to lower the deficit."With the deficits that we are now running, I am glad the president is coming over with a very austere budget," he said.The budget does not include the cost of running military operations in Iraq and Afghanistan, for which the administration in expected to seek an extra $80bn from Congress later this year.Such belt-tightening is designed to tackle the massive budget deficit increases of President Bush's first term.The wars in Iraq and Afghanistan, increased expenditure on national security after 9/11 and the 2001 recession wiped out the budget surplus inherited by President Bush in 2001 and turned it into a record deficit.Vice-President Dick Cheney said the budget was the "tightest" so far.Defence spending will rise, however, while the proposals exclude the cost of continuing military operations in Iraq."The cost of everything he [President Bush] advocates explodes," he said.John McCain, a Republican Senator, said he was pleased the administration was prepared to tackle the deficit. |
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JP Morgan admits US slavery links
Thousands of slaves were accepted as collateral for loans by two banks that later became part of JP Morgan Chase.
The admission is part of an apology sent to JP Morgan staff after the bank researched its links to slavery in order to meet legislation in Chicago. Citizens Bank and Canal Bank are the two lenders that were identified. They are now closed, but were linked to Bank One, which JP Morgan bought last year. About 13,000 slaves were used as loan collateral between 1831 and 1865.
Because of defaults by plantation owners, Citizens and Canal ended up owning about 1,250 slaves. "We all know slavery existed in our country, but it is quite different to see how our history and the institution of slavery were intertwined," JP Morgan chief executive William Harrison and chief operating officer James Dimon said in the letter. "Slavery was tragically ingrained in American society, but that is no excuse." "We apologise to the African-American community, particularly those who are descendants of slaves, and to the rest of the American public for the role that Citizens Bank and Canal Bank played." "The slavery era was a tragic time in US history and in our company's history." JP Morgan said that it was setting up a $5m scholarship programme for students living in Louisiana, the state where the events took place. The bank said that it is a "very different company than the Citizens and Canal Banks of the 1800s".
| Thousands of slaves were accepted as collateral for loans by two banks that later became part of JP Morgan Chase.Citizens Bank and Canal Bank are the two lenders that were identified.The bank said that it is a "very different company than the Citizens and Canal Banks of the 1800s"."We apologise to the African-American community, particularly those who are descendants of slaves, and to the rest of the American public for the role that Citizens Bank and Canal Bank played."The admission is part of an apology sent to JP Morgan staff after the bank researched its links to slavery in order to meet legislation in Chicago. |
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Borussia Dortmund near bust
German football club and former European champion Borussia Dortmund has warned it will go bankrupt if rescue talks with creditors fail.
The company's shares tumbled after it said it has "entered a life-threatening profitability and financial situation". Borussia Dortmund has posted record losses and missed rent payments on its Westfallen stadium. Chief executive Gerd Niebaum stepped down last week and creditors are now pushing for greater control. Shares in Borussia Dortmund, Germany's only stock-market listed football club, dropped by almost 23% to 2.05 euros during early afternoon trading.
Fund manager Florian Hamm - Borussia Dortmund's largest investor - said he would only invest more money in the company if he got a greater say in how it is run. "I demand better transparency," he is quoted as saying by Germany's Manger Magazin. The club has also faced calls to appoint executives from outside the club.
Borussia Dortmund posted a record loss of 68m euros ($89m; £47m) in the 12 months through June. It made a loss of 27.2m euros in the first half of the current fiscal year and said that total debts will increase to 134.7m euros by the middle of 2006 unless a restructuring plan is pushed through. "This is the bill for their mismanagement over the past years," said HVB analyst Peter-Thilo Halser. The club appointed an auditor, who has recommended a number of steps, including deferring the rent due on the stadium and suspending debt repayments until at least the 2006-2007 fiscal year. Stephen Schechter, a UK investment banker who has held talks with Borussia Dortmund over a possible bond sale, said the club needs a capital injection of 35m euros. "They need strong people on the board who do not have a history with the club," he said.
| Stephen Schechter, a UK investment banker who has held talks with Borussia Dortmund over a possible bond sale, said the club needs a capital injection of 35m euros.Borussia Dortmund has posted record losses and missed rent payments on its Westfallen stadium.German football club and former European champion Borussia Dortmund has warned it will go bankrupt if rescue talks with creditors fail.Shares in Borussia Dortmund, Germany's only stock-market listed football club, dropped by almost 23% to 2.05 euros during early afternoon trading.Borussia Dortmund posted a record loss of 68m euros ($89m; £47m) in the 12 months through June.The club has also faced calls to appoint executives from outside the club. |
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Water firm Suez in Argentina row
A conflict between the Argentine State and water firm Aguas Argentinas, controlled by France's Suez, is casting doubt on the firm's future.
The firm, which serves the province of Buenos Aires, wants a tariff rise of 60% to fund water-supply improvements. The government has rejected the 60% rise and wants Aguas Argentinas to make an annual investment of 400m pesos ($136m; £72.3m) in improvements. Planning Minister Julio De Vido has offered State help but not for "free".
Mr De Vido said that the Argentine state would not make a contribution "in the form of a subsidy".
He has said a contribution could be made in return for a seat on the company's board. He added that the government is in discussions with Aguas Argentinas about what role it might take in the event that a State contribution is agreed. However, Aguas Argentinas told the Argentine newspaper Clarin it would not accept any change to its legal structure and, in practice, this rules out State participation on its board. The Planning Minister didn't rule out the possibility of cancelling Aguas Argentinas water concession. Yet he added that he didn't like to do "futurology". But last week, Argentine Economic Minister, Roberto Lavagna, told the French media in Paris that the government was considering allowing a 16% increase in tariffs and the possibility of a State contribution to Aguas Argentinas infrastructure investments. Speaking in Buenos Aires, Mr De Vido later denied the possibility of any tariff increase and insisted that the annual investment in water infrastructure was at the centre of the discussions. He added that in the coming weeks the future of Aguas Argentinas would be decided. Suez owns 40% of Aguas Argentinas (39.9%), while Spain's Aguas de Barcelona is its second biggest shareholder with 25.01%. Recently, Suez lost a water concession in Bolivia after mass protests in the city of El Alto (the poorest in the country), with citizens complaining of unfair water charges. This forced the government to cancel the contract.
In Argentina, Suez's subsidiary, which has been fined for cutting the supply of water during a recent heat wave and allegedly failing to keep up investment to meet the demand for water, has maintained a tense relationship with the Argentine government. During the last financial crisis in Argentina, the firm sued the state alleging that converting its tariffs from US dollars to pesos, and then freezing them during devaluation, had affected the company and made it difficult for it to meet its contractual obligations. When President Nestor Kirchner of Argentina arrived in power he began to negotiate a solution to the disagreements with international utilities operating in Argentina. But he has rejected any tariff increases, alleging this will impoverish citizens further. He has also asked for more investments to meet the growing demand for water. On May 2004, Aguas Argentinas and the government signed an agreement to renegotiate its Buenos Aires water-concession contract. The firm agreed to invest 242m pesos. The issue has attracted European interest. Last week in Paris, President Kirchner discussed this problem and other issues with French president Jacques Chirac. The Argentine government is also under pressure from European Union countries and the International Monetary Fund (IMF) to raise utilities tariffs, because most of the utilities operating in Argentina are European.
| The government has rejected the 60% rise and wants Aguas Argentinas to make an annual investment of 400m pesos ($136m; £72.3m) in improvements.But last week, Argentine Economic Minister, Roberto Lavagna, told the French media in Paris that the government was considering allowing a 16% increase in tariffs and the possibility of a State contribution to Aguas Argentinas infrastructure investments.He added that the government is in discussions with Aguas Argentinas about what role it might take in the event that a State contribution is agreed.A conflict between the Argentine State and water firm Aguas Argentinas, controlled by France's Suez, is casting doubt on the firm's future.The Planning Minister didn't rule out the possibility of cancelling Aguas Argentinas water concession.In Argentina, Suez's subsidiary, which has been fined for cutting the supply of water during a recent heat wave and allegedly failing to keep up investment to meet the demand for water, has maintained a tense relationship with the Argentine government.On May 2004, Aguas Argentinas and the government signed an agreement to renegotiate its Buenos Aires water-concession contract.He added that in the coming weeks the future of Aguas Argentinas would be decided.Suez owns 40% of Aguas Argentinas (39.9%), while Spain's Aguas de Barcelona is its second biggest shareholder with 25.01%.However, Aguas Argentinas told the Argentine newspaper Clarin it would not accept any change to its legal structure and, in practice, this rules out State participation on its board.He has also asked for more investments to meet the growing demand for water. |
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Economy 'stronger than forecast'
The UK economy probably grew at a faster rate in the third quarter than the 0.4% reported, according to Bank of England deputy governor Rachel Lomax.
Private sector business surveys suggest a stronger economy than official estimates, Ms Lomax said. Other surveys collectively show a rapid slowdown in UK house price growth, she pointed out. This means that despite a strong economic growth, base rates will probably stay on hold at 4.75%. Official data comes from the Office for National Statistics (ONS). Though reliable, ONS data takes longer to publish, so now the BoE is calling for faster delivery of data so it can make more effective policy decisions. "Recent work by the Bank has shown that private sector surveys add value, even when preliminary ONS estimates are available," Ms Lomax said in a speech to the North Wales Business Club.
The ONS is due to publish its second estimate of third quarter growth on Friday. "The MPC judges that overall growth was a little higher in the third quarter than the official data currently indicate," Ms Lomax said. The Bank said successful monetary policy depends on having good information. Rachel Lomax cited the late 1980s as an example of a time when weak economic figures were published, but substantially revised upwards years later.
"The statistical fog surrounding the true state of the economy has proved a particularly potent breeding ground for policy errors in the past," she said. Improving the quality of national statistics is the single the best way of making sure the Monetary Policy Committee (MPC) makes the right decisions, she said. The Bank of England is working in tandem with the ONS to improve the quality and speed of delivery of data. Her remarks follow criticism from the House of Lords Economic Affairs Committee, which said the MPC had held interest rates too high given that inflation was way below the 2% target.
A slowdown in the housing market and this year's surge in oil prices has made economic forecasting all the more tricky, leading to a more uncertain outlook. "This year rising oil prices and a significant slowdown in the housing market have awoken bad memories of the 1970s and 1980s," Ms Lomax said. "The MPC will be doing well if it can achieve the same stability over the next decade as we have enjoyed over the past 10 years." Decisions on interest rates are made after the MPC gathers together the range of indicators available every month. The clearest signals come when all indicators are pointing the same direction, Ms Lomax intimated. "In economic assessment, there is safety in numbers."
| "The MPC judges that overall growth was a little higher in the third quarter than the official data currently indicate," Ms Lomax said."Recent work by the Bank has shown that private sector surveys add value, even when preliminary ONS estimates are available," Ms Lomax said in a speech to the North Wales Business Club.Private sector business surveys suggest a stronger economy than official estimates, Ms Lomax said."This year rising oil prices and a significant slowdown in the housing market have awoken bad memories of the 1970s and 1980s," Ms Lomax said.The UK economy probably grew at a faster rate in the third quarter than the 0.4% reported, according to Bank of England deputy governor Rachel Lomax.Her remarks follow criticism from the House of Lords Economic Affairs Committee, which said the MPC had held interest rates too high given that inflation was way below the 2% target.Improving the quality of national statistics is the single the best way of making sure the Monetary Policy Committee (MPC) makes the right decisions, she said.Though reliable, ONS data takes longer to publish, so now the BoE is calling for faster delivery of data so it can make more effective policy decisions.The Bank said successful monetary policy depends on having good information. |
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Air passengers win new EU rights
Air passengers who are unable to board their flights because of overbooking, cancellations or flight delays can now demand greater compensation.
New EU rules set compensation at between 250 euros (£173) and 600 euros, depending on the length of the flight. The new rules will apply to all scheduled and charter flights, including budget airlines. Airlines have attacked the legislation saying they could be forced to push prices higher to cover the extra cost. The European Commission is facing two legal challenges - one from the European Low-fare Airlines Association (ELAA) and the other from the International Air Transport Association (IATA), which has attacked the package as a "bad piece of legislation". Previously, passengers could claim between 150 euros and 300 euros if they had been stopped from boarding.
However, only scheduled flight operators were obliged to offer compensation in cases of overbooking and they did not have to offer compensation for flight cancellations.
The EU decided to increase passenger compensation in a bid to deter airlines from deliberately overbooking flights. Overbooking can often lead to 'bumping' - when a passenger is moved to a later flight. When this happens against a passenger's will, airlines will now have to offer compensation. In addition, if a flight is cancelled or delayed for more than two hours through the fault of the airline, all passengers must be paid compensation.
However, airlines do not have to offer compensation if flights are cancelled or delayed due to "extraordinary circumstances". Airlines fear that "extraordinary circumstances" may not include bad weather, security alerts or strikes - events which are outside of their control. All EU-based airlines and operators of flights which take off from the EU will have to adhere to the new compensation regime which came into force on Thursday. Low-cost airlines have criticised the new compensation levels, arguing that the pay-out could be worth more than the ticket. "It's a preposterous piece of legislation, we among all airlines are fighting this," Ryanair deputy chief executive Michael Cawley told Radio 4's Today programme.
The European Regions Airline Association (ERAA) claims that neither airlines nor consumers were consulted over the changes. Andy Clarke, ERAA director of air transport, said that the EC advice misleads customers as it leads them to believe that airlines could be liable for payouts if flights are delayed because of bad weather.
EC spokeswoman Marja Quillinan-Meiland conceded there were "grey areas" but said "these are not as big as the airlines are making out". In cases of dispute, national enforcement bodies would decide whether the passenger had a case, she said. New technology means it is easier for airlines to take off and land in bad weather, she added. The ERAA's Mr Clarke also warned that while airlines would comply with the new rules, the extra costs would be passed onto passengers. "We reckon it's going to cost European air passengers - not the airlines, the airlines have no money, it has to be paid by passengers - 1.5bn euros, that's over £1bn a year loaded onto European passengers," Mr Clarke said. "That's basically a transfer of money from passengers whose journeys are not disrupted to passengers whose journeys are disrupted."
