news

menafn.com…

(MENAFN) Standard & Poor’s said that in the current year, South Korea’s economy is forecasted to expand by 3 percent, down from 3.6 percent in 2011, reported Xinhua News. The credit rating agency …

See original here:
S Korea’s 2012 economy to expand 3%: S&P

Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

menafn.com…

(MENAFN) China Iron and Steel Association (CISA) said that the country’s steelmakers incurred USD164.1 million losses during the first quarter, reported Xinhua News. The CISA attributed the first …

Read the original:
Chinese steelmakers post USD164.1m loss in Q1

Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

IMF: European Banks Remain Under Pressure From Weak Growth

April 19, 2012

(MENAFN – Qatar News Agency) European banks remain under pressure from weak growth and high debt repayments. They need to strengthen their balance sheets by reducing assets and increasing their …

Read the full article →

Fischer hails OFID role in offering energy to poor countries

April 19, 2012

(MENAFN – Kuwait News Agency (KUNA)) The Austrian President Heinz Fischer expressed his deep appreciation to the role played by the OPEC Fund for International Development (OFID) in helping …

Read the full article →

U.S. economy gradually healing

April 19, 2012

(MENAFN – Kuwait News Agency (KUNA)) U.S. Secretary of Treasury Timothy Geithner affirmed here Wednesday that the U.S. economy is “gradually healing” and “gradually getting stronger.” Speaking …

Read the full article →

EU annual inflation at 2.9 pct

April 18, 2012

(MENAFN – Kuwait News Agency (KUNA)) The annual inflation in the 27-member European Union was 2.9 percent in March unchanged compared with February. A year earlier the rate was 3.1 percent. The …

Read the full article →

UK- Inflation rises to 3.5 pct

April 18, 2012

(MENAFN – Kuwait News Agency (KUNA)) Inflation in the UK rose unexpectedly on the Consumer Prices Index (CPI) measure in March, driven by higher food prices and the cost of clothing, according to …

Read the full article →

Global economy improving but remains "weak" – IMF

April 18, 2012

(MENAFN – Kuwait News Agency (KUNA)) Prospects for the global economy are gradually strengthening again but downside risks remain “elevated,” as growth is expected to be weak, especially in Europe, …

Read the full article →

IMF welcomes pledges by Nordic countries to increase commitment

April 18, 2012

(MENAFN – Kuwait News Agency (KUNA)) Chief of the International Monetary Fund (IMF) Christine Lagarde welcomed here Tuesday the announcements made by Denmark, Norway and Sweden that they will …

Read the full article →

Elephant hunting

April 18, 2012

(MENAFN – Arab News) It is reported that Spanish media has pointed out the cost of King Carlos’ trip to Botswana on elephant hunting at a time country is reeling from an economic crisis, which has …

Read the full article →

World Bank chief

April 18, 2012

(MENAFN – Arab News) The appointment of Asian-American Jim Young Kim as head of the World Bank is a welcome news. His non-financial background can be an advantage at a time when most …

Read the full article →

Ahmadinejad’s days appear numbered

April 18, 2012

(MENAFN – Arab News) The election result is an indicator of Iranian president’s imminent political downfall THE March 2012 elections to the Majlis (Parliament) have not only pushed Iranian …

Read the full article →

Sunnis in Iran under Persian ‘arrogance’

April 18, 2012

(MENAFN – Arab News) A common man may think that Iran is populated by a single race or ethnic group, but in fact there are several ethnic groups other than Persians in Iran. They include Arabs, …

Read the full article →

WATCH: Scandalous Strip Truck Heats Up Controversy

April 17, 2012

For the past few months, Larry Flynt’s Hustler Club in San Francisco has jumped on the mobile bandwagon with its infamous strip truck: an oversized (and suggestively decorated) truck with glass walls, a stripper pole and scantily-clad dancers inside. And though the truck cruises through popular nightlife districts on weekend nights, it isn’t the truck’s nighttime joyrides that have incited controversy, but its daytime parking spot. (SCROLL DOWN FOR VIDEO) According to City Supervisor Eric Mar, the driver has been taking the truck home and parking it in residential neighborhoods, sparking angry complaints from neighbors. “It’s right by the Anza Branch Library and half a block from an elementary school,” said Mar to CBS . “Mostly [those complaining] they’re women. Parents,” said Mar to the Daily News . “There’s a general feeling from people that these kind of vehicles, with large photographs of scantily clad women, should not be there.” After first receiving complaints, Mar had the truck towed for expired tags, but it soon returned. San Francisco is home to a long-standing law that prohibits vehicles with commercial advertising –- a law that the Hustler Club may have been violating –- and rumors circulated that Mar may have been planning to push the law even further, requiring that such vehicles be towed. But according to Richmond SF Blog , Mar eventually spoke to the manager of the Hustler Club who claimed that the truck has since returned to Las Vegas. “If I had to do legislation, I would have,” said Mar to Richmond SF. “But working with the police and residents has successfully resolved this issue.” Check out CBS’s video of the Hustler truck in the video below:

Read the full article →

Dan Solin: The 401(k) Rip-off May Be Ending

April 17, 2012

It has long been my view that 401(k) plans are a national disgrace. They are rife with conflicts of interest between those who “advise” them and the participants who contribute to them. The investment options in the plan are chosen through a cozy, complicated and little understood process by which mutual funds make payments to brokers and insurance companies in order to get selected for a coveted place in the line-up of funds from which participants are required to make their selections. In any other context, these payments would be called bribes. In the 401(k) industry, they are known as “revenue sharing payments”, justified by tortured logic intended to obscure their real purpose, which is to populate these plans with expensive, actively managed funds likely to underperform index funds of comparable risk over the long term. The inner workings of the 401(k) system are shrouded in secrecy and mired in complexity, which is exactly the way the securities industry wants to keep it. There has been little scrutiny of how investment options are actually selected for inclusion in the plan. Justice Louis D. Brandeis famously stated that “sunlight is said to be the best of disinfectants”. 401(k) plans have been operating in very dense fog. Lawsuits challenging this unsavory process have had mixed results. Most have been dismissed as having no legal merit. Some have been quietly settled. None have gone to a trial on the merits, until now. Tussey v. ABB, Inc ( Case No. 2:06-CV-04305-NKL) is a class action brought in the United States District Court for the Western District of Missouri, Central Division, by present and former employees of ABB, Inc, who were participants in two 401(k) plans. The plans included mutual funds managed by Fidelity Investments. Affiliates of Fidelity served as investment adviser to the mutual funds in the plan and as recordkeeper to the plans. After a four week trial, U.S. District Judge Nanette K. Laughrey issued an extensive opinion. She found that ABB and Fidelity “… violated their fiduciary duties to the Plan when they failed to monitor recordkeeping costs, failed to negotiate rebates for the Plan from either Fidelity or other investment companies chosen to be on the PRISM platform, selected more expensive share classes for the PRISM Plan’s investment platform when less expensive share classes were available, and removed the Vanguard Wellington Fund and replaced it with Fidelity’s Freedom Funds.” The Court was especially critical of the process employed by the Pension Review Committee to replace the Vanguard Wellington Fund with Fidelity’s Freedom Funds. The Court noted the stellar, long term track record of the Wellington Fund. It found that the “… recommendation to add the Freedom Funds to the Plan’s investment platform and remove the Wellington Fund despite its excellent performance record was motivated in part by his desire to decrease the fees that ABB was paying and to maintain the appearance that the employees were not paying for the administration of the Prism Plan.” So much for acting in the best interest of the plan participants. As compensation for the misconduct of the plan fiduciaries, the Court assessed damages of $36.9 million and left open the possibility of awarding attorney fees to the plaintiffs. I contacted ABB and was told by their representative that it “strongly disagreed” with the decision and was “considering its options, including an appeal.” Dan Solin is a senior vice president of Index Funds Advisors. He is the New York Times bestselling author of “The Smartest Investment Book You’ll Ever Read,” “The Smartest 401(k) Book You’ll Ever Read,” “The Smartest Retirement Book You’ll Ever Read” and “The Smartest Portfolio You’ll Ever Own.” His new book is “The Smartest Money Book You’ll Ever Read.” The views set forth in this blog are the opinions of the author alone and may not represent the views of any firm or entity with whom he is affiliated. The data, information, and content on this blog are for information, education, and non-commercial purposes only. Returns from index funds do not represent the performance of any investment advisory firm. The information on this blog does not involve the rendering of personalized investment advice and is limited to the dissemination of opinions on investing. No reader should construe these opinions as an offer of advisory services. Readers who require investment advice should retain the services of a competent investment professional. The information on this blog is not an offer to buy or sell, or a solicitation of any offer to buy or sell any securities or class of securities mentioned herein. Furthermore, the information on this blog should not be construed as an offer of advisory services. Please note that the author does not recommend specific securities nor is he responsible for comments made by persons posting on this blog.

Read the full article →

Date Leaks Finance Guy’s Match.com Spreadsheet

April 17, 2012

From pretending to be an Israeli spy to burning down an ex’s parents’ house , there’s no shortage of press coverage when it comes to dating sociopaths in the financial industry. Now, there’s a new finance guy ready to creep out the Internets. First posted on DealBreaker , this nameless singleton loves to type up all the details about each of his potential Match.com suitors and put them into an Excel spreadsheet. Strangely, the guy actually revealed this on a date and later via email to Arielle, one of his lucky ladies listed in the infamous spreadsheet. But Arielle couldn’t keep a secret and, according to Deadspin, proceded to forward the email to her friends . Now, the attached spreadsheet is making the rounds on the Internet. From ranking attractiveness, to noting the last time they spoke and listing contact details, this spreadsheet is pretty in depth. But apparently it helps the man in demand stay “organized” , he later revealed in a phone interview to Jezebel. Check out the email and the edited spreadsheet below. (NOTE: Photos and contact names removed.) From: [redacted] Date: Sat, Apr 7, 2012 at 12:16 AM To: [26, Oyster Bay, 9.0] Subject: spreadsheet… Well…this could be a mistake, but what the hell. I thought about deleting the names, but figured I might as will give you the whole thing. I only deleted the non-match people’s names (at the bottom) since some I’ve known for a long time. I hope this e-mail doesn’t backfire, because I really had a great time and hope to hang again soon :) . However, I will keep my word! Have a great weekend!

Read the full article →

What Are The Best Apps For Your Business? (INFOGRAPHIC)

April 17, 2012

Ever wonder if you’re using the right applications to run your business? With so many options, and a whole lot of overlap, choosing platforms for email, data storage, financials and marketing can get complicated. While some applications like Gmail, Salesforce and PayPal are popular among business owners, it’s important to choose business applications that best suit your company’s needs, whether it be on-the-go access or cost efficiency. Check out the top ranking applications and see how businesses are best using them in this infographic from Mavenlink . Small Business Apps

