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US- Aon to move headquarters to UK

by on February 11, 2012

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(MENAFN) Aon, the giant reinsurance broker, said that in order to gain greater financial flexibility and accessibility to emerging markets, the firm would relocate headquarters from Chicago to …

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US- Aon to move headquarters to UK

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China January exports fall 0.5% yr/yr

by on February 11, 2012

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(MENAFN – Saudi Press Agency) China’s exports in January fell 0.5 percent from a year earlier, the official Xinhua news agency reported on Friday, well below market expectations for a rise of 4.8 …

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China January exports fall 0.5% yr/yr

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Daniel Wagner: China-Bashing Is a Tiresome Sport in American Politics

February 11, 2012

China bashing has become as much a part of the modern American political tradition as criticizing foreign producers of oil, yet it seems few have actually stopped to think about whether it is justified. The American electorate has become accustomed to the predictable torrent of anti-Chinese rhetoric from politicians of a variety of political persuasions — in large part because of a subtle and uncomfortable recognition that China is beating the U.S. at its own game; Some would even say the Chinese are better capitalists than Americans will ever be. Indeed, China has made remarkable economic progress over the past twenty years — in large part because of its embrace of ‘socialism with Chinese characteristics’ — otherwise known elsewhere as capitalism. A decade ago, American politicians bashed China largely for political reasons. Today, it is for primarily economic reasons. With China having become the second largest economy in the world last year, and poised to overtake the U.S. in economic size in the next decade, it is no wonder American politicians are on the offensive. It should be no surprise that Americans may bristle at the notion that capitalism has helped China slowly dominate the global economy. China is, of course, not above criticism, just like any other country, and American politicians do raise some valid points in criticizing China. For example, the Chinese yuan is undoubtedly overvalued, given that it does not freely float in the foreign exchange markets. And the Chinese government does control large parts of the Chinese economy through state-owned enterprises, which distorts the domestic market and gives some Chinese companies unfair competitive advantages. But China must compete in the global marketplace like any other country and it pays a price for supporting companies that should otherwise fail as a result of being poorly run, inefficient, and bloated. If the U.S. does not like the way China does business, it is free to do business somewhere else. What goes left unsaid, however, is that China has become too important for the U.S. do that, and what U.S. politicians fail to acknowledge is that the U.S. is becoming increasingly irrelevant to the economies of Asia, while China has become the cornerstone of Asia’s fantastic economic growth. China’s trade with the ASEAN countries jumped six-fold between 2000 and 2009, to US$193 billion, surpassing that of the U.S. China’s share of Southeast Asia’s total commerce for the period increased to 11.3 percent from 4 percent, whereas the U.S.’s share of trade with the bloc fell to 10.6 percent from 15 percent. Another thing that gets left unsaid is how important China has become as a destination of U.S. exports. According to the U.S. Treasury’s own report, “in the second half of 2009, U.S. exports to China increased by 15 percent on a year-over-year basis, while U.S. exports to the rest of the world fell by 13 percent. In the first quarter of 2010, U.S. goods exports to China rose by more than 40 percent compared to the same period the year before, while U.S. exports to the rest of the world rose by less than 20 percent.” China’s rapidly growing middle class is the single most important factor for the success of President Obama’s Nation Export initiative. The U.S. not only needs to tap China’s vast foreign currency reserves ( in excess of $3 trillion — more than 10 times that of the U.S.) in order to finance its trade deficit and fiscal deficit, it also needs access to China’s vast market in order to sustain its economic recovery and create much needed jobs for American workers. When was the last time you heard a U.S. politician admit that? Of course, both countries have legitimate criticisms of the other, but they know they need each other, and neither country is going to disappear. So instead of following predictable (and boring) scripts, why not turn the page on Cold War-esque rhetoric and find ways to join hands with China so as to mutually benefit from each other’s comparative advantages? The fact is, China needs and wants the U.S. to succeed economically — as the largest holder of U.S. Treasury Bills — and the U.S. should want China to succeed, so that it has a long-term marketplace for its exports. We are not talking here about some starry-eyed vision of utopia, but rather, a realistic and sensible approach to future bilateral economic relations. Rather than bashing China, U.S. politicians would be well advised to forge a stronger relationship with China. President Obama gets it. Last year he said : “I believe there is much to be gained from a closer working relationship with China. Indeed there are very few global challenges, if any, we can address effectively without China’s active cooperation. They are a global economic power, and engagement with China’s government is an important step in stemming the financial crisis that has devastated economies around the world. Both of our nations seek to lay a foundation for sustainable growth and lasting prosperity. My Administration is also working with China on a number of security issues, including stopping North Korea’s nuclear program, rolling back the advance of extremists in Pakistan, and ending the humanitarian crisis in Dar fur. The United States and China share common interests on a host of issues — including energy security and climate change, food safety and public health, and nuclear non-proliferation and counter-terrorism. We want to work with them to address these issues in the years ahead. Improved relations with China will require candor and open discussion about those issues on which we may disagree. We must address human rights, democracy, and free speech. We must also work to ensure that our nations play by the rules in open and transparent economic competition. These important matters will be essential elements of our ongoing dialogue with China.” The only Republican candidate for president we heard that kind of approach from was John Huntsman, who unfortunately failed to connect with American voters. A sustainable economic recovery in the U.S. cannot be achieved by isolating China. The U.S. and China may seem like the odd couple: the leading proponent of democracy and most individually-oriented nation and the leading communist and most communal-oriented nation. But considering what we can achieve together and what we will lose if we are pitted against each other, forming a Sino-American strategic alliance is critical to the future economic viability of both nations. American politicians, and the American people, would be much better off recognizing this, rather than using demagoguery to sow divisiveness between China and the U.S. The 21st century has no place for tiresome dated Cold War rhetoric. President Obama has the right approach. * Daniel Wagner is CEO of Country Risk Solutions, a cross-border risk consulting firm based in Connecticut (USA), Director of Global Strategy with the PRS Group, and author of the new book Managing Country Risk. Dee Woo is a lecturer in economics at the Beijing Royal School.

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S&P Downgrades Huge Number Of Italian Banks

February 10, 2012

MILAN, Feb 10 (Reuters) – Rating agency Standard & Poor’s downgraded 34 Italian banks on Friday, including heavyweights UniCredit and Intesa Sanpaolo, citing a reduced ability to roll over their wholesale debt and expected weak profitability. The move follows S&P’s downgrade of Italy’s sovereign rating last month to BBB+, part of a mass downgrade of nine euro zone countries. In a statement, S&P said its so-called Banking Industry Country Risk Assessment had worsened to group 4 from group 3 — out of 10 groups — reflecting its more negative view on Italy’s banking system. “Italy’s vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks’ significantly diminished ability to roll over their wholesale debt,” it said. “We anticipate persistently weak profitability for Italian banks in the next few years, and a risk-adjusted return on core banking products that may not be sufficient for banks to meet their cost of capital. We believe this may be negative for the Italian banking industry’s stability.” Italian banks have borne the brunt of a sell-off in Italian assets since the euro zone’s third-largest economy was dragged into the single currency bloc’s debt crisis last summer. Because of their vast holdings of domestic government bonds, Italy’s top five banks have been asked to find some 15 billion euros by June to meet tougher capital requirements set by the European Bnaking Authority. Lenders have also been effectively shut out of wholesale debt markets and have increased their reliance on cheap funds from the European Central Bank. Italian banks tapped a whopping 116 billion euros of nearly 500 billion euros of three-year funds offered by the ECB last December, easing funding strains. A similar operation will be held at the end of February and analysts expect Italian banks to further increase their borrowing from the ECB. S&P said weak profitability and increased cost of capital could lead Italian banks to write down a large part of the goodwill they booked during a wave of industry consolidation over the past decade. Such writedowns forced UniCredit, Italy’s biggest bank by assets, to announce a 10.6 billion euro loss in the third quarter of 2011. Among the banks downgraded, Banca Monte dei Paschi di Siena and Banco Popolare had their rating cut below that of Italy’s sovereign debt. For a list of the banks affected by S&P’s downgrades, please click on

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CorpBanca Announces Changes to the Board of Directors and Dividend Payment Proposal

February 10, 2012

SANTIAGO, CHILE–(Marketwire – Feb 10, 2012) – On February 2, 2012, CORPBANCA ( NYSE : BCA ) held an ordinary meeting of the Board of Directors. At the ordinary meeting, Mr. Alvaro Saieh B. announced his resignation as a member and Chairman of the Board. Mr. Saieh B. has been a member of the Board since 1996 and Chairman of the Board since 2008. Mr. Saieh B. publicly announced that the positive growth of CorpGroup, the parent company of the Bank, the sophistication of its subsidiaries and the expertise of their respective management teams allow him to assume a different role. Even though Mr. Saieh B. will no longer serve as a member and Chairman of the Board, he will continue his relationship with the Bank concerning issues related to strategic development, control and new business.

