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SupportSpace Ltd., which runs a web-based network of independent computer support experts, has raised $10 million in funding.

Founded in 2006 and based in South San Francisco, SupportSpace had previously raised a $14.25 million Series A round of venture capital. The latest round was led by Emergence Capital Partners, with participation from previous investors BRM Group and Gemini Israel.

Kevin Spain, principal at Emergence Capital, has joined SupportSpace's board of directors.

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DUBAI–The "Dubai vision," which has suffered a crushing blow from the freewheeling Gulf emirate’s sudden debt crisis, is the creation of one man who failed to apply the rules of open governance.

The city state’s rapid growth revolved around the ruler Sheikh Mohammed bin Rashid Maktoum, who outlined his ideas in a book, My Vision, where he suggested other Arab countries could replicate Dubai’s success. Now the model – always controversial among Gulf Arabs since it involved building shining cities in the desert at breakneck speed through the import of foreign residents, finance and labour – is on the ropes.

Questions will surface over what went wrong.

This week Dubai said it wanted to delay payment on billions of dollars of its total $80 billion (U.S.) debt, sending global markets plummeting as investors feared defaults could hit the global economy just as it was recovering from the financial crisis.

"Where next for the ruling family in Dubai?" said British historian Christopher Davidson. "The massive loss of legitimacy that the ruler is now facing, the massive loss of legitimacy that his son and crown prince face after lying to the World Economic Forum last week – where do these guys go from here?"

Sheikh Mohammed, whose face and words grace posters all over town, told the forum this month that the worst had passed for Dubai, which was well-placed to pursue its development plans.

The news that investment vehicle Dubai World could not pay a $3.5 billion bond was released just before the Muslim Eid holiday and U.A.E. national day next Wednesday. Local media have almost entirely avoided comment on the debacle.

"Dubai could not be more transparent and open about the challenges it is facing due to the global economic downturn as it has been," the English-language Gulf News said. The Arabic daily al-Khaleej praised the U.A.E.’s investment climate.

There is uncertainty about what assets are owned personally by the ruling family, directly by the government or simply sponsored either by the ruler or the government.

Dubai was the envy of other Gulf states such as Saudi Arabia and Qatar, who sought to ape some of Dubai’s ideas, such as business free zones, financial centres, advanced infrastructure and welcoming Western capital and expertise.

Aside from its more eye-catching projects seen by many as white elephants, such as palm-shaped man-made islands and the world’s tallest tower, Dubai developed health services, universities, sports facilities and model urban communities.

Ayman Ali, a London-based Arabic press commentator, said the Dubai model, based on Hong Kong and Singapore, forgot it was dealing with a country and not a corporation in becoming a place where many in the Arab world dreamed of living. "In the beginning it was aimed at getting rid of bureaucracy and red tape. It worked fine but if you are building a country you shouldn’t go on running it like a company," he said.

Dubai ran to catch up with business transparency practices in Singapore and Hong Kong, and never even pretended to expand political participation beyond a small group around the ruler.

In an interview this year that epitomized the progressive image Dubai has tried to present, Sheikh Mohammed rejected the suggestion he was a "Superman" running a freewheeling emirate alone.

"The Superman phenomenon you are talking about does not exist in our organizations and institutions," he told the questioner – before going on to discuss how his poetry and horse-racing fit into his 24-hour-a-day schedule.

Despite its financial troubles, many still regard Dubai as a pioneer among its neighbours.

"There was a lack of transparency, yes, but Dubai did something whose model was full liberalism. They made mistakes and lacked a lot of things but they are in transition," said Dubai-based Ibrahim Khayat, a Lebanese strategic business analyst. "Singapore has corruption too."

Martin Hvidt, a Danish Middle East Studies professor who focuses on Gulf economies, said the concentration of power in the hands of Sheikh Mohammed and a few advisers meant Dubai could take quick action to rectify mistakes.

"It’s too early to write Dubai’s obituary," he said.

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Nordstrom Inc. marked Black Friday with an announcement that it will open an Nordstrom Rack at Arrowhead Crossing shopping center in Peoria.

The 36,000-square-foot store is expected to open next fall and will be the third in the Phoenix area, the retailer (NYSE:JWN) said. Nordstrom Rack is the Seattle firm’s off-price retail division and carries merchandise from Nordstrom department stores and Nordstrom payday loan no fax no credit check.com at steep discounts.

Other retailers at Arrowhead Crossing that include DSW, TJ Maxx, Barnes & Noble and ULTA. Developers Diversified Realty (NYSE:DDR) owns and manages Arrowhead Crossing.

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Italian business confidence rose to the highest in more than a year in November on expectations that exports will help the recovery gather pace after the worst recession in six decades.

