Roni Deutch, widely known as The Tax Lady, celebrated the end of 2009 by holding an awards ceremony luncheon at the Sheraton Grand in Sacramento. She commemorated her team by acknowledging fourteen outstanding individuals and proclaiming them as her firm’s 2009 All-Star team.

Deutch stated, “My team did an awesome job in 2009”. She went on to commend their dedication to their careers and the taxpayers they work so hard to help. Roni Deutch is extremely proud of her All-Star team, as they went above and beyond their everyday job responsibilities and possess a high level of commitment and enthusiasm.

The members of the team at Roni Deutch, A Professional Tax Corporation, were just as excited about their success. At the luncheon, Deutch announced the members of her law firm’s 2009 All-Star team. The team consists of ten staff members made up of nine employees and one manager. All team members were considered to have exceeded performance expectations in 2009. In addition to the core members of the team, Deutch announced two Most Valuable Player awards as well as one Most Improved Player award for the employee whose performance had improved considerably over the course of 2009.

The members of the All Star team were announced as: Edward Lester, Manny Perez, Shanen Fox, Cathy Nunes Furao, Brandon Funk, Diego Increta, Paul Venable, Ryan Crawford, Nicole Elton, Brandon Ross, Scott Juceam (Manager), Ben Pollack (MVP), Justin Thompson (MVP), and Matthew Garrison (Most Improved Player).

Award recipients believed they were decorated with a great honor. They were commended for their valuation of team work, performance, and going above and beyond the call of duty.

Roni Lynn Deutch has been assisting taxpayers across the nation for over 19 years. She has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes. She is truly a leader in her industry.

As one of the leading financial institutions in the world, Citi Group has continued its commitment in citing and giving special recognition to over-achieving staff from their offices all around the globe. For 2010, and as part of the company’s dedication to microfinance, especially among poor nations in the world, Citi again collaborated with the Central Bank of Nigeria in awarding their Nigerian employees who excelled in 2009 in the area of microfinance.

Last January 21, Citi handed out recognitions to their employees who showed a firm resolve in pursuing and making microfinance available to entrepreneurs from all over the country. The awards aim to encourage more locals to become entrepreneurs themselves through Citi’s micro-entrepreneurship program. The awards were divided into five major categories including Best Micro Business Model, Most Marketed Product, Most Innovative Product, Employment Generation and Best Female Entrepreneur. Microfinance institutions from all around Nigeria contributed in choosing the award recepients for each category.

An estimated $40,000 was awarded by the company to the Growing Business Foundation, so that it can push through with the awards in Nigeria. Last year, Citi Group donated a total of $1.2 million to Micro-Entrepreneurship Awards program in 20 countries where it is operating, including Nigeria.

The program has been successful, especially since it has increased awareness and curiosity among the people in middle to low-income countries regarding micro-entrepreneurship. The program aims to support micro-entrepreneurs financially so that they may be able to continue the role that they play in their local economies. The program became even more relevant last 2009 as the whole world felt the effects of the worldwide economic recession.

“Entrepreneurship is a key driver in any economy and we are proud to be supporting Nigerian entrepreneurs who are working hard to grow their businesses and local economies,” comments Emeka Emuwa of Citibank Nigeria Limited.

For the fourth month in a row, the US manufacturing sector has inevitably shown signs of growth. Although the progress is at a rather slower pace, the manufacturing sector has definitely shown signs of slight recovery from last year’s recession.

The housing market has also shown signs of improvement despite having overspent on construction in October. The Institute of Supply Management has recently made a report about its national factory activity index. For the month of October, the Institute of Supply Improvement has reported a 53.6 decrease in the index of national factory activity. Reuters has surveyed a number of economists and an average of 70 has predicted an activity index of 55.0 for November. According to these experts, an index of 50 or above indicates an expansion in the manufacturing sector while those that go below 50 indicates contraction.

According to the chairman of the ISM manufacturing business survey in Georgia, Norbert Ore, the Institute of Supply Management has been through four months of weak recovery. According to him, it would take some time before the improvement spreads to 18 manufacturing industries.

