April 2011

White Digital Media Announces Philip Diehl as New Marketing Manager

April 27, 2011

Worldwide Digital Media Company Promotes From Within

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Tavis Smiley: My Conversation with George Soros

April 27, 2011

During an extended, rare conversation with philanthropist and author, George Soros, I asked him to assess President Obama’s foreign policy as it relates to wars in Afghanistan and Iraq, given that he had been so critical of the policy during the Bush administration. The full conversation airs tonight on PBS.

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Recovery Slows As Inflation Arrives

April 27, 2011

The Federal Reserve said growth will lag this year as the central bank finally acknowledged Wednesday what most Americans have long since realized: “Inflation has picked up.” The Fed’s statement, a customary event at the conclusion of every policy meeting, is the status update traders, bankers, businessmen and policy makers use to gauge the health of the U.S. economy. The Fed’s recognition of rising inflation did not affect its easy-money policy, though. The main interest rate will remain anchored near zero percent. Its asset-purchase program will also continue and run through its scheduled completion in June. It will be another “couple of meetings before action,” Fed Chairman Ben Bernanke said during a news conference. There are five more meetings scheduled this year. The Fed’s preferred measure of inflation guides its policy decisions. That index, which is about a full percentage point lower than what consumers experience at the pump or when buying food at the register, strips out volatile prices that are not always representative of the broader price of goods. By the Fed’s measure, inflation is not yet a worry. The recovery is “proceeding at a moderate pace,” the Federal Open Market Committee, the Fed’s main policy making body, said in its statement. Last month, the recovery was simply “on a firmer footing.” The Fed lowered its estimates for growth by about half a percentage point. In January, the central bank forecast U.S. gross domestic product to rise about 3.4 to 3.9 percent in 2011 during the final three months of the year. It now forecasts GDP to increase by about 3.1 to 3.3 percent. Even though growth is expected to be lower, the Fed predicted reduced unemployment compared to its earlier estimate as well — even though the measures typically move in opposite directions. Policy makers are more confident in the strength of the labor market, which they said is finally improving, albeit “gradually.” Last month, the Fed would only say that it appeared to be getting better. The unemployment rate stood at 8.8 percent at the end of March, according to the Labor Department. The central bank forecasts unemployment to average 8.4 to 8.7 percent during the last three months of the year, a slight improvement from January’s forecast of 8.8 to 9.0 percent. But the part of the Fed’s statement that will likely be parsed by traders on Wall Street is the realization that “inflation has picked up in recent months,” which the Fed attributes to rising energy and commodity prices. Most Americans began recognizing this a few months ago. Last month, prices including food and energy rose 2.7 percent on an annual basis, Labor Department data show. Bernanke said the rate is “noticeably higher” than normal. The price of food eaten at home has risen 3.6 percent. Meats, poultry, fish and egg prices are up 7.9 percent. The average price for unleaded gasoline stands at $3.88 per gallon, according to the American Automobile Association. A year ago today, fuel cost $2.86 per gallon. It’s risen 36 percent, a development Bernanke acknowledged is causing pain for working families. Prices have increased so much so fast that it’s eating into incomes and purchasing power. Hourly earnings are up only 1.7 percent over the past year, according to the Labor Department. But, when factoring inflation, wages are down 1 percent . That statistic is part of the reason why the Fed has been so aggressive in keeping interest rates as low as possible, a policy it reaffirmed Wednesday. Low interest rates spur borrowing, which should lead to spending, investing and, theoretically, hiring and higher wages. The Fed will keep the main interest rate anchored at 0 percent and will continue its asset-purchase program through completion in June, it said. The central bank has about $2.7 trillion in Treasuries and mortgage-linked securities. Another reason behind the Fed’s continued aggressiveness in the face of rising consumer prices — firms like Nike and Wal-Mart say they’re passing on commodity price increases to customers — is the central bank’s preference for an alternative measure of inflation. The Fed looks at so-called core inflation , a measure that strips out food and energy prices, when gauging the inflation rate that will guide its policy decisions. By that measure, prices are up only 0.9 percent in the year ending in February, according to the Commerce Department. The Fed aims to maintain the rate at about 2 percent. “Measures of underlying inflation are still subdued,” the Fed said Wednesday. The inflationary effect of higher commodity prices will be “transitory.” But the central bank’s inflation forecasts surged. In January, the Fed estimated that prices will rise at an annual rate of 1.3 to 1.7 percent during the final three months of the year. It now projects prices to rise 2.1 to 2.8 percent, about a full percentage point higher. Bernanke faces a dilemma, reckoned Bernard Baumohl, chief economist of the Economic Outlook Group. “There is no greater curse on Fed policymakers than the combination of a slowing economy and accelerating inflation, especially when both are largely the result of events taking place outside the U.S.,” Baumohl wrote in a note to clients. “In this instance, it is the robust demand for food and fuel coming form fast-growing emerging countries and the geopolitical turmoil that has spread across the oil-rich regions of North Africa and the Middle East. And neither of these foreign dynamics show signs of de-escalating.”