Read the full article →

BJ Gallagher: In Sales — and in Life — Be a Go-Giver, Not Just a Go-Getter

April 17, 2012

I recently met Julie Larson, an Idaho consultant and organizer of a Facebook group called “The Go-Giver Group.” I’d never heard the term “Go-Giver” before and it intrigued me, so I asked her about it. She suggested I get in touch with Bob Burg, who coined the term in his book, The Go Giver . So I found Burg on Twitter and asked if I could interview him to find our more: BJG: I like the sound of your term, “Go-Giver.” Can you tell me more about it? Bob Burg: While my book (coauthored with John David Mann) is a play on the more well-known term “Go-Getter,” the two are actually not opposites. We love Go-Getters because Go-Getters take action and get things done. A Go-Giver is simply a person who has learned that shifting their focus from getting to giving (in this case, “giving” means constantly and consistently providing value to others) is not only a nice way to live life, but a very financially profitable way, as well. A Go-Giver is someone who lives their life and conducts business according the five laws John and I describe in the book: The Laws of Value, Compensation, Influence, Authenticity and Receptivity . Oh, and by the way; what is the opposite of a Go-Giver? That would be a Go-TAKER — a person who takes, takes, and takes without adding value to the other person, to the process, or to the situation. BJG: You and I had a brief exchange on Twitter the other day about the topic of selling. Selling seems to have a negative connotation in many people’s minds — why do you think this is so, and what (if anything) can sales people do about it? BB: Like most things that have a bad reputation, there is a seed of truth to it. That seed is the people who — in the name of “selling” – are actually con artists. They are not there to help the other person; they are there only to help themselves. Let me explain: Selling is simply a way of providing value to another human being and profiting as a result of the value you have provided. The old English root of the word sell — “Sellan” — actually meant “to give.” So, when you are selling, you are giving. What exactly are you giving? You’re giving time, attention, counsel, education, empathy and value. In a truly free-enterprise economy, a sale occurs only when the seller and the buyer both feel they will each be better off as a result of the transaction. Isn’t that beautiful? Therefore, it’s the job of the salesperson to provide value to their customer in a way that the customer sees that value. In other words, the seller must please the consumer. When a transaction takes place between two people who both feel good as a result of the exchange, that’s when mutual value has been created… and the economy expands. A country filled with people engaged in mutually profitable exchanges is indeed a prosperous country. I ask all salespeople to remember this: “Money is simply an echo of value. It’s the thunder to value’s lightening.” In other words, the value comes first. The money you receive is simply a direct and natural result of the value you provide. One of the best pieces of advice I ever received was about 30 years ago, from a very successful salesperson who was getting ready to retire. He probably saw me as a young up-and-comer to whom he could impart his wisdom (and I’m glad he did!). He said, “Burg, if you want to make a lot of money in sales, then don’t make money your target. Make serving others your target. Now, when you hit the target, you’ll get a reward. That reward will be money. But the money is only the reward for hitting your target of serving others — money’s not the target itself.” Wise words. Understanding that is the essence of being a “Go-Giver.” BJG: George Foreman has been quoted as saying: “I don’t care how many degrees and diplomas you have on your wall. If you can’t sell, you’ll probably die.” Since we’re all in the business of selling – ourselves, our ideas, our books, our workshops, our consulting services — what advice would you give business people and those who might not realize that selling is a part of their work? BB: I believe what Mr. Foreman said is absolutely correct. Everyone sells something, whether a product, a service, an idea, a concept, a philosophy, etc. Whether it’s selling a product or service to a client who needs/wants it, or selling a child on not taking drugs or why they should want to do well in school, we are all selling. Selling is simply communicating your ideas in such a way that the person with whom you are transacting comes to understand how they will benefit from them. Focus on the other person; on providing value to them in a way that they find it to be of value. The best, the most successful salespeople understand that in sales, “it isn’t about you; it’s about THEM.” So, my advice would be to learn selling, study selling. And understand that through selling you can help others, as well as yourself. As the great salesperson and sales teacher, Zig Ziglar famously said: “You can have everything in life you want, if you’ll just help enough other people get what they want.” BJG: Any final words of wisdom for my readers? BB: When it comes to sales, I have a favorite saying: “All things being equal, people will do business with — and refer business to — those people they know, like, and trust.” The best, most powerful, most effective way to elicit those feelings toward you is to focus on providing extraordinary value to them – not just through your products and services, but by being genuinely interested in them. For more information about Go-Givers and Bob Burg’s books and workshops, visit www.burg.com

Read the full article →

Rep. Carolyn Maloney Seeks To Deny Tax Breaks To Men-Only Businesses

April 17, 2012

If businesses like the Augusta National Golf Club, home to the Masters tournament, can continue to deny women membership , then the government should withhold their tax breaks, says Rep. Carolyn Maloney (D-N.Y.). Maloney’s Ending Tax Breaks for Discrimination Act, which she has introduced multiple times since 2003, prohibits businesses that discriminate on the basis of sex or race from deducting travel or advertising expenses from their taxes. Now, on Equal Pay Day and in light of the prestigious Georgia golf club’s refraining from extending membership to IBM’s new CEO, Virginia Rometty, because she is a woman, Maloney has reintroduced the bill with a new working title: the Equal Play at Augusta Act. “When a woman, Virginia Rometty, took over as head of IBM, it was an excellent time for the [Augusta National Golf Club] to change that tradition of not admitting women,” Maloney told The Huffington Post. “But instead of recognizing her and breaking with this outdated tradition, they decided to continue with this discrimination.” “I am filing a bill that really follows the example of when Congress passed Title IX for athletic equality,” Maloney added. “Any organization or institution that discriminates against women or men should not be able to deduct the cost of doing business, such as their meetings, flights and food.” While there is no official count of how many private country clubs and other organizations in the United States discriminate against women, media outlets have identified at least 24 males-only country clubs since the Augusta club garnered attention in 2003. If the bill makes it out of the House Ways and Means Committee this time around, it could put the GOP in an awkward position, since many prominent Republicans , including presidential candidates Mitt Romney and Newt Gingrich, former aspirant Rick Santorum, and Sen. John McCain (R-Ariz.), have publicly criticized the Augusta National Golf Club for not admitting women. House Speaker John Boehner (R-Ohio) is a member of a Maryland all-male golf club , which makes the issue even more awkward for him. But if Maloney’s ultimate aim is to coax private males-only clubs into changing their policies, the support of influential Republican men can provide her with more leverage to do so. “A woman can run a great company, she can run a country, she can run circles around her competition, she can be at the top of her profession, but Augusta National Golf Club believes she cannot be a member of its club simply because she is female,” Maloney wrote in an April 13 letter to William Payne, the club’s chairman. “There is a wide and growing consensus that this is a policy whose time has long since past. There are not many things in this world that Mitt Romney, Newt Gingrich, Rick Santorum, President Obama and I can all agree on. But this is one of them.”

Read the full article →

Twink-ruptcy: Hostess May Go Under In Labor Dispute

April 17, 2012

Marking the peak of a heated labor dispute, Hostess Brands and the Teamsters union are squaring off in bankruptcy court Tuesday in a case that could decide the iconic company’s future. The union, which represents 7,500 Hostess workers, hasn’t reached a contract agreement with the bankrupt maker of Twinkies, Ding Dongs and Wonder bread, saying the company is demanding too much in the way of concessions. Hostess argues that its pension and labor costs are untenable. A ruling against Hostess in court would force the company back to the bargaining table with the Teamsters. A ruling in favor of Hostess would allow the company to escape its current labor contracts. “And in that case, we will be on strike,” Ken Hall, Teamsters vice president, told The Huffington Post. According to Hall, the union’s Hostess workers voted overwhelmingly to authorize a strike. Though he wouldn’t put a date on it, he said the strike could happen “very soon.” The union recently acknowledged to the court that negotiations were ” in crisis .” Hostess CEO Gregory F. Rayburn said in an emailed statement that a strike by either the Teamsters or the workforce’s other major union, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, would put the company under. “Hostess will be forced to liquidate if there were a strike by either of its largest unions because its lenders would pull their financing,” Rayburn said. “That’s why the company has tried to reach a consensual agreement with its unions that would lower the costs of its union pension and health plans while still providing employees with good, industry standard benefits.” The two sides failed to reach an agreement in advance of the hearing in bankruptcy court in New York, each arguing that the other’s proposals were unreasonable. After an offer made by Hostess over the weekend calling for steep pension cuts, the Teamsters made a counter offer with more modest concessions that amount to $150 million annually, including the temporary suspension of pension payments, according to the union. Hostess maintains that the current employee pension plans are too costly and financially unstable. In a letter to employees Monday, Hostess warned that a strike would cripple the company: “All Hostess Brands operations would shut down and liquidation would begin. The 18,500 jobs, plus the health insurance that comes with them, would be lost for good.” The union’s hard stance suggests a degree of frustration among rank-and-file workers. Dow Jones reported earlier this month that Hostess’ creditors were concerned that the company may have manipulated executive pay leading up to its Chapter 11 filing, possibly allowing Hostess managers to sidestep compensation requirements under bankruptcy law. The company has denied the creditors’ implications. Joseph Ortuso, a Hostess route salesman and Teamster based in New Jersey, said the news about executive pay was galling, given the talk of the need for shared sacrifice as the company struggles. “They’re saying they can’t afford to pay pensions when they’ve given [huge] increases to executives,” Ortuso, 53, said. According to Hostess, the raises put in place for executives last year were scrapped, and the company’s top four executives have agreed to work for $1 until either the end of this year or when the company emerges from Chapter 11, whichever comes first. The company also says unionized employees have had more generous raises than non-unionized employees during the past three years. “It is factually incorrect to claim that union employees are the only ones being asked to sacrifice,” Rayburn said. Hall, the Teamsters official, has been critical of Hostess management since the company came out of its last restructuring three years ago. He said the company needs to steer its branding and image toward healthier products to appeal to modern consumers. “All the other companies have changed with consumers’ desires,” Hall said. “This company hasn’t. We want to make sure whatever our members are giving up will help make this company profitable.” The company maintains that it, too, would like to invest in branding, marketing and research and development, but can’t under its current cost structure. The bankruptcy judge is expected to make a decision on Hostess’ union contracts in several weeks.

Read the full article →

Warren Buffett, Ryan O’Neal And Other Celebrities Affected By Prostate Cancer

April 17, 2012

Warren Buffet has been diagnosed with stage 1 prostate cancer , according to a statement from Buffet and his company, Berkshire Hathaway, to shareholders. In the letter, Buffet says he feels great, and that doctors don’t believe his condition is life-threatening. He plans to begin a two-month course of radiation treatment mid-July. At 81, a prostate cancer diagnosis is not entirely surprising. According to the Cleveland Clinic, 80 percent of men who reach their 80s will have some cancerous cells in the prostate . The severity of prostate cancer is measured in stages. Stage 1 is the least advanced , and only found within the prostate, according to The National Cancer Institute. It is detected by biopsy, testing for a man’s Gleason score and PSA (prostate-specific antigen) level. The higher the PSA level in the blood, the more likely there is cancer. “I discovered the cancer because my PSA level … recently jumped beyond its normal elevation and a biopsy seemed warranted,” Buffet said in the statement. Buffet’s diagnosis comes on the heels of actor Ryan O’Neal’s announcement late last week that he has recently been diagnosed with stage 2 prostate cancer . The actor, 70, who previously battled leukemia , said in a statement: “Although I was shocked and stunned by the news, I feel fortunate that it was detected early and according to my extraordinary team of doctors the prognosis is positive for a full recovery,” People reported. O’Neal and Buffett are among the growing ranks of men who have opted to speak out about their diagnoses, in the hopes of raising awareness for a disease that kills more than 28,000 men a year , according to the American Cancer Society. Here’s a look at a few of those famous faces. For more on cancer, click here . For more on celebrity health, click here .

Read the full article →

How To Turn Your Instagram Photos Into A Pillow

April 17, 2012

Instagram’s sale to Facebook earlier this month for $1 billion was the crescendo of the startup’s rapid rise and dominance in the mobile photo-sharing market. But within the Instagram universe lies another market — small businesses allowing you to customize products using photos from your Instagram account. From flipbooks to T-shirts to posters, a myriad of websites have sprung up around the ability to turn your Instagram photos into physical or decorative mementos. Apart from creation, startups have also come up with new methods for browsing Instagram and sites where you can look at statistics and insights from your account. Consider it the Instagram Economy. One such Instagram-inspired creation is Stitchtagram , a Washington, D.C.-based company that allows you to craft 15-inch throw pillows with photos from your Instagram account for $95 plus shipping. Stitchtagram is the brainchild of brother-and-sister duo Doug and Rachel Pfeffer. Doug works for Internet ad agency The Barbarian Group while Rachel leads Rachel Pfeffer Designs , a jewelry store. “My sister and I had been talking about it for a while and we wanted to get it out there into the world in time for our Christmas and holiday orders, so it has only been a few months,” Doug Pfeffer said of Stitchtagram’s November launch. “I’m not going to retire off Stitchtagram just yet, but it’s been a great project so far.” For Adrian Salamunovic, co-founder of CanvasPop.com , a site that blows up, prints and frames your Instagram photos, Instagram’s user base of some 40 million people has been a fertile customer pool. “We could tell early on that Instagram was going to explode,” he said. “We knew we had to be the first company to allow this huge marketplace to print large images and we achieved that. Fast forward six months later and we’ve sold tens of thousands of prints to our fellow Instagram fanatics, with almost no advertising.” Instagram’s clean, intuitive interface and easy access for third parties have allowed this secondary market to grow alongside the popular photo-sharing app. Apart from technical matters, Instagram photos are inherently practical for businesses printing and using the pictures. “It’s a simple thing to go in there and access your photos,” Pfeffer said. “Instagram has this great API, so it makes it really easy for third parties to go in and pull the photos out of there. A side effect of this simplicity is that all Instagram photos are the same dimensions so it actually makes it way easier to print.” “What makes Instagram so perfect for doing business is that they have a highly influential, early adopter, connected, creative audience that loves to share stuff — in other words, the clients that everyone wants,” Salamunovic added. “These people look for cool authentic products they can get behind. More importantly Instagram never had a focus on monetizing their audience, so we did it for them via their API that they provide for free to developers.” For CanvasPop, their printing extends beyond purely Instagram photos — offering prints and canvases for SLR photos and even Facebook pictures. Pfeffer echoed that he was hoping to open up his pillow creation tool to Facebook photos to expand his audience and offer more variety in pillow creation for customers. With Facebook’s high-profile — and high-priced — purchase of Instagram, there has been a ton of press and a flood of new users using the application. With the release of the app for Android and the big news of the purchase, Instagram added more than 10 million users in only 10 days , bolstering its user base to 40 million strong. “One reason a lot of people, including me, like Instagram is because it seems like it’s more of a closed network of people you’re interacting with,” Pfeffer said. “As far as business goes, more people is never a bad thing.” Here’s a look at some of the more creative third-party Instagram companies:

