tag:blogger.com,1999:blog-52549340189522039522024-02-21T08:27:28.267+08:00The Financial e-ChronicleThe latest global business and financial news, forex and investments analysis, and money saving tips.Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-5254934018952203952.post-53152902027685632952010-10-29T16:20:00.001+08:002010-10-30T15:40:05.176+08:00Toyota To Withdraw 1.66M Vehicles Worldwide<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Toyota Motor Corp. faces another recall of its 1.66 million sold vehicles worldwide consisting of Avalons, Lexus, Highlander and other vehicles with three different problems primarily with its master cylinder brake seal. The company announced no reported accidents from these automotive problems. These recalled vehicles are in its home, Japan and its major market the United States.</span><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwO2gZCfJUGqHyryqPXI41UH0NLrKy-WiJ6rCvDp2XGauGT4rgcWZfTc6833VTQ71HofDpvWXa6kWw039aoOo0DEQLhSzNEvnn-76c6GLQKylRgNcEGDRtDdaph9Bp5y8Yxu11hxUGRGtw/s1600/toyota_recall_090930_mn.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwO2gZCfJUGqHyryqPXI41UH0NLrKy-WiJ6rCvDp2XGauGT4rgcWZfTc6833VTQ71HofDpvWXa6kWw039aoOo0DEQLhSzNEvnn-76c6GLQKylRgNcEGDRtDdaph9Bp5y8Yxu11hxUGRGtw/s400/toyota_recall_090930_mn.jpg" width="400" /></a></div><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">What is happening with Toyota? This car giant is an epitome of gold standard of reliability and excellence worldwide. But, recent technical problems on their cars have tarnished the image of the company as a major leading car manufacturer.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The Japanese car maker has made previous recalls two months ago with its 1.3 million units of Corolla and Matrix cars from the United States with defective engine control modules that can stall the vehicle. Since the November 2009 recall, the company has recalled a total of 14 million units globally wherein 11 million have been in the United States. These problems have given Toyota its worst safety crisis and triggering a stricter inspection guidelines from national safety regulation entities.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">In the United States, the current recall will affect 740,000 units of Highlander, Avalon, the Lexus GS300, and IS 250s and 350s models. A defective brake master cylinder seal might cause fluid leak from the cylinder and result to braking problems.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="line-height: 22px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">"We see the recall as a representative of our commitment to our customers. We want to do everything we can to help restore confidence in our brand and with our customers and their vehicles," said Toyota spokesman Bryan Lyons.</span></span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-20234783494563734622010-10-20T15:44:00.005+08:002010-10-25T15:23:23.950+08:00Asian Financial Hubs Haven For World Business<div class="MsoNoSpacing" style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDBV4bH2t8b8-NwfT1Maz_jpA1OksJ02Zzqk1kmggI7KEzkVT9kj1tQPPDm-9fYOy52-mHTcS7w64ANkerMzpD6vUfoBDRDcm2ND_2eZ4GzrAsemFmi8Up4Bsf5GgdQYnJn1Jj8jL608vK/s1600/singapore1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDBV4bH2t8b8-NwfT1Maz_jpA1OksJ02Zzqk1kmggI7KEzkVT9kj1tQPPDm-9fYOy52-mHTcS7w64ANkerMzpD6vUfoBDRDcm2ND_2eZ4GzrAsemFmi8Up4Bsf5GgdQYnJn1Jj8jL608vK/s400/singapore1.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Singapore's financial district</span></td></tr>
</tbody></table><span class="Apple-style-span" style="font-family: Georgia, serif;">Will top Asian cities emerge from the effects of economic crisis and position as the new global financial centers? Does Asian economy better than its European and American counterparts?</span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: Georgia, serif;">The Global Financial Centers Index (GFCI) has recently assessed the rising competitiveness of top Asian financial centers that includes Singapore, Hongkong and Shanghai. The GFCI is an annual competitiveness ranking of the world’s primary financial hubs based on the global financial environments. According to the index, these cities are raising prominence in the world’s financial centers after New York and London. These two cities still remain the leading global financial centers.</span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: Georgia, serif;">Hongkong, Singapore and Tokyo hold the third to the fifth spots according to the report. Shanghai gain ground by settling at sixth place. The report affirmed the influence of these Asian cities in the world’s financial environment. The cities of Chicago, Zurich, Geneva and Sydney completed the top 10 financial centers in the world. Major Chinese cities of Beijing, Shenzen and Shanghai are regarded as most reputable financial centers in the list.</span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: Georgia, serif;">The index report was conducted online based on 7,270 assessments by the Centre for the Study of Financial Innovation from January and June this year. The study dwelled on the following factors: business environment, people, quality and availability of IT and transportation, and market access. </span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: Georgia, serif;">The GFCI also reported that offshore centers, known as tax havens, have declined in the rankings as it drives for greater transparency. The Isle of Man declined by eight notches to rank 32; the Cayman Island dropped to 34<sup>th</sup> spot and the Bahamas to number 64. According to one financial analyst in New York, the Caymans and the Bahamas which are doing good business at present still have their bad reputation as financial hubs in the world. </span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: Georgia, serif;">With this current trend in the financial environment and the strong economy shown by most Asian countries, New York and London might be dislodged in the future surveys as top financial hubs in world.</span></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: Georgia, serif;"><br />
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<strong><span style="font-size: xx-small;">BE6X2FYJ9KSM</span></strong></span></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-52891284398376557302010-10-19T11:25:00.004+08:002010-10-19T12:47:52.329+08:00UK Braces For Cyber Attacks, Terrorism<span style="font-size: small;"></span><span style="font-family: Georgia,"Times New Roman",serif; font-size: small;"></span><br />
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<tr align="center" style="font-family: Georgia,"Times New Roman",serif;"><td class="tr-caption"><span style="font-size: x-small;">British Prime Minister Gordon Brown visits a business and technology consultancy firm on the launching of Cyber Security Strategy launching <span style="font-size: xx-small;">(AP photo)</span> </span></td></tr>
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<span style="font-family: Georgia,"Times New Roman",serif; font-size: small;">Terrorism, cyber attacks</span><span style="font-family: Georgia,"Times New Roman",serif; font-size: small;"> and natural catastrophe</span><span style="font-size: small;">s pose major threats to UK as cited by top national security officials in a recent National Security Strategy. The report was released prior to a major military review on defense budget that may be slashed off.</span></div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><br />
</div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><span style="font-size: small;">The military report cited intelligence reports that the Al-Qaeda and Northern Irish terrorist groups are making some movements for big offensive against the government and upcoming international events. The Olympic Games, to be hosted by London, in 2010 was cited as an 'attractive target' for terroristic attack.</span></div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><br />