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As Other States Cut Back, Oregon Gives More

April 27, 2011

While some states have been cutting unemployment insurance for the long-term unemployed, Oregon has made its benefits more generous. People laid off through no fault of their own are eligible for up to 99 weeks of aid in 25 states . But last month, Oregon lawmakers gave the long-term unemployed an additional six weeks of benefits. That means that in Oregon, where the unemployment rate stands tall at 10 percent, so-called “99ers” — people who’ve burned through all 99 weeks without finding work — can now theoretically become “105ers.” Last week was the first payable week of the brand-new Oregon Emergency Benefits program . Portland resident Harold Treinen told HuffPost he’d started receiving the benefits last week after joining the ranks of the 99ers about a month ago. “It’s saving me, is what it’s doing,” said Treinen of the new program. Treinen, a 57-year-old financial analyst, said he was laid off in in March 2009 and had relied on unemployment insurance during his fruitless job search. When his benefits stopped last month, he found himself in survival mode. “I had like a two or three week gap. You just have to shut everything down. You have to say, ‘I can’t do anything.’” The Congressional Research Service estimated that as of last October, 1.4 million Americans had been out of work for 99 weeks or longer. For those who receive maximum aid, the benefits cycle like this: The state initially provides up to 26 weeks and the federal government provides the rest through two programs. The first is Emergency Unemployment Compensation, which provides up to 53 weeks of benefits broken into four “tiers,” and the other is the Extended Benefits program, which provides the final 20 weeks. (Recent efforts to provide more weeks of federal benefits have stalled.) The programs can combine to provide fewer than 99 weeks depending on a state’s unemployment rate. The Oregon Employment Department expects 17,000 Oregonians to qualify for the Oregon Emergency Benefits program, which is funded with $30 million from the state’s unemployment trust fund, according to spokesman Craig Spivey. The program will last until July 2 or whenever the money runs out. The extra benefits in place today actually represent the third time Oregon lawmakers have given an extra boost to the super-jobless, with previous programs in 2010 providing up to 6 or 13 weeks of aid. At the same time Oregon is taking steps to increase aid, other states are effectively cutting it. Several are allowing the federal Extended Benefits program to expire by choosing not to update the arcane “trigger” used to determine a state’s EB eligibility. A high unemployment rate is one condition; the other is that the rate must be 10 percent higher than in either of the two previous years. When it reauthorized the federal unemployment benefit programs in December, Congress invited states to modify their triggers to encompass an additional previous year, since unemployment rates in most states have risen dramatically from what they were three years ago but have held relatively steady over the past two years. North Carolina, Tennessee, and Wisconsin let the program die on April 16, and the Arizona State Legislature has adjourned for the year without taking up the issue. Arizona, Pennsylvania, and Washington, D.C. are expected to “trigger off” EB come May. Lawmakers in Michigan and Missouri acted to preserve EB, but at the same time they cut state benefits to 20 weeks, making them the only states that provide fewer than 26 weeks for newly unemployed people. Twenty weeks will be all that remain once the federal programs expire in January, unless Congress decides to reauthorize them, which is an open question. Treinen, for his part, said he’s been participating in monthly networking sessions with other unemployed workers organized by Working America, an affiliate of the AFL-CIO , where he’s had some interview coaching and a chance to polish his resume. He suspects his age is a significant barrier to finding a new job. “Because I’m middle aged — you can’t prove it, but there’s definitely a bias there, even though you would think experience would carry some weight,” he said. “There’s no way to prove it. It’s sad for a lot of reasons. I’m a team player.”

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Daniel Dicker: How To Drop Gas Prices By a Dollar — Overnight

