Marketplace

Hammer goes web

MC Hammer put his parachute pants away a long time ago. He's now choreographing a new career at a web start-up. Hammer, also known as Stanley Burrell, is co-founder and chief strategy officer for a website called DanceJam.com. The site is scheduled to launch mid-month.
DanceJam will feature dance videos and competitions. Hammer and his crew want the site to upstage YouTube. The plan is to make money by grabbing a piece of the growing Internet advertising market.

Hammer lost his "U Can't Touch This" fortune when he went bankrupt in the mid-90's.

Entertainment Internet

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Hope you like your OJ cold . . .

There's a wind chill advisory this morning in parts of Florida. That has the state's 40,000 commercial farmers making plans to save citrus fruits and other crops. Governor Charlie Crist is relaxing restrictions for getting harvested crops to processing centers. The state produces much of the nation's domestically-grown fruits and vegetables during the winter. The cold snap should end by the weekend.

Agriculture

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Blackstone couldn't pay, so it's gotta pay

PHH, a New Jersey-based mortgage and leasing company, wants Blackstone Group to cough up a $50 million break fee. Blackstone was in a deal to buy PHH with General Electric for nearly $2 billion, but Blackstone couldn't get financing to hold up its end of the deal. The Times of London reports this morning its not clear whether Blackstone would agree to pay PHH the fee.

Wall Street

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The best of drawn-out late-night TV

Some had writers, some didn't -- and you could tell.
Late night TV shows came back with fresh material last night two months into the writers' strike.
David Letterman has an agreement with the union to let writers work on his show and the Late Late Show with Craig Ferguson. But what got Letterman the most attention last night was his beard. Robin Williams wouldn't stop teasing him about it.

Jay Leno and Conan O'Brien went on without writers. O'Brien, also appearing with facial hair, showed off Christmas cards and tried to see how long he could spin his wedding ring. Leno took questions from his audience.

Entertainment Jobs

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Bidding storm looms over Weather Channel

There's a lot of forecasting going on right now about the Weather Channel.
Reports say some big media companies may be willing to pay more than $5 billion for it. The Channel's parent company, Landmark Communications, is expected to announce today it plans to sell everything it owns, including nine daily newspapers. The Weather Channel is a hot commodity because it's one of the last privately owned cable channels. And since the ever-changing weather is mostly immune from Tivo and other DVRs, advertisers love it. The channel's website, weather.com, will probably heat up bidding too. In November, it had more users than Facebook and CNN.

Entertainment Wall Street

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Netflix's future might be online

Netflix is trying to embrace the future. The DVD-by-mail company has been offering its customers the chance to watch movies online at no extra charge. Now Netflix is starting a partnership with LG electronics to make it easier for people to watch online content directly on their TVs. A set-top box will do the bridge between the computer and the television. Netflix's CEO said yesterday that eventually, he wants to see 100 different devices out there capable of connecting to Netflix -- from video-game consoles to high-definition DVD players.

Entertainment Internet

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Fox Business hunts for ratings

When the Fox Business Channel made its debut, a reporter appeared on the screen standing outside the headquarters of CNBC. The correspondent declared it was "hunting season."
But in the hunt for ratings, CNBC is well ahead of the game. Early numbers from Nielsen Media Research show on any given weekday Fox Business has just over 6,000 viewers. CNBC, its main competitor, has 283,000. That measurement was taken from mid-October to mid-December, the first two months Fox Business was on the air. The New York Times points out the new channel is so far available in about 30 million homes. CNBC can be seen in 90 million homes.

Entertainment Wall Street

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FDA approves cloned meat

Here's something sure to stir up some moo's and boo's. The Wall Street Journal is saying this morning the FDA is set to give cloned meat the OK as soon as next week. The Journal isn't naming its source. The announcement would be huge for a small group of biotech firms that want to produce copies of prize dairy cows and animals. Cloned cattle cost $15,000-$20,000 a copy.
Many consumer groups oppose cloned food. FDA approval could lead to backlashes from Congress and the European Union.

