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Covering the Financial World

Walmart Cuts 2,200 Jobs Nationwide

April 17, 2015 // by VideoIPOtv

Walmart Corporate Executives Visited Five Locations And Told Employees Their Store Would Closed That Day And They Are No longer Needed

Walmart has been in the news a lot lately. Minimum wage hikes, disappointing sales figures and a general sense that the giant company has some unlikely skeletons in its Wally World low-price persona. No one is sure what is going on behind closed doors in Arkansas. But one thing is certain; Walmart desperately needs a make-over. Some people think Walmart might be in for a retail collapse similar to Sears. The Sears demise started over three decades ago.

The executives that run the show at Walmart do live in an altered state of reality most of the time, but it appears some of them may be waking up cranky. Just ask the store personnel in Florida, Texas, California and Oklahoma. Executives from Bentonville visited Walmart locations in Brandon, Pico Rivera, Livingston, Midland and Tulsa recently and abruptly laid off 2,200 workers.

The five stores that are closing were built by Boraie Development LLC between 1994 and 2004. Walmart execs say plumbing issues were to blame in the Florida store, but the store has never reported chronic plumbing issues. The four other store managers are still shaking their heads in disbelief. In the retail business, it’s one thing to know a store is closing. People can prepare and look for jobs, but it’s another thing for executives to walk in and close five stores in one day without notice.

Automakers Fight to Prohibit Access to Software Running On Vehicles

April 6, 2015 // by VideoIPOtv

Do you really own your vehicle? You might think you do, but automakers would tend to disagree. They’re attempting to leverage the Digital Millennium Copyright Act against consumers who wish to modify the onboard software that controls a vehicle’s internal computer system.

According to Marcio Alaor BMG, The EFF (Electronic Frontier Foundation) is working hard to fight the seemingly unnecessary ban against modification and access to your vehicle’s inner workings. They believe people should be able to do what they like to their own property without intervention, as long as it doesn’t violate any laws or pose safety concerns.

The EFF believes that the DMCA has overstepped its boundaries in limiting access to a vehicle’s code. Under the DMCA, otherwise lawful acts, such as repairing your vehicle or tuning it for performance enhancements, are illegal. The EFF is lobbying the Copyright Office to overrule the DMCA rules and regulations.

It’s hard to say who is right in this case. Giving access to a car’s computer opens up a real can of worms. The safety and performance of modern vehicles is regulated through the computer system. Open source operating systems in cars could potentially provide hackers with easy access to changing mileage or other more devious modifications.

Norway Signals That It Will Join China Investment Bank

April 1, 2015 // by VideoIPOtv

Officials in Norway have signaled that they are prepared to follow their other European neighbors and join the new Asian Infrastructure Development Bank or AIIB, recently founded by China stated LinkedIn.com. Norway joins France, the United Kingdom, Italy and Australia among other non Asian countries adding more credibility to the viability of the new development bank which will work in same space as the World Bank and the Asian Development Bank. The AIIB is designed to focus on infrastructure needs in the Asian basin and to address needs that a western styled investment bank model may not truly appreciate. Norway Joins New China Investment Bank

The addition of Norway also adds to the consternation of the United States who has never been a supporter of the AIIB. Strategically, the AIIB undercuts the Influence of the United States which has been the dominate master behind the International Monetary Fund, (IMF). To quell the news about the row between the U.S. and the creation of the AIIB, the IMF issued a statement indicating that it would look forward to cooperating with the AIIB and that there was enough work for both institutions to work together.

The AIIB marks China’s rise as a global power and its ability to project itself and its influence in the current restructuring of a new world order of countries using finance as a means to secure wealth.

Know your favorite brand; Dorchester Collection

March 14, 2015 // by VideoIPOtv

Dorchester Collection refers to a state of the art luxury hotel operator that is owned by an investment company in the branch of Brunei Finance Ministry called Brunei Investment Agency. The investment agency runs hotels that are so luxurious they attract all sorts of well-to-do people including celebrities, royalty and business moguls. Dorchester Collection was established in 2006 and has been proving accommodation and conference facilities for nearly a decade in what has remained an extremely great standard all through.

The company runs and manages renowned luxury hotels in the USA and Europe. It has been on the forefront of maintaining and offering the best services to its clients that has seen it excel well over the years. As a show of commitment to quality service delivery, the company has built its reputation around their vision and passion in innovation and excellence when conducting their services.
Dorchester Collection’s management has stressed their enthusiasm in expansion of their company. They plan to have 15 hotels under their management by 2015. The company’s top management, mr. Christopher Cowdray, says the plan is with reach for a company that has been working hard and achieving results when it seemed impossible. He added the planned expansion will only be achieved through focus to the company’s goals and vision. By 2012, the company was managing nine hotels owning eight of them with the only exception the one in Geneva Switzerland.

