01/27/2012 (10:52 am)

New CEO for Digicel in Haiti

Filed under: online, technology |

Haiti’s biggest employer has named a new chief executive to run Digicel, the mobile phone company announced Wednesday.

The Jamaica-based private company is bringing in Damian Blackburn to replace Maarten Boute, who will be leaving in March to spend more time with his family, Digicel spokeswoman Antonia Graham said.

Boute added in an email message that he was going “to do a deep recharge of (his) batteries” as he and his wife await the birth of their second child.

The new head, Blackburn, recently CEO for Digicel Honduras, has more than 14 years of experience in the telecommunications industry. He will oversee operations for the company’s largest market, Haiti, which accounts for about a quarter of its 11.1 million subscribers.

Digicel, whose Irish CEO Denis O’Brien promoted development in Haiti before the 2010 quake, has invested $600 million in the impoverished Caribbean nation since it began work in 2006 short term personal loan. The company’s foundation has also done charitable work such as building schools and helping with other infrastructure projects.

In recent months, the company erected street signs in the capital and road signs in the countryside and last year spent $18 million to renovate the historic Iron Market damaged in the quake.

In November, Digicel and Marriott International announced plans to build a $45 million, 173-room hotel in Port-au-Prince. The hotel is slated to open in 2014.

Digicel’s competitors include Voila and Natcom, a joint venture created last year between Vietnam’s Viettel and the Haitian government to replace the state-run Teleco.

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01/06/2012 (6:08 pm)

Economy moving in right direction: Labor Secretary Solis

Filed under: online, stocks |

The addition of 200,000 new jobs in December shows that the economy is strengthening, Labor Secretary Hilda Solis said on Friday.

“We have seen a steady firming up of our economy” in recent months with two million jobs created in the private sector of the past year, she told CNBC television.

“Now we are seeing a better trajectory, we are moving in the right direction.”

“In the last few months, on the whole I have seen good incremental increase in the private sector jobs, so on that side of the factor I would say, ‘Hey, that is not a bad thing at all,” she said free business cards.

But she urged the extension of the payroll tax cut and further measures to support continued improvement in the jobs market.

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01/02/2012 (9:56 am)

Nigeria to End Gasoline Subsidy Accounting for 25% of Government Spending - Bloomberg

Filed under: Uncategorized, online |

Nigeria, Africa

12/27/2011 (2:56 pm)

Best Buy cancels some online orders

Filed under: loans, online |

Best Buy has alerted some customers that it will not be able to fill their online orders, just days before Christmas.

The largest U.S. specialty electronics retailer said late Wednesday that “overwhelming demand for some products from Bestbuy.com has led to a problem redeeming online orders made in November and December.

The Minneapolis company declined Thursday to specify how many orders are affected or which products are out of stock.

The shortages are a black eye for Best Buy, which has beefed up its online campaign to fight off intense competition from online retailers and discount stores. And the holiday season is crucial for retailers like Best Buy because it can make up to 40 percent of annual sales.

Some glitches should not be a surprise with such a massive surge in online shopping this year, analysts said, but there is a risk of a backlash.

“It is a hiccup for the company,” said Morningstar analyst R.J. Hottovy. “They were kind of behind the curve building out their online channel. They’ve done a good job investing in it, but if you make a lot of rapid changes, inevitably there are going to be growing pains.”

The canceled orders probably won’t make a big difference for Best Buy’s holiday sales this year, but it may lead to more customers looking elsewhere in the future, he said.

“The risk is any consumers affected by canceled orders will be willing to explore other alternatives for online shopping in years to come,” Hottovy said.

Online sales are up 15 percent to $32 billion so far this holiday season, while total sales are up just 2.5 percent.

Even though online sales are a huge boon for retailer, the shift has already created some problems. Discount retailer Target Corp’s site crashed in September because of overwhelming demand for Missoni for Target, a limited designer line of clothing, home goods and accessories.

