Category: General Business (Page 14 of 17)

Mary-Kate and Ashley Olsen rock the fashion world!

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.

NFL lockout is back on

The National Football League logo is displayed near the stage during round one of the 2011 NFL Draft Pick at Radio City Music Hall on April 28, 2011 in New York City. UPI/Monika Graff

The NFL lockout is back on.

The NFL, after a series of legal setbacks, got a breather Friday when a federal appeals court put the lift of the lockout on hold.

The U.S. 8th Circuit Court of Appeals granted the league’s request for a temporary stay of the injunction issued Monday by U.S. District Judge Susan Richard Nelson, who had ordered an end to the 45-day lockout.

The 8th Circuit granted a short stay in order to have time to consider a longer one. The NFL is appealing Nelson’s decision and wants the right to keep the lockout in place while that appeal is being decided.

Jim Quinn, an attorney for the players, said in an email that the stay from the 8th Circuit was “routine and totally expected.”

This mess is on full display as the NFL is going through its annual draft.

The owners created this fiasco by pushing for the lockout, and then the NFLPA raised the stakes by bringing the dispute to court. Now anything can happen.

Will Mubarak be able to keep his fortune?

Now that Hosni Mubarak has stepped down as dictator President of Egypt, it will be fascinating from a business a criminal point of view to see what happens to the fortune he has amassed on the backs of his people.

But over the last 20 years, Mubarak, his family and his close circle of advisers have enriched themselves through partnerships in powerful Egyptian companies, profiting from their political power, according to numerous reports. The 82-year-old leader and his two sons also wield the levers of the government, including the military and the country’s preeminent political party, to reward friends and punish enemies.

Mubarak — who stepped down on Friday in the wake of massive protests that have gripped Cairo and Alexandria for weeks — and his family have a net worth of at least $5 billion, analysts tell The Huffington Post. Recent media reports pegging the family fortune at between $40 and $70 billion are considered to be exaggerated.

Much of their fortune has reportedly been invested in offshore bank accounts in Europe and in upscale real estate. On Friday, Switzerland froze accounts possibly belonging to Mubarak and his family, a spokesman told Reuters, under new laws governing ill-gotten gains. Last month, the Swiss froze the accounts of Mubarak’s ally, ousted Tunisian president Zine El Abidine Ben Ali, whose overthrow inspired the first protests in Cairo.

The family owns tons of real estate throughout Europe and the rest of the world, along with stakes in numerous companies.

If Switzerland starts getting tough with them, there will be pressure for the rest of the world to do so as well. This will likely get ugly . . .

Chrysler generates buzz with Super Bowl commercial

Chrysler’s two-minute Super Bowl commercial for the new Chrysler 200 featuring scenes of Detroit and with an appearance by Eminem is getting plenty of buzz. It’s two minutes long and quite compelling. The comeback story for the company fits with the concept of a rust best city trying to come back as well. I wonder if the workers at Chrysler and GM will be sending thank you notes to President Obama for saving the companies?

Online poker legislation is still a longshot

Poker fans all over American suddenly become interested in politics now that Senate Majority Leader Harry Reid is trying to slip in a provision legalizing online poker into the tax cut compromise.

Now some lawmakers want to allow U.S.-based casino companies to get into the game — and a cut of the $25 billion-a-year pie — by quietly pushing for a change in the law before the end of this year.

A draft bill, first reported by the Wall Street Journal and obtained by ABC News, would legalize online poker playing in the U.S., and establish licensing and reporting requirements for companies, as well as safeguards for consumers. It would also generate tax revenue from wagers, for state and federal governments.

Forms of online gambling other than poker would remain prohibited under the bill.

Legalization of online poker forums has long been sought by the U.S. casino industry which says federal gaming regulations have unfairly handicapped their business in a flourishing online marketplace and left American consumers vulnerable.

The problem is that the bill is rigged to favor established casino interests in Nevada, so you have many saying the bill isn’t fair and that it’s a payback to Reid’s campaign supporters.

That said, it’s ridiculous that millions of Americans are prohibited from participating in an activity they enjoy.

Where does it stand now? Many Republicans are against it – they want to tell you how you can live our life.

But Harry Reid insists he still pushing the deal in the lame-duck session. It’s an uphill climb, but anything can happen.

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