However, the report made by the ISM was rather unexpected according to Tom Sowanick, the chief investment officer for the Omnivest Group in New Jersey. He says that although the report was unexpected, the figures were still strong when added to the earlier monthly levels that went above 50. In addition to that, Tom Sowanick has added that the China ISM has also experienced an increase in its index. This, according to him, signifies a global recovery.

On the other hand, the ISM employment index for the manufacturing industry was reported to have decreased from 53.1 in October to 50.8 in November. So far, the change has been the strongest since 1996.

Roni Lynn Deutch, author of The Tax Lady’s Guide to Beating the IRS, along with debt management expert Clarky Davis and and financial guru David Bach have dispensed some vital financial tips to make your business a success.

Advice From Roni Lynn Deutch
Roni Lynn Deutch, founder of the Roni Deutch A Professional Tax Corporation, believes that allowable tax deductions are “sexy,” and business owners who understand tax deductions are “tax-sexy.” Roni Lynn Deutch offers these tips to make your business tax-sexy:
1. Dump assets that are loser stocks, then invest the cash in starting a business.
2. Use your retirement accounts as ways to borrow money.
3. Know the difference between sole proprietorships and S corporations
4. Rents are low. Take advantage of them
5. Run your business from the top down
6. Stay organized and file all receipts
7. Have a working knowledge of tax laws
8. Stay informed with at least one good tax book. (Preferably, The Tax Lady’s Guide to Beating the IRS by Roni Lynn Deutch!)
9. Hire teenagers to save money

Advice From David Bach
David Bach, author of Start Over, Finish Rich, is an expert on personal finance and how to become wealthy.
1. Pay yourself first—and that means 10 percent of each dollar earned.
2. Set up your finances on line.
3. Build wealth by using the profits from your business to buy real estate.
4. Begin with the end and have an exit strategy
5. Consider opening a franchise
6. Use the technology and the Internet.
7. Set up adequate emergency accounts

Advice From Clarky Davis
Clarky Davis, author of The Debt Diva’s Frugal and Fabulous Lifestyle Guides, is an expert on such topics as basic money management and budgeting to real-world saving tips.
1. Be prepared for the business not to make a profit for at least one year.
2. Keep overhead low and service high.
3. Be informed and know your debt options
4. If you’re married or in a relationship, make sure one partner continues to work full-time while the other starts the business.
5. Be willing to learn from others. And this includes learning from their mistakes.
6. For a last resort, borrow from your 401(k).

A Paris court issued a ruling banning Google from scanning French-published books because they were in violation of the country’s copyright laws. It said that Google’s expansion into digital books is a breach of France’s copyright laws. In addition to this, the court fined the Internet search leader with €10,000 per day until it stops showing literary previews, especially of books published on French soil. This hefty fine is equivalent to almost $14,300 a day.

Aside from this, Google was also fined an additional €300,000 in damages and interest payable to French publisher La Martiniere, which brought the case to the Paris courts in behalf of a group of publishers from France.

Google, for their part, said they would appeal the ruling. This decision in France is another obstacle to the goal Google has set out to achieve before 2015: to scan all of the world’s books into a digital library that can be accessed by anyone with an Internet connection. A US legal settlement that can grant Google the digital rights to millions of books is in jeopardy because US regulators have foreseen and warned a federal judge in New York that the act can ruin competition in the growing market for electronic books. According to them, the agreement may also compromise copyrights.

The courts of France, and also that of Germany, have raised objection to this granting of digital rights to Google saying that this will overstep and violate copyrights of publishers in other countries. Google is trying to appeal its case amidst the clamor of its critics. The revised settlement submitted by the company is still under court review.

The French court ruling served as a big obstacle for Google and its ambition of getting into other markets beyond Internet search. Many critics speculate that Google is getting too powerful for the market’s good and that it will soon be eating up its competition and completely dominate the whole Internet market. Despite this, Google’s shares still gained $3.86, up to $597.80, in last December 18’s trading.