Best Buy benefitted when its now-defunct rival Circuit City went out of business more than a year ago, but its suffering as Americans hold off on big ticket items and search for deals online and at discounters.

In order to compete, Best Buy has expanded its online offerings, cut back on square footage in the U.S. by closing stores and sought to expand internationally. In its most recent third quarter ending Nov. 26, Best Buy said its net income fell 29 percent as it cut prices in popular categories such as tablets and TVs to drive sales and traffic during the holiday season.

Best Buy shares rose 8 cents to $22.96 in midday trading.

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12/05/2011 (8:15 pm)

Merkel, Sarkozy want new treaty to rescue euro

Filed under: online, stocks |

The leaders of France and Germany called forcefully Monday for a new European Union treaty that would automatically punish countries that use the euro if they violate existing limits on overspending.

Stocks and the euro rose while European government bond yields dropped sharply as investors viewed the proposal for a closer fiscal union among the 17 countries as an important step to save the euro.

Implementing treaty changes could take months, but a commitment to tighter coordination could open the way for further emergency aid from the European Central Bank, the International Monetary Fund or some combination.

“Our wish is to go on a forced march toward re-establishing confidence in the eurozone,” French President Nicolas Sarkozy said at a press conference alongside German Chancellor Angela Merkel. “We don’t have time. We are conscious of the gravity of the situation and of the responsibility that rests on our shoulders.”

Investors have been hopeful that the pair will get what they want at a summit in Brussels on Friday, where failure could doom the euro.

There is a risk that implementing the proposals won’t move fast enough for markets or the most heavily indebted countries. Countries like Italy and Spain need help now to keep their bond yields _ the cost of their borrowing _ down.

Sarkozy said he and Merkel would prefer that the treaty be agreed by all 27 members of the European Union, but he left the door open to one that just covers the eurozone and anyone else “who wants to join us.”

Sarkozy and Merkel made several proposals, some of which could be enshrined in a new treaty. They included:

_ automatic punishment for any government that allows its deficit to exceed 3 percent of GDP. Governments are supposed to follow this rule already, but many, including France, have flouted it;

_ requiring countries to enshrine in law a promise to balance their budgets;

_ never again asking private investors to take losses, as a bailout of Greece did;

_ making Europe’s bailout fund permanent by the end of next year, rather than mid-2013;

_ and holding monthly European summits until the crisis is over.

Worries about the stability of the euro reached a high in recent weeks as Italy’s bond yield, indicative of the rate it would pay to borrow on markets, jumped to record peaks above 7 percent. That level is considered unsustainable and has eventually forced Greece, Ireland and Portugal to require financial aid. By comparison, bond yields in Germany, Europe’s largest and most stable economy, are roughly 2 percent.

But Europe can’t afford to rescue Italy, the eurozone’s third-largest economy, so the crisis went into high gear in recent weeks when it looked like the country might need a lifeline.

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11/29/2011 (9:32 am)

British Library puts 19th C newspapers online

Filed under: USA, online |

The newspaper coverage was troubling: London’s huge international showcase was beset by planning problems, local opposition and labor woes _ and the transport was a mess.

It sounds like the 2012 Olympics, but this was the Great Exhibition of 1851 generating stories of late trains, unscrupulous landlords and dangerous overcrowding.

Coverage of the event is found in 4 million pages of newspapers from the 18th and 19th centuries being made available online Tuesday by the British Library, in what head of newspapers Ed King calls “a digital Aladdin’s Cave” for researchers.

The online archive is a partnership between the library and digital publishing firm Brightsolid, which has been scanning 8,000 pages a day from the library’s vast periodical archive for the past year and plans to digitize 40 million pages over the next decade.

A glance at the stories of crime and scandal shows some things haven’t changed _ including grumbling letter-writers complaining about disruption caused by the 1851 exhibition, held inside a specially built Crystal Palace in London’s Hyde Park.