April 27, 2011

Want to see lower prices at the pumps? Obama says there’s “no silver bullet,” while Boehner considers removing tax subsidies to big oil. Romney and Pawlenty take up the cry of “drill, baby, drill,” but even unrestricted access to U.S. reserves would only result in another 500,000 barrels a day at the outside, a piddling help to our country that consumes 21 million barrels a day. The bottom line is, none of those ideas will help us lower gas prices in the short term. How about a ban on all long-only commodity funds (LOCFs) and commodity ETFs instead? I believe such a bill supporting the liquidation of these funds could knock a dollar a gallon off the price at the pumps practically overnight. For the past ten years, but particularly in the last five, Wall Street has created and sold commodity index funds, ETFs, hedge funds and online trading to compel investors into buying oil as if it were a stock or a bond, even though oil is anything but. They’ve had incredible success: Since 2003, index investment into commodities, overwhelmingly directed at oil, has grown from virtually zero to now top $350 billion dollars. ETFs have increased by $50 billion in the last year alone and commodity hedge funds, as well as individuals investing in oil, have ballooned similarly. But oil is not like a stock. Commodity markets require equal amounts of sellers to match the number of buyers, and this one-sided appetite to own oil has had one overwhelming effect: driving prices through the roof. And who’s paying for it? It’s not just the consumer who suffers from the wagering taking place with oil. More than 50% of the businesses listed on the New York Stock Exchange have energy as their primary input cost. For businesses both small and large, hyped energy prices threaten our tenuous recovery by stifling new hiring and growth. The high costs of imported oil only serve to fill Middle Eastern sovereign wealth funds with U.S. capital. A recent shocking report from Morgan Stanley puts the total “oil bill” of current crude prices at $2.4 trillion dollars or 3.7% of the total GDP of oil importing countries. For Wall Street, this is just collateral damage. They continue to fight for these new instruments and new markets for the same reasons they created and traded sub-prime mortgage securities and credit default swaps: Wall Street, and particularly the major investment banks, are terrific at trading off of and posting huge profits from these money flows. What can be done to stop this? What’s clear is that oil is just too important a resource — to every aspect of our lives — to be subject to the same financial manipulations as other investment assets like stocks and bonds. Besides just the costs for gas and heat, energy is the main component cost for processing foods and drugs, plastics and aluminum – just about everything we depend upon. A quick way to promote fairer prices would be a direct ban on commodity indexes and ETFs that use futures and swaps. Not one dollar invested in any of these instruments could be mistaken for a “hedge” — they’re all just bets. Our priorities should be clear and non-partisan: the right to bet on oil prices should be less important than the right of consumers and businesses to a fair and honest price. So far, however, this measure to try and control some of the money flowing into oil is not even being discussed. And it’s not a change that anyone should expect any time soon. Wall Street influence in Washington is powerfully strong. Rolling back the clock on financial “innovations” that benefit traders is an uphill battle. Without further action, however, higher oil prices become a self-fulfilling prophecy: rising prices inspire more money to bet on rising prices. As early as this summer, we could be looking at $5 a gallon gas.

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Roger Martin: Fixing the Game: The Unintended Consequences of an Economic Theory

April 27, 2011

The past 70 years have seen three massive, value-destroying market crashes. After each, regulators have attempted to punish wrongdoers and implement fixes to prevent future meltdowns. It hasn’t helped, because regulators have focused on symptoms instead of root causes. The only way we can avoid increasingly frequent stock market meltdowns — and all the pain, suffering and economic dislocation they cause — is to explore the theories that underpin American capitalism. One theory in particular deserves our close attention, due its pervasiveness and power — shareholder value theory. In 1976, finance professor Michael Jensen and Dean William Meckling of the Simon School of Business at the University of Rochester published a seemingly innocuous paper in the Journal of Financial Economics entitled “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” It would go on to be the single most frequently cited article in business academia and forms the prevailing theory of the role of the firm and proper compensation in our society today. The article first defined the principal-agent problem and created agency theory . In the authors’ construct, shareholders are the principals of the firm — i.e., they own it and benefit from its prosperity. Executives are agents who are hired by the principals to work on their behalf. The principal-agent problem occurs because the agents have an inherent incentive to optimize activities and resources for themselves rather than for their principals. For example, an executive might declare her own time to be so valuable that she requires a private jet to ferry her around. While this might be convenient for the executive, and may even increase her productivity level, it may well hurt the owners of the company, reducing earnings by more than the increase in productivity. Such a choice puts an agent’s interests ahead of those of the principals and creates an agency cost. Jensen and Meckling argued that when executives squander firm resources to feather their own nests, the result is both bad for shareholders and wasteful for the economy. Instead, the theory goes, the singular goal of a company should be to maximize the return to shareholders. To achieve that goal, the company must give executives a compelling reason to place shareholder value maximization ahead of their own nest-feathering. While it is not possible to entirely eliminate the self-interest of executives, the authors posited that we could better align that self-interest with the interests of shareholders; we could eliminate agency costs by giving agents meaningful amounts of stock-based compensation, actually making them shareholders as well as executives. Executives would then be very interested in increasing shareholder value, because when it increased, so would their own compensation. Like all good theories, agency theory had limitations and unexpected side effects, a fact its disciples have chosen to ignore (though Jensen himself has acknowledged them). In particular, the theory had the unfortunate effect of tightly tying together two markets: the real market and the expectations market. The real market is the world in which factories are built, products are designed and produced, real products and services are bought and sold, revenues are earned, expenses are paid and real dollars of profit show up on the bottom line. That is the world that executives control — at least to some extent. The expectations market is the world in which shares in companies are traded between investors — in other words, the stock market. In this market, investors assess the real market activities of a company today and, on the basis of that assessment, form expectations as to how the company is likely to perform in the future. The consensus view of all investors and potential investors as to expectations of future performance shapes the stock price of the company. Historically, professional managers played entirely within a single market: they were in charge of performance in the real market and were paid for performance in that real market. That is, they were in charge of earning real profits for their company and they were typically paid a base salary and bonus for meeting real market performance targets. Compensation rooted in the expectations market used to be rare. In 1970, for example, stock-based incentives accounted for less than 1 percent of CEO remuneration. But that all changed after the advent of agency theory. Implicitly, Jensen and Meckling had argued that the way to spur executives to best perform their duties in the real market was to make their pay significantly dependent on the performance of the company in the expectations market. This was a critical shift. After 1976, executive compensation became increasingly stock based, so that when executives produced a stock price increase in the expectations market, their compensation rose dramatically. In 2009, for instance, the highest-paid CEO in American was Larry Ellison of Oracle, and estimates suggest that 97 percent of his paycheck came from realized gains on options. Ray Irani, CEO of Occidental Petroleum, earned $31 million in 2009, including $1.17 million in base salary, a bonus of $1.2 million and restricted stock awards of just under $25 million. It has become an accepted premise of good governance that, in order to properly align their incentives with those of the shareholders, executives and board members must receive a substantial portion of their pay in the form of stock-based compensation. The market crashes of 2000-2002 and 2008-2009 did nothing to diminish this premise; in fact, they strengthened it. Few people conceive of the world of business in terms of real and expectations markets. Yet, there is another world in which the distinction between a real market and an expectations market is much more profoundly understood — the National Football League (NFL). While it isn’t a perfect metaphor for business, it is a highly instructive one. It is one we will pursue tomorrow. This post is excerpted from Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL , to be published May 3 by the Harvard Business Press. Read more from Fixing the Game here .

