In a piece published on his site Park Strategies, former New York Senator Alphonse D’Amato gave his two cents worth (or $800 billion’s worth, for that matter) on the latest series of bailouts for the nation’s struggling banks. Citing President Barack Obama’s quote that the economic troubles were caused by a “legacy of mismanagement and misplace priorities and “an era of profound irresponsibility,” Alphonse D’Amato went further, saying that it was “outright corruption” that should be blamed as well.

Alphonse D’Amato expressed grave concerns that the government was only throwing money at the problem without a cohesive strategy. He also shows little sympathy for the struggling banks. “When I analyze this country’s bailout history thus far, I wonder why we continue to be so concerned with saving the rich guy,” Alphonse D’Amato writes, “Enough is enough. Let them go into bankruptcy! For the little guy, the “moms and pops” of America who run your local deli, or dry cleaner, or hardware store, there is no bailout for them.”

Alphonse D’Amato is fairly harsh in his criticism for bailout recipients Citigroup and AGI. “Make no mistake about it,” Alphonse D’Amato writes, “The Citigroups and AIG’s of the world sold worthless mortgages and financial products … They are the greediest of the greedy. Their pompous executive teams, supposed great financial wizards, have made hundreds of millions in compensation.” Alphonse D’Amato goes on to say the actions of these companies “bordered on criminality” and expressed his disappointment that so many financial institutions did not protect the free market system and the small American investor.

But Alphonse D’Amato didn’t just put the blame solely on greedy financiers. He is also angry at how rating agencies such as Moody’s, Standard & Poor’s, Fitch, and others dropped the ball in the failure to see the sub-prime mortgage crisis. “This travesty could not have taken place without the total complicity of America’s rating agencies,” he writes. “To date, I have not read or heard about any comprehensive investigation relating to how these services … could have survived when they were stamping junk with a triple-A rating.”

Alphonse D’Amato is surprised there is no public outcry over the abject failure of these rating agencies. “This deception of the American people happened because the agencies did not insist on elementary standards for those who bought homes,” he says.

Lastly, he wants the government to stop using the American taxpayer as an “ATM machine” every time large institutions face failure due to incompetence, corruption, and greed. “Why save the banks and corporate America when small business owners, the mom and pop stores, the centerpiece of our communities, are going under? Who is bailing them out?” Alphonse D’Amato writes.

Alphonse D’Amato urges a comprehensive investigation of the rating system and its agencies, so that dishonest business practices will never again get a stamp of approval from trusted sources. He feels any bailout money should be going to small business and investors, not the large institutions. “If we are not helping and bailing out the average homeowner, the little guy on Main Street, why should we be bailing out the muggers of Wall Street?”

That’s a good question, indeed!

Article Source: Park Strategies

Additional Resources on Alphonse D’Amato:

• Alphonse D’Amato: If we raise taxes, we will lose jobs and talent.
• Alphonse D’Amato is a proud Republican, but he respects his Democratic colleagues. In this piece, he refutes the “Republicrat” label.
• Poker Players Alliance Chairman Alphonse D’Amato speaks about the future of online poker.
  

Media titan Cox Enterprises Inc. unveiled last December 4 the impending merger of its newspaper, television, and radio divisions. Effective January 2009, the move will create a single entity named Cox Media Group Inc.

The merged corporation will have Sandy Schwartz for president. Schwartz has been with Cox for 23 years.

Privately owned by multibillionaire Anne Cox Chambers, Cox Enterprises was founded in 1898, when her father James Middleton Cox bought the Dayton Evening News. For $26,000, he started an iconic media empire, which he oversaw until his death in 1957.

As the only living progeny of Mr. Cox, Anne Cox Chambers primarily owns the Atlanta-based conglomerate, a moneymaking machine with revenues of over $15 billion. That makes Anne Cox Chambers one of the wealthiest Americans ever; she has been ranked 19th as of 2008 in the Forbes 400. She is currently worth $13 billion.

Now Cox Enterprises publishes The Atlanta Journal-Constitution, Dayton Daily News, The Western Star, and Palm Beach Post, among 26 nondaily and 17 daily newspapers across the US.

Newspapers aside, Cox Enterprises is an authority that has Cox Communications, the United States’ third-largest cable TV provider, as its subsidiary. It also owns Manheim Auctions and Cox Auto Trader, the famous automotive retailer. There are currently 100 digital services affiliated with Cox Enterprises.

With sister Barbara Cox Anthony, Chambers inherited the company in 1974, when their brother James Cox Jr. died. The sisters then became co-proprietors of the media giant until Barbara’s death in May 2007.

Born in Ohio in 1919, Anne Cox Chambers became the first female bank director (for Fulton National Bank) in Atlanta in 1973. From 1981 to 1991, she served as Director of The Coca-Cola Company.

Chambers has also involved herself with politics. Chambers was the first woman to join the board of Atlanta’s chamber of commerce. President Jimmy Carter chose her as US Ambassadress to Belgium and she served the post from 1977 to 1981.

Anne and former husband Robert William Chambers have three children, Margaretta, Katharine, and James. She graduated with a Bachelor of Arts/Science from New York’s Finch College.

Article Source: Atlanta Journal Constitution.

Official site of Cox Communications.

Forbes profile of Anne Cox.

Resource page for Anne Cox Chambers.

An article from the Baltimore Business Journal entitled “Constellation Energy CEO Shattuck Makes Case for MidAmerican Deal to Employees” discusses how Mayo Shattuck, CEO of Baltimore-based Constellation Energy, is urging its employees to support the firm’s pending merger with MidAmerican Energy Holdings Company, an energy production and distribution firm owned by Warren Buffett’s Berkshire Hathaway.