</div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><span style="font-size: small;">"Our strategy sets clear priorities - counter-terrorism, cyber attacks, international military crisis, and natural disasters such as floods," the government said in its report entitled "A Strong Britain in an Age Of Uncertainty". The issues on unconventional threats to national security will be used to justify cuts to the nation's large military hardware spending.</span></div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><span style="font-size: small;"><br />
</span></div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><span style="font-size: small;">The government is making some fiscal moves to slash its record budget deficit of </span>close to 11 percent of the national output, but will have to maintain Britain a strong military power in Europe. The report stated that the planned budget slash will strengthen the nation's finances to a more sustainable leverage on its economy. </div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"><br />
</div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;">Cyber attacks have been a global issue on criminality as a source for financial gain as well as attacks by cyber terrorists on military, utilities, transport, media and other networks to disrupt operations. The British government is coming up with a "transformative program" on cyber security with a 500-million British pounds in budget. The program aims to strengthen security ties with emerging global cyber powers such as China and India.<br />
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</div><div style="font-family: Georgia,"Times New Roman",serif; text-align: justify;"> </div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-70467885565811088782010-01-05T20:50:00.006+08:002010-10-16T16:01:57.904+08:00Asian Market Kick Off 2010 with Modest Gain<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhACEmXRiKJzlVokpdUFjc5YtH0cxYMllIKFCdKIau-SHIT4efDjMf5Bj14NOyB6U6CXQhhV62HcNl74SBTmA4cOVgY0e8kerSjhoSRCcI57sPQUZwrcaWelEtNfMjTn1w50o2szKhEotTF/s1600-h/stocks.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5423239465484206530" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhACEmXRiKJzlVokpdUFjc5YtH0cxYMllIKFCdKIau-SHIT4efDjMf5Bj14NOyB6U6CXQhhV62HcNl74SBTmA4cOVgY0e8kerSjhoSRCcI57sPQUZwrcaWelEtNfMjTn1w50o2szKhEotTF/s320/stocks.jpg" style="cursor: pointer; float: right; height: 221px; margin-bottom: 10px; margin-left: 10px; margin-right: 0px; margin-top: 0px; text-align: justify; width: 320px;" /></a><br />
<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">HONG KONG (AP) – Most Asian markets started off 2010 with moderate gains Monday as investors weighed mixed signs from the region's economies. European shares opened higher.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Major benchmarks in Europe gained a little less than 1 percent in early trade after Japan led Asia's advance. Crude oil prices punched through $80 a barrel, and the dollar slipped against the yen.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Investors were encouraged by a report showing China's manufacturing expanded at its fastest rate in 20 months in December, the latest sign the world's third-largest economy was continuing to grow strongly, aided by government stimulus measures.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">But the mood was offset by worries about another recession in Singapore after the government said the local economy shrank last quarter for the first time since early 2009.</span><br />
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</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">"We'll still see improvements in Asia in 2010, but a strong rebound isn't certain everywhere in the region because global demand may not pick up quickly," said Belle Liang, head of research at Core Pacific-Yamaichi International in Hong Kong.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">As trading started in Europe, Britain's FTSE 100 gained 0.7 percent, Germany's DAX rose 0.8 percent and France's CAC-40 added 0.9 percent. Wall Street futures pointed to a stronger open on Wall Street Monday. Dow futures were up 59, or 0.6 percent, to 10,424 and S&P futures gained 7.7, or 0.7 percent, to 1,118.40.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">In Tokyo, the Nikkei 225 stock average advanced 108.35 points, or 1 percent, to 10,654.79, with Japan Airlines surging 31 percent after the government said it was readying additional financing to the troubled airline.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">South Korea's Kospi added 0.8 percent to 1,696.14. Australia's main index was up 0.1 percent and India's benchmark gained 0.5 percent.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Other markets slipped, with Hong Kong's Hang Seng off 0.2 percent at 21,823.28 and Shanghai's index down 1 percent to 3,243.76. Singapore's market lost 0.1 percent.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">This week, investors will be watching for signs of improvement in a key US jobs report due out Friday. Economists generally expect the data to show the American economy shed more jobs in December. A stronger-than-expected report, however, might also rattle the market by prompting speculation the US central bank will raise interest rates sooner than thought.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Last week in the US, the Dow Jones industrial average closed out the year shedding 120.46, or 1.1 percent, to 10,428.05. For the year, the Dow rose 1,651.66, or 18.8 percent.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The broader Standard & Poor's 500 index, considered to be the market's best barometer, fell 11.32, or 1 percent, to 1,115.10. The S&P ended the year with a gain of 211.85, or 23.5 percent.</span><br />
<span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Oil prices rose in Asia, with benchmark crude for February delivery up $1.12 at $80.48</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
</span> </div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The dollar fell to 92.90 yen from 93 yen, and the euro was higher at $1.4325 from $1.4323.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br />
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<div align="justify"></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-57545386032918292452010-01-02T00:00:00.005+08:002010-01-02T00:14:13.354+08:00Champagne in Economic Recession<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbGrWtB833jkZIU3whvN8So47LWHRv7IVVmq8X7fl6ubKNzwQ8eFY0vlnj7DWk9DhTKJ0DZomtdxDlphC6OasL7URMS6aVbTzo-MN62shkiG8uDujIFO102H3PnzXaGKtyEFVv2K4qNVJr/s1600-h/champagne.jpg"><img id="BLOGGER_PHOTO_ID_5421804752958582274" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 300px; CURSOR: hand; HEIGHT: 320px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbGrWtB833jkZIU3whvN8So47LWHRv7IVVmq8X7fl6ubKNzwQ8eFY0vlnj7DWk9DhTKJ0DZomtdxDlphC6OasL7URMS6aVbTzo-MN62shkiG8uDujIFO102H3PnzXaGKtyEFVv2K4qNVJr/s320/champagne.jpg" border="0" /></a><br /><div align="justify">PARIS (AP) — Partygoers worldwide have at least one good reason to forget the economic pain, job fears and mortgage woes of 2009: unusually cheap Champagne for New Year's.</div><br /><div align="justify">Champagne houses and retailers have had a tough year, forcing some to make aggressive price cuts. But the discounting is causing divisions among vintners, and analysts warn the move could threaten the bubbly's premium reputation.</div><br /><div align="justify">In supermarket chains such as Carrefour SA and Auchan, French shoppers were snapping up real Champagne for less than €10 ($14) a bottle, as even high-end producers such as Laurent Perrier compete with cheaper bubbly such as Italian prosecco and Spanish cava.</div><br /><div align="justify">With Champagne exports plunging, some producers are cutting prices to sell more in France. Large retailers are also taking advantage of the decline to woo recession-weary shoppers during the festive season.</div><br /><div align="justify">Carrefour, Europe's largest retailer, has stocked 450,000 bottles of Hubert de Claminger Champagne on its French shelves , which it is selling for €8.90 ($12.80). It is also offering up-market brands at a discount — Moet & Chandon Imperial now retails with a €3 reduction for €22 ($31.60).</div><br /><div align="justify">"It's fine to do some discounting but if you do it too steeply you can really damage the brand," said Ann Gilpin, an analyst with the Chicago-based research firm Morningstar. "Once you start to lower the price you run the risk of destroying the idea of it being a premium brand."