Science - Technology

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You want a mocha with those fries?

McDonald's is getting ready to add a new position and many new menu items to thousands of restaurants this year.The Wall Street Journal reports the company will install coffee bars, complete with "baristas," in almost 14,000 U.S. locations. The addition of cappuccinos, lattes, and other fancy beverages is expected to add a billion dollars to McDonald's annual sales. The golden arches already bring in nearly $22 billion a year.

Retail

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How many CEOs heading for the door?

A lot of executives have left their jobs because of problems tied to the credit crunch. Bear Stearns CEO James Cayne is the latest to cave to shareholder pressure. But in 2007, there were actually fewer CEOs heading for the door than the previous year. Consulting firm Challenger, Gray, and Christmas says 1,356 chief execs left their positions in '07. That's a drop of more than 8 percent from '06. But for the third straight year, the number of departures a month averaged more than a hundred.

Jobs The Economy Wall Street

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SAG wins best supporting union in WGA strike

There's a good chance NBC's Golden Globes ratings will be a bit lower this year. There won't be any ceremony this Sunday, just a news conference to announce the winners. NBC still plans to air that live. The writers on strike might be picketing outside while that's going on. The ceremony was cancelled because actors planned not to show up in order to support the writers. George Clooney said he belongs to six unions, and doesn't plan to cross any picket lines.

Entertainment Jobs

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The economy killed the radio star

The Buggles sang "Video Killed The Radio Star," but it might be the economy that really does radio in. Station operators are already suffering from a deteriorating listener base. And analysts say a recession could really hurt local advertising, the lifeblood of most radio stations. Some estimates say local ads account for about 80 percent of radio broadcasters' revenue.

Entertainment The Economy

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No Microsoft competitor for iPhone

Bill Gates isn't going near an iPhone, and neither is Microsoft. Gates told a German newspaper today his company will not launch a product to compete with Apple's superstar phone. Gates says when it comes to the so-called smart phone business, Microsoft is focusing on software. The Windows Mobile program has partnerships with cell-phone makers like Samsung and Motorola.

Science - Technology

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Flying towards higher costs

Here's a prediction for 2008: flying is not going to be fun. You'd think with all of the travel trouble we saw last year, including uncomfortably full flights, airlines would want to roll out some extra planes. Nope. The New York Times reports some big carriers are actually planning on reducing domestic capacity this year. Airlines want to drive up fares to offset rising energy costs, but it's not a new trend. In 2007, Southwest and Continental were the only airlines out of the top seven that didn't reduce capacity.

Travel

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Wanted: More money

That's what Citigroup and Merrill Lynch are looking for, and they're looking far and wide to get it.
The Wall Street Journal reports this morning the two firms are in talks to get additional capital from overseas. Citi could get an infusion of up to $10 billion from mostly foreign governments. It's already taken more than $7 billion from the Abu Dhabi Investment Authority. Merrill Lynch is looking for about $4 billion from a Middle Eastern government fund. At the end of the year Merrill already got a $4 billion dollar injection from Singapore. No comment from either company.

Wall Street

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Smoking: Bad for your health, good for the job

Non-smokers need not apply. The boss of a small IT company in Germany has had it with people who don't smoke. He fired three workers because they were threatening to disturb the peace after they requested a smoke-free environment. The manager, known only as Thomas J, told a German paper: "We're on the phone all the time and it's just easier to work while smoking. I'm only going to hire smokers from now on." On January 1, Germany introduced smoking bans for bars and restaurants but you can still smoke in small offices.

Health Jobs

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Prius whizzes by Ford Explorer

A hybrid has stopped one of the country's most popular SUVs in its tracks. Americans bought more Toyota Prius hatchbacks last year than Ford Explorers. The Explorer has been the top-selling SUV for more than a decade. The Financial Times reports Prius sales soared nearly 70 percent in 2007. Demand for the Explorer was less than a third of its 2000 peak. So maybe it's no coincidence Ford will introduce a new crossover vehicle at the Detroit Auto show Sunday. It's called "Explorer America," and will feature a fuel-efficient engine -- no eight-cylinder version.

