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24 Jan 2011 10:28

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Biz, World: Ivory Coast leaders fighting with chocolate, in non-funny way

  • cause Internationally-recognized Ivory Coast leader Alassane Ouattara, in an effort to starve still-clinging loser Laurent Gbagbo of cash, has decided to block all exports of cocoa from the country for a month. Ivory Coast is the world’s largest producer, by the way.
  • reaction An immediate effect of the export ban? Cocoa prices have gone way up on the commodities market – a 3.4 percent leap in just a day. Many are afraid of a potential market disruption. Some experts, however, suggest that the market is just overreacting to the news. source
Posted by Ernie Smith • 0 Comments • Permalink

23 Jan 2011 21:41

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Biz: Independent booksellers collectively freaking out over future

  • We have to figure out how we stay in the game. You have to rethink your whole business model, because the old ways really aren’t going to cut it anymore.
  • Manhattan’s Bank Street Bookstore director, Beth Puffer • Discussing the fate of the independent bookseller at the Winter Institute, the equivalent of Bonnaroo for independent bookstores. While the number of independent bookstores has stabilized in recent years after Barnes & Noble and Borders ate their lunch, many changes are on the horizon – some bad enough to take out the big kids in the industry like Borders. Now, what was once an endeavor of stacking books on a shelf and organizing sections is a matter that requires much more – social media, cool Web sites, the whole thang. But, as important as this stuff is becoming, it can’t be everything. “At a certain point, I begin to feel like we don’t need more PR,” said Connecticut-based bookseller RJ Julia’s founder and president, Roxanne Coady. “We need sales.” source
Posted by Ernie Smith • 0 Comments • Permalink

23 Jan 2011 12:21

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Biz: CDs are dying: Sony closing another CD-production factory

  • 277 workers lost their jobs in 2003, after a Springfield, Ore. CD plant (run by Sony) closed
  • 300 workers in Pitman, N.J. will lose their jobs when their CD plant closes on March 31
  • one Sony CD plant (in Terre Haute, Ind.) will exist in the US after that plant closes source
Posted by Ernie Smith • 0 Comments • Permalink

22 Jan 2011 10:53

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Biz: Bank of America takes epic charge on its hot mortgage mess

  • $2.24
    billion     the amount the bailed-out Bank of America lost in 2010, hurt by charges due to their Countrywide merger
  • $4.1
    billion     the size of the charge they had to take for investors with claims against their mortgage securities  source
  • » Why such a big charge? Apparently, someone at Bank of America (or Countrywide) was really bad at doing paperwork, or was trying to push through half-baked mortgages. Because both were named as factors in creating the huge charges which resulted from investors making claims against them. Most of the fees are headed to Fannie Mae and Freddie Mac, by the way. Had this charge (and a separate $2 billion goodwill charge related to the Countrywide merger) not been there, Bank of America would’ve been profitable in the fourth quarter.
Posted by Ernie Smith • 0 Comments • Permalink

21 Jan 2011 19:32

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Biz, Tech: Mark Zuckerberg swimming in Facebook cash infusions right now

  • We know what Mark Zuckerberg’s doing right now. He’s taking his daily swim in Facebook money. (We’re sure the Winklevi are rowing through their much smaller pile of litigation money.) As we’re sure you’ve heard, Facebook has been making fast friends with Goldman Sachs to increase its funding base without going public, which they’re going out of their way to not do for some reason. How much money have they raised? Well, to give you an idea:
  • $1.5 billion raised by Facebook in the last freaking month
  • $500
    million     the amount Facebook raised in that shady-sounding Goldman Sachs deal a while back
  • $1
    billion     the amount Facebook raised from Goldman Sachs’ uber-rich individual international clients source
Posted by Ernie Smith • 0 Comments • Permalink

21 Jan 2011 15:24

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Biz: Jeff Zucker’s last gasp with NBC: “I leave you in good hands”

  • For me, that chapter’s ending, but for all of you it’s an exciting new beginning. With Comcast, I leave you in good hands and have no doubt that you will continue to do great things. I look forward to following your progress.
  • Departing NBC Universal CEO Jeff Zucker • In a memo to his employees on the company’s financial performance, the last such report before the soon-to-complete Comcast deal. Zucker, the man probably most responsible for the Jay Leno/Conan mess, is leaving a company he’s worked at for a solid 25 years. Sorry, we’re finding it hard to type. We have something in our eyes. source
Posted by Ernie Smith • 0 Comments • Permalink

21 Jan 2011 14:59

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Biz: Warner Music Group looking for buyer; do you guys take $50s?

The Warners, which are actually doing rather well compared to their music-industry competitors, saw their stock rise in the wake of the news. Hope we can stil afford it. source
Posted by Ernie Smith • 0 Comments • Permalink
 

21 Jan 2011 13:31

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Biz, Tech: Even though Google’s stock is expensive right now, it’s still a “buy”

  • $640+ the stock’s recent price peak, before yesterday’s management shakeup
  • $627 the stock’s price as of when we wrote this, post-announcement
  • $800+ the price some analysts are expecting the stock to hit someday source
Posted by Ernie Smith • 0 Comments • Permalink

20 Jan 2011 11:18

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Biz: Wal-Mart: We’re going to make our foods healthier, kids

  • Wal-Mart is in a unique position as a big-time grocer. With 140 million people who shop at their stores each week, their products can have a major effect on the food that people eat – both good and bad. So, as a way to take advantage of that, the mega-corp announced it would be making some changes to the foods it stocks, in line with Michelle Obama’s anti-obesity campaign:
  • 25% the amount of salt Wal-Mart plans to remove from its processed foods by 2015 (good job!)
  • 10% the amount of sugar the retail chain plans to remove from those foods, which is a great idea source
  • » Also good to note: They’ll also be ditching such unhealthy things as trans fats and partially hydrogenated oils. They made this announcement while chief executive Bill Simon was randomly hanging out with Michelle today. “No family should have to choose between food that is healthier for them and food they can afford,” Simon said. So, has the federal government ditched their pro-cheese program yet?
Posted by Ernie Smith • 0 Comments • Permalink

20 Jan 2011 10:40

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Biz: Some positive home sales news, because we need some

  • 12.3% jump in existing home sales in December source
  • » Oh yeah, some more good news: The annual rate of 5.28 million homes, while far below the mid-naughts peak of 7 million in September 2005, is a bit higher than analysts expected. The number hit a low of less than 4 million home sales back in the middle of last year. Granted, people’s homes are still getting foreclosed en masse, but this isn’t bad news.
Posted by Ernie Smith • 0 Comments • Permalink
 
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