November 29th, 2011 by admin

The National Highway Traffic Safety Administration said on Friday new fires involving the lithium-ion batteries in General Motors Co.’s Chevrolet Volt have prompted an investigation to assess the risk of fire in the electric car after a serious crash.

The safety administration said in a statement one Volt battery pack that was being closely monitored following a government crash test caught fire on Thursday.

From in.finance.yahoo.com:

GM, which was informed of the investigation on Friday, said in a statement that the Volt “is safe and does not present undue risk as part of normal operation or immediately after a severe crash.”

The latest fires are in addition to a battery fire in a crash-tested Volt six months ago.

NHTSA learned of a possible fire risk involving damaged Volt batteries when a fire erupted in a Volt that was being stored in a parking lot of a test facility in Burlington, Wis. The fire was severe enough to cause several other vehicles parked nearby to catch fire as well.

“NHTSA continues to believe that electric vehicles have incredible potential to save consumers money at the pump, help protect the environment, create jobs and strengthen national security by reducing our dependence on oil,” the agency said.

Tags: Chevrolet Volt, create jobs, electric car, electric vehicles

November 27th, 2011 by admin

The move by India to open its supermarket sector to foreign investors brought relief to its capital-starved local chains.

It however failed to impress small-shop owners who dominate retail in the country, despite rules intended to safeguard small operators.

From in.finance.yahoo.com:

The government approved its biggest reform in years by allowing global supermarket giants such as Wal-Mart Stores Inc and Tesco to enter India with a 51 percent stake in the hope it would attract capital to build much-needed supply chains and improve efficiency to alleviate food-driven inflation.

“This is an extremely important step for domestic retailers as this will get in much-needed capital, apart from domain knowledge,” said Thomas Varghese, chief executive of Aditya Birla Retail.

“The set of transactions which will happen fast is foreign players who are in existing joint ventures with Indian firms, the increase or decrease in stake, will happen quickly,” Debashish Mukherjee, partner and vice-president at consultancy firm AT Kearney, said. “The second are a set of deals that are waiting to happen and have been just waiting for the announcement.”

Tags: Aditya Birla, inflation, supermarket

November 2nd, 2011 by admin

On Wednesday, the leaders of France and Germany told Greece that it would not receive another cent in European aid until it decides whether it wants to stay in the euro zone.

Leaders of the two countries also made it clear that saving the euro was ultimately more important to them than rescuing Greece.

From news.yahoo.com:

After emergency talks with Greek Prime Minister George Papandreou, German Chancellor Angela Merkel said: “We would rather achieve a stabilization of the euro with Greece than without Greece, but this goal of stabilizing the euro is more important.”

Sarkozy hammered home the same message, telling a joint news conference with Merkel: “Our Greek friends must decide whether they want to continue the journey with us.”

Papandreou outraged European partners and caused panic on financial markets by announcing on Monday that Greece would hold a referendum on a second bailout plan negotiated with euro zone leaders last week.

“It’s not the moment to give you the exact wording, but the essence is that this is not a question only of a program, this is a question of whether we want to remain in the eurozone,” Papandreou said.

Tags: euro, euro zone, financial markets

October 31st, 2011 by admin

YouTube is making a bold step into original programming in an entertainment venture with some hundred content creators, from Madonna to The Wall Street Journal.

The video site, owned by Google Inc., recently said it is launching more than 100 new video channels.

From news.yahoo.com:

The Google Inc.-owned video site said Friday that it’s launching more than 100 new video channels. The partners include an array of Hollywood production companies, celebrities and new media groups that will produce mainly niche-oriented videos.

YouTube is shelling out $100 million to producers, according to people familiar with the matter, who spoke on condition of anonymity. The money is an advance on advertising money the videos will bring in, and Google will recoup its portion first before splitting the proceeds. Advances are as high as $5 million per channel, said another person familiar with the arrangement, also speaking on condition of anonymity.

YouTube in a blog posting said the channels are being developed “specifically for the digital age.”

Tags: advertising, blog posting, celebrities, content creators, Google, media groups, production companies, Wall Street, YouTube

October 24th, 2011 by admin

Oil prices hovered above $1 a barrel on Tuesday in Asia as investors await plan details of Europe to contain its debt crisis.

Benchmark crude for December delivery was up 17 cents at $91.44 a barrel at midmorning Singapore time in electronic trading on the New York Mercantile Exchange.

From in.news.yahoo.com:

Oil has jumped 21 percent in three weeks amid growing investor optimism that European leaders will devise a plan to limit the damage from a possible default of Greek sovereign debt. Details of the plan are expected to be announced Wednesday.

“Although the euro zone debt issue remains quite murky, the market appears to be pricing in a viable resolution to this crisis,” energy consultant Ritterbusch and Associates said in a report. “Wednesday’s EU summit could still bring some bearish news if a comprehensive debt plan is not forthcoming.”

In other Nymex trading, heating oil fell 1.1 cents to $3.04 per gallon and gasoline futures slid 1.0 cent at $2.66 per gallon.

