International Business News - Summary http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif THE INDUSTRY: Energy efficiency, which encompasses building automation, networked smart grids and advanced lighting, helps businesses and residents reduce their power costs by making them more aware of how their appliances consume electricity. http://www.ibtimes.com/articles/20081203/summary-box-energy-efficiency-industry-growth.htm Wed, 03 Dec 2008 18:00:57 EST ECONOMIC SLOWDOWN: Mining companies have laid off hundreds of workers, cut costs and delayed or canceled expansion and exploration projects to cope with the slowing global economy. http://www.ibtimes.com/articles/20081203/summary-of-mining-industrys-economic-woes.htm Wed, 03 Dec 2008 17:55:39 EST ROLLER COASTER RIDE: Wicked swings in crude oil prices have made planning for heating oil purchases this winter brutal on customers and dealers. HOLDING THE BAG: Customers who locked in a contract at a fixed price when prices hit record levels over the summer will end up paying substantially more now since oil prices have fallen by about two-thirds. http://www.ibtimes.com/articles/20081128/volatile-heating-oil-prices-make-heads-spin.htm Fri, 28 Nov 2008 12:07:09 EST THE PROBLEM: Chrysler LLC, Ford Motor Co. and General Motors Corp. all are burning through billions in cash during the worst auto sales slump in 25 years--so much cash that they may not survive. Last week, their CEOs went to Congress to seek $25 billion in loans but were sent packing in their private jets after giving few details of how they would spend the money. http://www.ibtimes.com/articles/20081125/summary-box-congress-wants-details-from-auto-cos.htm Tue, 25 Nov 2008 17:26:28 EST WHAT'S THE APPEAL OF RETRO TOYS?: Cash-strapped parents and toymakers facing the difficult economy both find retro toys a safe bet for the holidays, since they have have tried-and-true appeal. http://www.ibtimes.com/articles/20081124/parents-and-toymakers-focus-on-retro-toys.htm Mon, 24 Nov 2008 16:03:56 EST THE NEWS: Poet LLC Chief Executive Jeff Broin says the Sioux Falls, S.D.-based company is in buyout talks with a number of ethanol companies. THE OPPORTUNITY: Publicly traded companies are valued at a fraction of what they once were, creating an environment in which it may be cheaper to buy an ethanol company than to build new plants. http://www.ibtimes.com/articles/20081124/summary-box-poet-in-buyout-talks.htm Mon, 24 Nov 2008 15:59:46 EST WHAT HAPPENED: Online dating service eHarmony is creating a new service that caters to gay and lesbian singles. WHY: The new online service, called Compatible Partners, is being created as part of a settlement eHarmony reached after a New Jersey man filed a complaint alleging that the online matchmaker was discriminating against gays and lesbians. http://www.ibtimes.com/articles/20081119/eharmony-has-new-site-for-same-sex-singles.htm Wed, 19 Nov 2008 15:16:31 EST THE NEW FRUGAL: Faced with financial losses and economic uncertainty, Americans are stretching the value of their dollars by choosing less expensive brands and bypassing the fashion mall for secondhand stores. http://www.ibtimes.com/articles/20081119/summary-box-frugality-makes-a-comeback-in-us.htm Wed, 19 Nov 2008 14:57:53 EST WHAT'S HAPPENING: The oil sector appears ripe for some consolidation in 2009, particularly deals involving the cash-rich oil giants and struggling smaller producers. http://www.ibtimes.com/articles/20081118/summary-box-momentum-builds-for-oil-buying-spree.htm Tue, 18 Nov 2008 16:14:26 EST THE PLAYERS: American Coal Co. accuses the Mine Safety and Health Administration of abusive monitoring and issuing citations according to quotas. THE BUILDUP: MSHA last month fined operators of American Coal's Galatia mines in southern Illinois $1.46 million for allegedly repeatedly ignored safety regulations between September 2007 and