</div><br /><div align="justify">The discounting is being driven by some of the cash-poor smaller Champagne houses who need to boost flagging sales, but some of the bigger houses are also seeking to sell off stocks and boost volumes.</div><br /><div align="justify">That marks a change in strategy for Champagne growers, who have been raising prices to cultivate the prestige of the sparkling wine that can only be made in a specific region of France.<br />Laetitia Delaye, an analyst Kepler Equities in Paris, says most of the big houses are wary of cutting prices on top-end wines because it will be difficult to persuade consumers to pay more when the economy recovers.</div><br /><div align="justify"></div><div align="justify">"This year they are trying to preserve the premium brands," she said. "It took them time to increase prices." </div><br /><div align="justify"></div><div align="justify">She said it's probably the retailers who are driving the promotions of premium-brand Champagnes, not the producers.<br /></div><br /><div align="justify">Laurent Perrier spokeswoman Marie-Clotilde Debieuvre-Patoz says prices are not being cut for the house's premium brands. Grand Siecle La Cuvee, which retails for around €150 ($215), is being sold in a fancy case.<br /></div><br /><div align="justify">"In a crisis, you have to adapt," she said. "Our policy is to have a complete portfolio of brands, each of which is adapted to its clientele and the economic climate. We don't want to touch prices on the (premium) Laurent Perrier brand."<br /></div><br /><div align="justify">Other Champagne houses that can afford to let volumes tumble are also resisting cutting prices.<br />Remy Cointreau CEO Jean-Marie Laborde vowed last month not to cut prices on brands such as Piper-Heidsieck so that when the recovery comes he won't be stuck with lower-priced bubbly.<br />Champagne is Remy Cointreau's smallest division and losses are made up for by profits in its liqueurs and spirits division. But for companies whose sole product is Champagne, times are tougher.</div><br /><div align="justify">Champagne exports in the first half of the year plunged 45 percent, according to the Federation of French Exporters of Wines and Spirits.<br /></div><div align="justify">France accounts for just over half of all Champagne sales, around 50 percent of which are made by cooperatives and small growers that offer cheaper Champagnes.<br /></div><br /><div align="justify">The large houses dominate the export market, accounting for 86 percent of volume, and analysts fear discounting among premium brands risks making consumers question why they are paying more for a sparkling just because it is made in France.<br /></div><br /><div align="justify">In Britain, where prosecco is roughly a third of the price of Champagne, bargain hunters are being treated to some of the deepest discounts this decade.<br /></div><br /><div align="justify">Trevor Stirling, a beverages analyst at Sanford Bernstein in London, said prices have been slashed by as much as 50 percent, with even premium brands such as Moet & Chandon and Bollinger selling for as little as 14.39 pounds (€16; $23).<br /></div><br /><div align="justify">Stirling said Champagne houses are stuck with a difficult choice in Britain, which accounts for a quarter of exports.<br /></div><br /><div align="justify">Given competition from other sparkling wines "there is a danger that people start to realize they can get something almost as good for half the price and Champagne isolates itself as something that you only pay the premium for very special occasions," he said.<br /></div><br /><div align="justify">At the same time, Champagne wants to preserve its prestige. Gilpin said Champagne has also been discounted in the US, where it is a flagging status symbol.</div><br /><div align="justify">"People don't really know what brand of Champagne you drink at home, or at a wedding when you receive a glass of Champagne, you don't really know what kind of champagne is in there," she said. "It's a lot more difficult to flaunt that status symbol."</div><br /><div align="justify">Even the usually recession-proof Swiss are turning away from Champagne.<br /></div><div align="justify">Figures from the Swiss federal customs office for September to November show an 11.7 percent year-on-year rise in imports of Italian prosecco while imports of French Champagne fell 4.1 percent.<br /></div><br /><div align="justify"></div><br /><div align="justify"><span style="font-size:78%;">Reports from <em>2010 Associated Press</em> </span></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-66629564129725673732009-12-02T06:05:00.004+08:002009-12-02T06:15:39.482+08:00Dubai Economic Crisis Looms<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLzbH47wPiYPCXWIHHpKgqqhkGGKKDcxldDaqJt1wPnsoQ9suf9hgGGYEDmYTDiN_auLloBD5tEh-rjR-33nM-CKbX5IcpcJgBT7P6YMsuFzmee40PZg8Kv7l_WmWZ5y749dh13PGI1lrp/s1600/Dubai.jpg"><img id="BLOGGER_PHOTO_ID_5410394250697678786" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 320px; CURSOR: hand; HEIGHT: 240px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLzbH47wPiYPCXWIHHpKgqqhkGGKKDcxldDaqJt1wPnsoQ9suf9hgGGYEDmYTDiN_auLloBD5tEh-rjR-33nM-CKbX5IcpcJgBT7P6YMsuFzmee40PZg8Kv7l_WmWZ5y749dh13PGI1lrp/s320/Dubai.jpg" border="0" /></a><br /><div align="justify">DUBAI (AP) – Dubai's leader tried to calm panicky investors yesterday as regional markets tumbled for a second day on news that the city-state's chief conglomerate needs to delay payments on its $60 billion debt for six months.</div><div align="justify"><br />Government-owned investment company Dubai World — the United Arab Emirates' main engine of growth — gave anxious investors the first bit of clarity they were hoping for on how it might meet its debt obligations. It said it had begun discussions with creditors on $26 billion of its debt that would include restructuring about $6 billion.</div><br /><div align="justify">The conglomerate is involved in international projects from Gulf banks and ports in 50 countries to luxury retailer Barney's New York and a grandiose six-tower hotel-entertainment complex in Las Vegas. Its potential for a debt default sent jitters through world markets on concerns of new setbacks for Dubai World's large international bank creditors just as they are recovering from the global financial crisis.</div><br /><div align="justify">Dubai is one of seven highly autonomous statelets that make up the United Arab Emirates and the crisis has sent the UAE's two biggest markets into a tailspin. The Dubai Financial Market sank another 5.61 percent on yesterday after plunging 7.3 percent on Monday and Abu Dhabi's bourse closed down 3.57 percent following an 8 percent slide a day earlier.</div><div align="justify"><br />Dubai's ruler, Sheik <a oncontextmenu="return false;" id="KonaLink2" style="TEXT-DECORATION: underline! important" href="http://www.philstar.com/Article.aspx?articleId=528735&publicationSubCategoryId=200" target="_top">Mohammed</a> bin Rashid Al Maktoum, tried to reassure investors in his first public statement about Dubai World's debt crisis.</div><br /><div align="justify">"Our economy is strong and solid and consistent," he told Al-Arabiya satellite television, adding markets were overreacting because of "a lack of understanding about what is happening in Dubai." He did not elaborate.</div><div align="justify"><br />UAE President Sheik Khalifa bin Zayed Al Nahyan also maintained his country's economy was healthy.</div><div align="justify"><br />However, analysts say Dubai World's debt crisis is a symptom of a broader malaise in the city-state. Dubai has no oil resources. But for the past decade, it has been the freewheeling boomtown, racking up debt as it built extravagant artificial residential islands, malls complete with indoor ski slopes and the world's tallest tower.</div><div align="justify"><br />The troubles raised concerns in international markets that the large international banks that extended credit to the conglomerate could now face a new setback if it defaults just as those big banks are starting to emerge from the global financial crisis. The big fear is that Dubai's problems could be indicative that the global recovery is not on as solid a footing as many had hoped and there could be other toxic debt problems still to come in developing countries.