As part of the plans, the hotel plans to buy more hotels and also help other hotel owners manage their businesses. Its hotels are very well situated in areas served adequately by access infrastructure and also ample surroundings. Every hotel under Dorchester Collection is highly influenced by the local culture and embraces the society’s values. The characteristic has seen it become a popular venture with the locals who feel it as part of their daily lives.

Back in 2011, the company decided to off-load one of its hotels located in New York, the New York Palace Hotel, in sale agreement with another American Investment company called Northwood. The New York Palace Hotel was one of its three hotels located in the USA and was a massive facility featuring 899 rooms. The sale was followed by purchase of another great hotel located in London. Furthermore, the company has plans to expand its existence in major global cities including Hong Kong, Singapore, Sydney, Washington, D.C, Doha, Beijing and Abu Dhabi.

Amongst its most iconic hotels are the Bel-Air hotel in Los Angeles, the Meurice and Plaza Athenee found in Paris and the Beverly Hills hotel.

Veitch Brings Unique Depth and Breath to Occidental College (“Oxy”)

March 13, 2015 // by VideoIPOtv

After 25 years away from LA, Jonathon Veitch returned in 2009 and brought with him inspired vision for his role as President of Occidental College. Veitch is a son of a prestigious Hollywood family, but elected a different career path with a focus on education, history and civics. With a Harvard PhD in hand, he taught English, History and Literature at a variety of colleges before landing at The New School in New York City, an extension of New York University. There, he participated as the school expanded both its student population and its’ presence in the local community. It is with that focus that he then turned his attention to the LA-area Occidental College.

Since becoming President in 2009, Veitch has indeed focused on improving the local presence of “Oxy”. When he arrived, the school was experiencing challenges with nearby residents, and its endowment had fallen by almost 25%. Attracting a wider, more diverse student population, rebuilding the endowment fund, and developing a happier, more sustainable relationship with the surrounding community quickly became his priorities.

His education proved a significant foundation for these endeavors. As a student and a teacher, his academics focused on 19th and 20th century American and cultural history, and he has published an award winning book on the personalities and politics of those periods. Accordingly, he used lessons learned from modern history, and his educational experiences in New York, to craft his careful, respectful overhaul of the school and its culture.

Under his leadership, Oxy College began active engagement with its very close neighbors, starting with parking and crowding concerns. This conversation was in conjunction with the schools’ then election to stop its plan of expansion until the local concerns were better addressed. At the same time, Oxy redoubled its attention on collaborative projects with local area high schools, providing Tutors for promising, college-potential students.

Veitch and his talented administrative and teaching staff, assisted by committed and passionate students, continue to make bold moves to bring the College into the 21th Century. Recognizing that increased funding will come from forward-thinking educational objectives, the College is crafting innovative educational and social programs that will engage both the local community and prospective students, and ensure its’ future as an educational leader in Southern California.

Verizon’s FiOS Drop The Weather Channel

March 11, 2015 // by VideoIPOtv

Verizon customers will no longer be able to watch The Weather Channel if they’re using the company’s FiOS service. According to Verizon, there are a number of different online sources and apps available that people can use to check the weather. Since people have so many options, Verizon doesn’t think that people necessarily need access to that content from the weather-specific channel.

In a note to FiOS subscribers, Verizon announces that the channel will not longer be available and announces the availability of a new channel: AccuWeather Network. In addition to that network, Verizon plans to offers its WeatherBug widget for customers on FiOS channel 49. The WeatherBug widget offers hyper local weather forecasts specific to not only a user’s town, but also their own specific neighborhood.

Just because it’s gone now, doesn’t mean FiOS customers won’t see The Weather Channel again sated a company message via youtube. Television providers often have to pay for individual channels. The price for The Weather Channel might have been too high for Verizon based on the number of people who watch it. Verizon may have cut the network in order to potentially get quoted a better price for it. DirecTV also recently dropped The Weather Channel from its roster.

Wells Fargo Is Scaling Back Subprime Car Loans

March 2, 2015 // by VideoIPOtv

The San Francisco Bank Is Known For Making Subprime Auto Loans

The auto loan business is a huge profit maker. Wall Street has been bundling car loans for years and selling them to investors as securities. Wells Fargo Bank has been a major player in that financial game, but it appears the bank is rethinking its lending strategy, which business leader Susan McGalla says, strategy is everything-for more on this you can read her feature press on prnewswire.com.  The bank recently decided to limit its subprime lending to 10 percent of its total auto loan originations. http://www.nytimes.com/2015/03/02/business/dealbook/wells-fargo-puts-a-ceiling-on-subprime-auto-loans.html?_r=0

Wells Fargo is the leader in iffy car loans, so this move could be a signal for other lenders to cut back on subprime lending. That means people with tarnished credit may have a difficult time getting a bank loan to buy a car. Wells Fargo had a budget of $29.9 billion for auto loans, but that figure will go down this year based on their recent decision.

