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February 15, 2012

Hispanic business group in St. Louis has joyful growing pains

Filed under: Homebuilder, business — Tags: , , , — Moon @ 5:32 pm

ST. LOUIS • Not as well-known and certainly not as big as A-B InBev and Monsanto, Gonzalez Cos. is tucked between the two other businesses on a list of top sponsors of the Hispanic Chamber of Commerce of Metropolitan St. Louis.

Sure, says company founder Anthony Gonzalez-Angel, the $10,000 a year his construction management firm pays to be a member helps promote his business. But he could do that with a lesser level of giving, or in different ways.

Gonzalez-Angel says he wants the chamber to have the tools it needs to continue its transition from more of a social entity to an agency that helps build and promote Hispanic businesses — and one that works to bridge the gap between small companies and large corporations.

“Economic empowerment leads to social empowerment,” Gonzalez-Angel said.

The chamber, around for three decades, has in the last few years raised its profile significantly. It has seen a surge in membership, made plans to buy its rented office space, scheduled a large-scale job fair for next month and has launched its first Latino Leadership Institute, supported by the chamber’s largest sponsor, Centene Corp.

Increasingly, larger and larger corporations are plunking down $5,000 to $25,000 to be bronze, silver, diamond and platinum-level members of the chamber.

But Karlos Ramirez, executive director of the Hispanic Chamber, said the organization is not forsaking the small storefront businesses that pay $150 a year to join.

“The majority of our members remain small businesses,” said Ramirez, who last worked as director of the university center and conference services at St. Mary’s University in San Antonio.

Partly in response to those smaller members, the growing chamber also is putting together its first restaurant guide, helping answer a common question: “Where do I go for good Mexican food?”

While becoming a resource for the region as well as its visitors, the guide also will give small businesses with small budgets a way to get their restaurants recognized. The guide will extend beyond Mexican to all Hispanic restaurants.

Gonzalez-Angel says he is pleased with the direction the chamber is headed and thinks its efforts can change the St. Louis business environment, which he describes as still “very black and white. Hispanics are the minorities of minorities.”

RAPID GROWTH

Hispanics continue to be the fastest-growing minority group in the region, but their numbers remain small. Of the 2.2 million people living in the region’s four largest counties and the city of St. Louis, 2.8 percent of them are Hispanic, according to the Census Bureau.

Gonzalez-Angel, whose Brentwood-based firm has 40 employees, says the chamber helps make the business community more aware of companies that are run by Hispanics as well as those that hire them.

“It’s critically important to St. Louis to have diversity,” Gonzalez-Angel said. “In the last four or five years, there have been changes. But there is resistance to change.”

The chamber has seen its membership grow by 80 percent in two years to 188. About half are Hispanic-owned companies, a balance Ramirez said the chamber would push to keep. Twelve of the 15 board of directors are Hispanic.

Ramirez said having full-time paid staff on board to promote the chamber and increasing the ways it gets involved in the community are among the reasons behind the growth.

Although 30 years old, the chamber did not have an executive director until 2010. A year ago this month, Ramirez became the second. There also are two other staff members, including an assistant director hired since Ramirez came on board. The annual budget is just over $200,000.

In late 2009, the chamber moved into nearly 3,200 square feet of office space in the old South Side National Bank on South Grand Boulevard, not far from Cherokee Street, the unofficial Hispanic neighborhood of St cash advances pay day loan. Louis. Earlier chamber locations included a small office on the University of Missouri-St. Louis campus, and the basement of a bank on Gravois Avenue, about a block from the current offices.

The chamber has just begun a $300,000 capital campaign to buy the office space.

“It shows that we have a home, a set place,” Ramirez said, “and that we are a committed part of the community.”

The chamber received a $500,000 federal grant to lease the space as well as the build-out and furniture.

GROOMING LEADERS

John Sondag, president of AT&T Missouri, said the chamber is making moves that position it to be more influential in the region’s business world.

Sondag was one of several corporate executives asked about a decade ago to sit on a chamber advisory committee. The chamber wanted to better tap into corporate St. Louis and better define its role, Sondag said.

“Up until then, it was more of a social club,” Sondag said. “Members would join but do more socializing rather than traditional chamber work to develop businesses. It’s important for us as a business to help other businesses grow. If the communities we serve grow, we all prosper and benefit.”