Read the full article →

Obscure Chemical Shortage Threatens To Disrupt U.S. Auto Industry

April 17, 2012

An explosion at a German auto supplier two weeks ago could prove to be disastrous for the global auto industry, as auto suppliers are now faced with shortages of a key chemical that could shut down car production in the United States, Europe and Asia. About 200 representatives from auto suppliers and major automaker executives convened in Detroit on Tuesday to figure out how to replace PA-12, a nylon compound used in plastic fuel lines and brake lines; it is favored because it can withstand heat and can stand up to corrosive gasoline additives. The news of the potential shortage was first reported by Bloomberg . “A significant portion of the global production capacity of PA-12 (nylon 12) has been compromised,” declared a statement issued by the Automotive Industry Action Group after the summit. The chemical isn’t easily replaced, the group said, noting, “These are highly engineered products produced via a very complex manufacturing process.” Industry players will work together to stretch current supplies of the chemical to make it last longer. They will also seek alternatives to PA-12 and test new solutions to make sure they can endure the same wear and tear. Evonik is one of the leading producers of PA-12, which is used as a coating for plastic pipes, also used in solar panels, offshore pipelines, sporting goods and household goods. About 40 percent of the global supply of PA-12 was cut off after an explosion at an auto supplier called Evonik Industries in the North Rhine-Westphalia region of Germany. The March 31 accident, which killed two company employees, took place in the part of the plant producing two chemicals that go into PA-12′s manufacture. Evonik told Reuters on Tuesday that it will take three months for its plant to resume normal production. “The possibility for serious disruption is real,” said Paul Blanchard, an analyst with IHS. Auto manufacturing runs on what’s called a “just-in-time” schedule, meaning parts arrive at the assembly plant often just hours before they are needed. This keeps plants clean and lean — they don’t have to store up massive amounts of inventory until those ingredients are needed — but it also makes production susceptible to disruption when something goes awry. And this incident exposes vulnerabilities in the world’s most complex supply chain, whereby 3,000 individual parts go into each car or truck made. Each component contains hundreds of other pieces supplied by multiple other companies — such as the rubberized portion of a windshield wiper, the hard metal parts of that wiper or the electronics used for a wiper to move. All it takes is for one of those parts to be missing and an entire production line can be shut down. The auto industry has faced massive parts shortages in the past. Just last year, the earthquake and tsunami that rocked Japan resulted in widespread destruction of scores of auto suppliers. A company that produced the base chemical for black and red paints was damaged and a maker of car computer components also suffered damage. The industry scrambled to find new sources for those materials. By the end of last year, some shortages had resulted — several dealers had waiting lists for cars like the Toyota Camry — and many people had to choose car colors other than black or red. But for most consumers, the tsunami caused only minor disruptions. This time, however, could be different. “This could prove to me slightly more serious, depending on the industry response, because the material has worked its way into many fuel systems,” Blanchard said. “It’s not as simple as being able to pick a black car instead of a blue one. They are all going to have this material in their fuel systems.” For now, no automaker has canceled production as a result of a shortage of PA-12. But following the Japan tsunami last year, it took several weeks for the impact to surface in the United States.

Read the full article →

Chip Conley: The 7 Practices of PEAK Leadership

April 17, 2012

Why don’t we “practice” business? I’ve come to realize that — unlike medicine and law — we don’t think of our profession as business leaders as a “practice.” A few years ago, in the last downturn, I developed the principles of PEAK as an alternative operating model for my business based upon Abraham Maslow’s iconic Hierarchy of Needs pyramid. Reinterpreting this well-known theory of human motivation helped me to see that all stakeholders associated with a company have their own Hierarchy of Needs. My company Joie de Vivre tripled in size during this difficult period and I came to find out that a variety of other transformational companies like Harley-Davidson have used Maslow’s theory as a foundation for their business model. Business principles are only as good as the practices that back them up. Recently, with the assistance of some good friends, I’ve developed a set of PEAK Leadership practices that can assist any leader or leadership team to move from survival to success and on to being a transformative role model in their industry. When a company embeds these principles and practices in how they grow their leaders, the end result is PEAK performance: a phenomenon of sustained growth — both for the organization as well as for those within the organization. Practice 1: Embody an inherently positive view of human nature. The principles of PEAK have their roots in humanistic psychology and a basic belief that man is meant to “be all that he can be.” So, it’s not surprising that the fundamental first practice is assuring that a PEAK leader believes that humans — at their very core — gravitate to goodness when the right conditions exist for them to flourish. Creating what Maslow called “psycho-hygiene” in a company means focusing on people’s best qualities and believing in what’s been known for a half-century in business as a “Theory Y” perspective on management versus “Theory X.” With Theory X, management assumes employees are inherently lazy and will avoid work if they can. As a result of this, management believes that workers need to be closely supervised and a comprehensive system of controls developed. With Theory Y, management assumes employees may be ambitious and self-motivated. They believe the satisfaction of doing a good job is a strong motivation and seek to create the conditions for the employee to develop their own strengths to be successful. While this latter theory may feel intuitively right to many of us, is your organization still structured in a Theory X style of business? Practice 2: Create the conditions for people to live their callings. Great leaders understand there are only three relationships you can have with your work: a job, a career, or a calling. A job tends to deplete you and a calling energizes you. Most employees live in the bartering world of work. The company gives them a compensation package and recognition and, in return, the employee gives their time and energy. Yet, those that are living their calling have moved from external to internal motivation. And, these employees are not exclusively focused on the specific collection of tasks they perform and are more focused on the impact or purpose of what they do. The best hospitals have more nurses living their calling. The best airlines have the happiest flight attendants (Southwest). What are you doing to help your people find their sense of calling in what they do? Practice 3: Promote and measure the value of intangibles. In business, we are taught that leadership is all about managing what you can measure, but what’s most easily measurable is the tangible in life. Yet, is it the tangible or the intangible in business and life that creates value? In business, the metrics that track the tangible are well known: your profitability, assets & liabilities, cost structure, market share. Yet, in reality, these tangible metrics are the result of a series of intangibles that drive excellence: brand loyalty and reputation, employee engagement, customer evangelism, the ability to innovate. Great leaders nurture, value, and evolve corporate culture — one of the most valuable intangibles — as a key differentiator for their company. These intangibles are the inputs that drive the tangible output that most companies use to evaluate their performance. In the 21st century, great leaders are learning how to measure and benchmark these intangibles so that they’re not out of sight, out of mind. Which intangibles are most valuable to your business and how are you measuring them? Practice 4: Ability to move fluidly between being a “transactional” and a “transformational leader.” Author James McGregor Burns once wrote that, “Transformational leaders look for the personal motives in followers, seek to satisfy higher needs, and engage the full person of the follower.” Yet, most management decisions require only transactional thinking because the goal is purely to optimize existing resources. A great leader is able to move fluidly between addressing the foundational needs that people have, but also helping them see beyond the short-term so that they can be motivated by a compelling vision that helps them transcend their momentary challenges. How much of your time is stuck in the trenches as a transactional leader versus focusing on how to create transformation? Practice 5: Calibrate the balance between “Conscious” and “Capitalism.” Business has quite often been seen as a “zero-sum” game. One person’s win is another person’s loss. Taken to the global level, some believe that capitalism’s short-term gains are often to the long-term detriment of the environment and to certain communities. And, at this crossroads, in an increasingly transparent world, this is why great leaders have to think more broadly about the impact of their decisions, not just on the bottom line, but on their broader stakeholders. In many ways, Walmart took this step when they saw their stock price flat line even with sizable revenue and net income growth. Yet, for those socially conscious business leaders, cash flow is the blood that keeps your organization alive. Make sure the basic survival needs of your company are met. How do you balance the priorities of the broader community versus the financial needs of your company? Practice 6: Focus on your customers’ highest needs. Henry Ford once suggested, “If I asked my customers what they wanted, they would have said a faster horse.” PEAK leaders and companies understand what the customer wants even before the customer has articulated it and they realize that customer innovation requires a certain amount of mind reading and cultural anthropology. By doing this well (with Apple being the best example in the world), you create a movement and evangelists and reduce your need to spend money on traditional marketing. Are your customer satisfaction surveys just asking the obvious questions that will track their expectations and desires, but not their unrecognized needs? How can you “mind read” your customers? Practice 7: Lead to PEAK. Just as a Sherpa does in the Himalayas, great leaders meet their people where they are on the pyramid and help them to see the natural path to the peak. They recognize the value of loyalty and mentoring as a means of sustainable success in business. PEAK leaders champion personal development in tandem with corporate development knowing that there’s a synergistic effect of having a self-actualized individual in the workplace as evidenced at companies like Google. And, most importantly, they embody authentic leadership by being, not just by doing. How are you incubating a collection of great leaders? Conscious people pay attention. It’s true of spiritual leaders. It’s true of business leaders. PEAK leaders pay attention to the higher needs while not neglecting the base needs that provide a foundation for their organization. Leadership is all about making conscious choices and knowing that the higher you are in a company, the more magnified your decisions and behavior will be throughout the organization.

Read the full article →

FCC Chair Blasts Broadcasters For Opposing ‘Technology.. Transparency.. Journalism’

April 17, 2012

WASHINGTON — Julius Genachowski, chairman of the Federal Communications Commission, staked out strong ground Monday in support of a plan to make information about political television ad buys available online. He was speaking in Las Vegas before the National Association of Broadcasters , whose members have lobbied hard against the plan. The FCC proposal would dramatically increase the amount of disclosure around political TV advertising just as the country enters into a general election that many predict will feature greater ad saturation than ever before. Thanks ultimately to the Supreme Court’s 2010 decision in Citizens United v. Federal Election Commission, which freed corporations and unions to spend unlimited amounts in elections, independent groups are expected to pour as much as $1 billion into the 2012 campaign, much of that likely to go to TV ads. Total spending on broadcast political ads is anticipated to reach up to $3 billion . On Monday, Genachowski fired back at broadcasters for the first time over their opposition to the plan, saying that “some in the broadcast industry have elected to position themselves against technology, against transparency and against journalism.” Claims that disclosure would be a financial burden for broadcasters — even a “jobs destroyer” — were unsupported by facts, Genachowski said. He called the cost of online disclosure “nominal.” Indeed, he said, “Once the transition from paper to digital is complete, it will save money — save money for broadcasters and for other stakeholders, including political candidates, journalists and the public at large.” Under the FCC proposal, data from the federally mandated public file on reserved time for political ads, maintained by all broadcast stations, would be put into an online database. These files are currently only available for inspection by those who physically visit the station. Genachowski swatted down the argument that this was not an FCC issue, pointing to the language of the Communications Act. “Congress explicitly requires broadcasters to ‘maintain, and make available for public inspection, a complete record of a request to purchase broadcast time that is made by or on behalf of a legally qualified candidate, etc.,’” he said. Broadcasters’ argument that the information about the ad buys is proprietary was similarly dismissed by the chairman. “Congress explicitly requires broadcasters to disclose this information, and, two, broadcasters already do,” he said. Genachowski then summed up his view of the broadcasters’ argument: “The argument against moving the public file online is that required broadcaster disclosures shouldn’t be too public. But in a world where everything is going digital, why have a special exemption for broadcasters’ political disclosure obligation?” Lisa Rosenberg, government affairs consultant for the Sunlight Foundation, a pro-transparency group that has submitted comments to the FCC in favor of the proposal, put it simply to HuffPost. “[The political file] can’t really be considered public if it’s not online,” she said. Responding to Genachowski’s speech, Gordon Smith, chairman of the National Association of Broadcasters, told Adweek , “[The FCC] has the authority to do what they’re going to do. We’re working with them in good faith. We’ve made it clear [to the FCC] that we’re happy to put online who bought commercial time and how much. What we’re concerned about is putting the rate on the Internet because that has collateral commercial damage.”