</div><div align="justify"><br />World stock markets rose sharply yesterday on the announcement that Dubai World was in talks to restructure a large chunk of its business. Investors were eagerly awaiting clarity on how it would deal with its debts, specifically reassurances that the company was sitting down with creditors to refinance its debt.</div><div align="justify"><br />Saurabh Dhall, an independent broker in Dubai, said there is a lot of uncertainty about how the debt crisis will play out. He said it was raising credibility concerns both about Dubai's ability to stand behind its debt obligations and the possibility, however, remote, that the crisis could impact broader government debt in the UAE.</div><div align="justify"><br />"The major concern is not so much the dollar amount ... of the payments, it's the concern about how this will affect credibility," he said.</div><div align="justify"><br />Investors were not reassured on Monday when Dubai officials indicated they had washed their hands of Dubai World's debts, arguing that it was an independent company that happened to be owned by the emirate.</div><div align="justify"><br />The news rattled investors and raised more questions about whether neighboring Abu Dhabi, the oil-rich seat of the UAE's federal government, would step in with a bailout of sort and what such a step would mean for Dubai.</div><div align="justify"><br />Dubai World said yesterday in a statement the restructuring would include about $6 billion in Islamic bonds issued by its real estate arm, Nakheel PJSC, the company behind Dubai's iconic, palm-shaped artificial islands. About $3.5 billion of the bonds come due on Dec. 14, and Nakheel was viewed as the litmus test for how Dubai World will deal with its debt woes.</div><div align="justify"><br />It did not deal with the broader issue of how it would meet its entire crushing debt burden.</div><div align="justify"><br />Dubai World's statement yesterday said the restructuring would include Dubai World and certain subsidiaries, including Nakheel World and Limitless World. Excluded from the talks are debts from Infinity World Holding, Istithmar World and Ports & Free Zone World, which includes ports and terminal operator DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone.</div><div align="justify"><br />The conglomerate said all those subsidiaries are on "stable financial footing," and in a statement posted on the Nasdaq Dubai Web site, Jebel Ali Free Zone said it paid a roughly $2 billion Islamic bond, or sukuk, on time yesterday.<br /></div><div align="justify"><br />Other UAE markets also felt the weight of Dubai's problems. Qatar's bourse fell 8.27 percent while Kuwait's was off 2.71 percent on yesterday.</div><div align="justify"><br />Markets in the Emirates will be closed Wednesday and Thursday for a national holiday and will reopen Sunday after the weekend.</div><div align="justify"> </div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com1tag:blogger.com,1999:blog-5254934018952203952.post-4890201407554996962009-11-15T16:33:00.004+08:002009-11-15T16:42:55.953+08:00Financial Week in Review: Nov. 9-13, 2009<div align="justify"><strong>Monday</strong></div><br /><div align="justify">Kraft (<a href="http://quote.foxbusiness.com/symbol/KFT/snapshot">KFT</a>) officially went hostile. The food conglomerate put out a hostile bid of $16.3 billion for Cadbury (<a href="http://quote.foxbusiness.com/symbol/CBY/snapshot">CBY</a>) on Monday. Cadbury rejected the offer as “derisory,” however. The company said the new proposal is “of less value and lower than the current Cadbury share price.”<br /></div><br /><div align="justify">Plummeting Dollar Dept.: The value of the U.S. dollar fell to a 15-month low, propelling the Dow Jones Industrial Average to a new 2009 high of 10227. The average rose 204 points. And following in its footsteps, crude oil hit $80 a barrel and gold rose to an all-time high, above $1100 an ounce.<br /><br /></div><div align="justify"><strong>Tuesday</strong></div><br /><div align="justify">AIG (<a href="http://quote.foxbusiness.com/symbol/AIG/snapshot">AIG</a>), making progress in its plan to restructure, will likely be able to repay its government aid, according to Moody’s. AIG recently posted a quarterly profit for the second time in a row; however, its business is still weak. The results do show stabilization, though, according to Moody’s, making it likely that taxpayers will see their investment in the company returned.</div><br /><div align="justify">Meanwhile, two Bear Stearns hedge fund managers were acquitted by a jury Tuesday. The two senior executives, Ralph Cioffi and Matthew Tannin, were charged with lying to investors during the subprime mortgage crisis. The alleged fraud, according to prosecutors, cost investors roughly $1.6 billion and almost destroyed the investment bank itself, before JPMorgan Chase (<a href="http://quote.foxbusiness.com/symbol/JPM/snapshot">JPM</a>) bought it.</div><br /><div align="justify"><strong>Wednesday</strong></div><br /><div align="justify">The Wall Street Journal reported that AIG CEO Robert Benmosche was considering leaving the company, just three months after taking the position, frustrated by the pay regulations being imposed on the insurer (as well as several other government aid-receiving institutions). Benmosche later in the day wrote a memo to his employees, reassuring them he is “committed” to the company.</div><br /><div align="justify">Meanwhile, Hewlett-Packard (<a href="http://quote.foxbusiness.com/symbol/HPQ/snapshot">HPQ</a>) said it plans to buy 3Com, a computer networking company, Wednesday. In a $2.7 billion deal that’s been approved by both companies’ boards, HP will pay $7.90 a share.</div><br /><div align="justify">And the Dow hit another recent high Wednesday afternoon, rising 44 points to close at 10291, the highest level it’s been at in 13 months.</div><br /><div align="justify"><strong>Thursday</strong></div><br /><div align="justify">Intel (<a href="http://quote.foxbusiness.com/symbol/INTC/snapshot">INTC</a>) and Advanced Micro Devices (<a href="http://quote.foxbusiness.com/symbol/AMD/snapshot">AMD</a>) hugged it out Thursday, ending their antitrust and patent disputes in a settlement from Intel. Intel will pay $1.25 billion to AMD, and AMD agreed to drop all outstanding litigation against Intel. However, this didn’t prevent New York Attorney General Andrew Cuomo from dropping his antitrust suit against Intel. He said his suit is on behalf of New Yorkers who he said have been hurt because of Intel’s alleged monopolistic abuses.</div><br /><div align="justify">Credit Troubles Dept.: The Federal Housing Administration said its capital reserves have tanked, falling below the 2% requirement mandated by Congress to just 0.53%. Heavy loan losses have hurt the agency, but it said “under most economic scenarios” it would be able to maintain reserves “above zero.” Many worry that the administration could be next in line to receive a government bailout.</div><br /><div align="justify"><strong>Friday</strong></div><br /><div align="justify">Friday began with a disappointing report on consumer sentiment from teh University of Michigan. The index fell to 66.0, its weakest level in over three months, amid pessimism for job opportunities. The reading was well below the 71.0 economists were expecting.<br /><br />Two former employees of Bernie Madoff were arrested Friday on charges of falsifying records. Computer programmers Jerome O’Hara and George Perez allegedly created programs and altered account records in order to hide Madoff’s scheme. They both face a maximum of 30 years in prison and fines of over $5 million, if found guilty.</div><br /><div align="justify"><em><span style="font-size:78%;">Copyright 2009 by FoxBusiness.com</span></em></div><div align="justify"></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-77401492434699495752009-11-10T20:03:00.006+08:002009-11-10T20:53:02.990+08:00Tech gizmo gifts for $299 or less<p class="MsoNormal" style="TEXT-ALIGN: justify"><b><span style="font-family:Verdana;">Consumers looking to buy electronics for holiday gifts won't have to break the bank this season.