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	Wednesday, January 07, 2009

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This website is run by a full-time trader Mr. Baldur Gislason who has been trading for over 10 years.

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FT News

Russian gas supplies to Europe cut off
Russian gas supplies via Ukraine to western Europe were completely shut off as Russia and Ukraine blamed each other for the deepening row over gas supplies that appears destined to provoke a serious energy crisis in Europe

Gaza ceasefire plan gains support
A ceasefire plan by Egypt emerged as the most favoured option for bringing an early end to the bloodshed in Gaza after a day in which at least 33 Palestinians died in the shelling of three United Nations-run schools

Satyam chief admits to falsifying books
B Ramalinga Raju stepped down after confessing to fixing the company's books for the past 'several' years in the country's first major fraud case to emerge following the global financial crisis

Darling in new alert on depth of recession
Chancellor warns Britain was 'far from through' the recession, in a signal he will have to abandon the forecast that the recovery would start in the second half of 2009

Eurozone inflation tumbles
Eurozone inflation dropped to its lowest level in more than two years as economic activity crumbled at the end of last year

Apple brings in variable pricing on iTunes
Apple and the music industry have settled their biggest differences, with the iPod maker agreeing to allow variable pricing on its iTunes digital music store and the largest record labels dropping restrictions which prevented tracks from being copied

Billionaire Merckle commits suicide
Adolf Merckle, one of Germany's wealthiest men, committed suicide after weeks of talks with creditors designed to save his businesses from being consumed by disastrous investments and the global financial crisis

M&S unveils cost cuts as sales fall
The UK's biggest clothing retailer, averted a profit warning but responded to weak Christmas sales – UK like-for-like sales fell 7.1% in the 13 weeks to December 27 – with a massive cost-cutting plan

Alcoa to slash 13,500 jobs
US aluminium group to cut 13% of workforce and reduce production in face of slowing orders

Fed considers setting inflation target
Minutes provide further insight into the December policy meeting at which officials cut its target interest rate to virtually zero and laid out its strategy for unconventional easing

BBC Business News

M&S to close stores and cut jobs
Marks and Spencer says it plans to close 25 Simply Food stores and two of its regular stores, and cut 1,230 jobs.

UK 2008 car sales to fall by 10%
UK car sales figures for the past year are expected to be more than 10% lower than sales in 2007.

Blacks Leisure in profits alert
Blacks Leisure issues a profits warning after its boardwear business drags down sales in the run-up to Christmas.

Full coverage of the UK economy, and tips on surviving the crisis
Tips on surviving the financial crisis, and full coverage of the UK economy

Job demand falls at record rate
Demand for staff is falling at a record rate, according to a report by Britain's recruiters.

US recession forecast to drag on
The US recession is likely to drag on well into 2009, according to forecasts from the US Federal Reserve.

India IT boss quits over scandal
The boss of Satyam, India's fourth-biggest software firm, resigns after admitting to irregularities in its accounts.

Watchdog bans British Gas adverts
Adverts for British Gas's home maintenance service are banned by a watchdog after being branded "misleading".

Row halts European gas supplies
Exports of Russian gas to Europe via Ukraine stop altogether with both countries accusing each other of turning off the tap.

Bank of America in Chinese sale
Bank of America is to sell a stake in China Construction Bank, in an move that could raise $3bn, the Chinese bank says.

Madoff's million-dollar mailings prompt court outrage
US prosecutors call for Bernard Madoff to be put in prison until his trial after it emerges he sent jewellery and watches to friends and family.

Layoff payoff
The financial costs of making redundancies

Keen interest
The rates roulette for savers and borrowers

Gas dispute
How dependent is Europe on Russian gas?

Vintage vinyl
The 7 inch single is still making music after 60 years

Long goodbye
Woolworths staff feel the pain of closure

Seaside mission
Grand but faded, Blackpool strives to revive its fortunes

German billionaire kills himself
German billionaire Adolf Merckle commits suicide after his business empire runs into trouble in the global economic slowdown.

Alcoa cuts 13,500 workers' jobs
The US aluminium maker Alcoa has said it is cutting 13,500 jobs, or 13% of its workforce, due to the global economic slowdown.

House prices 'fell 15.9% in 2008'
House prices fell by 15.9% last year, according to the latest survey by the Nationwide building society.

Sales fall at Next and Debenhams
Next and Debenhams see sales fall over the Christmas period, as a survey puts UK consumer confidence at a new low.

Final Woolworths stores close
The remaining 200 Woolworths stores across the UK close their doors after the High Street chain's final day of trading.

Aer Lingus cool on Ryanair offer
Shareholders in Irish flag carrier Aer Lingus show little appetite for a Ryanair takeover.

Toyota shuts plants for 11 days
Toyota announces that it is to halt production at its domestic plants for 11 days in February and March.

Porsche takes majority VW stake
German luxury carmaker Porsche announces that it now holds more than 50% of Volkswagen's shares.

Venezuela suspends US fuel aid
Venezuela's US-based oil subsidiary is halting a programme to provide cheap heating oil to low-income communities in the US.

Euro inflation hits two-year low
Inflation in the eurozone falls more than expected to 1.6% in December, which is the lowest level for 26 months.

Obama says US economy 'sick'
US President-elect Barack Obama says that America's economy is very sick and that the situation is worsening.

Areva wins Niger uranium licence
French nuclear energy group Areva is awarded a licence to build and operate a uranium mine in Niger.

Congress launches Madoff inquiry
The US Congress begins an inquiry into a suspected $50bn (£32bn) fraud allegedly run by the American hedge fund manager, Bernard Madoff.

India truck strike over fuel cost
Millions of trucks in India are off the roads in an indefinite strike, with operators demanding a lowering of diesel prices.

US car sales in steep drop
US carmakers report sharp falls in their sales in December as the economic slowdown drives customers away from showrooms.

Mortgage rationing gets tougher
Mortgage lenders are continuing to demand larger deposits as they ration home loans to their customers.

State mortgage help widened
The government extends state help for people struggling to make mortgage payments after losing their jobs.

Gas price cuts 'likely in spring'
Scottish Power raises hopes that energy bills will fall after it cut prices - with rivals expected to follow suit.

Cameron makes savings tax pledge
David Cameron proposes to axe tax on basic rate taxpayers' savings and to increase pensioners' tax free allowances.

Euro weakens on rate cut evidence
The euro weakens against the pound and the US dollar as data suggests that a eurozone interest rate cut next week is likely.

UK short-selling ban to be lifted
A ban on the short-selling of financial shares is to be lifted, the UK's financial regulator confirms.

Thatcher pays tribute to Walters
Lady Thatcher leads tributes to her "fearless" economics adviser Sir Alan Walters, who has died aged 82.

Firms urged 'try to keep staff'
Redundancies should be a last resort when firms look to cut costs during the recession, the CIPD says.

French TV ditches prime-time ads
State-run French TV stations stop showing ads in prime time as part of President Sarkozy's plans to reform public broadcasting.

Wedgwood in administration
A number of firms owned by Waterford Wedgwood enter administration, as the parent firm appoints a receiver.

Caterpillar stops for four weeks
Construction industry firm Caterpillar will stop production in Leicestershire for four weeks due to a drop in orders.

Robert Peston's blog: Keep up-to-date with the latest business analysis
For the latest business analysis

Guidelines for financial journalists