Read the full article →

Houses Just Ain’t Worth What They Used To Be

April 17, 2012

It’s a tough time to be a home builder — especially now that so many houses aren’t worth what it costs to build them. That’s the surprising finding of a recent report from the National Association of Home Builders. About one out of every three builders is now grappling with a dismaying problem: once the homes are finished, an appraiser comes around and declares that they’re worth less than they cost to construct , according to the report cited by SmartMoney . That’s bad news in a market where housing sales are already far from robust. Persistently low prices and an overall climate of economic uncertainty are keeping many would-be homebuyers from taking the plunge. The lack of momentum in the housing market, in turn, is thought to be a major factor keeping the economy in low gear — not to mention crowding out low-income renters as more and more people are skittish about buying . Selling a newly built house presents a special set of challenges — not all of which have to do with home appraisers, a group the NAHB has been quick to criticize in the past. As SmartMoney notes, the market is already flooded with cheap foreclosed properties , which homebuyers are more likely to turn to. New-home sales fell in February to a number about 10,000 less than what analysts expected , according to CNN. There are already more than 10 million vacant homes in the country , according to some estimates, but the supply of new houses seems on track to keep going up. Builders requested the most permits in March for new construction projects in three and a half years , according to the Associated Press. That’s good news as far as unemployment is concerned — an NAHB economist told CNN last month that three jobs are created for every new house that gets built — but it remains to be seen what kind of effect it will have on a market where housing supply already far exceeds demand.

Read the full article →

How We’re Spending Our Tax Return

April 17, 2012

If you’re like us, you might be getting a little bit of money back from the federal government this year, so you better start planning what you’re going to do with it now. Below, we’ve used a pie chart to illustrate exactly how we’ll be spending our return, starting with the most money going towards another hilarious presidential campaign, and ending with a couple of quarters going to insignificant things like debt. How are you spending your return?

Read the full article →

Liz Ryan: The Worst Way to Pick a Job Candidate

April 17, 2012

When anthropologists of the future turn their gaze to the 21st-century workplace, they’re going to be surprised at how many pointless, absurd things 21st-century people (that’s us) used to do at work. The anthropologists are going to say, “The 21st-century workplace is a treasure trove of anthropological riches! There’s the formulaic and stilted decision-making process, the hierarchical overtones in every conversation and glance, and the overpowering pressure to conform with the group — and we’ve only just begun our research!” I’d love to read that study, if scientific advances allow me to live another 90 years or so. One of the phenomena that will come up for review when future researchers dig into 21st-century workplace culture is the job interview process. I can’t imagine how we could employ a worse system for choosing people to work on our teams, but the godawful American corporate job interview process is so firmly entrenched that most corporate people are shocked when I suggest overhauling it. We know it stinks. We sit in an awkward room with a resume and a desk between us and another person and we ask, “So, tell me why you left Acme Explosives?” as though we cared about the answer to that question. We ask idiotic questions because we don’t know a better way to get through an hour’s worth of conversation, and we know we have to do that. I’m not blaming the managers who sit through those painful interviews, or the candidates themselves, of course. The system itself is broken. The interview script is brainless. It’s time for smart people to change the way we conduct interviews, and the good news is that it couldn’t be easier to do. If we needed someone to remodel our bathroom, we wouldn’t call a bunch of contractors and have each of them come over to our house so we could ask them: “So, why did you start your own plumbing business in 1997?” We actually couldn’t care less why they started that business. What we really need to know is: “How would you remodel my bathroom? What sorts of similar projects have you done in the past? How did those work out?” We’d want to get a feel for our contractor’s gravity and professionalism. We’d want to get a taste of his communication style and interpersonal manner. Later, we’d check references on one or two of the folks we were thinking about hiring. We’d negotiate a price for the job. Boom! We’d be done. We wouldn’t ask the contractors what their greatest weaknesses are. We wouldn’t ask them why they want our bathroom remodeling job; we would consider it insulting to ask that question, because each of these contractors had already expressed interest in the project. They’re bathroom remodelers — why shouldn’t they be interested in remodeling a bathroom? We wouldn’t ask them to tell us why, of all the contractors in our city, we should hire them for the job. We wouldn’t ask them to grovel, in other words. Here’s what we might do, instead. YOU: So, George, thanks so much for coming over. GEORGE: No problem. What’s the project, now? YOU: It’s my master bathroom. It’s long and narrow, not the perfect footprint, but I want a new tub so I figure it makes sense to remodel the whole bathroom. GEORGE: That’s usually what I recommend, unless you love the way the bathroom looks now. There are tubs in pretty much any size out there. YOU: I hate the colors, so if I’m painting and picking tile anyway… GEORGE: Definitely. Might as well do the whole thing. YOU: You’ve done a lot of these? GEORGE: I used to do just bathrooms, working with a tile guy named Jesse. Jesse moved to Texas, but I work with his cousin Wally now. We do about half and half kitchens and bathrooms. YOU: I got your name from Sue Barnes… GEORGE: Oh right, I did Sue’s addition last year. That had a bathroom in it. We found a really nice antique tub at a salvage place, and Sue had some Italian tile that she got on vacation. YOU: You found that tub? I love that tub! I covet it! GEORGE: I’m an antiques geek I guess. I picked up that tub even before Sue chose it, because it looked so perfect for her job. If she hadn’t wanted it I could have taken it back, but I was 99 percent sure she would love it. YOU: It’s amazing. I’ve never seen one so ornate. GEORGE: It’s perfect in that space, I think, with the window and the green tile… YOU: Well, I love your design sense. Let’s talk about project management. GEORGE: Sure. YOU: Well, I actually don’t know anything about project management, I confess. I’m a massage therapist. I just know that that’s a big part of doing a job like this. GEORGE: I run anywhere from two to six jobs at once. Right now, I have three I’m juggling, but luckily two of them are wrapping up this month. If we can walk through the bathroom and you can tell me a little more about what you want to do, I can get you an estimate and whatever you need to see insurance-wise. If you decided you want to get started and if we could start next month, we’d do the job in about four weeks. YOU: Four weeks for a bathroom? GEORGE: That’s me walking in to everything finished and I’m out of your hair. The bathroom would be out of commission for about two weeks. If you happened to be planning a vacation, you could miss the worst of it. YOU: We could go out of town. You could make sure the place was locked up at night? GEORGE: Oh sure, we do that all the time. It’s easier for us. If you could board the dogs or take them with you — YOU: They’re wuss dogs, they travel with us. GEORGE: Perfect. Then we could do the worst of it, the dusty stuff, while you’re gone and it would be all done when you got home. YOU: Could you share some references with me, George? GEORGE: For sure. Sue Barnes is one of them, and I’ll send you three more. YOU: I’m so excited! When we zero in on what needs to be done and start getting a feel for how the candidate (or contractor) would approach the job and how he or she has managed past jobs, we learn something relevant. We learn tons, in fact. When we’re talking about our project or role in context — sharing a bit of dirty laundry, if needed, to say something like, “Our sales guys are great, but they’re so focused on new business that our largest accounts are getting overlooked and we need to solve that. What else can I tell you?” then we can get to the heart of the matter at hand, namely, does this candidate sitting with me understand what I’m up against it, and have good ideas for surmounting our obstacle? Of course, we can’t have an in-depth, substantive job interview like the one I’m proposing unless we come down off the perch that many hiring managers and HR folks have installed themselves on top of. We have to be willing to say, “Everybody is making an important decision, here. You are deciding whether or not to come and work for us. We are deciding whether you’re the right guy to work with us on this problem. We’ve all got to get beneath the surface, today.” We shouldn’t be asking job applicants lists of pointless interview questions. We should be talking with them about the work at hand. Who gives a rat’s behind what adjectives the job-seeker thinks other people use when describing him or her? Who cares what sort of animal or canned soup the job-seeker identifies with? This made-up garbage falls into the category of what my old mentor Jon Zakin calls “playing business.” It’s pointless, but we do it over and over and over, anyway. Sitting behind a desk asking lists of pre-written interview questions is not only insulting to the candidate, but it’s bad business too. We could have more substantive conversations with job-seekers if we opened the kimono a little bit to say, “Look, here’s what’s going on in the department. I’d love your take on it.” We’d let the candidate ask as many questions as he or she wanted to. Questions show the applicant’s brain moving, and that’s exactly what we want! I can’t imagine how stupid an interviewer would have to be (or how fearful of stepping outside the lines) for the interviewer to say, “No, I’m sorry, you won’t have a chance to ask us any questions today.” I encourage a job-seeker to get up and leave the room, the building and the opportunity at that very moment. Life is too short to waste time with amoeba companies who don’t understand human beings, only spreadsheets and policies and hoary job-interview scripts. Those guys don’t get you, and they don’t deserve you. If you’re in charge of hiring for your organization, ask yourself: Why are we still interviewing job candidates the way we did eighty years ago? The world has changed. We can loosen the bonds of workplace ritual enough to say, “This isn’t working.” We can change the interview frame, and the sooner we do it, the better off we’ll be.

Read the full article →

David Yarnold: Big Oil’s Arctic Bet: A Fool’s Risk

April 17, 2012

“Fool me once, shame on you; fool me twice, shame on me.” We’ve all heard it — and lived it — as individuals and collectively as Americans. We’ve all had to confront someone who has fooled or even misled us. But when Big Oil repeatedly tells us a monumental lie, we’re struck with collective amnesia. Marking the second anniversary of the BP oil disaster in the Gulf of Mexico, which occurred April 20, 2010, we can’t help but remember the rage and heartbreak we all felt when 11 men died and we saw images of oiled Brown Pelicans flattened to the wet sand. Scientists are just now reporting ominous disruptions in the Gulf’s underwater food chain and we still don’t fully understand the long-term impact on birds and other wildlife. It was a case of “shame on you” in 1989, when the Exxon Valdez ran aground in Alaska, spilling tens of millions of gallons of crude oil into the pristine and achingly beautiful southern Alaska landscape. But there was plenty of shame to go around two years ago as the BP oil disaster unfolded in the Gulf, spewing more than 200 million gallons into what, from a bird and human standpoint, is one of America’s most precious ecosystems. William K. Reilly, a lifelong conservationist and moderate Republican, co-chaired the commission investigating the BP disaster. Reilly was EPA administrator at the time of the Valdez, and he was flabbergasted to find that nothing much had changed since 1989. Reilly concluded that the BP spill “evidenced a failure of management, and good management could have avoided the catastrophe … We are not dealing here with a sick or failing or unsuccessful industry but with a complacent one.” Reilly reminds us that we in fact dodged a bullet two years ago: “…there was a point in the management of this crisis when industry experts feared the entire 120-million-barrel reservoir might seep through the ocean floor and wreak total havoc… What would we be talking about today if the well couldn’t be canned?… We’d be having an existential conversation about whether offshore drilling should ever be permitted in US coastal waters again.” Bill Reilly is no bomb-thrower. At the time he co-chaired the BP spill commission he was serving on the boards of ConocoPhilips and DuPont. As we mark this anniversary, two immediate challenges leap to mind: First, we must restore the Gulf Coast. The BP spill was a major blow to a region already under stress from urban sprawl, wetlands loss and pollution. Congress is now weighing a measure — called the RESTORE Act — that would divert most or all of BP’s penalties to gulf cleanup. Bipartisan versions of this measure have passed both the Senate and the House; it’s time for Congress to finish the job and send a final bill to the president. Second, even as you read this, a drilling fleet under contract to Shell Oil is making its way to a patch of seabed less than 15 miles from Alaska’s Arctic National Wildlife Refuge. Incredibly, Shell has secured nearly all the government permissions it needs to begin drilling operations in a body of water that is ice-covered much of the year, in a place where the sun does not shine for months on end, and where extreme weather is commonplace. The U.S. Government’s own non-partisan watchdog, the Government Accountability Office (GAO) thinks this is a terrible idea . We agree. Cleaning up a major spill in the Arctic would make the BP disaster look like child’s play. Last month the GAO issued a report raising fundamental concerns about whether a major spill could ever be managed in icy conditions. If there is a spot on Earth as sacred or as critical to the future of our wild birds as the Gulf of Mexico, it is probably the unspoiled Arctic. Here, hundreds of bird species arrive every spring from all four North American flyways — the superhighways in the sky that birds use to travel up and down the Americas. Here, they mate, lay eggs and raise their young. Here also, many of America’s remaining polar bears make their winter dens along the coasts. The potential harm from a BP-scale spill is almost beyond comprehension. And, there is growing evidence that we simply do not need to take risks like this to meet our nation’s energy needs. Oil imports are down. Oil production from domestic wells is up thanks to new technology. We’re driving farther on a gallon of gas and using less. Energy independence is becoming a real possibility. Since those who cannot remember history are doomed to repeat it, the price of social amnesia has become unacceptably high. A workable balance between powering the nation and protecting our natural bounty is within reach, but only if we remember, learn, and not be fooled again.