“People were saying, ‘This isn’t good, I can’t ride my horse in Hyde Park,’” said King. One regional newspaper editor complained that the “celebrated p.m. fast train service to London” arrived two hours late and warned visitors “not to trust themselves to the tender mercies of the numerous private housekeepers” renting out rooms at exorbitant prices.

The library hopes the searchable online trove will be a major resource for academics and researchers. The vast majority of the British Library’s 750 million pages of newspapers _ the largest collection in the world _ are currently available only on microfilm or bound in bulky volumes at a newspaper archive in north London, where the yellowing journals cover 20 miles (32 kilometers) of shelves.

“We’ve got 200 years of newspapers locked away,” King said. “We’re trying to open it up to a wider audience.”

There will be a cost to download articles online, though they can be accessed for free at the library’s London reading rooms.

Most of the first batch of 4 million pages are from the 19th century, and include stories about huge international events, freak accidents and local crimes, as well as articles about Victorian celebrities such as Florence Nightingale, whose nursing of troops in the Crimean War made her famous.

There are stories of war and famine, crime and punishment, alongside birth and death notices, family announcements and advertisements for soap, cocoa, marmalade, miracle cures and treatments for baldness.

Crime columns provide a glimpse at rough 19th-century justice. Newspapers printed lists of people transported to Australia for stealing money, silver, cloth, hay and, in one case, “seven cups and five saucers.”

The archive includes national and regional newspapers from Britain and Ireland, as well as more specialized publications. The Cheltenham Looker-On reported on society, fashions and gossip in the genteel English spa town. The Poor Law Unions’ Gazette contained vivid accounts of workhouse life, and descriptions of inmates who had absconded.

King said the library hopes the archive will also help amateur genealogists find information about their ancestors.

Library staff have already highlighted a few links to the famous, including an 1852 appearance in insolvency court by Simon Cowell’s great-great-great grandfather, Michael Gashion, and a local newspaper item about the great-great grandfather of actress Kate Winslet, who was “embedded in a mass of bricks and timber” when a hotel facade fell on him in 1903.

Bob Satchwell of press trade group the Society of Editors welcomed the archive _ some good news for newspapers amid all the negative press from Britain’s ongoing phone hacking scandal.

He said the website “opens up a magical new window on a magnificent treasure trove of real history, recording the lives of ordinary people doing extraordinary things in vibrant communities, rather than merely the cold facts of politics and pestilence.”

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11/21/2011 (5:40 am)

Rare late-season tropical storm in Pacific

Filed under: economics, online |

Tropical Storm Kenneth is strengthening in the eastern Pacific Ocean, with forecasters calling it a rare late-season tropical storm.

The U.S. National Hurricane Center in Miami said Sunday that Kenneth had maximum sustained winds near 50 mph (85 kph). The storm was centered about 505 miles (810 kilometers) south of Manzanillo, Mexico, but was moving away from the coast.

Projections show Kenneth moving west out to sea, away from land, over the next several days.

The eastern Pacific hurricane season ends Nov. 30.

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10/16/2011 (1:08 pm)

Thousands join NYC protest against corporate greed

Filed under: management, online |

From coast to coast and North to South, the Occupy Wall Street protest against corporate greed that started out with a few young people in a lower Manhattan park grew to vocal thousands with weekend rallies in about two dozen states and supporters joining in from Canada and overseas.

Tens of thousands nicknamed “the indignant” marched in cities across Europe on Saturday. Violence broke out in Rome and dozens were injured.

Marches in the United States remained largely nonconfrontational, although dozens of people were arrested in New York when police moved to contain overflowing crowds or keep them off private property. Two police officers in New York City were injured and had to be hospitalized.

In Times Square, thousands of demonstrators mixed with gawkers, Broadway showgoers, tourists and police to create a chaotic scene in the midst of Manhattan.