World-renowned casino operator Las Vegas Sands has announced it would finish its projects in Macau, China earlier than expected. Sands—the second largest operator in the world, with a market value of $10 billion—plans to finish them in five years, underscoring its hefty presence in the Asian gambling hub.

Five Sands properties are set to be erected along the city’s fabled Cotai strip, a reclamation area lauded as China’s answer to the Las Vegas strip. Two have already begun construction, but were suspended at the height of the worldwide recession.

“We could finish all the properties easily within five years,” Las Vegas Sands CEO and founder Sheldon Adelson reassures the press at a conference in Singapore. “It depends on how fast we get approvals from the government.”

If Adelson were to let on, his company should inaugurate the first phase of the Cotai properties by the middle of 2011. Taking advantage of funds raised from listing its Macau unit, Sands China, in November, the company will further impart $500 million to the project.

When completed, the properties will augment two existing Sands casinos in the city, one of which is the world’s biggest: the Venetian Macau. All in all, the Cotai complex will house more than 20,000 hotel rooms; two million square feet of retail space; and more than 1.6 million square feet of convention areas.

With these projects, Sands joins a host of gaming companies determined to maximize the city’s highly bankable market. Among those that have taken root in the city are MGM Mirage, Wynn Macau, SJM Holdings, Galaxy Entertainment Group and Melco Crown Entertainment.

Down south, in Singapore, Adelson expressed high hopes for his multi-billion dollar casino project in the city-state to be completed in April 2010.

It could have been Singapore’s first ever legitimate casino but scarce labor and building materials postponed a 2009 opening. Costing $5.5 billion, the project calls for a casino-resort by the city-state’s famous Marina Bay.

A music video streaming site launched Dec. 8, 2009 received high benedictions from record labels. Called Vevo, the site marks yet another effort by labels to monetize their increasingly devalued products.

Foraying where MTV has gone, Vevo contains over 30,000 studio-produced music videos from Vivendi Universal Music Group, Sony Music Entertainment and EMI Music, plus content from Last.fm and various other CBS radio stations. The site is a joint venture of these recording companies with Google.

Google has pulled out professionally produced music videos from YouTube, its popular streaming site, and made Vevo its repository. In addition, Google—currently the world’s most successful advertising company—is infusing Vevo with YouTube’s technological know-how. If successful, Vevo could do for the digital era what MTV did for the 1980s.

McDonald’s Corp, AT&T Inc, Colgate-Palmolive Co, and MasterCard Inc, among 20 other companies, have struck advertising deals with Vevo. In exchange for an audience with its highly lucrative demographic, the site has pegged its ad price anywhere between $25 and $40 for every thousand page views.

Backed in part by the Abu Dhabi Media Company, Vevo somewhat replicates a business model pioneered by Hulu. The latter has become very profitable as a one-stop site to watch films and TV shows, drawing the likes of Disney.

For their part, YouTube has inked deals to legitimately use content from several film studios and television networks, e.g. Sony Pictures, MGM Studios, Lionsgate and CBS. Additionally, the site has plunged into partnerships with all four major record labels, including sole Vevo holdout Warner Music Group.

Warner Music Group CEO Edgar Bronfman was visibly absent at the Vevo launch party on Tuesday. The affair was nonetheless studded with all three music industry moguls, together with their talents.

“Vevo is a huge platform, and you know what’s best of all? It’s our platform,” said Universal Music Group CEO Doug Morris at the party.

Google CEO Eric Schmidt took center stage that night, alongside Vevo CEO Rio Caraeff. They hobnobbed with such musical greats as Lady GaGa, Shania Twain, 50 Cent and Sheryl Crow. Guests were serenaded by performances from Mariah Carey and John Mayer, among others.

In sync with America’s economic hardships, McDonald’s Corp. has decided to expand its range of dollar meals with breakfasts. The world’s largest hamburger chain announced the plan Dec. 10, 2009.