The Isae Institute’s manufacturing sentiment index climbed to 78.8 from a revised 77.4 in October, the Rome-based research center Isae said today. The reading compared with a median forecast of 78 in a Bloomberg News survey of 16 economists.

“The data confirms a positive trend for the output, a further sign that the worst is over,” said Silvio Peruzzo, an economist at Royal Bank of Scotland in London. “However, manufacturers need to rely on exports while domestic demand remains weak due to the growing unemployment.”

Italy emerged from the recession in the third quarter as the global recovery helped exports increase 6.6 percent in September from the previous month. The country posted a trade surplus in October compared with a deficit from a year earlier, national statistics institute Istat said today. After previously forecasting 0.7 percent growth for 2010, Finance Minister Giulio Tremonti said on Nov. 24 the economy may expand by “more than 1 percent” next year.

“Greater confidence is due to an improved outlook for orders, especially from abroad, and rising expectations on short-term production,” Isae said in today’s report. “Inventories remain below levels considered normal.”

Stimulus Spending

Government stimulus measures across Europe helped auto sales recover from a global decline caused by the recession. In Italy, they benefited the country’s biggest manufacturer, Fiat SpA. Sales of the Turin-based automaker rose 15 percent for the month of October.

Incentives to trade in old cars for newer models are due to be phased out and unemployment is still rising, which may weigh on consumer spending. Italy’s jobless rate climbed in the second quarter to a seasonally adjusted 7.4 percent, and will rise to 8.5 percent next year and 8.7 percent in 2011, the Organization for Economic Cooperation and Development said on Nov. 19.

Consumer confidence unexpectedly rose in November as optimism on economic growth outweighed concerns on the outlook for the labor market, Isae said yesterday. Manufacturers were more pessimistic about the job market than consumers, today’s report showed. A sub-index measuring expectations on employment fell to minus 17 in November from minus 16.

Isae conducted its latest survey of 4,000 companies between Nov. 2 and Nov. 18. The research center revised its October reading from an initial 77.1.

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Despite rising fears of the U.S. falling into another recession, a survey of top economists found them more optimistic about growth in the fourth quarter of this year and throughout 2010. But job seekers will have to wait a little longer for employers to start hiring again.

According to the November survey by the National Association of Business Economics, 48 top forecasters now expect the economy to grow at a 3% annual rate during the last three months of this year, up from their prediction of 2.4% growth in October.

The economists also raised their forecast for growth during every quarter of 2010. They now expect a 3.2% rise in economic activity over the course of the next four quarters, up from their previous estimate of 3%.

But the outlook isn’t as good for the record 31 million Americans unable to find full-time jobs.

The economists pushed back their expectations for when U.S. payrolls will start to grow again to the second quarter of 2010. They previously had predicted a gain of 12,000 jobs a month in the first quarter.

The nation’s unemployment rate hit 10.2% in October — higher than expected. The continued problems in the labor market, combined with disappointing reports about housing and retail sales recently, have raised concerns about a so-called "double dip" recession pay day advance.

Despite this, the majority of experts surveyed by NABE said they felt the economy was on track and did not additional help from the government.

Asked if there should be another round of economic stimulus, only 15% said that would be appropriate, while 40% said they would leave the stimulus package approved early this year unchanged.

The other 45% said they would like to see a cut in the stimulus money already approved but not yet spent. Along those lines, 55% of the economists said they are extremely concerned about the amount of federal debt over the next five years

Still, the economists surveyed were slightly more optimistic about a recovery in housing and the likelihood that consumer spending would increase. They were also more bullish about the stock market, forecasting that the S&P 500 will reach 1,199 at the end of 2010, a gain of about 10% from Friday’s closing level. 

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Oprah Winfrey knows how to keep viewers on the edge of their seats.

In the last 10 minutes of her show, Winfrey confirmed that she will be ending her syndicated "Oprah Winfrey Show" in September 2011.

"After much prayer and months of careful thought, I thought that next season, season 25, will be the last season of ‘The Oprah Winfrey Show,’ " she told the audience.

"You may hear a lot of speculation in the press about why I’m making this decision now, and I wanted you to hear it from me," she said. "Twenty-four years ago on September 8, 1986, I went live from Chicago to launch the first show. I was beyond excited, and a little nervous."

Winfrey remained calm after her announcement, even when guest Ray Romano joked that she was going to make this is his mother’s saddest and happiest day by simultaneously having Romano on and confirming the Oprah era had come to an end.

"I knew what a miraculous opportunity I had been given, but I certainly couldn’t have imagined the yellow brick road of blessings," Winfrey said, pausing as she became visibly and audibly choked up. "You, the viewers, have enriched my life beyond measure. You have graciously invited me into your kitchens, living rooms and lives. Some of you have literally grown up with me; we’ve grown up together.