Mayo Shattuck claims that the $4.7 billion-deal would be “in the best near- and long-term interest of Constellation Energy” as well as for the firm’s shareholders. With the $26.50 per-share offer and what with the economy going through difficult changes over the past months, Mayo Shattuck finds it “fair, reasonable and the best alternative for shareholders.” Moreover, Shattuck has faith in what MidAmerican can do, citing that the firm earlier invested $1 billion in Constellation Energy and that it struck some deals, providing Constellation Energy with up to $350 million worth of additional liquidity resources.

Mayo Shattuck III is the CEO and Chairman of Constellation Energy, a Fortune 125 Company involved in the production, trade, supply, and distribution of energy. Mayo Shattuck earned his BA from Williams College in 1972 while he got his MBA from Stanford University Graduate School of Business in 1980. In 2000, he received an honorary Doctor of Public Service degree from the University of Maryland, Baltimore County. From 1985 to 1991, he served as Managing Director of Alex. Brown & Sons; and from 1991 to 1997, he became the firm’s President and Chief Operating Officer and Director of Alex. Brown Inc., which merged with Bankers Trust in 1997. From 1997 to 1999, Shattuck served as Vice Chairman of Bankers Trust Corporation, which merged with Deutsche Bank in 1999; and from 1999 to 2001, he became Co-Chairman and Co-Chief Executive Officer of Deutsche Banc Alex. Brown. In February 2001, he was appointed Chairman of the Board of Deutsche Banc Alex. Brown where he left in October 2001 to serve as President and CEO of Constellation Energy Group. He also became the firm’s Chairman of the Board in July 2002.

Article source: Bizjournal.com

Official site of Constellation Energy.

Official portal for Warren Buffet’s Berkshire Hathaway investment group.

Conde Nast Portfolio.com profile of Mayo Shattuck.

Mayo Shattuck is a board member of the Walters Museum.

Mayo Shattuck will not take yearly bonus and takes full responsibility for Constellation Energy.

Mayo Shattuck’s wife Molly Shattuck is a mother of three and a professional cheerleader.

A press release obtained from Business Wire titled “Fairchild Announces Appointment of Philip S. Sassower as Chairman of the Board” reported that Philip S. Sassower has been elected as the Chairman of the Board of the Fairchild Corporation, replacing Jeffrey J. Steiner. The article further points out that Sassower and the firm’s Senior Executive team will work together as the company directs its efforts in maximizing shareholder value as well as in seeking better opportunities.

The press release also cites Philip Sassower’s career portfolio including the various corporate positions he held such as CEO of Xplore Technologies Corp.; CEO of SG Phoenix LLC; CEO of Phoenix Enterprises LLC; Board Chairman of Communication Intelligence Corp. and Board Chairman of Newpark Resources.

Fairchild Corporation is engaged in the design and sale of motorcycle protective clothing, helmets, and an assortment of technical accessories for motorcyclists; and in aerospace distribution offering aircraft parts and services to customers around the world.

Article Source: Business Wire

Official site of The Fairchild Corporation

Hoover published a profile of Fairchild.

Amid news of the U.S. economic downturn and the post-election events, a Newsweek Web Exclusive article described Ben Bernanke as “the most powerful economic policymaker in Washington.” As Chairman of the Federal Reserve, Dr. Bernanke is always one of the top subjects of financial news along with the bankruptcy of several of the biggest American financial companies (Lehman Brothers in September 2008) and the bailout packages extended by the Federal Reserve (to AIG and Citigroup).

Ben S. Bernanke was born in Augusta, Georgia in December 13, 1953. He studied economics in Harvard University and graduated summa cum laude in 1975. He earned his doctorate in economics in Massachusetts Institute of Technology in 1979. His teaching career started in Stanford University and in New York University. In 1985, he was a professor at Princeton University.

Bernanke worked with the Federal Reserve beginning 1987. His public service highlight was his appointment as chairman to the president’s Council of Economic Advisers in June 2005. In October 2005, he was nominated by President George Bush to replace outgoing Federal Reserve Chairman Alan Greenspan. He was appointed Chairman of the Federal Reserve System in February 2006. His term will end in 2010.

The Federal Reserve System is an independent government institution created by the Federal Reserve Act in 1913. It functions as a central bank for the United States, monetary policy-making body and as fiscal agents for the Treasury. Its main purposes are supervision over banking institutions, protection of credit rights of consumers, management of money supply and provision of financial services to domestic and foreign government institutions. Its policies and regulatory actions do not require presidential or congressional approval. However, it reports to Congress and only Congress can control its regulatory powers.

The term of the members of the Board of Governors is not coterminous with the U.S. president who appoints them to the Federal Reserve. Each of them will serve 14 years as member of the Board of Governors.

Article Source: Newsweek

The financial crisis spelled losses for everyone. However, Apple is not just “anyone.” Apple made good calls in the past, which had led to their stability and even growth opportunity despite the economic turmoil. Strategies implemented for marketing, position and sustainable growth have all proven to be extremely wise investments.

One of the prime examples of this is how Apple’s “perfectly timed negative ad campaign” secured for it the opportunity to conquer more of the market. Apple spent a staggering sum of $486 million on the “Get a Mac (definitely NOT a PC)” campaign. The negative campaign strategy is extremely potent, but equally risky. This double-edged sword can either turn off consumers with the crossfire, or if wielded properly, can render incapacitate the competitor. From where they are standing now, every cent of advertising was worth it.

In the campaign, the Mac was personified as a cool young guy who targeted the real, commonly-complained-about problems of a pudgy, middle-aged person who represented software giant Microsoft. The contrast was even highlighted with the release of Vista. All it took for the campaign to succeed was a few 30-second spots featuring the two characters.

Although no one factor can be used to peg the success of Apple, advertising would have due recognition. The company’s revenues for Q4 were $7.895 billion, 27% up from the previous year’s $6.22 billion. According to NPD, a renowned research group, Apple’s current market share of the retail market for computers (desktop and laptop, worth over $1,000) is at 60%. As one of Fortune’s Blue-Ribbon Companies, Apple ranked first in the Computers division of America’s most admired companies.

