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February 23, 2012

Draghi: Greek compliance must be ‘flawless’

Filed under: money, payday — Tags: , , , — Moon @ 7:08 pm

The head of the European Central Bank said Greece’s compliance with its bailout agreement must be “flawless” for the financially struggling country to avoid worse trouble.

ECB head Mario Draghi said in an interview with the Frankfurter Allgemeine Zeitung that “the key to controlling risks lies with the implementation of the program, which has to be flawless.”

Greece has agreed to reduce wages, cut spending and make its economy more business-friendly in return for a second, euro130 billion ($173 billion) bailout from other eurozone countries and the International Monetary Fund.

The harsh cutbacks have drawn opposition in Greece, which is in a deep recession.

Draghi said it was crucial for any government to support the agreed program of reforms, even after elections that are expected in March.

Source

February 22, 2012

Barnes & Noble fiscal 3Q net income falls

Filed under: marketing, online — Tags: , , , — Moon @ 4:04 am

Barnes & Noble said Tuesday that its fiscal third-quarter net income fell 14 percent, as rising costs offset higher sales of both traditional books and digital books.

The company also said Tuesday that it is introducing a Nook Tablet device with 8 gigabytes of memory for $199. Its current 16GB device sells for $249. Barnes & Noble’s biggest e-book reader competitor, Amazon.com’s Kindle Fire, is also 8GB and sells for $199.

Barnes & Noble cut the price of its Nook Color device to $169 from $199. It has fewer tablet-like features than the Nook Tablet.

Revenue from its Nook e-readers and digital catalog rose 38 percent to $542 million. The figure includes the actual selling prices for e-books, rather than the commission received on selling them, and also includes all deferred e-reader device revenue.

Traditional book sales rose 4 percent. That could partly be due to the fact that it was the first holiday season it did not have to contend with competition from Borders, its chief rival that liquidated last year.

Barnes & Noble has been shifting store inventory away from books toward games and toys and other gift items. That strategy seems to be paying off.

Revenue in stores open at least one year rose 2.8 percent. The measure is a key indicator of a retailer’s financial health because it excludes stores that opened or closed during the year.

“In the third quarter, our traffic and sales in stores were the highest we’ve seen in five years,” said Barnes & Noble CEO William Lynch.

Net income for the 13 weeks ended Jan. 28 fell to $52 million, or 71 cents per share. That compares to a loss of $60.6 million or $1 per share last year. Excluding one-time times, net income totaled 99 cents per share. Analysts expected 94 cents per share.

Revenue rose 5 percent to $2.44 billion. Analysts expected revenue of $2.53 billion.

The company’s cost of sales rose nearly 12 percent and its selling and administrative expenses were up about 14 percent.

Barnes & Noble reaffirmed its guidance for the full year. The bookseller expects a yearly loss of $1.40 to $1.10 per share on total sales between $7 billion and $7.2 billion. Analysts expect a loss of $1.14 per share on revenue of $7.26 billion.

Barnes & Noble shares rose 50 cents, or 3.8 percent, to $13.61 in morning trading.

Source

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 10, 2012

Stocks fall sharply as Greek deal is held up

Filed under: loans, online — Tags: , , , — Moon @ 8:48 pm

U.S. stocks fell sharply Friday after Greece’s bailout deal was put on hold, a day after it seemed that the country had satisfied its creditors.

The Dow Jones industrial average was down 115 points to at 12,775 just before midday. The broader Standard & Poor’s 500 was down 11 points to 1,341. The Nasdaq composite fell 21 points to 2,906.

Investors had breathed a sigh of relief Thursday after Greek Prime Minister Lucas Papademos and the heads of the three parties backing his government agreed to private sector wage cuts, civil service layoffs and cuts in government spending.

But finance ministers from the other 16 countries that use the euro insisted that Greece save an extra euro325 million ($430 million), pass the cuts through parliament and guarantee that they will be enforced after planned elections in April.

Greece needs another round of international bailout money, its second, to avoid missing a bond payment next month and defaulting, an event that could cause a shock in world financial markets.

By Friday, four Greek cabinet ministers had resigned over the wage cuts and spending reductions, known as austerity measures.

“The economy in Greece is deteriorating faster than anticipated, and the austerity measures aren’t particularly popular,” said Mark Luschini, chief investment analyst at Janney Montgomery Scott. “There could be a disorderly default.”

The decline in U.S. stocks was broad. All 10 categories of stock in the S&P 500 were down, led by materials companies, down 1.8 percent. Industrial, energy and financial companies fell 1 percent.

Stocks have been generally rising on small daily gains this year because of good economic news and sense that the worst of the debt crisis in Europe may be over. The Dow has risen 4.5 percent in 2012. Its last loss of 100 or more points was Dec. 28.