Auto Industry

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iWon't-be-in-China

Plans to launch the iPhone in China have been disconnected. Apple and China Mobile have called off talks to launch the popular product. Some experts say the iPhone faced a lot of technical and fee issues unique to China, including a standard revenue-sharing agreement China Mobile didn't like too much. Chatter about getting the iPhone into China helped pushed Apple's stock up more than 10 percent in November.

Asia International Science - Technology

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General Motors goes into the green

Green alternatives are out-shining chrome at this year's Detroit Auto Show. General Motors announced at the show yesterday it's launching a partnership with a renewable energy start-up company. Coskata Incorporated plans to produce ethanol from agricultural leftovers and municipal and industrial waste. GM says it's taken an ownership stake in the start-up, but no one's saying how much.

Auto Industry Sustainability

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Papa Smurf looks good for his age

There's nothing like a good birthday party, especially when there's Smurfberry cake around.
The Smurfs are turning 50 this year and the party's already underway in Europe.
The characters first appeared in a Belgian comic strip in 1958, created by late cartoonist Pierre Culliford. The blue crew's debut on U,S. television in 1-81 made the Smurfs a household name.
To mark a half-century of Smurfdom, organizers plan on including Papa Smurf, Smurfette, Handy and the others in a 3-D animation feature film and new comic book collections. And of course, the 80s cartoon series will be re-mastered and released on DVD.

Entertainment

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Magellan reopens, seeks younger investors

Investors have the option of buying Magellan for the first time in more than a decade. Fidelity is reopening its $45 billion Magellan Fund today. Magellan beat more than 80 percent of rival funds last year, but it's getting lean as many baby boomer investors are starting to tap into retirement cash. To help Magellan grow again, reports say Fidelity will go after younger investors. The fund helped drive Fidelity's rapid growth in the 80s and 90s. It was closed to new accounts in September 19-97.

Investing

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Greenspan's recession more and more likely

First it was 30 percent chance of recession. Then it was 50 percent. Now, it's still close to 50 percent, but "more likely higher than lower."

Former Federal Reserve chair Alan Greenspan keeps making his predictions. In a Wall Street journal interview, he said that signs like the December unemployment numbers make him think that a recession might be looming.

Today, hedge-fund firm Paulson & Co is expected to announce they've hired Alan Greenspan. Paulson & Co. was one of the hedge fund industry's big winners in 2007, after it bet against subprime mortgages.

The Economy

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Mizrahi named creative director for Liz Claiborne

Isaac Mizrahi is done dressing things up at Target. The designer is leaving to help spice things up at Liz Claiborne. Mizrahi's Target collection has been really popular over his five-year run, selling as much as $300 million each year. His departure is more than a fashion emergency. It comes just as Target's CEO has announced he's stepping down and the company's dealing with a 5 percent drop in same-store sales last month. The retailer apparently tried hard to keep the cheap-chic designer but wasn't willing to match Claiborne's offer.

Retail

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Time Warner's pay-per-surf plan

If you surf the Internet all day long, Time Warner may be asking you to pay accordingly. The cable company says it's going to test out consumption-based billing with customers in Beaumont, Texas. This could be pretty controversial, since Internet subscribers have come to expect a fixed monthly charge. The company says the billing system will probably only impact heavy Web users. Cable operators like Verizon and AT&T will be watching to see how Time Warner's little experiment works out.

Internet

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e-Bay CEO could make last bid

Meg Whitman may be ready to bid on retirement. The CEO of e-Bay is one of the most powerful women in business. The 51-year old would be following her own advice. She says no chief executive should stay in the job for more than a decade. Whitman's unassuming character made her popular with e-Bay sellers. The Wall Street Journal reports an official announcement could come within weeks.

Jobs

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Yahoo preparing for more job cuts

Reports say Yahoo is about to lay off hundreds of workers. The company has 14,000 employees.
A final decision about how many jobs could go is expected by the end of the month. Yahoo's been beat-up by slow revenue growth and the popularity of sites like myspace and Facebook.

