Adobe lays off one in 10 workers

US software company Adobe Systems has announced it is cutting 680 jobs, almost 10 % of its workforce. The software firm, best known for Photoshop, Flash and Acrobat, said the cuts were necessary to cut costs. It added it that would be hit with pre-tax restructuring charges of between $65 m (£39 m) and $71 m as a direct result of the cuts. The lay-offs will not affect employees of web analytics firm Omniture, which was recently taken over by Adobe. More than 7 ,000 people work for Adobe Systems.

China production and retail rise

The latest economic data from China suggests that industrial production grew year on year at a level faster than expected. Retail sales also rose by more than analysts had predicted, while consumer prices continued to fall. China's National Bureau of Statistics says the country's latest economic data shows it is well on track to meet its target of 8 % growth this year. The government's huge economic stimulus package is likely to have helped a lot. The data indicates that activity in factories and workshops increased by 16.1 % in October compared to a year ago. Optimism That is the highest level of growth since March last year. China's statisticians are starting to sound more optimistic than they have done in a while. Importantly, they see evidence in this latest data, that Chinese consumers are starting to make more of a contribution to economic growth here. Retail sales were higher in October than September. China needs consumers to spend more to spur domestic demand for the goods its factories produce, as it is unlikely to be able to rely on US consumers in the years ahead in the same way that it could before the financial crisis. The growth in activity in the country's factories and workshops beat analysts' forecasts too. There was better news in October's trade figures though - the rate of decline in exports last month as the smallest in 10 months, supporting anecdotal evidence from producers that orders from customers abroad have been picking up for several weeks now. China has been trying to boost domestic demand for the goods its factories make, as exports have been declining for 12 months now. The supply of new loans was markedly lower than many analysts had expected, suggesting that banks had listened to concerns that the easy access to credit here was creating the risk of asset bubbles and put in place more stringent conditions for those trying to borrow money.

Bear Stearns ex-managers cleared

Two former Bear Stearns hedge fund managers charged with fraud have been found not guilty by a New York jury. Ralph Cioffi and Matthew Tannin were cleared of charges including securities fraud and conspiracy charges relating to the collapse of two hedge funds. Prosecutors had argued the two managers lied to clients to protect bonuses when their funds were losing money. The hedge funds bet on the high-risk sub-prime mortgage market in the US before they crumbled in June 2007. The collapse cost investors in the funds about $1. 6 bn (£0.95 bn). E-mail exchanges Their closure was one of the first signs of the problems in the sub-prime market, which triggered a massive loss of confidence in financial markets. In March last year, Bear Stearns became one of the most high-profile victims of the credit crunch, after American banking giant JP Morgan agreed to buy it with the backing of the US Federal Reserve. The two men are among the first financial executives to have faced charges since the global financial crisis began. Mr Cioffi, who was also facing charges of insider trading, left court, saying only: "I'm happy". During the month-long trial, prosecutors focused on e-mail exchanges between the two defendants, which, they argued, showed the two knew the funds were in trouble, but did not tell their bosses or investors. The complexity of the case meant that a conviction was always going to be difficult, observers said. "It's not a total surprise. It sends a strong message to prosecutors that they need to be able to prove their case. Just losing money in and of itself is not a crime," said Jim Angel, associate professor of finance at Georgetown University. Inside information The case could also have important implications for future fraud trials. "The government will clearly need to rethink whether and when to assert criminal responsibility in connection with the financial meltdown," said Jacob Frenkel, partner at law firm Shulman, Rogers, Gandal, Pordy & Ecker. Other financiers are facing trial following charges of insider trading at separate hedge funds. Last week, 14 individuals were charged in connection with an alleged insider trading scheme at US hedge fund Galleon Group. Three weeks previously, Galleon founder Raj Rajaratnam and five others were arrested. Mr Rajaratnam and his co-defendants are alleged to have gained $20 m in illegal profits thanks to inside information on firms including internet search engine Google and technology company AMD.

