Category Archives: Business/Economics

Business/Economics, International, U.S.

What Economic Recovery? Elitist & supposedly recession proof Louis Vuitton going down? Jacks up prices to save its ass!

29 March 2013/17 Jumada l-Ula 1434/09 Farvardin 1391/18 Yi-Mao (2nd month) 4711

“Louis Vuitton has now broken the myth that it is one of the brands that is never influenced by an economic slump. But the sales drop occurred largely because the number of Japanese tourists, big fans of the brand, has decreased over the last year due to the yen’s depreciation against the won.”-unnamed source in South Korea

In the Republic of Korea, and other Asian countries, sales are crashing for the elitist French fashion company Louis Vuitton.  One report said sales were down at least 20% last year.  The Hyundai Department Store recently threw Louis Vuitton out of their Busan store, and replaced the outlet with Omega watches.

Slumping sales are also being reported in Japan and China.  Officials with Louis Vuitton have refused to answer questions from the Asian media.

You’d think the company would do something like drop their prices to increase sales, but no, they’ve actually raised their prices in the Asian, U.S. and European markets.  According to Bloomberg they’ve jacked up prices by 12% in Japan, and blame it on the dropping value of the yen. In other Asian countries prices are up 5% to 10%.  In the U.S. and U.K. prices are up 10%.

Despite slumping sales, Bank of America just upgraded Louis Vuitton stocks from neutral to buy.  But Societe Generale advises a hold  status, along with Deutsche Bank.  And Credit Suisse downgraded Louis Vuitton from outperform to neutral.

Business/Economics, U.S.

What Economic Recovery? List of U.S. job losses & store closings for 15-16 February 2013: A famous diabetic supply company accused of ripping off taxpayers! Travel agencies losing millions! Main stream media cutting jobs!

“The way it works is these holding companies come in, strip the company bare and leave us out in the cold. We went through bankruptcies in 2005 and again last May. Each time our pay gets cut……More and more they swoop into companies like this, take everything that’s valuable and shut it down.”-former Awrey Bakery employee

Awrey Bakeries closed down their Michigan factory and laid off all 200 employees. Company officials hope it’s temporary as they are trying to work a deal to restart production.  In 1995 the factory employed 650 people.

Liberty Medical bankrupt. Liberty filed for bankruptcy protection after Federal Centers for Medicare and Medicaid Services began seizing their revenue.  Medicare/Medicaid says Liberty Medical has been ripping off the taxpayers.

In Washington, the Spokane Public Health Clinic closed down. District officials said they were short $275000 USD.

The Mayo Clinic closing its Healthy Living store in the Mall of America, in Minnesota.  They did not want to renew the lease.

Mid America Brick & Structural Clay Products bankrupt. Company officials blame a bad housing market (despite recent main streamer media saying the housing market has improved).  The company actually stopped production from December through January.

Media outlet, Washington Post, announced it laid off at least 40 employees. Company officials blame declining advertisers and sales.

In Utah, The Daily Herald of Provo lays off 10 people, including the executive editor. Company officials said they do not make public comment on Human Resource issues.  There are reports that the Iowa based owner is losing money from declining advertising and sales.

In Louisiana, the St. Tammany News stopped publishing The News Banner and the Slidell Sentry News. At least 24 people out-o-work.  Company officials blame the bad economy on declining advertising revenue, and they blame the changing demographics of New Orleans: “Since Hurricane Katrina there has been a fundamental change in the parish population and the residents’ desire for community news.”-Joy Kennon, publisher

In Wappingers Falls, New York, Cablevision laid off about 11 people, including news reporters and anchors, after merging two departments.  Also,  Kayex closing their North Chili factory in May. 57 jobs lost. They blame the declining solar power industry.

In Maine, the Marden’s surplus/salvage chain store layoffs 24 employees.  Company officials the layoffs are normal, as they are mostly end of year holiday temp hires.

Illinois based Orbitz Worldwide travel agency laying off about 70 people.  Orbitz has been losing millions of U.S. dollars, and company officials say the layoffs are part of efforts to become more efficient as part of a travel booking deal with American Express.

In Tennessee, Christian Bethel University admitted to laying off 19 people.  This after an interview with the local media. University officials said it’s all about being efficient.

Connecticut based Affinion Group Holdings laid off more than 50 employees.  The company is connected with Too Big to Jail banking scandals.

In Georgia, the Bibb County School District plans to layoff 53 people. School officials said most of those jobs were funded with grants that will not be available next school year.

The Paradise Unified School District, in California, planning to end 14 to 15 jobs.  School officials blame the state’s education code, and shrinking state funding.