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GE CFO: ‘Best Earnings Outlook In The Last 10 Years’

April 27, 2011

SALT LAKE CITY (Scott Malone) – General Electric Co sees its best earnings growth prospects in a decade as the global economic recovery drives demand for the heavy energy and aviation equipment it makes, top executives said. Rising oil prices have not yet taken a toll on global growth rates, Chief Executive Jeff Immelt said at the company’s shareholder meeting on Wednesday. “Things are getting better every day. The global economy outside the U.S. is strong,” he told reporters. Asked about oil prices, which have risen about 33 percent over the past year on rising demand, particularly in emerging markets, Immelt said they have not yet taken a toll on growth. “It’s something to think about, but it doesn’t seem to be hurting the economy,” he said. The U.S. economy is also improving, he added, although the housing sector remains a weak spot. GE believes its profit growth over the next few years will be the best it has seen in a decade, officials said. “This is the best earnings outlook we’ve had in the last 10 years,” Chief Financial Officer Keith Sherin told a crowd of 268 shareholders. GE no longer provides investors with numeric profit forecasts; but analysts on average look for earnings per share excluding one-time items to rise 16.5 percent this year, according to Thomson Reuters I/B/E/S. GE, which employs about 134,000 people in the United States, each year holds its annual shareholder meeting in a different city where it has operations. Its energy, healthcare and finance arms all have a presence in Salt Lake City. In a nod to the prevalence of firearms in the Western United States, the sign directing shareholders to the meeting’s location in the city’s Salt Palace convention center pointed out that no guns would be allowed in the meeting room. NUCLEAR OUTLOOK UNCLEAR The future of the nuclear power industry is unclear in the wake of the disaster at Japan’s Fukushima power plant, where GE designed the turbines, Immelt said. “It’s too soon to say what the future of the nuclear business is going to be,” he said. GE’s nuclear operations are a joint venture with Japan’s Hitachi Ltd. The world’s largest maker of jet engines and electric turbines has seen its stock price more than triple from its recessionary lows below $6, though the shares remain at about half their level before Immelt took the top job from Jack Welch a decade ago. Immelt told shareholders that even through the recession and financial crisis, “in every year we earned more money than when the stock traded at an all-time high.” GE shares were up 2.7 percent to $20.64 on the New York Stock Exchange. Over the past year, the shares have risen 4 percent, lagging the 12 percent rise of the Dow Jones industrial average, of which it is a component. Immelt faced shareholder questions on issues ranging from his appointment as an economic adviser to the Obama administration to GE’s past support of efforts to attach a price to emissions of the greenhouse gas carbon dioxide. No shareholders asked about the company’s low tax rate — which has been in the public eye over the past month — though a group of several dozen protesters who said they were affiliated with the conservative Tea Party movement gathered outside to protest it. Shareholders approved company-backed resolutions including the election of the board and a proposal to have a nonbinding “say on pay” vote each year. They voted down all five company-opposed proposals, including one calling for the board to rescind stock grants and another asking GE to disclose more about the use of animal testing at its healthcare unit. GE competes with some of the world’s largest businesses, including Germany’s Siemens AG, French industrial group Alstom SA and Swiss engineering company ABB Ltd. (Reporting by Scott Malone; Editing by Gerald E. McCormick, Dave Zimmerman) Copyright 2011 Thomson Reuters. Click for Restrictions .