With Steve Jobs as the head, it comes as no small wonder that Apple has become an industry leader. He has constantly been used as a model leader when it comes to making things simpler when possible, developing an eye for innovation, and being truly passionate about the work one does.

San Francisco-born Steve was adopted by Justin and Clara Jobs. He showed a marked interest for computers even when he was young. In college, he dropped out but continued to take auditing and calligraphy classes. The Apple company was founded in 1976, when with A.C. “Mike” Markkula’s funding, Steve and Stephen Wozniak’s legacy began.

Article Source: Bnet.com.

An example of a negative Mac ad.

This writer is wondering if Apple is eating into Vista.

Microsoft criticizes Apple Ads.

General Motors, which ranked 4th in the 2008 Fortune 500 list, is appealing to Congress for up to $10 billion in emergency loans. News and rumors have been circulating: whether Washington will require GM to focus on hybrid cars, or whether there will be major changes in the management team, and whether all of this would be enough to save the American auto maker. In the midst of all the turmoil, true leaders are made.

Rick Wagoner has been dealing with extensive criticism ever since he became GM’s CEO in 2000 and Chairman in 2003. The most recent below-the-belt attacks are the talks about making him the “sacrificial lamb” for the company to acquire the salvation loans.

Other weaker professionals would have buckled under the weight of the pressure and rumors. Rick Wagoner, however, is anything but weak. Undeterred, Wagoner has no plans of throwing in the towel just yet. Instead, he and his dedicated management team returned to Washington with drastic plans to cut costs.

GM’s vice president of Global Product Development Robert Lutz believes that Wagoner is the best CEO he has ever worked for because of the “enormous transformations” he has made at GM. Time and time again Wagoner has proven his worth as one of the most versatile and agile CEOs of our period. After all, when all the rest were immobilized, it was him and his team who came up with the “Keep America Rolling” campaign right after the 9/11 terrorist attack. Only men of such strong character go through fire and come out not charred, but polished and tempered.

George Richard Wagoner, Jr. graduated from Duke University and finished his Masters Degree at Harvard Business School. His entire career as part of General Motors spanned from making a name for himself from the Brazil subsidiary, to the North American division to finally becoming President and CEO. Under his leadership, several major improvements in the company’s operations were undertaken such as reducing structural costs by $9 billion dollars with another $5 billion to go.

Article Source: Freep.com.

Shares for GM rise as task force visits Detroit.

Unions alone cannot save GM.

GM stocks fall to 1933 levels.

Home Depot CEO Francis “Frank” S. Blake found himself at the helm of a ship having difficulty staying afloat. A few years back, the old Home Depot was an icon of top-class service, where customer satisfaction was the employees’ reason for being. Now, after Nardelli — the previous CEO — unceremoniously left the company, and with a housing crisis arising from the recession, kindle was added to the fire of a worsening company image. So what’s a first-time CEO like Blake to do?

Frank Blake’s vision and planning is getting the company ready for the eventual economic recovery. So the company found itself evaluating the strategic fit of all its projects and processes. In the meantime, Blake has done a commendable job of damage control. Blake implemented a two-pronged strategy to give the company an overhaul. First, it involved going back to its core competency and focusing on the retail customer. That translated to selling off unprofitable assets that were not meeting targets — such as Home Depot Supply. This arm of the business, which tapped the commercial construction market for additional revenues, was sold for USD 8.5 billion. In its place, he is targeting do-it-yourself shoppers by making HD the hub for anything one wants to know about home improvement again.

Second, being in the retail industry, Blake believed it of utmost necessity to restore their reputation. And this is where his unconventionality has served him well. Instead of retrenching more people or reducing their benefits, he invested in restructuring their employment program. The bonus program, decision-making process, and corporate culture all ensure employee satisfaction for the guys in orange aprons.

Frank Blake began working for Home Depot in 2002 as the Executive Vice President, Business Development and Corporate Operations. Prior to his HD days, he served different executive positions in another Fortune 500 company, General Electric. Blake was also a one-time Deputy Secretary for the U.S. Department of Energy.

Article Source: Money.cnn.com

Official biography of Frank Blake.

The Home Depot Foundation is dedicated to building affordable housing for working families.

Home Depot forced to adjust to the recession and cuts 7,000 jobs.

What differentiates a champion entrepreneur from an ordinary businessman? The list may be extensive, but there is one trait that proves itself invaluable during a crippling crisis like the one the U.S. is experiencing. The leader must have the vision to see opportunity amid the obstacles. No wonder Samuel J. Palmisano of International Business Machines (IBM) has been heralded as an exemplary CEO in this time of financial maelstrom.

Small companies and giant empires alike are all on the defensive: retrenching thousands of employees, preserving the cash, minimizing risks. Big Blue, however, is brimming with excitement in their anticipation of a stronger offense.

The confidence Palmisano exudes as a representative of IBM lies in the company’s core competencies. He believes that all the problems we find ourselves in are direct results of faulty underlying networks. Possibly not quite having gotten past the election high, he reiterates the need for change now more than ever. This is where IBM comes in.

Positioning the company as the go-to guy for infrastructure overhaul, Palmisano believes that IBM will make a bigger global difference in the coming years. This is evident in the endeavors he undertook in the past to prepare for the crucial role he believes the company is going to play. One such course was to make the difficult decisions to let go of their marginal businesses and reallocate the resources to research and development.

For instance, a considerable amount of $6 billion was budgeted for the R&D department’s “Smarter Planet” initiative. This technological breakthrough involves placing sensors into humongous networks (i.e. electricity grids) and analyzing the massive amount of data that flows through them. Other recent investments of IBM all involve data acquisition, analysis and consulting features.