<?xml:namespace prefix = o /><o:p></o:p></span></b></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;"><o:p></o:p></span></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;"><o:p></o:p></span></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><b><span style="font-family:Verdana;">Droid: $199, with 2-year contract<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8xVh98zhJ6p3L5N3VV-oWRvfUchS2MxcuOSwWa_gHCXnUjmhb2fjMgf1QoISQlvnvNkJGEDIirLf2MiYR9WDqIQX6QVMF2FHQGKEC7FMcFQrF7_QX29keJP5pLArilsWefdMDMBFlx_ew/s1600-h/motorola-droid-site3.jpg"><img id="BLOGGER_PHOTO_ID_5402453507810268242" style="FLOAT: right; MARGIN: 0pt 0pt 10px 10px; WIDTH: 320px; CURSOR: pointer; HEIGHT: 298px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8xVh98zhJ6p3L5N3VV-oWRvfUchS2MxcuOSwWa_gHCXnUjmhb2fjMgf1QoISQlvnvNkJGEDIirLf2MiYR9WDqIQX6QVMF2FHQGKEC7FMcFQrF7_QX29keJP5pLArilsWefdMDMBFlx_ew/s320/motorola-droid-site3.jpg" border="0" /></a><o:p></o:p></span></b></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;"><o:p></o:p></span></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;"><span style="font-family:Verdana;">The Droid's "iDon't / Droid does" marketing campaign has raised quite a few eyebrows because of its seemingly preposterous suggestion that Verizon's new Motorola smartphone can hold its own against Apple's iconic iconic iPhone.<br /><br />But the initial reviews are in, and they've been largely positive -- some testers have even said they were pleasantly surprised with the Droid's functionality. It's the first phone to use Google's new open-source Android 2 operating system; it has 10,000 apps and a pull-out physical keyboard.<br /><br />Though no one expects the Droid to overtake the iPhone in sales or market share, the Droid could serve as a nice alternative to those who prefer Verizon's much stronger 3G network to the iPhone's shaky 3G network offered exclusively by AT&T.<br /><br />Still, the Droid isn't for everyone. Despite a healthy collection of apps, the iPhone blows the Droid away with 100,000 applications. And the second generation iPhone 3G can be had for $99 for those looking for a less expensive smartphone.<br /><br /><br /><strong>HP Mini 110 series: $299</strong><br /><br />Laptops are sooo 2007. Their cheaper, smaller, lighter cousins -- netbooks -- are getting better, faster and more practical.<br /><br />According to James Brehm, consumer electronics analyst with Frost & Sullivan, consumers bought about 500,000 netbooks in 2007, 12 million in 2008 and will likely buy 30 million in 2009.<br /><br />Most netbooks are still priced at around $350 or more, but some are creeping down below $300 for the holiday season.<br /><br />One powerful option in the sub-$300 range is the HP mini 110 series, which sports a 160 GB hard drive, 1 GB of memory, Intel Atom processor, built-in Web cam and microphone. Not bad for a 2.3 lb. computer.<br /><br />But, as with all netbooks, there are a few drawbacks. The HP mini is definitely not a primary PC, and there's no optical drive, which means you can't use it to watch DVDs. And if you're looking for a netbook that can run Windows 7 Starter Edition, look elsewhere -- the HP Mini 110 series is stuck on Windows XP.<br /><br /><br /><strong>PlayStation 3 120GB: $299</strong><br /><br />The PlayStation 3 isn't the cheapest video game system out there, but its recent $100price cut made it the fastest-selling one.<br /><br />Sony's third generation PlayStation has had a lot of things going for it since its late-2006 release: in addition to its high-definition graphics, and fantastic game selection, it also sports a Blu-ray disc player.<br /><br />But the initial $599 price tag ($499 for the smaller version) was steep, even for the most passionate gamers. As a result, the Nintendo Wii and Microsoft XBox 360 left PS3 sales in the dust.<br /><br />Now, a PS3 can be had for under $300. That's not bad for just a Blu-ray player, never mind a video game system.<br /><br />If you're looking for something less expensive, the Wii and Xbox 360 Arcade Console are now both available for $199, after both recently sported price cuts.<br /><br /><br /><strong>Flip Ultra: $149</strong><br /><br />Video cameras have seemingly been added to every handheld device recently, but few cell phone cameras have the clarity and ease of use of a Flip video camera.<br /><br />The cool new Flip cameras sport just a few buttons, enabling users to simply point, shoot, and start recording hours of video. Want that video in high definition? $50 more will get you a Flip Ultra HD.<br /><br />When you're done, you can flip the USB connector, plug the camera into your computer, and load your videos onto your computer in minutes. As a result, consumer electronics analysts say the Flip will likely drive the nail into the coffin in what was once a popular camcorder market.<br /><br />But the Flip hasn't yet won the battle for home movie making. With phone camera resolution steadily improving, multi-use devices like iPods now sporting video cameras, and smartphones gaining the ability to edit videos, it is still left to be seen whether consumers will continue to shell out funds for a separate device.<br />___________</span></p></span><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;font-size:100%;"><span style="font-size:78%;">Source: CNNMoney.com</span><br /></span></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;font-size:100%;"><br /></span></p><p class="MsoNormal" style="TEXT-ALIGN: justify"><span style="font-family:Verdana;font-size:100%;"><br /></span></p>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-67565482212500906762009-11-08T20:45:00.006+08:002009-11-08T21:05:58.675+08:00Cybercrime: A secret underground economy<div align="justify"><strong>Cybercriminals are making a killing off of stolen identities, creating their own market for buying and selling credit card and bank account information on the cheap.<br /></strong><br />NEW YORK (CNNMoney.com) -- If the word 'cybercrime' conjures up images of computer geeks trying to crash computers from their mothers' basements, think again.</div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioKy7hd6lWPlu-RVNyfeWYYfAKXK_9o3oKWQoBWQvbbblP0LsUs4uD9DpUUNxgVb30LPQH3kTlrjhdEjttLesrptfRCij74OBqrnBsj3s6lLtAg1yQtVtroTZcbBJHq8YyoY7vyh9gJVTc/s1600-h/cybercrime.jpg"><img id="BLOGGER_PHOTO_ID_5401717373554789474" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 320px; CURSOR: hand; HEIGHT: 202px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioKy7hd6lWPlu-RVNyfeWYYfAKXK_9o3oKWQoBWQvbbblP0LsUs4uD9DpUUNxgVb30LPQH3kTlrjhdEjttLesrptfRCij74OBqrnBsj3s6lLtAg1yQtVtroTZcbBJHq8YyoY7vyh9gJVTc/s320/cybercrime.jpg" border="0" /></a><br /><div align="justify">Cybercrime has become a rapidly growing underground business built by savvy criminals, who buy and sell valuable stolen financial information from millions of unsuspecting Internet users every year in an on online black market.</div><div align="justify"><br />"Most cybercriminals are very, very interested in financial gain by compromising customer accounts," said FBI special agent Austin Berglas, who supervises the Bureau's New York Internet crimes squad. "Believe it or not, there are people who fall victim to their scams, and we see it every day."<br /></div><div align="justify">Because cybercriminals are so skilled at hacking into thousands of computers every day, the crime is potentially a billion-dollar business. If every stolen credit card and bank account had been wiped clean last year, that would have netted cybercriminals some $8 billion, according to data from Symantec, maker of the Norton antivirus software.</div><br /><div align="justify">As a result of the lucrative payout, more and more online criminals are entering the game. In fact, the number of new Internet security threats rose nearly three-fold last year to 1.7 million.<br /><br />Those cyber attacks mostly come from malware, or malicious software, that hands control of your computer, and anything on it or entered into it, over to the bad guys without you even knowing it. The most common forms of malware include keystroke logging, spyware, viruses, worms and Trojan horses.</div><br /><div align="justify"><strong>How the deed is done.