A grant from AT&T in 2009 was used to buy 30 computers for the chamber’s technology center. The chamber’s board president, Emma Espinoza, is an AT&T manager. And the company is sending one of its customer service representatives through the chamber’s Latino Leadership Institute, a nine-month professional development program which began in October with 11 applicants.

Ramirez hopes the institute becomes a staple of the programming and training offered through the chamber. The goal is to groom young Latinos early in their careers to better navigate the corporate world and become community leaders.

“Ten years from now, think about the difference that would make in St. Louis,” Ramirez said.

Longtime chamber board member Michael Zambrana said corporate involvement with the chamber is about more than offering experience, money and other resources.

“There is a more fundamental reason and that is for recruiting purposes,” said Zambrana, president and CEO of Pangea Inc., a construction and environmental services firm. “A lot of these companies do international business. They are looking for a connection to bring culture into their companies. It’s required in the international marketplace.”

CREATING VALUE

Ramirez said joining is appealing because it allows members to “tap into the workforce and the Hispanic buying power” and “helps companies with their diversity initiatives. Value means different things to different people.”

At La Vallesana, a Mexican restaurant on Cherokee Street, owner Hilario Vargas says the chamber has been a supportive partner in promoting the expansion of his business. The chamber held a ribbon-cutting to coincide with the September opening of the new addition. Two more expansions, including enlarging the dining room and adding a courtyard, are expected to be completed by summer. The dining guide will be an easy way to update the restaurant’s progress, Vargas said.

“They helped get the word out that we are no longer a little taco stand and now we’ve grown,” Vargas said of the chamber, with translation help from a manager.

The job and business fair next month at a downtown hotel is expected to have at least 60 vendors. Ramirez said it will be the largest hiring event held yet by the chamber, and one that he wants to grow each year.

“I genuinely believe diversity is valued in this region,” Ramirez said.

Source

February 14, 2012

City boards OK big land sale to McKee

Filed under: Uncategorized, payday — Tags: , , , — Moon @ 12:48 am

St. Louis • It took less than 90 minutes - with a 20-minute break - for the city on Monday to sell off 162 acres of land it had spent decades accumulating.

In a series of unanimous votes, three city panels agreed to sell developer Paul McKee 1,233 pieces of land, and an option to buy the massive former Pruitt-Igoe site, for $3.2 million and promises that his stalled NorthSide Regeneration project will start to move forward.

Altogether, the purchases will more than double McKee’s holdings on the city’s near north side, where he has been working for eight years to assemble land for a project he says could transform some of St. Louis’ most battered neighborhoods. Taking on hundreds of city-owned parcels, most of which have long sat vacant, will enable him to market larger sites - in some cases whole blocks - to potential tenants, McKee said. That should make more deals feasible, he said.

Largely unmentioned was the ongoing lawsuit that has slowed the project. It has been nearly two years since a city judge tossed out $390 million in tax increment financing, which has stalled road and sewer work in the area. An Appeals Court heard oral arguments in the case earlier this month; a decision is expected soon.

In the meantime, McKee keeps talking with prospective tenants, and he shared more details Monday.

Grace Hill Health Centers is planning a clinic in the project area, he said, and Sunshine Ministries is preparing to move into 40,000 square feet of new space. A biotech company McKee wouldn’t name is interested in a project near the old Carr School, and various office and retail users are looking at sites.

“We have had interest (from tenants) all over the project area,” he said.

While McKee already owns about 103 acres of the project’s 1,500-acre footprint, it was always clear that he would need more land. He has been talking with the city about buying its property for years.

But the agreement was only announced on Friday, when agendas were posted for special meetings of the three city agencies that own the land. The meetings themselves had all the markings of a done deal, with a few questions by board members but no real debate, and unanimous votes all around.

While about a dozen of McKee’s consultants and lawyers showed up, no neighborhood residents or McKee critics attended the mid-afternoon meeting at the St. Louis Development Corp. offices downtown. The only skeptical note was sounded by Alderman Marlene Davis, who represents a small part of the project area. She asked that 31 parcels in her ward be held out of the sale for other development, which the city permitted.

“If I were sitting in your chair I probably wouldn’t do this,” she told the three members of the Land Reutilization Authority (LRA). “But it’s not my call.”

