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  • Email Named Most Important Tool For Work

    Remember years ago when social media really started coming into its own, and people thought it might one day replace email? It didn’t take incredibly long to realize that would not be the case, especially when social networks like Facebook tried to launch its own email service (which didn’t really work out).

    Today it’s just as clear as ever that email is here to stay, and thanks to the rise of smartphones, it’s arguably bigger than it ever has been. Now when you get an email, it’s right in your pocket immediately as it’s delivered. For work, it’s hard to imagine that any other form of communication or online tool is as important for getting the job done. According to a new survey, only the Internet itself even comes close, yet that still plays second fiddle to email.

    Is email the most important online tool for your work needs? Let us know in the comments.

    “The internet and cell phones have infiltrated every cranny of American workplaces, and digital technology has transformed vast numbers of American jobs,” says Pew Research. “Work done in the most sophisticated scientific enterprises, entirely new technology businesses, the extensive array of knowledge and media endeavors, the places where crops are grown, the factory floor, and even mom-and-pop stores has been reshaped by new pathways to information and new avenues of selling goods and services. For most office workers now, life on the job means life online.”

    The firm surveyed online what it says is a representative sample of adult internet users, asking the ones who have jobs questions about digital technology in their work lives. The sample, it says, covers online adults who also have full- or part-time jobs in any capacity.94% of jobholders are internet users, it says, working in “all kinds of enterprises from technology companies to non-technology firms; from big corporations to small proprietor operations; and from those in urban areas, farms, and places in between.”

    What’s really interesting about Pew’s findings is that email is by far the most important tool to these workers. In fact, it’s nearly twice as important as a phone, based on this graph:

    “The high value of email comes despite the challenges of the past generation, including threats like spam and phishing and competitors like social media and texting,” Pew says. “Surprisingly, landline phones outrank cell phones for these internet-using workers. Social media is very low in importance.”

    The firm notes that in this sample email and the internet are particularly important to those working in traditionally “white collar,” office-based jobs like professionals, executives, managers, business owners, and clerical workers. 59% of employed online adults who take their jobs outside of the physical boundaries of the workplace say email and the internet are critical.

    “What is potentially surprising is that even in the face of constantly evolving forms of digital communication, potential threats like phishing, hacking and spam, and dire warnings about lost productivity and email overuse, email continues to be the main digital artery that workers believe is important to their jobs,” Pew says. “Since taking hold a generation ago, email has not loosened its grip on the American workplace.”

    Email is also found to be a lot better for productivity than some might think. 7% of working online adults surveyed said their productivity has dropped because of the internet, email and cell phones, while 46% said they feel more productive. 35% say email, the internet, and cell phones increase the amount of hours they work. 39% say these allow them more flexibility in the hours they work.

    What’s the most important work tool for your needs? Does email beat out the Internet? Phones? Social media? Does email make you more productive? Share your thoughts in the comments.

  • Last Minute Holiday Help for Small Businesses

    For small business owners, the holiday season can engender mixed emotions. On one hand, the months leading up to the holidays – November and December- are usually the busiest months of the year for most small businesses. And when you own a small business, being busy is a good thing. According to the National Retail Federation, retail sales could rise 4.1% this year to a whopping $616.9 billion.

    While being busy is a good thing for any business, it comes with one drawback – stress. According to a recent poll from Gallup, entrepreneurs are more likely to admit to experiencing stress than other types of workers. This uptick in reported stress extends across lines of race, religion, ethnicity, income, marital status, and education. The bottom line: it doesn’t matter who you are, if you’re running your own company you’re going to experience more stress than the average person.

    And this is a year-wide thing. That stress is amplified over the holidays, when it seems like there’s simply an endless amount of things on that to-do list.

    How many times have you said man, if I only hand another pair of hands…?

    Office Depot, Inc. is sponsoring a interesting contest  that aims to help a handful of small businesses get though the stressful holiday season a bit more gracefully. It’s called the Elf Who Helps, and it lets small businesses in the U.S enter to win a little bit of extra help as the end-of-the-year crunch begins.

    “Holidays are a busy time for small businesses as they juggle daily tasks, prepare for the close of the year, and fit in holiday office parties and business gifting. As a small business owner, you might go the whole year and be on track, but the holiday season comes with a lot of small details that extra manpower can really help address,” says Eduardo Souchon, senior director of marketing for Office Depot, Inc.

