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19 Sep 2011 16:58

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Biz, U.S.: Obama administration endorses cutting Saturday postal service

  • Say goodbye to Saturday mail? That’s the Obama administration’s plan, at least. Issued alongside their much more ballyhooed one on debt reduction, the White House has endorsed ending Saturday mail delivery nationwide. The U.S. Postal Service is in quite dire financial straits, owing to a more digital age of communication as well as issues with financial management. The Democratic position is to try to minimize layoffs, while Rep. Darrel Issa’s plan would allow the USPS to break contracts and cut jobs, but on one thing both sides agree — no more mail on Saturdays. Shares of eBay dropped nearly 6% on the news, as it could make life tougher on their smaller, independent sellers. source
Posted by Chris Tognotti • 0 Comments • Permalink

18 Sep 2011 10:51

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Biz: UBS: Losses from rogue trader much higher than originally reported

  • $2.3 billion estimated trading loss, up by $300 million source
  • » And the CEO won’t resign: Despite the black mark on his company’s record, Oswald Gruebel says he won’t resign due to the actions of rogue trader Kweku Adoboli. “I’m responsible for everything that happens at the bank,” Gruebel said. “if you ask me whether I feel guilty, then I would say no.” So how did Adoboli manage to hide his unauthorized trades? Well, before he became a trader, he worked in the back office, giving him knowledge of both sides of the coin. Authorities charged Adoboli in a London court on Friday.
Posted by Ernie Smith • 0 Comments • Permalink

15 Sep 2011 20:35

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Biz: Rogue UBS investor showed signs of nervousness prior to arrest

  • last week UBS trader Kweku Adoboli had a weird plea on his Facebook page: “Need a miracle.” The plea came on the same day as Switzerland’s central bank put a limit on how quickly the Swiss franc can grow against the Euro. Wonder if they’re connected … yeah, we’re gonna assume probably.
  • this week After the bank realized it lost $2 billion on a series of unauthorized trades, Adoboli was arrested today. As one analyst, Fred Ponzo of Greyspark partners, put it: “The only way to dig a hole this big is by design.” In other words, UBS looks like it’s got some serious risk assessment problems. source
Posted by Ernie Smith • 0 Comments • Permalink

15 Sep 2011 09:28

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Biz: UBS loses a ton of money thanks to one sketchy employee

  • one dude the number of people involved in rogue trading at UBS; Kweku Adoboli was arrested in London, and “suspicion of fraud by abuse of position” is to blame
  • $2 billion the amount of money said unauthorized trading will cost UBS; that’s, like, a major loss for the company, one that could wipe out the company’s quarterly profits source
Posted by Ernie Smith • 0 Comments • Permalink

14 Sep 2011 00:58

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Biz: After dodging a Supreme Court bullet, Walmart focuses on women

  • june In what would’ve been the largest class-action suit ever, over a million female employees tried to sue Walmart for discrimination. The Supreme Court, however, said it stretched the definition of a class-action suit way too far, blocking the suit from moving forward.
  • september Looking to improve its image after avoiding what could’ve been a hugely damaging lawsuit, the company says it plans to double its investment in businesses run by women, and show in other ways that they’ve changed their ways. Have they? source
Posted by Ernie Smith • 0 Comments • Permalink

12 Sep 2011 14:20

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Biz: S&P parent and textbook maven McGraw-Hill to split in two

  • what McGraw-Hill, a company best-known for two things, school textbooks and credit ratings, will be splitting these incongruent halves into two public companies. They’re the parent company of S&P, whose president recently announced his resignation.
  • why The company has taken heat from a couple of activist shareholders in recent months, on top of the heat S&P has taken for lowering the U.S. credit rating and their role in the financial crisis. The company says this plan was already in the cards, though. Suuuure. source
Posted by Ernie Smith • 0 Comments • Permalink

12 Sep 2011 11:12

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Biz: Peace out, Ann Arbor: Borders to close its original location today

  • Borders used to be chockablock with books. It has increasingly looked less like a bookstore than a bowling alley, with its wide-open spaces. Now they’re selling children’s dolls on the front counter. It’s really pretty grim.
  • University of Michigan history professor Jonathan Marwil • Discussing the fate of Borders, the Ann Arbor-based bookstore chain which will close its first Ann Arbor-based location Monday. We’ve been saddened by the fate of Borders, an iconically-great example of the bookstore where you get sucked in for hours, but one whose fate was sealed by being extremely late to the game with the Internet. *SOB* We’ll miss you. source
Posted by Ernie Smith • 0 Comments • Permalink
 

12 Sep 2011 08:26

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Biz: The Boston Globe starts up its own Web site — wait, didn’t they have one?

  • We’ve never had The Boston Globe have its own front door in the digital space. It’s always been integrated with Boston.com. This was an opportunity to build something brand-new and to have it front and center and really do justice to the brand promise The Boston Globe offers to its readers.
  • Boston Globe publisher Christopher M. Mayer • On the paper’s launch of its own Web site this morning — a paywall-laden one that smartly separates the company’s newspaper content from Boston.com content that might work better on the Web. Boston.com is paywall-free and still serves breaking news, blogs and the whole bit. Bostonglobe.com focuses on the newspaper itself. It’s an interesting separation and we’re curious to see how it works out for them. The Boston Globe’s parent, the New York Times Company, famously started up a successful paywall experiment for the mothership paper. (Quote from a paywall-laden article, but there’s free registration for the next couple weeks; the source article links to the free Boston.com piece.) source
Posted by Ernie Smith • 0 Comments • Permalink

10 Sep 2011 13:32

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Biz: Early Web 2.0 site Meetup describes its roots — in September 11, 2001

  • One of the first real sites to take on social media in a tangible way — where it encouraged offline interaction as much as online — was Meetup, which started up nearly a decade ago. The roots? September 11, 2001. Really. “A lot of people were thinking that maybe 9/11 could bring people together in a lasting way,” noted CEO and co-founder Scott Heiferman. “So the idea for Meetup was born: Could we use the internet to get off the internet — and grow local communities?” Nine months later, a site which has proven an important tool for social and political organization went online, turning a negative into a positive — and likely building the roots for many social media sites that came after. A fascinating story. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Sep 2011 10:51

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Biz, Tech: With CEO Carol Bartz fired, is Yahoo preparing to sell itself?

  • fired Last night, Carol Bartz got pushed out at Yahoo, a move that, while swift, wasn’t totally unsurprising — she didn’t exactly win a lot of fans for her handling of the company over the past two years. The stock price went up immediately after the announcement.
  • sold? Now, a Wall Street Journal article uses this phrase: “One of these [independent directors] said Yahoo is open to selling itself to the right bidder.” Yahoo famously dodged a sale to Microsoft in 2008, and since then, their value has declined significantly. Oops. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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