Read the full article →

Investors Run To Surprising Place

April 17, 2012

Investors around the world are getting more anxious, and they’re choosing to put their money in an unusual safe haven: the U.S. stock market. A new Bank of America Merrill Lynch survey of global mutual-fund managers, released on Tuesday, finds that investors scrambled for safety last month as worries about the European debt crisis once again flared. The percentage of money managers hoarding what they consider to be an unusually high amount of cash jumped to 20 percent from 10 percent in February, according to the BofA survey. And global money managers pulled some money out of the global stock market last month, according to the survey — not surprising at a time when there are worries that the global economy is slowing down. But on balance money managers around the world poured more cash into the U.S. stock market in March. The percentage of investors “overweight” U.S. stocks — meaning they had more money in U.S. stocks than usual — was higher than the percentage “underweight” the U.S. market by 27 percentage points, up from 14 percentage points inFebruary At the same time, global investors pulled some money out of the stock markets of Brazil, India and other “emerging” markets. And they continued to avoid the European, British and Japanese markets like a sneezing guy on the subway. This behavior isn’t too surprising if you think about it: Europe is in recession , with debt crises rolling around the continent. Japan is in a shaky recovery from a recession last year, and China’s growth appears to be slowing sharply. The U.S. economy, meanwhile, is still doing OK, though data on Tuesday suggested manufacturing and home construction slowed toward the end of the first quarter. But there was another funny wrinkle in the survey: While foreign investors might see the U.S. as a safe haven, U.S. investors are starting to sour on the prospects for U.S. economic growth and corporate profits, according to the survey. “A net 8 percent of U.S.-based investors say the country’s economy will get stronger in the coming year, down from a net 29 percent in March,” BofA said. “A net 8 percent predicts corporate earnings will fall – last month, U.S. investors were evenly split on whether earnings would improve or deteriorate.” So far, global investors’ faith in U.S. stocks has been both tested and rewarded: By putting more money into U.S. stocks in March, global money managers suffered through the stock market’s mini-swoon in mid-April. But they may also be enjoying the market’s sudden, neck-breaking rebound, which continued on Tuesday, with the Dow Jones Industrial Average up 170 points at midday in New York , thanks in part to better-than-expected corporate earnings. This sort of market volatility, this unpredictability, is the sort of thing a lot of money managers hate. But it’s not nearly as bad yet as it was last fall, when a 170-point swing up or down in the Dow was considered a relatively calm day. And money managers globally are still more cautious than terrified, noted Michael Hartnett, chief stock strategist at BofA Merrill Lynch Global Research. Last fall, for example, the percentage of investors hoarding cash jumped to 30 percent and stayed there for months. And during the crisis about half of all money managers were parked in cash.

Read the full article →

Ted Harro: 7 Kinds of Smart You Need to Look for When Hiring

April 17, 2012

I work with smart people all of the time. They are often products of the best schools in the world, have impressive accomplishments, and can do super mental gymnastics. If you haven’t watched a Harvard MBA do a mental triple somersault with a twist in the layout position, you really ought to. It’s stunning. And I confess that I love these people. But sometimes smart people do the darnedest things when hiring employees. Here’s one. When evaluating a job candidate, smart people often have a short-hand that sums up their thoughts. “She’s crazy smart!” They actually use a different adjective, but this is a family-friendly blog and I never know when my mom might drop in for a read. Or if they don’t like someone, they might say, “He’s not that smart.” This is the kiss of death. You can be awkward, ugly, or downright rude. But don’t be “not that smart.” There is plenty of evidence assembled by the smart people that intelligence is a key factor to success. But here’s the question I’m sometimes courageous enough to ask: “What kind of smart does this job require?” Anyone who has hired employees will recognize the pitfalls of trying to nail down what kind of smarts they need. I have a friend who has been very successful in the publishing world. Once, she was asked to do a first interview of a highly recommended candidate for one of the biggest news websites in the world. The kid launched into a speech on a 14th century French play and seemed so introverted that she recommended against hiring him thinking he was a bad personality fit as well as better suited to graduate school than a popular website. Fortunately, someone else saw his talents and he went on to become a star business reporter, known for his focused and thorough research. If you’ve hired more than one employee, you recognize that story. It’s easy to be imprecise about what kind of “smart” we are looking for when hiring. Asking, “is someone smart” is a smart thing to do. It’s a simple way to screen a candidate. Just be sure that you’re not going from being simple to being simplistic. Know what you need and where you need it. Ask what kind of smart. Here’s your starter list: Analytically/Technically Smart — These whizzes can weave magic with spreadsheets and numbers. They can model out a business with breathtaking elegance. They can take overwhelming data and turn it into meaningful information. They can discover the algorithm that will make your product do backflips for your customers. They’re smart. You want them in finance, R&D, and IT. Book Smart — These brainiacs know all of the right answers based on the established research. They can check and double-check and yes, triple-check your facts and figures to be sure your answer is supported in the literature. You want them on your legal team. They just might find that one thing cracks the case or covers your backside. People Smart — These geniuses are good at what a lot of academically gifted folks struggle with: dealing with people. They have a natural read for how others are interacting and they can find ways to connect with almost anyone. I have client who has made a considerable fortune largely based on being people smart. He says he’s not that smart. Actually, he’s a genius at making connections with people and being genuinely friendly and helpful to them. This means that he is probably two to three phone calls away from talking to virtually anyone of influence in our country. Now that’s smart. You want people like that on your Business Development team or your board. Quick-on-Their-Feet Smart — When I started in consulting, my first boss used to joke about how important it was to have a good pair (or three) of “dancing shoes.” He was pointing out that certain roles demand people who can think on their feet. They have to walk into situations and conversations with a general approach in mind, but then adjust on the fly with seeming ease. They need to be able to see around corners in a conversation and know what to say and what not to say. They’re smart. You want them on your sales or PR team. Politically Smart — We all know there are two realities: how organizations say things get done and how they really get done. Politically smart people know both but they’re experts at the latter. They can read where influence really lies in any situation and how to get powerful people moving in the same direction. They figure out what matters to different constituents and they can shape options that turn into deals that turn into action. They’re smart. You want them on your negotiation team and in any part of your company that drives significant change. (I’m looking at you, IT!) Organizationally Smart — Any fast moving organization manages far too many details. These people can cut through the clutter and bring order to the chaos. They sort out what matters and find ways to make tasks work. They’re realists and keep us honest about what can be done. They’re smart. You want them on your project management teams. And any executive lucky enough to have one as an admin will bite your hand off if you try to recruit theirs. Wisdom Smart — Some situations just require experience. You can be smart in any of the ways above, but without having seen it before you’re going to struggle. Having been a successful salesperson isn’t the same as having successfully run a regional sales team. Reading books about a startup just isn’t the same as having effectively dealt with the chaos of rapid growth with scarce resources. Having visited Europe on vacation just isn’t the same has having lived and done business there. These people are smart. You want a balance of people with battle scars along with your bright up-and-comers. One caveat: experienced and crusty don’t have to go together. Pick Wisdom Smart people who are humble enough to know that they can learn from those unburdened by experience.

Read the full article →

Janis Bowdler: Homeowners Can’t Afford Another Missed Opportunity

April 17, 2012

When the housing bubble burst more than four years ago, many banks and federal regulators argued that the impact would be limited and the damage contained to the subprime market. Famous last words. Now we know the full story: unregulated finance companies and malfeasant brokers peddled toxic loans designed to earn originators a quick buck at the expense of unsuspecting homeowners, investors, and taxpayers. The damage has spread well beyond the subprime market and helped usher in the worst recession of our generation. The majority of financial trickery was carried out at the hands of lenders that operated outside the scope of federal oversight. The Federal Reserve could have reined them in, but reacted too late. This trend persisted under Bush and Obama when both administrations missed opportunities to get ahead of the market crash and the ensuing tidal wave of foreclosures. Last week, the National Fair Housing Alliance (NFHA) released a report on the treatment of REOs–real estate owned properties, meaning foreclosed properties owned by banks–in nine cities. Their research found that REOs in predominately minority neighborhoods were scarred with the signs of neglect and blight while those in predominately White neighborhoods were well maintained even though they are serviced by the same company. The impact goes beyond the aesthetic. Abandoned properties are estimated to reduce neighboring home values by an average of $7,200 and cost cities millions in maintenance and lost tax revenue. The disparate treatment by servicers comes on the heels of unfair targeting of these same communities by deceptive lenders. Black and Hispanic families were more than twice as likely to be sold subprime loans, even though they had the credit to qualify for regular prime loans. The foreclosures that followed have wiped out 58 percent of Black and 66 percent of Hispanic wealth. Now neglected REOs are threatening to set our neighborhoods and families back even further. The slide show below shows the contrast between in Miami between two REOs in two different communities. See if you can tell which one is in which community. When done right, REOs can be a neighborhood asset. Creative reuse of REO properties can fuel community revival and expand housing opportunities for a broad range of families. Because many bank-owned properties are in neighborhoods close to good schools, jobs, transportation, recreation, healthy foods, and other amenities, they provide a unique avenue for expanding access to opportunity for all families while also breaking down barriers of segregation and isolation. Banks should work with mission-driven local partners like Chicanos Por La Causa in Phoenix, which is acquiring REO properties and converting them into ownership opportunities for families who have completed their housing counseling program. Another NCLR Affiliate in Stockton, Calif., Visionary Homebuilders of California , has established a lease-purchase program for reclaimed REO homes where renters partner with a financial coach to work their way toward an opportunity to buy the home. NCLR is exploring ways to expand these kinds of programs to other cities throughout the country. In a recent speech, Federal Reserve Chairman Ben Bernanke stated that over the next couple of years an additional one million foreclosed properties per year could be added to the REOs held by banks, guarantors, and servicers. Beyond the fact that mortgage servicers are legally required to maintain the properties they own, it would go a long way to healing their relationship with those communities if servicers also participated in and supported those innovative programs to repurpose properties with the community’s social goals in mind. To get there, regulators–starting with the Federal Housing Finance Agency–must set and enforce strong standards to make sure that servicers treat all borrowers and all communities fairly, including standards for maintaining and marketing foreclosed homes. The Department of Housing and Urban Development and the Department of Justice should fully investigate the disparities uncovered in the NFHA report. If no action is taken, abandoned and vacant properties will continue to drag down home prices and infect neighborhoods with crime and blight. But with a little creativity and cooperation, REOs can become a driving force in neighborhood stabilization. Homeowners cannot afford for banks and regulators to miss another opportunity like this.

