Swiss central bank interim Chairman Thomas Jordan
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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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On a quiet afternoon in Manhattan’s East Village, I’m having lunch inside a monastery while Rasanath Dasa, a banker-turned-monk, tells us about the moment he decided to leave Wall Street.
"My desire to work in Wall Street arose back in 1992, when foreign TV first came to India and I watched Charlie Sheen in the movie Wall Street," he tells the group of five who have traveled to his monastery. "For some reason, the images stuck in my head of ‘man, that’s what I really want to do — that fast-paced life.’"
But the religious life also appealed to Dasa. He joined a monastery while he was still hustling deals on Wall Street for his employer, Bank of America. When he started work on a project for Playboy, the stark contrast between his inner life and his day job became too much.
"At the time that the economy was tanking, I was actually making money selling sex," he says.
He’s a slight man who speaks slowly and carefully, pausing to gather his thoughts as he narrates. He’s sharing his story with us thanks to a startup called SideTour. Almost every week, Dasa hosts a lunch for those who want to chat with him about his journey from Wall Street to the monastery.
Forget daily deals on restaurants and spas, or flash sales on designer clothes. The hot e-commerce trend at the moment is selling one-of-a-kind experiences.
Lunch with Dasa — priced at $20 — is just one offering from SideTour’s lineup. Its roster also includes a race down an ice luge with an Olympic medallist (that’s $150) or a cooking session with the host of NBC’s America’s Next Great Restaurant at his West Village townhouse ($35), among dozens of other options. The company takes a 20% cut when customers pay for an event.
SideTour is far from alone in the market. In the U.S., a key competitor is Zozi, which has raised $11 million from investors and currently operates in more than 60 cities. Germany has a whole pack of startups in the field, including Regiondo, Yasuu and Gidsy, which recently expanded into the San Francisco market.
One notable rival, Vayable, offers up experiences around the globe. Launched in April, the service’s tours range from an exploration of an abandoned Soviet hospital in Berlin to an expert-led wine tasting in Paris.
Vayable founder Jamie Wong attributes the interest in selling experiences in part to the rough job market. More people are finding themselves out of work or in need of a second job.
"I think we’re in an era where both the economy and cultural shifts are really dictating this kind of change, where people are moving more towards a freelance type of lifestyle," Wong says.
SideTour founder Vipin Goyal backs that view. He says his startup gives people the opportunity to make money doing what they love.
"It’s a platform for people to share their expertise and monetize that," he says. "It’s a huge opportunity for folks to supplement their income or to create new sources of income for themselves."
Goyal got the idea for SideTour after he and his spouse left their jobs and bought around-the-world plane tickets for a six-month trip.
"In places that we had local folks to share experiences with, it made all the difference," he says. "In places we didn’t, our own experiences were highly dependent on serendipity."
He came home with the desire to build a platform that would help others connect with those kinds of experiences. Investors flocked to the idea: SideTour landed a spot in incubator TechStars’ first New York cohort this summer, and it recently raised $1.5 million in seed funding. Since launching five months ago, SideTour has hosted 70 experiences, with a 90% sell out rate.
So is this a lasting market or a flashy trend?
Both Wong and Goyal cite studies concluding that experiences, not things, are what make people truly happy.
"People are starting to reevaluate — especially in this economic environment — how they’re spending their money," Goyal says. "I think that’s where you see a lot of this focus on experiences."
For the first time, Indian prosecutors are taking Google, Yahoo, Facebook and other networking sites to court for refusing to remove material considered insulting to Indian leaders and major religious figures.
Government officials are upset about material insulting to Prime Minister Manmohan Singh, ruling Congress party leader Sonia Gandhi and major religious figures. Some illustrations have shown Singh and Gandhi in compromising positions and pigs running through Mecca, Islam’s holiest city.
On Friday, the federal government told a New Delhi court that there was sufficient material to proceed against 21 social networking sites for offenses of “promoting enmity between classes and causing prejudice to national integration,” according to the Press Trust of India news agency.
The cases, which PTI said name companies including Google, Facebook, Yahoo and Microsoft, represent a new risk of doing business in the nation of more than 1 billion people, which is looking to technology to boost its economy and standard of living. The dispute highlights India’s difficulty in balancing the Internet culture of freewheeling discourse with its homegrown religious and political sensitivities.