Come January 2010, the Golden Arches would sell a set of breakfast items for $1. Such menu would feature the chain’s signature Sausage McMuffin, a sausage burrito, a sausage biscuit, a 12-ounce coffee and a hash brown.

McDonald’s latest promo would be accompanied by a heavy marketing blitz across the US. The company had already set aside a huge budget for advertising in 2010, in a bid to compensate for slow sales.

This move is widely seen as a natural consequence of rising unemployment and stiff price competition among fastfood chains. As more people lose jobs, less people dine in restaurants for breakfast.

“We know now, more than ever, our customers continue to look for everyday affordability wherever and whenever they choose to eat out,” said McDonald’s spokesperson Danya Proud.

McDonald’s $1 dollar breakfasts may vary across the country. For instance, some branches may sell the coffee in larger servings, since a 12-ounce coffee is already priced at 89 cents in some locations.

On top of the dollar breakfast menu, McDonald’s would also begin selling the Big Mac Snack Wrap around the same time. Part Big Mac, part chicken wrap, the item consists of a beef patty, cheese, pickles, lettuce, onions, and sauce—sans the buns.

Yet again, this should make for affordable fare; the item should be sold at $1.49. Four-hundred restaurants across the US have so far tested the item last week.

This would not be the first time McDonald’s has sold one-dollar breakfast menus. The company had launched the promo as early as August, albeit in comparatively fewer branches.

Generally, breakfast consumption in US fastfood chains dropped by 2% this summer, according to data released by research firm NPD Group.

Feed The Children, the international relief organization that provides emergency relief for children and their families around the world, has geared up for the busy holiday season. This year, families have been hit particularly hard by the economic crisis, and unemployment is at an all-time high. Feed The Children is responding to the crisis by ramping up their efforts and increasing their collaboration with other organizations.

Archer Daniel Midlands Midland Company (ADM) has donated funds for a semi tractor-trailer of food to be delivered throughout Davenport, Iowa. Feed The Children will distribute the food and materials.

“We are truly grateful once again to ADM and its employees for this generous gift,” said Tony Sellars, spokesperson for Feed The Children. “ADM and its employees have been committed partners in the fight against hunger. We are so thankful for them and for all of our donors in their continued hard work in helping bring hope to so many struggling families.”

“As one of the world’s largest agricultural processors, we believe we have a commitment to the communities where we live and work,” said Mirinda Rothrock, ADM Community Engagement Manager. “Through our partnership with organizations like Feed The Children, we’re able to sustain that commitment and help improve the lives of people in need.

Feed The Children is also distributing food in Bloomington, Indiana. Feed The Children is partnering with Midwest Food Bank to assist 400 families. The boxes are designed to help a family for up to one week.

“We are excited to be able to partner with Midwest Food Bank at such a critical time,” said Feed The Children spokesman Tony Sellars. “These families will hopefully have a happier holiday thanks to the help that will be provided.”

In Kiron, Iowa, Feed The Children and Orphan Grain Train are working together in a similar program to help 400 families. “We are excited to be able to partner with Orphan Grain Train at such a critical time,” said Feed The Children spokesman Tony Sellars. “These families will hopefully have a happier holiday thanks to the help that will be provided.”

The US unemployment rate hit an all time high in 26 years at 10.2%, as many employers are still cutting down jobs in hopes of cutting down costs as they continually traverse the business waters in this global recession. Official figures that came out last September 4, 2009 showed that many industries are still keen on cutting down jobs, with:

• The construction industry letting go of 65,000 employees;
• The manufacturing sector some 63,000;
• Financial let go around 28,000;
• 22,000 for the professional and business services sectors; government jobs at 18,000; and
• The retail industry cutting down 9,600 jobs for the month of August.

There were bright spots in this hike in unemployment, though, as health care and educational services added 52,000 employees in their workforce.

This rate rose from 9.4% of the previous month, though the job loss figure was the smallest seen in a year. This hike in the unemployment rate has exceeded analysts’ forecasts of 9.5% proving how fickle still the economy is at present. At 216,000, this figure is still slightly lower than what many analysts have expected.