The benchmark index in Athens fell 3.2 percent. Germany’s DAX was down 1.6 percent. The CAC-40 in France was down 1.1 percent.

The euro, which had risen Thursday to its highest level against the dollar in two months, fell by a penny and was trading at just under $1.32. U.S. Treasury yields fell, a sign that investors were buying bonds as a safer investment than stocks.

Among stocks making big moves in the United States:

_ LinkedIn rose 17 percent. The online networking company announced that fourth quarter earnings had soared and revenue doubled.

_ Jeans maker True Religion Apparel plunged 24 percent. The company reported earnings that were far below what analysts were expecting and analysts slashed their ratings on the stock, citing weak sales and big markdowns.

Source

February 9, 2012

Nokia ends phone assembly in Europe, cuts jobs

Filed under: Uncategorized, economics — Tags: , , , — Moon @ 3:20 am

Nokia Corp. plans to stop assembling cell phones in Europe by year-end as it shifts production to Asia and will cut another 4,000 jobs, its latest attempts to cushion itself from stiff competition in the smartphone sector.

The Finnish company said Wednesday it will make the new job cuts at three plants in Finland, Mexico and Hungary this year as it reorganizes global manufacturing operations to compete better with the likes of Apple Inc.’s iPhone and handsets using Google Inc.’s Android operating software.

The cuts come on top of nearly 10,000 layoffs announced last year.

Nokia said it had increasingly shifted cell phone assembly from Europe to Asia, where the majority of component suppliers are based, to help it reach markets faster. The company said it would not close the three factories, however.

“There will be no assembling of mobile phones at our plants in Europe after this,” Nokia spokesman James Etheridge said. “We plan to focus product assembly at our plants in Asia where the majority of our suppliers are based, while our facilities in Salo, Komarom and Reynosa will focus on the software-heavy aspects of the production process.”

Neil Mawston from Strategy Analytics said Nokia’s move “made sense” and was in line with what other cell phone makers had been doing for years, such as Samsung Electronics Co., Motorola Inc., and Sony Ericsson, which had large assembly plants in Europe.

“It’s an unstoppable trend really. Essentially, labor costs, land costs and other associated costs are so much lower in Asia,” Mawston said. “Also, Asia is so much closer to the biggest pool of users now so from a supply and demand side Asia looks a lot more attractive than Europe.”

Nokia said the shift to Asia would enable it to introduce innovations into the market more quickly and “ultimately be more competitive.”

Once the bellwether of the industry, Nokia has lost its dominant position in the global mobile phone market, with Android phones and iPhones overtaking it in the growing smartphone segment. It’s also been squeezed in the low-end by Asian manufacturers making cheaper phones, such as ZTE.

Nokia has been the leading handset maker since 1998 but after reaching its global goal of 40 percent market share in 2008, the company has gradually lost overall market share. It plummeted to below 30 percent last year.

In an attempt to remedy the slide, Nokia launched its new Windows Phone 7 in October, eight months after CEO Stephen Elop announced a partnership with Microsoft Corp. That heralded a major strategy shift for the Espoo-based company as it adopted the Windows operating system in its new phones.

But analysts have said it could take a few quarters before Nokia’s success can be measured.

Last month, Nokia reported that smartphone sales plummeted 23 percent globally in the fourth quarter as net revenue fell 20 percent to euro10 billion ($13.11 billion) compared to a year earlier.

Nokia share price closed up slightly at euro3.88 ($5.09) on the Helsinki Stock Exchange.

Nokia, based in Espoo near the Finnish capital, employs 130,000 people _ down from more than 132,000 a year ago.

_____

Online:

http://www.nokia.com

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

January 30, 2012

Sarkozy Says France to Tax Financial Transactions From August - Bloomberg

Filed under: USA, payday — Tags: , , , — Moon @ 12:08 pm

France plans to unilaterally impose a 0.1 percent tax on financial transactions starting in August, President Nicolas Sarkozy said, brushing aside opposition from the nation

January 22, 2012

Ameren Missouri proposes $145 million efficiency plan

Filed under: Uncategorized, finance — Tags: , , , — Moon @ 9:28 am

It’s a move that Ameren Missouri’s founders couldn’t have possibly imagined more than a century ago: Utility officials on Friday proposed spending $145 million over three years to reduce electricity use.

The filing comes three months after Ameren made deep and widely criticized cuts to its existing efficiency programs, saying they penalized shareholders by not compensating the company for lost energy sales.

The program proposed on Friday would more than double what Ameren Missouri was spending on energy efficiency before the cuts, and promises to save its customers 800 million kilowatt-hours a year, an amount of equal to the energy use of 60,000 homes.