Convictions could bring fines and up to five years’ imprisonment, through prosecutors have named only the companies involved rather than any executives. Metropolitan Magistrate Sudesh Kumar on Friday asked India’s External Affairs Ministry to serve summons to officials of foreign-based companies for court appearances March 13 my credit score.
In December, Telecommunications Minister Kapil Sibal said he had spoken repeatedly with officials from major Internet companies over the past three months and asked them to come up with a voluntary framework to keep offensive material off the Internet. He said that the companies told him there was nothing they could do.
There was no immediate comment by the networking sites after Friday’s court proceedings.
However, Facebook said last month that it would remove content that “is hateful, threatening, incites violence or contains nudity.”
Google said in a December statement that it removes content that violates local law and its own standards.
“But when content is legal and doesn’t violate our policies, we won’t remove it just because it’s controversial, as we believe that people’s differing views, so long as they’re legal, should be respected and protected,” Google said in a statement in December.
Sibal had shown reporters Web illustrations showing Singh and Gandhi in compromising positions as well as a site showing pigs running through Islam’s holy city of Mecca, a clear insult to Muslims.
Sibal said the Internet companies had told him that they were applying U.S. standards to their sites, and he objected, saying that they needed to be sensitive to Indian sensibilities.
The editor of a British tabloid has outlined a culture where reporters exaggerate headlines, dramatize stories, and occasionally go too far.
Daily Star Editor Dawn Neesom was speaking at the judge-led inquiry into British media ethics set up in the wake of the phone hacking scandal centered on the now-defunct News of the World tabloid
She shied away from claims that her paper played fast and loose with the truth, but acknowledged that the paper’s mission was “to put a smile on people’s faces payday loans.”
Neesom said Thursday: “Occasionally, I admit, we do cross lines. But we do have standards.”
The Star is owned by media magnate Richard Desmond, who is also to give evidence at the inquiry.
Desmond also publishes the Daily Express and celebrity magazines OK! and New!
Iran has begun uranium enrichment at a new underground site well protected from possible airstrikes, a leading hardline newspaper reported Sunday in another show of defiance against Western pressure to rein in Tehran’s nuclear program.
Another newspaper quoted a senior commander of the powerful Revolutionary Guard force as saying Tehran’s leadership has decided to order the closure of the Strait of Hormuz, a strategic oil route, if the country’s petroleum exports are blocked. Revolutionary Guard ground forces also staged war games in eastern Iran in an apparent display of resolve against U.S. forces just over the border in Afghanistan.
“The supreme authorities … have insisted that if enemies block the export of our oil, we won’t allow a drop of oil to pass through the Strait of Hormuz. This is the strategy of the Islamic Republic in countering such threats,” Revolutionary Guard deputy commander Ali Ashraf Nouri was quoted as saying by the Khorasan daily.
Iranian politicians have issued similar threats in the past, but this is the strongest statement yet by a top commander in the security establishment.
The latest statements are certain to fuel tensions with the U.S. and its allies, which are trying to turn up pressure on Iran with new sanctions to punish it over its disputed nuclear program. The West suspects Iran is trying to make nuclear weapons, but Iran denies this.
The United Nations has already sanctioned Iran for refusing to stop uranium enrichment _ which can produce both nuclear fuel and fissile warhead material. Tehran says its nuclear program is only for energy and medical research, and refuses to halt uranium enrichment.
Kayhan daily, which is close to Iran’s ruling clerics, said Tehran has begun injecting uranium gas into sophisticated centrifuges at the Fordo facility near the holy city of Qom.
“Kayhan received reports yesterday that show Iran has begun uranium enrichment at the Fordo facility amid heightened foreign enemy threats,” the paper said in a front-page report. Kayhan’s manager is a representative of Iran’s Supreme Leader Ayatollah Ali Khamenei, who has the final word on all important matters of state.
Iran’s nuclear chief, Fereidoun Abbasi, said late Saturday that his country will “soon” begin enrichment at Fordo. It was impossible to immediately reconcile the two reports.