On Wednesday, Jacques Barrot, vice president of the European Commission and also Commissioner for Transport, said that the changes were necessary. "The boom in air travel needs to be accompanied by proper protection of passengers' right." "This is a concrete example of how the Union benefits people's daily lives," he added. The EC has launched an information campaign in airports and travel agencies to inform airline passengers of their new rights.
| In addition, if a flight is cancelled or delayed for more than two hours through the fault of the airline, all passengers must be paid compensation.However, airlines do not have to offer compensation if flights are cancelled or delayed due to "extraordinary circumstances"."We reckon it's going to cost European air passengers - not the airlines, the airlines have no money, it has to be paid by passengers - 1.5bn euros, that's over £1bn a year loaded onto European passengers," Mr Clarke said.When this happens against a passenger's will, airlines will now have to offer compensation.All EU-based airlines and operators of flights which take off from the EU will have to adhere to the new compensation regime which came into force on Thursday.The EU decided to increase passenger compensation in a bid to deter airlines from deliberately overbooking flights.Andy Clarke, ERAA director of air transport, said that the EC advice misleads customers as it leads them to believe that airlines could be liable for payouts if flights are delayed because of bad weather.Air passengers who are unable to board their flights because of overbooking, cancellations or flight delays can now demand greater compensation.However, only scheduled flight operators were obliged to offer compensation in cases of overbooking and they did not have to offer compensation for flight cancellations.Low-cost airlines have criticised the new compensation levels, arguing that the pay-out could be worth more than the ticket.The EC has launched an information campaign in airports and travel agencies to inform airline passengers of their new rights.New technology means it is easier for airlines to take off and land in bad weather, she added. |
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Yukos bankruptcy 'not US matter'
Russian authorities do not have to abide by any US court decisions taken with regard to troubled oil giant Yukos, a Houston court has been told.
Legal expert William Butler said there was no treaty between the US and Russia to recognise the other's legal rulings. That meant Moscow would not have to adhere to US rulings in the Yukos case. Yukos says a US court was entitled to declare it bankrupt before its Yugansk unit was sold, since it has a US subsidiary and local bank accounts.
Yukos made its surprise Chapter 11 bankruptcy filing in Houston in December in an unsuccessful attempt to halt the auction of Yugansk, its main oil producing unit, by Russian authorities. Yugansk was sold to help pay off a $27.5bn (£14.5bn) back tax bill. It was bought for $9.4bn by a previously unknown group, which was in turn bought by state-controlled oil company Rosneft. The US court's jurisdiction has been challenged by Deutsche Bank and Gazpromneft, a former unit of Russian gas monopoly Gazprom which is due to merge with Rosneft. Deutsche Bank maintains the case has no place in a US court because Yukos has no assets in the US, apart from two bank accounts and a house in Houston owned by its chief finance officer Bruce Misamore. Deutsche Bank is involved in the case because it is itself being sued by Yukos. It had agreed to loan Gazpromneft the money to bid for Yugansk. US bankruptcy judge Letitia Clark, who issued an injunction in December to try and prevent the Yugansk sale, has said she will rule "pretty promptly, however I do not anticipate ruling on it before next Tuesday".
Yukos has claimed it sought help in the US because other forums - Russian courts and the European Court of Human Rights - were either unfriendly or offered less protection. It has claimed that Russia imposed the huge tax bill and forced the sale of Yugansk as part of a campaign to destroy Yukos and its former owner Mihkail Khodorkovsky, who is facing a 10-year prison term in Russia for fraud and tax evasion. Yukos' parent company, the Gibraltar-based Menatep Group, is suing Russia in Europe for $28.3bn in financial damages. The company is also seeking $20bn in a separate US lawsuit against Rosneft and Gazprom for their role in the sale of Yugansk.
| Yukos says a US court was entitled to declare it bankrupt before its Yugansk unit was sold, since it has a US subsidiary and local bank accounts.Deutsche Bank maintains the case has no place in a US court because Yukos has no assets in the US, apart from two bank accounts and a house in Houston owned by its chief finance officer Bruce Misamore.Russian authorities do not have to abide by any US court decisions taken with regard to troubled oil giant Yukos, a Houston court has been told.The company is also seeking $20bn in a separate US lawsuit against Rosneft and Gazprom for their role in the sale of Yugansk.Yukos has claimed it sought help in the US because other forums - Russian courts and the European Court of Human Rights - were either unfriendly or offered less protection.The US court's jurisdiction has been challenged by Deutsche Bank and Gazpromneft, a former unit of Russian gas monopoly Gazprom which is due to merge with Rosneft.That meant Moscow would not have to adhere to US rulings in the Yukos case. |
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Sluggish economy hits German jobs
The number of people out of work in Europe's largest economy has risen for the tenth straight month as growth remains stubbornly slow.
German unemployment rose 7,000 in November to 4.464 million people, or 10.8% of the workforce. The seasonally adjusted rise showed a smaller rise than expected, as government measures to encourage job creation began to take effect. But officials said stagnant growth was still stifling the job market. "There are clear signs of a revival in domestic demand," said Frank-Juergen Weise, head of the Federal Labour Agency, in a statement. "But growth of 0.1%... in the third quarter is still insufficient to deliver positive momentum to the labour market." High oil prices and the soaring euro - which damages the competitiveness of exporters - were also having a negative effect, he said. The brunt of the unemployment is still being felt in the eastern part of Germany, where the rate is 18.8%.
With unemployment stuck above 4 million for years, the government of Chancellor Gerhard Schroeder has put job creation at the top of the agenda. A controversial package of measures to shake up incentives to get back to work, paid for by cutting some cherished benefits, has sparked anger among some German workers. Strikes in a number of industries, notably among the country's iconic carmakers, have demonstrated the displeasure - as well as fears about further job losses as outsourcing takes hold. Among the new initiatives are the so-called "one-euro jobs" which top up unemployment benefit. The scheme's formal launch is January, but hirings for these positions are already taking place and affecting the unemployment statistics, economists said. "The deterioration of the labour market does not come as a surprise," said Isabelle Kronawitter at Hypovereinsbank. "Job creation measures probably prevented a stronger increase in the seasonally adjusted numbers."
| But officials said stagnant growth was still stifling the job market.With unemployment stuck above 4 million for years, the government of Chancellor Gerhard Schroeder has put job creation at the top of the agenda.The seasonally adjusted rise showed a smaller rise than expected, as government measures to encourage job creation began to take effect."But growth of 0.1%... in the third quarter is still insufficient to deliver positive momentum to the labour market.""Job creation measures probably prevented a stronger increase in the seasonally adjusted numbers.""The deterioration of the labour market does not come as a surprise," said Isabelle Kronawitter at Hypovereinsbank. |
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Sir Paul rocks Super Bowl crowds
Sir Paul McCartney wowed fans with a live mini-concert at American football's Super Bowl - and avoided any Janet Jackson-style controversies.
The 62-year-old sang Hey Jude and other Beatles songs in a 12-minute set at half-time during the game in Florida. Last year, Jackson exposed a breast during a dance routine, causing outrage among millions of TV viewers and landing the CBS TV network a fine. Sir Paul, however, did nothing more racy than remove his jacket as he sang. Organisers were widely considered to be playing it safe this year by booking 62-year-old Sir Paul for his second Super Bowl show.
Three years ago, he was invited to perform at the first Super Bowl after the September 11 attacks and performed his specially-written song Freedom. This time, he started off the show, at the Alltel Stadium in Jacksonville, Florida, with the Beatles numbers Drive My Car and Get Back. He then performed a mellow version of Live And Let Die, the James Bond theme he recorded with the band Wings. Finally, he closed the show with a rousing version of Hey Jude. The former Beatle resisted any temptation to refer to Janet Jackson's headline-grabbing performance last year, instead keeping banter between songs to a minimum in order to squeeze as much music as he could into his slot. The singer removed his black jacket halfway through the show - but any fans hoping for a second "Nipple-gate" were to be disappointed as he kept his red sweatshirt on underneath.
Earlier, the Black Eyed Peas and Alicia Keys had provided the night's other high-profile entertainment by performing in a pre-game show. Black Eyed Peas singer Fergie was dressed in a tight orange top and purple hotpants, but nothing in her performance was likely to upset TV watchdogs. After the controversy last year - which saw CBS fined a record $550,000 (£292,000) by federal regulators - Super Bowl organisers had turned to producer Don Mischer to oversee this year's half-time show. His previous production credits included Olympic opening and closing ceremonies. The Super Bowl is watched by an audience of 144.4 million in the US, with many of the people watching are said to tune in specifically to see the entertainment put on around the event. Michael Jackson, Aerosmith, Diana Ross, Gloria Estefan and Phil Collins are among the stars who have previously graced the Super Bowl stage.
| Organisers were widely considered to be playing it safe this year by booking 62-year-old Sir Paul for his second Super Bowl show.After the controversy last year - which saw CBS fined a record $550,000 (£292,000) by federal regulators - Super Bowl organisers had turned to producer Don Mischer to oversee this year's half-time show.Three years ago, he was invited to perform at the first Super Bowl after the September 11 attacks and performed his specially-written song Freedom.Sir Paul McCartney wowed fans with a live mini-concert at American football's Super Bowl - and avoided any Janet Jackson-style controversies.Finally, he closed the show with a rousing version of Hey Jude.The 62-year-old sang Hey Jude and other Beatles songs in a 12-minute set at half-time during the game in Florida.The singer removed his black jacket halfway through the show - but any fans hoping for a second "Nipple-gate" were to be disappointed as he kept his red sweatshirt on underneath. |
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Hollywood hunts hits at Sundance
The Sundance Film Festival, the movie industry's top destination for uncovering the next independent hits and new talent, opens on Thursday.
The event will see screen executives decamp from Hollywood to Park City, Utah, for 11 days to search for low-key movies that could make it big in 2005. Open Water, Napoleon Dynamite, Garden State and Super-Size Me were all snapped up at last year's festival. But stars like Keanu Reeves and Pierce Brosnan also have films showing there. The festival is being opened by a screening of quirky comedy Happy Endings, starring former Friends actress Lisa Kudrow and Maggie Gyllenhaal, on Thursday.
Kudrow's Friends co-star, David Schwimmer, plays a divorced drunkard in Duane Hopwood, while Brosnan stars as a hit man in comedy The Matador. Keanu Reeves appears in coming-of-age tale Thumbsucker while Kevin Costner and Michael Keaton are among the other big names whose films are involved. Robert Redford founded Sundance in 1981 and it has gone on to showcase future successes such as Reservoir Dogs, The Blair Witch Project and The Full Monty. But it has received criticism that it has become more commercial and mainstream over the years. "As much as the press argues that Sundance has completely changed, it hasn't changed that much," festival director Geoffrey Gilmore said. "It's still a place for discovery. It's a place for common ground among film-makers and audiences more than it is the celebrity stuff." Other films generating interest before this year's festival include Hustle & Flow, about an aspiring rapper, The Squid and the Whale, an autobiographical film by writer-director Noah Baumbach, and comedy/drama Pretty Persuasion. It also has two new international cinema competitions.
| The Sundance Film Festival, the movie industry's top destination for uncovering the next independent hits and new talent, opens on Thursday.But stars like Keanu Reeves and Pierce Brosnan also have films showing there.Other films generating interest before this year's festival include Hustle & Flow, about an aspiring rapper, The Squid and the Whale, an autobiographical film by writer-director Noah Baumbach, and comedy/drama Pretty Persuasion.But it has received criticism that it has become more commercial and mainstream over the years.Keanu Reeves appears in coming-of-age tale Thumbsucker while Kevin Costner and Michael Keaton are among the other big names whose films are involved."As much as the press argues that Sundance has completely changed, it hasn't changed that much," festival director Geoffrey Gilmore said. |
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Hollywood ready for Oscars night
Hollywood is preparing for the biggest night in the film world's calendar, the 77th Academy Awards, on Sunday.
A host of stars are expected to grace the red carpet outside Los Angeles' Kodak Theatre, including Johnny Depp, Cate Blanchett and Leonardo DiCaprio. British actors in attendance include nominees Clive Owen, Imelda Staunton, Kate Winslet and director Mike Leigh. The Aviator leads the shortlist, but critics believe the night may belong to Clint Eastwood's Million Dollar Baby. A recent poll of US pundits found Eastwood's boxing drama had become the new favourite to win best film over the Howard Hughes biopic.
If the 74-year-old does win, he will become the oldest person ever to be named best director at the ceremony. UK critics still favour The Aviator for best film, but believe the best director title will generate a close fought battle between Eastwood and Martin Scorsese.
Scorsese has never won the best director prize, despite four previous nominations for films including Raging Bull, Goodfellas and Gangs of New York. Eastwood has won best director once before, for Unforgiven in 1993. Most experts predict the twice-nominated Jamie Foxx will win best actor for his portrayal of singer Ray Charles, while Vera Drake star Imelda Staunton looks likely to lose out in the best actress field to Hilary Swank in Million Dollar Baby. The UK's highest hopes remain with Clive Owen, who has scooped both the Golden Globe and the Bafta for his supporting role in Closer. Actor and comedian Chris Rock will host the event, which will be broadcast with a seven-second time delay to allow censors to cut out any unsuitable content.
"We have the bleep machine ready, but bleeps will be used as needed," producer Gil Cates told reporters. However, he added that he strongly disapproved of the growing tendency to censor live broadcasts on US TV.
He also played down fears that Rock, who is known for using strong language in his stand-up routines, might cause controversy on the night. The 40-year-old comic has already promised not to swear live on air during the show. "Chris has a sense of humour and everything he says is really said humorously," Cates said. "You need a movie star and someone who is a stand-up comic so they can deal with the vicissitudes of the show." Security will also be tight, with police employing a system to detect sarin nerve gas. "We are pulling out all the stops," said John Miller, chief of counterterrorism at the Los Angeles Police Department. The show is "a symbol of American culture and has the potential to be a high-visibility target," he added. Meanwhile, organisers have erected a canopy over the red carpet following an outbreak of torrential rain in Los Angeles over the past week. Cates said the covers would be removed if the threat of wet weather receded. Details have also emerged of the contents of this year's gift bags, which are given to nominees and presenters on the night. This year's bags will include a gift certificate for a luxury beach resort, a pair of mink eyelashes and a kitchen set with a year's supply of tea and coffee. The event will be televised by the ABC network from 1700 local time (0100 GMT), and on Sky Movies in the UK from 0130 GMT.
| Eastwood has won best director once before, for Unforgiven in 1993.UK critics still favour The Aviator for best film, but believe the best director title will generate a close fought battle between Eastwood and Martin Scorsese.Scorsese has never won the best director prize, despite four previous nominations for films including Raging Bull, Goodfellas and Gangs of New York."Chris has a sense of humour and everything he says is really said humorously," Cates said.Most experts predict the twice-nominated Jamie Foxx will win best actor for his portrayal of singer Ray Charles, while Vera Drake star Imelda Staunton looks likely to lose out in the best actress field to Hilary Swank in Million Dollar Baby.The 40-year-old comic has already promised not to swear live on air during the show.If the 74-year-old does win, he will become the oldest person ever to be named best director at the ceremony.Details have also emerged of the contents of this year's gift bags, which are given to nominees and presenters on the night.A recent poll of US pundits found Eastwood's boxing drama had become the new favourite to win best film over the Howard Hughes biopic."We are pulling out all the stops," said John Miller, chief of counterterrorism at the Los Angeles Police Department.Actor and comedian Chris Rock will host the event, which will be broadcast with a seven-second time delay to allow censors to cut out any unsuitable content. |
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Lasting influence of legend Charles
Ray Charles, who has won a string of posthumous Grammy Awards, belonged to a pioneering generation of artists that had a huge influence on the course of rock and pop music.