Though the rates are still very high, many say that the recession is on its tail-end and the economy as a whole is starting to recover from the global recession that started in December of 2007. Despite this improvement, analysts are still expecting the unemployment rate to remain high, peaking at 10% in the first quarter of 2010.

Nigel Gault, chief US economist at HIS Global Insight, says that this rise in unemployment is not at all discouraging. He states that the unemployment rate decline of July came in as a very pleasant surprise and was too good to be true. However, it is still too early for the unemployment rates to be going down and Gault believes there will still be job losses.

Despite this, he offers that what is really worth taking note here is the fact that the rate in which the jobs are going down is steadily slowing.

The stimulus package implemented by the Obama administration is still hitting its stride; government officials say that many more improvements with regards to the whole economic picture are expected to come in the future months.

Basing on India’s current rate of economic growth, experts have predicted that the country’s $1.2 trillion economy may be one of the first few countries around the world to recover successfully from the recent global recession. According to the country’s economic data, India’s economy was able to experience a growth of 7.9% by the end of the previous quarter in the 30th of September. So far, this has been the country’s largest growth since 1996.

According to Anuj Chande, current head of the South Asia Group, these recently reported figures may serve as an indicator that the Indian economy is on its way towards recovery from the devastating 2008 recession.

Due to these figures—which were released at the end of November 2009—economists have raised their estimates for India’s full year gross domestic product growth to about 6.5%. The Indian government on the other hand, expects the country’s economy to increase by 7-8% by the end of the fiscal year in March of 2010.

The country’s $80 billion stimulus package has contributed much to the country’s economic progress. From October 2008 to March 2009, a government-sponsored life support has been implemented on India. Along with the stimulus package comes an estimated $80 billion worth of tax cuts. The stimulus package has greatly contributed to the country’s economic growth. Without it, the economic growth rate for those quarters would have not exceeded a single percent. The stimulus packaged has helped the Indian economy grow 5.8%.

Apart from the stimulus package, a percentage of the country’s economic growth may have been brought about by the country’s increased economic activity. Communication, transportation, hotels, and trade makes up one-third of the country’s economy. For the past few months, these sectors have experienced an increase of up to 7.7%, while private consumption has increased to about 5.6%.

Siemens, an engineering giant based in Germany, has been making big waves in the nautical niche. The Siemens Wind Power headquarters in the Denmark Jutland Peninsula is now in operation. The company is currently making final touches to its newly constructed warehouse. The warehouse resembles a slate gray factory and workers are currently putting up an assembly line that is designed to churn out huge 2.3 megawatt turbines. While the workers are still working on the warehouse’s finishing touches, the company’s more than 1,000 newly hired employees are being housed in nearby offices.

The Siemens unit experienced progress as a result of their niche strategy. At present, the company is focused on selling turbines and other related gears and equipment for offshore use. Owning more than half of the total sales for 2009, Siemens was able to make it to the top of the growing market. For the previous year, the company was deluged with huge orders for a number of offshore projects. Among its several projects was the $4 billion deal with Denmark’s DONG Energy for the North Sea. Siemens was to provide DONG Energy a total of 500 turbines. According to DONG’s chief executive officer, Anders Eldrup, Siemens has been the only company that supplies the number of machines they needed in order to construct wind parks.

A few other offshore orders have also helped to increase the company’s renewable energy sales by up to 55% in June. The company’s wind business has definitely shown tremendous growth since its entry in the market way back in 2004. Siemens has made its entry into the market through its acquisition of Bonus Energy, an offshore turbine maker based in Brande.

Siemens is planning to broaden its reach in order to attain its goal of becoming the number three global producer of wind turbines by 2012.

One of the world’s leading spirits providers, Bacardi, started in late November its global roll-out of a new gift pack for Bombay Sapphire gin.

The Bacardi Sapphire gift pack includes a 1liter bottle of the product and a recipe booklet.

