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Business News

Latest business news from around the World.

Pentagon can’t find $2.3 trillion, wasting trillions on ‘national defense’

Yes, America’s economy is a war economy. Not a “manufacturing” economy. Not an “agricultural” economy. Nor a “service” economy. Not even a “consumer” economy. By Paul B. Farrell | Seriously, I looked into your eyes, America, saw deep into your soul. ...

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Another inconvenient truth: Fiscal Armageddon, coming to a cinema near you

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BP shuts down Georgia pipelines

Energy giant BP says it has shut two of three pipelines that run through Georgia as a precautionary measure. A spokeswoman for the firm said the oil and gas pipelines, which run from the Caspian Sea into Georgia, had not ...

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Bin Laden Firm to Build Saudi Arabian Prisons to Replace Guantanamo Bay

Saudi Arabia prisons to replace Guantanamo bay Pakistan Daily  Saudi Arabia is to build five modern prisons in the kingdom to replace US Guantanamo detention facility, a new report has revealed. Jordanian daily quoted unnamed sources as saying that US ...

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BP hits a record but warns of Russia risk

BP reported the biggest-ever quarterly profit for a British company but warned of the risks of doing business in Russia and promised to fight to defend its interests there. Soaring oil and gas prices helped push underlying net profit up 56 ...

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Inspector questions Blackwater contracts

By Joseph Neff | A high-stakes dispute that flared Monday between Blackwater and the federal government boils down to a definition: Are the hundreds of Blackwater guards protecting diplomats in Iraq and Afghanistan employees or contractors? By labeling them contractors, ...

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Pentagon Auditors Pressured To Favor Contractors, GAO Says

By Dana Hedgpeth | Auditors at a Pentagon oversight agency were pressured by supervisors to skew their reports on major defense contractors to make them look more favorable instead of exposing wrongdoing and charges of overbilling, according to an 80-page report ...

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U.S. House passes CIA contractor ban over veto vow

U.S. lawmakers defied a White House veto threat on Wednesday and voted to bar CIA contractors from interrogating suspected terrorists, in the latest clash over detainee treatment in the U.S.-declared war on terrorism. The Democratic-controlled House of Representatives approved the ...

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Revealed: how the restaurant chains pocket your tips

Investigation by Martin Hickman, Simon Usborne and Andrew Grice | Britain’s restaurants are creaming off millions of pounds of customers’ tips to boost their profits, an investigation by The Independent has found.   A series of legal ploys are being used ...

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The Shrinking Influence of the US Federal Reserve

Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States Federal Reserve Bank, faces a general investigation by the International Monetary Fund. Just one more example of the Fed losing its power. The United States Federal Reserve Bank, ...

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The Big Outcome of the ’60s: The Triumph of Capitalism

By Slavoj Zizek | In 1968 Paris, one of the best-known graffiti messages on the city’s walls was “Structures do not walk on the streets!” In other words, the massive student and workers demonstrations of ’68 could not be explained in ...

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New Global Energy Order Emerging

IPS | By bringing together the world’s major oil producers and consumers in Jeddah, Saudi Arabia marked a turning point in the negotiations for a new global energy order that is emerging under the weight of soaring oil prices, which ...

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Big Oil’s Big Lie

By George Monbiot | Of course, it’s not a crime, and it’s hard to see how, in a free society, it could or should become one. But the culpability of the energy firms the climate scientist James Hansen will indict ...

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Blackwater, skirting federal law, using cache of AK-47s

By Joseph Neff | The private military company Blackwater has found an unusual way to skirt federal laws that prohibit private parties from buying automatic weapons. Blackwater bought 17 Romanian AK-47s and 17 Bushmasters, gave ownership of the guns to ...

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A New Kind Of Corporate Slavery

Corporations are getting rich using federal prisoners as captive labor pools. By Betty Brink | Unless she’s dying or recovering from surgery, a patient at the Federal Medical Center-Carswell must work. The hospital out on the banks of Lake Worth ...

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An alternative to oil?

By Lee Waters | Oil prices could reach $200 a barrel by the end of the year, and the cost of filling up is rising nearly as fast. Lee Waters, of sustainable transport charity Sustrans, explains why it’s time to ...