Iran has a major uranium enrichment facility in Natanz in central Iran, where nearly 8,000 centrifuges are operating. Tehran began enrichment at Natanz in April 2006.
The Fordo centrifuges, however, are reportedly more efficient. And the site better shielded from aerial attack.
Nouri said Iran’s leadership has made a strategic decision to close the Strait of Hormuz, should the country’s exports be blocked. One-sixth of the world’s oil flows to market through the Strait of Hormuz, at the mouth of the Persian Gulf unsecured personal loans.
President Barack Obama approved new sanctions against Iran a week ago, targeting the central bank and its ability to sell petroleum abroad. The U.S. has delayed implementing the sanctions for at least six months, worried about sending the price of oil higher at a time when the global economy is already struggling. But the new sanctions nevertheless prompted a series of threats from Iranian officials about closing the Strait of Hormuz.
The newspaper paraphrased Nouri as saying that a 10-day naval war game which ended Tuesday was preparation for such a closure. The Guard, which is Iran’s most powerful military force and which has its own naval arm, has planned more sea maneuvers for February.
“The exalted leader (Khamenei) determined a new strategy for the armed forces, by which any threat from enemies will be responded to with threats,” Nouri said.
The U.S. and Israel have said that all options remain open, including military action, should Iran continue with its enrichment program.
Tehran says it needs the program to produce fuel for future nuclear reactors and medical radioisotopes needed for cancer patients.
The country has been enriching uranium to less than 5 percent for years, but it began to further enrich part of its uranium stockpile to nearly 20 percent as of February 2010, saying it needs the higher grade material to produce fuel for a Tehran reactor that makes medical radioisotopes needed for cancer patients. Weapons-grade uranium is usually about 90 percent enriched.
Iran says the higher enrichment activities _ to nearly 20 percent _ will be carried out at Fordo. These operations are of particular concern to the West because uranium at 20 percent enrichment can be converted into fissile material for a nuclear warhead much more quickly than that at 3.5 percent.
Built next to a military complex, Fordo was long kept secret and was only acknowledged by Iran after it was identified by Western intelligence agencies in September 2009.
Buried under 300 feet (90 meters) of rock, the facility is a hardened tunnel and is protected by air defense missile batteries and the Revolutionary Guard, Iran’s most powerful military force. The site is located about 20 miles (32 kilometers) north of Qom, the religious nerve center of Iran’s ruling system.
“The Fordo facility, like Natanz, has been designed and built underground. The enemy doesn’t have the ability to damage it,” the semiofficial Mehr news agency quoted nuclear chief Abbasi as saying Sunday.
U.K. manufacturing (PMITMUK) shrank less than economists forecast in December as demand increased in Germany and China.
A gauge of factory output based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply rose to 49.6 from a revised 47.7 in November, the groups said in an e-mailed statement today. The median forecast of 19 economists in a Bloomberg News survey was for a drop to 47.3 from an initially reported 47.6 in November. A level below 50 indicates contraction.
The sovereign debt turmoil in Europe, the U.K.
Imagine this: You open your eyes, and find yourself standing in front of a tall, lean fellow. He has a long white beard, and wears a long white robe.
Big Pearly Gates loom up behind him. It’s St. Peter, and he looks ticked off.
He’s sitting at a desk with a big book open to a page with your name on it. It’s time for your final performance appraisal.
Pete is a sourpuss. “Well,” he says, fingering a page. “I see you cheated on your eighth-grade English test. And that was a very nasty thing you did to Mary Murphy’s pigtail.”
“Uh, I was just a kid and …”
“Ahem! That’s enough out of you,” gruffs Pete. “Now moving on to your adulthood. I see you were in church all of twice last year. Couldn’t drag your sorry carcass out of bed, huh? And you were chintzy on the United Way contribution.”
You’re sweating. It’s getting warm.
“Now, let us review your investment portfolio,” says old Pete. “What’s this? Altria? Isn’t that a tobacco stock? And here’s a whiskey stock. And Playboy Enterprises! Great balls of fire!”
St. Peter raises his eyebrows and pins you with a stare.
“Well, just how much money did you make from sin?” asks the saint.