His sound encompassed so many styles - blues, gospel, jazz, rock 'n' roll, even country - and had a real impact on the nascent UK beat and R&B scenes.
Compared in stature to Elvis Presley by some commentators, Charles' songs cast their spell on such 1960s stalwarts as Joe Cocker, Steve Winwood, Eric Burdon and Van Morrison. His influence has extended to contemporary artists such as Norah Jones, with whom he recently recorded a duet. If James Brown was the godfather of soul, then Ray Charles was indisputably one of its founding fathers. Along with Sam Cooke, he was instrumental in bringing together the gospel fervour of the deep south Baptist church with the "devil's" music of R&B to pave the way for a new generation of soul artists.
Without Charles, it is hard to imagine the tear-stained Atlantic R&B sound of Aretha Franklin, Otis Redding or Wilson Pickett. He was also a talented jazz composer, arranger and band leader, playing at the Newport Jazz Festival and Carnegie Hall and recording with noted jazz musicians such as Milt Jackson and David "Fathead" Newman. Unfortunately, he also shared another trait common among many jazz artists of the era - that of heroin addiction, which led to him being arrested in 1965. His string of 1950s Atlantic R&B successes included songs that would be covered by the first-generation rock 'n' roll greats, including I've Got A Woman (Roy Orbison, Elvis Presley) and Hallelujah, I Love Her So (Eddie Cochran). After the exuberance of his 1959 signature song What'd I Say, Charles turned towards a more pop-oriented style, recording Hoagy Carmichael's sentimental string ballad Georgia On My Mind, and the upbeat Hit The Road Jack.
He also won acclaim in the country arena with his interpretations of Hank Williams standards such as Your Cheating Heart and You Win Again. More than 40 years after its release, his 1962 ABC album Modern Sounds in Country and Western Music is still regarded as a classic. His version of Don Gibson's I Can't Stop Loving You topped the pop and R&B charts in the US. In 1972, he made a rare foray into protest songs with his album A Message from the People.
On it, he took a stand on poverty and civil rights - echoing similar recordings of the era from progeny such as Stevie Wonder, James Brown, Curtis Mayfield and Marvin Gaye. More than 20 years later, he would embrace contemporary production with his 1993 album My World, which featured hip-hop beats - although Charles claimed at the time not to know what hip-hop was. Among the tributes that poured in from all sections of the music world when Charles died aged 73 in June 2004 was one from his friend, the producer Quincy Jones, who described him as a "brother in every sense of the word". "There will never be another musician who did as much to break down the perceived walls of musical genres as much as Ray Charles did," he said. Former Manfred Mann singer Paul Jones, who sang on 1960s hits such as Come Tomorrow and Sha La La, said Charles was one of his heroes. "I'm quite sure my own writing was influenced by him," he told BBC News Online. "I would put money on the proposition that Ray Charles will have an influence on music forever."
| If James Brown was the godfather of soul, then Ray Charles was indisputably one of its founding fathers.Ray Charles, who has won a string of posthumous Grammy Awards, belonged to a pioneering generation of artists that had a huge influence on the course of rock and pop music."I would put money on the proposition that Ray Charles will have an influence on music forever."Among the tributes that poured in from all sections of the music world when Charles died aged 73 in June 2004 was one from his friend, the producer Quincy Jones, who described him as a "brother in every sense of the word".Former Manfred Mann singer Paul Jones, who sang on 1960s hits such as Come Tomorrow and Sha La La, said Charles was one of his heroes.His sound encompassed so many styles - blues, gospel, jazz, rock 'n' roll, even country - and had a real impact on the nascent UK beat and R&B scenes.More than 20 years later, he would embrace contemporary production with his 1993 album My World, which featured hip-hop beats - although Charles claimed at the time not to know what hip-hop was.Without Charles, it is hard to imagine the tear-stained Atlantic R&B sound of Aretha Franklin, Otis Redding or Wilson Pickett.After the exuberance of his 1959 signature song What'd I Say, Charles turned towards a more pop-oriented style, recording Hoagy Carmichael's sentimental string ballad Georgia On My Mind, and the upbeat Hit The Road Jack. |
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Lopez misses UK charity premiere
Jennifer Lopez cancelled an appearance at the UK charity premiere of her new movie saying she was too ill to fly.
The actress and singer dropped out at the last minute and has now cancelled all European promotion of the film Shall We Dance? and her new album. She said: "I very much wanted to be in London but unfortunately I'm not well. At the advice of my doctors I'm unable to travel." Co-star Richard Gere attended the event held in aid of the tsunami appeal. Thousands braved the cold weather to see the stars in London's Leicester Square. The red carpet boasted waltzing dancers in honour of the film's ballroom dancing theme. The film's director Peter Chelsom said he was disappointed that Lopez did not attend.
"It's a shame. I know it's true that she's not well because she has also cancelled her promotional tour. I've heard she has swollen glands." Gere, 55, greeted the crowd and signed autographs, accompanied by his wife Carey Lowell. Other stars who turned out on the night included Honor Blackman, Strictly Come Dancing presenter Tess Daly and actress Anita Dobson. Lopez issues a statement apologising for her absence. "I'm so proud of Shall We Dance and was looking forward to visiting London," she said. "This film was a labour of love for me, and I want to thank everyone involved in bringing it to you, from the cast, to the film director, to the crew." Lopez appeared at the Grammy awards on Sunday, singing a duet with her third husband Marc Anthony.
| The film's director Peter Chelsom said he was disappointed that Lopez did not attend."I'm so proud of Shall We Dance and was looking forward to visiting London," she said.Jennifer Lopez cancelled an appearance at the UK charity premiere of her new movie saying she was too ill to fly.The actress and singer dropped out at the last minute and has now cancelled all European promotion of the film Shall We Dance?She said: "I very much wanted to be in London but unfortunately I'm not well.I know it's true that she's not well because she has also cancelled her promotional tour.Co-star Richard Gere attended the event held in aid of the tsunami appeal.Gere, 55, greeted the crowd and signed autographs, accompanied by his wife Carey Lowell. |
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No charges against TV's Cosby
US comedian Bill Cosby will not face charges stemming from an allegation of sexual misconduct.
Authorities in Philadelphia said they found insufficient evidence to support the woman's allegations regarding an alleged incident in January 2004. The woman reported the allegations to Canadian authorities last month. Cosby's lawyer, Walter M Phillips Jr, said the comedian was pleased with the decision. "He looks forward to moving on with his life," he said. District Attorney Bruce L Castor Jr, who was in charge of the case, said that detectives could find no instance "where anyone complained to law enforcement of conduct which would constitute a criminal offence.
He also said that the fact the woman waited a year before coming forward, and she had had further contact with Cosby during that time, were also factors in his decision. The unidentified woman's lawyer, Dolores M Troiani, said her client was likely to sue the comedian. "I think that's the only avenue open to her. She felt, as we did, that it's a very strong case and she was telling the truth." She also said that the woman supplied further evidence to prosecutors that she believed strengthened her allegations. Cosby emerged as one of the first black comics to have mainstream success in the US. He was a successful stand-up before hosting the children's show Fat Albert and the Cosby Kids, and starring in The Cosby Show, one of the biggest sitcoms of the 1980s.
| Cosby's lawyer, Walter M Phillips Jr, said the comedian was pleased with the decision.He also said that the fact the woman waited a year before coming forward, and she had had further contact with Cosby during that time, were also factors in his decision.The unidentified woman's lawyer, Dolores M Troiani, said her client was likely to sue the comedian.She also said that the woman supplied further evidence to prosecutors that she believed strengthened her allegations.US comedian Bill Cosby will not face charges stemming from an allegation of sexual misconduct.Authorities in Philadelphia said they found insufficient evidence to support the woman's allegations regarding an alleged incident in January 2004. |
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DVD review: I, Robot
Only one man recognises that robots are a threat to humanity - but that's fine because it only takes one man to save the day in the thriller I, Robot.
Will Smith co-stars alongside more CGI robots than you can count and as a thrill-a-minute kind of action film, it's perfectly adequate. You'll have forgotten it all tomorrow but you'll have a fun night with the film and all the extras. There is a one-disc version that has commentaries and a Making Of but the two-disc adds more. Unusually for this kind of film, the extras don't solely concentrate on the special effects. They're covered but there's also a general Production Diary and a Post-Production feature.
Remember the National Lottery's draw machines Arthur and Guinevere? They were more accurate than this glossy Hollywood version of the tale.
But as long as you're not expecting a documentary, live with it: King Arthur is a fun, exciting, totally shallow experience and looks excellent. Clive Owen is the brooding king, Keira Knightly rises above her costume and Ray Winstone gives it all some grit. It's at its best in its battle scenes which are well done and are also the best part of the Making Of extra.
Less flashy than a David Attenborough show and less detailed than a Simon Schama one, the BBC series British Isles nevertheless turned out to be quite engrossing. Admit it, the fact that this is one of the shows Alan Titchmarsh left Ground Force to present did mean that you expected something equally frothy. But Titchmarsh turns out to know his subject and the sight of our present-day landscape being peeled back to reveal the past was fascinating. He's now written an accompanying book, too.
| Will Smith co-stars alongside more CGI robots than you can count and as a thrill-a-minute kind of action film, it's perfectly adequate.Unusually for this kind of film, the extras don't solely concentrate on the special effects.But as long as you're not expecting a documentary, live with it: King Arthur is a fun, exciting, totally shallow experience and looks excellent.Only one man recognises that robots are a threat to humanity - but that's fine because it only takes one man to save the day in the thriller I, Robot.Admit it, the fact that this is one of the shows Alan Titchmarsh left Ground Force to present did mean that you expected something equally frothy.It's at its best in its battle scenes which are well done and are also the best part of the Making Of extra. |
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TOTP turns to Elvis impersonator
Top of the Pops has turned to the star of Elvis Presley musical Jailhouse Rock after the late rock legend scooped the UK's 1,000th number one single.
Mario Kombou, who plays the Presley role on stage, will sing One Night on Friday's BBC One show as producers are unable to use Presley video footage. It is his second number one in a row. The show used Presley photos last week. Presley will feature in the charts for several more months as all 18 of his original UK chart-toppers are reissued.
A Top of the Pops spokesperson said: "It's a very special number one as it's the UK's 1,000th. "We wanted to pay tribute to Elvis in the best way we knew how, so we thought getting a professional would be the best way for Top of the Pops to do that." Kombou is likely to appear on the show again next week as the next Presley re-release, A Fool Such As I, is on course to give him his third number one in three weeks. Kombou plays Vince Everett in Jailhouse Rock - the same role Presley played in the 1957 film of the same name.
| Top of the Pops has turned to the star of Elvis Presley musical Jailhouse Rock after the late rock legend scooped the UK's 1,000th number one single.Mario Kombou, who plays the Presley role on stage, will sing One Night on Friday's BBC One show as producers are unable to use Presley video footage.Kombou is likely to appear on the show again next week as the next Presley re-release, A Fool Such As I, is on course to give him his third number one in three weeks.A Top of the Pops spokesperson said: "It's a very special number one as it's the UK's 1,000th. |
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Applegate's Charity show closes
US musical Sweet Charity has cancelled its run on Broadway after poor ticket sales for its early shows.
Star Christina Applegate had to pull out of pre-Broadway performances earlier this month with a broken foot. Producer Barry Weissler said he was "deeply proud" of the show, but said the decision to close it was "painful but fiscally responsible". Applegate, who starred in TV comedy Married With Children, had been hoping to make her Broadway debut in the show. The 33-year-old injured herself while performing in Chicago, and had been hoping to recover in time for its official New York opening on 21 April. She had received mixed reviews for performances in Minneapolis and Chicago. Previews of the $7.5m (£4m) show were due to begin on 4 April. Sweet Charity tells the story of Charity Hope Valentine, a dancer who always falls in love with the wrong man. It was first performed on Broadway in 1966 with Gwen Verdon in the title role, while Shirley MacLaine starred in the 1969 film version.
| Applegate, who starred in TV comedy Married With Children, had been hoping to make her Broadway debut in the show.US musical Sweet Charity has cancelled its run on Broadway after poor ticket sales for its early shows.It was first performed on Broadway in 1966 with Gwen Verdon in the title role, while Shirley MacLaine starred in the 1969 film version.Previews of the $7.5m (£4m) show were due to begin on 4 April. |
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Brookside actress Keaveney dies
Actress Anna Keaveney, who appeared in Brookside, My Family and A Touch of Frost, has died of lung cancer aged 55.
Keaveney, who played Brookside's Marie Jackson when the Channel 4 soap began in 1982, died on Saturday. Born in Runcorn, Cheshire, she also starred in numerous films including 1989's Shirley Valentine. She played Nellie in Mike Leigh's latest film Vera Drake, which won the Golden Lion prize for best film at this year's Venice Film Festival.
And most recently she appeared alongside Richard Wilson in ITV's King of Fridges and with Martin Clunes in Doc Martin. Other TV appearances included the part of Matron in ITV drama Footballers' Wives and a cameo role as Tom Farrell's mother Sheila in BBC comedy Gimme Gimme Gimme. Keaveney's career also included stage performances in Neaptide for the National Theatre, Private Lives and The Rise and Fall of Little Voice. The actress died in hospital. Her agent Barry Brown said: "Anna was due to have had another operation on Friday but unfortunately she was too weak."
| Actress Anna Keaveney, who appeared in Brookside, My Family and A Touch of Frost, has died of lung cancer aged 55.The actress died in hospital.Keaveney, who played Brookside's Marie Jackson when the Channel 4 soap began in 1982, died on Saturday.Born in Runcorn, Cheshire, she also starred in numerous films including 1989's Shirley Valentine. |
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Fears raised over ballet future
Fewer children in the UK are following in the dainty footsteps of dancers like Darcey Bussell, and carving out potential careers as ballet dancers.