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Potential Future Hyperinflation

By Stephen Lendman – RINF | Walter “John” Williams thinks out of the box. He makes disquieting reading, but you won’t find him in the mainstream. At least not often. He runs a “Shadow Government Statistics” site with an electronic ...

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Profiting from Iraq’s occupation

By Harry Cohen | The British in Basra are unpopular and mostly ineffective. The last survey of Basra residents by BBC Newsnight indicated that 86 per cent believe British troops have had a negative effect on the Iraqi province since ...

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Oil: A global crisis

The Iraq War means oil costs three times more than it should, says a leading expert. How are our lives going to change as we struggle to cope with the $200 barrel? Geoffrey Lean reports. The invasion of Iraq by ...

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Billions of Dollars Unaccounted For in Iraq

MotherJones | Want to see a signature worth $320 million? Click here. It belongs to Jack Gardner, an official with the now-defunct Coalition Provisional Authority, who in July 2003 authorized that amount to be transferred to the Iraqi Ministry of Finance ...

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The Culture of Capitalism

By Jonathan Rutherford | We are living through an age of transition. The new co-exists with the old. We can identify political, economic and cultural elements of this change, but we do not yet have a way of describing the ...

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Blackwater back to Iraq

Outrage over the killings prompted the Iraqi government to demand Blackwater’s ouster from the country. But after an intense public and private lobbying campaign, Blackwater appears to be back to business as usual. The State Department has just renewed its ...

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The Lucrative Art of War

New York Times | Congress is finally moving to shut one of the more egregious forms of Iraq war profiteering: defense contractors using offshore shell companies to avoid paying their fair share of payroll taxes. The practice is widespread and Congressional ...

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Will the Mortgage Industry Pay for Its Crimes?

By Danny Schechter | There is a time in the life of every writer when you find yourself fearing that you have become a robo call phone machine — repeating the same message over and over and with diminishing results. That’s ...

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The New Whopper: Burger with a Side of Spies

PR Watch | Author Eric Schlosser editorializes about “the growing threat to civil liberties posed by corporate spying,” citing Burger King Corporation’s spying on the Student/Farmworker Alliance and the Coalition of Immokalee Workers, through Cara Schaffer and her private security ...

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US Oil Major Complicit in Abuses – Rights Lobby

By Marwaan Macan-Markar – IPS | An environmental group is warning U.S. energy giant Chevron to clean up its act in Burma or face legal proceedings where the multinational’s links to gross human rights violations in the military-ruled country could be exposed. ...

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We Must Imagine a Life Without Oil

By Mark Hertsgaard – The Nation | It used to be that only environmentalists and paranoids warned about running out of oil. Not anymore. As climate change did over the past few years, peak oil seems poised to become the next big ...

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Corporate America

By Chris Hedges | The corporate state is our shadow government. Candidates who aspire to higher office get corporate money if they promote corporate interests. They are shut out of the national debate—look at Dennis Kucinich and Ralph Nader—if they do ...

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Top brands in OFT price-fixing probe

By James Hall and Richard Fletcher | About 100 leading household brands, including PG Tips, Coca-Cola and Aquafresh, are at the centre of an investigation into allegations of price-fixing, The Daily Telegraph can disclose. They are included on a hit list ...

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Investigators: Millions in Iraq contracts never finished

AP | Millions of dollars of lucrative Iraq reconstruction contracts were never finished because of excessive delays, poor performance or other factors, including failed projects that are being falsely described by the U.S. government as complete, federal investigators say. The ...

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Bush Administration Policies Making Work Less Safe

By Leo W. Gerard | In the heart of Pennsylvania, while the media still relentlessly plagued Senators Obama and Clinton about flag pins and memory lapses just before the primary, a machine at an ArcelorMital plant in Steelton crushed Roger ...

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The Sick Science Tobacco Companies Pursue

By Scott Thill | Those who complain about how the internet or advances in technology haven’t done enough to make us smarter or better may not truly remember what life was like before either. For one, digging up any type ...

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Blackwater wants to use N.C. airport

By Connie Sage | The town is negotiating with Blackwater to allow the private security company to lease space at Northeastern Regional Airport to use for its driver training program. Blackwater would instruct defensive driving techniques on a paved, abandoned ...