Internet Jobs

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Another industry benefitting from the writers' strike

There's not much to watch on TV because of the writers' strike. Ah, just throw in another DVD. Maybe that attitude explains why the people at Netflix are in a good mood. The DVD rental service reports fourth-quarter earnings rose 6 percent. The company says subscribers grew nearly 20 percent year over year. That's about 7.5 million people getting their movie fix with Netflix.

Entertainment

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It's OK to mix your beer

British brewer Scottish and Newcastle has a reason to pour a pint and make a toast today. The company's just accepted a more than $15 billion takeover offer. The new owners will be Heineken and Carlsberg. Scottish and Newcastle traces its roots to 1749, with a brewery that opened in Edinburgh.

Europe International Investing

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SocGen's rogue trader dealing with large pool

French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool -- tens of billions of dollars. A bank official confirmed that the size of the trader's positions had reached "several tens of billions of euros," a staggering sum for a bank whose market capitalization is $52.6 billion. The official spoke on condition of anonymity in line with bank policy.

Crime - Law Europe International Wall Street

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Hard to see a slowdown from a yacht...

So the economy seems to be slowing down. Markets around the world are lower again today, and consumers are probably beginning to be a little cautious when they take out their wallet.

...but not when it comes to buying a yacht. Dutch yacht maker Imtech said today they don't know anything about the economic slowdown. Orders from around the world keep growing. As they put it: There are more and more billionaires, and every billionaire has one or two luxury yachts.

The Economy

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More foreclosure numbers out

If the Fed goes for another rate cut and Washington finishes up the stimulus plan, some analysts say it could give the housing market a boost. As if we needed any more evidence of just how bad the housing picture is, new figures are out this morning. The number of U.S. homes that slipped into some stage of foreclosure in 2007 was almost 80 percent higher than the previous year. RealtyTrac says many homeowners started to fall behind on mortgage payments in the last three months. That means more foreclosures this year.

Housing - Real Estate

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Grammy awards on

The Grammy awards will go on. Striking Hollywood writers will be allowed to pen the ceremony for musicians. The Writers Guild of America says it's giving Grammy organizers an "interim agreement."

Entertainment Jobs

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Passengers bare all on a flight to the Baltic

A German travel agency is baring new vacation possibilities. Starting Friday, you can book a seat on a nudist flight to a resort on the Baltic Sea. OssiUrlaub.de product manager Sandra Koehler says so-called "free body culture" is popular especially in East Germany, but the agency's been getting calls and e-mails about the service from all over the world. The crew will be clothed for safety reasons. The day trip will cost 499 euros -- about $735 U.S. If the 55-passenger flight sells out, the agency says it may plan more naked outings.

Innovation Travel

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600 bottles of beer on the wall . . . for $400 each

Here's something you probably won't find at any Superbowl parties this weekend: a $400 bottle of Carlsberg beer. If you want to try the new Vintage Number One, your best bet is a visit to Denmark. The Danish brewer says only 600 bottles of the beer will be made. Most will be sold at three of Copenhagen's most exclusive restaurants. Even without the beer, the bottle is said to be worth about a $100. Each one has a hand-stenciled label by a well-known artist.

Retail

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Screaming anything but 'Yahoo'

Yahoo's searching for better results, but it seems only bad news keeps popping up. Company shares fell in after-hours trading after it reported fourth-quarter profit declined more than 23 percent.
Yahoo also announced a plan to cut 1,000 jobs. The web giant is struggling to bulk up its web advertising business.

Internet

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Getting back to the brew

Starbucks says it will soon be done with the smell of sausage, bacon and eggs. The company's taking its hot breakfast sandwiches off the menu this fall. CEO Howard Schultz says it's time to put the focus back on coffee as Starbucks focuses on ways to win back customers. And sandwiches aren't the only things getting eaten up by the company's plans. About 100 U.S. stores will close this year, but more will open up overseas.

Retail

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