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Ashley Michelle Williams:

April 27, 2011

Huffington Post… More here: Ashley Michelle Williams: Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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Chip Conley: The Chief Emotions Officer

April 27, 2011

Executives execute. We don’t execute people as in life and death matters (although, sadly, we do “terminate” people when they’re no longer needed), but we have traditionally thought of business leaders as being emotionless technicians who just keep the trains running on time. But, timely trains didn’t make Southern Pacific or Santa Fe railroads into 21st century mega-corporations. In fact, the train industry missed its chance to expand into automobiles and airplane travel by thinking of their business a little too myopically. Maybe these train executives were a little too focused on the simple execution of being on time. While execution is still a fundamental skill of the best executives, we no longer are purely executing mechanistic, industrial organizations. In this knowledge era, execution is all about people: how to harness and inspire the potential of those we work with. And, at the heart of people are our emotions, the mysterious internal weather that either propels or penalizes us. After 24 years of being a CEO, I’ve come to realize that the best amongst us are truly Chief Emotions Officers as we are the “emotional thermostats” for our organizations with studies showing that a typical leader has 50-70% influence over the work climate of their team. There are three great pieces of empirical evidence that amplify this reality about 21st century leadership. First, Daniel Goleman has shown for 15 years now that emotional intelligence (EQ) represents two-thirds of the success of business leaders as compared to only one-third coming from either IQ or the leader’s transferable experience. And, yet, in 2010, less than 10% of the training and development dollars spent by America’s corporations went toward emotional intelligence or literacy training (often called “soft skills”). We know it’s important and, yet, we seem to be reluctant in investing in the skills to help our executives become Chief Emotions Officers. Secondly, Dr Matthew Lieberman at UCLA has proven that labeling our emotions reduces the intensity of these emotions in such a way that it maximizes our cognitive abilities just at the time when we most need to use the prefrontal cortex of our brain for better reasoning and judgment. By being emotionally literate about what we’re experiencing, executives can sidestep the 10-15 point drop in IQ that often occurs for those who are barraged by having to make decisions during times of emotional distress. So, maybe being a CEO is less about being able to predict the times of trains and more about being an internal weather forecaster. Finally, Harvard’s Nicholas Christakis, as well as a few other academics, has shown that our emotions are contagious. When we have the flu, our colleagues feel comforted that we stay at home in order not to spread the misery. Yet, when so many of us have caught the “fear” at work — especially in economically turbulent times — there’s no sane corporate voice warning us of the risks of how our emotions can spread and threaten the well-being of those in our organizational petri dish. The ultimate inoculation for fear is a great corporate culture and companies with great cultures have healthy psycho-hygiene. In other words, their leaders are emotionally attuned to what’s going on around them and they cleanse the company through transparent communication or other tactical means to help employees feel recognized and engaged. Any executive worth their weight understands the principle of accrued interest. If you have a loan and don’t pay the interest currently, it accrues and can compound and over a period of time. The cost of the interest can become staggering. This is an apt metaphor for organizational emotions that are not properly addressed in the workplace. Most companies — led by CEO’s who aren’t nearly literate about their own emotions — are actively disengaged in addressing the individual and collective emotions that are invisible predators of passion and engagement. From my own experience, I have learned the hard way. When I most have bottled up my emotions for extended periods of time, they have leaked out in other subversive ways that didn’t serve my purposes as CEO. And, yet, when I was most vulnerable and authentic in my emotional communication with fellow co-workers, ironically, I was told by these colleagues that I was more admired and they felt most comfortable to be all they could be at work.

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Erik Mettala Joins Battelle as Cyber Chief Scientist

April 27, 2011

COLUMBUS, OH–(Marketwire – Apr 27, 2011) – Battelle has hired Erik G. Mettala, Ph.D., as Cyber Chief Scientist in the National Security Global Business Unit, Battelle announced today.