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Ben Bernanke: Blame Housing For This Lousy Recovery

February 10, 2012

Housing, with some help from Wall Street, got us into the Great Recession, and it is housing that has made the recovery from that recession so slow and painful, Federal Reserve Chairman Ben Bernanke said today. “The state of the housing sector has been a key impediment to a faster recovery,” Bernanke said in a speech at the National Association of Homebuilders International Builders’ Show in Orlando, Florida on Friday. “In the typical economic recovery, a resurgent housing sector helps fuel reemployment and rising incomes,” he added. “But as you know all too well, that scenario has not played out this time.” Bernanke cited economic studies that suggest the collapse in home prices might be shrinking consumer spending, the largest engine of U.S. economic growth, by between $200 billion and $375 billion a year. Underwater homeowners are also unable to move to find better, higher-paying work or borrow against home equity to help with emergency expenses, Bernanke observed. So begins the vicious cycle in which clusters of foreclosed homes lower property values throughout entire communities and hurt property tax revenues, which lead to cutbacks in municipal services that push house prices still lower. Economists have seen evidence lately that the housing market might finally have hit a bottom after a collapse and slump that has lasted more than six years. But home prices and new-home construction are still in a deep pit despite record-low mortgage rates that have made housing theoretically more affordable than ever . The Fed helped push those interest rates to rock-bottom lows in part to support the housing market. But their efforts have mostly been met with frustration. Bernanke suggested the still-weak housing market might be making it hard for low rates to do much good. Banks, suffering from losses on bad mortgages are afraid of taking still more losses so tighten lending standards, making borrowing more difficult even at low rates. “The Federal Reserve, in its supervisory capacity, continues to encourage lenders to find ways to maintain prudent lending standards while serving creditworthy borrowers,” Bernanke said. “But the slow recovery of the housing market and the economy” and other factors are keeping lenders cautious. He also acknowledged that the recovery in housing will continue to be painfully slow, estimating that one million foreclosed homes owned by banks could hit the market each year “for the next few years,” keeping downward pressure on prices. One possible solution, he acknowledged, would be to turn some of these foreclosed properties into rental properties, to help meet rising rental demand. But he also acknowledged there was no silver bullet for housing. Without it, the recovery could stay slow and painful for a while longer.

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Jed Kolko: The Robo-Signing Settlement: Breaking the Usual Rules of Housing Policy

February 10, 2012

The robo-signing settlement is the latest — and potentially the largest — piece in the U.S. housing policy puzzle. Even though it’s partly punishment for banks’ wrongdoing, it is also another answer by the government to the question of how it can help the housing market. Our own housing policy survey last December showed strong bipartisan support for two key elements of the robo-signing settlement: refinancing by underwater homeowners (82 percent of Democrats, 69 percent of Republicans), and loan modifications to reduce principal balances (74 percent of Democrats, 61 percent of Republicans). With the robo-signing settlement, as with any housing policy, I look at three questions: 1) Is it big or small? Relative to other housing policies, it’s big. It calls for much more money for loan modifications than HAMP has cost so far, and it could mean money or relief for close to two million current and former homeowners. HAMP and HARP have each helped roughly one million homeowners so far. But relative to the housing crisis, it’s small. The loan modifications could yield tens of billions in principal reductions for one million homeowners — but that’s a sliver compared with the 11 million homeowners today who are over $700 billion underwater. And the cash compensation of $1,500-$2,000 for up to a million people who lost their homes will hardly make them whole. 2) Who pays? Usually it’s good politics to keep quiet about who pays for housing policy, but not with the robo-signing settlement. It’s good politics for the government and the attorneys-general for everyone to know that the banks are paying for their robo-signing sins. In contrast, most housing policy announcements hide — or at least don’t broadcast — who is paying, whether it’s investors who implicitly bear the cost of refinancing or taxpayers who implicitly bear the cost of many other policies. 3) Does it reward risk-taking or bad behavior? Delinquency is a disqualification for refinancing but is almost a requirement for getting a principal reduction. The largest piece of the robo-signing settlement is for principal reduction for borrowers who are “either delinquent or at imminent risk of default.” This is opposite of the refinancing rules laid out in HARP and the State of the Union address , which require borrowers to be current on their payments because that shows they’re “responsible.” So much for a coherent message from the government to homeowners about moral hazard. This issue could be fuel for election debates on housing policy: Republicans are much more bothered by rewarding bad behavior than Democrats are. In our December survey of consumers, 61 percent of Democrats agreed that “helping people keep their homes is the right policy even if it helps some undeserving homeowners,” but only 38 percent of Republicans agreed.

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The 10 Tech Companies Taking The Biggest Stand Against Climate Change

February 10, 2012

How are some of the world’s biggest IT companies taking a stand against a climate change? A list released by Greenpeace this week ranks some of the world’s largest information technology companies based on their efforts to mitigate climate change. The fifth edition of the Cool IT Leaderboard puts Google at the top, with Cisco and Ericsson grabbing second and third. According to a press release , the list “ranks 21 IT companies on their clean energy leadership potential, willingness to embrace clean energy solutions and potential to influence energy decisions.” Neither Apple nor Facebook were included in the list, as they have not pursued “market opportunities to drive IT energy solutions” to the same extent as others, according to Greenpeace. Greenpeace International IT analyst Gary Cook said, “Technology giants have a real opportunity to use their power and influence to change how we produce and use energy — Google tops the table because it’s putting its money where its mouth is by pumping investment into renewable energy.” As Wired notes, the highest scoring company, Google, only received a score of 53 out of 100 . Cisco was last year’s winner, with 70 points, but dropped to 49 this year. Greenpeace says Cisco’s fall is due to “a much less forceful support for priority climate and energy policies.” For more information on some of the greenest companies around, check out Newsweek’s 2011 list of the 30 greenest tech companies . List courtesy of Greenpeace . Read their full report here . Scroll down for the companies ranked 11-21. The companies which did not make the top 10 include: 11. Wipro 12. Dell 13. Microsoft 14. SAP 15. AT&T 16. HCL 17. NTT 18. NEC 19. TCS 20. Telefónica 21. Oracle

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Van Jones: Bank Settlement: $25 Billion Down, $675 Billion to Go

February 10, 2012

This week a $25 billion settlement was announced in which big banks pay up for a portion of their bad deeds in the home foreclosure crisis. Everyone is trying to determine whether this is a good deal or a bad deal. Here is how I score it. This deal represents small progress on a small problem. Now it’s time to make big progress on the big problem. Don’t count on finding many good points in the deal itself, because there aren’t a lot. In fact, the main win can be found in what’s NOT in the deal. A truly horrible deal would have let the banks write a small check and then seal the door on all further investigations and pursuits of accountability. This deal does NOT do that. Because this settlement limits legal immunity for banks, this deal does not automatically let the banks off the hook for all of their wrong-doing. Except for a few issues like robo-signing, state attorneys general can still fight for more compensation and relief for the banks’ victims. Government officials can proceed with investigating and prosecuting banks for their role in crashing the economy and the housing market. In other words, the door is still open to solve the much bigger problems we face. Our fight for justice can, and will, continue. That is small comfort, perhaps, but it was hard won. So we should honor the hard work of New York State Attorney General Eric Schneiderman, California Attorney General Kamala Harris and others, including many grassroots progressive organizations like New Bottom Line. They fought courageously to prevent a total sweetheart deal for the banks. This outcome is the result of determined activism, and without this heroic effort, the deal would have been drastically worse. That said, there is a reason why many progressives and housing advocates are furious, and why many struggling homeowners are left wondering, “How does this help me?” Millions of homeowners and families are still suffering under the tremendous weight of a debt blanket that is smothering the economy. This $25 billion settlement helps only a fraction of those homeowners and addresses only a very limited set of fraudulent behaviors. A number of homeowners will get some cash payments, but the amounts are negligible compared to the pain and injustice they have experienced. The actual total cash paid out by the banks is only $5 billion dollars, to be split among the nation’s largest banks — hardly a stiff penalty considering that the six largest banks in the U.S. paid $144 billion in bonuses last year. And enforcement mechanisms remain murky. We must not forget the more than 14 million homeowners (one in five) whose homes are underwater, beneath a crushing total $700 billion in negative equity. We must not forget the more than 4 million families who have lost their homes. We must not forget the millions of families who are in some form of foreclosure proceedings on this very day. These are the Americans who have suffered and continue to suffer. They are worried today, like yesterday, whether they will still have a home to live in tomorrow. They are the ones who must choose every month whether to pay bills or to feed their children. Here are three things that must happen next: 1) The U.S. Department of Justice and state attorneys general must investigate and prosecute banks more aggressively than ever, at a much larger scale than anything that has happened to date. 2) We must force banks to make massive principal reduction of hundreds of billions of dollars, to immediately relieve the 14 million homeowners in the country who have underwater mortgages. 3) We must change laws and regulations to prevent this kind of crisis and fraud from ever happening again. Two weeks ago, I called for hundreds of billions in principal reduction for homeowners. This would free up Americans to start new businesses, spend money on worthwhile products and services, and invest in their children’s futures. We still need to address the $700 billion in negative equity, which in turn is only part of the nearly seven trillion dollars in total lost equity created by the banks’ irresponsible, and in some cases, illegal practices. We need a solution at the scale of the problem, so that families can get back on their feet, the economy can get working, and people can reach for their American dreams again instead of watching them drown. That is why I say: $25 billion down, $675 billion to go.