Rodney Crim, Mayor Francis Slay’s top development official, said the agreement was a good one. It moves more than one-tenth of all city-owned property off the books, adding $100,000 to the tax rolls and saving the cost of mowing and maintenance. Some of the $3.2 million proceeds will pay to demolish more crumbling city-owned buildings across north St. Louis, freeing up more land for redevelopment. And much of the ground has been up for sale for decades, with no credible buyers, until McKee.

“The market hasn’t addressed this issue,” Crim said. “Now we have a developer who plans to address the whole area and is ready to move forward.”

The agreement requires that McKee create more than 160 jobs and get his first wave of projects well underway by 2016. But the developer said he’s moving on a much faster timeframe.

“I need this to happen tomorrow,” he said.

It won’t take long to be official. Monday’s votes were the only public action required for the sales. Now McKee’s lawyers and city officials will iron out details. They plan to close by the end of February.

Then McKee will have two years to find something to do with Pruitt-Igoe. The infamous former housing complex sits at Jefferson and Cass Avenue, the heart of his project area, and is a key piece of ground. But it’s also likely polluted ground, with unknown debris from the demolition of its high-rise apartment towers in the 1970s. McKee bought a two-year option on the site for $100,000, to buy time while he looks for cleanup funding and markets the site to tenants. Taking control for good will cost him an additional $900,000.

Crim said the prices were determined through LRA’s standard appraisal process, which is based on comparable property nearby and other factors. The city included Pruitt-Igoe in the deal, Crim said, because it wants a comprehensive approach to the area.

“It has to fit in. It can’t be an individual use,” Crim said. “And this developer has a lot of business ties that will help him to market the site.”

 

TERMS OF THE DEAL

Three city agencies agreed to sell 1,233 parcels of land - totaling 162 acres - to Paul McKee’s NorthSide Regeneration LLC, for $3.2 million. The deal includes $100,000 a two-year option for the 33-acre Pruitt-Igoe site. To close the sale, NorthSide must pay an additional $900,000. NorthSide must demolish 200 buildings by the end of 2013 and rehab 75 buildings. NorthSide must perform regular maintenance and mowing, hold job fairs and offer training to local residents. NorthSide must complete three-fourths of its first round of projects and create 168 jobs by 2016. The second round must be half-complete by 2020. Failure to meet terms means the city can buy back the land at the purchase price.

 

 

Source

February 4, 2012

More Super Bowl ads released in advance, leading to less suspenseful night

Filed under: caredit, finance — Tags: , , , — Moon @ 8:20 am

It’s still more than a day away until the Super Bowl and I’ve already seen the Volkswagen commercial that shows a pudgy dog running on a treadmill in order to lose weight.

I’ve already seen Matthew Broderick call in sick so he can ride roller coasters, chase little kids at a museum and frolic on the beach in a Ferris Bueller-like day of revelry - and driving a Honda CRV to get from place to place.

And I’ve already seen the tattoo-rific David Beckham in his undies for H&M’s new ad campaign.

So is there any reason left to tune in to the big game on Sunday night?

Oh right, I guess there is the football. But with more companies than ever uploading their Super Bowl commercials in advance on YouTube and other websites this year, there will be fewer surprises on Sunday night. So will people take a pass on the commercials and actually use that time for a bathroom break?

Seethu Seetharaman, a marketing professor at Washington University, doesn’t think so. He thinks the early releases will just whet people’s appetite and help build excitement leading up to the game. After all, some companies are only putting out teasers or trailers of their ads.

“There is the danger of newness being lost,” he acknowledged.

But one of the most memorable and buzzed-about commercials last year - the kid dressed up as Darth Vader in a Volkswagen ad - was released online in advance of the big game, he noted.

That gets closer to Seetharaman’s main point. He questions the wisdom of companies wasting - err, spending - $3.5 million on a 30-second spot at all when they could get free exposure through a viral, online campaign.

Craig Kaminer, president of the St. Louis-based marketing agency Twist, also emphasized the free part of releasing commercials early on YouTube.

“You can get millions of additional people to see it and it doesn’t cost you anything,” he said. “At the end of the day, advertisers are interested in one thing and that’s getting to the most number of people to spread their message.”

And while some people may have seen some of the commercials before Sunday night, up until then it will have mostly been an individual experience. But during the game, it will be a communal activity with your family and friends, he said.