Tags: debt crisis, euro zone, oil prices, sovereign debt

October 18th, 2011 by admin

According to General Electric Co’s Jeff Immelt and other top executives, the U.S. economy is not slipping back into recession but will face a long, slow recovery as political gridlock in Washington and Europe make businesses wary of investing.

“Recovery is underway, but it’s a long, slow recovery. Slower than we’d like,” the head of GE told a group of about 500 executives from mid-sized U.S. companies.

From in.finance.yahoo.com:

Other top voices from corporate America offered a similar assessment on Thursday, including FedEx Corp CEO Fred Smith and ExxonMobil Corp’s Rex Tillerson.

Data released on Thursday is backing them up: Activity in manufacturing, business spending and motor vehicle sales suggested that the economy, which expanded at a 1.3 percent annual rate in the second quarter, could avoid an outright decline in output.

“We don’t see a contraction; we don’t see a recession,” said FedEx’s Smith, who founded the world’s No. 2 package delivery company. “It’s steady as you go, slow growth.”

“This is a lot different than 2008, guys,” said Immelt, CEO of the largest U.S. conglomerate. “There’s liquidity, there’s pockets of growth and I think people have confidence that they might be able to find the right pockets of growth.”

Tags: business spending, recession

October 11th, 2011 by admin

Vijay Mallya, Chairman, Kingfisher Airlines has announced that it will quit its low cost aviation business, Kingfisher Red.

Mallya said the segment was too competitive and there are enough passengers for a full service operation.

From in.finance.yahoo.com:

The cash strapped airline has never reported profits since its launch in 2006. In the last quarter, the airline had reported losses of Rs. 263.54 crore against losses of Rs. 187 crore in the corresponding quarter of last year.

Meanwhile, Mallaya also outlined plans to reduce debt and raise capital. The company has huge debt levels, which currently stands at Rs. 6,000 crore. He said the airline was working with a consortium of banks to further reduce interest costs and raise working capital.

The airline’s auditors had said in the company’s annual report for the fiscal year that ended March 31, that it needs capital infusion to remain viable. The auditors B.K. Ramadhyani & Co also noted, that the airline’s financial statements had “been prepared on a going concern basis, notwithstanding the fact that its net worth is completely eroded.”

“Kingfisher Airlines is working with a consortium of banks to further reduce interest costs and raise working capital as the carrier looks to restructure its fleet by selling and leasing back some of its aircraft to lower debt,” Mallya said.

Tags: interest costs, Kingfisher Airlines, Kingfisher Red, working capital

September 22nd, 2011 by admin

The U.S. Federal Reserve, which is running out of options, is now thinking to give a boost to the country’s economy and reduce unemployment.

The Fed is now expected to announce money shifting in its $1.7 trillion portfolio out of short-term securities and into longer-term holdings.

From news.yahoo.com:

Fed Chairman Ben Bernanke is expected to advocate the move despite criticism from within the Fed and from Republican lawmakers and presidential candidates.

On Monday, the four highest-ranking Republicans in Congress sent Bernanke a letter cautioning the Fed against taking further steps to lower interest rates. Their letter suggested that lower rates could escalate the risk of high inflation.

The plan the Fed is considered most likely to unveil Wednesday has been dubbed “Operation Twist” and dates to the early 1960s. The Fed used a similar program then to “twist” long-term rates lower relative to short-term rates.

Most economists now say the odds of another recession are about one in three.

Tags: Federal Reserve, inflation, interest rates, recession, unemployment

September 5th, 2011 by admin

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Tags: business promotion, data security, offline marketing, Online Marketing, Online Presence, privacy laws, search engine marketing, Search Engine Optimization, small business marketing

August 29th, 2011 by admin

Steven P. Jobs, whose insistent vision made Apple one of the world’s most valuable and influential companies, is stepping down as chief executive.

“I have always said that if there ever came a day when I could no longer meet my duties and expectations as Apple’s C.E.O., I would be the first to let you know,” Mr. Jobs said in a letter released by the company. “Unfortunately, that day has come.”

From NYTimes.com:

Mr. Jobs, 56, has been on medical leave since January, his third such absence. He underwent surgery for pancreatic cancer in 2004, and received a liver transplant in 2009. But as recently as a few weeks ago, Mr. Jobs was negotiating business issues with another Silicon Valley executive.

Mr. Jobs will become chairman, a position that did not exist before. Apple named Tim Cook, its chief operating officer, to succeed Mr. Jobs as chief executive.

Rarely has a major company and industry been so dominated by a single individual, and so successful. His influence has gone far beyond the iconic personal computers that were Apple’s principal product for its first 20 years. In the last decade, Apple has redefined the music business through the iPod, the cellphone business through the iPhone and the entertainment and media world through the iPad. Again and again, Mr. Jobs has gambled that he knew what the customer would want, and again and again he has been right.

“Apple has been so innovative because Jobs takes major risks, which is rare in corporate America. He doesn’t market-test anything. It’s all his own judgment and perfectionism and gut,” said Alan Deutschman, who wrote a biography of Mr. Jobs.

Tags: Apple, corporate America, Silicon Valley, Tim Cook