Business news for Mon, 31 Dec 2007 & with word world. 27 news.

When I sat down for my annual review of what I've written over the past year, something jumped out at me. Usually, I write about widely diversified subjects. But in 2007, I devoted an inordinate number of columns to the shenanigans of leveraged buyout firms and the attempts by the world's central banks to rescue financial markets.

The World Trade Center owner will pay at least $9 million in fines for being at least a month behind on a deadline to turn over part of the site to a private developer.

In the high-flying world of NYC corporate finance and the society it engenders partners at the white shoe Manhattan law firms are viewed merely as members of the lumpenproletariat by the gazillionaire hedge fund managers, etc.

NEW YORK (Reuters) - Citigroup Inc and Merrill Lynch & Co were the world's top underwriters of stocks and bonds in 2007, measured by volume and reported fees, despite being at the epicenter of the global credit crisis.

Forget Second Life. The real virtual world gold rush centers on the grammar-school set.

As 2007 draws to a close, we bid adieu to a volatile year in the stock market, although one that is going to end with an overall gain. The average diversified stock fund this year will post about a 7% return, nothing to write home about given the market's historical rise of more than 10% per year, but nothing to sneeze at either given we had a virtual meltdown in some sectors of the financial world in the middle of the year.

Not so long ago, Mexico floated along as a low-cost producer to the auto parts world. But now its niche is threatened by global rivals who can trump it with lower salaries or superior quality and productivity

Mark Pasetsky, the former Life and Style editor and general manager is moving to the online world.

The prospect of making the world interactive through cell phones and QR codes--printed two-dimensional bar codes made popular in Japan--has two Long Beach, Calif. ad execs cozying up to high-tech thought leaders at companies like Nokia and Samsung.

Like many individuals, the technology world should make a New Year's resolution to go on a diet. But rather than cutting back on calories, it needs to start conserving kilowatts.

The founder of South Korea's Daewoo Group has been pardoned for his role in one of the world's largest corporate failures.

India's giant Tata Group plans to launch the world's cheapest car early in January while also looking set to drive off with two of the poshest marques -- Ford's iconic Jaguar and Land Rover brands.

Netscape Navigator, the world's first commercial Web browser and the launch pad of the Internet boom, will be pulled off life support Feb. 1 after a 13-year run.

From banks to telephones, an airline to shopping malls, and semiconductors to airports, the reach of two state-linked investment firms from the city-state of Singapore extends around the world.

China, the world's biggest grain producer, will tax exports of wheat, corn and rice to increase domestic supply and control rising food prices.

This year, the world discovered the Chinese stock market.

Saudi Basic Industries Corp., the world's biggest chemicals maker by market value, said it plans to increase the number of its shares outstanding by a fifth through issuing one andquot;freeandquot; share for every five held.

The battle against drugs in sport IN 2008 the World Anti-Doping Agency (WADA) will pursue drug cheats at the Beijing Olympics. More athletes were disqualified at the previous Olympics in Athens in 2004 than from any games since testing was introduced in 1968. Weightlifting is a fruitful hunting ground for the anti-dopers: it has accounted for 37 of 85 athletes expelled so far. Track athletes, baseball players and cyclists could also fall foul of the testers. ...

1. The housing market suffered its worst slump since the Depression and foreclosures soared as the collapse of the subprime mortgage market rattled banks around the world. Financial service companies were expected to report one of their worst years ever, and the Federal Reserve is proposing tighter lending rules to protect consumers and rein in irresponsible lenders.