BP will emerge from the Gulf of Mexico oil spill crisis a smaller and wiser company, according to the man who is due to take over the reins. Bob Dudley, currently in charge of BP's clean-up operation, will replace Tony Hayward as chief executive in October. Mr Dudley described the oil spill as a terrible tragedy from which the company and the industry would learn a lot. Earlier, BP reported a record $17bn (£11bn) loss, having set aside $32bn to cover the costs of the spill.
BP will emerge from the Gulf of Mexico oil spill crisis a smaller and wiser company, according to the man who is due to take over the reins.
Bob Dudley, currently in charge of BP's clean-up operation, will replace Tony Hayward as chief executive in October.
Mr Dudley described the oil spill as a terrible tragedy from which the company and the industry would learn a lot.
Earlier, BP reported a record $17bn (£11bn) loss, having set aside $32bn to cover the costs of the spill.
Northern Rock's former finance director, David Jones, has been fined and banned by the Financial Services Authority (FSA) for his part in the misreporting of mortgage arrears. The FSA fined Mr Jones £320,000 and banned him from performing any function in relation to any regulated activity. Mr Jones said the penalties were "unfair and disproportionate". He is now the third former executive from Northern Rock to be banned and fined by the regulator.
Northern Rock's former finance director, David Jones, has been fined and banned by the Financial Services Authority (FSA) for his part in the misreporting of mortgage arrears.
The FSA fined Mr Jones £320,000 and banned him from performing any function in relation to any regulated activity.
Mr Jones said the penalties were "unfair and disproportionate".
He is now the third former executive from Northern Rock to be banned and fined by the regulator.
Lloyds Banking Group has stopped selling payment protection insurance (PPI) to customers who borrow money. It is the first bank to respond in this way to long-running criticism of the policies and the way they have sometimes been mis-sold. PPI is supposed to help people pay loans, mortgages or credit card bills if they fall ill or lose their jobs. Its sale is now being restricted by the Financial Services Authority (FSA) and the Competition Commission.
Lloyds Banking Group has stopped selling payment protection insurance (PPI) to customers who borrow money.
It is the first bank to respond in this way to long-running criticism of the policies and the way they have sometimes been mis-sold.
PPI is supposed to help people pay loans, mortgages or credit card bills if they fall ill or lose their jobs.
Its sale is now being restricted by the Financial Services Authority (FSA) and the Competition Commission.
NEW YORK, July 27 (Reuters) - Steelmakers painted a gloomy picture for the short-term prospects of the industry on Tuesday as global prices have fallen and industrial demand is not recovering from the recession as quickly as expected. The negative outlook from Japan to North America sent steelmakers' shares tumbling.
The Times has lost almost 90% of its online readership compared to February since making registration mandatory in June, calculations by the Guardian show. The huge drop matches the industry expectation before the Times instituted the paywall that traffic would fall off by 90%, which is the standard experience when a site moves to a paid-access model instead of free access.
The huge drop matches the industry expectation before the Times instituted the paywall that traffic would fall off by 90%, which is the standard experience when a site moves to a paid-access model instead of free access.
AFAIK, the profit center for Internet news is the same as the paper edition: ads. Subscription and newsstand sales only cover the costs printing and distribution of the paper edition.
For the last decade, or so, newspapers have been profitable, in some cases tremendously so. Now the ground has shifted and the income stream is coming back down to trend, or below. Thus the profits are shrinking and people, like Murdoch, who bought based on insane projected future revenue are taking it in the shorts.
Trying to sell internet subscriptions is trying to iterate the print model ... and it isn't going to work.
The predilection to blame business was manifest in one of President Barack Obama's recent speeches. He was supposed to be seeking the support of the business community for a doubling of exports over the next five years. Instead he lashed out at "unscrupulous and underhanded businesses, who are unencumbered by any restriction on activities that might harm the environment, take advantage of middle-class families, or, as we've seen, threaten to bring down the entire financial system."This kind of gratuitous and overstated demonisation - widely seen in the business community as a resort to economic populism on the part of Mr Obama to shore up the growing weakness in his political standing - is exactly the wrong approach.
The predilection to blame business was manifest in one of President Barack Obama's recent speeches. He was supposed to be seeking the support of the business community for a doubling of exports over the next five years. Instead he lashed out at "unscrupulous and underhanded businesses, who are unencumbered by any restriction on activities that might harm the environment, take advantage of middle-class families, or, as we've seen, threaten to bring down the entire financial system."
This kind of gratuitous and overstated demonisation - widely seen in the business community as a resort to economic populism on the part of Mr Obama to shore up the growing weakness in his political standing - is exactly the wrong approach.
Ma! He's Looking At Me Funny! - Paul Krugman Blog - NYTimes.com
That's basically the thrust of Mort Zuckerman's op-ed accusing Obama of "demonizing" business. The op-ed contains the usual -- false claims that Fannie and Freddie caused the financial crisis, false claims that fear of government policy -- as opposed to weak demand -- is holding back investment and hiring.
That's basically the thrust of Mort Zuckerman's op-ed accusing Obama of "demonizing" business.
The op-ed contains the usual -- false claims that Fannie and Freddie caused the financial crisis, false claims that fear of government policy -- as opposed to weak demand -- is holding back investment and hiring.
I think this is telling. This is the only actual example of Obama's alleged demonization of business that Zuckerman offers -- and it's essentially a mini-Breitbart, a quote taken out of context to make it seem as if Obama was saying something he wasn't. That's typical of the whole argument. Oh, and one more thing: are there no copy editors at the FT? When I quote someone in my column, I supply the source material, and my copy editor checks, not just to be sure that the quote is accurate, but that it's not taken out of context. But I guess such rules don't apply if you're a conservative.
I think this is telling. This is the only actual example of Obama's alleged demonization of business that Zuckerman offers -- and it's essentially a mini-Breitbart, a quote taken out of context to make it seem as if Obama was saying something he wasn't. That's typical of the whole argument.
Oh, and one more thing: are there no copy editors at the FT? When I quote someone in my column, I supply the source material, and my copy editor checks, not just to be sure that the quote is accurate, but that it's not taken out of context. But I guess such rules don't apply if you're a conservative.