</strong> Once your information has been stolen, cybercriminals go onto an invitation-only Internet Relay Chat (like a chat group) to do commerce with other online criminals. Cybercriminals will often set up a hacker channel for a matter of days, do business, and then take it down to avoid detection. When active, hacker IRCs can get upwards of 90,000 cybercriminals talking to one another at a given time, according to Dave Cole, senior director of product management at Symantec.</div><br /><div align="justify">Online criminals use the IRCs to sell or trade your credit card or bank account information. Credit cards are some of the cheapest commodities sold on the Internet Black Market, averaging about 98 cents each when sold in bulk. A full identity goes for just $10.</div><br /><div align="justify">Credit cards and bank account information made up 51% of the goods advertised on the underground economy last year, up from 38% in 2007. Credit cards are most popular because they're the cheapest stolen commodity. Cards with expiration dates, CVV2 numbers and names go for more than ones with numbers only, but there is no honor in the underground online crime world -- oftentimes hackers will sell the same credit card information to multiple users, and many have already been canceled.</div><br /><div align="justify">As a result, buyers and sellers on IRC channels will often give the information to a trusted third party for a fee. The third party will test the card information, often by charging a very nominal amount or by posing as a charity, and then verify the goods to the buyer.<br /><br />After the information is purchased by a secondary criminal, that person can use a machine to print out a fake credit card with your information. But many use yet another tertiary person to wire stolen money into an overseas bank account.</div><br /><div align="justify">That third person in the chain is usually called a "mule," who often doesn't even know he or she is part of an underground organized crime scheme. Many mules respond to the "make money from home" schemes, where stolen money is sent to their accounts, and they subsequently wire that money to an overseas account for a 10% to 15% fee.</div><br /><div align="justify">Other mules are given phony ATM cards and are asked to retrieve cash for a small fee. But there is substantial risk involved -- law enforcement usually comes knocking on mules' doors first.</div><br /><div align="justify"><strong>To catch a thief.</strong> The FBI is working undercover in many of these IRC channels in an effort to thwart the cybercriminals. And in many cases, captured criminals agree to work for the government in exchange for reduced sentences.</div><br /><div align="justify">"After we make an arrest for someone cashing out at ATM machines, I'll tell them they can go to jail for 10 years or they can come work for Team America," said Berglas.</div><br /><div align="justify">The strategy doesn't always work. <a href="http://money.cnn.com/2009/08/28/technology/hacker_mastermind_guilty.reut/index.htm?postversion=2009082815" _extended="true">Albert Gonzalez</a>, the infamous TJ Maxx (<a href="http://money.cnn.com/quote/quote.html?symb=TJX&source=story_quote_link" _extended="true">TJX</a>, <a href="http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/2271.html?source=story_f500_link" _extended="true">Fortune 500</a>) thief who stole 45 million credit card numbers and private information of 450,000 customers in 2007, was an FBI informant. He helped bring down a massive credit card theft scheme, but double-crossed the FBI, using insider information to help fellow criminals evade detection and carry out the TJ Maxx theft.</div><br /><div align="justify">Security software also helps, but it far from solves the problem. To avoid detection, many cybercriminals will send out just a handful of viruses before modifying the code and sending it out again.</div><br /><div align="justify">"The truth is that 'fingerprint' security technology is no longer effective," said Rowan Trollope, senior vice president of product development at Symantec. "The bad guys that got involved are organized professionals, and they figured out how to get around our technology."</div><br /><div align="justify">Though Trollope said the new version of Norton's antivirus software helps address the problem by <a href="http://brainstormtech.blogs.fortune.cnn.com/2009/09/14/to-catch-a-cyberthief-how-symantec-does-it/" _extended="true">scanning for files' reputations</a>, he said that Internet consumers also need know how how to keep their identities safe online.<br /></div><br /><div align="justify">"We do products really well, but the next step is education," said Trollope. "We can't keep the Internet safe with antivirus software alone."</div><div align="justify"></div><div align="justify"></div><div align="justify">______________________</div><div align="justify"><span style="font-size:78%;">Resource:</span></div><div align="justify"><a href="mailto:david.goldman@turner.com" _extended="true"><span style="font-size:78%;">David Goldman</span></a><span style="font-size:78%;">, CNNMoney.com staff writer</span> </div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-63362470342381333192009-11-03T18:46:00.003+08:002009-11-03T18:59:06.114+08:00Excellent Job Prospects, No Qualified Candidates<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDSZJhskKmOrWwMOQBFADmpy2O-qcXvJD39CfSppsBCM_wYc4Tp5uEOFyHPREGMAtCVXoHFLtJFTkXXNQa-l81p5LkpFqMNe7s89JH3Raiw8EOi4Exq6sRxYj4addcxazoZ_VJGQri4dx4/s1600-h/employment.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 214px; height: 320px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDSZJhskKmOrWwMOQBFADmpy2O-qcXvJD39CfSppsBCM_wYc4Tp5uEOFyHPREGMAtCVXoHFLtJFTkXXNQa-l81p5LkpFqMNe7s89JH3Raiw8EOi4Exq6sRxYj4addcxazoZ_VJGQri4dx4/s320/employment.jpg" alt="" id="BLOGGER_PHOTO_ID_5399830093447702338" border="0" /></a><br /><p style="text-align: justify; font-family: verdana;"><st1:state st="on"><st1:place st="on">NEW YORK</st1:place></st1:state> (CNNMoney.com) -- Despite millions of unemployed job seekers desperate for work, many open positions are languishing unfilled. The reason? Not enough candidates.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">With job openings largely concentrated in specialized industries like healthcare, <a href="http://money.cnn.com/2009/10/26/news/economy/green.jobs.fortune/index.htm?postversion=2009102605">green technology</a> and energy, some employers say the problem is finding <i>qualified</i> workers, which are in short supply. Meanwhile, they are inundated with eager candidates from other industries who lack the skills and experience that the job requires.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">According to a recent survey by Human Capital Institute and TheLadders, more than half of employers said "quality of candidates" or "availability of candidates" are their greatest challenges -- despite the recession.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Mary Willoughby, the director of human resources at the Center for Disability Rights in <st1:place st="on"><st1:city st="on">Rochester</st1:city>, <st1:state st="on">New York</st1:state></st1:place>, has been trying to hire registered nurses, home health aides and service coordinators for several of the agencies that she oversees.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Many of the positions, which require specific skills and offer salaries in the range of $30,000 to $45,000, have been vacant for six months or longer.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">The job postings, which appear on CareerBuilder, Craigslist and some regional sites, garner a lot of attention, she says. "We get tons of résumés from people. We are just not getting highly qualified candidates."<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">The problem, according to <st1:city st="on"><st1:place st="on">Willoughby</st1:place></st1:city>, is that they are bombarded by résumés from job seekers without the two years or more of healthcare experience necessary. "We're seeing a lot of people trying to break into the healthcare arena," she said.