Read the full article →

Apple Pays Shockingly Low Corporate Tax Rate

April 17, 2012

How much of your income went to taxes this year? There’s a decent chance Apple Inc. paid a smaller share. That’s the contention of a report released Tuesday from the Greenlining Institute, a research and public policy non-profit based in Berkeley, Calif. The report argues that Apple, which reported profit of $13 billion in its latest quarter, paid just 9.8 percent of its 2011 income in taxes. Apple, the world’s most valuable company, is one of many blue-chip tech companies whose 2011 federal income taxes checked in at something well below the marginal 35 percent corporate rate. “We looked at high tech specifically because they were making so much profit,” Samuel Kang, general counsel for Greenlining and a co-author of the report, told The Huffington Post. “They were one of the few industries making not just profits, but record profits, during the economic downturn.” Greenlining’s report arrives just as tax season draws to a close — and as debate continues in Washington over how much of a burden the country’s wealthiest people and corporations should be asked to bear. The U.S. tax code, and the leniency it often affords the well-off, has emerged as a dominant theme of this election cycle, with figures as diverse as Warren Buffett and Occupy Wall Street demonstrators citing it as a concern. President Barack Obama’s campaign team has used the relatively low tax rate paid by Mitt Romney, the presumptive Republican nominee for president, as ammunition against Romney , even as Obama has called for a lower top tax rate on U.S. corporations . For anyone dismayed at the way those corporations often seem to sidestep the brunt of their tax burden — sometimes paying nothing at all in federal income tax despite billions in profits — Greenlining’s report offers much to fret over. The report, which examined 30 tech companies within the Fortune 500, argues that these companies paid an average corporate tax rate of just 16 percent in 2011 — less than half the official 35 percent tax rate that Obama and Romney have each said is too high . Apple paid a top tax rate of just 9.8 percent in 2011, the report says. Google paid a rate of 11.9 percent, while Yahoo paid 11.6 percent and Microsoft paid 18.9 percent. Xerox paid 7.3 percent of its income in taxes, while Amazon paid only 3.5 percent, according to the report. None of these instances is as egregious as, say, General Electric, which was once infamously reported to have paid no federal income taxes in 2008, 2009 or 2010 — an assertion that the company disputed — and which has reportedly paid an average corporate tax rate of just 2.3 percent over the past decade, according to an analysis by the group Citizens for Tax Justice. Still, among those familiar with tax policy, the practices described in the Greenlining report might raise some eyebrows. For the sake of comparison, the report says, Apple (and Xerox and Amazon) paid a lower tax rate in 2011 than an American household making $42,500 a year. While Microsoft’s tax rate was lower than the nominal corporate rate, it was higher than the 16.4 percent rate the company paid last year, according to Greenlining. Apple, Google, Amazon, Yahoo and Xerox, on the other hand, all paid a lower rate this year than they did last year. Greenlining researchers said their figures are based on company filings with the Securities and Exchange Commission. A representative from Xerox told The Huffington Post that the company’s effective global tax rate in 2011 was 24.7 percent, higher than the 7.3 percent U.S. rate described by Greenlining. A Yahoo spokesperson declined to comment. Google did not respond to a request for comment. Apple and Amazon did not make spokespeople available to discuss the report. Many of the companies named in the report keep large portions of foreign earnings overseas, rather than bring them back to the U.S. where they can be taxed. Greenlining estimated that the 30 companies analyzed in the report have a combined $430 billion offshore — money that the U.S. government, for the moment, can’t tax, even as the country scrambles to plug budget gaps at the federal, state and local levels. “it’s unfair, and ultimately it’s going to have an impact on all of us,” Kang told HuffPost, in reference to companies’ efforts to keep their earnings beyond the reach of the tax collector. “When you look at who’s left holding the bag and who has to make up the difference, it’s all of us as individuals.” Several of the tech companies examined in the Greenlining report, including Apple, Google and Microsoft, support a legislative push for a so-called tax repatriation holiday — a one-time event that would allow companies to bring their overseas cash into the U.S. at a drastically reduced tax rate, which advocates say would spur new economic activity. Congress approved a repatriation holiday in 2004, but the consensus among economists has been that its effects on investment and job creation were negligible . “The firms that brought money back [in 2004] were not the same firms” that engaged in new hiring or investment, said Fritz Foley, an associate professor at Harvard Business School. “Most of the studies didn’t find much evidence of job creation among repatriating firms.”

Read the full article →

India’s CB slashes repurchase rate to 8%

April 17, 2012

(MENAFN) The Reserve Bank of India (RBI) said that it lowered its repurchase rate by 50 basis points to 8 percent, reported Xinhua News. The central bank added that the move, which was the first …

Read the full article →

Russia’s Industrial Output Up 4% in 2012 Q1

April 17, 2012

(MENAFN – Qatar News Agency) Russia’s industrial output increased by 4% in the first quarter of 2012 compared to the same period last year, the Russian Federal Statistics Service said on Monday. …

Read the full article →

Recycling industries thriving in Europe

April 17, 2012

(MENAFN – Kuwait News Agency (KUNA)) Waste management and recycling industries in the European Union had a turnover of 145 billion euro in 2008, representing around 2 million jobs. The European …

Read the full article →

EU exports to major partners up

April 17, 2012

(MENAFN – Kuwait News Agency (KUNA)) The trade balance in goods between the 27-member European Union with the rest of the world in February 2012 was a 9.4 billion euro deficit, compared with a …

Read the full article →

Taleban blitz

April 17, 2012

(MENAFN – Arab News) Well-coordinated series of attacks by the Taleban militia on a number of high profile locations across Kabul and at least three provinces of Afghanistan on Sunday is a highly …

Read the full article →

NFL Plays Ball With Gambling Industry

April 16, 2012

Despite the NFL’s vocal opposition to betting on its games, the league’s move to allow teams to accept casino ads has generated a great, big … ho-hum. Scott Andresen, a sports attorney and Northwestern professor, said the new deal is “somewhat hypocritical” but didn’t bother him, he told The Huffington Post Monday. It could even boost teams’ payroll, he said. University of Michigan sports economist Rodney Fort said the advertising could help fill the hotel and convention space attached to the casinos. “There’s nothing hypocritical about it.” The NFL last week approved local casino advertising at stadiums and during game broadcasts for the next two seasons, the Associated Press reported. The ads are limited to the upper bowl of the league’s venues, local radio broadcasts and in-game programs. They must also include a “gamble responsibly” message. Casinos that host sports betting are prohibited from advertising. The decision could represent a jackpot for teams like the Philadelphia Eagles, who have 20 casinos within driving distance of their stadium, the Philadelphia Inquirer reported Monday. The New York Jets and Giants could also both gain as much as $5 million apiece , the New York Post estimated. NFL spokesman Brian McCarthy clarified Monday that it was the teams that could accept the advertising, not the league. And the clubs were restricted in how they can deploy the marketing. “There is no use of team logos, no special sections or clubs sponsored by casinos, no events, no promotions, etc. This is in contrast to what other sports have done for years,” he wrote in an email to HuffPost. McCarthy had said in an earlier statement distributed to the media: “We remain steadfast in our opposition to the proliferation of gambling on NFL games. There is a distinction between accepting advertising in this limited fashion and gambling on the outcome of our games.” That said, Andresen pointed out football’s uncomfortable yet profitable relationship with gambling. “Let’s be honest: a substantial part of the NFL’s popularity is based in gambling activity or gaming of some sort, whether it’s sports books out in Vegas or parlay sheets or even fantasy leagues.” Concluded Andresen: “The hypocrisy has always been there.”

Read the full article →

Romney Campaign Soft-Pedals Private Remarks

April 16, 2012

PHILADELPHIA — Mitt Romney’s aides soft-pedaled his latest tax pronouncements on Monday, insisting he wasn’t tipping his hand when he told donors privately that he might seek to end the tax break for mortgages on second homes and curb other deductions for the wealthy as part of tax reform. “He was just discussing ideas that came up on the campaign trail,” said former Sen. Jim Talent of Missouri, a frequent campaign surrogate. The remarks, made at a closed-door fundraiser in Florida and overheard by reporters, did not mark any “change in policy,” Talent said on a conference call with reporters. Whatever his intention, Romney’s remarks drew a tepid response from Rep. Dave Camp, R-Mich., the chairman of the tax-writing House Ways and Means Committee. “I’m going to listen very carefully” to Romney’s ideas, the lawmaker told reporters. “Obviously, as a presidential candidate, he is going to have some ideas on tax reform.” Camp added: “They’re not necessarily views the committee has adopted yet. But we’re going to be looking at all those items.” Camp said he has spoken to Romney several times about tax policy. Twice during the day, Romney himself passed up an opportunity to repeat his weekend comments. Speaking to the Independence Hall Tea Party, he said he wants to reduce taxes while President Barack Obama wants to raise them. “Taxes by their very definition limit our freedom. They should be as small as possible to do things that are absolutely vital,” he said. Earlier, in an ABC interview, he said: “I’m going to limit certain deductions and exemptions for high-income individuals so that even as we lower the rates for all Americans, we’re not going to shift the burden from – middle-income people to higher-income people.” As for abolishing federal agencies, he said, “I’m not proposing any eliminations at this point.” In his remarks over the weekend, Romney also mentioned possible elimination of the Department of Housing and Urban Development, and dramatically scaling back the Education Department. Romney mentioned possible elimination of state and local tax deductions for the wealthy as part of a plan to reduce income tax rates across the board. Democrats quickly accused the former Massachusetts governor of telling his financial supporters plans he has yet to share with the public. Ironically, the weekend fundraising flap took place less than two weeks after Romney accused Obama of conducting a “hide and seek” campaign in which he left the public in the dark about his plans for any second term. If nothing else, the attention Romney’s remarks drew underscored the increased scrutiny he faces as the party’s presidential nominee-in-waiting. With former Sen. Rick Santorum on the sidelines after suspending his campaign, Romney was campaigning across Pennsylvania for two days in advance of next week’s primary, then flying to North Carolina and Arizona. Romney has said he wants to keep all the broad tax cuts from expiring that were first approved under President George W. Bush. He also has said he wants to reduce tax rates by 20 percent, but he has not previously offered much detail about how he would pay for the costs of doing that. Nor has he defined an income level that would place a taxpayer in the class of the wealthy. Democrats have favored extending the Bush tax cuts, but not for the wealthiest Americans. Tax treatment of the rich has become a defining issue in this year’s presidential and congressional campaigns as the two parties vie for votes, with each arguing that it has the best ideas for reviving the economy. Romney’s weekend remarks were first reported by The Wall Street Journal and NBC News. ___ Fram reported from Washington.

Read the full article →

The Risk Of Foreclosure Scams Is Rising

April 16, 2012

If you’re a struggling homeowner watch out! The chance that you’ll get scammed is way up. The number of reported mortgage foreclosure scams has shot up 60 percent so far in 2012 , according to the nonprofit Homeownership Preservation Foundation. About 50 percent of the scams involve attorneys or others claiming to offer “specialized services.” The surge in schemes comes in the wake of recently launched federal programs that scammers have been able to exploit. “Regretfully, every new government initiative spawns a slew of foreclosure avoidance scams, often from the same cast of characters doing business under various names to avoid easy detection and identification,” Colleen Hernandez CFO of the organization said in a release that accompanied the findings . In one recent example, New York Attorney General Eric Schneiderman has warned that scammers may exploit the recent national mortgage settlement to take advantage of homeowners. The scammers claim to be government officials involved in the settlement and try to pry personal financial information, Schneiderman said earlier this month. In another example, a judge shut down a Santa Ana mortgage relief operation last month after the band of five companies and three websites raked in more than $1 million by allegedly taking advantage of hundreds of consumers, according to the Los Angeles Times . The operation allegedly used two scams: One that charged homeowners thousands of dollars to join a class-action lawsuit and another that for a price of at least several hundred dollars offered to do a home loan audit that would find lender violations at least 90 percent of the time. With the threat of foreclosure constantly looming there are many potential victims available for these scammers. One in every 662 housing units received a foreclosure filing in March, according to RealtyTrac. That’s an uptick from the month before indicating that there might be a surge in repossessed properties.

Read the full article →

Bob Edgar: ALEC Tries Humor as Defense

April 16, 2012

Did you know that some of the biggest, baddest names in American business have funnybones? Walmart, ExxonMobil, Pfizer, even the Koch brothers — plus hundreds of others, actually — are cut-ups. Who’d have guessed? But it’s true. Last week, as tens thousands of Americans voiced our collective outrage at the work of the American Legislative Exchange Council (ALEC), a lobbying front underwritten by these and other major companies, they delivered a side-splitting response . “This is an attempt to silence our organization… This is an all-out intimidation campaign,” groused Ron Scheberle, ALEC’s executive director. “America needs organizations like ALEC to foster the discussion and debate of policy differences in an open, transparent way and not fall back on bullying, intimidation and threats.” Scheberle’s comment was written, so I can’t tell if he was grinning when he uncorked it. But the notion that people like me, who’ve been publicly taking on ALEC and its political/policy agenda, are somehow intimidating, is a laugher. And the suggestion that ALEC fosters open, transparent debate is absolutely hilarious. Think of it. We’re just a bunch of everyday folks — working moms and dads, students, retirees, small business owners, a cross-section of Americans — who object to the way that multi-billion dollar companies, through ALEC, have been pushing laws that encourage vigilante justice, threaten to block millions of people from voting, attack our public schools and deny climate change. And somehow, because we dare to speak up and challenge these behemoths, we’ve become fearsome intimidators? C’mon man! Nobody’s trying to silence ALEC. Silence and secrecy are ALEC’s biggest weapons. At Common Cause, where I work, we’re trying to amplify — not suppress — ALEC’s voice. That’s what they don’t like. For years, ALEC’s corporate members have quietly poured money into the campaign funds of thousands of our elected representatives, entertained and lobbied them at resort hotels far from the eyes and ears of the public and press, and used them to advance ALEC’s “model” legislation. It worked because nobody knew about it. Well, now folks are learning. Because Common Cause and other groups have picked up a megaphone and spread ALEC’s message and tactics, companies are re-thinking their involvement with ALEC. And some of them — smart, responsible companies like Coca-Cola, McDonald’s, Wendy’s, Kraft Foods and Intuit, are getting out. That’s not bullying. It’s democracy.