In the more than 35 years of working with IBM in different corporate positions, Palmisano has been a constant figure of direction for the company. He has been shaping IBM’s future through strategies such as managing the shift from pure technology to outsourcing business. In March 2002 he became the CEO of IBM, and then assumed office as its chairman on January 1, 2003. In 2006, he became part of the board of directors of Exxon Mobil. His reputation earned him the title of Honorary Chairman for the 2008 National Engineers Week.

Article source: Money.cnn.com.

Official IBM biography of Sam Palisano.

Sam Palisano shares the best advice he ever got.

On Dec. 2, 2008 the Doubleday Broadway Publishing Group published The Man Who Owns the News: Inside the Secret World of Rupert Murdoch. It is written by media, politics and power writer Michael Wolff of Vanity Fair.

This book has propelled to the forefront the remarkable media tycoon’s life of conquest, this time with actual interviews from the man Murdoch himself, his associates and family members. When an article featuring the book and its subject of interest was printed in Vanity Fair’s October issue, word got out that Murdoch’s side raised objections on some of the content. The prepublication dust up was eventually cleared.

Murdoch left a rather intriguing question unanswered though. Business and media people are still asking why he would allow Wolff considerable open access to his closest network of family and business associates. That remains a mystery in the same way that Murdoch is, even after numerous publications have been written about him.

Keith Rupert Murdoch, presently the Chairman and CEO of News Corporation, began his legacy in native Australia. Inheriting majority of the shares in News Limited, he became the Adelaide newspaper company’s managing editor in 1953. Just three years after he started the weekly television magazine TV Week, the first and most successful of its kind in Australia.

In the following years he would establish himself in Australia by acquiring newspaper companies throughout the country. He would seal his title as media mogul in 1964 by launching Australia’s first national daily newspaper, The Australian.

The consequent decades saw the growth of his empire in exponential proportions. In Britain, he took over the family company The News of the World (1968), new entrant The Sun (1969), and Lord Northcliffe’s The London Times and The Sunday Times (1981).He also ultimately improved the industry landscape by introducing electronic production processes to all his publications in 1986.

Aside from acquiring and creating newspaper companies, when Murdoch turned his entrepreneurial eye to the US, he also invested in television stations (i.e. Fox News), major news websites (MCI Communications) and the cable news market (Fox News Channel). His most recent media industry-staggering win is the bid for the Dow Jones & Company (The Wall Street Journal publisher) for USD 5 billion.

Salon.com article on Rupert Murdoch.

The New York Times also published a profile of Rupert Murdoch.

The World Business Council for Sustainable Development (WBCSD) defines Corporate Social Responsibility as “the continuing commitment by business to contribute to economic development while improving the quality of life of the workforce and their families as well as of the community and society at large.”

So what does a company have to do then to bring about a major change, such as adopting a CSR program? For one thing, it requires a strong championing leader. In the case of the world’s largest public corporation by revenue (Fortune Global 500 report), it takes one magnanimous CEO by the name of H. Lee Scott Jr.

For years, Wal-Mart has been unfairly labeled as a company that demolishes unions before they can demand for employee benefits, eliminating smaller mom-and-pop stores, and draining suppliers through their costs. But through its recent strategic moves, Wal-Mart has shown it has heart and a social conscience as well.

Amidst protests to numerous unethical practices of Chinese companies, Scott made a stand. In a summit Scott led, Wal-Mart suppliers in China were instructed to comply with higher ethical and environmental standards.

The campaign doesn’t stop there. Wal-Mart is stirring change in Uzbekistan where cotton export is the main source of income. Cotton production is also a venue for Uzbek child labor. Uzbek children have no other choice but to work under inhumane conditions for minimal wages in order to support their families. In protest, Wal-Mart went as far as even declaring publicly that it pledged to stop buying Uzbek cotton. Until the authorities do something to rectify the injustice, Wal-Mart isn’t budging from this stance.

It is exactly this kind of fearless leadership that has earned Scott a spot in Time magazine’s 100 most influential people of 2004 and 2005. Since his appointment as CEO for Wal-Mart in January 2000, the company has remained unshaken in its number one position as largest retailer in the world. Born and raised in Kansas, Scott began working for Wal-Mart in 1979 and will step down as Wal-Mart’s CEO on February 1st 2009.

Article source: Money.cnn.com.

Wa-Mart determined to lead in social responsibility.

Alice Walton, daughter of Wal-Mart founder Sam Walton, is an active philanthropist through the Wal-Mart Foundation.

In a round table discussion of more than a dozen prominent American CEOs last November 2008, it became eminent that the recession has made a clean sweep through even the top tier companies.

Fred Smith of FedEx was one of the most vocal about how big a reality this crisis is. John Byrne, BusinessWeek.com’s Editor-in-chief, asked Smith how tight of a knot the economy is in right now. As the FedEx CEO replied, considering his extensive 35 years in the industry, this would considerably be the worst he has seen.

Smith goes on to describe how traffic across the Pacific has been crashing for quite a while already. All retailers had to do a double take as well, he points out. This claim is proven by how even some of FedEx’s high-end retailers experienced a sales downturn by 25%. The only positive spark in the situation is that with low inventory levels, the turn-around when it does happen will be transpire and conclude quickly.

The question of whether FedEx will be able to ride the recession has been raised by many. But as to asking who will lead them through the crisis, there has never been any doubt. Frederick W. Smith, founder and CEO of Federal Express, continues to serve as the beacon of light for his entire corporation. Ever since its establishment on June 18, 1971, the company and its leader have become synonymous with service. This is made evident by its consistent ranking as one of the top 10 on Fortune Magazine’s World’s Most Admired Companies and on the exclusive America’s Most Admired Companies list, year after year. His business acumen, resiliency and indomitable spirit are captured best in one of the most well-known anecdotes in business history.