"Whether you’ve been there in the beginning or just started last week, I hold it dear. It still means as much to me to spend an hour with you as it did in 1986," she said.

And then, the answer to the most obvious question: why leave the show? Oprah didn’t give much of an answer.

"Here is the real reason: I love this show, this show is my life, and I love it enough to know when it’s time to say goodbye. It’s the perfect number, the exact right time," she said.

She encouraged her fans to stick out the next 18 months as she and her production team pull out all the stops to make the last season of "Oprah" one that will "knock your socks off."

"The countdown to the end of ‘The Oprah Winfrey Show’ starts now," she said. "Until that day, I intend to soak up every meaningful, joyful moment with you. I’ll see you on Monday." 

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Salt River Project will build a 20-megawatt photovoltaic facility southeast of Phoenix that will come online in 2011.

The solar power station, to be built by Iberdrola Renewables, will be capable of powering about 4,500 homes.

SRP and Iberdrola have a partnership that extends to the Dry Lake Wind Farm, a 63-megawatt wind farm built on a combination of public and private land.

Mark Bonsall, SRP’s associate general manager for commercial and customer services, said the project is another step to bring renewable projects online.

"We are actively pursuing this project because it is not only good for SRP, but it is good for our customers and for the environment," said Bonsall. "We want to be in a position to offer our customers a new, lower-cost solar energy option by giving them the opportunity to purchase the green power directly from this solar facility payday loan companies. SRP will utilize whatever output may not be subscribed by our customers, if any."

Because it is a quasi-government entity, SRP is not required to meet the Arizona Corporation Commission’s requirement to have 15 percent of its power provided through alternative forms of energy by 2025. Still, SRP officials have said they intend to honor those standards.

The agreement will call for Iberdrola to own the power plant and sell the power to SRP, from which individual homeowners could buy into the deal.

The transaction is expected to go before the SRP Power Committee at its meeting in December and before SRP’s full board of directors in January 2010.

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Tom Downey is stepping down as president of the Children’s Museum of Denver to take the helm at Venoco Inc. CEO Timothy Marquez’s charitable foundation.

Mike Yankovich, currently the Children’s Museum’s COO, has been appointed by the museum board as interim president, effective immediately, the museum announced late Friday. He has been with the museum since 2003.

The museum features interactive exhibits and activities for young children. Downey, who has been its president since 2005, is leaving to become president of the Timothy & Bernadette Marquez Foundation, which supports health care and education programs in Denver; Kalamazoo, Mich.; and Santa Barbara and Ventura counties in southern California.

Timothy Marquez founded and heads Venoco, a Denver-based oil and gas company (NYSE: VQ). He and his wife also founded and provided initial funding for the Denver Scholarship Foundation, which supports the city’s college-bound students.

Previously, Yankovich was the Children’s Museum’s VP of guest experience and director of education.

"The board was unanimous in selecting Yankovich as the interim president and is excited to have him at the helm during this period of transition," Deborah Wapensky, CFO of Vectra Bank Colorado and chair of the Children’s Museum’s board of directors, said in a statement.

Downey will continue at the Children’s Museum in a "transitional role" until Dec. 15, the museum said.

"I have been incredibly honored to have served with a team as motivated, well-tenured and experienced as the staff at the Children’s Museum," Downey said in a statement released by the museum. "While I will miss the team greatly, I could not pass up the opportunity offered by Tim and Bernie Marquez to support an array of nonprofits pursuing improved education and health for the community."

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Wall Street’s image, battered by the financial crisis, may take years to recover as its executives themselves are the first to acknowledge.

Executives from a range of financial companies — both on and off Wall Street — told the Reuters Global Finance Summit in New York that the recent economic crisis has shaken outsiders’ faith in the industry.

It has also damaged high-profile executives’ reputations and spoiled what little goodwill others had for the industry, they said.

Repairing the damage will take time, executives said, and may be impossible in some cases.

“We had a saying that it takes years to build a reputation and you can lose it overnight,” said Joe Perella, CEO of Perella Weinberg Partners and a long-time Street veteran. “And it’s hard to repair it overnight after what’s happened.”

FAILURES

Critics — from Main Street to the halls of Congress — said the industry is out of touch and ignored significant risks in the pursuit of profit, placing the global economy at risk.

The broader financial sector’s failures, critics said, are widespread check cash advance.

Mortgage companies implemented too-loose lending standards, bolstered by Wall Street’s demand for mortgage-backed securities to bundle and sell across the globe.

Even ratings agencies often failed to identify the risks being created by a handful of industry professionals.

The crisis created the largest bank failure in U.S. history and six of the ten largest bank failures since 1934, as well as the largest recession since the Great Depression.