Read the full article →

Meet The Company Behind Hologram Tupac

April 16, 2012

A hologram of deceased rapper Tupac Shakur stole the show at Coachella 2012, capturing the fascination of more than 100,000 fans at the annual music festival, and sparking a wave of reactions across Twitter and other social media. Accolades for the high-definition projection, which performed as part of a live set by rappers Snoop Dogg and Dr. Dre, lauded it for its impeccable details. The lifelike hologram captured ‘Pac’s athletic swagger and iconic swag as it romped around the stage, brandishing tattoos and Timberland boots. Details like these are what allow audiences, even large ones like at Coachella, to suspend disbelief. Fortunately, such details happen to be the speciality of AV Concepts , the production company that so convincingly resurrected Tupac. As a small company in a competitive industry , it must to prioritize client relationships and adopt new technology to succeed — and pave the way forward. Their latest win is just case-in-point. In an interview with MTV , AV Concepts president Nick Smith said that his company worked meticulously with the project’s mastermind, Dr. Dre. Everything about the hologram, from its movements to its clothing, was “recreated under the direction of Dre and his team,” according to MTV. The Tupac hologram “was [Dr. Dre's] idea from the very beginning and we worked with him and his camp to utilize the technology to make it come to life,” Smith told MTV. The technology in question uses “uncompressed [high-definition] video that can be projected as holograms… or as 3D imagery on building exteriors, interior walls, stage sets and other structures,” according to the Sun-Herald. AV Concepts previously produced HD graphics for Chris Brown’s performance at the 2012 Grammys , and has flaunted its holographic projections at the San Diego Convention Center. While Smith would not divulge an exact cost for the Coachella hologram to MTV, he offered a price range for a comprable event at between $100,000 to more than $400,000. He called the pricing “affordable” compared to the cost of pulling in entertainers form around the world to preform at concerts. As live visual performance technology such as Musion Eyeliner , the holographic projection system utilized by AV Concepts and its partner in the Coachella endeavor, Digital Domain Productions , becomes increasingly sophisticated, it might pave the way for a new kind of entertainment experience. While AV Concepts has helped other groups, such as Gorillaz, utilize holographic technology, their Tupac seems to have broken new ground in realistic rendering. If companies can deliver a convincing live hologram performance for less what it costs to send a band on tour, this resurrection might signal a new dawn for live entertainment. With the right technology, companies can “take people that haven’t done concerts before or perform music they haven’t sung and digitally recreate it,” Smith told MTV . This is to say nothing of the priceless opportunity given to hip-hop fans at Coachella. Hologram Tupac might be an elaborate surrogate, but to many, including real live perfomers like Rhianna and the Roots’ Questlove , the vibe was real enough. Imagine what it might mean to fans of the Beatles to see a live, hologram-performed rendition of “Sgt. Pepper’s Lonely Hearts Club Band.” The Huffington Post attempted to contact AV Concepts for comment via phone and e-mail, but no reply was received by press time. WATCH: Madonna Performs With Hologram Gorillaz

Read the full article →

Private Equity Doing Just Fine, Thanks

April 16, 2012

The boom times are back, sort of, for private equity, but don’t break out the champagne just yet. More companies backed by private equity went public or were sold in the first quarter of this year than in any first quarter since 2007, according to data from the private equity research company PitchBook Data, as CNN Money reported . During the first quarter of this year, private equity firms either sold or took public 112 companies, bringing in roughly $21 billion. That represents a 17 percent increase from the first quarter of last year, when 96 private equity-backed companies were sold or issued shares to the public, according to PitchBook. “A lot of things are gradually improving,” John Gabbert, founder and CEO of PitchBook, told The Huffington Post. While this marks the best first quarter for private-equity firms selling their stakes since 2007 — a big year for private equity deals — it’s too early to say if the market is back to full health. To put the latest results in perspective, private-equity firms sold or took public a total of 510 companies during all of 2007. Kathy Smith, a principal at Renaissance Capital, an institutional research and asset management company focusing on IPOs, said, “2012 looks like a good year to me.” But, “the markets are still volatile; we’re not really out of the woods with all of this panic,”added Smith, referring to the stock markets. “And when you get panic, you get a shutdown of the IPO market.” Last week, California solar power developer BrightSource Energy announced that it was withdrawing its IPO, citing poor market conditions. Meanwhile some large-scale private equity firms have been taking themselves public as well, with lackluster results. Last week, the IPO of private equity firm Oak Tree Capital Group proved lackluster when the firm raised 27 percent less than the amount expected after the shares premiered. On Monday, the Caryle Group announced plans to make 10 percent of its firm available for public trading. The firm’s valuation would be just slightly more than $7 billion , a fairly cautious estimate, ranking it below rivals Blackstone and KKR, according to Bloomberg . Contributing to the recent boom might be the plum tax benefits that private equity firms enjoy when they spin off a company, as CNNMoney noted. Revenues from the sale of a company owned by a private equity firm are currently taxed at the 15 percent capital gains rate, which matches the rate that partners of private equity firms personally pay on the profits from their deals. (This compares with the top tax rate on income of 35 percent, as CNNMoney pointed out.) Venture capital-backed IPOs are off to a good start this year as well. Twenty U.S.-based venture capital-funded companies went public in the first quarter, raising a total of $1.4 billion. That makes it the most active period since the fourth quarter of 2007, which had 27 VC-backed IPOs raising $2.1 billion, according to data from Dow Jones VentureSource. Yet, in spite of the massive, well-publicized $1 billion acquisition of VC-backed Instagram by Facebook last week , the market for venture capital-backed acquisitions — that is, one company buying another company financed by VC funding — is down, according to VentureSource. Ninety-four VC-backed companies were acquired in the first quarter, raising 18.1 billion — a 32 percent decrease from the same period last year.

Read the full article →

Scott Bittle: The Long and the Short of It: America’s Jobs Problem Now and For Years to Come

April 16, 2012

When it comes to jobs, can the U.S. walk and chew gum at the same time? After several months of robust, promising job creation, the economy only added about 120,000 jobs in March, barely enough to keep up with population growth . Last week, the number of claims for unemployment also jumped up . Maybe we’re on the road to recovery from the Great Recession, but when it comes to jobs, the after-effects are still haunting us. We’re also facing a historic shift in the nature of work — one that could turn out to be as extraordinary and wrenching as the Industrial Revolution. The combined impact of technology and globalization mean many businesses can do their work as effectively and more cheaply with fewer employees in the United States. If they can — and if that’s what their competitors are doing — then they’ll automate and move jobs offshore. Those jobs aren’t likely to come back just because the economy picks up. This means we need to do something we just aren’t good at: having a serious debate on how to tackle a near-term problem while also looking at what to do for the future. As the candidates for president and Congress begin offering up their ideas on “jobs,” voters need to consider whether their proposals are aimed at creating jobs quickly or whether they’re aimed at strengthening the job picture over the long haul, say the next decade or two. The truth is the country really needs both, but we can’t expect short-term cures to fix long-term problems (like job losses due to globalization or technology), and we can’t expect long-term solutions to kick in quickly. You probably won’t hear any subtleties like this on the campaign trail. Generally speaking, politicians are in the confusion business, so drawing these kinds of distinctions isn’t their strong suit. Here’s a quick tour of some of the jobs ideas out there and their short-term and long-term implications: Cut payroll taxes : According to studies by the Congressional Budget Office (CBO), this is one of the better strategies for persuading employers to hire, and in a relatively short period of time. But unless we find some other way to fund Social Security and Medicare, this can’t possibly be a long-term solution. Both programs are paid for by payroll taxes, and both face serious long-term funding problems. Not collecting these taxes for years would make these shortfalls even worse. Cut income taxes : This gives people more money in their pockets, and that can bolster consumer spending and help merchants preserve existing jobs — maybe they can even expand a little. But when the CBO looked at 11 different ways to create new jobs quickly, this idea actually came in near the bottom. Over time, low tax rates can encourage wealthier Americans to invest in new ventures or stocks, which does support job creation over time. But those potential advantages have to be weighed against the country’s budget problems and our mounting federal debt. Have the government jumpstart big infrastructure projects : If the projects are “shovel-ready” (everybody is on board with the plans and the money), this can create jobs quickly. But if they’re not, getting all the approvals and raising the additional money can take years. This has been one of the biggest criticisms of the $787 billion “stimulus” program — rightly or wrongly, people expected bigger, faster results than they actually got. Obviously, construction projects don’t provide jobs forever, but major national infrastructure improvements like improving the electric grid can take decades to build. Plus, improved energy, communications, and transportation networks lay the groundwork for economic development in the future. Extending unemployment benefits : This does preserve and create jobs in the short term. When unemployed people have an income, even a small one, they’re more likely to spend at local businesses, so those businesses are less likely to lay off workers and more likely to hire. The CBO gives this strategy a high rating for helping create jobs quickly. But one of the most troubling problems we’re facing is the growth in long-term unemployment, where people struggle to find work for years. And the longer you’re unemployed, the harder it is to get back in the workforce. Unemployment benefits help people keep food on the table, but they don’t help get them back to work, especially when people’s skills are out-of-date for today’s jobs. Plus, supporting people who aren’t working for very long periods of time can become divisive. Eventually, a lot of the people who are working may come to resent paying for those who don’t, especially if they suspect that some people on unemployment aren’t really doing their best to find jobs. Investing in scientific research and cutting-edge technology : Again, this is mainly long-term. It provides some jobs for researchers and college professors when the grants come in, but discovering and commercializing innovations that open new industries and create thousands of jobs — well, that just doesn’t happen quickly. Pursuing more trade agreements : Opening up foreign markets for U.S. products can lead U.S. companies to beef up their work forces to meet the new demands, and most economists say that trade is good for jobs over the long haul. In the near term, though, some companies may lose business, reduce their work forces, or even close due to foreign competition. On the other hand, not trading with other countries could turn out to be even worse for jobs. Politicians have a knack for making their ideas on jobs (and everything else) sound quick and easy, but truth is more complicated, as well it should be. The United States needs a strategy to help people who need jobs now, and we need a plan to create good jobs for Americans in the years to come. Co-authored with Jean Johnson.

Read the full article →

Fed Officials Leave For Wall Street With Privileged Info

April 16, 2012

WASHINGTON — The Federal Reserve may be making an effort to open up some of its famously opaque decision making, but the newfound interest in transparency doesn’t extend to sharing records of meetings that happened years ago. The Huffington Post and MSNBC’s “Dylan Ratigan Show” filed Freedom of Information Act requests in January to obtain the minutes of Federal Open Market Committee meetings from 2007 to 2010. That month, the Fed had released the 2006 minutes of the confidential committee, which essentially sets national monetary policy. In response, the bank provided 513 pages of mostly blacked-out paper and cited policy to justify withholding the information. “[T]he Committee has a long-standing policy of routinely releasing full transcripts on a five-year schedule. Each year’s transcripts will be made public in their entirety according to that schedule,” the bank offered by way of explanation. By withholding the 2007 and 2008 minutes, the Fed is able to keep secret certain information on how it decided to respond to the financial crisis until after the presidential election, hampering what could be a serious debate between the two parties on its response. During the financial crisis, Mitt Romney was broadly supportive of the federal response, with the exception of the bailout of the auto industry. He has since spoken much more skeptically of the Wall Street bailout. Barack Obama, as a candidate and then as president, spoke favorably of the federal intervention as unfortunate but necessary. On Friday, his Treasury Department released a full-throated defense of its activity. How the Fed made its decisions, however, will be kept hidden until the bank releases the transcripts year by year. “The Federal Reserve has been looking for ways to increase its transparency now for many years, and we’ve made a lot of progress,” Fed Chairman Ben Bernanke said in April 2011, as he embarked on a series of lectures aimed at defending the Fed. “We have become, I think, a very — a very transparent central bank.” Bernanke said the bank would continue to improve. “We’re continuing to look for additional things that we can do to be more transparent and more accountable,” he said a year ago. “And I personally have always been a big believer in providing as much information as you can to help the public understand what you’re doing, to help the markets understand what you’re doing, and to be accountable to the public for what you’re doing.” There are some market participants, however, who know exactly what happened in those meetings. One of the few things not redacted in the Fed’s FOIA response is the list of officials who attended each confidential meeting. Many of those people have since left the central bank and gone to work in the financial industry, taking with them privileged information about the Fed’s thinking that is still closed to the public. Take Susan Bies. A onetime member of the Fed Board of Governors, she was involved with the Financial Stability Forum, an international group of central bankers, finance ministers and the like, and, according to Forbes , “led the Fed’s efforts to modernize the Basel capital accord.” Bies now sits on Bank of America’s board. Brian Sack has cycled between the Fed and the private sector more than once. In 2009, he returned to manage the System Open Market Account. Bernanke said at the time, “Many of you know Brian, I am sure. He was here. He went off to work with Larry Meyer for awhile. Now we welcome him back to the Fed family.” Laurence Meyer was himself a top Fed governor who left in 2002 to return to the firm he founded, Macroeconomic Advisers, which offers economic forecasts. David Stockton, another Fed official who attended Federal Open Market Committee meetings in question, also departed to join Meyer’s firm. In 2012, Sack once again left the Fed . Deborah Bailey has since gone on to Deloitte & Touche, where she is director of governance, regulatory and risk strategies. Meredith Beechey is now at Sveriges Riksbank, Paul Connolly is at Eastern Bank/John Hancock Life Insurance Co., and Benson Durham is at the Capital Group Companies. Joseph Gagnon, Michael Gapen and Jon Greenlee have moved on to the Peterson Institute, Barclays Capital and KPMG, respectively. Brian Madigan also went to Barclays, and Nathan Sheets is now at Citigroup. At least eight other meeting participants have moved on to private financial institutions. Clients deeply value the kind of insight a former Fed insider can bring — a value Citi didn’t overlook in its announcement of Sheets’ hiring, which featured this quote : “With over 18 years of experience with the Federal Reserve, Nathan’s appointment underscores Citi’s commitment to bring the highest quality insights to our clients.” Jason Cherkis contributed reporting to this story.