When Smith reportedly turned in his paper that presented the business idea of FedEx, his Yale professor gave him a “C” because of feasibility issues. Undeterred, Smith went on to build his empire after his service with the U.S. Marine Corps. FedEx became the first overnight delivery company in the world. Fred Smith virtually revolutionized the industry. Today, FedEx remains the largest overnight delivery company in the U.S. It provides jobs to around 275,000 employees and earns over $32 billion in revenue.

Official site of Federal Express.

Fortune magazine has a video of Fred Smith’s ”Recession Proof Plan” for Fedex.

Fedex cuts CEO pay, freezes hiring.

A report from Reuters released on Jan. 22, 2009 states that gasoline prices have climbed for three consecutive weeks now, rising 6.3 cents per gallon.

According to the federal Energy Information Administration, the average national price for regular unleaded gasoline is $1.85 per gallon. This is said to be the highest since November 24; however, this figure was down $1.17 a year earlier.

Based on the agency’s weekly survey, gasoline price was at its highest on the West Coast jumping 7.5 cents at $2.02 per gallon since the last half of January. San Francisco had the highest city price at $2.06, up 4.9 cents while Los Angeles was at $2.04, up 7.6 cents.

The Rocky Mountain States had the lowest regional price at $1.61 per gallon, which was up 4.4 cents. (At $1.61 a gallon, Denver had the lowest city pump cost but also suffered an increase of 7.9 cents.) Gas prices in other states seemed to soar as well. Miami was at $1.97 per gallon, up 9.6 cents while New York City was at $1.78 per gallon, up 4.7 cents. Chicago was at $2.01 a gallon, up 4.5 cents while Cleveland was at $1.91 per gallon, down 0.6 cent. Boston was at $1.74, up 5.5 cents.

According to a Boston Globe report dated January 24, 2009, data obtained from AAA Southern New England and the Department of Energy Resources have revealed that the gasoline price in Massachusetts now averages at $1.75 per gallon, up 12 cents in the past two weeks.

Meanwhile, diesel prices seemed to have swerved to the opposite direction when the average price for diesel dropped 1.8 cents at $2.30 per gallon, which was down 97 cents from the previous year. The Gulf Coast region had the least expensive diesel which went down 1.7 cents at $2.23, while the New England states had the most costly diesel at $2.61 a gallon, down 0.8 cent.

The government explained that the price jump is due to higher crude oil costs. (Note that crude oil price usually determines the price of gasoline.) However, in an article from Boston Globe, Arthur Kinsman, spokesman for AAA Southern New England, stated that crude oil prices have stayed low in general, despite the recent fluctuations that can be seen on the New York Mercantile Exchange. With this said, the relatively low crude oil price in the world market does not seem to match with the current rising trend of gasoline prices in the nation. A

n article from Times News confirms this scenario as it illustrates the situation in Tennessee, wherein despite the low demand for gasoline and the moderate gains in crude oil prices, gasoline prices still continue to increase; an unlikely trend as mentioned by Don Lindsey, spokesman for the AAA East Tennessee.

Still in the same article from Boston Globe, it was reported that crude oil price rose to $2.80, up 6.4%, following reports regarding plans to cut production from the Organization of Petroleum Exporting Countries (OPEC).

United Technologies Corporation (UTC) held its 4th quarter conference call on Jan. 21, 2009 wherein executives presented the company’s cash flow expectations and earnings for the quarter.

As articulated by Senior Vice President and Chief Financial Officer Gregory Hayes, its 2008 revenues were just under $59 billion with earnings per share at $4.90, up 15% from 2007.

Additionally, the company generated a strong cash flow with 105% of net income and total restructuring expenditures of $357 million. In general, the company had a strong 2008 except for the U.S. residential market.

As for the 4th quarter, profits rose to 8%, with United Technologies accounting its growth to its aerospace business units, offsetting weakness in its air conditioner and elevator businesses. Profit for the 4th quarter was $1.15 billion from the previous $1.1 billion, with 4th quarter earnings per share at $1.23, which is up 14% over last year. Hayes particularly noted Sikorsky Aircraft Corporation as the quarter’s highlight, with an organic revenue growth of 25%, having delivered 204 large helicopters over the year (a 17% jump from 2007). Pratt & Whitney revenues were up 3% with organic growth of 6%.

Meanwhile, revenue eased around 1.5% to $14.5 billion, factored by the strengthening of the U.S. dollar.

Moreover, executives warned that the company might be expecting a faster rate of decline in the 1st half of 2009 as indicated by the weak 1st quarter order rates from emerging-market clients. Otis new equipment orders suffered from a global decline of 14% while the commercial HVAC equipment orders from Carrier declined by 7% worldwide.

Otis transport refrigeration orders declined by more than 50%. The company is also anticipating some holdbacks in emerging economies including China and Russia.

Executives of the Hartford, Connecticut-based firm remain positive and confident, and take pride in continuous product innovations and financial strategies. United Technologies drew its profit forecast for 2009 at $4.65 to $5.15 per share that ranges from a 5% decline to a 5% increase from the previous year.

United Technologies Corporation is a diversified multinational firm engaged in the development, research, and manufacture of high-technology products including Carrier heating and cooling; UTC Fire & Security systems; Otis elevators, escalators, and moving walkways; UTC Power fuel cells and power generation systems; industrial products; Hamilton Sundstrand aerospace systems and industrial products; Pratt & Whitney aircraft engines; and Sikorsky helicopters. The company has a centralized research facility that supports all of its business units in developing new equipment and processes. In addition, United Technologies Corporation is a large military contractor that produces missile systems and military helicopters.

United Aircraft and Transport Corporation was founded in 1929, through the merger of Hamilton Standard, Sikorsky Aircraft, Pratt & Whitney, Boeing Air Transport, Boeing Airplane Company, and Chance Vought. In 1934, the company was divided into three independent companies namely, United Aircraft, Boeing, and United Airlines. United Aircraft was later renamed as United Technologies, and then made a series of acquisitions over the years, thus becoming the conglomerate that it is now. Louis R. Chênevert is the company’s current CEO and president.