New research from the Royal Academy of Dance (RAD) has found fewer children over the age of 10 are attending ballet classes and taking exams in the discipline. The organisation blames the growing popularity of computer games and other changes in lifestyle. And there are fears that if the trend is not reversed, there could be fewer British ballet stars in the future. The RAD found that the number of youngsters taking their ballet exams drops by almost 70% after the age of 10 or 11. Dance teacher Eve Trew, who has taught ballet for over 48 years, told BBC News she had seen a "vast" change over the years. She blamed modern lifestyles for the fall in ballet attendance. "I think the children of many years ago did not have as many hobbies," she said. "The trouble now is that they are wide open to computers, Gameboys and everything else children have got. "As a result, there is less time being spent on ballet lessons."
Hazel Gilbert, 23, an information manager from Newcastle, gave up ballet at the age of 10 and is typical of the problem. "It's not a very cool thing to do when you go to 'big' school and I think you have to be very focused on ballet to want to carry on doing it," she said. "I used to love it, but after a certain age it becomes much more disciplined and I didn't want that. "I started getting into other things, like swimming and kickboxing, and ballet just wasn't something I wanted to do any more." Ms Trew, who runs a dance school in Gateshead, admitted it would be "very difficult" to reverse the trend and said many young ballet dancers were no longer willing to make the sacrifices to succeed. "You have to be very dedicated and you have to be very disciplined. "It is a career that you have got to really want to do because it is such hard work. "Children these days have not got the time to spend perfecting it... that is very sad."
Currently, only two out of 16 principal dancers at the Royal Ballet - Darcey Bussell and Jonathan Cope - are British, compared to 16 of the 21 principals in 1985. But a spokesman for the English National Ballet told BBC News that although only two out of their 12 principal dancers were British, around a quarter of the company's dancers were from the UK. He said competition at open auditions in London was "fierce" between talented dancers from all over the world. The RAD have launched a new competition to try and reverse the decline in British ballet. Dame Antoinette Sibley, president of the RAD, launched the Fonteyn Nureyev Young Dancers competition earlier this week.
Aimed at children aged 10 to 13, it is hoped the contest will help keep British ballet evolving. A spokeswoman for the RAD said: "It is our responsibility to re-ignite the passion and nurture young dancers for the long-term future of ballet. "We need to provide them with a framework and a goal to work towards, with constant support and coaching in an environment where they can work with their peers and possibly leading artists and choreographers. "Perhaps more importantly provide them with the opportunity to experience 'performance' themselves. "What better way to reignite a passion for ballet than to let them experience the thrill of performance?"
| A spokeswoman for the RAD said: "It is our responsibility to re-ignite the passion and nurture young dancers for the long-term future of ballet.The RAD have launched a new competition to try and reverse the decline in British ballet.New research from the Royal Academy of Dance (RAD) has found fewer children over the age of 10 are attending ballet classes and taking exams in the discipline.Fewer children in the UK are following in the dainty footsteps of dancers like Darcey Bussell, and carving out potential careers as ballet dancers.The RAD found that the number of youngsters taking their ballet exams drops by almost 70% after the age of 10 or 11.But a spokesman for the English National Ballet told BBC News that although only two out of their 12 principal dancers were British, around a quarter of the company's dancers were from the UK."It's not a very cool thing to do when you go to 'big' school and I think you have to be very focused on ballet to want to carry on doing it," she said.Ms Trew, who runs a dance school in Gateshead, admitted it would be "very difficult" to reverse the trend and said many young ballet dancers were no longer willing to make the sacrifices to succeed.Currently, only two out of 16 principal dancers at the Royal Ballet - Darcey Bussell and Jonathan Cope - are British, compared to 16 of the 21 principals in 1985.Aimed at children aged 10 to 13, it is hoped the contest will help keep British ballet evolving."What better way to reignite a passion for ballet than to let them experience the thrill of performance?"And there are fears that if the trend is not reversed, there could be fewer British ballet stars in the future. |
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Snow Patrol bassist exits group
Snow Patrol had "no other course of action" but to ask their co-founder and bassist to leave the band, lead singer Gary Lightbody has said.
Mark McClelland had been in the band for more than 10 years since its formation at Dundee University. Lightbody said "over the last 18 months touring has taken its toll on the rest of the band's relationship with him". He said: "This is the hardest decision we have ever had to make and believe us when we say we didn't make it lightly." The group, originally from Northern Ireland, has only achieved mainstream success in the last year with the single Run and award-winning album Final Straw. In a statement on the band's website, Lightbody said: "I started the group with Mark 10 years ago and he was a massive part of Snow Patrol and my life throughout that decade."
He added: "It got to the stage that things couldn't go on as they were, so we felt there was no other course of action but this. "I know you will all be distressed and may not understand this news but we had to do what was best for the band." Snow Patrol are currently working on the follow-up to their breakthrough third album. The band is set to play support to U2 on a number of summer stadium gigs. Last month, they were the big winners in Ireland's top music honours, the Meteor Awards, picking up accolades for best band and album. It followed nominations for the Brit Awards and the Mercury Music Prize. The band formed in 1994 when Lightbody and McClelland met as students at Dundee University.
| Snow Patrol had "no other course of action" but to ask their co-founder and bassist to leave the band, lead singer Gary Lightbody has said.In a statement on the band's website, Lightbody said: "I started the group with Mark 10 years ago and he was a massive part of Snow Patrol and my life throughout that decade."Last month, they were the big winners in Ireland's top music honours, the Meteor Awards, picking up accolades for best band and album.The band formed in 1994 when Lightbody and McClelland met as students at Dundee University.Mark McClelland had been in the band for more than 10 years since its formation at Dundee University.Lightbody said "over the last 18 months touring has taken its toll on the rest of the band's relationship with him". |
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Berlin hails European cinema
Organisers say this year's Berlin Film Festival, which opens on Thursday with period epic Man to Man, will celebrate a revitalised European cinema.
Of the 21 films in competition for the Golden and Silver Bear awards, more than half are from Europe with France particularly well represented. Festival director Dieter Kosslick says this strong showing signals "a new consciousness for European films". "They're on an incredible winning streak," he told the Reuters agency. "This isn't to say there aren't any good American films," he continued. "It's just that there are more good European films."
However, Mr Kosslick refused to accept that widespread opposition to the Iraq war had turned audiences against Hollywood imports. "There is no anti-American mood," he said. Some 350 films will be screened at this year's festival, with a further 300 shown at the European Film Market that runs alongside it. More than a dozen celebrities are scheduled to attend, among them Will Smith, Kevin Spacey and Keanu Reeves. But Mr Kosslick says more would be coming had the Academy Awards not been brought forward to 27 February. "I'm not worried that we won't be able to fill the red carpet with stars," he said, though he admitted the festival may be moved to January next year to avoid a similar clash. The 10-day Berlinale runs until 20 February.
| Festival director Dieter Kosslick says this strong showing signals "a new consciousness for European films".Some 350 films will be screened at this year's festival, with a further 300 shown at the European Film Market that runs alongside it."It's just that there are more good European films."Organisers say this year's Berlin Film Festival, which opens on Thursday with period epic Man to Man, will celebrate a revitalised European cinema.But Mr Kosslick says more would be coming had the Academy Awards not been brought forward to 27 February."This isn't to say there aren't any good American films," he continued. |
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Michael film signals 'retirement'
Singer George Michael has said that a new film about his life is the start of a retirement from public view.
The pop star said it would be a much more "behind the scenes affair", and called his own genre of music "dead". "I thought I should explain myself before I disappear," said Michael, who was at the Berlin film festival to launch the documentary. The film, A Different Story, chronicles Michael's life and career from the 1980s and his personal struggles. The 41-year-old chart-topper told reporters in the German capital that he wanted to "move his career into a different form", but added that he does not know what it is going to be yet.
"I'm still going to be making music," he said, but added that he was "not going to be around". He hinted at discontent with the current state of music industry, and said: "I don't really think that there is anyone in the modern pop business who I feel I want to spar with." Michael said that the film, directed by Southan Morris, would put his two decades of fame into context. "It's almost as much for me as for my fans, in terms of trying to make sense of the last 22 years and bring it to a close in a proper way," he said. The documentary chronicles the highs and lows of his life in the public gaze, from his meteoric rise as one half of pop duo Wham! to his arrest for lewd conduct in a Los Angeles toilet in 1998. The film also deals with the loss of Michael's partner Anselmo Feleppa from an Aids-related condition in 1993. A Different Story, which is being shown at the Berlin Film Festival, has been screened by BBC One.
| "I thought I should explain myself before I disappear," said Michael, who was at the Berlin film festival to launch the documentary.Singer George Michael has said that a new film about his life is the start of a retirement from public view.The film, A Different Story, chronicles Michael's life and career from the 1980s and his personal struggles.Michael said that the film, directed by Southan Morris, would put his two decades of fame into context.A Different Story, which is being shown at the Berlin Film Festival, has been screened by BBC One."I'm still going to be making music," he said, but added that he was "not going to be around". |
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Films on war triumph at Sundance
A study of the United States at war in the past 50 years has picked up one of the main awards at the 2005 Sundance Film Festival in Utah, in the US.
Why We Fight scooped the grand jury prize for documentaries at the world's leading independent film festival. British director Sean McAllister's The Liberace of Baghdad - about a pianist in war-torn Iraq - won a special prize in the world documentary category. Both Why We Fight and The Liberace of Baghdad were made for the BBC. Why We Fight is due to be screened on BBC Four in March.
The Sundance festival was founded by actor Robert Redford in 1981. This year's festival - which ended on Sunday after a 11-day run - has been dominated by the themes of war and politics. In the new world cinema drama category, the Angolan film The Hero triumphed to win the grand jury prize. The film - an Angolan/French/Portuguese production - tells the story of a veteran of the country's civil war who returns home to face a new battle of survival. Twelve films competing in the new world cinema documentary category focused on countries and people under siege.
Finnish film The Three Rooms of Melancholia looks at the war in Chechnya and Shake Hands With The Devil: The Journey of Romeo Dallaire tells the story of a UN mission to Rwanda during the 1994 genocide. But it was Dutch documentary Shape of the Moon - a study of an extended family in Indonesia - which took the top prize. Meanwhile, French-Israeli production Wall, which looks at Israel's controversial security wall separating it from the Palestinian territories, picked up a world cinema special jury prize for documentaries. In the main drama category, Forty Shades of Blue was named winner of the grand jury prize. The film tells the tale of a forbidden tug-of-love between a father, his Russian immigrant girlfriend and his son.
During its 24-year history, the Sundance Film Festival has showcased successes such as Reservoir Dogs, The Blair Witch Project and The Full Monty. Last year's festival provided a platform for hits such as Open Water, Napoleon Dynamite, Garden State and Super-Size Me. The festival is held in the mountain resort of Park City, east of Salt Lake City, which sees its population rise from 7,500 to 45,000 during the festival.
| Why We Fight scooped the grand jury prize for documentaries at the world's leading independent film festival.In the new world cinema drama category, the Angolan film The Hero triumphed to win the grand jury prize.A study of the United States at war in the past 50 years has picked up one of the main awards at the 2005 Sundance Film Festival in Utah, in the US.Twelve films competing in the new world cinema documentary category focused on countries and people under siege.During its 24-year history, the Sundance Film Festival has showcased successes such as Reservoir Dogs, The Blair Witch Project and The Full Monty.British director Sean McAllister's The Liberace of Baghdad - about a pianist in war-torn Iraq - won a special prize in the world documentary category.In the main drama category, Forty Shades of Blue was named winner of the grand jury prize.The Sundance festival was founded by actor Robert Redford in 1981. |
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Springer criticises Opera musical
Talk show host Jerry Springer, whose programme inspired the controversial opera shown by the BBC, has said he would not have written it himself.
The BBC received 47,000 complaints before the musical was broadcast, and protesters demonstrated outside BBC buildings across the UK. Springer helped launch the West End show and attended the opening night. "I wouldn't have written it. I don't believe in making fun of other religions," he said.
The TV host said he understood how people could have thought the musical had gone too far. "You know, on our TV show if people use inappropriate language we bleep it out, if there's nudity we cover it up, so that viewers at home don't get to see any of this," he said.
Asked whether he thought the BBC should have screened the controversial musical he said: "I don't know if they should have had it on television but, good Lord, if you don't like what's on television, that's why God gave us remote controls. "My show is about dysfunctional people and I defy anyone to watch the show and suggest to me the people on it aren't to some degree dysfunctional."
"If I did a show about the war in Iraq, it wouldn't make me a warmonger, I would just be doing my job to report on the war. "In the case of my show, it's my job to report on the dysfunctions that take place in society." The British-born presenter is in London to speak at a fundraising dinner for the United Jewish Israel Appeal. The dinner, on Tuesday, is expected to be attended by more than 800 guests.
| Talk show host Jerry Springer, whose programme inspired the controversial opera shown by the BBC, has said he would not have written it himself."You know, on our TV show if people use inappropriate language we bleep it out, if there's nudity we cover it up, so that viewers at home don't get to see any of this," he said."If I did a show about the war in Iraq, it wouldn't make me a warmonger, I would just be doing my job to report on the war."My show is about dysfunctional people and I defy anyone to watch the show and suggest to me the people on it aren't to some degree dysfunctional."The TV host said he understood how people could have thought the musical had gone too far.Asked whether he thought the BBC should have screened the controversial musical he said: "I don't know if they should have had it on television but, good Lord, if you don't like what's on television, that's why God gave us remote controls. |
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Oscar nominee Dan O'Herlihy dies
Irish actor Dan O'Herlihy, who was nominated for best actor at the 1955 Oscars, has died at the age of 85.
O'Herlihy, whose Oscar nomination was for Luis Bunuel's The Adventures of Robinson Crusoe, died at his home in Malibu, California, a spokesman said. The actor began his film career in the 1940s, playing Macduff to Orson Welles' Macbeth in 1948, and was also a regular in on the Dublin stage. He later appeared in Robocop and its sequel and cult TV show Twin Peaks. He played the CEO of Omni Consumer Products in 1987's Robocop and Robocop 2 three years later, and was saw mill owner Andrew Packard in Twin Peaks, also in 1990. Despite his Oscar nomination, he had few other lead roles and became a familiar supporting actor on TV and in film. The year he was nominated, the Academy Award was won by Marlon Brando for On the Waterfront.
| Irish actor Dan O'Herlihy, who was nominated for best actor at the 1955 Oscars, has died at the age of 85.He played the CEO of Omni Consumer Products in 1987's Robocop and Robocop 2 three years later, and was saw mill owner Andrew Packard in Twin Peaks, also in 1990.The year he was nominated, the Academy Award was won by Marlon Brando for On the Waterfront. |
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Soul sensation ready for awards
South West teenage singing sensation, Joss Stone, has been nominated in three categories in Wednesday's Brit awards.
