Author: Staff (Page 21 of 27)

      US Chamber of Commerce losing patience with Republicans

      May 13, 2011 /
      U.S. House of Representatives Speaker John Boehner speaks at the Economic Club of New York May 9, 2011. Boehner, the top Republican in the U.S. Congress, on Monday laid down a tough new yardstick in talks over the nation’s debt, telling Wall Street that spending cuts must exceed any boost to the U.S. borrowing limit. REUTERS/Shannon Stapleton (UNITED STATES – Tags: BUSINESS POLITICS)

      The Chamber of Commerce supported Republicans in 2010 with a ton of financial support, assuming that the GOP would be pro-business. Instead, the House Republicans and most Republican Senators are more than happy to hold the American economy hostage to their ideological demands.

      The Chamber of Commerce sent a letter to Congress on Friday urging legislators to quickly raise the debt ceiling, while also warning of catastrophe should the government continue spending at its current rate.

      The Chamber, which represents business interests, helped elect many of the Republican members of Congress who are now threatening to vote against raising the debt ceiling. Republicans are demanding major cuts to government spending and long-term programs in return for their support.

      The Chamber understands the consequences of messing around with the full faith and credit of the United States, while the Tea Party crowd seems happy to let the whole system collapse just to make a point. Remember the TARP vote and how many Republicans were willing to let all the banks collapse? Nobody should be surprised.

      Economy, Finance, General Business, Markets

      GM plans huge investment in U.S. auto plants

      May 12, 2011 /

      The U.S. auto business continues its spectacular rebound from its near-death experience. Sure, there’s a long way to go, but this is excellent news and shows a commitment to invest in America.

      Growing demand for General Motors Co. cars and trucks is pushing the Detroit automaker to add thousands of jobs and spend $2 billion to upgrade plants across the country.

      GM CEO Daniel Akerson confirmed Tuesday that the company will create or preserve more than 4,000 jobs in eight states by investing heavily in 17 facilities nationwide. So far, the company has only announced millions of dollars in upgrades at plants in Toledo and Bowling Green, Ky. It is expected to release specifics about other plants during the next few months.

      While much of the planned spending hinges on winning state and local tax incentives, the company says it needs to boost production and resume hiring to meet rising consumer demand.

      The U.S. economy and job market needs a boost like this. Hopefully this will continue.

      Economy, General Business

      NCAA locks in the “March Madness” trademark

      May 11, 2011 /
      The Kentucky Wildcats hold up the Eastern Regional Championship Trophy after the game against the North Carolina Tar Heels at the NCAA East Regional Round of 8 game at the Prudential Center in Newark, New Jersey on March 27, 2011. Kentucky defeated North Carolina 76-69 and advance to the NCAA Final Four. UPI/John Angelillo

      The NCAA recently made moves to lock in rights for its “March Madness” trademark.

      Quietly last October, the association paid $17.2 million to sports and entertainment marketer Intersport to stop using the term “March Madness,” which has been attached to the NCAA’s Division I men’s basketball tournament since the 1980s.

      The settlement, spelled out in financial statements but unbeknown to most in the member schools and conferences, gives it sole ownership of a trademark that has been the subject of several legal disputes and challenges over the years. While large on its face, the eight-figure amount accounts for less than 2½% of the association’s $700 million-plus budget.

      It’s another story about the business of college sports, coming at a time when we’re seeing scandal after scandal, mostly revolving around improper benefits like tattoos for memorabilia.

      Meanwhile, the Justice Department is asking why there isn’t a playoff system in college football.

      The entire issue of money and college athletics will be front and center for the foreseeable future.

      Advertising, General Business, Marketing

      AutoNation expands share buyback

      May 9, 2011 /

      The domestic auto industry is doing very well, and that’s reflected in the news coming from AutoNation:

      AutoNation Inc. (NYSE: AN – News) announced that its board of directors has authorized the repurchase of up to an additional $250 million of common stock under its existing share buyback program. This has increased the total authorized amount under the program to $395.9 million.

      Last year, the automotive retailer had increased the authorization amount during May and July by $250 million each. In the first quarter of 2011, the company repurchased 1.8 million shares at an aggregate price of $58.8 million, reflecting an average price of $32.60.

      During the quarter, AutoNation reported a rise in profit to $70.3 million or 46 cents per share from $58.8 million or 34 cents in the year-ago period driven by strong new and used vehicle sales. The profit exceeded the Zacks Consensus Estimate by 3 cents per share.

      This is excellent news for the economy, and hopefully we’ll see gas prices start to decrease, giving Americans more disposable income.

      Economy, General Business

      Mary-Kate and Ashley Olsen rock the fashion world!

      May 8, 2011 /
      Actresses Ashley (L) and Mary-Kate Olsen arrive for the Metropolitan Opera’s premiere of “Le Comte Ory” at Lincoln Center in New York March 24, 2011. REUTERS/Lucas Jackson (UNITED STATES – Tags: ENTERTAINMENT)

      They started out as child actors, and then moved on to becoming cash cows in the tween market with their DVDs. Now the Olsen twins, Mary-Kate and Ashley (left above), are becoming fashion moguls.

      Newsweek has a story on their high-end fashion label, The Row, and their incredible rise as a power in the fashion world.

      Even more interesting is the fact that they have become advocates of American manufacturing:

      The Olsens, who will be 25 in June, did not go to fashion or art school. They have built a considerable reputation by obsessing over darts (they hate them), gamely absorbing the blows of skeptical retailers, and keeping their celebrity mostly under wraps. They also have become champions in a longstanding effort to save this country’s garment factories. In 1965, factories in America produced 95 percent of the clothes sold in this country, according to savethegarmentcenter.org. Today, only 5 percent of the clothes sold here are produced locally. The future of New York’s garment center is no longer in mass production, activists argue, but rather in small-scale, high-end manufacturing that relies on skilled artisans.

      “The whole point is reinvention—not what it was, but what it can be,” says designer Yeohlee Teng, who has been a leader in the effort.

      The Olsens have taken up this blue-collar cause by producing their collection in factories in New York and, to a lesser degree, Los Angeles. (Their handbags are produced in Italy, as are a few of their superfine knits.)

      “I really believe in our being able to create here and utilize the skills that people have here,” says Ashley. “The skill set is here. Our main issue is that some of the machinery is gone, so some knitwear is produced in Italy. But whether it’s clothing or cars, I believe in manufacturing as close to home as possible.”

      It will be interesting to see if this sparks a trend in the U.S. garment industry.

      General Business

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