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Is Rice the New Global Currency?

By Otto Spengler | China is exchanging its depreciating reserves of the greenback for things of value, notably rice, with deadly consequences for U.S. foreign policy. The global food crisis is a monetary phenomenon, an unintended consequence of America’s attempt ...

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Murdoch to buy New York rival

THE US publishing company Tribune has agreed in principle to sell the New York newspaper Newsday to Rupert Murdoch’s News Corp for about $US580 million ($616million). Under the terms of a deal, Newsday would be part of a joint venture ...

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The US Economy and the Costs of War

By Dave Lindorff | Is the Iraq War to blame for America’s long-term economic decline and for the current economic crisis? Martin Neil Baily, a chair of the Council of Economic Advisers under President Bill Clinton, and now director of ...

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Alistair Darling in £50bn gamble to aid banks

By Robert Winnett Alistair Darling will unveil an unprecedented scheme to offer £50 billion in taxpayer-backed loans to high street mortgage lenders today in an attempt to solve the credit crisis. The Chancellor hopes that the cash injection – the ...

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F.A.C.K. YOU

SchNews WORKPLACE DEATHS CONTINUE, TEN YEARS AFTER THE MURDER OF SIMON JONES “FACK grew out of the campaigning around Simon Jones’ death which had a magnificent effect, especially the direct action. It woke people up to the fact that we ...

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Anonymous protests Scientology corporation

InfoBomb Indymedia More than 70 protestors gathered on Ethel Street in central Birmingham on Saturday 12th, wearing distinctive masks and costumes to protest against the abusive policies of the Church of Scientology This was the third global protest organised by ...

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US renews contract with Blackwater

By Kate Randall The US State Department has renewed its contract with Blackwater Worldwide to provide security for American diplomats in Baghdad. The move comes as the FBI is still investigating an incident in September 2007 in which 17 Iraqi ...

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Iran torpedoes US plans for Iraqi oil

In the highly competitive world of international politics, nation states very rarely miss an opportunity to crow about success stories. The opportunity comes rare, mostly by default, and seldom enduring. By any standards of showmanship, therefore, Tehran has set a ...

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Confessions of an Economic Hit Man

I’ll admit it: I used to admire John McCain. To paraphrase the UFO poster from “The X Files,” I wanted to believe. Specifically, I wanted to believe the guy talking tough about campaign finance reform was committed to getting money ...

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Adbusters’ Ads Busted

By James H. Ewert Jr. Kalle Lasn is a fighter for the right to communicate. A privilege, says the founder of Adbusters magazine, that goes one step farther than the freedom of speech. “You can stand on the corner and ...

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The Forbidden Financial Topic: U.S. National Debt

Mike Adams As we wind our way towards an election between the numerous professional liars who have been put forward as candidates for U.S. President, it seems to be a great time to remind us all about the financial issue ...

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BAE axes 600 military jobs

Aerospace giant BAE Systems is to axe almost 600 jobs at two of its military factories, unions were told today. Officials expressed shock at the scale of the cuts at the sites in Brough, near Hull and Woodford, near Manchester. ...

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The Fed’s Dealings: For Public or Private Interest?

Ferguson is professor of political science at the University of Massachusetts, Boston. He is the author or coauthor of many books and articles, including Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems (University ...

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Disgusting Profits by Armament Companies

I’ve been joking the last few years that if you invested in military stocks on January 20, 2001, you’d be sitting pretty right now. Well, now I’ve got some more evidence to back up that not-so-funny joke. Since the Iraq ...

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VIDEO: Halliburton poisoning US forces in Iraq?

This 4 minute video describes how Halliburton is poisoning the troops in Iraq through their water supply. [youtube]http://www.youtube.com/watch?v=4FJC_OrO3Nw[/youtube]

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Federal Reserve could be given more power

America’s Treasury Department will tomorrow put forward plans for a revamp of US financial regulation in an attempt to curb the lending excesses that triggered the credit crisis. The new blueprint, drawn up by Treasury secretary Hank Paulson, would, if ...

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Blackwater’s Employment Investigated

House oversight committee Chairman Henry A. Waxman expanded his effort yesterday to investigate private security contractor Blackwater Worldwide, calling for a wide-ranging federal inquiry into the company’s employment practices. In letters to the Internal Revenue Service, the Small Business Administration ...