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Athens Burns As Eurozone Rejects Greece Bailout Deal

February 10, 2012

ATHENS, Greece (AP) — Thousands took to the streets of Athens as unions launched a two-day general strike against planned austerity measures on Friday, a day after Greece’s crucial international bailout was put in limbo by its partners in the 17-nation eurozone. Clashes broke out in Syntagma Square, outside Parliament, as dozens of hooded youths threw fire bombs and stones at police, who responded with tear gas. No arrests or injuries were reported. Police said some 7,000 people took part in the demonstration. Another 10,000 Communist supporters held a separate, peaceful march, chanting slogans against cutbacks that include reducing the minimum wage by 22 per cent and cutting one in five government jobs in a country which is in its fifth year of recession. Bailout creditors say Greece has not yet met demands for all the required austerity measures and, frustrated by days of dithering, have given political leaders in Athens until the middle of next week to do so. Otherwise, the country will lose its rescue loan lifeline, go bankrupt next month and likely leave the euro. “We are experiencing tragic moments,” Deputy Prime Minister Theodoros Pangalos told Parliament Friday. “These days are the last acts of a drama that we all hope will lead to a happy conclusion with a voluntary reduction in our public debt and implementation of a framework by 2015 that will allow the economy to stabilize.” The Greek coalition government, led by Prime Minister Lucas Papademos had hoped some of the heat had been taken out of the crisis after leaders agreed Thursday to a raft of austerity measures they hoped would pave the way for the €130 billion ($173 billion) bailout package. However, finance ministers from the other 16 eurozone states put up a roadblock later in the day by insisting that Greece had to save an extra €325 million ($430 million), pass the cuts through a restive parliament and guarantee in writing that they will be implemented even after planned elections in April. A Cabinet meeting has been called for the afternoon, while the majority Socialists and the conservatives were later to hold party meetings to discuss the cutbacks. The new hurdles Greece has to clear to avoid a default that could send shock waves around the global economy dented sentiment in the markets Friday. Stocks were down all over Europe, with the benchmark index in Athens 1.8 per cent lower in early afternoon trading. While facing intense pressure abroad, Greece is having to deal with another strike. The country’s two biggest labour unions stopped railway, ferry and public transport schedules, and hospitals worked on skeleton staff while most public services were disrupted. Unions were planning protests in Athens and other cities around midday. Prime Minister Papademos and heads of the three parties backing his government have already agreed to deep private sector wage cuts, civil service layoffs, and significant reductions in health, social security and military spending. But the party leaders balked at demands for more cuts to already depleted pensions, later issuing nebulous assurances that a solution had been found. “Unfortunately, the eurogroup did not take a final, positive decision,” Finance Minister Evangelos Venizelos said after Thursday’s talks in Brussels. “Many countries expressed objections, based on the fact that we did not fully complete the list of additional measures required to meet our targets for 2012.” “The choice we face is one of sacrifice or even greater sacrifice — on a scale that cannot be compared,” Venizelos added. Once all the demands have been fulfilled, the eurozone will give Greece the green light to start implementing a separate bond swap deal with banks and other private investors designed to slice some €100 billion ($132 billion) off Greece’s debt load. EU Commission President José Manuel Barroso on Friday offered hope a deal could still be struck. “I am confident that a solution will be reached next week as this is critically important for Greece and the Greek citizens first and foremost but also for the whole euro area,” he said during a visit to India. “I therefore call on the responsibility and the leadership of the Greek leaders and all members of the eurozone so that we can obtain this goal that is important for the euro area and indeed for the global economy.” France’s central bank chief Christian Noyer also urged Greece to accept the “reasonable and indispensable” austerity plan. “Greece needs to do what other countries are doing, countries that have been in difficulty but are completely in line with the recovery plans,” Noyer said on Europe-1 radio Friday. “Greece has to accept all of this.” But on the streets of Greece, the mood is grim, after two years of severe income losses, repeated tax hikes and retirement age increases that failed to signally improve the country’s finances. Unemployment is at a record high of 21 per cent — with more than a million people out of work — while the economy is in its fifth year of recession and is expected to contract up to 5 per cent in 2012. The country’s politicians have taken a lot of criticism for the situation, and polls show the majority Socialists, elected in a 2009 landslide are now languishing at around 8 per cent. A Greek Socialist lawmaker resigned his seat Friday to protest the new austerity, a day after the country’s deputy labour ministry stepped down from his position for the same reason. But the resignation of Pavlos Stasinos will not affect the party balance in Parliament, as he will be replaced by another Socialist deputy. “It is unacceptable that right now our politicians’ petty political and public relations manoeuvring should be leading the country to bankruptcy,” respected Kathimerini daily said in an editorial. “The country is tumbling towards a cliff-edge, and a tough European establishment is putting out the view that Greece cannot be saved and lacks credible politicians. Our politicians back that view with their carryings-on.” Ta Nea daily accused Greek politicians of “theatrics and shilly-shallying,” and urged lawmakers to back the new measures in the Parliamentary vote, tentatively planned for Sunday. “Nobody can happily back the painful agreement with the troika,” it said in an editorial. “But neither can anyone shoulder the burden of the consequences, if the agreement is not completed.”

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U.S. Clamps Down On ‘Sex In The City’ Counterfeit Perfumes

February 10, 2012

The ladies of “Sex and the City” are still cool enough for China’s massive counterfeit market. Counterfeit perfume seizures by the U.S. Customs and Border Protection surged in the United States last year, jumping 471 percent to a total value of $9.4 million. And of all perfumes seized, the one most often found was called “Sex in the City,” a counterfeit variation on the HBO trademark. The surge in fake fragrance raids was the result of new partnerships between U.S. Customs and Border Protection and American companies like HBO trying to protect their trademarks, the agency said in a report . “The collaborative effort that we’ve had with Customs have been incredibly effective and we’ve been happy with the results,” said HBO spokesman Jeff Cusson of the seizures. U.S. fragrance companies have turned to law enforcement for help in battling counterfeits after nearly a decade of weak sales, which dropped 20 percent between 2005 and 2010, according to Euromonitor International , a market research group. While the recession is partially responsible, the groups says, top-level brands may no longer hold the same weight over imitations that they once did. “Fragrances have lost their mystique and become less ‘special’ and commoditised,” Euromonitor wrote in a May 2011 report . “With over a hundred new fragrance launches a year, the glut of fragrances in the marketplace has also created consumer confusion.” Or perhaps Americans are simply no longer willing to pay $100 for designer fragrances when cheap versions abound. The “Sex in the City” fake, for example, is sold all over the Internet for less than $10. Versions like Lust, Kiss, Love and Dream are currently available on Amazon.com , Overstock.com and many other beauty sites. Three of the four countries most often responsible for counterfeit perfumes seized in 2011 are located in Asia — China, India and Hong Kong — but the perfumes also often originated from Germany, according to Customs seizure data. Most fans of the fragrance likely don’t know that the “Sex in the City” perfume is a fake at all, especially since the HBO-approved scent was only

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The States Where Companies Are Hiring

February 10, 2012

From 24/7 Wall St.: Companies across the country are hiring more workers, at least if you ask their employees. In 2011, 31 percent of U.S. workers reported that their employers were hiring, according to Gallup’s Job Creation Index . Only 18 percent said that their employers were laying workers off. Of course, residents of some states report much higher rates of job creation than others. 24/7 Wall St. reviewed the Gallup Index, as well as a number of other economic indicators, and identified the eight states where residents think companies are hiring most. Read The Eight States Where Companies Are Hiring To develop the Job Creation Index, Gallup asked those surveyed whether companies are hiring or letting employees go. While the national score reflects that most states believe employers are hiring, 24/7 Wall St.’s analysis suggests that self-reporting by workers may not perfectly align with reality. These states are not experiencing the greatest recoveries — including in employment — as they have little to recover from. The states’ strong economies may be affecting their residents’ perception of the economy. Five of the eight states on this list are among the top nine states on another recent Gallup poll ranking states’ confidence in the national economy. Those who live in states that are doing well see the entire country as doing well. The majority of states where high percentages of workers reported job creation also have extremely low unemployment rates to begin with. Six of the eight states have among the 10 lowest unemployment rates in the country. North Dakota, the state where the largest share of workers reported that their employers are hiring, has the lowest unemployment rate in the country. And while unemployment rates are low, the majority of these states have had relatively low unemployment rates for some time. Most did not have particularly impressive improvements in unemployment last year. Other than Utah and West Virginia — the only states with exceptionally large drops in unemployment — the rest have had low unemployment rates since 2006 and throughout the recession. Housing markets in most of the states where respondents believe jobs are plentiful also have been stable. Seven of the eight states on the list are among the 15 markets that suffered the least from the third quarter of 2006 to the third quarter of 2011. Five of the states actually experienced increases in home prices over this period. These are the eight states where workers say companies are hiring, according to 24/7 Wall St. :