That is something I can understand. For the first time in many years, I found myself glued to the television at a friend’s Super Bowl party last year. Actually, I alternated between the TV and my iPhone.

I gave myself whiplash as I devoured snarky tweets from my friends - and yes, from the random group of witty people I don’t know who I follow on Twitter - as they dished out their real-time commentary on the ads.

That’s something you can’t recapture the next day.

So I’ll be tuning in on Sunday - with my smartphone at my side.

 

SIN IS IN

This year is shaping up to be a pretty good year for sin.

At least, that’s what the research firm IBISWorld concludes in a recent report tracking industries that it has assigned to each of the seven deadly sins.

With more disposable income at our fingertips - and with the help of new technologies - IBISWorld said Americans will find more ways to indulge themselves in 2012. Apparently, this will be a bountiful year for envy, lust and sloth. Yippee! But growth will be a bit slower for those who peddle in pride and greed. Boo!

The firm does takes liberties with its labels. For example, I’m sure there are plenty of gun manufacturers out there who would object to being placed into the “wrath” category. But nonetheless, it makes for some colorful reading.

So here’s a quick snapshot:

• Envy: Jewelry store sales are projected to grow 4.5 percent this year.

• Lust: Online dating sales are expected to increase 3.5 percent.

• Sloth: The “do-it-for-me” market of maids, nannies, personal chefs, gardeners and butlers is expected to grow 3.4 percent.

• Gluttony: Fast-food restaurants are expected to grow 2.6 percent.

• Wrath: Gun and ammunition manufacturers are projected to be up 2.3 percent.

• Pride: Tanning salon sales are expected to increase 2 percent.

• Greed: Commercial banking is expected to be up 1.9 percent.

Source

February 1, 2012

German Unemployment Fell More Than Forecast in January: Economy - Bloomberg

Filed under: legal, technology — Tags: , , , — Moon @ 12:40 am

German unemployment dropped more than economists forecast to a two-decade low in January, bolstering economic growth as the euro region

January 28, 2012

Fed will do its part to aid U.S. recovery, Dudley says

Filed under: Homebuilder, money — Tags: , , , — Moon @ 8:00 pm

Much work remains to maximize U.S. employment and stabilize prices, and the central bank will do its part, an influential Federal Reserve official said on Friday.

The pace of the U.S. economic recovery remains “sluggish” and is likely to slow somewhat this year, said New York Fed President William Dudley. Unemployment is likely to remain “unacceptably high” for some time, he added, while inflation is likely to be below the Fed’s new 2-percent objective for several years.

“Clearly, much work remains to achieve the Fed’s dual mandate of maximum sustainable employment in the context of price stability,” Dudley told reporters in a regular briefing.

The Fed, which has kept interest rates near zero for more than three years, “has done and will continue to do its part in supporting the recovery - but it is not all-powerful,” he added.

“Other complementary policy actions in housing, fiscal policy and structural adjustment or rebalancing of the economy will be essential if we are to achieve the best available recovery.”

Aside from the low rates, the Fed has also bought $2.3 trillion in long-term securities in an unprecedented drive to spur growth and revive the economy after the worst recession in decades. Yet the recovery has been slow and the outlook issued by the Fed this week was bleak, leading the central bank to say it expects to keep rates “exceptionally low” at least through late 2014.

Dudley, a permanent voter on the Fed’s policy-setting committee, added that he expects “moderate” growth this year, and warned the risks are skewed to the downside in part because of Europe’s debt crisis business cards design.

The economy continues to operate with “significant excess slack,” he said, adding: “Inflation has retreated and may be headed down further.”

On Wednesday, Chairman Ben Bernanke said the Fed stood ready to offer more stimulus in the form of bond purchases if inflation remains below 2 percent - a formal target unveiled earlier that day - and if unemployment, now at 8.5 percent, remains high.

The speech by Dudley, a policy dove focused on driving down the high jobless numbers, could add confidence to those who, since the Wednesday meeting, see another round of asset purchases - including mortgage-backed securities - as all but inevitable.

Still, the slow overall recovery has cast some doubt on the U.S. central bank’s far-reaching strategy, with some, including congressional Republicans, warning that the massive quantitative easing efforts over the last few years could crimp the Fed’s ability to tighten policy when the time comes.