Of course, energy efficiency programs aren’t free — and Ameren wants ratepayers to finance them. From 2013 through the end of 2015, Ameren would collect the cost of implementing the plan through a surcharge on customer bills that would equal a rate increase of a little more than 3 percent, said Warren Wood, the utility’s vice president of legislative and regulatory affairs.

But all of Ameren’s 1.2 million customers will benefit from a reduction in energy use, Wood said.

“This filing aligns the business interests of the utilities and their customers,” he said.

The Public Service Commission has 120 days to review Ameren’s proposal. If approved, it would take effect in January 2013.

The plan is the first filed by St. Louis-based Ameren under the Missouri Energy Efficiency Investment Act. The law, signed by Gov. Jay Nixon in 2009, was designed to encourage reductions in energy use by allowing utilities to earn the same profit on energy efficiency investments that they do on investments in power plants, poles and wires. The PSC, utilities and other groups have spent the past two years debating rules to implement the law.

Ameren spent $70 million on efficiency from 2009 to 2011, helping customers save more than 550 million kilowatt-hours. But the those efforts led to $26.4 million in losses, according to Wood. That amount will grow to $60 million by 2014 — the reason why Ameren killed many of the rebates and other incentives at the end of September to the chagrin of energy efficiency advocates.

Wood explained the problem like this: Every time a customer pays their electric bill, some of the money is used to pay for variable costs like coal and other fuel used to run power plants. Another piece goes to cover fixed costs like poles, wires and substations — infrastructure that’s needed regardless of how many electrons flow through the grid.

When electricity demand declines, so does revenue, including that portion that goes to cover fixed costs. Friday’s proposal would compensate Ameren for that lost revenue while still producing tangible benefits for consumers, he said.

Efficiency and consumer advocates hadn’t read through all of the hundreds of pages that Ameren filed as of Friday afternoon.

While they would welcome an increase in efficiency spending in Ameren’s plan, they said they need to analyze the details before endorsing or opposing the plan.

“Are they seeking to be overcompensated (for efficiency investments)? Are they overreaching?” asked Lewis Mills Jr., Missouri’s Public Counsel. “That’s my biggest concern.”

Rebecca Stanfield of the Natural Resources Defense Council’s Chicago office said it’s time for Ameren, regulators, and consumer and environmental groups to make energy efficiency work in Missouri.

“We’ve had three years of positioning and brinksmanship on this issue,” she said. “All of the parties need to recognize that there’s tremendous value in what can be created with these programs. Lets look at the big picture of what we could achieve if they are successful.”

No one disputes that energy efficiency must be a significant part of the state’s energy policy. That includes Ameren, which has identified efficiency as the cheapest way to meet energy demand in the future.

Missouri has long been dependent on relatively cheap coal to meet its electricity needs. But prices for the fuel and cost of hauling it from mines in Wyoming have been increasing. And new environmental regulations aimed at cutting back on air and water pollution from coal-fired power plants are certain to lead to further increases.

The state also continues to lag behind most others when it comes to policies to reduce energy use. The American Council for an Energy-Efficient Economy ranks Missouri 44th in the nation for energy efficiency.

In Illinois, meanwhile, utilities are increasing spending on energy efficiency programs. That includes Ameren’s sister utility, which sells electricity to customers across much of central and southern Illinois.

Ameren Illinois will spend $78 million this year on discounts and rebates for energy saving lighting and appliances to its 1.2 million electric customers and 800,000 gas customers.

One key difference is that Illinois has an energy efficiency standard. The law requires Ameren and the state’s other investor-owned utility, ComEd, to cut energy use by 25 percent from 2007 levels by 2025.

Without a mandate, Missouri utilities must be willing to aggressively push efficiency programs on their own. How to get them do that has been a contentious issue.

Mills, the main advocate for consumers on utility issues, realizes some Ameren customers may chafe at the idea of seeing bills go up, at least initially, to pay for energy efficiency programs.

But energy efficiency can benefit all consumers — even those who don’t take advantage of rebates and other incentives — by lowering statewide energy use, Mills said. That can help utilities defer or avoid building new power plants or running more expensive plants when electricity demand spikes.

“While it looks like rates are going to be going up,” he said, “they’re going to be going up more if we don’t do this.”

Source

January 19, 2012

Ottawa looks to Asia after U.S. rejects Keystone pipeline project

Filed under: news, term — Tags: , , , — Moon @ 2:32 am

OTTAWA

January 17, 2012

Europe Bailout Fund Says It Has Enough Cash to Deal With Sovereign Crisis - Bloomberg

Filed under: payday, uk — Tags: , , , — Moon @ 11:28 am

European officials said the euro region

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