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Robert Hormats: Protecting America’s Innovative Advantage

April 27, 2011

Co-authored by Richard L. Trumka and Deborah L. Wince-Smith Tuesday, April 26, was World Intellectual Property Day. The theme of this year’s celebration — Designing the Future — emphasized the critical role that ideas play in the development of solutions to the challenges of the 21st century, such as combating climate change, enhancing agricultural productivity, and finding cures for medical ailments. From California’s Silicon Valley to Texas’ Clean Energy Incubator to the Biotech Beltway around Washington, D.C., the United States is the world leader in innovative products and services. The continued competitive strengths of our innovative sectors lie in the ongoing generation of new ideas, new products, new services, and new business models. Sustaining innovation, however, requires an environment in which the knowhow, proprietary information and technologies, copyrights, patents, and other forms of intellectual property (IP) created by innovators are protected from piracy, counterfeiting, forced transfers and other harmful measures both at home and abroad. American workers have a legitimate right to benefit from their hard work and talents. American companies have a similar right to benefit from their investments of financial and human capital. And American researchers, scientists, entertainers, and entrepreneurs have a right to benefit from their inventions and creative products. This is why robust laws and enforcement measures to protect IP and implementation of fair innovation policies around the world are priorities for all of us — business, labor, academia, and government. IP theft hurts everyone. Counterfeits today include movies, music, software, and fashion. They also include fake pharmaceuticals, fake automotive brakes and tires, and even fake airplane parts. Producers of genuine items or services inevitably lose sales and, as a consequence, workers lose their jobs. Consumers and their families are at risk because counterfeit products are by their very nature unregulated and thus, in many cases unsafe. And governments lose tax revenue. The value of American IP is estimated to be over $5 trillion; hence, IP theft also threatens America’s economic security. Unless we act quickly, the harm to our economy in terms of American exports, jobs, and our ability to innovate will continue to worsen. In March 2010, President Obama set an ambitious goal of doubling U.S. exports in five years to support two million new American jobs. In order to increase net exports and promote high-quality, high-paying job growth at home, we must protect America’s greatest asset — our creativity and ability to innovate. Our economic recovery and capacity to create jobs is increasingly dependent on the exports of IP-intensive industries — such as medical equipment, entertainment products, computers and electronics, and information software. These businesses have accounted for 60 percent of U.S. exports in recent years. According to the World Trade Organization, the United States ranks third in world merchandise exports, just behind Germany and China. However, factoring in services exports, such as research and development and computer services, U.S. exports have a higher value than any other country, totaling $1.5 trillion in 2009. IP-intensive goods and services are America’s strongest competitive advantage. Countless American jobs can be attributed to the ideas and innovations of our companies and citizens. Innovative industries employ over 18 million Americans and produce jobs at all skill levels. On average, IP-intensive industry employees earn almost 1.6 times more than their counterparts in non-IP-intensive industries. But to create new jobs in industries such as information technology, movies, pharmaceuticals, and clean technology we need to protect incentives to innovate. IP is the global currency of innovation. Without adequate safeguards there is little or no incentive for companies to commit large sums of capital or creative energy to new products or services. Copyrights, trademarks, patents, and trade secrets support creativity, entrepreneurship and innovation — key drivers of domestic and global economic growth. A World Bank study of 92 countries over the period of 1960-2000 found that a 20 percent increase in the annual number of patents granted was associated with an increase of 3.8 percent in output. The direct issuance of patents, fostered and protected by stronger IP rights regimes, stimulates economic growth. American IP and, consequently, exports and jobs are threatened not only by piracy but also certain foreign government policies that would force innovative companies to develop and register IP in their markets as a precondition of doing business with their government entities. China’s proposed indigenous innovation requirements are an example of such policies. China agreed that it would not link its innovation polices to government procurement preferences during President Hu Jintao’s visit to the United States in January. Implementation of this commitment is critical given that more than half of American high-tech companies surveyed by the American Chamber of Commerce in China reported that indigenous innovation requirements would negatively impact their businesses in the region once the policy was fully implemented. While we have focused on China here, it is important to emphasize that adherence to non-discriminatory innovation policies and IP enforcement improvements are necessary in many other nations as well. Jobs, exports, and innovation are all connected to one another and to IP development. This is why we are encouraging and indeed insisting that all nations take tough positions against the theft of IP and reject policies that force foreign businesses to transfer their rights IP as a condition for doing business in a new market. The future of our economy and millions of American jobs depend on the vigorous protection of IP — which is why this is a top economic and, increasingly, foreign policy priority for us. by Robert D. Hormats, Under Secretary of State for Economic, Energy and Agricultural Affairs Richard L. Trumka, President of the AFL-CIO Deborah L. Wince-Smith, President and CEO of the Council on Competitiveness

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Michael Tasner: Seven Free Marketing Tactics to Grow Your Small Business

