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WTO: Why India and China Said No to U.S.

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July 31, 2008
Insider Newsletter A weekly summary of the best in BusinessWeek and BusinessWeek.com

NEWS  THIS WEEK'S TOP STORY WTO: Why India and China Said No to U.S. Trade talks break down as India and China refuse to bow to U.S. on agricultural subsidies

Editor's Memo China and India this week find themselves in agreement for a change as the Doha Round of the World Trade Organization talks break down. Our Top Story explains how their common desire to protect their farmers put them in the same boat. Open-source software for mobile phones is nothing new, but suddenly all the big names want to get in on the act. Our technology writer Olga Kharif says they'd better work together if they want to compete with the likes of Apple and Microsoft. Also in the Insider Newsletter, our investment experts cover the summer job slump and take a unique perspective on the bear market. As airline baggage mishaps are on the rise, we tackle the lost luggage dilemma in "The Airlines' Bag Reflex." And in our Small Business channel, Karen Klein answers a question about pitching an idea and making sure you get paid for it. -- Katherine Davis

FROM THIS WEEK'S ISSUE OF BUSINESSWEEK COVER STORY The Fight for Ford's Future Marketing czar James Farley's job depends on persuading consumers that Ford is about more than SUVs IN DEPTH Harry Potter with Fangs—and a Social Network Harry Potter with Fangs—and a Social Network MARKETING Amway: Shining Up a Tarnished Name Amway: Shining Up a Tarnished Name   FROM BW.COM'S TECHNOLOGY CHANNEL TECHNOLOGY Google, Symbian: Cooperation Needed The field is crowded with efforts to build open source software for cell phones; the players would get more mileage—and better compete with Apple and Microsoft—by working together TELECOMMUNICATIONS Can Cingular's Savior Work His Magic at Vonage? Marc Lefar plans to get the Web-calling company growing again, ramp up customer care, and find new businesses to enter TECHNOLOGY Demand Surges on Foreclosure Sites The housing bust is driving loads of traffic to related Web sites, from one that searches for foreclosure lawyers to others that give timely tips   FROM BW.COM'S SMALLBIZ CHANNEL SALES & MARKETING Cheap Photo Sites Pit Amateurs vs. Pros Graphic design and photography pros are scrambling to stay viable as barriers to entry fall and stock agencies buy from hobbyists SMART ANSWERS The Flip Side of Unsolicited Ideas Pitching an idea to a company (and getting the company to accept it) can be a pretty complicated transaction   FROM BW.COM'S ASIA & EUROPE CHANNELS CHINA Are Olympics Sponsorships Worth It? For some, not anymore. High-profile Beijing Olympics sponsors Kodak, Lenovo, and J&J are pulling the plug on future Games COMPANIES CEO and Chairman Out at Alcatel-Lucent Was the transatlantic merger even worth it? With Patricia Russo and Serge Tchuruk both stepping down, the company will have to convince investors   FROM BW.COM'S LIFESTYLE CHANNEL TRAVEL NEWS The Airlines' Bag Reflex Airlines lose roughly $4 billion annually on lost luggage. Shouldn't they be doing something about it—at least to save money? NEWS & FEATURES • From Gizmag.com Honda Goes Green and Sporty At the British Motor Show, Honda unveils its low-emission roadster concept, the OSM   FROM BW.COM'S INNOVATION & DESIGN CHANNEL DESIGN THINKING P&G Changes Its Game How Procter & Gamble is using design thinking to crack difficult business problems INNOVATION STRATEGY Sunflower Sprouts Fresh Stores and Consumers Mike Gilliland, Wild Oats' founder, has big plans for his fast-growing Sunflower Farmers Market   FROM BW.COM'S INVESTING CHANNEL STOCKS IN THE NEWS Will Merrill's Markdown Cap the Credit Crunch? The CDO fire sale will hurt plenty, but investors seem reassured, and the pricing of damaged assets could make them more saleable generally ECONOMIC FOCUS -- FROM ACTION ECONOMICS Jobs: The Slump Stretches into Summer July's employment report should show a nonfarm payroll drop of 60,000, says Action Economics, spurring the Fed to leave interest rates alone MARKET VIEWS • From S&P The Beauty of the Bear With market psychology so negative, it's easier for positive developments—like falling oil prices— to lift investors' spirits  BW MALL   SPONSORED LINKS Online Forex Practice Account  Experience the excitement of trading live. Risk-Free. Try Now. Earn From 3.04% to 3.35%  with AAA rated, GE Capital Corp. Not an offer of securities for sale Helping Others Excel–Become a High Impact Coach  Executive and organizational coaches help others reach new heights–Contact Columbia University Today Buy Stocks for $4 - ShareBuilder  No Minimum required to Open an Account. Start Investing Today! ING Direct | ShareBuilder Compare Car Insurance Quotes  Get instant car insurance quotes online. Save time and money shopping online. Buy a link now! This newsletter is a FREE service provided by BusinessWeek.com. To sign up for other newsletters, cancel delivery, change delivery options or change your e-mail address, please go to our Newsletter Preferences page. If you need other assistance, please contact Customer Service or contact: Wanda Cooper BusinessWeek Customer Rights Communications Data Services 1995 G Avenue Red Oak, IA 51566 Phone: 1-800-635-1200 View our corporate privacy policy. To learn more about how BusinessWeek.com applies this policy, you can contact our Marketing Department. Copyright 2008, by The McGraw-Hill Companies Inc. All rights reserved. Terms of Use | Privacy Notice