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David Kiley: The Great Debate Over Chrysler’s Super Bowl Ad

February 10, 2012

When I saw Chrysler’s Super Bowl ad at halftime on Feb. 5, I emailed the executive who conceived it, Chrysler marketing chief Olivier Francois, and told him I didn’t like it so much. It was my first viewing of the ad, and thus my initial reaction from the gut. I thought it was too dark. Unlike last year’s Eminem Super Bowl ad, I thought it didn’t do enough to lift Detroit or Chrysler — and wasn’t that the point? But after watching the video perhaps 10 times since that initial viewing, I have warmed to the ad, and recognized that my initial reaction seems to be in the minority. I’ve also come to think my response was tainted by all the election year claptrap and hogwash I watch and listen to on cable TV and satellite radio on a daily basis. Driven by the sharp reactions to the ad communicated via Twitter and in post-game interviews from political pundits and power-brokers like GOP fundraiser and former Bush Administration official Karl Rove , the media seized on the fact that the ad seemed to feature working-class folks from a Midwestern industrial town and the ad copy seemed to be right out of an Obama campaign speechwriter’s notebook, extolling the virtues of the auto industry bailout. The charge that Chrysler was somehow sending an early Valentine to the Obama campaign as thanks for the 44th president green-lighting the federal bailout of Chrysler in 2009 started to take shape on the airwaves. I initially thought the ad was a clever piece of marketing Jiu Jitsu, designed to create maximum buzz and chatter for the Chrysler after the game. Casting well-known Republican libertarian-cum-bailout criticizer Clint Eastwood was supposed to inoculate Chrysler from the pro-Obama charge. How could it be, I asked myself, that all these smart people at Chrysler and the ad agency Wieden & Kennedy had no clue their commercial would be seen through a political lens, especially just a couple weeks before the Michigan GOP primary? Even the line, “It’s Halftime in America,” made me think immediately of Ronald Reagan’s “Its Morning Again in America” spot — and that it’s coming up to “halftime in the Obama two-term presidency.” Francois says a possible political interpretation of the ad never come up in conversations during the two months of its development. He also says “creating buzz and chatter was never even part of the consideration.” Should we believe this very clever, intelligent, French-born executive heading both Fiat and Chrysler’s global marketing? No buzz intended? Olivier says the ad’s aim was to offer a logical sequel to last year’s Eminem ad, which ushered in the “Imported From Detroit” tagline as a slogan for the Chrysler brand. That line, repeated in this year’s ad, is now being used as an umbrella theme for all the company’s brands, including Dodge, Jeep, Ram and Mopar. “We are trying to shine a light on the values we hold in Detroit, values that we are trying to embrace for Chrysler and the values we think our customers identify with,” Francois said. “I know I am French and come from an Italian company, but I feel very much like I am gaining cultural citizenship in America, if not legal citizenship. And our team, which is led by Sergio Marchionne, is very serious about communicating what we think is great about this place and these people to the rest of the country.” Francois said Marchionne, the Fiat and Chrysler CEO, was intimately involved in the creation of this year’s ad, right down to writing and editing copy. Chrysler brand marketing chief Saad Shehab also had a hand in its writing and editing. And Clint Eastwood also had a lot to do with shaping the ad, choosing locations and writing copy. Eastwood was surprised Republican critics and Obama supporters felt that the ad was “pro-Obama.” But Eastwood’s spoken lines tee up, like it or not, an inevitable political discussion that will take place this month in advance of the Michigan GOP primary and into the fall, especially if Michigan native Mitt Romney goes on to face off against President Obama in the general election. Was the bailout the right thing to do? Was it money well spent? Was it fair to industries and companies that did not get bailed out? Was it too generous to the unions? The key lines: “[The people of Detroit] almost lost everything. But we all pulled together. Now, the Motor City is fighting again … but after those trials, we all rallied around what was right, and acted as one, because that’s what we do. We find a way through tough times. And if we can’t find a way, then we make one … how do we come from behind … how do we come together, and how do we win … it’s halftime, America, and our second half is about to begin.” The vast majority of Republicans, including all the current presidential candidates, were against the government-assisted bailout of General Motors and Chrysler. They believed the companies should have been allowed to go into bankruptcy court without aid from Uncle Sam, so that creditors could just pick over the companies, buy or be granted what they thought was valuable — Chevy, Jeep, Ram truck, Cadillac, real estate, etc. — and liquidate the rest. But amid the meltdown of the financial sector, there was no financing for an organized bankruptcy that would have allowed the companies to come out as whole at the end of the process, meaning it would have been a liquidation free-for-all. And as private equity companies usually do, there would have been a fire-sale of assets, followed by an inevitable move to get as much headcount and production out of Michigan and into Southern states and Mexico — as far away from the stronghold of the United Auto Workers as possible. The reason Southeast Michigan is clawing its way back is because hiring is happening. GM is the biggest automaker in the world again, and making billions. Chrysler is in the black and posting solid progress. Ford is making billions. Suppliers are bouncing back financially. The companies did not close or move away. GM and Chrysler have made substantial investments in the city and surrounding suburbs. Communities are still fighting to get back to par, but they haven’t been destroyed. The sentiments and words in Chrysler’s ad reflect the way the automaker’s executives and Eastwood feel about the values they find in the working people who design, engineer, market and sell the vehicles produced by the company. Their words also seem to support the idea that high-value manufacturing, such as automobiles, is an important industry to protect and nurture in the U.S. Those values and thoughts also happen to be shared by Obama’s administration, and they are a cornerstone of his campaign rhetoric and prose as president. It all seems to be a right-cross to the jaws of the GOP presidential candidates and the establishment conservatives who both opposed the auto bailout and regularly express disdain for the UAW. All on the biggest TV day of the year with over 100 million people watching. So it’s not difficult for many people to think the content and timing of Chrysler’s commercial could have been planned and calculated to maximize buzz, the currency on which most successful ads trade these days (no matter what Francois says he was looking for). The Chrysler executives and Eastwood say these political themes some of us think we saw were not in their minds or conversations. They sought to make an ad, they say, that simply touched and engaged everyone, not one party or another. Late Thursday, four days after the game, there were 5.8 million YouTube views of the ad. A cursory patrol of comments left by real people — not pundits or members of the media — shows those of us in the media are, indeed, in the minority of those who found it possibly pro-Democrat or pro-Obama. We won’t see the ad on TV again, says Olivier. Unlike last year’s Eminem ad, it won’t be shown in shorter versions for normal ad break. It was meant as a one-time-only event. My guess is that it will be remembered and talked about for at least a few days more. Then the YouTube hits will slow down, and we will move on to other topics. But the ad — intentionally or not — meshes well with the Obama message for the Midwest and especially Michigan. So it wouldn’t surprise me if we see the ad pointed to by the president and Democrats for months to come as a reminder of the grit, determination and values of Detroiters and Southeast Michiganders — and of just who kept the Michigan economy from falling of a cliff.

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Google’s $12.5 Billion Deal Expected To Be Approved

February 9, 2012

By Diane Bartz WASHINGTON (Reuters) – The Justice Department will approve Google’s $12.5 billion bid to acquire Motorola Mobility Holdings Inc, according to sources close to the antitrust review. The department is also expected to approve an Apple-led consortium’s bid to acquire a group of patents from bankrupt Canadian company Nortel Networks. Both deals are expected to be cleared early next week. Google, whose Android software is the top operating system for Internet-enabled smart phones, announced in August it planned to acquire phone-maker Motorola Mobility. The deal will give Google one of the mobile phone industry’s largest patent libraries, as well as hardware manufacturing operations that will allow Google to develop its own line of smart phones. The Apple-led consortium, which includes RIM, Microsoft, EMC, Ericsson and Sony, had agreed in July pay $4.5 billion for 6,000 patents and patent applications that telecom-equipment maker Nortel had put up for sale, including coveted 4G wireless technologies. The companies joined forces to outbid Google for the patents. Google, the world’s No. 1 search engine, has been under increasing regulatory scrutiny. The U.S. Federal Trade Commission and the European Union are both investigating Google’s business practices. The company faces accusations it uses its clout in the search market to beat rivals as it moves into related businesses. The Justice Department will likely continue monitoring patent litigation in the telecom space, according to the sources. The department of Justice, Google, and Apple did not immediately respond to requests for comment. (Reporting By Diane Bartz; Editing by Tim Dobbyn)

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U.S. Bans Health Insurance Company Fine Print, Allows Baffling Terms