    “Office Depot and OfficeMax want to give select small businesses the assistance they need during the busy holiday season. Powered by TaskRabbit, a peer-to-peer marketplace that helps local users outsource everything from household errands to skilled tasks, Elf Who Helps will give the winning small businesses the boost they need to close out the year feeling organized and ready to tackle 2015.”

    Small businesses can enter through November 12th. All they have to do is submit, in 150 words or fewer, why they need help this holiday season. Fourteen selected winners will receive assistance in the form of $2,000 worth of office products, a $1,000 gift card, and two days of on-site help from TaskRabbit.

    “With more time and money being spent during the busy holiday season,we at Office Depot and OfficeMax want to give back and make sure these small businesses have what they need to boost their success into the new year and beyond,” says Souchon.

    The holidays are stressful for everyone. For small businesses, they can seem overwhelming. I think we can all agree that things would be a little bit easier if we had an elf to help.

  • Magic Johnson Offers His Expertise To Improve Diversity In Silicon Valley

    The lack of diversity in Silicon Valley recently made headlines as statistics on their racial and gender make-up were revealed, showing a largely white and Asian workforce. Former basketball player turned businessman Magic Johnson is now offering his expertise to companies like Google and Apple in order to help them increase their employment of African-Americans and Hispanics.

    Johnson is an entrepreneur who has worked in minority markets, focusing on investing in inner-city neighborhoods, and he believes his experiences can connect Silicon Valley to the right talent to diversify its workforce. “I’ve been doing this for over 35 years. I’ve done this for other big corporations as well: Best Buy, Aetna, on and on. I know how to do it. They just need to give me a call. If they’re looking for talent, give me a call. If they are looking for companies to partner with, give me a call,” said Johnson in an interview with USA Today.

    Statistics of the US workforce of companies like Intuit, Google and Facebook have reached as low as two percent for African-American employees and six percent for Hispanics. As a result, Silicon Valley has promised to change its workforce to better reflect the markets they serve, but companies are apparently finding it hard to look for qualified talent.

    Johnson says he believes that his Beverly Hills-based company, Magic Johnson Enterprises, could be up to the task of connecting Silicon Valley companies with minority engineers.

    Johnson also recently shared his business savvy with attendees of the California and Nevada Credit Union Leagues’ REACH conference at the JW Marriott in the L.A. Live entertainment complex. One of the stories he shared was how successfully he brought Starbucks into urban areas by making minor changes to the menu and updating the music playlist to reflect the tastes of the market. The experience reportedly showed the importance of knowing the market and making adjustments accordingly.

    “Today it’s not enough to deliver. Today, you have to over-deliver. And not just sometimes. All the time,” Johnson advised the audience of the conference.

  • Starbucks Stout Flavored Latte Hits Test Markets

    Starbucks Stout Flavored Latte Hits Test Markets

    Pumpkin spice and salted caramel-flavored coffee sure says fall to many people – but what about a coffee that tastes like cold weather’s favorite beer? I’m sure there are a lot of people out there who could definitely get into that – provided it’s not gross or anything. There’s plenty of coffee-flavored beer, so why not turn the tables?

    The world’s most popular coffee brand is currently testing a new cup of coffee called the “dark barrel latte”. According to a report from Reuters, the drink will include “a chocolaty stout flavored sauce, whipped cream and dark caramel drizzle.” Yes, it supposedly tastes like a stout beer.

    The stout-flavored latte is only being tested in a few stores in Ohio and Florida, so don’t grab your keys and head out the door yet. Like any company, Starbucks routinely runs tests – so the survival of the beer-coffee likely depends on the response it receives in those select markets.

    Nutritional info has yet to be revealed, but things like “chocolaty sauce”, “whipped cream”, and “dark caramel drizzle” suggest that it’ll fall somewhere between a couple hundred and a few gajillion calories. Unfortunately, the Dark Barrel Latte in completely alcohol-free.

    Image via Starbucks, Facebook

  • Sammy Hagar: Red Rocker as Business Tycoon

    Sammy Hagar has made the news lately because of a libel lawsuit that has been dogging him for years. Lawyers have managed to keep more serious issues away from the Red Rocker, but a twist of Iowa state law is pulling the rock star closer and closer to court.

    The whole thing stems from statements Hagar made in his autobiography “Red: My Uncensored Life in Rock”, where Hagar admits to bedding an unnamed former Playboy Bunny while he was married to his former wife. According to Hagar, the woman claimed she was then pregnant with Hagar’s child, but the baby died within five days of birth and no paternity test was performed.

    Hagar doubted that the baby ever existed. And even though he never named the woman in his book, the fact that even a handful of people know who he is referring to means that he must face the libel suit.