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">As a result, human resources spends too much time sifting through résumés for people who aren't remotely qualified, and can't find many that are. "We've gotten close to 300 résumés for a service coordinator position. Out of that we brought in four people," she said. <o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Those that didn't make the cut included someone with previous experience as an office clerk and a job applicant with a bachelor's in mathematics, currently employed at a café.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;"><st1:city st="on"><st1:place st="on">Willoughby</st1:place></st1:city> recently instituted a hiring incentive program to encourage existing employees to refer viable candidates. Those responsible for bringing in new hires are eligible to receive $2,500 to $5,000, depending on the position. She has also added in a signing bonus for the new employees.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Things are even worse on the higher end of the pay scale. At wireless leasing firm, Unison Site, a position for director of lead generation, which pays $90,000-$140,000, has been open for three months, with no candidates in sight.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">"With the job market the way it is, we should be able to recruit really good people and it hasn't worked quite as well as we wanted," said Joe Songer, co-founder and chief financial officer. "My problem is when I put an ad out I just get bombarded with people that aren't qualified."<o:p></o:p></p> <!-- REAP --><!--startclickprintexclude--> <p class="MsoNormal" style="text-align: justify; font-family: verdana;"><a href="http://money.cnn.com/galleries/2009/fortune/0910/gallery.hiring_40_under_40.fortune/">They're hiring!</a><o:p></o:p></p> <!--endclickprintexclude--><!-- /REAP --> <p style="text-align: justify; font-family: verdana;">Typically, the jobs that are the hardest to fill are those that require unique or extensive work experience, according to management professor Peter Cappelli of the <st1:place st="on"><st1:placetype st="on">University</st1:placetype> of <st1:placename st="on">Pennsylvania</st1:placename></st1:place>'s Wharton School of Business.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">For job seekers, applying to those types of positions may be worth the off chance that one responds with a request for an interview. "They think, I've got nothing to lose," Cappelli said. <o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Recruiters recommend that job seekers create a targeted list of companies with a clear match to their background and tailor their experience to the job they are applying for, rather than blanketing all available job openings with the same résumé. <o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">"Eighty percent of jobs are being obtained on personal referrals so candidates that are spending the bulk of their time sending their resume out blindly are not being the most fruitful," said Carolyn Thompson, president of CMCS, a boutique staffing firm near <st1:place st="on"><st1:city st="on">Washington</st1:city>, <st1:state st="on">D.C.</st1:state></st1:place><o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Thompson advises job seekers to network within those target companies, whether in person or through social networking sites.<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">Without a contact at the company, résumés should highlight and emphasize any relevant experience specific to the job opening, added Jennifer Becker, market director for Ajilon Professional Staffing. "You really want your résumé to very quickly and easily reflect your relevant skills and the value you can bring to the position."<o:p></o:p></p> <p style="text-align: justify; font-family: verdana;">"If the client has to look for it, you are probably going to get passed over."<o:p></o:p></p> <p class="MsoNormal" style="text-align: justify; font-family: verdana;"><o:p> </o:p></p> <input id="gwProxy" type="hidden"><!--Session data--><input onclick="jsCall();" id="jsProxy" type="hidden"><div style="font-family: verdana;" id="refHTML"></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-21296994164771000202009-11-02T19:16:00.004+08:002009-11-02T20:19:42.392+08:00Asian stock markets skid amidst US economy recovery<div style="text-align: justify;">TOKYO (AP) — Asian stock markets fell Monday after grim news about American consumers sewed more doubts about the strength of the U.S. economic recovery and sent Wall Street tumbling last week.<br /><br />Exacerbating investor worries was U.S. lender CIT Group's bankruptcy filing Sunday, which dragged financials sharply lower across the region.<br /><br />Japan's key Nikkei 225 stock average led Asian declines, down 2.2 percent at 9,820.92 . Hong Kong's Hang Seng index lost 1.7 percent at 21,378.17, while Australia's S&P/ASX200 was down 2.2 percent.<br /><br />Benchmarks in South Korea, New Zealand, Taiwan and Singapore also fell, though the region recovered some early losses on strength in mainland China. The Shanghai Composite index was the only major market in positive territory, up 1.5 percent at 3,040.95.<br /><br />On Friday, U.S. markets sold off after government figures for September showed personal spending fell 0.5 percent and personal income remained flat compared to the previous month. A drop in a key measure of consumer sentiment added to the day's troubling signs that U.S. consumers, whose voracious spending helped drive global growth before the crisis, were unlikely to resume their spendthrift ways anytime soon.<br /><br />More bad news followed Sunday with CIT filing for Chapter 11 protection after struggling for months to avert bankruptcy. It was one of the biggest filings in U.S. corporate history, following Lehman Brothers, Washington Mutual, WorldCom and General Motors.<br /><br />The latest U.S. developments only add to the market's confusion over where exactly the world's biggest economy is headed, analysts said.<br /><br />"People have been skeptical all along (of the U.S. economy)," said Francis Lun, general manager for Fullbright Securities in Hong Kong.<br /><br />"That's why you have these wild gyrations all over, because you have good figures one day and then bad ones the next day."<br />Financials retreated in the wake of CIT's bankruptcy.<br /><br />Mitsubishi UFJ Financial Group Inc., Japan's biggest bank, lost 1 percent, while brokerage Nomura Holdings Inc. fell 2.9 percent. In Sydney, National Australia Bank Ltd. slid 3.3 percent, while HSBC Holdings was down 1.5 percent in Hong Kong.<br /><br />Concerns about the U.S. outlook and the strong yen hit Japanese exporters, including Sony Corp. The issue plunged 5.6 percent, despite the company reporting a smaller-than-expected 26.3 billion yen ($289 million) quarterly loss on Friday.<br /><br />The Dow fell 249.85, or 2.5 percent, to 9,712.73 on Friday. It ended October with a meager gain of 0.005 percent.<br /><br />The broader Standard & Poor's 500 index fell 29.92, or 2.8 percent, to 1,036.19, and the Nasdaq composite index dropped 52.44, or 2.5 percent, to 2,045.11.<br /><br />U.S. markets were headed for a higher open. Dow futures rose 42 points, or 0.43 percent, to 9,706, while S&P futures climbed 5.50, or 0.5 percent, to 1,038.50.<br /><br />Oil prices were higher after a big fall, with benchmark crude for December delivery up 51 cents to $77.51 a barrel. The contract dropped $2.87 to settle at $77.00 on Friday.<br /><br />The dollar was trading higher at 89.97 yen from 89.67 yen late Friday. The euro edged up to $1.4763 from $1.4714.<br /></div><input id="gwProxy" type="hidden"><!--Session data--><input onclick="jsCall();" id="jsProxy" type="hidden"><div id="refHTML"></div><input id="gwProxy" type="hidden"><!--Session data--><input onclick="jsCall();" id="jsProxy" type="hidden"><div id="refHTML"></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-17204345854430851502009-11-02T19:11:00.001+08:002009-11-02T19:13:18.183+08:00Microsoft CEO: IT spending won't fully recover<p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">SEOUL (AP) — Microsoft CEO Steve Ballmer said today (Nov. 2) corporate spending on information technology will not recover to levels seen in recent years before the global economic slowdown. <o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">"The economy went through a set of changes on a global basis over the course of the last year which are, I think is fair to say, once in a lifetime," Ballmer told a meeting of South Korean executives in <st1:city st="on"><st1:place st="on">Seoul</st1:place></st1:city>.