Bombay Sapphire Reign is already available at Amsterdam Schiphol airport with Schiphol Airport Retail and was created exclusively for duty-free and travel-retail, according to Bacardi.

The new gift box also won the Best Cartonboard Packaging Award on Nov. 5, 2009 at the UK Packaging Awards.

“Our premium Bombay Sapphire Reign pack is synonymous with the exceptional cocktails produced Bombay Sapphire gin,” said Bacardi Global Travel Retail Division marketing director Trent Russell.

Geokinetics Inc. and Petroleum Geo-Services announced Dec. 3, 2009 that they have signed a definitive agreement under which Geokinetics, a leading provider of seismic data acquisition, processing and interpretation services, will acquire the onshore seismic data acquisition and multi-client data library business of PGS (PGS) in a cash and stock transaction valued at approximately $210 million, on a cash free, debt free basis, which includes net working capital of $37.5 million, according to a press release from Avista Capital Partners.

The final purchase price is subject to certain customary post-closing adjustments. The transaction is expected to close in the first quarter of 2010 and is subject to normal closing conditions and regulatory approvals; there is no financing condition.

Following the closing of the transaction, PGS will become Geokinetics’ second-largest shareholder after affiliates of Avista Capital Partners.

Avista Capital Partners makes controlling or influential investments, primarily in U.S.-based companies in connection with various transaction structures, including leveraged buyouts, buildups and growth financings in the energy, healthcare and media sectors.

The combination of Geokinetics and PGS Onshore will create the second largest provider of onshore seismic data acquisition services in the world in terms of crew count and the largest based in the Western Hemisphere.

The combined company will have the assets and technical capabilities to support up to 38 crews and carry in excess of 207,000 equipment channels and over 150 vibroseis units; and possess in excess of 6,240 square miles of multi-client library data upon completion of current projects in progress. Empowered by a broad range of technologies that include transition zone (”TZ”), ocean bottom cable (”OBC”) and land vibroseis, the new Geokinetics will be able to compete more effectively within the entire seismic value-chain of planning, proprietary and multi-client acquisition, processing and interpretation services.

Furthermore, this acquisition will propel Geokinetics into new markets including Alaska and Mexico, as well as certain new countries in the Middle East and North Africa. As a result, Geokinetics will have a greater geographic reach overall, with a more significant presence in Africa and Asia and a leadership position in the Americas.

“We are extremely pleased to enter into this agreement with PGS as it solidifies Geokinetics’ position as the clear leader in the onshore seismic data acquisition business,” said Richard F. Miles, President and Chief Executive Officer of Geokinetics. “With the addition of PGS Onshore’s technologies; its broad international operations capable of working in diverse climate conditions; its extensive multi-client library providing multi-year potential and a focus on high-impact drilling areas or areas of high lease turnover, we will be able to expand our services, accelerate our entrance into the multi-client business and enhance our position within the seismic contractor industry.”

Following the closing of the transaction, PGS will become Geokinetics’ second-largest shareholder after Avista Capital Partners. The acquisition is expected to provide annual synergies in excess of $10 million, driven mainly by organizational streamlining and cost reductions.

CEO Mayo Shattuck of Constellation Energy today released a statement addressing the 15th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC) in Denmark, Copenhagen, Dec. 7 -18, 2009.

“Constellation Energy is hopeful that the international community will agree to a political framework that will ensure the conclusion of negotiations in 2010 for a successor agreement to the Kyoto Protocol,” said Mayo Shattuck. “Although we recognize that a number of challenges remain to negotiating a final agreement under the UNFCCC, we believe that a pathway to success can be found if governments focus on developing pragmatic strategies for commercializing and deploying key low-carbon energy technologies.”