The 17-year-old from a small east Devon village near Cullumpton, received nominations for Best Solo Female, Best Urban Act and Best Breakthrough Artist. Her second album Mind, Body & Soul reached number one in the UK charts last October and went straight into the US charts at number 11. Ms Stone is due to perform at the 25th award ceremony at London's Earls Court. The teenager also has Grammy nominations in the US, normally dominated by home-grown acts. Born Jocelyn Stoker, the Devon diva started her career in a BBC talent programme, and was then discovered at a New York audition by a US record executive, Steve Greenberg. The 17-year-old singer is hoping to tour in Japan, Australia and the US in 2005.
| The teenager also has Grammy nominations in the US, normally dominated by home-grown acts.The 17-year-old singer is hoping to tour in Japan, Australia and the US in 2005.Born Jocelyn Stoker, the Devon diva started her career in a BBC talent programme, and was then discovered at a New York audition by a US record executive, Steve Greenberg. |
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US 'to raise TV indecency fines'
US politicians are proposing a tough new law aimed at cracking down on indecency and bad language on US TV.
Fines of up to $500,000 (£266,582) could be imposed each time broadcasters transmit nudity or profanities. The proposal, unveiled in the House of Representatives, also seeks to revoke a broadcaster's licence after three violations have been committed. The exposure of Janet Jackson's breast at last year's Superbowl landed CBS with a $550,000 (£293,264) fine. Entertainers could also be liable for fines under the proposed legisation from both US politcians and officials from the Federal Communications Commission (FCC). A Republican senator from Kansas, Sam Brownbeck, is set to call for a maximum $3 million (£1.6 million) fine for repeated violations.
The current maximum fine stands at $32,500 (£17,320) - 20 of the stations in the CBS network were each penalised these lesser amounts for the Jackson incident. Republican politician Fred Upton, who chairs the committee responsible for broadcasting, said current fines are "more of a cost of doing business rather than a deterrent". Last year's Janet Jackson 'wardrobe malfunction' encouraged the FCC to impose tougher rules, but the US Congress adjourned last year without agreeing on a new level of fines. New figures have to be decided before new legislation can be put before President Bush. Certain broadcasters, like Fox, claim the material they carry does not violate indecency laws and is protected under the right to free speech.
| Last year's Janet Jackson 'wardrobe malfunction' encouraged the FCC to impose tougher rules, but the US Congress adjourned last year without agreeing on a new level of fines.Entertainers could also be liable for fines under the proposed legisation from both US politcians and officials from the Federal Communications Commission (FCC).US politicians are proposing a tough new law aimed at cracking down on indecency and bad language on US TV.The exposure of Janet Jackson's breast at last year's Superbowl landed CBS with a $550,000 (£293,264) fine.The current maximum fine stands at $32,500 (£17,320) - 20 of the stations in the CBS network were each penalised these lesser amounts for the Jackson incident. |
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Dutch watch Van Gogh's last film
The last film to be made by the slain Dutch director Theo van Gogh, called 06/05, has been premiered in The Hague.
Members of Van Gogh's family and celebrities attended the screening of 06/05, based on the murder of the anti-immigration politician Pim Fortuyn. Van Gogh was shot and stabbed to death in Amsterdam six weeks ago. A Dutch-Moroccan man suspected of radical Islamist links has been charged. The killing, and Fortuyn's death in 2002, convulsed the Netherlands. Many Dutch people have questioned their country's self-image as a peaceful, tolerant nation in the wake of the murders, which triggered heated debate about immigration.
An animal rights activist was sentenced to 18 years in prison last year for killing Fortuyn. Earlier this year, Van Gogh made a film accusing Islam of promoting violence against women. It caused outrage among Muslims and death threats were made against him. The film 06/05 will become available on the internet on Wednesday and go on general release in Dutch cinemas in January. Van Gogh's movie mixes real images of the day of Fortuyn's murder with a fictional plot about Dutch intelligence services conspiring to silence the politician. The story unfolds through the eyes of a freelance photographer who unwittingly takes pictures revealing the involvement of Dutch authorities in Fortuyn's murder. Photographer Jim de Booy then goes on the run from secret service agents who burgle his home and threaten his family.
| The last film to be made by the slain Dutch director Theo van Gogh, called 06/05, has been premiered in The Hague.Van Gogh's movie mixes real images of the day of Fortuyn's murder with a fictional plot about Dutch intelligence services conspiring to silence the politician.Earlier this year, Van Gogh made a film accusing Islam of promoting violence against women.Van Gogh was shot and stabbed to death in Amsterdam six weeks ago.Members of Van Gogh's family and celebrities attended the screening of 06/05, based on the murder of the anti-immigration politician Pim Fortuyn.The story unfolds through the eyes of a freelance photographer who unwittingly takes pictures revealing the involvement of Dutch authorities in Fortuyn's murder. |
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Briton wins short film Oscar
Three of the five nominees in the live-action short film category at this year's Oscars were British. For Andrea Arnold, who won the category, Ashvin Kumar and Gary McKendry the past month has thrust them from relative obscurity into the limelight.
Arnold's gritty drama Wasp is about a single mother living on the breadline, while Kumar's Little Terrorist follows a young Pakistani Muslim boy, who gets stuck on the wrong side of the heavily armed Indian border. McKendry's entry, Everything In This Country Must, forces British soldiers and Catholics to challenge their relationship during the troubles in Northern Ireland. Last week, the trio attended an official screening of all the nominated short films at the Academy's headquarters in Beverly Hills. "I felt so privileged to have a thousand people watching my film on the biggest screen I've ever seen," says Arnold.
Set in her native Dartford, Wasp tells the story of a young mum, who, unable to find a babysitter, leaves her four young daughters outside a pub while she's on a date. The image that sparked the film was that of a wasp crawling into a baby's mouth. "The other nominees said they made their films for this reason or that - they had something to say. But I just start with an image I can't shake off, work outwards from that and see what comes out," she explains.
Since she presented children's TV shows Number 73 and Motormouth in the 1980s, Arnold has kept a low profile and is having trouble adapting to this sudden onslaught of attention. "I'm not interested in the publicity. It's not my personality. I'm overwhelmed by all the fuss," she said.
"It's all a bit like a beauty contest - all the films are great and so different. "But even though my film has won 30 awards worldwide (including one at Sundance last month), I'd still be proud of it - even if it hadn't won any." Asked what the nomination means to her, Arnold says she feels "flattered and honoured". "We've all been overwhelmed by the response and can't get it in perspective yet. I'm still reeling."
And she won't commit to an opinion of Hollywood yet. "I'm just in the middle of it, living moment to moment, day to day." But despite her reservations about the Academy Awards and the media frenzy that surrounds it, she accepts that it has opened doors for her. "People will definitely listen to what I want to do now, and the phone didn't stop ringing for a week after I got nominated." As for the future, Arnold firmly believes that you often get a stronger vision of the world with short films. "You're left more to your own devices, without people interfering as much." That said, she is currently working on a feature film with Dogville and Dancer In The Dark director Lars Von Trier.
| "The other nominees said they made their films for this reason or that - they had something to say."I felt so privileged to have a thousand people watching my film on the biggest screen I've ever seen," says Arnold.I'm overwhelmed by all the fuss," she said.Three of the five nominees in the live-action short film category at this year's Oscars were British.The image that sparked the film was that of a wasp crawling into a baby's mouth.Last week, the trio attended an official screening of all the nominated short films at the Academy's headquarters in Beverly Hills."But even though my film has won 30 awards worldwide (including one at Sundance last month), I'd still be proud of it - even if it hadn't won any."I'm still reeling.""We've all been overwhelmed by the response and can't get it in perspective yet.That said, she is currently working on a feature film with Dogville and Dancer In The Dark director Lars Von Trier."It's all a bit like a beauty contest - all the films are great and so different. |
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Original Exorcist to be screened
The original version of horror prequel Exorcist: The Beginning, dropped by producers over claims it was not scary enough, is to have its world premiere.
The film, directed by Paul Schrader, will be screened on 18 March at the International Festival of Fantastic Film in Brussels. The psychological drama stars Stellan Skarsgard and foreruns the 1973 film. Schrader was replaced by director Renny Harlin who made a new version of the film which debuted in 2004. The prequel project was originally announced in 2001, with actor Liam Neeson in the lead role and John Frankenheimer as director. However Frankenheimer pulled out in 2002, a month before he died.
Skarsgard then replaced Neeson in the role of Father Merrin, made famous by Max Von Sydow in the 1973 film. Principal footage was shot in Morocco and Rome at a reported cost of $32m. However, in August 2003 it emerged that producers Morgan Creek were shelving Schrader's version of the film, having complained it was not scary enough. As well as replacing Schrader with Harlin - the director behind Die Hard 2 and Cliffhanger - the producers also changed most of the cast, but Swedish star Skarsgard stayed in the Merrin role. Harlin's film, released in the UK in October 2004, received lukewarm reviews but went on to make over $76m (£40.7m) worldwide. The festival screening will be the first time that Schrader's film has been seen in public. Reports that it will be released either in cinemas or on DVD have yet to be confirmed. Other films at the festival in the Belgium capital, which runs from 11-26 March, include the US horror hit Boogeyman and the forthcoming sequel Ring 2, as well as a selection of films adapted from the works of Jules Verne.
| Schrader was replaced by director Renny Harlin who made a new version of the film which debuted in 2004.However, in August 2003 it emerged that producers Morgan Creek were shelving Schrader's version of the film, having complained it was not scary enough.The film, directed by Paul Schrader, will be screened on 18 March at the International Festival of Fantastic Film in Brussels.Skarsgard then replaced Neeson in the role of Father Merrin, made famous by Max Von Sydow in the 1973 film.Other films at the festival in the Belgium capital, which runs from 11-26 March, include the US horror hit Boogeyman and the forthcoming sequel Ring 2, as well as a selection of films adapted from the works of Jules Verne.The psychological drama stars Stellan Skarsgard and foreruns the 1973 film. |
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Lit Idol begins search for author
The second Pop Idol-style search for literary talent has begun with the help of the brother of Simon Cowell.
Writer Tony Cowell is among the judges who will hear aspiring writers read their work aloud. The winner gets a deal with literary agency Curtis Brown. "I'm not going to be the Mr Nasty of books," said Cowell, 54, in reference to his brother's caustic remarks on TV shows Pop Idol and The X-Factor. The 2004 winner, Paul Cavanagh, went on to sign a deal with Harper Collins.
This year, the competition is specifically looking for a crime writer. Writers must submit up to 10,000 words from the opening chapters of their novels and a synopsis. Professional readers will choose a shortlist of five following the competition closing date on 14 January.
The final five will then have to read their work in front of judging panel. A public vote will also take place, which will account for 25% of the final decision. The winner will be announced at the London Book Fair on 14 March next year and could be screened on TV. "It's very, very hard to find an agent and extremely difficult, without an agent, to get a publisher to look at your work," said Cowell. "People do fall by the wayside and the more avenues we can provide for aspiring authors, the better," he added. Paul Cavanagh, a former university professor and health care consultant from Ontario in Canada, was one of 1,466 aspiring novelists to enter the first contest. He lifted the inaugural Lit Idol prize after reading aloud an excerpt of his work Northwest Passage. Three film studios are said to be interested in buying film rights for the book, even though it is not finished yet.
| Writer Tony Cowell is among the judges who will hear aspiring writers read their work aloud.The final five will then have to read their work in front of judging panel."It's very, very hard to find an agent and extremely difficult, without an agent, to get a publisher to look at your work," said Cowell.The winner gets a deal with literary agency Curtis Brown.The 2004 winner, Paul Cavanagh, went on to sign a deal with Harper Collins."I'm not going to be the Mr Nasty of books," said Cowell, 54, in reference to his brother's caustic remarks on TV shows Pop Idol and The X-Factor.The winner will be announced at the London Book Fair on 14 March next year and could be screened on TV. |
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New York rockers top talent poll
New York electro-rock group The Bravery have come top of the BBC News website's Sound of 2005 poll to find the music scene's most promising new act.
The Bravery, who have been compared to The Cure and New Order, were the most heavily-tipped act in the survey of 110 impartial critics and broadcasters. Rock band Keane won Sound of 2004 while US rapper 50 Cent topped Sound of 2003. Other new artists in this year's list include London indie group Bloc Party at second and UK rapper Kano third. The Bravery played their first gig in 2003 and have since supported bands including The Libertines, Interpol and Echo and the Bunnymen.
They were the subject of a record company bidding war in 2004 and their debut single, Unconditional, caused a huge buzz when it was released in the UK in November. Singer Sam Endicott said he felt "great" about coming top of the Sound of 2005 list. "Anyone that says they don't want a zillion screaming fans is a jackass, a liar," he said. One of the experts to tip The Bravery was The Times' music critic Paul Connolly, who said they were "spiky but in love with pop". Chris Hawkins, host of BBC 6 Music's chart show, said the band had "great guitars and a mastery of the electro-clash sound". "The Bravery are proof alone that New York City is still home to hot new talent," he said. Alison Howe, producer of TV show Later... With Jools Holland, booked the group to appear the day after seeing them at a west London pub.
"They played like they were headlining the main stage at Glastonbury," she said. "Great songs, a good look, a touch of attitude and a cracking live band."
Q magazine reviews editor Ted Kessler said they were "pretty-boy New York clothes horses" with "an unusually nimble ear for concise, yearning pop in the mould of Duran Duran or The Strokes". Other pundits to take part in the survey included BBC Radio 1 DJ Trevor Nelson, NME editor Conor McNicholas, Top of the Pops presenter Fearne Cotton, Glastonbury organiser Emily Eavis and BBC Radio 2 music editor Colin Martin. Elsewhere on the top 10, second-placed rock band Bloc Party began their rise after supporting Franz Ferdinand and UK garage MC Kano, in third, is signed to The Streets' record label. US rapper The Game is hip-hop great Dr Dre's latest protege while Leeds group Kaiser Chiefs came fifth with a promise to lead a Britpop revival. In last year's survey, Keane were followed by Franz Ferdinand, Razorlight and Joss Stone in the top five - all of whom were virtually unknown outside the music industry at that point.