January. http://www.ibtimes.com/articles/20081118/coal-mining-company-suing-federal-regulators.htm Tue, 18 Nov 2008 14:29:49 EST BYE, BYE BONUS: Goldman Sachs Group Inc.'s CEO and six other executives will forgo bonuses this year amid the ongoing credit crisis. The move follows a brutal earnings season and comes less than a month after the bank received a $10 billion capital injection as part of the government's financial bailout. http://www.ibtimes.com/articles/20081117/summary-box-bank-execs-feel-pressure.htm Mon, 17 Nov 2008 19:00:37 EST WHAT HAPPENED: Petro-Canada and its partners Teck Cominco Ltd. and UTS Energy Corp. became the latest companies to postpone expansion of an oil sands project by delaying a decision on further investment in a $19.5 billion oil sands project in northern Alberta. They also shelved plans to building an upgrade refinery. http://www.ibtimes.com/articles/20081117/summary-box-further-stress-in-canada-oil-sands.htm Mon, 17 Nov 2008 18:34:25 EST JOB LOSSES: Citigroup Inc. says it is reducing its work force by another 53,000, after cutting about 22,000 this year. The 75,000 employees lost in total--some through business sales, others through layoffs--will bring the company's total work force to 300,000, down 20 percent from last year's peak. http://www.ibtimes.com/articles/20081117/summary-box-citi-slashing-its-work-force-again.htm Mon, 17 Nov 2008 16:52:43 EST SUN DOWN: Still not fully recovered from the dot-com bust eight years ago, Sun Microsystems Inc. is being walloped by this economic downturn. In response the company plans to cut as many as 6,000 jobs--18 percent of its work force. http://www.ibtimes.com/articles/20081114/summary-box-sun-microsystems-slashes-jobs.htm Fri, 14 Nov 2008 16:49:21 EST THE HOLIDAY: Thanksgiving is prime eating time for turkey, but the boost in sales won't provide relief to producers, whose profit margins are sagging. http://www.ibtimes.com/articles/20081114/summary-box-holiday-brings-no-blessings-to-turkey.htm Fri, 14 Nov 2008 12:07:49 EST MELTDOWN: The alternative energy industry has been hit by a wobbly economy, tightening credit markets, a rough fourth quarter and steeper competition from oil, coal and natural gas. It's prompted several projects to be shelved pending better economic times. http://www.ibtimes.com/articles/20081113/highlights-of-renewable-energy-issues.htm Thu, 13 Nov 2008 16:31:21 EST WHAT HAPPENED: Ohio voters upheld state law that caps annual interest rate on payday loans to 28 percent and limits the number of loans per customer to four a year. http://www.ibtimes.com/articles/20081113/summary-box-ohio-payday-lenders-look-for-options.htm Thu, 13 Nov 2008 05:49:30 EST THE ISSUE: Congress, president-elect Barack Obama and the Bush administration are considering a multibillion-dollar bailout for U.S. automakers to get the industry through the biggest sales slump in 25 years. General Motors Corp. warned it could run out of cash by the end of the year if it doesn't get aid. http://www.ibtimes.com/articles/20081112/summary-box-us-automakers-seek-federal-bailout.htm Wed, 12 Nov 2008 18:18:15 EST WHAT IT IS: The $800 Xperia X1 smart phone from Sony Ericsson. WHAT IT DOES: It has a slide-out QWERTY keyboard, sharp 3-inch touch screen and a long list of features that includes Web surfing and video recording. It uses Microsoft Corp.'s Windows Mobile 6.1 as its operating system and has customized enhancements developed by Sony Ericsson. http://www.ibtimes.com/articles/20081112/summary-sony-ericsson-x1s-options-overwhelm.htm Wed, 12 Nov 2008 17:39:40 EST THE RESULTS: Government-controlled mortgage giant Fannie Mae posted a $29 billion loss in the third quarter, mainly from a more than $21 billion tax-related charge. The company also lost more than $9 billion as a result of bad loans. http://www.ibtimes.com/articles/20081110/summary-box-fannie-mae-losses-mount.htm Mon, 10 Nov 2008 16:27:48 EST