Mayo Shattuck emphasized that nuclear energy was part of the solution to lowering carbon emissions. “The world’s climate experts, including the Intergovernmental Panel on Climate Change, believe that nuclear energy, in particular, plays an indispensable role in substantially reducing greenhouse gas emission, improving air quality and strengthening energy security in a sustainable manner,” Mayo Shattuck wrote. “There appears to be a global consensus that the world needs to cut its emissions in half by 2050, compared to today’s levels,” Mayo Shattuck continued. “At Constellation Energy, we are particularly focused on the technological and industrial transformation that will be necessary to meet that objective. Nuclear energy currently provides about 14 percent of the globe’s commercial electricity and that number needs to increase substantially if we are to meet the 2050 long-term goal.

The Constellation Energy chief also praised President Obama’s decision to participate in the Copenhagen Summit.

Shattuck talked about the developing world’s contribution to cutting emissions through nuclear power. “According to the Energy Information Agency, China and India are projected to add 47 gigawatts and 17 gigawatts of nuclear capacity, respectively, between 2006 and 2030. Such low-carbon power generation strategies will cut greenhouse gas emissions significantly below business-as-usual scenarios in developing countries. Given their role in mitigating emissions, developing country investments in nuclear should certainly be acknowledged in Nationally Appropriate Mitigation Actions,” Mayo Shattuck wrote.

Today, Dec. 1, 2009, the National Association of Realtors reported that pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

“Keep in mind that housing had been underperforming over most of the past year,” said Lawrence Yun, chief economist for the National Association of Realtors. He added that homes sales are on a pendulum swing.

“Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” Yun said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.”

The Pending Home Sale Index in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. In the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008.

Pending home sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. The index fell 11.2 percent in the West to 127.7 but is 21.9 percent above October 2008.

However, Yun cautioned that home sales could experience a dip in the months ahead in part because it can take several weeks to several months before buyers can close a sale.

“Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process,” he said. “Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families.”

The Associate Press is reporting that Toyota Motor Corp. will replace gas pedals on about 4 million recalled cars in the U.S. because the accelerator pedals get stuck to the floor mats and can be a danger to drivers and other motorists and pedestrians.

Toyota issued a consumer safety notice in this issue on Sept. 29, 2009 and told owners to remove the driver’s side floor mats to keep the gas pedal from becoming jammed. Toyota mailed notices to owners of certain Toyota and Lexus models on Oct. 30.

Toyota has issued “vehicle-based remedy” and it is as follows:

1. The shape of the accelerator pedal will be reconfigured to address the risk of floor mat entrapment, even when an older-design all-weather floor mat or other inappropriate floor mat is improperly attached, or is placed on top of another floor mat. For the ES350, Camry, and Avalon models involved, the shape of the floor surface underneath will also be reconfigured to increase the space between the accelerator pedal and the floor.
2. Vehicles with any genuine Toyota or Lexus accessory all-weather floor mat will be provided with newly designed replacement driver- and front passenger-side all-weather floor mats.

Toyota is in the process of completing development of these actions and for the ES350, Camry, and Avalon will start notifying owners of the involved vehicles via first-class mail by the end of this year. The remedy process regarding the other five models will occur on a rolling schedule during 2010, according to a press release.

“The safety of our owners and the public is our utmost concern and Toyota has and will continue to thoroughly investigate and take appropriate measures to address any defect trends that are identified,” the Japanese automaker said in a statement.

U.S. households are expected to spend an average of $390 on Christmas gifts this holiday season, down from last year’s estimate of $418, The Conference Board reports.

The survey of Christmas gift spending intentions covers a nationally representative sample of 5,000 U.S. households. It was conducted for The Conference Board in November by TNS, the world’s largest custom research company.

“Consumers are approaching the holiday season very cautiously,” said Lynn Franco, Director of The Conference Board Consumer Research Center. “Job losses and uncertainty about the future are making for a very frugal shopper. Retailers will need to be quite creative to entice consumers to spend, both in stores and online this holiday season, as consumers most certainly will expect major markdowns and bargains.”

Only 26 percent of all households intend to spend $500 or more on Christmas gifts, down slightly from 27 percent last year. Among other households, 35 percent plan to spend $200 to $500, down from 37 percent last year, and 39 percent are planning to spend less than $200, up from 35 percent in 2008.