The Fed’s ultra easy monetary policy stance, to nurse the recovery, got some support from data on Friday showing U.S. gross domestic product expanded at a 2.8 percent annual rate in the fourth quarter of 2011.

It was a sharp acceleration from the 1.8 percent clip of the prior three months and the quickest pace since the second quarter of 2010. But it was a touch below economist expectations in a Reuters poll for a 3-percent rate, and nearly 2 percentage points were attributed to the build-up in business inventories.

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January 25, 2012

Davos elite: Capitalism has widened income gap

Filed under: USA, loans — Tags: , , , — Moon @ 3:20 pm

A four-year economic crisis has left societies battered and widened the gap between the haves and have-nots, financial leaders conceded Wednesday _ with one suggesting that Western capitalism itself may be endangered.

With the global economic outlook gloomy at best as Europe struggles with its debt crisis, there’s a sense at the heavily guarded World Economic Forum in the Swiss Alps that free markets are on trial.

There’s a widespread acceptance that more must be done to convince critics that Western capitalism has a future and that it can learn the lessons of its massive failures.

For David Rubenstein, the co-founder and managing director of asset management firm Carlyle Group, leaders must work fast to overcome the current crisis or else different models of capitalism, such as the form practiced in China, may win the day.

“As a result of this recession, that’s lasted longer than anyone predicted and will probably go on for a number more years … we’re gonna have a lot of economic disparities,” said Rubenstein.

“We’ve got to work through these problems, if we don’t do in 3 or 4 years … the game will be over for the type of capitalism that many of us have lived through and thought was the best type,” he added.

His stark appraisal may have been an outlier, but there was a clear defensive posture among many participants on this opening day of the World Economic Forum in Davos.

There were numerous references to the need to innovate, the need to consult with employees and the realization that power in the world is shifting from the west to the east. While the traditional industrial economies of the United States and Europe have limped through the last few years, often from one crisis to another, many economies in Asia and Latin America have been booming.

As Ben Verwaayen, the chief executive of Alcatel-Lucent, said, there’s a “very different view” of capitalism in Brazil.

“This is a very different discussion depending where you are,” Verwaayen said.

Many rejected the suggestion from Sharan Burrow, the general secretary of the International Trade Union Confederation, that capitalism has lost its “moral compass” and needed to be “reset.” Still, representatives of the business community insisted they were learning from the mistakes that dragged the world into its deepest economic recession since the World War II.

Bank of America’s CEO Brian Moynihan said the excesses of banks in the run-up to the banking crisis of 2008 reflected the economies they were operating in, so it was important that policymakers don’t overreact.

Moynihan, whose bank was forced to back down on plans to start charging a $5 debit card fee after protests by the Occupy movement and others, said banks have “done a lot” to reduce excesses. He also noted that boom and bust cycles are a part of the Western capitalist structure.

Many outside the confines of the Davos conference center disagree, after years of crisis in which hundreds of millions of people have lost their jobs even as top executives have continued to reap huge pay packets.

Davos activists on Wednesday sent aloft big red weather balloons carrying a huge protest banner reading “Hey WEF, Where are the other 6.9999 billion leaders?”

The activists were from the Occupy WEF movement, a small group camping out in igloos here and following in the footsteps of the Occupy Wall Street movement that spread to cities around the world.

Davos is a hard-to-reach place to protest, tucked in the Swiss Alps. Some 2,600 of the world’s most influential people are gathered for the forum this week, amid increasing worries about the global economy and social unrest due to rising income inequalities.

The CEO of accounting giant Deloitte, Joe Echevarria, talked about developing “compassionate capitalism.”

“You’re going to have to deal with regulation _ balancing the need to protect society along with stifling growth,” he told The Associated Press in an interview. “I think that has to manifest itself through the choices that governments and businesses make.”

While the bigwigs debated at Davos, key Greek bondholders were holding closed-door meetings in Paris to discuss how _ and whether _ to continue talks central to resolving Europe’s debt crisis that would forgive 50 percent of Greece’s enormous debt.

Mark Penn, global CEO of the public relations firm Burson-Marsteller, told AP “the whole crisis has raised larger questions about how is capitalism working, how do you redefine fairness in the 21st century?”

Later Wednesday, German Chancellor Angela Merkel may chart her course for Europe’s crisis in her keynote speech at the Davos forum.