Renault to challenge Tata's Nano

French carmaker Renault, with its partner Nissan, has said that its planned cheap car for India will cost less to produce than Tata's Nano. The firm would not confirm the price, but says it will be for the entry level market and "priced competitively". The design and manufacture will be done by the Indian firm Bajaj, while Renault and Nissan look after the marketing. The Nano is currently the world's cheapest car, with the most basic model selling for about $2 , 000. Competing for India Renault chief executive Carlos Ghosn said "the cost of this car would be lower than any car made in India today", but added there would be a difference between cost and price. The car, which is due to be launched in 2012 , will be aimed mainly at the Indian market, but exports are a possibility. Renault also says it will be very fuel-efficient. India is one of the biggest growth markets for the car industry. Mr Ghosn predicts that the market there could triple to six million vehicles in 10 years. General Motors, Toyota and Ford are all designing cheap models for India - although Ford has said it will not compete directly with the Nano. Renault already has a joint venture with India's Mahindra and Mahindra to make the Logan Sedan. Its partner Nissan works with Ashok Leyland to make light trucks.

More profits at Barclays and HSBC

UK banks Barclays and HSBC have both reported continuing profits, and indicated that the worst of their bad debts may be coming to an end. Barclays made a pre-tax profit of £1.56 bn in the three months to 30 September, down 45 % from a year ago. While HSBC did not give any figures, it said profits for the same period were "significantly ahead" of last year. HSBC said its bad debts had now fallen to their lowest level since the second quarter of 2008. Meanwhile, Barclays said the impact of its bad debts would peak sooner than first thought - at the end of 2009 or in the first quarter of 2010. Mixed picture For the nine months to 30 September, Barclays saw its pre-tax profit fall 19 % from a year earlier to £4.542 bn, after its charges for bad debt jumped 65 % to £6.2 bn. ANALYSIS Nils Blythe, BBC business correspondent There's a gaping chasm in UK banking. On one side are Barclays and HSBC - both heading for hefty profits this year. On the other side are Lloyds and RBS which will probably record losses. Takeover deals are one of the the main reasons for the chasm. RBS blew itself up by buying the Dutch bank ABN Amro at the height of the credit boom. Lloyds would have survived without being part nationalised if it had not taken over HBOS at the height of the credit bust. By contrast, HSBC has managed to absorb the losses from its ill-judged purchase of a US sub- prime lender in 2002. And Barclays is making money from the remains of Lehmans it bought a year ago. But investors still have reason to be very cautious when banks buy other banks. When other one-off factors were pulled out, the bank said its pre-tax profits before exceptional items totalled £4.4 bn for the nine months, more than double a year earlier. During the three quarters, the bank saw a marked difference in performance between its UK and overseas operations. While its global commercial and retail banking units saw profits rise 11 % over the nine months, profits at its UK retail business "decreased significantly". Barclays chief executive John Varley said the results showed "the resilience and diversification" of the bank's portfolio of businesses. Barclays also announced that it would restart dividend payments, paying an interim dividend of 1 p per share. Shares in Barclays closed down 5.1 %, or 17.5 pence, at 325.35 p. 'Solidly profitable' HSBC said it was continuing to benefit from its wide global reach and cost-cutting. It added that its strong trading update came despite economic conditions remaining " challenging". It added that its global banking and markets unit was having a "record year", while its commercial banking division was "solidly profitable in all regions". "Thanks to a highly diversified business model, a clear and unchanged strategy and a focus on banking fundamentals, HSBC continues to deliver broadly-based profits at this pivotal stage of the business cycle," said HSBC chief executive Michael Geoghegan. He added that the bank was continuing to attract new customers. HSBC's shares closed up 4 %, or 27.8 pence, at 720 p. The latest results from Barclays and HSBC are in contrast to rival Royal Bank of Scotland (RBS), which last week reported a third quarter loss of £2.2 bn. Unlike RBS, both Barclays and HSBC have not needed direct financial support from the UK government.