April 27, 2011

Most people think that marketing “has to cost money” in order to be effective. This article proves otherwise. These seven tactics have all been time tested and proven to work time and time again. #1 Your Business Card What does your business card say about you or your company? Is it on cheap card stock? Is there a message on the back? Is there a clear call to action? 95% of the business cards I have seen are ineffective. Did you know that business cards are among the few things that people actually hold on to when given? In Japan, for example, they are coveted. Make your card stand out and load it up with information. If this one item was the only thing a potential customer had, would it move the needle forward towards a sale or farther away? #2 Free Public Talks Speaking, in general, is a great way to build your status, but is also a great way to attract clients. Simply go to Google, type in your industry and then the phrase: “event”, or “conference”, or “expo,” and you will start to find lists of all of the different events. Browse the pages and look for the page that allows you to apply to be a speaker at that event. Another great way to find events is to join a few of the Chamber of Commerce’s and find out where the different local events that are coming up are being held. If there is nothing coming up in your industry, start something locally and pave the way. #3 Mining Your Email List Believe it or not, email marketing is still going strong (and actually increasing) as people continue to read their emails on their smart phones. In the next 24 hours, mine your list. Remove the bounces and the bad emails. Send out an email asking people to “re-opt-in” if they are truly interested in what you have to say; if not, goodbye. The only people you should keep on your email list are people that really want to hear what you have to say. Mine your list one to two times a year like clockwork. Don’t be afraid if the number goes down. #4 The Way You Answer the Phone I understand that this sounds simple, but the way you answer the phone can make or break a sale. A simple hello just isn’t going to cut it. Answering after six rings and then putting someone on hold will also not cut it. Why not answer on the first ring with something like: “Hey there, I hope you’re having a great day, this is Michael, how can I help you accomplish your dreams today?” #5 Your Follow Up How do you follow up with a potential customer? An even better question is, how quickly do you follow up? You should respond to all requests within 24 business hours (if not sooner). If there is someone who wants a quote, or to chat, make sure to get back to them ASAP. After you have spoken, follow up at least four times, in four different fashions: an email, a physical letter, a phone call, and some type of lumpy mail. One of my favorite lumpy mail techniques is using SendaBall.com . I send a ball after I talk with every prospect saying “I had a ball chatting with them.” #6 Blogging Blogging is back baby. Well, blogging really never went away. Now more than ever, consumers are looking to put a face to the companies they frequent, or are thinking of frequenting. Blogging is a great way to build rapport with your customers and your potential customers. Blog often and blog about topics that would be deemed useful to your audience. Yes, some personal blogs here and there are great as well, but keep it more informational than anything. Check out the blog at Keg Works for a great benchmark. #7 Writing a Book A book is among the best business cards you’ve ever had. A book helps take your brand or your companies brand up 10 notches the minute it comes out. Don’t think you could write a book? Hire a ghost writer. Don’t think there’s a potential topic for the space you’re in? Try me, and check out these examples: ● Lingerie store: How looking sexy can make you feel better and improve your marriage. ● Video Rentals: The top videos that improve mankind. ● Garage sales: How to spot a bargain at a garage sale and re-sell it for a hefty profit. ● Tree Climber: Crazy stories from a tree climber who has seen it all. While eBooks are great, I still recommend having at least a hundred or so copies printed (check out print on demand by companies like amazon or lulu.com ) Physical books command more attention and respect. There you have it, seven tactics that cost you nothing more than your time. Pick one and implement it in the next 30 days.

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Commercial Real Estate Loan Prices Decrease Slightly in March …

April 27, 2011

BOSTON (Source: Research and Markets) – The aggregate value of Commercial Real Estate ( CRE ) loans priced by DebtX that collateralize CMBS decreased to 79.8% as.

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Barco Uniforms(TM) Names David Murphy Senior Vice President of Sales and Marketing

April 27, 2011

John W. Cable Joins Barco Uniforms as Director of Production and Toni S. Lee Added as Senior Product Development Manager

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CTI Group Moves Forward With Channel Expansion Efforts

April 27, 2011

North American Staff Added to Support Avaya and Cisco Channel Demand

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Long-Time HealthEast CEO Announces Retirement

April 27, 2011

ST. PAUL, MN–(Marketwire – Apr 27, 2011) – HealthEast Care System President & CEO Tim Hanson today announced his decision to retire after more than 38 years with the organization. His retirement will be effective in January 2012. Hanson has served as President and CEO since 1989.

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Philip Martin Joins McGhee Productivity Solutions

April 27, 2011

DENVER, CO–(Marketwire – Apr 27, 2011) – McGhee Productivity Solutions (McGhee), international productivity consulting firm, is pleased to announce that Philip Martin has joined the team as an Executive Sales Consultant. Martin joins the firm most recently from the David Allen Company where he developed significant new business in the US as a trusted advisor to leading government and Fortune 500 clients.