    But make no mistake, Hagar comes to this issue with more than the usual rock star retinue of attorney coverage. Sammy Hagar is a businessman who could go toe-to-toe with the acumen of a Gene Simmons and come away smelling like a rose.

    For example, Hagar owns multiple restaurants and nightclubs. He developed and later sold his interest in Cabo Wabo Tequila in a deal that netted him a cool $91 million.

    But restaurants, clubs, and even booze are par for the course for a rock star with scratch to invest, right? Well, how about a fire sprinkler company? Hagar’s done that, too. In his autobiography, he tells the tale of starting that company.

    “Shortly after we’d started building the apartments, the fire department came to my brother-in-law and said he needed to put a fire hydrant in front of every apartment building. He told the fire department that his plumber could put fire sprinklers in the building that would be more effective for about the same price. The insurance companies went along, because sprinklers put out fires before fire departments could even get there, but the fire department needed some convincing. We staged a demonstration for them. We bought one of my old houses, sprinkled it, and then lit a fire in a trash can. We waited for the neighbors to call the fire department, which was parked, waiting, right down the street, and, by the time they got there, the sprinklers put everything out. The house was still totally cool. Fire sprinkling is amazing. It really saves lives. The city passed an ordinance and gave us some money. Before long, we had 180 employees and ran the second-largest fire sprinkler company in America, Fire Chief Inc.”

    Hagar’s business sense also played along the lines of “a penny saved is a penny earned”, learning how to write off business travel by starting his own travel agency.

    “I started a travel agency because I was traveling so much for tours that I was paying my travel agent a small fortune. I decided to start my own, Steady State Travel in Mill Valley, hired the two ladies that used to work for the old travel agency, and gave them a piece of the action. It didn’t make a lot of money, but it also didn’t cost me anything when I went on tour.”

    How does Hagar keep up with all this while still living the life of his dreams as a rock star father?

    “I always had other people doing everything,” Hagar says. “It was my palate and my concept. I would go in taste and say, ‘Leave this in the barrel a little bit longer.’ That was my job. I could do that right before I went on stage. That’s a perfect time to do it, as a matter of fact!”

  • Facebook Wants You to Buy Things Directly from the News Feed

    Facebook Wants You to Buy Things Directly from the News Feed

    As of now, if you happen to click on a news feed ad on Facebook, you’ll be taken to the business’ site – outside the realm of Facebook. But now the social network is testing a way for businesses to get the most out of their ads by allowing users to make purchases without ever leaving Facebook.

    Facebook has just announced a test of a new “Buy” button, which will appear on news feed ads and page posts. If clicked, it’ll let users purchase products inside of Facebook.

    Of course, you have to give your payment info to Facebook for this to work.

    “We’ve built this feature with privacy in mind, and have taken steps to help make the payment experience safe and secure. None of the credit or debit card information people share with Facebook when completing a transaction will be shared with other advertisers, and people can select whether or not they’d like to save payment information for future purchases,” says Facebook in the hopes that it’ll assuage users who might feel a bit iffy about handing over their credit cards to Facebook.

    It’s easy to see the benefit for Facebook here. First off, it allows Facebook to gather tons of payment information. But even more important for Facebook, this Buy button makes advertising with Facebook that much more tempting. If businesses know they can drive actual sales directly from the news feed, they’ll be more likely to purchase advertising.

    You won’t see the new Buy button all over the place – at least for now. Facebook’s only testing it through “a few” small and medium-sized businesses, with more on the way “as they gather feedback.”

    Image via Facebook

  • Target Politely Requests You Leave Your Guns at Home

    Target Politely Requests You Leave Your Guns at Home

    Target would be ever so grateful if you left your firearms at home before shopping for home goods.

    “As you’ve likely seen in the media, there has been a debate about whether guests in communities that permit “open carry” should be allowed to bring firearms into Target stores. Our approach has always been to follow local laws, and of course, we will continue to do so. But starting today we will also respectfully request that guests not bring firearms to Target – even in communities where it is permitted by law,” says CEO John Mulligan in a company press post.

    “This is a complicated issue, but it boils down to a simple belief: Bringing firearms to Target creates an environment that is at odds with the family-friendly shopping and work experience we strive to create.”

    Why the need for such a “request”? Why does Target CEO John Mulligan feel compelled to ask people not to carry semi-automatic rifles down the DVD aisle?