At this point, you’re doing a little dance. The ground under your toes is getting very, very hot.
OK, wake up now.
A dream like that might get you thinking about socially responsible investing. There are about 250 mutual funds that promise to ally you with the angels. They screen out companies engaged in vices, war, pollution and workplace meanness while investing in companies that are green, peaceful, socially sensitive and sweet to employees. If you need some quick salve for your guilty conscience, there you go.
The nice thing is that you can feel all smug and socially superior without losing investment return. There have been lots of studies on socially sensitive fund performance, and they’ve generally concluded that social screens have little effect on investment return over the long haul, says David Kathman, analyst for Morningstar, the investment analysis firm.
Over shorter periods, the screens can both help and hurt. For instance, take the Amana Income fund. It invests according to Islamic principles, which means avoiding banks that charge interest. That helped the fund a lot in 2008, when the banking system nearly collapsed. It hurt in 2009 and 2010 when banks bounced back somewhat.
The Domini Social Equity fund screens for environmental behavior and good treatment of workers overnight pay day loans. During the 1990s, that moved its investments away from dirty industries toward technology companies where workers brought dogs to work and played foosball in the office.
That helped Domini shine in the late 1990s, while the tech bubble was inflating, and pulled down returns when the bubble popped.
“It tends to even out,” says Kathman.
That gets us to another thing about such funds. They vary in what they consider responsible. Some lean toward religious principles, others favor the environment. Some ban alcohol stocks. Others will tipple away. Defense stocks? Nuclear power? OK with one fund, not another.
You can find a handy guide to such funds, with performance returns and social screens, at ussif.org/resources/mfpc.
It’s harder to determine whether social investing does anything to change society. In theory, the movement would switch capital away from disfavored companies and toward favored ones. As the shunned companies’ stock price falls, management would change its behavior. Rewarded companies would get even nicer.
But are there enough bleeding hearts to swing a stock price? The U.S. Social Investment Forum, the movement’s trade group, claims heavy clout: $3.07 trillion out of $25.2 trillion in the U.S. investment marketplace is run in a socially conscious way, the group says.
Of course, its definition is pretty broad. It includes mutual funds that are perfectly happy to own a sin stock or a polluter, as long as they can hector management through shareholder proposals and the like. Investors qualify if they deposit money in banks with good community lending records.
With so many different social agendas, influence gets diluted. In fact, there’s some academic evidence that socially shunned stocks do a little better than others. Socially blessed stocks do a little better, too.
Perhaps the answer lies in observing St. Louis. The movement has been around for a couple of decades now, and you can still buy a pack of Camels. Boeing keeps churning out fighter jets. Ameren keeps burning coal, and we’re still a town that loves beer.
Socially conscious investing may get you points with St. Peter. But the CEOs of the world don’t seem to care much.
The holiday shopping season turned out to be two seasons: the Black Friday binge and a last-minute surge.
Together, they added up to decent sales gains for retailers. And the doldrums in between showed how shoppers have learned to wait for the discounts they know will come.
“The days that the American consumer gets excited about 25 percent off are over,” said C. Britt Beemer, chairman of America’s Research Group. “Shoppers are keeping their eye on the ball for the big sales events.”
In November, spending rose 4.1 percent. And from Dec. 1 to Dec. 24, it rose 4.7 percent compared with the same period last year, according to research firm ShopperTrak. A 4 percent increase is considered a healthy season.
The higher sales are good news for the economy, because they show shoppers were willing to fund a holiday splurge despite high unemployment and other lingering economic woes. Consumer spending, including major items such as health care, accounts for 70 percent of the economy.
Still, plenty of people are pinched for cash in the slow economic recovery, and they were seeking the best deals, which could squeeze stores’ profits for the fourth quarter, says Hana Ben-Shabat, a partner in the retail practice of A.T. Kearney, a management consulting firm.
Stores have trained even shoppers who are primed to spend to look for a discount.
Heading into the season, stores were nervous that shoppers would be tight-fisted. Many officially opened the season with discounts on TVs and toys that started as early as Thanksgiving Day. Consumers came out in droves, resulting in record spending.
Then the frenzy tapered off. A mild winter and the fact that Christmas fell on a Sunday encouraged people to wait until the last minute and accentuated the peaks and valleys of spending.