Also in California, the Automobile Association of America closed their Express office in El Cerrito Plaza. AAA blames lack of business. And in Fremont, yet another Hooters restaurant closed down. Owners blame it on the bad economy, however, Hooters are being shut down all over the U.S., including those that some local media have shown are actually making money.

In New Jersey, 384 people losing their jobs with Hudson City Savings! It’s the result of the takeover by M&T Bank.

Despite increase demand for childcare, the iCare Childcare Center in Sioux Falls, South Dakota closed down.  Owners would only say it was a “personal” issue.

In Pennsylvania, Ames True Temper announced it will close its lawn and garden product factory in Union City in Autumn. 30 jobs lost.  The company plans to close other factories around the country.

After almost 70 years the Hodges Jewel Box in Virginia, out-o-business. The long time owner says the bad economy is a sign it’s time to retire.

In Florida, after 100 years J.C. Harris men’s clothing store closing.  The owners blame the bad economy and the crashing interest in men’s ‘classic’ clothing: “It’s been a struggle the last couple of years. We wanted to make it to 100 years.”-Bob Harris

All you can eat Crystal’s Pizza & Spaghetti buffet closed in Texas.  The Roaring 20s themed restaurant, with video games and theater, began auctioning off its unique signs, lights and art nouveau statuettes.  Reports say it’s the last of the chain restaurants started 35 years ago.  So far I can’t find an official reason why, but many fans have admitted the quality of the food was going downhill, so maybe the company just couldn’t maintain profits off increasing supply costs?

Business/Economics, International, U.S.

World War 3: North Korea cuts off remaining phone lines, Kim Jong Un issues never before heard order, tells UN that South Korea will be nuked!

27 March 2013/15 Jumada l-Ula 1434/07 Farvardin 1391/16 Yi-Mao (2nd month) 4711

Democratic People’s Republic of Korea cutoff the last phone line to the Republic of Korea.  It was a line used to coordinate the movement of workers from South Korea to an industrial complex in North Korea.

DPRK officials said they will have no more communications with ROK or the U.S.  It also indicates they are willing to end the industrial/economic agreement with ROK.

Yesterday,  Kim Jong Un issued a “combat duty posture number one” order, saying military units needed to be ready to strike.  U.S. officials blew it off as rhetoric.  South Korean analysts say they’ve never heard of such an order from North Korea, so they are a little concerned.

To add to that the DPRK sent the UN Security Council a message saying the whole thing is the fault of the United States, and that if it came to war the North would definitely nuke the South: “….The DPRK has its own powerful precision means for nuclear attack and nuclear war methods.  The south Korean puppets who are behaving recklessly under their master’s nuclear umbrella will experience a sound by-blow of a nuclear attack when a war breaks out between the DPRK and the U.S…….the Foreign Ministry of the DPRK openly informs the UN Security Council that the Korean Peninsula is now in a touch-and-go situation due to the nuclear war provocation moves of the U.S. and south Korean puppets.  The DPRK army and people that have become one with the Supreme Command are entering the final stage of the all-out showdown with the U.S…..”

Business/Economics, International, U.S.

Government Evil: Israel controls taxation in Palestine, has stolen $100 million per month in tax revenues meant for Palestine!

26 March 2013/14 Jumada l-Ula 1434/06 Farvardin 1391/15 Yi-Mao (2nd month) 4711

Last year, when the UN officially recognized Palestine the supposedly non-racist (a claim made by Obama) zionist Israeli government retaliated by seizing tax revenues for Palestine.  It amounted to Israel stealing $100 million USD per month for the past four months from the Palestinians!

Under Israel’s illegal occupation of Palestinian territory, they are able to directly control tax collections, and this is not the first time the ‘non-racist’ Israelis have held back on Palestinian tax revenues.

How would you like it if another country was collecting your taxes and decided to keep it for themselves?  This is yet another reason why Palestinians are justified and the Israelis are evil racists!

Business/Economics, International

Vietnam pigs dying by thousands! Two people dead! Blame ol’ Blue Ear!

26 March 2013/14 Jumada l-Ula 1434/06 Farvardin 1391/15 Yi-Mao (2nd month) 4711

While China is dealing with more than 16000 dead pigs in the Pengshan River, to the south, in Vietnam, pigs have been dying of Blue Ear.

Back in February, Vietnamese officials began operations to combat the spread of Porcine Reproductive and Respiratory Syndrome Virus (PRRSV).  Thousands of pigs were infected at that point.  So far thousands have died or been killed.

Officials blamed the virus on the deaths of two butchers, however they died of a swine bacteria, not a virus.

A year ago Vietnam’s Agriculture Ministry declared their country free of Blue Ear disease. But as is the case for famous last words, new cases popped up just a few months later.

Recently officials in Long An and Quang Nam provinces stated they had the disease contained.