    Well, there’s a movement of sorts pushing the boundaries of Open Carry laws in this country. Probably the most notable group, Open Carry Texas, has staged rallies at businesses and other public places to demonstrate what they feel is their right to carry their weapons, unconcealed, wherever they please. They’ve issued a response to Target’s position, saying they will continue to refrain from taking “long arms” into Target stores.

    The debate isn’t the legality of Open Carry in states where it’s legal to openly carry. That’s a given. The argument from those opposed to this particular type of gun rights activism is that this frightens people, and even if it is legal and a “right”, is there really a reason to alarm the public at large?

    Here’s what I’m talking about, if you’re unfamiliar with the Open Carry activists.

    This behavior, mind you, has been denounced by the NRA (yes, that NRA) as “counterproductive.”

    Target is far from the first major retail chain to express this sentiment. Chipotle and Starbucks have also made public requests of this nature, just to name a couple.

    Image via Wikimedia Commons

  • The Atari E.T. Game Land Fill Legend

    The Atari E.T. Game Land Fill Legend

    The year is 1983. The Alamogordo Daily News reported in September that between 10-20 (actually 14) semi-trucks coming from a storehouse in El Paso, Texas, traveled 90 miles to a landfill in Alamogordo, New Mexico. At night, they would unload, cover deep within the earth, and seal with concrete, Atari boxes, cartridges, consoles, and the shame brought with their creation.

    Among the gizmos lay purged was one of art’s greatest abominations: E.T. the Extra-Terrestrial Atari videogame. An estimated 750,000 copies lay crushed in their dusty graves; the cause of death being rock-bottom sales due to abysmal quality by rushed development.

    Whispers of what happened that day trickled into an urban legend of doubt, intrigue, and mystery… until…

    31 years later.

    On Sunday, at 12:45pm MDT, a film documentary seeking out the video game grave yard teamed up with Xbox Entertainment Studios and Lighbox Entertainment, went back to that old landfill and dug up the remains. There, in front of hundreds of spectators, revealed the epitome of what was one (of many) man’s trash, to be a treasured relic of gaming history.

    The E.T. Atari cartridge did not die alone; several cases of the game Centipede, Pac-Man, and others games were also found, surprisingly, to be in very good condition despite three decades – unfortunately none of them were playable.

     

    There’s a notion in the video game industry that the licensed movie adaptations of video games (and vice versa) wind up becoming laughable flops. The Atari E.T. game competes as one of the worst video games in history, but, as with all art, found a way to be enjoyed.

    Besides the novelty of his lovable wrinkly testicle-like face, critics found the gameplay of collecting Reese’s pieces and part of E.T.’s phone to be a repetitive and vicious cycle; try to watch the following without any hint of irritation:

    Doesn’t it just take you back?

    Image via YouTube

  • Jessica Alba Does ‘Supermom’ With Style

    Jessica Alba is the quintessential Supermom–and she fulfills the role with style and grace. The 32-year-old actress recently enjoyed a child-free vacation in Paris, where she not only dished about how much fun she was having getting away from it all, but also shared about her many roles and responsibilities.

    Alba will soon return to the big screen as the voice of an extra-terrestrial villain in the animated kids’ movie Escape From Planet Earth. She jokes that she’s excited about doing a film that her kids can actually see.

    In addition to her film career, Jessica Alba is CEO of her business, The Honest Company, as well as an advocate for gay rights, global education and female CEOs.

    She talked about her company during an interview with the Independent.

    “We do detergents, household cleaning products, personal care products, diapers and wipes; all non-toxic and hypo-allergenic,” says the actress who herself suffered from childhood asthma.

    “It’s a game-changer in the family product business. I’m the president and founder and it’s grown quicker than we ever imagined. I’m really proud of it. I spend more time at my office now than on the movie set,” she explained. Alba famously embarked on her business enterprise after her eldest daughter, Honor, almost ate her diaper.

    Through The Honest Company, Alba is also behind donations to many young mothers in need.

    In addition to her role in Escape From Planet Earth, Jessica Alba will also soon appear on screen opposite Pierce Brosnan in the romantic comedy How to Make Love Like an Englishman, as well as in the period drama Dear Eleanor and comedies Stretch and Barely Lethal.

    Fans are no doubt most eager to see Alba as she reprises her role as dancer Nancy Callahan in Sin City: A Dame to Kill For. That is sure to be another of those films she won’t allow her children to see.

    It’s certainly impressive to watch Jessica Alba balance her family life, her business life, and her incredible film career. It’s high time she writes a book on being a ‘Supermom,’ and shares a few tips for other women so they can at least attempt to do the same.