February 9, 2012

The Obama administration aims to demystify shopping for health insurance and has created a standard form that explains in plain language without the fine print what plans actually cover. What they couldn’t do was make health insurance itself less complicated, so consumers will still be confronted by baffling terms including “allowed amount,” “balance billing,” and “usual, customary, and reasonable charges.” The health reform law requires insurance companies to use a new document that presents a uniform summary of deductibles, co-payments and other features so consumers can compare one health plan to another. The new rules also eliminate the fine print: insurers can’t use a typeface smaller than 12 points. Administration officials including Health and Human Services Secretary Kathleen Sebelius unveiled the forms Thursday and companies will have to comply beginning Sept. 23. Consumer groups including Families USA and Health Care for America Now praised the policy as an important step that enhances transparency in the health insurance market. These new summaries of benefits and costs will help people choose the right health plans and are a big improvement over the confusing information and marketing material insurance companies currently use, said Lynn Quincy, a senior policy analyst at Consumers Union who helped develop the new form. The “plain language” isn’t always so plain and the jargon-heavy nature of the form underscores that health insurance is complicated. While the administration will require that insurers provide a four-page glossary of industry terms , shoppers will have to contend with terminology that isn’t always easily understandable. “We don’t want to over-promise here about what a form can do laid over top a very complex product,” Quincy said. “We have to wait and see if the new form actually helps people.” The insurance summary can’t be longer than eight pages and includes facts about a plan such as what its deductibles are, whether benefits are capped at a certain dollar amount every year, and if patients need referrals to visit specialists. Though the administration proposed last year that premiums be listed, that requirement isn’t part of the final rule. The monthly price for a health plan, which may not be available until after an insurance company has reviewed a customer’s application, will be provided separately. The form includes examples of medical expenses, such as the birth of a child, so consumers can estimate how much would be covered by insurance and how much would come out of their own pockets. The administration characterizes this feature as a “Nutrition Facts” label for health benefits. The health insurance industry’s top lobbyist said the rule places too heavy a burden on companies and takes effect too quickly. “The final rule requires an almost complete overhaul and redesign of how information must be provided to consumers,” Karen Ignagni, president and CEO of America’s Health Insurance Plans, said in a statement .

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The Greenest Car Of 2012 Is…

February 9, 2012

From Mother Nature Networks’ Melissa Hincha-Ownby: The American Council for an Energy-Efficient Economy (ACEEE) has published its 14th annual Greenest Cars List and for the first time an electric vehicle takes the number one spot. The new Mitsubishi i-MIEV bested the Honda Civic Natural Gas , which held the number one spot for eight straight years. A variety of environmental criteria are assessed when evaluating a vehicle’s green score, including the emissions created by the power plant used to provide electricity to the i-MIEV and other electric vehicles . The changing face of the eco-friendly automotive scene actually led to a few changes in the ACEEE’s methodology this year. “This year, a number of updates were made to the Green Book® methodology to more accurately estimate vehicles’ environmental impacts. These include improved emissions estimates for the vehicle manufacturing process, changes reflecting current natural gas extraction practices, and consideration of upcoming shifts in the generation mix for the electricity used to power electric cars.” Source: ACEEE One very prominent electrified vehicle is missing from this list, the Chevy Volt . According to CNNMoney.com , “That’s because the ACEEE uses vehicle weight as a criterion for scoring, under the assumption that a heavier vehicle causes more waste in production.” Unfortunately for General Motors, the Chevy Volt was their best chance for inclusion on the list. Instead, the Greenest Cars of 2012 list is dominated by Japanese imports. General Motors and other Detroit-based automakers are receiving unfavorable recognition on the Greenest List’s companion, the Meanest Vehicles for the Environment in 2012 . Both the Chevrolet G3500 Express Cargo van and its GMC cousin, the G3500 Savana tied with the Ford E-350 Wagon for the Meanest Vehicle of 2012 with a Green Score of 17. For those that cry foul, there are electric cargo vans on the market that are a viable alternative to these gas-hogging beasts. The 2012 Greenest List and each vehicle’s corresponding Green Score follows:

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New Users Flocking To LinkedIn

February 9, 2012

SAN FRANCISCO — LinkedIn provided further evidence of online networking’s popularity and moneymaking potential with a fourth-quarter performance that got a glowing review on Wall Street. The results announced Thursday indicate LinkedIn Corp. is playing an increasingly influential role in the employment market as millions more people post their resumes there. The professional-networking service has been turning into a digital rolodex for headhunters and job seekers alike. LinkedIn added another 14 million profiles during the final three months of last year to bring its total membership to 145 million. Meanwhile, more companies have been paying to get additional access to LinkedIn’s membership as the U.S. economy has been steadily adding jobs in recent months. LinkedIn gets more than two-thirds of its revenue from fees it charges companies, recruiting services and other people who want broader access to the profiles and other data on the company’s website. The rest comes from advertising. The trends helped LinkedIn fare far better than the company’s own management and analysts had predicted. The pleasant surprise came a day after online coupon distributor Groupon Inc. raised investor doubts about young, rapidly growing Internet companies by announcing an unexpected fourth-quarter loss. LinkedIn’s numbers seemed to lift spirits; the company’s stock surged more than 8 percent late Thursday. The ebullient reaction may bode well for an upcoming IPO from Facebook Inc., which has built an online network of 845 million users by focusing on family and friendships instead of career advancement. Facebook filed papers last week for an initial public offering of stock. It’s expected to be completed in May or June. The IPO is expected to value Facebook at $75 billion to $100 billion. LinkedIn, which is based in Mountain View, Calif., has emerged as one of the stars from last year’s crop of Internet IPOs. During the first nine months of trading, its stock has remained well above its IPO price of $45 and is moving upward again. The stock rose $6.44, or 8.4 percent, to $82.83 in extended trading Thursday after the release of results. LinkedIn earned $6.9 million, or 6 cents per share, during the final three months of last year. In 2010, the company had income of $1.6 million, or 3 cents per share. It’s not directly comparable because LinkedIn’s outstanding shares have ballooned since its IPO in May. Before figuring the net income credited to shareholders, LinkedIn’s net income for the latest quarter increased 30 percent from $5.3 million If not for certain accounting items unrelated to its ongoing business, LinkedIn said it would have earned 12 cents in the fourth quarter. That figure topped the average estimate of 7 cents per share among analysts polled by FactSet. Revenue more than doubled from the previous year to nearly $168 million – about $8 million above analyst estimates. Management’s projections for the first quarter and full year also called for revenue above analyst forecasts.

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Who Does And Does Not Qualify For A Piece Of The $25 Billion Mortgage Settlement

February 9, 2012

The government’s $25 billion settlement with five of the nation’s largest banks could help up to one million homeowners . About $21.5 billion is earmarked for consumer relief, with the remainder going to state and federal governments. Distressed homeowners should not expect a check or aid tomorrow, however. According to the government’s National Mortgage Settlement website, it will take up to two months to select an administrator to oversee the process, identifying who is eligible to receive help, and six to nine months to start with the actual housing help. Help could come via partial loan forgiveness or “principal reduction,” refinancing or, cash payments of up to $2,000 for those who have already lost their home. The program only applies to homeowners who have or had mortgages serviced by Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial. Those with loans owned by housing giants Fannie Mae or Freddie Mac are not affected by settlement. Homeowners from Oklahoma, the only state to not sign the settlement agreement, are not eligible. Here’s more detail on who’s eligible for relief: Principal reductions Servicers are required to provide at least $17 billion worth of direct relief to current homeowners, most of which will go to provide help for principal reduction for first and second mortgages. Other money will be used to facilitate short sales–where the home is sold for less than the mortgage value. The funds also cover anti-blight measures, and enhanced homeowner transition programs. Principal reductions could be anywhere from $20,000 to $50,000 on average but the amount will depend on each homeowner’s market. Homeowners who think they qualify should contact their lender directly. Who is eligible? Homeowners who are still in their home, but are not current on their payments and are struggling to make them. Refinancing Servicers will have to provide up to $3 billion in refinancing relief nationwide to help homeowners get better interest rates on home loans to reduce monthly payments. Current rates for 30-year and 15-year fixed rate mortgages are under 4 percent. Who is eligible? Homeowners who owe more on their home than it is worth and are current on their mortgage payments. Cash Servicers will divvy up $1.5 billion among 750,000 homeowners who have already lost their homes to foreclosure. That comes out to $2,000 and checks will be mailed over the next six to nine months. Who is eligible? Homeowners who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011. For homeowners who lost their house but are concerned it could be difficult for the administrator to track you down, please contact an Attorney General’s Office . For more information: Ally/GMAC : 800-766-4622 Bank of America : 877-488-7814 Citi : 866-272-4749 JPMorgan Chase : 866-372-6901 Wells Fargo : 800-288-3212

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Lam Research Names New CEO, Martin Anstice, to Board

February 9, 2012

FREMONT, CA–(Marketwire – Feb 9, 2012) – Lam Research Corp. ( NASDAQ : LRCX ), a leading global supplier of semiconductor wafer fabrication equipment and services, today announced the expansion of its board of directors with the addition of Martin Anstice, the company’s president and chief executive officer.