When it comes to buying online, a report from The Consumer Internet Barometer, a separate survey produced quarterly by The Conference Board and TNS, shows that consumers will also approach online holiday shopping cautiously, holding off on big ticket items and holding out for major incentives like free shipping and discounts.

“Even as the economy is starting to show signs of improvement, consumers are taking a cautious approach to their purchase decisions, focusing on lower ticket items that clearly communicate value,” notes Bridget Armstrong, head of Consumer Sector at TNS.

Mayer Brown, a leading global law firm, announced on Nov. 16 it is advising Mead Johnson Nutrition in the $7.7 billion split off of Bristol-Myers Squibb’s 83 percent stake in the company.

The transaction is expected to be completed in mid-December, according to a press release from Mayer Brown.

The Mayer Brown team is being led by Corporate & Securities partners Fritz Thomas, David Schuette and Bill Kucera, Tax Transactions partner Jim Barry and Employee Benefits partner Debbie Hoffman.

“This marks the latest step in our company’s transformation into a BioPharma leader,” said James M. Cornelius, chairman and chief executive officer of Bristol-Myers Squibb. “By executing our healthcare divestment strategy, we have sharpened our BioPharma focus, improved the overall financial strength of the company and supported our ability to pursue strategic business development opportunities.”

In the exchange offer, Bristol-Myers Squibb shareholders can exchange some, none or all of their shares of Bristol-Myers Squibb common stock for shares of Mead Johnson common stock. The exchange is generally expected to be tax-free to participating shareholders. As part of the exchange offer, Bristol-Myers Squibb will convert all of its Mead Johnson class B common stock into Mead Johnson class A common stock. Upon the completion of the exchange offer, only Mead Johnson class A common stock will remain outstanding.

The exchange offer is designed to permit Bristol-Myers Squibb shareholders to exchange shares of Bristol-Myers Squibb common stock for shares of Mead Johnson common stock at a discount.

“This transaction represents the important final step in our journey to be a fully independent public company,” Mead Johnson Chief Executive Officer Stephen W. Golsby said. “ We believe the decision to split-off Mead Johnson reflects confidence in the success of our growth strategy and our strong financial performance since our IPO in February, as well as BMS’ objective to focus on their core BioPharma business.”

The company said it expects to incur costs incremental to its previous expectations for specified items in the fourth quarter of 2009 estimated in the range of $0.08 to $0.13 per share.

Mead Johnson develops, manufactures, markets and distributes more than 70 products in 50 markets worldwide.

Mayer Brown is a leading global law firm with offices in key business centers across the Americas, Asia and Europe

Alex Von Furstenberg, director of the Diller-von Furstenberg Foundation, has announced his foundation will donate $50,000 to the Los Angeles Mission and the Anne Douglas Center for Women.

Herb Smith, President of the Los Angeles Mission, said of gift “We are especially grateful for this gift, as it will provide the means to serve hundreds of homeless men and women who are in desperate need in our community.”

Alex Von Furstenberg was especially impressed with the Los Angles Mission’s work. “It was immediately apparent what a true and powerful impact the Los Angeles Mission is having on people in need,” said Alex von Furstenberg. “I was particularly inspired by the stories of women who have regained their way through the rehabilitation and career development program at the Anne Douglas Center, and I am honored to support such a significant cause. I am in awe of what this organization is achieving.”

The Diller – von Furstenberg Family Foundation is supporting a wide range of organizations that servicing community. The Diller- Von Furstenberg Foundation has funded such initiatives as afterschool programs; salaries that permit social workers to reach more people; endowments to educational institutions at all levels; and programs to encourage artistic literacy and individual achievement in children.

For more than 70 years, the Los Angeles Mission has served the homeless community of Los Angeles, providing emergency services such as shelter, food, clothing, as well as medical and dental services. The Los Angeles Mission also has residential rehabilitation programs, including education, job training and placement, transitional housing, and counseling.

Source: Alex von Furstenberg Provides Support to the Los Angeles Mission (PR Web via The Earth Times)