Chrysler reports profit
The Chrysler comeback continues as it posted 3rd quarter profits.
Chrysler Group said today it made a profit of $212 million in the third quarter, well up from a loss of $84 million a year earlier.
The automaker, majority-owned by Italy’s Fiat, said its revenue for the quarter was $13.1 billion, up 19% from a year ago. It had $9.5 billion in cash at the end of the quarter, down from $10.2 billion a year earlier.
The earnings announcement comes just a day after Chrysler announced a new contract with the United Auto Workers union, last of the Detroit 3 to do so. That contract won approval of just 54.75% of UAW members, and a majority of the skilled-trades workers opposed it.
This is further evident that the Obama Administration’s auto bailout has worked. Chrysler is now a healthy company, and the auto industry is helping to drive the US economy.
Posted in: Economy, General Business
Tags: auto bailout, auto industry, bailing out auto industry, car industry, Chrysler, Detroit bailout, domestic auto industry, Obama auto bailout, Obama Detroit bailout, success of auto bailout, success of Detroit bailout
Traditional promotions still work
When you’re mapping out your marketing strategy for your business, regardless of size you should consider a wide variety of options.
Of course, in today’s world, online advertising, mobile advertising and social media are critical components that you need to consider. If you’re not sure what a Twitter account or a Facebook page can do for your business, then you better get some help. These are the basics, and there are plenty of other options for new media promotions such as Groupon as well.
On the other hand, traditional methods have been around for a long time for a reason. Some are going away with the emergence of the web, but many old-school methods can be very effective. Think about things like mailers, coupons in newspapers and calendar printing can help you get attention when your competitors are exclusively thinking about new media. Also, online ordering has made these traditional methods much more affordable and efficient.
So consider all your options and create the best strategy for your business.
Eastern Ohio next boom area for shale
Extracting oil and gas from shale will be a booming industry across parts of the United States for years to come, and it will also be controversial, as the hydraulic fracturing (fracking) method used to extract the oil and gas is very controversial.
This has been a big issue in Pennsylvania, and not it’s moving to Eastern Ohio.
The boom in gas wells that turned Pittsburgh into “the new Houston,” made rich men out of poor farmers and spawned an environmental backlash has reached Ohio.
Land men, including free-wheeling shysters as well as legitimate gas and oil company employees, are swarming Ohio’s eastern counties, clogging county courthouses with their property record searches and pestering busy farmers.
Their objective: to tie up as much acreage as possible by persuading landowners to sign five-year leases granting them the right to drill for oil and gas in the rock known as Utica and Marcellus shale, buried thousands of feet below.
Geological experts have estimated that the gas-and-oil-rich shale may lie under 5 million acres of rural Ohio landscape and the deposits could contain energy equivalent to billions of barrels of oil.
The implications for Ohio’s economy are tremendous, but so are the challenges for landowners, many of them poor farmers who must first sort through the thorny offers of oil companies, and then wrestle the financial decisions of sudden wealth.
Prices keep going up for leases, so the frenzy is getting even more intense.
Many U.S. oil and gas companies are getting involved.
One of the latest hot spots for deal making is far from New York City or Silicon Valley—it’s in eastern Ohio, where energy companies are staking claims in what is being touted as North America’s next big energy field, the Utica Shale.
While the 170,000-square-mile Utica Shale sprawls beneath parts of eight states and Canada, energy companies and analysts believe the richest reserves of oil and valuable natural-gas liquids, such as propane and butane, lie in eastern Ohio.
In recent weeks the buzz around the area has intensified. Large producers’ moves into the area are becoming public. This month has seen big acquisitions. And stock analysts are recommending shares of small companies with Ohio acreage.
Last week, Exxon Mobil Corp. confirmed it is snapping up drilling rights in the Utica Shale. Exxon won’t say how much land it has locked up or where the property lies. But the move caught Wall Street analysts’ attention.
This industry has the potential to turbo-charge the U.S. economy, but at the same time environmentalists are concerned from both a global warming and safe drinking water point of view. Expect serious battles ahead.
Posted in: Economy, Energy
Tags: domestic gas drilling, domestic gas production, domestic oil drilling, domestic oil production, Exxon Mobil, fracking, fracking controversy, gas companies, gas drilling, global warming, hydraulic fracturing, hydraulic fracturing controversy, Marcellus shale, oil companies, oil drilling, safe drinking water, shale, shale drilling, shale drilling in Ohio, shale in East Ohio, shale in Ohio, Utica shale
Will new Playboy Clubs thrive?
With the news that NBC has cancelled “The Playboy Club,” a new television show about the infamous club in Chicago in the early 1960s that helped Hugh Hefner grow his empire, we thought we’d take a look at the modern versions of the club and how the Playboy empire is doing today.
Above you can see a slideshow of beautiful Playboy Bunnies from The Playboy Club in Las Vegas. The photos are courtesy of Bullz-Eye.com from their coverage of the 2009 Playmate of the Year party hosted at the club at The Palms in Las Vegas. The club is spectacular and it’s located at the top of the new hotel tower at The Palms. All of the dealers are dressed as bunnies, and the atmosphere is very sexy and elegant.
Since opening the Las Vegas location, Playboy has opened clubs in London and Cancun in an attempt to leverage the brand. With that backdrop, the cancellation hurts Hefner’s company as the exposure would have helped fuel new clubs. Right now efforts to add a club in Chicago have stalled.
Even with this setback, the Playboy Club strategy seems to make sense, as it provides licensing revenue for the company. The clubs will always do very well with tourists and attract curious customers.
That said, the exclusive nature of the old clubs is not a part of this business. Also, in Las Vegas, we noticed that all the beautiful women were wearing bunny costumes, as the club wasn’t one of the hot spots that attracted the beautiful women of Vegas. They were at the hotter clubs.
Posted in: General Business
Tags: Cancun, Chicago, entertainment business, Las Vegas, Las Vegas economy, licensing, licensing business, licensing revenues, London, nightclub business, Playboy, Playboy Bunnies, Playboy Bunny slideshow, Playboy Clubs
R.I.P. Steve Jobs
It’s a sad day, as our generation’s Edison has passed away at the young age of 56.