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Blackwater sells itself as a peacekeeper

Blackwater Worldwide, the private security company whose guards are accused of shooting dead 17 Iraqi civilians last year, is attempting to reposition itself as a peacekeeping force as work in Iraq begins to dry up. Adverts have appeared in security ...

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Fears mount over US economy

  The US economy has been hit by more bleak news, with a series of announcements adding to an already gloomy picture. A slump in consumer spending, another drop in the dollar, and oil prices at new highs pushed the ...

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NO STRAIN NO GAIN

SchNEWS looks at how corporations and governments are limiting and controlling the varieties of crops grown… Last week, in France, the independent seed-saving and selling Association Kokopelli were fined €35,000 after being taken to court by corporate seed merchant Baumaux. ...

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Mugging the public

Harry’s Place  Almost everybody hates paying taxes. I certainly do. But as hard as it might be to part with a wadge of one’s hard-earned cash, one still grudgingly admits that it is necessary to maintain the smooth running of ...

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Inside the world of war profiteers

From prostitutes to Super bowl tickets, a federal probe reveals how contractors in Iraq cheated the U.S. By David Jackson and Jason Grotto | Tribune reporters Inside the stout federal courthouse of this Mississippi River town, the dirty secrets of ...

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Slavery in America

We had been on the road for hours, leaving the interstate and then digressing to smaller and smaller highways. Differing vistas of the Colorado landscape got wilder and more vacant the further north we drove. Driving through Maybell, we took ...

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Business spies for FBI eyes

By Jerry Mazza In George Bush’s mania to outdo George Orwell’s 1984, we bring you more than 23,000 members of private industry working quietly with the FBI and Department of Homeland Insecurity under the banner of InfraGard, i.e., the joint ...

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Banking with Hitler during World War II

thecounterpunch This investigative film shows in detail the roles played by the Anglo-German banking Cartel (notably the Bank of England controlled by the Rothschild and the Chase National Bank controlled by the Rockfeller as well as the Harriman/Bush‘s Bank) through ...

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It’s Official: Bush family wealth is linked to Holocaust

By thecounterpunch As the Guardian Newspaper wrote it: “Rumours of a link between the US first family and the Nazi war machine have circulated for decades”. Of course they were alledged to be “Conspiracy Theory” though such author as Tarpley ...

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Judge indicates he won’t allow ‘torture flights’ suit

By HOWARD MINTZ SAN JOSE — Faced with the Bush administration’s argument that a lawsuit over alleged CIA torture flights could expose state secrets, a federal judge Tuesday appeared reluctant to allow the case to proceed against a San Jose-linked ...

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The Year of Living Dangerously

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Does the US fund energy projects in Iran?

The World Bank is reportedly using US monetary contributions to help Iran build up and develop its various industries and gas sector. The World Bank’s Multilateral Investment Guarantee Agency (MIGA) has issued $122.2 million in guarantee coverage for three foreign ...

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Iraq oil production rises to 2.4m barrels a day

Martin Fletcher in Baghdad and Robin Pagnamenta Oil production in Iraq is at its highest level since the US-led invasion of 2003, reaching 2.4 million barrels a day, thanks largely to improved security measures in the north. The country’s Oil ...

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CIA not authorised to use waterboarding

AFP US Attorney General Michael Mukasey said Tuesday that waterboarding is not currently authorized for CIA interrogations, but said he would not answer questions from Congress on the technique’s legality in general. Mukasey, who is to testify before the Senate ...

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How Bush Destroyed the Dollar

The Profile of a Third World Country By PAUL CRAIG ROBERTS It is difficult to know where Bush has accomplished the most destruction, the Iraqi economy or the US economy. In the current issue of Manufacturing & Technology News, Washington ...

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Fears of bias as BBC gets £141m in EU loans

Jonathan Oliver THE BBC last night faced accusations of pro-Brussels bias as it was revealed that the corporation had taken out £141m in “soft” loans from the European Union. The broadcaster has taken out three separate low interest loans from ...