    Image via Twitter

  • PacSun Shirts Spark Debate: Are They Inappropriate?

    The mother who bought the entire stock of “indecent” shirts from a PacSun in a Utah mall has caused quite a stir. The media frenzy that she wanted in order to bring attention to her cause hasn’t disappointed.

    Judy Cox complained to the manager, but was told the shirts couldn’t be removed without corporate approval.

    However, the manager told Mrs. Cox that she had refused to put up the banner that came in the shipment of shirts because it was even worse.

    She told Mrs. Cox that she didn’t really want to put the shirts out either, but was following corporate orders.

    “These shirts clearly cross a boundary that is continually being pushed on our children in images on the Internet, television and when our families shop in the mall,” Cox said in an email to The Associated Press.

    PacSun CEO Gary Schoenfeld doesn’t see what the big deal is. He said that the company takes great pride in the designs that they feature on the shirts and other products displayed in their stores.

    “While customer feedback is important to us, we remain committed to the selection of brands and apparel available in our stores,” Schoenfeld said in an emailed statement.

    Judy Cox has been through the store manager, the mall manager, and the city attorney. The city attorney referred her to local police, who will decide if it is a matter for the the city attorney to look at. She has even contacted activist groups One Million Moms and Moms for Decency.

    City code prohibits store owners from putting “explicit sexual material” on display where they can be seen by the general public. The city defines that as “any material that appeals to a prurient interest in sex and depicts nudity, actual or simulated sexual conduct, sexual excitement, or sadomasochistic abuse.”

    Time will tell if the shirts will be deemed unworthy for public display. In the meantime, Judy Cox and her supporters will keep fighting.

    “I hope my efforts will inspire others to speak up within their communities,” Cox said in an email. “You don’t have to purchase $600 worth of T-shirts, but you can express your concerns to businesses and corporations who promote the display of pornography to children.”

    Image via YouTube

  • Paula Deen Has New Hope For Comeback

    Paula Deen Has New Hope For Comeback

    Paula Deen has found the recipe for comeback success. She is reportedly going to be the recipient of a $75 million dollar cash infusion from a private equity firm out of Phoenix, Najafi Companies, which is led by Jahm Najafi. Najafi currently owns BMG Music Service and the Book-of-the-Month Club, among others, according to MSN.

    And boy, did she need a boost after last year’s devastating scandal over a court transcript which revealed that she had used “the n-word” before, but that it had been “a long time”. The blow from that ordeal cost her sponsors like pork producer Smithfield Foods and book publisher Ballantine, who published her popular cookbooks. It also cost her the exceedingly popular show on The Food Network.

    The new umbrella company, called Paula Deen Ventures, and funded by Najafi Companies, will oversee her restaurants, cookbooks, product endorsements and other various aspects of the Paula Deen empire. She has named Steven Nanula, who has already been working with Deen for the past two years, as CEO of her new company, according to AP.

    “We know that the enterprise will be successful and valuable, as Paula and her team continue to bring quality products and experiences to her loyal fan base,” Najafi said in a statement.

    Najafi reportedly has respect for Deen’s past success, and believes that the investment was a wise one that will surely pay off. He is hoping to help Deen move away from a pure licensing model, in which she sells her likeness and expertise to others and to take more ownership and control in partnerships with retailers and other companies.

    “Our investment allows the Paula Deen brand to expand their relationships and the partnerships that are already in place, and support those partnerships on a go-forward basis,” said Najafi.

    As of now, they have been in talks with television networks, major retailers, and other possible partners. However, a deal has yet to be reached, nor has there been any signing of major contracts.

    A Food Network spokeswoman said that they haven’t been in any talks to bring Paula Deen back to their cable channel.

    Image via YouTube

  • Paula Deen Is Back In Business With New Partner

    Paula Deen is getting back in business, ya’ll.

    It has been less than a year since Deen admitted on the stand she used a racial slur toward an employee. Since then Deen lost her TV deal with the Food Network, was dropped by her publisher, and lost endorsement deals with Smithfield Hams, diabetes drug maker Novo Nordisk, Walmart, and Sears, just to name a few.

    Now Deen has found a new partner and is starting a new company – Paula Deen Ventures. This new company will include all of Deen’s restaurants, cruises, cookbooks, cookware and other products that coincide with her traditional Southern fixins’.

    Deen’s new business partner is Najafi Media, which is based in Phoenix, and is a private-equity firm and specializes in consumer distribution. The company is investing between $75 million and $100 million to Paula Deen Ventures.