“Banks got bailed out, we got sold out!” protesters chanted from within police barricades. Police, some in riot gear and mounted on horses, tried to push them out of the square and onto the sidewalks in an attempt to funnel the crowds away.

Sandra Fox, 69, of Baton Rouge, La., stood, confused, on 46th Street with a ticket for “Anything Goes” in her hand as riot police pushed a knot of about 200 shouting protesters toward her.

“I think it’s horrible what they’re doing,” she said of the protesters. “These people need to go get jobs.”

The Times Square rally lasted several hours before the crowd dispersed. Over the course of what was billed as “a global day of protest,” city police arrested more than 80 people in demonstrations at Times Square, Washington Square Park and a nearby Citibank bank branch. Police cited violations such as wearing masks, criminal trespass, and refusing to leave the park at midnight when police warned them it was closed.

Police spokesman Paul Browne said one of the police officers hospitalized suffered a head injury, the other a foot injury. Two dozen were arrested when demonstrators entered the Citibank bank branch and refused to leave, police said.

Citibank said in a statement that police asked the branch to close until the protesters could be taken away. “One person asked to close an account and was accommodated,” Citibank said.

Earlier in the day, as many as 1,000 demonstrators paraded to a Chase bank branch, banging drums, blowing horns and carrying signs decrying corporate greed. A few protesters went inside the bank to close their accounts, but the group didn’t stop other customers from getting inside or seek to blockade the business.

Lily Paulina of Brooklyn said she was taking her money out because she was upset that JPMorgan Chase was making billions, while its customers struggled with bank fees and home foreclosures.

“Chase bank is making tons of money off of everyone … while people in the working class are fighting just to keep a living wage in their neighborhood,” the 29-year-old United Auto Workers organizer said.

Police told the marchers to stay on the sidewalk, and the demonstration seemed fairly orderly as it wound through downtown streets.

Sergio Jimenez, 25, said he quit his job in Texas to come to New York to protest. He participated in an anti-war march to mark the 10th anniversary of the Afghanistan War.

“These wars in Afghanistan and Iraq were all based on lies,” Jimenez said. “And if we’re such an intelligent country, we should figure out other ways to respond to terror, instead of with terror.”

Throughout the country _ from about 50 people in Jackson, Miss., to some 2,000 in Pittsburgh _ the protest gained momentum.

Nearly 1,500 protesters gathered for a march past banks in downtown Orlando, Fla. Hundreds marched on a Key Bank branch in Anchorage, and declared it be foreclosed. In Colorado, about 1,000 people rallied in downtown Denver to support Occupy Wall Street. Nearly 200 people spent a cold night in tents in Grand Circus Park in Detroit, donning gloves, scarves and heavy coats to keep warm. Helen Stockton, a 34-year-old certified midwife from Ypsilanti, said they planned to remain there “as long as it takes to effect change.”

“It’s easy to ignore us,” Stockton said. Then she referred to the financial institutions, saying, “But we are not going to ignore them. Every shiver in our bones reminds us of why we are here.”

Hundreds more converged near the Michigan’s Capitol in Lansing with the same message, the Lansing State Journal reported.

Rallies drew young and old, laborers and retirees. In Pittsburgh, marchers included parents with children in strollers. The peaceful crowd stretched for two or three blocks.

“I see our members losing jobs. People are angry,” said Janet Hill, 49, who works for the United Steelworkers, which she said hosted a sign-making event before the march.

Retired teacher Albert Siemsen said at a demonstration in Milwaukee that he’d grown angry watching school funding get cut at the same time banks and corporations gained more influence in government. The 81-year-old wants to see tighter Wall Street regulation.

Around him, protesters held signs reading: “Keep your corporate hands off my government,” and “Mr. Obama, Tear Down That Wall Street.”

In Massachusetts, Gov. Deval Patrick visited protesters in Boston’s Dewey Square for the first time. He said after walking through the camp that he better understands the range of views and was sympathetic to concerns about unemployment, health care and the influence of money in politics.