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Labour Given Thousands By Scientology Charity

Jason BeattieThe Labour Party received thousands of pounds from an offshoot of Scientology, the Evening Standard reveals today. The decision to accept money from a charity linked to the controversial cult was taken at the highest level by members of ...

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Amid record losses, Wall Street awarded itself $39 bil

By Andre Damon The five largest Wall Street banks doled out a record $39 billion in bonuses last year, according to data collected by the Bloomberg news service. After driving hundreds of thousands of families into foreclosure, causing a financial ...

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The McDonalds Happy Meal Report Card

[Seminole County, Florida, is a hotbed of opposition to teaching evolution] AD AGE – “This is a good day for parents and children in Seminole County and anyone who believes that corporations should not prey on children in schools,” said ...

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CIA Corporate Spying

They’re leaving “the Company” to snoop on your company. How C.I.A. agents are pushing corporate espionage to ominous new extremes. Douglas Frantz Photograph by: Matt Hoyle In early September 2006, a vice president of Wal-Mart sent a highly personal email ...

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Big Business Is Even More Unpopular Than You Think

Robert Weissman The U.S. public holds Big Business in shockingly low regard. A November 2007 Harris poll found that less than 15 percent of the population believes each of the following industries to be “generally honest and trustworthy:” tobacco companies ...

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Energy rip-off exposed

Steven Swinford and Jon Ungoed-Thomas BRITAIN’S biggest energy companies have stifled competition to raise prices and make record profits of more than £4.5 billion, a Sunday Times investigation has found. The six companies that control Britain’s gas and electricity are ...

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Dollar Mixed As Wall Street Tumbles

Associated Press The dollar rose slightly against the euro and pound on Friday, benefiting from nervous currency investors withdrawing from risky “carry trades.” A slumping Wall Street, which fell more than 300 points on Friday, drove traders away from those ...

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First Air-Powered Car: Zero Emissions by Next Summer

By Matt Sullivan India’s largest automaker is set to start producing the world’s first commercial air-powered vehicle. The Air Car, developed by ex-Formula One engineer Guy Nègre for Luxembourg-based MDI, uses compressed air, as opposed to the gas-and-oxygen explosions of ...

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Sinking dollar alters the game in 2008

Templewest Almost every news network did a story in 2007 about foreigners coming to the states to shop and invest, even in real estate.  What compelled this behavior? Among the many troubles confounding Fed Chairman Ben Bernanke during this credit crisis is the ...

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Un-American Lockheed Martin and Treason for Profit

As more news about Benazir Bhutto’s assassination comes out, clearly implicating the Musharraff regime in the murder, our tax dollars are going toward paying Lockheed Martin for weapons to Pakistan. “Washington, Jan 1 – The US Defence Department has awarded ...

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Dollar declines as traders wrangle over Fed rate cuts

The US dollar declined against the euro and the pound on Friday as traders continued to hotly debate whether the US Federal Reserve would continue cutting interest rates amid economic uncertainty. The euro was swapping hands at US$1.4378 in late ...

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The U.S. dollar is bouncing off of 30 year lows

The U.S. dollar index goes all the way back to March of 1973. However this 30 year chart of the index shows how the U.S. dollar is holding up against a basket of currencies. It’s weighted against 6 currencies (Euro, ...

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Morgan Stanley Bank secures $5bn China bailout

Belly Up Banks, ready to go under? Only 40 Billion of the 150 – 300  Billions Sub prime debts has thus far been written off, what will happen when the other 110 –  260  Billion is written off? NOTE:  Sub ...

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The Dollar Fallback

Until late January this year, the hosiery town of Tirupur had been in a state of euphoria. Within days, its glee turned into a grimace. Until late January this year, the hosiery town of Tirupur had been in a state ...

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Worker says Boeing knew about CIA renditions

The Monterey County Herald A Boeing subsidiary accused of helping the CIA secretly fly terrorism suspects to be tortured in overseas prisons openly acknowledged its role in the “extraordinary rendition” program, a former employee of the smaller company said in ...

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U.S. House passes bill to ban “waterboarding”

The U.S. House of Representatives approved a bill on Thursday to prohibit the Central Intelligence Agency (CIA) from using “waterboarding” and other harsh tactics to interrogate terrorist suspects. Being voted 222-199, the intelligence bill was sent to the Senate and ...