However, entire herds have been wiped out in Dien Kim and Dien Thai Communes of Dien Chau District, as well as Quynh Thach, Quynh Van and Quynh Xuan Communes in Quynh Luu District, and five communes in Yen Thanh District.

New outbreaks are being reported in Dien Chau District.

 

 

Business/Economics, International, Technology, U.S.

World War 3: South Korea hacked again!

26 March 2013/14 Jumada l-Ula 1434/06 Farvardin 1391/15 Yi-Mao (2nd month) 4711

Yet another cyber attack in Republic of Korea.  Websites and affiliated companies of YTN TV network became unviewable to audiences.

Also, live internet services went down in eight municipalities. The National Police Agency is still investigating last weeks cyber attack.  So far they’ve traced multiple attacks to Internet Protocol (IP) addresses in Europe, United States and even South Korea.  (previously everyone was blaming North Korea and China)

 

Business/Economics, U.S.

What Economic Recovery? Virginia losing another Kmart!

Here’s the updated list of store closings since the end of 2011:

Arizona: Scottsdale Sears/Great Indoors, Chandler Sears/Great Indoors.

Alabama: Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost), Anniston Kmart (no word yet on how many jobs lost).

California:   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (at least 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost).

Colorado:  Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears/Great Indoors, Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost),  Denver Kmart (number of jobs lost have not been made public at this time, but could be at least 40).

Georgia: Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost).

Guam:  Sears Hometown Store.

Florida: Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost),  Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost),  Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway closed in February 2013 (69 jobs lost),  Pensacola Kmart on East 9 Mile Road will close in May (73 jobs lost), Hialeah Kmart (67 jobs lost), Bonita Springs Kmart (67 jobs lost).

Hawaii: Honolulu Sears (owned by GGP, 372 jobs lost!!!).

Idaho: Lewiston Sears (at least 60 jobs lost).

Indiana:  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost).

Illinois:  Alton Sears (at least 40 jobs lost), Melrose Park Sears parts and repair center (50 jobs lost), Zion Kmart (at least 40 jobs lost), Oak Lawn Kmart (at least 40 jobs lost), McHenry Kmart (at least 40 jobs lost), Peru Kmart (at least 40 jobs lost), Lombard Sears/Great Indoors (at least 40 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost), Homer Glen Kmart (82 jobs lost), Streator Kmart (45 jobs lost), Lombard Kmart (70 jobs lost).  Naperville Kmart (98 jobs lost). By the way, Illinois elected officials gave Sears Holdings/Hoffman Estates a $150 million USD tax break to keep their headquarters in the state.  The tax break was not tied to any promise not to close stores.

Iowa:  Cedar Rapids Kmart (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost), Coralville Sears (94 jobs lost, this is a store sold to GGP earlier in the year).

Kansas: Lawrence Sears (at least 40 jobs lost).

Kentucky: Middlesboro Sears (in September 2012 the Sears store re-opened under independent ownership, official grand re-opening scheduled for November), Winchester Kmart (back in May, Rankin Paynter bought out what was left of the inventory and gave it to charity), Hazard Kmart (at least 40 jobs lost).

Maine: Lewiston Sears (60 to 70 jobs lost).

Maryland: Ellicott Sears (at least 40 jobs lost), Gaithersburg Sears/Great Indoors.

Michigan: Novi Sears/Great Indoors, Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart, Flint Kmart (46 jobs lost), Gaylord Kmart (48 jobs lost).

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart, Bemidji Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart (50 jobs lost).

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears, Moorehead Sears, Rocky Mount Sears, Statesville Sears, Durham Kmart (79 jobs lost), Asheville Kmart (53 jobs lost),  West Smithfield Kmart (59 jobs lost), Winston-Salem Kmart (69 jobs lost), Hendersonville Kmart (58 jobs lost).

New Jersey:  Lawnside Kmart (about 80 jobs lost).

New Mexico: Las Cruces Kmart (58 jobs lost).

New York: Depew Kmart (68 jobs lost).

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Columbus Sears/Great Indoors, Zanesville Sears (67 jobs lost), Trotwood Kmart (71 jobs lost).   Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oklahoma: Oklahoma City Sears (98 jobs lost, GGP owned, GGP wants a $2 million sales tax rebate, claiming it’s needed to offset capital investments needed to bring the space up to the standards for potential new tenants).

Oregon: Roseburg Sears (at least 40 jobs lost), Tualatin Kmart Center (new property owner from California is tearing everything down for new shopping center, so far no indication the Kmart will be part of the new shopping center), Milwaukie Kmart (61 jobs lost).

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears, Warminster Kmart (85 jobs lost), Shippensburg Kmart (46 jobs lost).