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Governor Rick Scott Appoints William Bracken to Board of Professional Engineers

February 9, 2012

TAMPA, FL–(Marketwire – Feb 9, 2012) – Today the Florida State Senate approved Governor Rick Scott’s appointment of William C. Bracken to the Board of Professional Engineers. Mr. Bracken of Tampa is the president and principal engineer of Bracken Engineering Inc. He fills the vacancy created by the death of H. D. Wallis and is appointed for a term beginning January 30, 2012, and ending October 31, 2015.

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CommerceTel Appoints Tim Schatz as Its CFO

February 9, 2012

SAN DIEGO, CA–(Marketwire – Feb 9, 2012) – CommerceTel Corporation ( OTCBB : MFON ) (“CommerceTel” or “Company”), an award-winning provider of proprietary mobile marketing technologies and solutions, announced that the board of directors has appointed Tim Schatz as the Company’s Chief Financial Officer, effective February 1, 2012.

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STWA Appoints New CFO Gregg Bigger as Company Enters Commercialization Phase

February 9, 2012

SANTA BARBARA, CA–(Marketwire – Feb 9, 2012) – STWA, Inc. ( OTCBB : ZERO ) (“STWA” or the “Company”), a developer of energy efficiency technologies in the multi-billion dollar oil pipeline and diesel engine markets, today announced the appointment of Mr. Gregg Bigger as its Chief Financial Officer. Mr. Bigger is a seasoned finance executive with extensive experience in the banking sector as well as strategic consulting for operating technology companies.

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Pepsico plans to slash 3% of its workforce

February 9, 2012

(MEANFN) PepsiCo unveiled a new restructure plan shedding 8,700 jobs aimed at offsetting high commodity costs and expand investments in advertising and marketing in North America, AP …

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Signature Group Holdings, Inc. Announces Departure of Kenneth Grossman as President

February 9, 2012

SHERMAN OAKS, CA–(Marketwire – Feb 9, 2012) – Signature Group Holdings, Inc. (the “Company” or “Signature”) ( PINKSHEETS : SGGH ) today announced the resignation of its President, Kenneth S. Grossman. He is expected to depart the Company in April following the filing of the Company’s 2011 Form 10-K with the SEC. Signature has entered into a consulting agreement with Mr. Grossman pursuant to which Mr. Grossman will continue to provide advice and counsel to Craig Noell, the Company’s Chief Executive Officer. Mr. Grossman will also continue to work with Mr. Noell and Signature’s corporate development staff to identify acquisition and other opportunities to the Company. “We are sorry to see Ken depart,” said John Nickoll, Chairman of the Board, “he is a savvy investment professional with expertise and strong relationships in the distressed arena, and I understand his desire to return to that environment.”

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Employment Rate For Young Adults Lowest In 60 Years

February 9, 2012

Are you young and looking for work? You’re in good company. Just 54 percent of Americans ages 18 to 24 currently have jobs, according to a study released Thursday by the Pew Research Center. That’s the lowest employment rate for this age group since the government began keeping track in 1948. And it’s a sharp drop from the 62 percent who had jobs in 2007 — suggesting the recession is crippling career prospects for a broad swath of young people who were still in high school or college when the downturn began. “They had the misfortune to be born at a time that would dump them into this labor market as young people,” said Heidi Shierholz, a labor market economist at the Economic Policy Institute. “If we stay on the track that we’re on, this cohort is not going to outpace their parents.” The Pew study arrives just days after the Labor Department’s monthly jobs report, which showed the national unemployment rate trending down for a fifth straight month — a change that many took as a sign that the economy is finally beginning to right itself. Yet joblessness is still high, and financial security remains out of reach for millions more people than just a few years ago. Young adults were largely spared the collapse in wealth that many older Americans went through when the housing market imploded. Still, in some ways they have it the worst of any demographic. Besides the historically low employment rate for people in their late-teens and early-20s — which is, incidentally, about 15 percentage points below the general employment rate for working-age adults, according to Pew — the recession has eroded young workers’ paychecks to a far greater degree than any other age group. Among adults ages 18 to 34, more than a third say they have gone back to school in the face of a tough labor market, the Pew study notes. Nearly a quarter have taken an unpaid job or moved back in with parents. One in five have put off having a child or getting married due to economic concerns. Still, the young people surveyed by Pew seem remarkably optimistic. A full 88 percent say they’re either making enough to suit their needs now, or expect to in the future. And 60 percent of people ages 18 to 34 say their children will have a better standard of living than them. That prediction is notably more confident than that of people ages 35 and older, of whom only 43 percent have a similarly hopeful view. Young people are probably correct to say that their earning power will grow as they age, said Shierholz. But a wealth of research suggests that young people who enter the job market during a recession face years of wages that are lower than people who got there slightly sooner and had a chance to establish themselves. People who graduated and kicked off their job search in 2009 or 2010 are likely to experience pay 10 to 15 percent lower than their peers’ , for as much as a decade after leaving school. If all of this seems like grim news for young people, they can at least take comfort knowing that older generations seem to recognize their struggles. The Pew study found that among the general population, 41 percent of people think young adults have it tougher than anyone in the current job market, and a growing number of parents say they believe children should aim for economic independence by age 25, rather than a younger age. Part of that cross-generational commiseration may come from the fact that huge segments of the national population are struggling financially right now. Shierholz told The Huffington Post that the obstacles faced by young job-seekers reflect the muted health of the overall economy. “Things were not so great even before the recession hit,” she said, citing the growth of the wage gap and the decline of labor unions — trends that predate the current slump by several decades — as factors keeping the lower and middle classes from achieving greater economic buoyancy. “If you want to move the dial on what’s going on with young workers’ unemployment, you need to help the labor market more broadly.”

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Denmark’s trade records surplus of USD14.3b in 2011

February 9, 2012

(MENAFN) Danmarks Statistik, the Danish national statistical agency, said that driven by strong exports to regional markets, the country’s trade account recorded a surplus of USD14.3 billion in …

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Yen Little Changed as Japanese Consumer Confidence Prints Higher

February 9, 2012

THE TAKEAWAY: The Japanese Consumer Confidence Index rose > Though the increase from the previous month was unexpected, its effect on markets was minimal > No change in USDJPY trend The …

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Supertel Hospitality Announces Appointment of Four Directors

February 8, 2012

NORFOLK, NE–(Marketwire – Feb 8, 2012) – Supertel Hospitality, Inc. ( NASDAQ : SPPR ), a real estate investment trust (REIT) which owns 99 hotels in 23 states, today announced the appointment of Messrs. Daniel R. Elsztain, Jim Friend, Donald J. Landry, and John M. Sabin to its Board of Directors.

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Groupon Reports Earnings Results For First Time

February 8, 2012

NEW YORK — Groupon investors were expecting a better deal than the surprise loss the company delivered on Wednesday. The online deals site, reporting for the first time as a public company, said its fourth-quarter revenue nearly tripled, but it lost money and its shares fell sharply after hours. Groupon Inc., which went public in November, makes money by taking a cut from the online deals it offers on a variety of goods and services, such as restaurant meals, manicures and weekend getaways. Investors are watching whether this business model is sustainable and leads to growth over the long term – and whether the company can not only grow its customer base but make more from each subscriber. Groupon’s net loss totaled $42.7 million, or 8 cents per share, for the final three months of 2011. A year earlier, as a private company, it booked a larger loss of $378.6 million, or $1.08 per share. The company said its adjusted loss was 2 cents per share in the latest quarter. On this basis, analysts were expecting a profit of 3 cents per share, according to FactSet. Groupon said an unusually high international tax rate hurt the quarter’s adjusted results. Groupon’s revenue was $506.5 million, nearly triple the $172.2 million it reported for last year’s fourth quarter. Analysts, on average, had expected lower revenue $473.1 million, according to FactSet. For the current quarter Groupon expects revenue of $510 million to $550 million. Analysts are forecasting $501 million. CEO Andrew Mason called 2011 a “phenomenal growth year” for Groupon. But he stressed that the company wants to keep expanding and that will require continuing investment in technology. “While Groupon is the clear market leader in online local commerce, we estimate that we still participate in less than 1 percent of total local transactions,” Mason said. Groupon had 33 million active customers at the end of the quarter, nearly four times as many as a year earlier. It defines active customers as those who have purchased a Groupon in the previous 12 months. Customers spent $1.25 billion on all the Groupons the company sold in the quarter. That “gross billings” figure doesn’t include taxes or account for the money the company paid to merchants. Benchmark analyst Clayton Moran called the sharp share price drop unwarranted, though he noted that the stock has been “volatile, hotly debated” and “somewhat controversial” since its IPO. Nonetheless, he said Groupon’s first quarter as a public company was impressive and strong where it counts, notably revenue and other key metrics. Chicago-based Groupon’s stock tumbled $3.59, or 14.6 percent, to $20.99 in after-hours trading. The stock, which closed at $24.58 on Wednesday, has traded in the range of $14.85 to $31.14 since pricing at $20 ahead of its initial public offering on Nov. 4.