The main reason for the change is auto loans for people with credit scores under 640 has doubled since 2008. One in four car loans goes to a subprime lender. Losses on subprime auto loan investments recently reached their highest level in six years. Loan delinquency on these loans has also increased. Almost 5 percent of all subprime loans are 60 days delinquent or more.

Becoming a Better Content Contributor on Wikipedia

March 2, 2015 // by VideoIPOtv

For those of you who are familiar with editing Wiki pages, it’s really not bad. It much easier then people think. All you need to know is some of the basics, which we mainly pulled from a handy tutorial on Get Your Wiki’s website.

1) Just click on the editing box at the top. You can begin the process. There are various types of editing you can do. It just depends on what you want to do.

a) For a simple typo, just go to the misspelled word and change it. To preview your work just hit the “show preview”. Is this a recommended thing? I would recommend you do this. You can see the changes. You can make sure it’s what you really want to do. Once the choice is made, you can hit the “save changes” button. Your editing work will show up instantly.

b) You also need to add something in the summary field. This field can be used to make a clarification. It can be used to link text. Sometimes the links end up being left out. You can fix this yourself, if you know it’s needed. Just include it in the summary field. This way others know what you are talking about.

c) Minor editing is good to do. It helps you get more proficient in your content, editing and writing skills. Even the simplest of things can go unnoticed. It’s those simple changes that make all the difference too.

2) Wikipedia should be used for the facts. There are those who have used it for different purposes. Try not to get into this habit.

a) Avoid using personal opinions. I hate to say this, but no one cares. I’m not being mean. I’m being honest. Avoid using your own personal speculations.

b) Avoid using spam. This tends to clog up the page. If you have a habit of doing this, your content will get flagged. The editors at Wikipedia will take notice of it.

c) One of the criticisms that Wikipedia has is the lack of credible resources. Use citations when adding something. This is the first rule of thumb for writing content. Any good writer and editor will tell you this. You need to have your sources cited and easy to see. Citations need to be displayed and accurate. If they are not, this will be considered plagiarism.

d) This is not the place to promote an idea or point of view. Wikipedia content should only be relevant to the content already written. Don’t use it as place to promote your beliefs or ways of thinking. You will get flagged. It’s also not a good way to start off your writing and content career.

Walmart Raises Could Affect Wages of Other Industries

February 27, 2015 // by VideoIPOtv

It appears that the raises that Wal-mart has given its workers could provide employees in other companies a chance for hope.

Economists have predicted that other franchises, like fast food restaurants, may be compelled to follow the trend and attract applicants. Wal-mart’s move is a part of a larger campaign for higher minimum wages on the federal level reported news articles.

According to Marc Sparks, the new wage will raise pay to at least $9 an hour in late spring and to $10 an hour by February of next year. This will affect over 500,000 of their employees (of which there are more than a million).

Other companies have implemented similar policies. The Gap upped their wage to $10 an hour minimum, and Ikea has raised theirs to $10.76. As these companies continue to place pressure on rock-bottom wage offerings like those from McDonald’s, Wendy’s, and Burger King will be greater. Employees are starting to ask for higher pay and threatening to change jobs.

Wal-Mart has battled opposition when trying to put the wage changes through in the Northeast and larger cities due to citizens still not wanting Wal-Marts in their town, though the continued actions toward better treatment of employees may help to change that view.

With a hiring surge running across the country, it is more difficult for companies to hire without offering to raise pay, so this short-term trend may well be a long-term positive consequence for workers.

How Did Bruce Levenson Save The Hawks

February 22, 2015 // by VideoIPOtv

When the Atlanta Spirit LLC group fell apart several years ago, they put the operations of the Atlanta Hawks in jeopardy. The owners that were leveraging for more power were not interested in the health of the team, but Bruce Levenson was able to come out of that situation with the principal ownership of the Hawks in hand. He began serving on the NBA Board of Governors, and he began turning around a team that had previously been used for profit.

The Team

The team had been put together with big contracts and not much care. When Bruce took over, he had to oversee the very difficult job of making the team more economical. He had to get people off the team that did not really belong there, and he had to use the money that he saved to make the games more fun for fans. Even when the team was rebuilding, Bruce was able to give the fans a great experience to have with their kids. They were slightly competitive, and they were getting better. Bruce brought hope to basketball fans in Atlanta, and he fired popular coach Larry Drew in favor of a regime change.

The Hirings

When Bruce hired Danny Ferry and Mike Budneholzer from the Spurs, he knew exactly what he was doing. The Spurs saw that they were giving up two great pieces who could create a team that would mirror the Spurs in many ways. This change was something that Hawks fans were ready for, and the fan experience became one where parents could teach their kids about basketball.

When we look on the Atlanta Hawks and their recent accomplishments, their saving grace is Bruce Levenson. He has been able to give the Hawks the help they need to move forward without tearing the team down.