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">Spending on information technology, which accounted for about half of capital expenditures in developed countries before the crisis, was unlikely to rebound fully because capital was more scarce these days, he said.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">"While we will see growth, we will not see recovery," Ballmer said.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">Ballmer was in <st1:city st="on"><st1:place st="on">Seoul</st1:place></st1:city> to meet corporate and government officials and tout the Redmond, Washington-based company's new Windows 7 operating system. The latest edition of Windows, the software that runs personal computers, was released last month.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">He said company purchases of PCs and servers were down about 15 percent globally.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">"It reflects the fact that CEOs have much more tightly constrained IT budgets," he said.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">Separately, South Korean technology giant Samsung Electronics Co. said it will work with Microsoft to find ways to make computers more energy efficient.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;">The announcement followed a meeting between Ballmer and Samsung CEO Lee Yon-woo. The company also said it will upgrade its corporate PCs worldwide with Microsoft's new operating system next year.<o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Tahoma;"><o:p> </o:p></span></p> <input id="gwProxy" type="hidden"><!--Session data--><input onclick="jsCall();" id="jsProxy" type="hidden"><div id="refHTML"></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-29338096552319883922009-10-30T21:26:00.003+08:002009-10-30T21:36:26.197+08:00Crude Oil Lower as Dollar Appreciates<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1DYeZ8yCiIA_JvSUZ532u0jrRk-SKF7uN3TGVCN5BMEVg_b4a2ImQFZK5UEoZEbceTehCnxbkeGsMRf-NRU1qgO_2oCL8mdI0RrmWdtwYR5AWt2X2yJgevPTxpr2h1oQWX0k4Eop3VKwC/s1600-h/oil_rig.jpg"><img id="BLOGGER_PHOTO_ID_5398385723663524738" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 253px; CURSOR: hand; HEIGHT: 320px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1DYeZ8yCiIA_JvSUZ532u0jrRk-SKF7uN3TGVCN5BMEVg_b4a2ImQFZK5UEoZEbceTehCnxbkeGsMRf-NRU1qgO_2oCL8mdI0RrmWdtwYR5AWt2X2yJgevPTxpr2h1oQWX0k4Eop3VKwC/s320/oil_rig.jpg" border="0" /></a> <div align="justify">The dollar appreciated as the price of crude oil in the market has slowed downward on Monday. Benchmark crude for December delivery settled at $78.68 a barrel, a decreased of $1.82 from its previous, on the New York Mercantile Exchange. The US dollar has lost ground and appreciation which made commodities stable at higher ranges. The euro has registered a 14-month high of $1.5061 in overnight trading at New York on Monday afternoon after getting back at $1.4859. The euro was still at $1.5002 late Friday in New York.<br /><br />In the mean time, regular gasoline has raised its average price for a gallon to $2.671 based on data provided by Wright Express, auto club AAA, and Oil Price Information Service.<br /><br />Records show that gasoline price has increased by 20 cents a gallon for the past two weeks. This might give additional burden for consumer on their already depleted spending. This increase in oil price will greatly affect retail spending during the holidays as spending will be more on oil spending. It might be a bleak Christmas for everyone as the US is still recovering from economic recession.<br /><br />According to Nymex trading, November delivery for gasoline has lost a penny for $2.0338 a gallon. Heating oil has registered a decline of 4.21 cents for $2.0335 a gallon. The natural gas for November delivery has gone done by 27.4 cents to remain at $4.516 per 1,000 cubic feet. </div><div align="justify"></div><br /><div align="justify">Brent crude oil, according to London-based ICE Futures exchange, slid down by $1.66 to stabilize at $77.26 per barrel.</div><br /><div align="justify"></div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0tag:blogger.com,1999:blog-5254934018952203952.post-73441782191502594872009-10-16T23:14:00.001+08:002009-10-16T23:18:41.203+08:00Money-saving tips for the Christmas season<div align="justify"> Christmas is in the air! Shopping malls are brightly decorated for the holiday season. Friends and loved ones keep on reminding about our holiday presents for them. However, the economy this year makes life harder for us. The big question is: Can we have the same holiday spending just like last year? It will depend on our ability to budget our money for this coming holiday. I am sharing you my best money-saving tips for the Christmas season.<br /><br /><strong>1. Project and allocate a portion of your salary.</strong><br /><br /> One of the most important considerations for spending is the status of our financial resources. You should make a projection on how much money you will earn until December. Out of this, you can allot a certain percentage of your earnings only intended for the Christmas holidays. Holiday spending includes gifts and presents for everyone, food and beverage preparation for Christmas parties, out-of–town trips or abroad, house decorations for Christmas, etc. However, we must always give primary emphasis on to pay on household spending like utilities, transportation expenses, food allotment, and other household needs before allotting finances for Christmas. After we have determined our allocated finances for the holidays, then a budget must be made.<br /><br /><strong>2. Budget only for the most important expenditures on Christmas.<br /></strong><br /> You should realize that you had set aside a certain portion of your salary for Christmas. Your budget must fit in only to buy necessary things for Christmas. In excess of the budget will break up your finances. You might end up happy for the holidays but financially empty-handed until the next payday. Spend only for what you had budgeted.<br /><br /><strong>3. Do your shopping on pre-Christmas season.<br /></strong><br /> Do your shopping right now to avoid shopping inconveniences and high costs of goods during the holidays. Prices will tend to rise during the holidays because of high demands for gift items during the season. During the holiday, high costs of goods do not matter with shoppers. They will just buy whatever they like to buy. Shopping months ahead will give you the most favorable time for sales and seasonal pricing trends. The savings you will make for early shopping will cut short your budget allocation and make use it to other expenses. Long queues of holiday shoppers can be avoided by buying all your needed stuffs earlier. Do not beat the shopping spree during the holidays but do it earlier than the holidays.<br /><br /><strong>4. Buy things with “simple, cheaper, and sentimental value” than expensive ones.<br /></strong><br /> The essence of gift giving is not based on the monetary value of your gift but on its sentimental value. Expensive gifts have the same value as cheaper ones with the same sentimental value. The gesture of giving Christmas presents will bring happiness to our loved one and friends irregardless of the monetary costs of the gifts. Choose gifts that are simple but valuable to our recipients.<br /><br /><strong>5. Organize a rummage sale for your unused items.<br /></strong><br /> A rummage sale will give you extra cash out of your unused items in the house. Old clothes, electronic appliances, books, fashion accessories, shoes, and other stuffs can be sold to earn revenue for the holidays. Other people make use of our idle stuffs to save from buying brand new things. Disposal of these stuffs will also help us clean our homes of cluttered and idle items. There is money to idle and unused personal possessions.<br /><br /> Watch out for more money-saving tips for our Christmas season. </div>Bluechipkidhttp://www.blogger.com/profile/12130820490147498041noreply@blogger.com0