• BusinessWeek’s profile of Louis R. Chênevert.
• United Technologies is a good long-term stock investment.
  

Amid the financial downturn that has severely hit Main Street and Wall Street firms as well as economies around the world, 2008 just seems to be a strong year for CEO Steve Jobs.

Apple generated a reported net income of $1.61 billion for the fiscal quarter, which is up 2% from the previous year with its $1.58 billion net income. Also, it has brought in $1.78 per share, which is up from the $1.76 per share for the last year. The company’s revenue on the other hand, has surpassed the $10 billion mark for the first time, with reported sales of $10.17 billion for the fiscal quarter ending December 31, up 6% from the $9.6 billion during the same quarter of the previous year. These data apparently demonstrate significant increase of 1.5% in profit and 5.8% in revenue. These figures have indeed exceeded Apple’s forecasts of per-share earnings at $1.06 to $1.35 on revenue of $9 billion to $10 billion, as well as the predictions of Wall Street analysts of $1.39 per-share earnings on revenue of $9.75 billion.

Additionally, Apple’s strong fiscal 1st quarter pretty much relies on the strength of its laptop, iPhone, and iPod. In the latest quarter, Apple sold over 2.5 million Macs, marking a 9% rise in unit growth from the last year, with laptops accounting for 71% of the Macs sold during the fiscal 1st quarter where laptop sales rose from last year’s 1.342 million to 1.79 million units. According to executives, one defining factor responsible for the record-breaking Mac sales is the company’s introduction of “an overhauled MacBook line” in October that generated a strong response from customers. As for iPhones, Apple sold 4.4 million units, a jump of 88% over a year earlier when the product was launched in the United States in June 2007. Apple has also sold 22.7 million iPods for the quarter, which is up 3% from last year. The iPod also had increased sales in international markets specifically in Australia, Japan, Canada, and the United Kingdom.

While Apple’s officials are elated over its solid quarter sales, the Securities and Exchange Commission is opening an inquiry on disclosures made by the company regarding the health issues of its CEO, Chairman, and Co-founder Steve Jobs, who is presently on leave of absence from the company due to health concerns. Information about the executive’s health is critical to investors so the company is careful in providing facts so as to avoid pitfalls. Aside from his current position at Apple, Jobs also serves on the Board of Directors of the Walt Disney Company, where he is also the largest individual shareholder.

• Apple expands its DRM-free music selection.
• Letter from CEO Steve Jobs concerning his health.

The Jan. 22, 2009 issue of The Wall Street Journal reported that Best Buy Co., the largest consumer electronics retailer in the United States, has named Brian Dunn as the company’s next Chief Executive Officer and successor to current chief executive Brad Anderson, who is set to retire on June 24, 2009.

Anderson, who has served as the company’s CEO for seven years, is the second person to hold such position after Best Buy’s founder Richard Schulze.

Anderson performed quite remarkably during his stint as CEO of Best Buy, having launched a program that directed its focus on consumer needs and international markets such as realizing its expansion to Europe through partnering with Carphone Warehouse in the United Kingdom. It was also under his management that the company raised its annual revenue from $17.7 billion in fiscal year 2002 to $40 billion in fiscal year 2008.

The appointment of Brian Dunn as CEO is said to take effect upon Anderson’s retirement. During an interview, Dunn explicated that the company will be courting new customers globally, focusing more on value as it is what today’s consumers are practically looking for, rather than price.

Currently, Dunn serves as the President and Chief Operating Officer of Best Buy Co., where he oversees the operation of more than 800 Best Buy stores in the United States and Canada, Geek Squad and Magnolia Audio Video stores, as well as the firm’s online channels. Additionally, he supervises the management of Best Buy’s customer business groups, its small business offerings, its service business, and its merchant teams.

Dunn began his career at the Richfield, Minnesota-based firm in 1985 as a store associate when Best Buy ran only a dozen stores. Dunn eventually climbed up the corporate ladder by becoming Store Manager in 1989; District Manager in Minnesota in 1990; Regional Manager for stores located in Indianapolis, Ohio, and Philadelphia in 1996; Regional Vice President in 2000, overseeing all of the company’s East Coast operations; Executive Vice President of U.S. retail in 2002; and President of Retail Sales for North America in 2004. Moreover, Dunn was credited for having a hand in the company’s expansion into new markets such as the launch of Best Buy’s northeast territory that soon became the company’s East Coast Unit.

Brian Dunn has also proven to be a competent leader in some corporate boards. Since 2007, Dunn has been serving as the Director of Dick’s Sporting Goods Inc., where he also serves as a member of its Governance and Nominating Committee. Dunn is also the Director of Greater Twin Cities United Way and Divisional President of Matthews International Corporation.

Best Buy Co., Inc. is the biggest specialty retailer of consumer electronics in the United States, Mexico, Canada, and China. A Fortune 500 company, Best Buy also has subsidiaries including Magnolia Audio Video, Geek Squad, and Pacific Sales. In 2004, Forbes magazine named Best Buy “Company of the Year” and in 2006, the firm was included in the List of Most Admired Companies by Fortune magazine.

• Official site of Best Buy.
• Google Finance report on Best Buy stock.
• Best Buy expands Gadget Recycling to All Stores.

THE HOME DEPOT LAUNCHES NATIONAL CFL BULB RECYCLING INITIATIVE
Also Implementing In Store Energy Conservation Program

ATLANTA, June 24, 2008 – The Home Depot ®, the world’s largest home improvement retailer, today expanded its long-term commitment to the environment and sustainability by launching a national in-store, consumer compact fluorescent light (CFL) bulb recycling program at all 1,973 The Home Depot locations. This free service is the first such offering made so widely available by a retailer in the United States and offers customers additional options for making environmentally conscious decisions from purchase to disposal. The Home Depot Canada launched a CFL recycling program in November, 2007.