In an interview with six European newspapers published Wednesday, Merkel drove home the need for reform in debt-troubled eurozone nations instead of spending more to beef up the region’s bailout fund.

Surveys ahead of the meeting showed pessimism among world CEOs and plunging levels of public trust in business and government leaders and concerns that fragility in the U.S. and European economies will bring the whole world’s economy down.

Source

January 23, 2012

India

Filed under: Homebuilder, payday — Tags: , , , — Moon @ 10:00 pm

India

January 14, 2012

OJ crises can be avoided with barcodes

Filed under: economics, payday — Tags: , , , — Moon @ 5:00 am

Several times each year, the nation faces a widespread, food borne illness crisis. But there’s an easy, cheap technological solution that could stop scares and outbreaks in their tracks.

A relatively simple system of QR codes — those funny-looking, two-dimensional barcodes you see everywhere today — could instantaneously link a product sold on store shelves back to the farm where it was grown or raised with a snap of a smartphone camera. It would no longer take days or weeks to determine what food is safe and what isn’t.

The system could even prevent the contaminated food from reaching store shelves in the first place.

IBM (, Fortune 500) has developed a technology called the InfoSphere Traceability Server, which assigns unique barcodes to every step of the food distribution chain.

The farms, slaughterhouses, food palates, shipping containers, trucks, grocery stores and individual products that are using InfoSphere are all affixed with QR codes and tracked. Even specific animals are being tagged and scanned, so you could find out which specific cow your milk came from or which pig became your pork.

Using this system, the orange juice crisis could have potentially been avoided. Rather than halting all shipments of orange juice to test for a fungicide and testing OJ at grocery stores, as the U.S. Food and Drug Administration has done, the juice could have been scanned and instantly linked back to a particular farm.

How RFID tags will change the future

"Someday soon, this will become the minimum requirement to participate in the food supply chain," said Paul Chang, IBM’s traceability program director.

But the system has yet to be widely adopted. There are some high hurdles to mass-adoption, most notably that for the system to work, every actor in the supply chain has to participate. And participation requires some level of investment in order to feed data into the network and extract results.

IBM already has a small handful of large retailers in the United States and Europe on its system, including Germany’s Metro Group, the third-largest food retailer in the world. But IBM believes it has found a way to get even the smallest mom & pop shops and farms on board as well.

IBM developed the InfoSphere system as a cloud-based service, meaning the only infrastructure needed to operate it is an Internet connection and a smartphone.

Though IBM’s Chang wouldn’t get specific about pricing, he said the costs are "minimal," pointing to the fact that that there are already small, rural farms in Thailand using the system no fax needed payday loans.

"We’ve developed the technology in such a way that it’s just a nominal cost to share and access information," Chang said. "We’re at an inflection point where this could be deployed more broadly."

But even if the majority of vendors, farms, shipping companies and grocery stores adopt it, it would really take everyone to join in to link your OJ to a particular farm.

To make such a global food traceability network a possibility, the food industry has developed an open standard for data recording and tracking. That means customers using IBM rivals’ systems could communicate with the InfoSphere server so a farm, a supplier and a grocery store all doing business with one another would not necessary need to be using the same system.

IBM says a very small percentage of companies in the food industry have adopted the technology so far. But with recalls happening on a weekly basis, and costs of technology falling, some regulators are becoming tempted to impose requirements that companies adopt traceability systems. IBM said is currently working with a small number of government regulators from around the world.

If widespread adoption does occur, it may help stop outbreaks before they start.

Today, testing products for contamination is a difficult and ineffective process. Food companies can’t test every batch, so choosing which ones to test is essentially random.

For instance, Coca-Cola (, Fortune 500) tested its batch of orange juice and found that the fungicide was present. But it also noticed that competitors’ juice was contaminated as well and had gone unnoticed.

Using advanced analytics, companies could know exactly which batches to test. As an example, a sensor in a shipping container of tomatoes that is several degrees warmer than normal could tip off the company to check the product that was shipped on that vessel. With QR tags, testers could know which palates were on that container and test them before they reach store shelves.

The technology is cheap and easy to implement. But until everyone adopts it, contaminated food outbreaks will continue. 