Merrill Lynch & Co did an eleventh hour deal with Bank of America at the depth of the crisis, in part to avoid a possible collapse.

CRITICISM DESERVED

Industry executives said the ongoing furor is at least somewhat justified.

“The criticism is definitely deserved,” said Lee Fensterstock, CEO of Broadpoint Gleacher Securities Group Inc, a New York-based boutique investment bank. “I don’t know what these guys were thinking about.” 

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More than a year after the financial system came to the brink of collapse, Congress is finally starting to make headway on bills that aim to prevent future catastrophes.

The House has been drafting and re-working legislation for a month, and a key committee is set to delve back into it on Tuesday. The Senate will begin discussing its lengthy version on Thursday and is expected to get into the details of the legislation next month.

But Congress is far from reaching consensus on a bill that could get the filibuster-proof 60 votes in the Senate and pass both chambers.

And there are several key issues on which the ideological gulf between the Senate and House, or between Republicans and Democrats, may not be bridgeable. The divisions could threaten passage of meaningful legislation or drag out the debate and even prevent final passage.

Here are three big points of controversy.

The role of the Federal Reserve: The Senate and House couldn’t be further apart on how they see the Federal Reserve and its role as a regulator going forward.

The House proposes stripping away the Fed’s consumer protection powers, leaving in place its banking regulatory powers. In fact, the House would make the Fed the principal overseer of financial firms tied to the global economy.

The Senate, by contrast, would limit the Fed’s powers to mostly monetary policy. Sen. Chris Dodd, D-Conn., is proposing stripping the Fed of its banking regulatory authority and giving that power to a new consolidated agency.

"It’s not designed to basically punish the Federal Reserve at all, but rather to enhance their role and their independence," said Dodd, chairman of the Senate Banking Committee. "You start loading up the Fed with additional responsibilities and that independence could be threatened."

Late last week, high-ranking Treasury and White House officials made it clear in public statements that they’re at odds with the Senate on this idea and they think the Fed should keep its regulatory powers and oversee the biggest financial firms.

"No regulator had a perfect record leading up to the crisis, but in our view, the Federal Reserve is the agency best equipped for the task of supervising the largest, most complex firms," Deputy Treasury Secretary Neal Wolin said Friday. "It is the only agency with broad and deep knowledge of financial institutions and the capital markets necessary to do the job effectively."

Too big to fail: Congress has many different ideas when it comes to how to prevent big firms from taking down the entire financial system. Experts say this is one of the most important parts of the regulatory effort. But there are a lot of details involved and a consensus has yet to gel.

The White House and congressional Democrats want to create a mechanism for monitoring large financial firms, like American International Group (AIG, Fortune 500), and unwinding them with a new power called "resolution authority cash til payday loan."

Both chambers would charge the Federal Deposit of Insurance Corp. with such unwinding. But some lawmakers from both parties are worried about giving such broad powers to the executive branch.

A related - and contentious - debate is emerging over whether a government agency should have the power to break up companies that could threaten the economy before they do damage.

Lobbyists for the big banks are fighting the break-up proposal hard, calling it "misguided." The proposal could "lead to long-term damage" to the economy, wrote Rob Nichols, president of the Financial Services Forum, in a letter Monday to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

But community banks are big fans of the break-up idea, which is included in the Senate bill and is expected to be debated in the House later this week when Rep. Paul Kanjorski, D-Pa., offers such an amendment.

Another point of disagreement: How to pay for a catastrophe fund without tapping taxpayers. The House is leaning toward making financial firms pony up before disaster strikes. The Senate is leaning toward charging after a firm falls.

Consumer Financial Protection Agency: Of the three trouble spots, easily the most high-profile one is the proposed Consumer Financial Protection Agency.

The agency faces a more familiar problem for financial-related legislation in Congress: opposition from the minority party and big business. That push-back could be a deal breaker in the Senate.

The agency would put new regulators in charge of keeping an eye out for consumers, while requiring more disclosure and scrutiny over some of the financial products, like mortgages, credit cards and auto loans, that contributed to last year’s crisis.

A wave of populism propelled credit card legislation earlier this year. But Republicans are mostly united against the creation of the consumer agency, calling it an added layer of bureaucracy that could threaten bank soundness.

Observers say the consumer agency is one of the biggest stalemates between Dodd and Sen. Richard Shelby, R-Ala., whose cooperation was key to getting the credit card bill passed by an overwhelmingly margin. President Obama even invited Shelby to the bill signing ceremony.

In late October, the House passed a version of the proposal to create a new consumer agency, with one Republican voting for it and two Democrats voting against it. But that version was watered down to exclude small banks and credit unions from being examined by the agency’s enforcement arm. The House bill also excludes auto loans and title insurance from the agency’s jurisdiction. 

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