Stores started to push more discounts to get shoppers to spend in the finale. In fact, retailers’ promotional e-mails from Sunday, Dec. 18, to Thursday, Dec. 22, spiked 34 percent, compared with the same period a year ago, according to Responsys, which tracks e-mail activity from more than 100 merchants.
According to Beemer’s consumer surveys, 60 percent of shoppers polled were looking for discounts of more than 50 percent to get them to buy. That’s up from last year’s 51 percent of shoppers polled.
Tracey Spears of Locust Grove, Ga., who was shopping Wednesday at Atlanta’s Lenox Square Mall, said she got 75 percent of her holiday shopping done on Black Friday or the day after Thanksgiving. She took advantage of deals, including a Keurig coffee pot from Target and clothes from Hollister on sale.
“I had more money because I got a better bonus this year, but sales are important. You always want to buy stuff cheaper,” she said.
Spears and others helped to create pronounced waves in spending.
“The downs and ups were much more accentuated,” said Michael P. Niemira, chief economist at the International Council of Shopping Centers. “It just shows how cautious the consumer is. Consumers are bargain hunters more today than ever before.”
In the week before Christmas, last-minute shoppers gave retailers a 4.5 percent increase in revenue over the same week last year at stores open at least a year, according to the International Council of Shopping Centers-Goldman Sachs Weekly Chain Store Sales Index. The index estimates sales at 24 major chain stores including Macy’s Inc. and Costco Wholesale Corp.
Revenue at stores open at least a year is an important measure of a retailer’s performance because it excludes stores that open or close during the year.
Total retail revenue for the week that ended Saturday reached $44 billion, 14.8 percent higher than a year earlier, ShopperTrak estimates.
For the week that ended Nov. 26, which included the traditional start of holiday shopping on the day after Thanksgiving, stores had the biggest sales surge from the week before since 1993, according to the ICSC-Goldman Sachs index.
The post-Black Friday lull was deeper than usual. The two weeks after Thanksgiving weekend showed the biggest percentage sales decline since 2000.
Then, during the final two weeks before Christmas, sales surged again, by the highest rate since 2005, Niemira said.
The season “was good but uneven,” he said.
Stores are expected to benefit when shoppers come back to spend gift cards, because people often spend more than the cards’ value. In addition, gift card sales are recorded only when shoppers redeem them.
People have more money on their cards to spend. According to an ICSC-Goldman Sachs survey of shoppers conducted Sunday, 18 percent of holiday spending went toward gift cards, up from 14.6 percent last year.
A total sales figure for the whole season won’t be available until after Dec. 31. And a fuller holiday spending picture will come Jan. 5, when stores including Target Corp. and Macy’s release December sales figures. Government retail sales data will be released in mid-January.
ICSC said it expects holiday sales for November and December to rise in line with its forecast of 3.5 percent. The National Retail Federation expects total retail sales for November and December combined to increase by 3.8 percent, up from its earlier forecast of 2.8 percent issued back in October. That’s still below the 5.2 percent holiday sales increase in 2010 from the previous year.
As proof that consumers are timing their spending to seek the best bargains, Black Friday was the biggest sales day, as expected, generating sales of $11.4 billion, up 6.6 percent from a year ago, according to ShopperTrak.
But the day after Christmas ranked fourth, behind Black Friday, Friday, Dec. 23, and Saturday, Dec. 17, according to final figures from ShopperTrak founder Bill Martin. Christmas Eve was strong too.
ShopperTrak measures foot traffic in 25,000 stores in the U.S. and blends those figures with economic data and proprietary sales figures from merchants. The data exclude sales from auto dealers, gas stations, restaurants and grocery stores.
“Shoppers are willing to spend when they know the biggest discounts are available,” Martin said.
Brooks Brothers, the upscale men’s and women’s clothier that doesn’t discount before Christmas, learned that this year. The Monday after Christmas, when the company offered discounts up to 40 percent, was a record spending day at its stores and its website.
“The first three weeks leading up to holiday were soft,” Lou Amendola, chief merchandising officer, wrote in an email. “But customers really partook in the after-Christmas sales.”