At each The Home Depot store, customers can simply bring in any expired, unbroken CFL bulbs, and give them to the store associate behind the returns desk. The bulbs will then be managed responsibly by an environmental management company who will coordinate CFL packaging, transportation and recycling to maximize safety and ensure environmental compliance.

In addition to the CFL recycling program, The Home Depot has also launched an in store energy conservation program to switch Light Fixture Showrooms in U.S. stores from incandescent bulbs to CFLs by Fall 2008 and save $16 million annually in energy costs. The CFL recycling program is an extension of The Home Depot’s Eco Options program. Eco Options, launched in April 2007, is a classification that allows customers to easily identify products that have less of an impact on the environment.

“The CFL recycling program is another example of how The Home Depot is empowering
customers to help make a difference in their own homes, and have less of an impact on the
environment,” said Ron Jarvis, senior vice president, Environmental Innovation. “With more
than 75 percent of households located within 10 miles of a Home Depot store, this program is the
first national solution to providing Americans with a convenient way to recycle CFLs.”

Original Source

Related Environmental Initiative Sources:

Check out Home Depot’s latest products and services designed to help you design your home to be more comfortable and environmentally friendly.

The Amero Cabinet Collection has premium, semi custom kitchen cabinets, also specializing in green kitchen cabinets.

Pacific Crest Industries is well known for their seattle kitchen cabinets, detailed beautiful custom designs, both economical and environmentally friendly, like with their green kitchen cabinets.

A report from Reuters released on Jan. 22, 2009 states that gasoline prices have climbed for three consecutive weeks now, rising 6.3 cents per gallon.

According to the federal Energy Information Administration, the average national price for regular unleaded gasoline is $1.85 per gallon. This is said to be the highest since November 24; however, this figure was down $1.17 a year earlier.

Based on the agency’s weekly survey, gasoline price was at its highest on the West Coast jumping 7.5 cents at $2.02 per gallon since the last half of January. San Francisco had the highest city price at $2.06, up 4.9 cents while Los Angeles was at $2.04, up 7.6 cents.

The Rocky Mountain States had the lowest regional price at $1.61 per gallon, which was up 4.4 cents. (At $1.61 a gallon, Denver had the lowest city pump cost but also suffered an increase of 7.9 cents.) Gas prices in other states seemed to soar as well. Miami was at $1.97 per gallon, up 9.6 cents while New York City was at $1.78 per gallon, up 4.7 cents. Chicago was at $2.01 a gallon, up 4.5 cents while Cleveland was at $1.91 per gallon, down 0.6 cent.

Boston was at $1.74, up 5.5 cents. According to a Boston Globe report dated January 24, 2009, data obtained from AAA Southern New England and the Department of Energy Resources have revealed that the gasoline price in Massachusetts now averages at $1.75 per gallon, up 12 cents in the past two weeks.

Meanwhile, diesel prices seemed to have swerved to the opposite direction when the average price for diesel dropped 1.8 cents at $2.30 per gallon, which was down 97 cents from the previous year. The Gulf Coast region had the least expensive diesel which went down 1.7 cents at $2.23, while the New England states had the most costly diesel at $2.61 a gallon, down 0.8 cent.

The government explained that the price jump is due to higher crude oil costs. (Note that crude oil price usually determines the price of gasoline.) However, in an article from Boston Globe, Arthur Kinsman, spokesman for AAA Southern New England, stated that crude oil prices have stayed low in general, despite the recent fluctuations that can be seen on the New York Mercantile Exchange.

With this said, the relatively low crude oil price in the world market does not seem to match with the current rising trend of gasoline prices in the nation. An article from Times News confirms this scenario as it illustrates the situation in Tennessee, wherein despite the low demand for gasoline and the moderate gains in crude oil prices, gasoline prices still continue to increase; an unlikely trend as mentioned by Don Lindsey, spokesman for the AAA East Tennessee.

Still in the same article from Boston Globe, it was reported that crude oil price rose to $2.80, up 6.4%, following reports regarding plans to cut production from the Organization of Petroleum Exporting Countries (OPEC).

On Jan. 23, 2009, Geron Corporation was granted clearance by the Food and Drug Administration (FDA) to start its human clinical trial of GRNOPC1, a human embryonic stem cell (hESC)-based therapy for the treatment of acute spinal cord injury. This trial is said to be the first in the world.

Geron Corporation considers this development as one of its most significant accomplishments so far because through this, they are now able to conduct the world’s first federally approved study of hESC-based therapy for humans. If successful, this will be a major milestone not just for the company but also for the fields of embryonic stem cell research and medical therapeutics.

According to Geron Corporation president and CEO Dr. Thomas Okarma, the clearance of the GRNOPC1 trial serves as a gateway to a new level of healing wherein restoration of organs and tissues is achieved through the injection of healthy replacement cells. Dr. Thomas Okarma added that the goal for the use of GRNOPC1 is “to achieve restoration of spinal cord function by the injection of hESC-derived oligodendrocyte progenitor cells directly into the lesion site of the patient’s spinal cord.”

The initial phase I study will focus on the safety of the cell therapy, although researchers will also try to find signs whether the therapy works. The company has selected seven medical centers to participate in the trial, with the study subject to approval from their internal review boards.

Geron Corporation is an American biotechnology company that specializes in the development of biopharmaceuticals designed to treat cancer and chronic degenerative ailments including heart failure, diabetes, and spinal cord injury. Headquartered in Melo Park, California, Geron Corporation was founded by Dr. Michael D. West. It was incorporated in 1990 and began its operations in 1992. Geron Corporation is considered to be the leading embryonic stem cell developer in the world as it holds exclusive rights on several cell types. Since its incorporation, Geron Corporation has been granted more than 260 patents.

The corporation also helped fund the researchers at the University of Wisconsin when human embryonic stem cells were first isolated in 1998.