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FDA Caving to Corps

The Food and Drug Administration is developing a proposal for how drug companies can inform doctors about drug uses that aren’t FDA approved, a contentious but important area of promotion for the industry. While it is legal for physicians to ...

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VIDEO: Shell Oil – corporate criminals

Oil company business as usual Blood and oil in Ireland We hear about a looming energy shortage and we see high fuels prices. The media talks endlessly about global warming, but when do we hear about what goes on “behind ...

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Is the dollar leading us into a depression?

A fallen greenback could mean economic turmoil, or it could trigger an economic crisis. Economists are having trouble predicting the outcome because investors are not behaving rationallyBy J. Bradford DeLong The falling US dollar has emerged as a source of ...

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Websites sell secret bank data and PINs

Alexi Mostrous and Dominic Kennedy Security breaches that are allowing the financial details of tens of thousands of Britons to be sold on the internet are to be investigated by the country’s information watchdog. Without paying a single penny, The ...

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Judge: Bank debt collectors behaved like robbers

Ashling O’Connor When Tapan Bose fell behind on his car loan repayments to the largest commercial bank in India he could not have known that it would leave his friend’s son requiring 12 stitches in his battered skull. Mr Bose ...

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Banks scourged by falling dollar

The supply of dollars is now so profuse that it is always higher than the banks’ purchasing capacity. Banks now buy dollars in dribs and drabs, as they do not have enough VND. The volume of dollars flowing into Eximbank ...

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Bet your bottom dollar tensions will follow

Bet your bottom dollar tensions will follow – Dollar could drop 90% in value – Bank of England By J A Blacker, Science Correspondent RINF Alternative News The Dollar, if the Bank of England is to be believed, could lose 90% ...

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A Generalized Meltdown of Financial Institutions

Reality has finally caught up to the stock market. The American consumer is underwater, the banks are buried in debt, and the housing market is in terminal distress. The Dow is now below its 200-Day Moving Average — the first ...

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Time to break free

The Middle East’s oil exporters should end their currencies’ peg to the dollar IN THE past week Iran’s president, Mahmoud Ahmadinejad, has damned it as a “worthless piece of paper” and China’s premier, Wen Jiabao, has moaned that it is ...

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Rumsfeld Torture Case Dropped in France

PARIS (AP) – A Paris prosecutor has thrown out a complaint against former Defense Secretary Donald Rumsfeld for torture in Iraq and at the U.S. military detention camp at Guantanamo Bay, a lawyer for one of the four groups that ...

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The True Cost of the Iraq War

The Iraq War has cost Americans well over $1 trillion. According to a study by the Democratic Staff of Congress’ Joint Economic Committee, entitled “The Hidden Costs of the Iraq War,” “The economic costs to the United States of the ...

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Saudi minister warns of dollar collapse

The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned. Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and ...

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Jim Rogers Urges People to Sell U.S. Dollar Holdings

Aaron Pan and Paul Gordon Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year. ”If you have dollars, I urge you ...

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What are we doing to stop Britain being taken over?

What are we doing to stop our beloved Britain being taken over? This is too frightening and too important to ignore any longer. Peter Hitchens If we don’t want to become a neglected outstation of the European Superstate, stripped of ...

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War Profiteering Hitting New Records

Arms makers winning war on terrorism Frank Walker ARMS manufacturers are making record profits from the war on terrorism and unprecedented spending on weapons programs. The massive earnings have drawn condemnation from Australian defence experts, who say expensive weapons such ...

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VIDEO: How the markets really work

Yes, it really is this bad Another example of humor that is deadly accurate. I worked on Wall Street for a few years, elbow to elbow with “top” investment bankers. It was one big casino with the saps in pensions ...

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BBC: Big Brother Cooperation

It’s a matter of alarm and concern that there are so many people out there who still believe that the BBC is a balanced and fair-minded source of news and current affairs. That belief was, at best ill-founded and at ...

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Blackwater guards ‘given immunity’

Private US security guards being investigated over a shooting in Iraq that left 17 civilians dead, have reportedly been offered immunity by the US state department. The Blackwater employees, who were guarding an embassy convoy at the time of the ...

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