FEATURED SLIDE SHOWS > > Roadblocks Ahead for Low-Cost Cars Boardrooms Go Global   Advertisement   What's Your Problem? We all have workplace problems. Share with us, and your fellow readers, the hurdles you've faced—and how you've tried to clear them     IN YOUR FACE: The Frozen U.S. Economy Reader Wally Kelly Writes: "Get used to a lower standard of living-much lower. The gouges from health care and gas are only a part of a huge shift in the American way of life." Read the story and tell us what you think. >   Featured Blog If Ford was selling its 65 mpg Fiesta in the U.S. this fall, that would be a dream car. I'd feel like the smartest guy on the block for having bought it. David Kiley Other BusinessWeek Blogs The Auto Beat Globespotting Blogspotting Brand New Day Byte of the Apple Deal Flow Economics Unbound Eye on Asia Fine On Media Games, Inc. Getting In Green Business Hot Property Investing Insights Management IQ The New Entrepreneur NEXT: Innovation Tools & Trends NussbaumOnDesign The Oil & the Glory Recession in America The Tech Beat What's Your Story Idea? Working Lunch Working Parents READ MORE > ADVERTISEMENT Generate Serious Income in Turbulent Markets In today's market, there's more to trading covered calls than just buying a stock and selling a call. With a complimentary 3 month subscription to Bernie Schaeffer's "Covered Call Plus", you'll learn how to maximize income without limiting your upside while still reducing downside exposure.   FEATURED VIDEO McQuary's Electric Car Prototype Atlanta entrepreneur Mike McQuary, a former Mindspring executive, with a prototype electric car that his company, RTEV, plans to launch in 2009.   Advertisement   FEATURED COLUMN Industries Can Lead in Carbon Reduction Rather than merely adhering to national climate-change rules, industries, such as cement, can lead the way with their own global agreements

Your update of the most important business news from dozens of respected news sources, selected by the editors of BusinessWeek.

Early Edition August 01 2008 at 03:41 AM Chi-Chu Tschang and Harry Maurer

Olympic Sponsors Giving Up on Games

With the opening ceremonies for the Beijing Games just days away, multinational sponsors of the Olympics are already looking more critically at whether the payback will be worth it for future Games. Of the 12 global sponsors for the Beijing Olympics, only eight have signed on for the 2012 Summer Games in London.

Among the high-profile sponsors deciding to back away are Lenovo, Johnson & Johnson and Manulife Financial. Even longtime Olympic supporter Eastman Kodak (EK), a sponsor since 1986, has pulled the plug. "It's just not the best way for us to spend our money," says Kodak Chief Executive Antonio Perez.

Source: BusinessWeek

Preparing for the worst at GM

After a downgrade of GM by S&P on Thursday, investors are bracing for more bad news when the automaker reports its quarterly numbers today. S&P expects GM to lose about $4 billion a quarter this year. "People are prepared for the worst, but it is still going to be pretty ugly," said Mirko Mikelic, a portfolio manager at Fifth Third Bank.

Source: Reuters

Gloomy Outlook from BMW

German automaker BMW announced a 33% drop in quarterly profit and said business would remain challenging next year. "Business conditions for the automobile industry have deteriorated sharply over the past weeks," the company said on Friday.

Source: Wall Street Journal

The Fed's Fear of a Wage Spiral

Although the typical American worker has not received a significant raise all decade, the Fed's policymakers believe they need to be wary of upward pressure on wages. They're haunted by the wage-price spiral during the last big oil shock in the 1970s.

Source: New York Times

South Korean Exports Surge

South Korea's exports in July rose 37%, the biggest monthly increase in four years. While Japan's month exports fell for the first time in five years, the Korean export engine kept humming thanks to increased demand from emerging markets.

Source: Financial Times

Chavez Announces Nationalization of Spanish-Owned Bank

Venezuelan President Hugo Chavez said in a televised speech on Thursday his government plans to nationalize Bank of Venezuela, owned by Spain's Santander banking group. Chavez has already nationalized the country's biggest telephone, electricity, steel and cement companies.

Source: Associated Press

CBS to Sell 50 Radio Stations

CBS plans to sell 50 radio stations in midsized markets and focus more on large cities such as New York and Los Angeles, the company said on Thursday. CBS reported a 1% increase in earnings for the second quarter thanks to syndication overseas of its "CSI" franchise.

Source: MarketWatch

British Airways Profits Plunge

Quarterly earnings at British Airways fell 90% to $54 million, the company announced on Friday. "`We are in the worst trading environment the industry has ever faced,'' Chief Executive Officer Willie Walsh said.

Source: Bloomberg

Congress Moves on Permanent Ban on In-Flight Cell Phones

The ban on using mobile phones on commercial aircraft is closer to becoming enshrined in law after a House committee approved the Halting Airplane Noise to Give Us Peace - aka Hang-Up - act. The legislation, which now goes to the full House, would not affect in-flight text messaging and email.

Source: CNet

Conversation of the Day: The Frozen U.S. Economy

Reader Jason Brown writes: "Like us here in the South Seas, you're going to have to get used to living on a small island, with uncertain supplies. Look after planet Earth first, yourselves second."

Tell Us: Are We Facing Global Economic Freezing?