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Barry Levinson: Don’t Know Much About Oil

February 8, 2012

I don’t know much about the business world, I don’t know much about economics. So you’ll have to take what I say with a grain of salt. It’s more about what I don’t know than what I do know. Here’s my question: why does the gasoline price at the pump vary from day to day? You see this change on the signs. Suddenly it’s up three cents. Up seven cents. Down four cents. It’s always in flux. Why? The answers we’re always hearing are, “Government upheavals in the Middle East,” or “Issues with super tankers.” Or, “Nervous about the economic health of the global economy.” All those issues may in fact be real, but why does the price of the oil at your nearby station suddenly jump at the first sign of oil company anxiety? The oil at the gas station is sitting under the pump. It’s been bought at a certain price. So why does it change daily, based on the fears of the oil company? If you went into a car dealership and you were interested in some Buick at a given price, the salesman doesn’t suddenly come in and say the Buick went up $36 today because they’re having difficulty with supplying enough grills to the front of the car. They bought the car at a certain price, therefore they sell it at a certain price. Sometimes at a lower price. But one thing is for certain, the price of the Buick does not go up and down throughout the course of the week. To take it one step further, the earthquake in Japan, which disrupted the entire Japanese auto industry, did not set off an uptick in the cost of a Nissan or Toyota or Honda. The oil industry doesn’t need a natural disaster to actually happen though. Just their anxiety over the possible disruption of the Straits of Hormuz can cause the gas to increase in your neighborhood by four or five cents overnight. Another analogy. You decide to go for a big purchase. You hear that art is a good investment. You gather your courage and you go to your local gallery. You see a painting, a Julian Schnabel that catches your attention. You’re interested in it. You see the price. You wonder if you could afford it. Suddenly the gallery gets a phone call. “Schnabel has sprained his thumb on the hand that holds the brush. He may or may not be able to paint full time.” Suddenly the gallerist quickly hangs up the phone, crosses the gallery, and increases the painting’s cost by $183. “Why?” asks the potential buyer. The gallery man responds, “We have anxiety over Julian Schnabel’s thumb.” And then the oil industry has the other gimmick they throw in there. Look carefully. Gas is $3.87.04. Or $3.87.05. It is the only commodity I know of that you pay a percentage of a penny on. You don’t go for a Big Mac and it costs $3.37.03. Whatever is happening in the cattle markets, cows coming down with diseases or what have you, does not shake the price of the Big Mac or the Big Whopper or whatever Wendy’s calls its beef patties on any given day. Same price. Every day. The fries do not fluctuate no matter what’s going on in the potato world. Coke and Pepsi hold the price line. Nothing fluctuates daily in price like oil. And for whatever reason, we have accepted it. One final thing: In your local area, why is all gasoline almost the exact same price? Exxon Mobil. BP. Shell. At the local pumps, almost identical price. Why is that? You would think one of them would be known as “The Low Price Oil Company.” Their slogan: “The highest performance gasoline at the lowest price.” As opposed to other types of companies, oil companies never have special sales. Never the “Winter Sell-Off.” Never the “Spring Clearance.” Never “The Back-to-School Sale.” All other businesses have some kind of sale celebrations going on periodically. Not when it comes to oil. Years ago there used to be price wars. One station undercutting another. But that’s when real people used to own the gas stations. That’s when hardworking men maintained their service station and provided services, like checking your tire pressure. Your oil. Cleaned your windows. Pumped your gas. And were happy to see you. And actually kept their toilets clean, just as a bonus. Just because they cared. That’s when gas was probably around 29 cents a gallon at the pump. Any way, these are just a few questions. Unfortunately, I have yet to find one intelligent answer. Or at least one that I can comprehend.

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CFO Michael Kourey to Retire From Polycom

February 8, 2012

PLEASANTON, CA–(Marketwire – Feb 8, 2012) – Polycom, Inc. ( NASDAQ : PLCM ), the global leader in standards-based unified communications (UC), today announced that Mike Kourey will be retiring from his position as executive vice president and chief financial officer of Polycom in order to pursue other opportunities, including continuing to serve on corporate boards and various charitable activities. As Polycom’s seventh employee, Kourey has provided strategic financial expertise and business guidance to the company for 20 years, building a stellar financial position and reputation for Polycom. Kourey will remain with the company until March 7 to provide for a smooth transition, and he will be available as an advisor to the company through May 7, 2012. Separately, Polycom also announced it has appointed Eric Brown as the company’s new chief financial officer, chief operating officer, and executive vice president effective February 21, 2012 (see related release here ).

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Ted Devine Appointed CEO at Leading Online Business Insurance Agency Insureon

February 8, 2012

Former Top Aon Executive Joined by New Team Targeting Micro-Business Market

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Awarepoint Expands Board of Directors and Adds Seasoned Executives to Support Expanded Growth

February 8, 2012

Company Appoints Former Eclipsys CEO R. Andrew Eckert to Board, Carlene Anteau as Vice President of Product Marketing, and Erica Davidson as Vice President of Human Resources

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FINANCE VIDEO: Thundelarra Exploration (ASX:THX) Managing Director Brett Lambert Presents To Sydney Capital Markets at Investorium.tv

February 8, 2012

http://www.abnnewswire.net/rss2/menafn/abn_menafn_en.asp FINANCE VIDEO: Thundelarra Exploration (ASX:THX) Managing Director Brett Lambert presented live to Sydney Capital Markets at Investorium.tv, …

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Euro/Scandi Crosses Looking to Break Higher Post Short-Term Weakness

February 8, 2012

Eur/SekThe market remains under some intense pressure, with the latest setbacks threatening a return to the key lows from early 2011 by 8.70. However, daily studies are now tracking in oversold …

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US Dollar Index Classical Technical Report 02.08

February 8, 2012

US DOLLAR INDEX: The market remains locked in a multi-day consolidation and should continue to chop between the 9,500-10,100 area. Overall, we do retain a bullish outlook given the broader …

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NZD/USD Classical Technical Report 02.08

February 8, 2012

NZD/USD: Although the market remains very well bid after taking out the key October highs by 0.8240, daily studies are highly overbought and warn of a near-term pullback. From here, next key …

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USD/CAD Classical Technical Report 02.08

February 8, 2012

USD/CAD: Our constructive outlook remains intact despite the latest interday pullback with the market largely still consolidating around parity ahead of what we believe will be an eventual retest …

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USD/JPY Classical Technical Report 02.08

February 8, 2012

USD/JPY:The market could once again be looking to carve an interim base after setbacks stalled shy of the record lows from October by 75.55. A bullish reversal day from last Friday has shown some …

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USD/CHF Classical Technical Report 02.08

February 8, 2012

USD/CHF: Although our overall outlook remains intensely bullish, the market is in the process of some interday consolidation before the next major upside extension beyond 0.9600 and towards …

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AUD/USD Classical Technical Report 02.08

February 8, 2012

AUD/USD: Although the market remains very well bid after taking out the key October highs by 1.0755, daily studies are highly overbought and warn of a near-term pullback. From here, next key …

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Key U.S. House Panel Advances Keystone Pipeline Plan