Read the full article →

World Bank Taps Obama Nominee As New Leader

April 16, 2012

The World Bank has selected Jim Yong Kim to be its next president , Reuters reports. Kim, the president of Dartmouth and a leader in the field of public health, was up against Nigerian Finance Minister Ngozi Okonjo-Iweala. Ex-Colombian finance minister Jose Antonio Ocampo dropped his bid for the position on Sunday. This is a developing story, check back for updates.

Read the full article →

Former Kidnapping Victim Starts A Business

April 16, 2012

Around 11 a.m. on May 30, 1999, Luis Iragorri, then the owner of several franchised restaurants in Cali, Colombia, became an unwitting participant in a news story that made international headlines. While in church, he, his two youngest children and about 120 other parishioners were kidnapped by the guerilla army, National Liberation Army ELN. After fighting daily to survive, Iragorri, 52, moved to Miami, where he is now a co-founder of BannaStrow’s, which sells crepes and coffee . There are currently six franchise units open in Florida, with five more opening within the next six months and another 100 in development. Though the business is growing, that it exists at all is something Iragorri is grateful for. After all, if things had worked out a little differently … Kidnapped About two hours after being hauled up to a small village in the mountains and herded into a building that seemed to be a gymnasium, the guerilla army began separating about 80 men from the women and children. When one of the guerillas told Iragorri to move away from his 3-year-old son, Daniel, and his 6-year-old daughter, Marcela, he protested. At that moment, the guerilla pointed his gun to Iragorri’s head and barked, “Either you start walking, or I will shoot you right here in front of your children.” Iragorri obliged, knowing that trying to play James Bond would just get him and his children killed. His children were distraught, as all the kids and adults in the building were. Women and children were screaming. Men were yelling. It was a nightmare in the middle of the day. Thirteen years later, it’s still difficult for Iragorri to discuss. “Whenever you think your day isn’t going well, you just remember this,” said Mauricio Acevedo, a business partner and co-founder who also translates for Irragori. Several hours after Irragori’s kids were taken away, one of the guerilla army guards loaned him a radio, and he heard on the news that the women and children were liberated, which gave him hope for his own kids. Three days later, the Colombian government sent an army plane overhead, dumping newspapers on them, hoping some might reach the captors and give them hope. It did. Iragorri found a newspaper with a photo on the front page, showing his son being handed to his wife, Margarita. After that, Iragorri’s personal motto would be Sobrevivir , which translates, “I need to survive.” He vowed to eat everything his captors gave him and do his best not to get sick. “If I would have gotten sick, I would have died,” Iragorri said. Iragorri was split into a smaller group with 10 other men and, for the next six months, moved to a new camp every night. Freezing, Iragorri kept himself alive by stuffing newspapers into his clothing for warmth. Meanwhile, the number of kidnapping victims grew smaller as family members handed over ransom payments. It took Iragorri a while to be released because his kidnappers were slow to understand that he was a franchisee — they thought he was a franchisor, owning the entire system, and believed he was far wealthier than he actually was. Margarita came into the mountains 18 times to negotiate with the guerilla army before they would accept the ransom and let him go. Several months later, Iragorri was threatened by the kidnappers again — who didn’t appreciate Margarita denouncing them in the news. In 2000, Iragorri obtained a visa for his wife and kids and moved to the United States, where he was given political asylum and was allowed to apply for American citizenship, which he will finally achieve next year. But his kidnapping reverberated badly in so many ways. Not only did he arrive in America with virtually nothing, he had to shut down the restaurants he owned. About 140 people were put out of work when Iragorri fled the country. Starting Over After Iragorri and his family moved to Miami, he considered how he would make a living. He hoped to do something in food, since that was his background. He didn’t have the money to buy a franchise, and he knew if he started one, it could be a fool’s errand to open up another burger, pizza or chicken joint and compete with all the established eateries on every corner. He started brainstorming ideas for a food that could be eaten during any time of the day, something easy to operate and that wouldn’t be labor intensive. And he wanted a food product where he wouldn’t be fighting against an army of competitors. Ultimately, he came up with the idea of selling the public on crepes. “It’s the perfect product for a successful food concept,” Iragorri said. But being practically penniless and not knowing the language, Iragorri needed some help to get his company going. He found the help in Juan Estrada, whom he had worked with as a franchisee. Estrada introduced Iragorri to Acevedo, and in 2003, the three men opened BannaStrow’s — a play on banana and strawberry, their two initial key ingredients in the crepes. In 2009, they started franchising, selling the BannaStrow’s units for $130,000 to $195,000, with a franchise fee of $30,000. “Everyone who tastes the crepes comes back,” Iragorri said. And if the crepes don’t catch on? Well, Iragorri has been through worse. Entrepreneur Spotlight Names: Luis Iragorri, Mauricio Acevedo, Juan Estrada Company: BannaStrow’s Ages: 52, 41, 30 Location: Miami Founded: June 2003 Employees: Six 2012 Projected Revenue: Not disclosed Website: http://www.bannastrows.com

Read the full article →

Deborah J. Vagins: We Can’t Wait for Fair Pay

April 16, 2012

Would you know if the person sitting next to you at work was being paid significantly more than you to do the same job? If you suspected that might be the case, would you know what to do about it? You might start by simply asking the question. Unfortunately, there’s a chance that you could be fired for doing just that. Nearly half of American workers are either forbidden or strongly discouraged from discussing their pay with colleagues. Not just inquiring, but merely discussing — that means that in plenty of workplaces, you can be fired for just volunteering information about your own salary. That’s right: your conversation at the water cooler could cost you your job. This brand of punitive pay secrecy has dire implications for women, who even today — almost 50 years after the passage of the Equal Pay Act of 1963, still make just 77 cents for every dollar earned by men. For women of color, the facts are even worse : in 2010, African-American women earned only 62 cents and Latinas only 54 cents for each dollar earned by a white man. It’s these dismal statistics that force us to reluctantly mark Equal Pay Day this year on April 17, 2012 — the point into 2012 that a woman must work, on average, to make she same amount a man did in 2011 alone. The serious wage gap, combined with pay secrecy policies, means that many women are not only being paid less than their male co-workers, but they have no way of knowing it. And if they don’t know it, they can’t fight it. Thankfully, this Equal Pay Day, we can do something to change that. President Obama has the opportunity to take a huge step towards ensuring pay equality right now by signing an executive order that would protect people who work for federal contractors against retaliation for disclosing or asking about their wages. Federal contractors include any company that receives federal taxpayer dollars to do work for the government. About 26 million people in America work for such contractors — that’s over 20 percent of the entire U.S. workforce. For over 70 years , president after president, of both parties, have used the power of executive orders to protect employees who work in companies that contract with the federal government. These steps have often led the way later for expanded protections for all workers. Allowing all of these workers to discuss their salaries without fear of losing their jobs will give women an important tool for finding out whether or not they are being treated equally. And that’s the first step to fighting back against pay discrimination. This month, the president has put the issue of women’s economic security center stage. Speaking at a forum on women and the economy, he announced the release of a new report by the White House Council on Women & Girls, which details progress the administration has made in initiatives that support women throughout their careers. He also acknowledged the continued pay gap, noting , “Overall, a woman with a college degree doing the same work as a man will earn hundreds of thousands of dollars less over the course of her career.” And in an op-ed last week, he emphasized the importance of fixing that, writing “Closing this pay gap – ending this pay discrimination – is about far more than simple fairness, it’s about strengthening families, communities and our entire economy.” We couldn’t agree more. With 40 percent of women acting as the primary breadwinners in their homes, far too many families are taking home far less than they deserve. Women can’t wait any longer. That’s why it is so crucial that President Obama brings immediate relief to the millions of women employed by federal contractors by issuing an executive order that will protect them from retaliation for discussing their wages. Of course, federal legislation is still needed to protect all workers against discrimination. The Paycheck Fairness Act, a bill currently pending in both the House and Senate , would help close some of the loopholes in the Equal Pay Act of 1963, which have made that law less effective over time. Among a range of other provisions, it would prohibit retaliation against employees who inquires about or discloses wage information–much like the proposed executive order — but would extend coverage to all workers (with some limited exceptions), not just those who are employed by federal contractors. There’s no question that the Paycheck Fairness Act is necessary — but while Congress remains gridlocked, millions of women are still waiting for fair treatment. You can help to end that wait for millions of women. Take action today by urging President Obama to issue an executive order banning retaliation against federal contract employees for discussing their pay.

Read the full article →

Geri Stengel: Closing the Leadership Gap

April 16, 2012

What gives? As the Women Entrepreneurs as Economic Drivers, a report from the Kauffman Foundation shows, getting those women-owned businesses on a high-growth track would energize our sluggish economy. But it’s not happening. Why? I’ve been asking women who haven’t been stopped what they think the barriers are and here’s what they say: Dream bigger. When women start a businesses, they think too far ahead, to the day when they’ll be managing a family as well as a business.They opt for career paths that seem safer and more flexible than running a major corporation. Liz Elting, CEO and founder of global language service provider TransPerfect, advocates another tack: Go for broke when you are young and have nothing to lose. Don’t worry about what your life will be like in 10 years. Dream big and follow your dreams. When your business grows, so do your options for work/life balance. And being a high-powered CEO doesn’t mean you can’t be a good mom. “If you want to have a family and run a business, you can — and a growing number of us do,” says Elting. Be tough. Nice girls please people. CEOs have to make tough decisions, from firing people to cutting services. In a man, that’s being strong; in a woman it is seen as being bitchy. “If you want everyone to like you, you will have a hard time doing what is necessary,” Elting says. Wake up the men. At home, men must share in household responsibilities, recognizing that the woman’s career is as valuable as the man’s. At work, men need to be more inclusive. Networking events shouldn’t just be guy things. Deals are done in informal settings after the conference or out of the office — on golf courses and in the corporate box at the ball game. Yes, some women like sports, but a lot are left out of that schmoozing and dealing. It’s not that men are circling the wagons; they’re just not thinking it through. They’re losing, too, when possibly great deals get left at the clubhouse. Support each other. Whether in peer groups, such as the Women Presidents’ Organization, or through mentoring women starting out, women need to support and mentor each other. As Sheila Lirio Marcel, CEO of Care.com says, “We must lift as we climb, bring others along with us and collect talented people as we rise.” Men know how to network. Women seem to be falling behind . That needs to change. Change the way business is done. Let’s start firms that don’t follow the same old businesses model; let’s build a model that can accommodate the differing needs of GenY, parents, Type A workers and those who want to work reduced hours. You can retain and grow talent by being flexible — flexible about taking a year off for family without losing a rung on the career ladder; flexible in working hours; flexible about telecommuting. If we don’t restructure business culture, we’re going to keep losing the talented people we’ve paid money to train. Rosalie Mandel, principal of the alternative investments accounting firm Rothstein Kass, has changed the culture of her company. “Our firm had the vision to see the benefits of flexible scheduling — and it’s never said no. We’ve had an official flex policy since 1999,” she said in an article for The Glass Hammer . Changes now, in attitudes, awareness and culture could end the stagnation of small women-led businesses and make them into the economic drivers we need. For more articles about high-growth women entrepreneurs, visit Guiding the Way for Women Entrepreneurs , Ventureneer’s curated source for information women entrepreneurs can use to power-up their businesses.

Read the full article →