South Carolina: Sumter Sears (at least 40 jobs lost), Orangeburg Sears (57 jobs lost), Columbia Kmart on Fort Jackson Boulevard in 2012, Columbia Kmart on Bush River Road in 2009, Columbia Kmart on St Andrews Road (66 jobs lost), Irmo Kmart (no info on how many jobs lost),  one of two Greenville Kmarts (74 jobs lost).

Tennessee: Antioch Sears (at least 40 jobs lost), Cleveland Sears (at least 40 jobs lost), Oak Ridge Sears (at least 40 jobs lost), Hendersonville Kmart (at least 40 jobs lost), Morristown Sears (about 70 jobs lost), Clinton South Kmart.

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost), Farmers Branch Sears/Great Indoors, Houston Sears Great/Indoors.

Virginia: Norfolk Sears (at least 40 jobs lost),  Midlothian Kmart (at least 40 jobs lost), Richmond Kmart (at least 40 jobs lost), Lynchburg Sears (84 jobs lost), recently revealed Fairfax Kmart (no word on how many jobs lost).

Washington: Walla Walla Sears Full line (in August 2012, it was reported that an independent owner of Sears Hometown stores will open a store in Walla Walla), Lacey Kmart (at least 40 jobs lost), Kelso Sears (47 jobs lost), Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost),  Seattle Kmart (85 jobs lost).

West Virginia: Oak Hill Kmart (59 jobs lost).

Wisconsin: West Baraboo Sears (at least 40 jobs lost, local village officials say the store generated 3% of local tax collections), Rice Lake Kmart (about 71 jobs lost).

On top of that, Sears Holdings sold stores to General Growth Properties (GGP), of which it has been reported that most of those stores will be closed.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall (it’s official the Sears is closing, see above), and Mall of the Bluffs

Texas: The Woodlands Mall (this does not involve the two repair centers being closed by Sears)

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center. Due to a favorable lease agreement the GGP owned Provo Sears will continue to stay open under Sears Holdings management)

Oklahoma: Quail Springs Mall (it’s official, the Sears will be closed, see above)

Hawaii: Ala Moana Center (will be closed, see above)

Washington: Bellis Fair Mall (Bellingham store, see above)

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

Business/Economics, International

New Bird Flu? First pigs now thousands of dead ducks pulled from river! Pigs in river now past 16000!

26 March 2013/14 Jumada l-Ula 1434/06 Farvardin 1391/15 Yi-Mao (2nd month) 4711

In Sichuan Province, China, locals have been pulling dead ducks from the Pengshan River.  At least 1000 so far.

Health officials are not able to determine what killed the ducks, as most were too decomposed.  Officials say there is no concern over the water in the Pengshan as it’s not used for drinking.

However, over in Zhejiang and Shanghai provinces the Huangpu River is used for drinking, and that’s where the number of dead pigs has hit 16000!

A week ago health officials blamed weather, government cuts and the economy for the pig deaths.

 

Business/Economics

What Economic Recovery? Do spicy food sales heat up when the economy cools off?

26 March 2013/14 Jumada l-Ula 1434/06 Farvardin 1391/15 Yi-Mao (2nd month) 4711

“An increasing number of customers are seeking hot spicy food, although our overall numbers have gone down, so we have consistently been developing new dishes for Sichuan House to meet the demand.”-Shin Seo-ho, chief operating officer of Sun At Food

A South Korean food company operating in China claims their spicy food sales have heated up as the economy has cooled down. China’s economy is still doing better GDP wise, compared to the United States, but has been slowing down.

Sun At Food claims sales of spicy dishes at its restaurants in China has increased three to six fold since the end of last year.

Another South Korean food maker, Nongshim, reported increased spicy shrimp snack sales.  They’ve also introduced a new spicy noodle to meet increasing demand.

And another company, Ottogi, has been adding spices to its ramen lineup.

There might be economic and medical reasons for the demand for spicy food.  The food companies say Capsaicin, from hot red peppers, is cheap, and many customers claim spicy food helps relieves the pain and stress of everyday life.

Business/Economics, International

Nursing shortage continues for Japan, only 30 applicants pass new certification test!

26 March 2013/14 Jumada l-Ula 1434/06 Farvardin 1391/15 Yi-Mao (2nd month) 4711

Japan is so desperate for nurses that they’ve eased up on testing requirements for foreign applicants, yet only 9.5% passed the latest exam.

Last year officials said they were making this year’s test easier regarding Japanese language skills, and they were adding 30 minutes to the test.  Obviously it’s not enough.

Officials say those who failed, but reached a certain score will be allowed to stay in Japan one more year to help prepare for their next exam.

Even some Japanese wanna-be nurses have trouble with the certification.  This year 88.8% of Japanese who took the test passed.