Geron Corporation has subsidiaries, namely: Geron Bio-Med Limited, which is wholly owned and located in Edinburgh, Scotland; and TA Therapeutics, Limited in Hong Kong, which is majority-owned.

Geron Corporation is centered on the creation of drugs based on telomere and stem cell research. Geron Corporation is currently advancing an anti-cancer drug (GRN163L) that inhibits the enzyme telomerase. Geron Corporation is also conducting multiple trials at Duke University Medical Center in its efforts to develop a telomerase vaccine (GRNVAC1) for the treatment of prostate cancer in patients. Additionally, Geron Corporation is developing cell-based therapeutics derived from human embryonic stem cells (hESC) to treat different health conditions associated with cell aging, injury, and degenerative diseases. Moreover, Geron Corporation is engaged in the initial development of telomerase-based treatment for HIV named TAT0002 and taken from Astragalus plant.

Due to Geron Corporation’s advancement in telomerase drugs, the pharmaceutical company Merck invested considerably in the biotechnology corporation in 2005.

Major Upgrades to iPhoto, iMovie & GarageBand

SAN FRANCISCO—January 6, 2009—Apple® today introduced iLife® ’09, which features major upgrades to iPhoto®, iMovie® and GarageBand®, and includes iDVD® and an updated version of iWeb™. iPhoto ’09 builds on the ability to automatically organize photos into Events by adding Faces and Places as breakthrough new ways to easily organize and manage your photos. iMovie ’09 expands on the revolutionary super fast movie creation introduced in iMovie ’08 by adding the depth users want through powerful easy-to-use new features such as the incredible new Precision Editor, video stabilization, advanced drag and drop, and animated travel maps. GarageBand ’09 introduces a whole new way to help you learn to play piano and guitar with 18 basic lessons and optional lessons from top artists such as Sara Bareilles, John Fogerty, Norah Jones and Sting. iLife ’09 is included with every new Mac® purchase and available as a $79 upgrade for existing users.

“iLife continues to be one of the biggest reasons our customers choose to get a Mac,” said Steve Jobs, Apple’s CEO. “With iLife ’09, we’ve made working with photos, making movies and learning to play music a lot more fun, and iMovie users are especially going to love the advanced but easy-to-use new features.”

iPhoto ’09 makes it even easier to browse and search photos, not only by when they were shot (Events), but by who appears in them (Faces) and where they were taken (Places). iPhoto automatically scans photos to detect people’s faces and when you assign a name to any face iPhoto will automatically find more pictures of that person. The library can be searched by name or browsed using the new Faces View. Places automatically imports photo location data from a GPS-enabled camera or any iPhone™ or you can manually assign a location to any photo, group of photos or event. Once iPhoto knows where photos were taken, you can easily explore them with a simple search or an interactive map. iPhoto ’09 lets you easily publish photos to Facebook or Flickr. Photos published to Facebook include assigned names, and name tags added on Facebook sync back to iPhoto. You can also share photos by creating a themed slideshow to play on your Mac, iPhone or iPod®, or create a beautiful travel book, complete with customized maps of your journey.

iMovie ’09 adds powerful, yet easy-to-use new features to let you create a movie quickly, or add refinements and special effects to your project if you have more time. Drag and drop one clip on top of another to reveal new advanced editing options, including replace, insert, audio only, and even picture-in-picture or green screen. With the revolutionary Precision Editor, you can skim and click on a magnified filmstrip to view clips up close and fine tune any edit, like identifying precisely how much to keep, where to cut, use sound from one clip with video from another and more. iMovie ’09 analyzes video and reduces camera shake in clips when added to your project. New titles, transitions, cinematic effects, speed changes and animated travel maps add professional polish to your movie.

GarageBand ’09, the updated version of Apple’s popular software used by millions to play and record music, now gives budding musicians a fun new way to learn to play piano and guitar. Basic Lessons let you learn the fundamentals at your own pace with Apple instructors in beautiful HD video synchronized to animated instruments and notation. Artist Lessons feature original artists showing how to play their hit songs with everything from finger positions and techniques to the story behind the song. Choose from lessons by popular artists including: Sara Bareilles, Colbie Caillat, John Fogerty, Ben Folds, Norah Jones, Sarah McLachlan, Fall Out Boy’s Patrick Stump, OneRepublic’s Ryan Tedder and Sting. Artist Lessons are sold separately at the new GarageBand Lesson Store, available inside the GarageBand ’09 application. GarageBand ’09 also includes exciting new guitar amp and stomp-box effects, and Magic GarageBand Jam that lets you play along with a virtual band that you create.

iLife ’09 includes iWeb ’09 for authoring custom websites and iDVD ’09 for creating DVDs. iWeb ’09 adds new iWeb Widgets, such as iSight® video and photos, a countdown timer, YouTube video and RSS feeds. New integrated FTP publishing allows you to publish your website to virtually any hosting service and updates to your site can now be automatically added to your Facebook profile.

Pricing & Availability
iLife ’09 will be available this month for a suggested retail price of $79 (US) through the Apple Store® (www.apple.com), Apple’s retail stores and Apple Authorized Resellers. The iLife Up-To-Date upgrade package is available to all customers who purchased a qualifying new Mac system from Apple or an Apple Authorized Reseller on or after January 6, 2009 for a shipping and handling fee of $9.95 (US). Artist Lessons are available through the GarageBand Lesson Store for $4.99 (US) each.

iLife ’09 requires Mac OS® X version 10.5.6 or later, a Macintosh® computer with an Intel processor, a PowerPC G5 or 867 MHz or faster PowerPC G4, 512MB of RAM (1GB recommended), QuickTime® 7.5.5 or later (included), a DVD drive for installation and 4GB of available disk space. iPhoto print services and GarageBand Artist Lessons are available in select countries. Full system requirements and more information on iLife ’09 can be found at www.apple.com/ilife.

Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.

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