Source

January 12, 2012

Retail sales post weakest reading in 7 months

Filed under: news, online — Tags: , , , — Moon @ 2:44 pm

Retail sales rose at the weakest pace in seven months in December as consumers pulled back late in the holiday shopping season, cutting purchases at department stores and spending less on electronic gadgets.

Total retail sales increased 0.1 percent after rising by an upwardly revised 0.4 percent in November, the Commerce Department said on Thursday.

Economists polled by Reuters had forecast retail sales climbing 0.3 percent last month.

The upward revision for November sales suggests consumers likely frontloaded their holiday shopping. The government had initially estimated retail sales gained 0.2 percent in November.

Spending at electronics and appliance stores fell 3.9 percent in December, while shopping at department stores slipped 0.2 percent.

Fueling the overall increase in retail sales during December, receipts for motor vehicles and parts increased 1 Internet Payday loans.5 percent, adding to the prior month’s 0.9 percent gain.

Excluding autos, retail sales fell 0.2 percent, the first decline since May 2010.

Sales at food and beverage stores fell 0.2 percent in December. Also holding back the overall gain in sales, receipts at gasoline stations dropped 1.6 percent last month after rising 0.9 percent in November.

Core retail sales, which exclude autos, gasoline and building materials, dropped 0.1 percent in December after advancing 0.3 percent the prior month.

Core sales correspond most closely with the consumer spending component of the government’s gross domestic product report.

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January 11, 2012

Nintendo gives 2nd glimpse of Wii U game machine

Filed under: legal, money — Tags: , , , — Moon @ 12:20 am

Nintendo Co.’s upcoming Wii U game console will come with a controller that has a big, touch-enabled screen. At first glance, that seems like an obstacle to the kind of casual multiplayer gaming that made the first Wii console such a breakout hit.

But in demonstrations Tuesday, the company emphasized that the Wii U will work with the cheaper, stick-like Wii controllers as well, making family multiplayer games feasible.

The Japanese company is giving some journalists hands-on time with the console on the sidelines of the International Consumer Electronics Show, which started Tuesday in Las Vegas.

It’s the second time the U.S. media is getting a glimpse of the device, which was first shown in June. Nintendo said the device will go on sale after the next Electronic Entertainment Expo gaming trade show in Los Angeles in June.

Nintendo went against conventional wisdom with the original Wii in 2006. The quirky, cheap game console relied not on high-end graphics and complex buttons to lure in hardcore players, but on simple motion controls to lure in everyone.

Although the company successfully courted casual gamers with the Wii, it is now facing increased competition from Apple Inc.’s iPhone and other devices that offer simple games. It had hoped to win new gamers through a 3-D handheld device. But sales were slow, and Nintendo slashed prices on the 3DS within six months.

The Wii U will be sold as a bundle with one touch-screen controller, which is almost as big as the game console itself. Nintendo hasn’t said what the package or an extra controller will cost. Touch screens are expensive, often accounting for nearly half of the cost of a phone or a tablet computer.

Nintendo’s demonstrations reveal that the touch-screen controller is designed to work with older controllers free credit report and score. For example, in one of Nintendo’s demonstration games, four players with Wii remotes chase a fifth, who uses the touch controller. The fifth player uses the screen on the controller to guide his movements, which are thus kept secret from the other players. The other players keep track of their own movements on the TV screen.

In another demonstration game, two players with Wii remotes collaborate to fight a third, who zooms around in a spaceship, controlled through the touch controller.

The integration of the older remotes and the touch controller goes even further. The existing Wii console is able to keep track of where the old-style Wii remotes are with the help of a “sensor bar” that attaches to the TV set. That’s how the Wii remote can be used to “point” to things on the screen. The new Wii U controller has its own sensor bar, so the Wii U can figure out where a Wii remote is in relation to the controller, not just the TV set.

This sounds complicated, but it enables simple, unexpected forms of game play. For instance, Nintendo showed in a video how the Wii U controller could be placed on the floor for a golf game. The screen of the controller shows a teed-up golf ball. Swinging a Wii remote like a golf club above the controller gets the ball flying.

While the ability to use older remotes will appeal to consumers, supporting multiple remotes could pose a challenge for game developers, who might decide to drop support for older hardware. To make things more complicated, there are two versions of the Wii remote, with differing motion-sensing abilities, and an accessory “Nunchuck” controller.

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