The Rev. Al Sharpton led a march in Washington that was not affiliated with the Occupy movement but shared similar goals. His rally was aimed at drumming up support for President Barack Obama’s jobs plan. Thousands of demonstrators packed the lawn in the shadow of the Washington Monument to hear labor, education and civil rights leaders speak.

Hundreds protested in the heart of Toronto’s financial district. Some announced plans to camp out indefinitely in St. James Park. Protests were also held in other cities across Canada from Halifax, Nova Scotia, to Vancouver, British Columbia.

Overseas, tens of thousands nicknamed “the indignant” marched in cities across Europe, as the protests that began in New York linked up with long-running demonstrations against government cost-cutting and failed financial policies in Europe. Protesters also turned out in Australia and Asia.

In the violence that broke out in Rome, police fired tear gas and water cannons at the protesters who broke away from the main demonstration, smashing shop and bank windows, torching cars and hurling bottles.

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10/10/2011 (4:08 am)

Iraq army delays pullout from cities over security

Filed under: legal, online |

The Iraqi army was supposed to pull out of the nation’s cities by the end of this year but is delaying the pullback over security concerns, the Iraqi military spokesman said Saturday.

The delay is an acknowledgment that even after four years of declining violence, Iraq’s police force is not capable of maintaining security on its own. The other worry is that violence will increase when American troops complete their own withdrawal from the country at year’s end.

The government’s plan remains to eventually hand over security to the police and pull Iraqi troops back to bases outside the cities. But the spokesman for the Baghdad military operations command, Qassim al-Moussawi, said Saturday that the military is worried that the police will not be able to handle security in all areas of the country.

“We started to hand over gradually in some areas. But other areas we can’t hand over to the police because still the Interior Ministry needs the support of the Iraqi army. It is not capable now nor by the end of 2011.”

The Iraqi army’s presence can be felt all over Iraq’s quasi-militarized cities, where soldiers in helmets and flak vests and carrying AK-47’s man checkpoints and drive around in Humvees. The army has received the bulk of the training and support from the U.S. military and is generally seen as more competent than the police.

The police, since they tend to work and live in the same areas, have had problems with infiltration by various militant factions and are perceived as less willing to go after lawbreakers.

“We are monitoring the situation to see when police have the capability to maintain the security in order to hand over the responsibility to them,” al-Moussawi said.

Al-Moussawi said there were concerns that if the Iraqi army pulled out of the cities, violence would return.

According to the 2008 agreement signed between the U.S. and Iraq, all American troops are scheduled to leave Iraq by the end of this year. The American government will still keep a sizable presence in Iraq where it has its largest embassy in the world plus offices in Irbil, Kirkuk and Basra.

Iraqi political leaders have said they would like to have American military training help, but negotiations between the two sides are stuck on what type of legal protection to give any American troops who remain behind.

Even if a contingent of American forces were to stay behind, they would likely have a very limited role that would not extend much to combat operations, meaning the job of protecting the country against both Sunni and Shiite militias would rest solely with the Iraqis.

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09/14/2011 (4:28 pm)

Gov’t recalls dehumidifiers again after more fires

Filed under: online, term |

Thousands of dehumidifiers are being recalled for a second time after being blamed for more house fires.

The Consumer Product Safety Commission says LG Electronics Tianjin Appliance Co. is again announcing a recall of Goldstar and Comfort-Aire dehumidifiers because they can pose a fire and burn hazard. The CPSC says they are believed to be responsible for more than $1 million in property damage.

About 98,000 dehumidifiers are being recalled. The power connector for the machine’s compressor can short-circuit paydayloans.

The dehumidifiers were first recalled in December 2009 following four significant fires. Since then, the company has received 16 additional incident reports of arcing, smoke and fire associated with the dehumidifiers, including nine significant fires. No injuries have been reported.

Consumers can call 877-220-0479 for more information.

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