Boy band McFly were sixth while Scissor Sisters, who had the UK's best-selling album of 2004, were seventh. In the survey, the pundits were asked for tips for three acts they thought were capable of reaching the top in their chosen genre, either in terms of sales or critical acclaim. The artists could be from any country and any musical genre, but must not have had a UK top 20 single, been a contestant on a TV talent show or already be famous for doing something else, such as a soap actor. Those tips were then counted and compiled to make the top 10.
| New York electro-rock group The Bravery have come top of the BBC News website's Sound of 2005 poll to find the music scene's most promising new act.Singer Sam Endicott said he felt "great" about coming top of the Sound of 2005 list.Chris Hawkins, host of BBC 6 Music's chart show, said the band had "great guitars and a mastery of the electro-clash sound"."The Bravery are proof alone that New York City is still home to hot new talent," he said.Other new artists in this year's list include London indie group Bloc Party at second and UK rapper Kano third.Elsewhere on the top 10, second-placed rock band Bloc Party began their rise after supporting Franz Ferdinand and UK garage MC Kano, in third, is signed to The Streets' record label.One of the experts to tip The Bravery was The Times' music critic Paul Connolly, who said they were "spiky but in love with pop".Rock band Keane won Sound of 2004 while US rapper 50 Cent topped Sound of 2003.The Bravery, who have been compared to The Cure and New Order, were the most heavily-tipped act in the survey of 110 impartial critics and broadcasters.The artists could be from any country and any musical genre, but must not have had a UK top 20 single, been a contestant on a TV talent show or already be famous for doing something else, such as a soap actor. |
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Wife Swap makers sue US 'copycat'
The British producers of US Wife Swap are taking legal action against a show they claim is "a blatant and wholescale copycat" of their programme.
RDF Media, which makes the show for US network ABC, has filed a damages claim for $18 million (£9.25 million) against Fox's Trading Spouses. ABC bought the rights to the British show, which was first aired in 2003 and became a hit on Channel 4. The US network is not part of the claim, but has supported RDF's action. "We respect our producing partners' right to protect their intellectual property in whatever manner they deem most appropriate," said ABC in a statement. A spokesman for Fox said it had not seen the details of the legal action and could not comment.
Their show was first screened in June, and was criticised in the press for its similarities to Wife Swap. ABC originally planned to call their programme Trading Moms, but changed it to avoid confusion with the Fox version. Earlier this year, the NBC network claimed that Fox's boxing show The Next Great Champ had been hurriedly produced to ensure its programme was the first to be screened. NBC alleged that boxing regulations had been violated, but failed in their attempt to have the show pulled. The Fox show proved a ratings flop, while NBC's The Contender is due to begin in February.
| The British producers of US Wife Swap are taking legal action against a show they claim is "a blatant and wholescale copycat" of their programme.ABC bought the rights to the British show, which was first aired in 2003 and became a hit on Channel 4.Earlier this year, the NBC network claimed that Fox's boxing show The Next Great Champ had been hurriedly produced to ensure its programme was the first to be screened.RDF Media, which makes the show for US network ABC, has filed a damages claim for $18 million (£9.25 million) against Fox's Trading Spouses.Their show was first screened in June, and was criticised in the press for its similarities to Wife Swap. |
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Downloads enter US singles chart
Digital music downloads are being included in the main US singles chart for the first time.
Billboard's Hot 100 chart now incorporates data from sales of music downloads, previously only assigned to a separate download chart. Green Day's Boulevard of Broken Dreams is currently number two in Billboard's pop chart, and tops its digital chart. Download sales are due to be incorporated into the UK singles chart later this year.
Digital sales in the US are already used to compile Billboard's Hot Digital Sales chart. They will now be tallied with sales of physical singles and airplay information to make up its new Hot 100 chart. Its second new chart - the Pop 100 - also combines airplay, digital and physical sales but confines its airplay information to US radio stations which play chart music. In addition to Green Day, other artists in the current US digital sales top 10 include Kelly Clarkson, The Game and the Killers.
Sales of legally downloaded songs shot up more than tenfold in 2004, with 200 million track purchased online in the US and Europe in 12 months, the International Federation of the Phonographic Industry (IFPI) reported last month. In the UK sales of song downloads overtook those for physical singles for the first time at the end of last year. The last week of December 2004 saw download sales of 312,000 compared with 282,000 physical singles, according to the British Phonographic Industry. The UK's first official music download chart was launched last September, compiling the most popular tracks downloaded from legal UK sites - including iTunes, OD2, mycokemusic.com and Napster. Westlife's Flying Without Wings - a 1999 track reissued for the occasion - was the first number one of the UK download chart.
A spokesman for the British Phonographic Industry (BPI) said the first combined UK download and sales chart was due to be compiled "within the first half of this year". "Work is going on across the music business right now to make sure the new chart works to plan," he said. The BPI spokesman described the UK music download chart, compiled by the Official Charts Company, as having been "a great success" since its launch. "It has provided a focus for the industry and has really driven interest in downloads among music fans," he said.
| Billboard's Hot 100 chart now incorporates data from sales of music downloads, previously only assigned to a separate download chart.A spokesman for the British Phonographic Industry (BPI) said the first combined UK download and sales chart was due to be compiled "within the first half of this year".Digital music downloads are being included in the main US singles chart for the first time.Download sales are due to be incorporated into the UK singles chart later this year.Its second new chart - the Pop 100 - also combines airplay, digital and physical sales but confines its airplay information to US radio stations which play chart music.They will now be tallied with sales of physical singles and airplay information to make up its new Hot 100 chart.Digital sales in the US are already used to compile Billboard's Hot Digital Sales chart. |
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REM concerts blighted by illness
US rock band REM have been forced to cancel concerts after bass player Mike Mills was taken to hospital suffering from "severe flu-like symptoms".
The band were forced to cut short Monday night's show in Sheffield, and have cancelled Tuesday's Glasgow date. Mills could "hardly stand up, let alone play", said an REM spokesman, who added he is now "resting" in hospital. The remainder of the band played a short acoustic set on Monday. Tuesday's gig has been rescheduled for 15 June. Those who had a ticket for the show in Glasgow are being advised to retain their ticket stub so they can attend the new date. The band's spokesman said that they would review their remaining dates on a "day-to-day basis", based on doctors' advice to Mills. "Obviously we all want Mike to get better, and clearly we all want to play the shows. Rest assured we will do so as soon as possible," he said.
The band were still hopeful they would be able to make their Wednesday date, added the spokesman. REM played accoustic versions of their hits Losing My Religion, I've Been High, Leaving New York and The One I Love to the Sheffield Arena audience on Monday. The band had originally been scheduled to play four dates in the UK as part of a world tour. In 1995 former drummer Bill Berry collapsed in Switzerland while the band was on tour, having suffered a ruptured aneurysm. He made a full recovery, only to leave the band two years later.
| The band were forced to cut short Monday night's show in Sheffield, and have cancelled Tuesday's Glasgow date.The band were still hopeful they would be able to make their Wednesday date, added the spokesman.The band had originally been scheduled to play four dates in the UK as part of a world tour.The remainder of the band played a short acoustic set on Monday.Mills could "hardly stand up, let alone play", said an REM spokesman, who added he is now "resting" in hospital.US rock band REM have been forced to cancel concerts after bass player Mike Mills was taken to hospital suffering from "severe flu-like symptoms". |
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Film star Fox behind theatre bid
Leading actor Edward Fox is one of the men behind plans to reopen a Swansea theatre thought to be Wales' oldest.
The star of film and TV hits Day of the Jackal and Edward and Mrs Simpson has joined forces with Swansea-born actor-director Terry Palmer. They will set up a charity to raise money to buy the Palace Theatre, and hope to reopen it to audiences in summer 2006. It is estimated that £500,000 is needed to buy the Grade II listed building. The Palace Theatre, which will be known as The Pavilion Repertory Theatre, was sold to an undisclosed bidder at auction 13 months ago for £340,000. Before that it had been used as a nightclub for 10 years.
Oscar-winner Sir Anthony Hopkins, who was born in nearby Port Talbot, made his professional debut there, and Charlie Chaplin and Lily Langtry have also trodden its boards. Fox told the South Wales Evening Post that after visiting the theatre he was surprised by its beauty. "A lot of money needs to be spent on it, but all the bones are there - it just needs a beautiful skin," he said.
"To call it a jewel is not an over-estimation. There are not many theatres left like this. "The hope for the immediate future is that we can attract enough people to come forward to allow it to prosper," he told the newspaper.
Fox first found fame in the 1960s. One of his most memorable roles was as an assassin in the Day of the Jackal in 1973, and he won a TV Bafta as the Prince of Wales in 1980 for Edward and Mrs Simpson. He was brought on board to save the theatre by Mr Palmer, a long-standing friend of 40 years. "Two years ago I decided to return to Swansea and do something for the city," said Mr Palmer. He said he was excited by the idea of running the Palace as a charity where young actors could develop, and with an annual Shakespeare festival in the summer. "If in five years' time the theatre can function in all areas without me, I shall be well satisfied having helped to create a vital living theatre for the city," he added. Keith Poulton, a business adviser from Swansea, has already committed an undisclosed amount of money to the project. "We need at least £75,000 to secure a deposit on the building and we've only got two months to do that," said Mr Poulton. "A few benefactors have expressed their interest and Mr Fox is going to give it an awful lot of time," he added. Last year, roads around the theatre were cordoned off when masonry from its roof fell onto a car, but engineers said they were happy that it was safe.
| He was brought on board to save the theatre by Mr Palmer, a long-standing friend of 40 years.The Palace Theatre, which will be known as The Pavilion Repertory Theatre, was sold to an undisclosed bidder at auction 13 months ago for £340,000.Fox told the South Wales Evening Post that after visiting the theatre he was surprised by its beauty.Leading actor Edward Fox is one of the men behind plans to reopen a Swansea theatre thought to be Wales' oldest.They will set up a charity to raise money to buy the Palace Theatre, and hope to reopen it to audiences in summer 2006."If in five years' time the theatre can function in all areas without me, I shall be well satisfied having helped to create a vital living theatre for the city," he added.Last year, roads around the theatre were cordoned off when masonry from its roof fell onto a car, but engineers said they were happy that it was safe."Two years ago I decided to return to Swansea and do something for the city," said Mr Palmer."We need at least £75,000 to secure a deposit on the building and we've only got two months to do that," said Mr Poulton. |
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Pixies take on Reading and Leeds
Pixies, Foo Fighters and Iron Maiden will headline this summer's Leeds and Reading festivals.
The trio of rock heavyweights will top the bill for the three-day events at Bramham Park, near Wetherby, and at Richfield Avenue, Reading. They are the Pixies' and Iron Maiden's only UK festival gigs, while Foo Fighters are also at T In The Park. The Killers, Razorlight and Queens of the Stone Age are also playing the twin festivals, to be held on 26-28 August. Other acts in this year's line-up include The Charlatans, Marilyn Manson and Kings of Leon. Pete Doherty's band Babyshamblers will appear on the NME/Radio One stage along with Kasabian, Black Rebel Motorcycle Club and Bloc Party.
Organiser Mean Fiddler said more acts were still to be confirmed for the summer event. "We are all very excited to be going back to Reading and intend to have a fantastic time," said Iron Maiden's Bruce Dickinson. "We're sure fans will too." It will the first time the veteran British metal band have played Reading in 23 years. At Leeds, Iron Maiden will headline the first day of the festival on the Friday, Pixies will follow on Saturday and the Foo Fighters will close the event on Sunday. The Pixies will headline the first day of Reading, while Foo Fighters will play on Sunday and Iron Maiden will close the event. Weekend tickets are now on sale priced at £125 each.
| The Pixies will headline the first day of Reading, while Foo Fighters will play on Sunday and Iron Maiden will close the event.Pixies, Foo Fighters and Iron Maiden will headline this summer's Leeds and Reading festivals.At Leeds, Iron Maiden will headline the first day of the festival on the Friday, Pixies will follow on Saturday and the Foo Fighters will close the event on Sunday.They are the Pixies' and Iron Maiden's only UK festival gigs, while Foo Fighters are also at T In The Park.It will the first time the veteran British metal band have played Reading in 23 years."We are all very excited to be going back to Reading and intend to have a fantastic time," said Iron Maiden's Bruce Dickinson. |
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Top of the Pops leaves BBC One
The BBC's flagship pop music programme Top of the Pops is to move from BBC One on Fridays to Sundays on BBC Two.
The new programme will combine with archive show TOTP2, mixing new music with footage of classic bands. The corporation said the new show "aims to appeal to a diverse audience of music lovers". The move is the biggest shake-up in the history of the show, which was first broadcast in 1964 and has always been on BBC One. Top of the Pops was relaunched in a blaze of publicity in December last year in an attempt to reverse a long-term decline in audience figures.
The All New Top of the Pops was fronted by newcomer Tim Kash and was put together by producer Andi Peters, who was brought back to the BBC from Channel 4 to revitalise the series.
About three million people a week were watching the show on Fridays - less than half the total it was attracting in the mid-1990s - as the programme went up against popular ITV soap Coronation Street. But despite the relaunch audience figures failed to rise and still remain around the three million mark. Tim Kash has since been replaced as host by Fearne Cotton. The new show will launch in Spring next year in an extended format. BBC Two controller Roly Keating: "It's an exciting new era for Top of the Pops. We want to make it bigger and better so that it becomes the ultimate pop music show for music lovers of every generation." Mr Keating described BBC Two as the "natural home" of Top of the Pops. He added: "The addition of Top of the Pops will also extend BBC Two's offering to younger audiences."
A BBC spokeswoman said Andi Peters would continue as executive producer on the show. She said that issues over the exact format of the programme and a time slot were still to be decided. The programme will have a close relationship with the BBC Radio 1 chart show, which suggests the relaunched show may be transmitted at about 1900 on Sundays. "Hopefully the audience for Top of the Pops will find it on BBC Two. "We think that the new slot will create a buzz around the programme as for the first time viewers will discover the news of who is number one as it happens."
| The BBC's flagship pop music programme Top of the Pops is to move from BBC One on Fridays to Sundays on BBC Two."Hopefully the audience for Top of the Pops will find it on BBC Two.BBC Two controller Roly Keating: "It's an exciting new era for Top of the Pops.The All New Top of the Pops was fronted by newcomer Tim Kash and was put together by producer Andi Peters, who was brought back to the BBC from Channel 4 to revitalise the series.Mr Keating described BBC Two as the "natural home" of Top of the Pops.The programme will have a close relationship with the BBC Radio 1 chart show, which suggests the relaunched show may be transmitted at about 1900 on Sundays.The move is the biggest shake-up in the history of the show, which was first broadcast in 1964 and has always been on BBC One.The corporation said the new show "aims to appeal to a diverse audience of music lovers". |
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BBC 'should allow more scrutiny'
MPs have urged the BBC to give watchdogs more freedom to scrutinise how £2bn in licence fee money is spent.