February 7, 2012

* House Energy and Commerce approves plan, 33-20 * Would give permit power to FERC * Next step for bill: vote in full House * Senate Finance won’t attach bill to highway bill By Roberta Rampton WASHINGTON, Feb 7 (Reuters) – A plan to fast-track the stalled Keystone XL oil pipeline was passed by a key committee in the U.S. House of Representatives, as Republicans made yet another attempt to spur approval of the project that has become a major issue in the 2012 elections. The bill would wrest decision-making on the pipeline from the Obama administration and hand it to the Federal Energy Regulatory Commission, which would be compelled to issue approval permits quickly on the Canada-to-Texas project. But the plan would need to clear several more congressional hurdles, including getting through Democratic opposition in the Senate, before it could land on President Barack Obama’s desk for approval. In a decision last month that pleased environmental groups, Obama blocked TransCanada’s $7 billion project, citing the need for further review of its route as the line would have traversed sensitive lands and an aquifer in Nebraska. Republicans have made the pipeline a symbol of what they believe are unnecessary regulations that are stifling job creation and energy production in the United States. On Tuesday, the House Energy and Commerce Committee voted 33-20 to send its Keystone bill to the full House, where it will likely become part of a highway and infrastructure funding bill that House Speaker John Boehner wants to see passed this month. Republicans also have not ruled out trying to attach a Keystone provision to must-pass payroll tax-cut legislation. “We’re going to use all options, so we’ll see,” said Fred Upton, the Republican chair of the energy committee, who is also part of a joint Senate-House conference panel working on the payroll tax-cut compromise. GLUT IN MIDWEST The latest Keystone debate comes as a glut of crude oil in the U.S. Midwest widens the discount between what refiners pay for oil around the key delivery point of Cushing, Oklahoma, compared to the price paid by refiners on U.S. coasts and the rest of the world. Meanwhile, Canadian production is surging on expanding output from the oilsands. With exports to the United States up 34 percent year-over-year, existing pipeline capacity is full. The lack of pipeline space has pushed the discount between Canadian crude and benchmark prices to multi-year lows, eating into the profits of the Canadian oil industry, including its two largest producers, Suncor Energy Inc and Canadian Natural Resources Ltd. Canadian oil producers are desperately looking for alternative markets in Asia and elsewhere, though it will be years before any new export lines can be built. Canada’s Prime Minister Stephen Harper is leading a large, high-level trade mission to Beijing this week, and told Reuters that Canada will focus on exporting oil to China even if the U.S. decision on Keystone is reversed. KEYSTONE ROUTE IN SENATE UNCLEAR Republicans in the Democratic-controlled Senate also are trying to resurrect a quick start for the pipeline, but have not yet determined a strategy for advancing legislation. On Tuesday, Republican Senator Orrin Hatch withdrew a proposal to link Keystone to the Senate’s highway funding bill. “It is absolutely tragic that the prime minister of Canada is now negotiating with the Chinese to take their oil because we’re too stupid to allow a pipeline to go through,” Hatch said at a Senate Finance Committee hearing. Max Baucus, the Democratic chairman of the powerful panel, convinced Hatch to withdraw his measure. “The inclusion of Keystone would take down the bill,” Baucus said, although he noted he strongly supports the pipeline. LAWSUITS AHEAD? On Tuesday, House Democrats tried but failed to amend the bill to block exports of oil and refined fuels from the pipeline, and to bar TransCanada from having the ability to expropriate land for the pipeline from private owners. Also defeated was a proposal to postpone action on the pipeline pending results of a study, expected sometime in 2013, on whether pipelines carrying petroleum from Canada’s oilsands are at greater risk for spills than those carrying other types of crude. John Dingell, a Democrat from Michigan who supports the pipeline, argued the authority to approve the line should remain with the president rather than being fast-tracked by Congress. Dingell said he worries environmental groups would tie up the pipeline with lawsuits if the Republican plan goes ahead. “It’s going to infuriate the environmentalists who are going to be on this like a duck on a June bug,” Dingell said. The Natural Resources Defense Council panned the bill, saying it attempted to “jam” the project ahead in a rush. “We hope the Senate will use common sense and avoid trying to undermine proper review using politically motivated legislative maneuvers,” said Frances Beinecke, president of the group, in a statement. But Lee Terry, a Republican from Nebraska, said the Obama administration has dragged out the process for too long, making it essential for Congress to take charge. “It is the president that made this a political football,” Terry said.

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Many With Only High School Degree Laid Off During Weak Recovery

February 7, 2012

For many in the United States, the two years since the end of the recession have been worse than the downturn itself. Among those Americans with only a high school degree who have lost a job since 2007, a third became unemployed after the official end of the recession, according to The Washington Post . It’s a troubling statistic in its own right — job seekers without a college degree are having serious difficulty finding work in the current market, and the unemployment rate for high school graduates is more than twice that of college grads — but it also underscores the fact that, for many Americans, the recovery hasn’t felt very different from the recession that preceded it. Economists consider the Great Recession to have ended in the summer of 2009, nearly three years ago. That’s the point when the economy stopped outright shrinking and began growing again . But the subsequent period of modest expansion has been marked by job cuts, uncertainty and a gradual erosion of financial security for many Americans. These conditions are expected to remain pronounced for a long time to come. U.S. employers cut 529,973 jobs in 2010 , according to the outplacement company Challenger, Gray & Christmas. In 2011, that number rose to 606,082 . At the same time, wages and benefits barely grew , with the high jobless rate giving employers little incentive to pay workers more. Today, there are still nearly 13 million Americans looking for work. It’s not that life has gotten much better for those with a job either. All together, median household incomes have now fallen more in the recovery than they did during the recession. Meanwhile, as many as 49 million Americans live in poverty — a record high — and almost half the households in the country lack the kind of savings necessary to weather a financial emergency. People without a college degree are having a particularly difficult time finding work , but they’re not the only demographic hard hit by the crisis. The unemployment rate among very recent college graduates is well above the national average . While Baby Boomers account for a huge percentage of the long-term unemployed . And African-Americans have a jobless rate of 13.6 percent — more than five percentage points above the national level.

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Icon Media Holdings, Inc. Announces New Board Member

February 7, 2012

RALEIGH, NC–(Marketwire – Feb 7, 2012) – Icon Media Holdings, Inc. ( PINKSHEETS : ICNM ) is pleased to announce the appointment of Lincoln Spoor as the newest member of the Icon Media Board of Directors.

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Coca Cola Benefits From Price Hike

February 7, 2012

NEW YORK — Coca-Cola reported an effervescent fourth quarter Tuesday, as the company sold more of its drinks globally and its earnings beat analyst expectations. Coca-Cola is benefiting from raising prices in North America, where consumer sentiment is slowly improving, and expanding in emerging markets including Africa and Latin America. “Compared to 12 months ago, there are very early indications that the consumer (in North America) is feeling a little better, with more mobility, travel and eating out,” said CEO Muhtar Kent in a telephone interview with the AP. “That all translates into better business for us.” Coca-Cola Co.’s fourth-quarter net income dropped 71 percent, weighed down by restructuring charges and a difficult comparison with last year’s fourth quarter, when the beverage maker had a hefty benefit from buying its bottlers. But the Atlanta company said Tuesday its adjusted results topped Wall Street’s expectations as it sold more drinks in the U.S. and abroad, particularly in emerging markets. “Even as we believe that global market volatility will continue in the near term, the breadth of our global footprint and the strength of our brands create a resilient business that was built for times like these,” CEO Muhtar Kent said in a statement. Shares of Coca-Cola rose 91 cents to $68.94 in midday trading. Coke also said it will start a cost-cutting program in 2012 to save $550 million to $650 million annually by 2015 in part to help offset continued high commodity costs. Coca-Cola, whose brands include Sprite and Minute Maid, earned $1.65 billion, or 72 cents per share, for the period ended Dec. 31. That’s down sharply from $5.77 billion, or $2.46 per share, a year earlier. But a year ago, the company had a one-time net gain of $1.74 per share, mainly related to buying a bottler’s North American operations. Removing restructuring charges and other items, earnings were 79 cents per share. Analysts forecast 77 cents for the company, according to Fact Set. Revenue increased 5 percent to $11.04 billion. It was helped by higher prices, strength overseas and solid results from the Coca-Cola brand, juices and teas. The figure just topped Wall Street’s $11 billion estimate. Coca-Cola sold 3 percent more of its drinks during the quarter, including a 1 percent gain in Europe and North America and a 4 percent gain in Eurasia and Africa and Latin America. Coca-Cola, which has more than 500 brands including Fanta, Sprite, Dasani and Minute Maid, has weathered the downturn by spending more on advertising, new products and plants. The company, like many, also has turned overseas for growth, particularly emerging markets like India and China. And in North America, it is raising prices and offering smaller package sizes. For the year, net income fell 27 percent to $8.57 billion, or $3.69 per share. That compares with $11.81 billion or $5.06 per share last year. Revenue rose 33 percent to $46.54 billion from $35.12 billion. Global volume grew 5 percent during the year, helped by strength in emerging markets such as Latin America. Coke’s chief rival, Pepsico Inc., reports results Thursday.

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Braintree Names David Corken COO and Tracey Weinberg Senior VP Marketing

February 7, 2012

CHICAGO, IL–(Marketwire – Feb 7, 2012) – Braintree ( www.braintreepayments.com ), an online payments provider that powers commerce for many of the fastest-growing and most discerning Web 2.0, social and mobile businesses in the world, appointed David Corken to the position of chief operating officer and Tracey Weinberg as senior vice president of marketing.

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Schuff International Announces Appointment of Two New Outside Directors

February 7, 2012

PHOENIX, AZ–(Marketwire – Feb 7, 2012) – Schuff International, Inc . ( PINKSHEETS : SHFK ), a family of companies providing fully integrated steel construction services, today announced that D. Ronald Yagoda and Phillip O. Elbert have been appointed to its Board of Directors to fill existing vacancies. The addition of these outside directors returns the Company’s Board of Directors to seven members.

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French Lagardere forecasts USD1.2b loss in 2011

February 7, 2012

(MENAFN) France’s largest publisher Lagardere SCA forecasted USD1.2 billion impairment losses in 2011 on lower value of its Unlimited sports- marketing division and a stake at the Canal Plus France …

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Scandis Consolidating But Fresh Weakness Ahead; Look to Sell

February 7, 2012

Eur/SekThe market remains under some intense pressure, with the latest setbacks threatening a return to the key lows from early 2011 by 8.70. However, daily studies are now tracking in oversold …

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US Dollar Index Classical Technical Report 02.07

February 7, 2012

US DOLLAR INDEX: The market remains locked in a multi-day consolidation and continues to chop between the 9,700-10,100 area. Overall, we do retain a bullish outlook given the broader recovery …

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