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Your Trading Room Appoints Richard H. Waryn to Serve as New Global CEO and Chairman of the Board

April 27, 2011

SANTA MONICA, CA–(Marketwire – Apr 27, 2011) – Your Trading Room (YTR), a Global leading provider of online foreign exchange (Forex) education and proprietary trading, today announced that its shareholders & Board have named Richard H. Waryn to serve as the company’s Chief Executive Officer and Chairman of the Board.

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Viper Powersports Announces Auburn Facility Nears Completion

April 27, 2011

Mike Mann Hired as Vice President of Investor Relations

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Giftango Corporation Names Jennifer Philo as VP of Partner Development

April 27, 2011

Philo Comes to Giftango From Coinstar and

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Pat Panchak Joins STACK Media as Editorial Director

April 27, 2011

CLEVELAND, OH–(Marketwire – Apr 27, 2011) – Pat Panchak, an award-winning journalist with 20 years of experience in publishing and journalism, has joined STACK Media, the nation’s leading producer and distributor of sports participant information and services. As STACK’s Editorial Director, Panchak will manage the company’s overall content strategy and execution on all platforms, including the STACK Media network, STACK Magazine, STACK TV, the STACK blog and a profusion of partner sites, such as the Gatorade Performance Center, that feature STACK articles and video.

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Jeffrey W. Hayzlett Named Itracks’ Advisory Board Chairman

April 27, 2011

Change Agent and Best-Selling Author Leads Itracks’ Team in New Directions

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Worldwide Energy & Manufacturing USA, Inc. Board Removes Jimmy Wang as Chairman, CEO; Appoints Jeff Watson as Chief Executive Officer

April 27, 2011

SOUTH SAN FRANCISCO, CA–(Marketwire – Apr 27, 2011) – Worldwide Energy & Manufacturing USA, Inc. ( OTCBB : WEMUE ) (“Worldwide” or the “Company”), a rapidly growing supplier of photovoltaic (PV) solar modules under the ‘ Amerisolar ‘ brand, today announced that on April 25, 2011, its board of directors removed Jimmy Wang as Chairman and Chief Executive Officer and from all offices and positions that he held with the Company. Mr. Wang remains on the Board. The Board also took action to remove Mr. Wang from all offices, positions, and directorships that he holds with the Company’s subsidiaries and affiliates.

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In The Pipeline: Construction and Development News for April 24-30

April 27, 2011

In The Pipeline is a column on significant land sales, transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Read previous columns and articles. Panasonic to Stay in NJ, Move Into Newark High-Rise

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ValueXpress Obtains $5.5-Million CMBS Conduit Loan for a …

April 27, 2011

ValueXpress obtained a $5.5-million first-mortgage loan that was utilized to refinance existing debt secured by a 20000-square-foot neighborhood shopping center located in the Atlanta MSA. The property is currently 100% …

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South Boulder Mines Limited (ASX:STB) Further Potash Assay Results Returned From Colluli

April 27, 2011

South Boulder Mines Limited (ASX:STB) Further Potash Assay Results Returned From Colluli

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Kiwi Falters on Reserve Bank of New Zealand Rate Decision

April 27, 2011

Kiwi Falters on Reserve Bank of New Zealand Rate Decision

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Guest Commentary: Use Mindfulness to Elevate Your Trading

April 27, 2011

Guest Commentary: Use Mindfulness to Elevate Your Trading

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U.S. stocks close in green, in light of Bernanke’s speech…

April 27, 2011

U.S. stocks close in green, in light of Bernanke’s speech…

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EUR/USD: Trading the Advance 1Q U.S. GDP Report

April 27, 2011

EUR/USD: Trading the Advance 1Q U.S. GDP Report

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Fed Shows the Dollar No Mercy- Index Drops To Key Fibonacci Level

April 27, 2011

Fed Shows the Dollar No Mercy- Index Drops To Key Fibonacci Level

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Volatility and consolidation ahead of the FOMC

April 27, 2011

Volatility and consolidation ahead of the FOMC

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Volkswagen posts a rise in first quarter net profit

April 27, 2011

Volkswagen posts a rise in first quarter net profit

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European shares finish the session mixed

April 27, 2011

European shares finish the session mixed

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FOMC Rate Decision Outline…

April 27, 2011

FOMC Rate Decision Outline…

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U.S. Dollar Falls Spectacularly Ahead of FOMC Meeting

April 27, 2011

U.S. Dollar Falls Spectacularly Ahead of FOMC Meeting

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US Federal Open Market Committee Leaves Rates Unchanged, Sinks US Dollar

April 27, 2011

US Federal Open Market Committee Leaves Rates Unchanged, Sinks US Dollar

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US Dollar to Fall Further Before Real Risk of Reversal

April 27, 2011

US Dollar to Fall Further Before Real Risk of Reversal

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Dollar Doom?

April 27, 2011

Dollar Doom?

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Dollar weakens repeatedly…

April 27, 2011

Dollar weakens repeatedly…

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