The Public Accounts Committee called for the National Audit Office to be given a "free hand" to investigate how the BBC offers value for money. Although six areas are to be opened up to scrutiny the audit office should have more power to choose what it investigated, the MPs said. The call was made in a report into the BBC's Freeview digital service. "Our aim is not to rewrite the storyline of EastEnders but simply to ensure that the BBC is as accountable to parliament as any other organisation spending public money," said the committee chairman, MP Edward Leigh. "The BBC's spending is not subject to the full independent scrutiny, and accountability to parliament. "Parliament requires television owners to pay a licence fee and expects the comptroller and auditor general, on behalf of parliament, to be able to scrutinise how that money, over £2 billion a year, is used."
A BBC spokeswoman said: "We share the committee's interest in ensuring the public money we receive is spent well. Though in its infancy, we think the arrangements with the NAO are working well and should be given time to mature." The report said the Freeview digital service has had an "impressive" take up since its launch but the BBC must still dispel confusion about the service. The committee found the BBC had succeeded in ensuring subscription-free access to digital channels following the collapse of ITV Digital in 2002. But the fact that one in four homes could not access Freeview remained a problem.
The report said that while gaps in the coverage were largely due to landscape issues, there was need for detailed explanations on the Freeview website and on promotional literature as to why it was not available in specific areas. The government has proposed switch off of the analogue television signal, with 2012 the most recently proposed date. The BBC launched Freeview in 2002 as an alternative to satellite subscription services such as Sky, to allow its digital channels such as BBC Three and News 24 to be seen. There have been an estimated five million Freeview set-top boxes sold since the launch and prices have fallen considerably. The corporation plans to spend up to £138m on Freeview before 2014 to ensure people can receive the service throughout the UK, and are aware of it.
| The report said the Freeview digital service has had an "impressive" take up since its launch but the BBC must still dispel confusion about the service.The BBC launched Freeview in 2002 as an alternative to satellite subscription services such as Sky, to allow its digital channels such as BBC Three and News 24 to be seen.The call was made in a report into the BBC's Freeview digital service.A BBC spokeswoman said: "We share the committee's interest in ensuring the public money we receive is spent well."Our aim is not to rewrite the storyline of EastEnders but simply to ensure that the BBC is as accountable to parliament as any other organisation spending public money," said the committee chairman, MP Edward Leigh.The Public Accounts Committee called for the National Audit Office to be given a "free hand" to investigate how the BBC offers value for money.The committee found the BBC had succeeded in ensuring subscription-free access to digital channels following the collapse of ITV Digital in 2002. |
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Halloween writer Debra Hill dies
Screenwriter and producer Debra Hill, best known for her work on the 70s horror classic Halloween, has died in Los Angeles aged 54.
Hill, who had been suffering from cancer, co-wrote the 1978 film, which starred Jamie Lee Curtis as a babysitter terrorised by a psychopath. Directed by John Carpenter, it made over $60m (£31.3m) worldwide - a record for independent film at that time. Hill also worked with Carpenter on Escape From New York and The Fog. Born in New Jersey, Hill began her career as a production assistant and worked her way through the ranks, becoming an assistant director and second-unit director before she began collaborating with Carpenter.
She was regarded by many as a pioneering woman in film, taking on jobs in the 70s that were more commonly taken by men. "Back when I started in 1974, there were very few women in the industry," she said in 2003. "I was assumed to be the make-up and hair person, or the script person. I was never assumed to be the writer or producer." "I took a look around and realised there weren't that many women, so I had to carve a niche for myself." Carpenter said that working with Hill was "one of the greatest experiences of my life". "The ground that she trailblazed in the beginning can now be followed by anyone. She was incredibly capable and talented," he said. Carpenter and Hill collaborated on a number of Halloween sequels, including Halloween II, Halloween: Resurrection and Halloween: The Curse of Michael Myers.
Later in her career, Hill formed a production company with her friend Lynda Obst, making a string of hit films including Oscar nominee The Fisher King and teen comedy Adventures In Babysitting. Other films included the Stephen King adaptation The Dead Zone in 1983 and 1985's Clue, a comedy based on the board game Cluedo. In the 90s she pursued work in TV, although she was reunited with Carpenter in 1996 for Escape From LA, the sequel to Escape From New York. At the time of her death she was working on a film about the last two men pulled from the rubble of the Twin Towers following the 11 September terror attacks in 2001. She was also co-producing the remake of The Fog, which is due for release early next year.
| Carpenter said that working with Hill was "one of the greatest experiences of my life".Hill also worked with Carpenter on Escape From New York and The Fog.She was regarded by many as a pioneering woman in film, taking on jobs in the 70s that were more commonly taken by men.In the 90s she pursued work in TV, although she was reunited with Carpenter in 1996 for Escape From LA, the sequel to Escape From New York.She was incredibly capable and talented," he said.I was never assumed to be the writer or producer."At the time of her death she was working on a film about the last two men pulled from the rubble of the Twin Towers following the 11 September terror attacks in 2001.Directed by John Carpenter, it made over $60m (£31.3m) worldwide - a record for independent film at that time. |
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Tautou film tops Cesar prize nods
French film A Very Long Engagement has received 12 nominations for France's Cesar film awards, despite a recent ruling it was "not French enough".
The World War I romantic drama starring Audrey Tautou, was recently ruled "too American" by a Paris court as it was partially backed by Warner Bros. But the Cesar organisers modified their rules to allow the film to compete. The film, directed by Jean-Pierre Jeunet, received best actress, picture and director nominations.
Last November a court judged the film was too American to compete in French film festivals. Two associations of French producers challenged Jeunet's right to French government subsidies, because Warner Bros was a backer. The ruling meant the movie - which was filmed in France and used French actors and technicians - was not eligible to compete for French prizes. But Alain Terzian, president of Cesar organisers, the Academie des Arts et Techniques du Cinema, said the changes in eligibility rules, which allow films "of French expression", were made three months prior to the court decision. Other films in the best film category include Police drama 36, Quai Des Orfevres, Arnaud Desplechin's Kings And Queen, Abdellatif Kechiche's L'Esquive and France's number one film at the 2004 box-office The Chorus.
Best actors are Daniel Auteuil for 36, Mathieu Amalric for Kings And Queen, Gerard Jugnot for The Chorus, Philippe Torreton for L'Equipier and Benoit Poelvoorde for Podium. Tautou will compete against Maggie Cheung , Emmanuelle Devos, Yolande Moreau and Karin Viard for best actress. Michael Moore's Fahrenheit 9/11, The Motorcycle Diaries, Lost in Translation, Eternal Sunshine of the Spotless Mind and 21 Grams are all vying in the best foreign film prize. The awards ceremony will be held on 26 February. This year, Will Smith, star of I, Robot, Independence Day and Men In Black, will be given an honorary Cesar, along with French singer/actor, Jacques Dutronc.
| Last November a court judged the film was too American to compete in French film festivals.French film A Very Long Engagement has received 12 nominations for France's Cesar film awards, despite a recent ruling it was "not French enough".Other films in the best film category include Police drama 36, Quai Des Orfevres, Arnaud Desplechin's Kings And Queen, Abdellatif Kechiche's L'Esquive and France's number one film at the 2004 box-office The Chorus.The ruling meant the movie - which was filmed in France and used French actors and technicians - was not eligible to compete for French prizes.But the Cesar organisers modified their rules to allow the film to compete.The film, directed by Jean-Pierre Jeunet, received best actress, picture and director nominations. |
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Parker's saxophone heads auction
A saxophone belonging to legendary jazz musician Charlie Parker is expected to fetch up to $1m (£535,000) at an auction of jazz memorabilia next month.
The sale, at Guernsey's Auction House in New York, will feature instruments from other musicians including John Coltrane and Benny Goodman. Other items will include an evening gown belonging to Ella Fitzgerald. Organisers said the auction was the first in the US to be devoted to items belonging to jazz musicians.
Other items that will be auctioned include unreleased tape recordings of music by Parker as well as handwritten sheet music by jazz composers John Coltrane and Theolonius Monk. Among the instruments in the sale will be a trumpet which belonged to Dizzy Gillespie, which is expected to fetch around $500,000 (£267,000), as well as JJ Johnson's trombone and a vibraphone which beloned to Lionel Hampton. Works of art by musicians including Miles Davis and Bruni Sablan will also be featured. The proceeds from the auction, which will take place on 20 February, will go towards several organisations including the John Coltrane Foundation, a foundation set up in memory of Benny Goodman, and the Red Cross.
| The sale, at Guernsey's Auction House in New York, will feature instruments from other musicians including John Coltrane and Benny Goodman.A saxophone belonging to legendary jazz musician Charlie Parker is expected to fetch up to $1m (£535,000) at an auction of jazz memorabilia next month.Organisers said the auction was the first in the US to be devoted to items belonging to jazz musicians.Other items that will be auctioned include unreleased tape recordings of music by Parker as well as handwritten sheet music by jazz composers John Coltrane and Theolonius Monk. |
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Hitch holds on to US box office
Will Smith's first romantic comedy, Hitch, has topped the North American box office for a second weekend.
Smith plays a New York "date doctor" with love worries of his own in the movie, which took $31.8m (£16.8m). It held off a strong challenge from the new Keanu Reeves sci-fi thriller Constantine which opened at number two with $30.5m (£16.1m) Constantine, based on the Hellblazer comics, stars Reeves as an exorcist who must send Satan's minions back to hell. Two family films came next in the chart, with Wayne Wang's comedy Because of Winn-Dixie, about a young girl and an abandoned dog, in third position with $10.85m (£5.73m).
Comedy adventure Son of the Mask, came in at number four with $7.7m (£4.1m), just ahead of Oscar favourite Million Dollar Baby at five.
Smith's comedy will be the first US movie released this year to top the $100m (£52.7m) mark. It's success continues a strong trend of Hollwood movie-going this year with figures for the popular President's Day weekend 13% greater than last year. Oscar contenders The Aviator, starring Leonardo DiCaprio as Howard Hughes and wine-tasting comedy Sideways, both held onto positions in the top 10.
| Smith's comedy will be the first US movie released this year to top the $100m (£52.7m) mark.Oscar contenders The Aviator, starring Leonardo DiCaprio as Howard Hughes and wine-tasting comedy Sideways, both held onto positions in the top 10.Will Smith's first romantic comedy, Hitch, has topped the North American box office for a second weekend.Comedy adventure Son of the Mask, came in at number four with $7.7m (£4.1m), just ahead of Oscar favourite Million Dollar Baby at five. |
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Neeson in bid to revive theatre
Hollywood film star Liam Neeson has held a dinner party in New York to promote Belfast's Lyric Theatre.
The Ballymena-born actor said that the theatre on Ridgeway Street was in a "very dilapidated condition". Lyric chairman David Johnston has said that rebuilding the theatre, at a cost of £8m is the only answer. Mr Neeson said that the idea was to get a bunch of "healthy, wealthy Irish Americans" in one room and ask them to help with fundraising.
The Oscar-nominated actor, whose films include Schindler's List, Michael Collins and Star Wars: The Phantom Menace, said: "The Lyric is too important to the cultural and social life of Northern Ireland for this building to crumble and fall apart. "It gave me a start professionally. Mary O'Malley, the founder of the theatre, gave me my future. "In those days, in the mid-70s, when I was there, we were doing a play every four weeks. "Belfast was not a pretty town to be living in. "There was serious trouble, as you know, but this theatre was like a Belisha beacon of light and hope six nights a week, doing everything from Shakespeare to Yeats to O'Casey with a group of actors and actresses that affected me very deeply and still do." The Lyric began 50 years ago but the doors opened at its present site on the Stranmillis embankment overlooking the River Lagan in 1968.
As well as Liam Neeson, it also launched the careers of Adrian Dunbar and Stephen Rea and playwrights such as Martin Lynch and Gary Mitchell. Speaking to BBC Northern Ireland before the event at New York's SoHo House, Mr Neeson said that his spirit belonged to the Glens of Antrim. And he said that there was one figure from his childhood that he would love to portray on the big screen - Ian Paisley. He said that the DUP leader and preacher was a "very dynamic, extraordinary figure". Neeson used to listen to his sermons on a Friday night in Ballymena. He said: "What an orator. He was from that old school of bible-thumping righteousness. But it was so dramatic. I found him very powerful. "I'd love to get a chance to play him some time."
| The Ballymena-born actor said that the theatre on Ridgeway Street was in a "very dilapidated condition".Mr Neeson said that the idea was to get a bunch of "healthy, wealthy Irish Americans" in one room and ask them to help with fundraising.He said that the DUP leader and preacher was a "very dynamic, extraordinary figure".But it was so dramatic.And he said that there was one figure from his childhood that he would love to portray on the big screen - Ian Paisley."There was serious trouble, as you know, but this theatre was like a Belisha beacon of light and hope six nights a week, doing everything from Shakespeare to Yeats to O'Casey with a group of actors and actresses that affected me very deeply and still do."Lyric chairman David Johnston has said that rebuilding the theatre, at a cost of £8m is the only answer.Hollywood film star Liam Neeson has held a dinner party in New York to promote Belfast's Lyric Theatre.He said: "What an orator. |
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Top gig award for Scissor Sisters
New York band Scissor Sisters have won a gig of the year award for their performance at this year's V Festival.
The award was voted for by listeners of Virgin Radio, which compiled a top 10 which was mostly dominated by newcomers on the music scene this year. The quirky disco-rock band beat The Red Hot Chili Peppers who came second for their Hyde Park performance in June. Virgin Radio DJ Pete Mitchell said: "This year has seen an amazing array of talent come into the mainstream." He added: "The Scissor Sisters are one of the most original, eccentric bands to come through and it's no surprise the British public are lapping up their performances." Newcomers Keane came in third place for their August gig at the V Festival, followed by Maroon 5 and Snow Patrol.
Music veterans The Who and David Bowie, both earned places on the list, at number eight and 10 respectively. At number seven was Oxfam's Make Fair Trade gig at London's Hammersmith Apollo in October, which featured performances by REM, Razorlight and Coldplay's Chris Martin. Glasgow's Franz Ferdinand earned a place at number nine for their home-town performance in April. The annual survey was voted for by nearly 4,000 listeners.
| New York band Scissor Sisters have won a gig of the year award for their performance at this year's V Festival.The award was voted for by listeners of Virgin Radio, which compiled a top 10 which was mostly dominated by newcomers on the music scene this year.Glasgow's Franz Ferdinand earned a place at number nine for their home-town performance in April.At number seven was Oxfam's Make Fair Trade gig at London's Hammersmith Apollo in October, which featured performances by REM, Razorlight and Coldplay's Chris Martin. |
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Paraguay novel wins US book prize
A novel set in 19th century Paraguay has won the $10,000 (£5,390) fiction prize at the US National Book Awards.
Lily Tuck's The News From Paraguay is a fictionalised tale about Paraguayan leader Francisco Solano Lopez and his Irish mistress. But the annual awards, which were presented in New York on Wednesday, were not without controversy. Children's author Judy Blume, who was given an honourary medal, used the ceremony to speak out over censorship.
Sales of Blume's books have exceeded 75 million, but her work - which features frank narratives about families, religion and sexuality - is closely watched by the censors. Blume said: "The urge to ban is contagious. It spreads like wildfire from community to community. Please speak out. Censors hate publicity." Her medal marks the second year in a row the honourary prize went to someone as notable for popular success as literary greatness. Last year's honorary winner, Stephen King, accused the industry during the 2003 ceremony of snobbery against popular writers. But his argument that the award should help sell books instead of honouring excellence is not shared by everyone.
This year's fiction panel overlooked high-profile works such as Philip Roth's The Plot Against America and instead chose five little-known books, all by New York-based women. One fiction judge, Stewart O'Nan, carried around a note written on a napkin that said: "I would hope that our caring more for the quality of a work than its sales figures make us a friend of books, not an enemy." The National Book Awards non-fiction prize was awarded to Kevin Boyle's for Arc of Justice, which focuses on a black family's fight to live in a white Detroit neighbourhood in the 1920s. The award had created a lot of interest this year after the surprise inclusion of the of the 9-11 Commission Report looking into the events of the 11 September terrorist attacks on the US. Pete Hautman won the young people's literature prize for his novel Godless. The winner in the poetry category was Jean Valentine for Door in the Mountain: New and Collected Poems, 1965-2003.
| A novel set in 19th century Paraguay has won the $10,000 (£5,390) fiction prize at the US National Book Awards.Children's author Judy Blume, who was given an honourary medal, used the ceremony to speak out over censorship.The National Book Awards non-fiction prize was awarded to Kevin Boyle's for Arc of Justice, which focuses on a black family's fight to live in a white Detroit neighbourhood in the 1920s.This year's fiction panel overlooked high-profile works such as Philip Roth's The Plot Against America and instead chose five little-known books, all by New York-based women.Her medal marks the second year in a row the honourary prize went to someone as notable for popular success as literary greatness.Sales of Blume's books have exceeded 75 million, but her work - which features frank narratives about families, religion and sexuality - is closely watched by the censors.The winner in the poetry category was Jean Valentine for Door in the Mountain: New and Collected Poems, 1965-2003.But his argument that the award should help sell books instead of honouring excellence is not shared by everyone. |
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Jamelia's return to the top
R&B star Jamelia had three Brit nominations to go with her triple triumph at last year's Mobo awards.
The Birmingham-born singer, full name Jamelia Davis, was signed to a record label at the age of 15 and released her first single So High at 18. She released four number ones from her 2000 album Drama, including the top five hit Money featuring the vocals of reggae artist Beenie Man. She racked up five Mobo nominations in 2000, winning one for best video. But in the same year she also fell pregnant and decided to take a break from music to bring up her daughter Teja, who was born in March 2001. While she originally planned to get back to work pretty swiftly after giving birth it was actually two years before she released another single. During her absence R&B music exploded and a whole host of female artists were on the scene, meaning Jamelia had to once again prove herself. Her comeback song Bout featuring Rah Digga only just scrapped into the top 40.
It was her next single, Superstar, that really put her back on the map as one of Britain's most popular female R&B singers, holding her own in a music scene dominated by US artists such as Beyonce and Ashanti.
Superstar was followed by Thank You, winner of best single at the 2004 Mobos, which reached number two in the UK charts. The autobiographical song, which deals with domestic abuse, hit number one in New Zealand and Australia. Next came the song See It In A Boy's Eyes, which was especially written for her by Coldplay's Chris Martin. His involvement with the song meant not only was it given massive publicity but it was also greeted favourably by a new audience who would not usually listen to R&B. She now combines singing with modelling and supporting charities including the NSPCC and Make Trade Fair. Despite her huge success in recent years, Jamelia remains down-to-earth about her fame and her chances of lasting in the fickle music business, partly due to motherhood. "When I first got into the industry, I'd be away from home for months at a time. But now I have other things in my life. I still want to make it, but it's not the end of the world if I don't," commented Jamelia.
| It was her next single, Superstar, that really put her back on the map as one of Britain's most popular female R&B singers, holding her own in a music scene dominated by US artists such as Beyonce and Ashanti.The Birmingham-born singer, full name Jamelia Davis, was signed to a record label at the age of 15 and released her first single So High at 18.His involvement with the song meant not only was it given massive publicity but it was also greeted favourably by a new audience who would not usually listen to R&B.She released four number ones from her 2000 album Drama, including the top five hit Money featuring the vocals of reggae artist Beenie Man.Superstar was followed by Thank You, winner of best single at the 2004 Mobos, which reached number two in the UK charts.During her absence R&B music exploded and a whole host of female artists were on the scene, meaning Jamelia had to once again prove herself.While she originally planned to get back to work pretty swiftly after giving birth it was actually two years before she released another single.R&B star Jamelia had three Brit nominations to go with her triple triumph at last year's Mobo awards. |
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The Producers scoops stage awards
The Producers has beaten Mary Poppins in the battle of the blockbuster West End musicals at the Olivier Awards.
The Producers won three prizes at the UK's most prestigious annual theatre awards, while Mary Poppins won two. Mel Brooks' hit show triumphed in the battle for best new musical, where it was up against Mary Poppins and Andrew Lloyd Webber's The Woman in White. Alan Bennett's The History Boys was the big winner in the straight theatre categories, picking up three trophies. But all eyes were on the musical prizes after The Producers, Mary Poppins and The Woman in White all had high-profile openings in the last six months.
The Producers' Nathan Lane, a last-minute replacement for Richard Dreyfuss, beat his former co-star Lee Evans to win best musical actor. Lane has already left the production. A smash hit on Broadway before moving to London, the show also won best musical performance in a supporting role for Conleth Hill, who plays director Roger DeBris. Mary Poppins' awards came for best choreography and best musical actress for its star Laura Michelle Kelly. It led the nominations going into Sunday's ceremony at London's Hilton hotel, up for nine awards. Both shows are stage adaptations of 1960s films. The History Boys, set in a grammar school in the early 1980s and partly based on Bennett's experiences as a teacher, was named best new play.
It also won best actor for Richard Griffiths, who beat his Harry Potter film co-star Michael Gambon, nominated for Endgame, as well as Jonathan Pryce and Ben Whishaw. The play also won National Theatre artistic director Nicholas Hytner best director and Bennett got a special award for outstanding contribution to British theatre. Dame Judi Dench, who starred in All's Well That Ends Well at the Gielgud, lost out in the best supporting role category to Amanda Harris, who played Emilia in Othello for the Royal Shakespeare Company. The Olivier Awards have been handed out by the Society of London since 1976.
- Best lighting design - His Dark Materials designed by Paule Constable at the Olivier
- Best sound design - The Woman in White designed by Mick Potter at the Palace
- Best new opera - Lady Macbeth of Mtsensk at the Royal Opera House
- Outstanding achievement in opera - Thomas Ades and the Royal Opera House for the world premiere of The Tempest
- Best costume design - All's Well That Ends Well designed by Deirdre Clancy at the Gielgud
- Best Revival - Hamlet by William Shakespeare at The Old Vic
- Best set design - His Dark Materials designed by Giles Cadle at the Olivier
- Outstanding musical production - Grand Hotel at the Donmar Warehouse
- Best supporting role in a musical - Conleth Hill for The Producers at Theatre Royal, Drury Lane
- Best theatre choreographer - Matthew Bourne and Stephen Mear for Mary Poppins at the Prince Edward
- Best actor - Richard Griffiths for The History Boys at the Lyttelton
- Outstanding achievement or performance in an affiliate theatre - Andrew Scott for A Girl in A Car With A Man at the Jerwood Theatre Upstairs at the Royal Court
- Best new dance production - Rambert Dance Company's Swamp at Sadler's Wells
- Outstanding achievement in dance - San Francisco Ballet for their season at Sadler's Wells
- Best performance in a supporting role - Amanda Harris for Othello at Trafalgar Studios
- Best actress - Clare Higgins for Hecuba at the Donmar Warehouse
- Best musical actor - Nathan Lane for The Producers at Theatre Royal, Drury Lane
- Best musical actress - Laura Michelle Kelly for Mary Poppins at the Prince Edward
- Best director - Nicholas Hytner for The History Boys at the Lyttelton
- Best new play - The History Boys by Alan Bennett at the Lyttelton
- Best new musical - The Producers at Theatre Royal, Drury Lane
- Special award - Alan Bennett for his outstanding contribution to British theatre
| - Best lighting design - His Dark Materials designed by Paule Constable at the Olivier - Best sound design - The Woman in White designed by Mick Potter at the Palace - Best new opera - Lady Macbeth of Mtsensk at the Royal Opera House - Outstanding achievement in opera - Thomas Ades and the Royal Opera House for the world premiere of The Tempest - Best costume design - All's Well That Ends Well designed by Deirdre Clancy at the Gielgud - Best Revival - Hamlet by William Shakespeare at The Old Vic - Best set design - His Dark Materials designed by Giles Cadle at the Olivier - Outstanding musical production - Grand Hotel at the Donmar Warehouse - Best supporting role in a musical - Conleth Hill for The Producers at Theatre Royal, Drury Lane - Best theatre choreographer - Matthew Bourne and Stephen Mear for Mary Poppins at the Prince Edward - Best actor - Richard Griffiths for The History Boys at the Lyttelton - Outstanding achievement or performance in an affiliate theatre - Andrew Scott for A Girl in A Car With A Man at the Jerwood Theatre Upstairs at the Royal Court - Best new dance production - Rambert Dance Company's Swamp at Sadler's Wells - Outstanding achievement in dance - San Francisco Ballet for their season at Sadler's Wells - Best performance in a supporting role - Amanda Harris for Othello at Trafalgar Studios - Best actress - Clare Higgins for Hecuba at the Donmar Warehouse - Best musical actor - Nathan Lane for The Producers at Theatre Royal, Drury Lane - Best musical actress - Laura Michelle Kelly for Mary Poppins at the Prince Edward - Best director - Nicholas Hytner for The History Boys at the Lyttelton - Best new play - The History Boys by Alan Bennett at the Lyttelton - Best new musical - The Producers at Theatre Royal, Drury Lane - Special award - Alan Bennett for his outstanding contribution to British theatreMel Brooks' hit show triumphed in the battle for best new musical, where it was up against Mary Poppins and Andrew Lloyd Webber's The Woman in White.Mary Poppins' awards came for best choreography and best musical actress for its star Laura Michelle Kelly.The Producers has beaten Mary Poppins in the battle of the blockbuster West End musicals at the Olivier Awards.A smash hit on Broadway before moving to London, the show also won best musical performance in a supporting role for Conleth Hill, who plays director Roger DeBris.The Producers won three prizes at the UK's most prestigious annual theatre awards, while Mary Poppins won two.The Producers' Nathan Lane, a last-minute replacement for Richard Dreyfuss, beat his former co-star Lee Evans to win best musical actor. |
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Vera Drake leads UK Oscar hopes
Mike Leigh's film Vera Drake will lead British hopes at this year's Academy Awards after getting three nominations.
Imelda Staunton was nominated for best actress for her role in the abortion drama, while Leigh received nods for best director and original screenplay. Kate Winslet was also nominated in the best actress category for her role in Eternal Sunshine of the Spotless Mind. And Clive Owen and Sophie Okonedo both got nominated for supporting roles in Closer and Hotel Rwanda respectively. Owen has already been made bookmakers' favourite for best supporting actor for the role in Closer that has already clinched him a Golden Globe award.
And it is the first nomination for actress Okonedo, chosen for her performance in Hotel Rwanda, about the 1994 Rwandan genocide. It is also a debut nomination for Staunton, 49, who told BBC News 24 she had not thought the film would appeal to Academy voters. "It was an extraordinary time making the film and I can't believe what has happened this morning," she said. "I hope it just shows Mike up to be the extraordinary filmmaker he is. "We are also dealing with a very difficult subject matter and it is amazing to have it accepted in this way." Leigh, who had previously received three Oscar nominations for Secrets and Lies and Topsy Turvy, told BBC News 24 the latest success was "amazing". He said: "We hoped that Imelda Staunton would get a nomination but I never expected to get director and screenplay. It's just absolutely wonderful.
"I think people are aware that it's about life - and I hope it is the warmth and compassion that really talks to people." Winslet said she was "ecstatic" about the fourth nomination of her career. "Being nominated means so much to me. To be nominated for a film that was released a while ago, I feel so honoured and overwhelmed," she said. John Woodward, chief executive of the UK Film Council, said it was "extremely heartening" to see British filmmaking talent recognised on the global stage. "Britain has a hugely talented industry and these nominations show why National Lottery investment in film pays major dividends for our culture and economy." Among a total of 24 British nominees, composer Andrew Lloyd Webber and lyricist Charles Hart are up for best original song for Learn To Be Lonely, from The Phantom of the Opera movie.
Cinematographer John Mathieson, who was nominated for Gladiator in 2001, is also up for The Phantom of the Opera. And Finding Neverland has garnered two more nominations for Brits. Gemma Jackson, who has also worked on Bridget Jones's Diary and Iris, is up for art direction while costume designer Alexandra Byrne, whose previous films have included Captain Corelli's Mandolin and Elizabeth, is in the running. The UK has two contenders in the best live action short film category. Wasp was made by ex-children's TV presenter Andrea Arnold while Little Terrorist is the work of Ashvin Kumar. This year's awards will be handed out in Hollywood on 27 February.
| Kate Winslet was also nominated in the best actress category for her role in Eternal Sunshine of the Spotless Mind.To be nominated for a film that was released a while ago, I feel so honoured and overwhelmed," she said."It was an extraordinary time making the film and I can't believe what has happened this morning," she said.Imelda Staunton was nominated for best actress for her role in the abortion drama, while Leigh received nods for best director and original screenplay.Winslet said she was "ecstatic" about the fourth nomination of her career.Cinematographer John Mathieson, who was nominated for Gladiator in 2001, is also up for The Phantom of the Opera.It is also a debut nomination for Staunton, 49, who told BBC News 24 she had not thought the film would appeal to Academy voters.The UK has two contenders in the best live action short film category.John Woodward, chief executive of the UK Film Council, said it was "extremely heartening" to see British filmmaking talent recognised on the global stage.Owen has already been made bookmakers' favourite for best supporting actor for the role in Closer that has already clinched him a Golden Globe award."Britain has a hugely talented industry and these nominations show why National Lottery investment in film pays major dividends for our culture and economy." |