    Najafi Media said the investment “will be used to help Deen establish new deals and move away from a pure licensing model, in which she sells her likeness and expertise to others.”

    However, Deen is hoping to gain more control by partnering with other companies and retailers.

    Paula Deen Ventures has already contacted different television networks, retailers, and other companies to partner with. The company has already hired food-industry veteran Steven Nanula as chief executive of Paula Deen Ventures.

    In a statement on Wednesday, Najafi Media Founder and Chief Executive Officer Jahm Najafi, who also owns BMG Music Service, the Book-of-the-Month Club, and is part owner of the Phoenix Suns, said he has “a deep respect for the hard work, unique content and quality products which Paula has built around her brand,” adding, “Our investment allows the Paula Deen brand to expand their relationships and the partnerships that are already in place, and support those partnerships on a go-forward basis.”

    Najafi definitely sees this as a positive move for both of Najafi Media and Paula Deen Ventures. “The important thing to remember is that her fan base is rabid. Her Facebook fan base has more than doubled in the past year. The Paula Deen brand is alive and well,” said Najafi.

    In case you forgot, or didn’t get a chance to see Deen apologize on Today for using the “N word,” watch the video below.

    Image via YouTube.

  • Janet Yellen to Make First Speech as New Fed Chair

    Janet Yellen, as the newly appointed Fed chair and first woman to ever hold the post, will make her first comments today before the House Financial Services Committee and then Thursday before the Senate Banking Committee.

    She has addressed these committees before as vice chair for three years and as a leading economist for a long time, but now she faces a whole new spotlight as she steps into the shoes of Ben Bernanke.

    What investors are anxious to find out is if Fed officials are going to hold fast to the message that the economy’s outlook is bright enough to withstand a slight pullback in their stimulus but that rates should stay low to fuel a shaky economy, according to Bloomberg.

    Her first address is important, because it will also give them a clue as to where she stands on their concerns about the economy and the job market, turmoil in global markets and uncertainty about her direction at the Fed. She has already stated that she wants the U.S. central bank to be known as a champion of Main Street, but does she have what it takes to see it through?

    “A new Fed chair’s first testimony is always a testing period,” said Diane Swonk, chief economist at Mesirow Financial.

    Yellen will most likely address many issues, including payroll and her likely intention to continue with the strategy to trim bond buying by $10billion, even though last month employer’s added only 113,000 jobs instead of the anticipated 180,000.

    “While the last couple of payroll readings have been disappointing, we do not expect this to change the currentcourse of asset-purchase tapering,” Joseph Lavorgna, chief U.S. economist at Deutsche Bank Securities Inc. and a former New York Fed economist, said. “We view the recent payroll weakness as temporary and likely to reverse.”

    She will also probably back further away from the The Federal Open Market Committee’s December statement that they probably won’t raise the federal funds rate until “well past the time” the jobless rate falls below 6.5 percent. It is reported that most panel members didn’t favor moving the threshold.

    It is also likely that she will announce her intention to continue Bernanke’s policy of holding the main rate near zero and gradually tapering monthly bond purchases.

    As groundbreaking as her first address is, there is sure to be relentless scrutiny and pleas from both sides of the aisle for the direction which the Fed should now take. Republican lawmakers will most likely try to persuade Yellen to ease up on the incessant regulation of financial institutions and to “be more aggressive in reversing” record stimulus, said David M. Jones, president of DMJ Advisors LLC, a Denver-based economic consulting firm, and a former Fed economist.

    On the other hand, Democratic lawmakers are sure to plea for Yellen’s help to over income inequality and persistent joblessness, Jones said.

    Sen. Sherrod Brown, Democrat from Ohio who spoke with her at length during the confirmation process said of her recently, “She understands — people that are sober-minded about this understand — that income inequality is bad for the wealthy, too. It’s bad for a long-term growing economy. She’ll be a Fed chair that gets out and sees the real economy more and talks to people.”

    These are just a few of the expected inquiries and responses that Janet Yellen will face right away in the beginnings of her term as Fed Chair, and she will likely have a hard time hearing pleas from every direction and playing it right down the middle with Fed policy, but whether or not she will be able to handle it remains to be seen.

    Image via youtube

  • Meat Recall Amounts To a Year’s Worth of Product

    Northern California meat producer, Rancho Feeding Corp., is recalling 8.7 million pounds, or what amounts to about a year’s worth, of meat. The affected meat was processed from Jan. 1, 2013, through Jan. 7, 2014, according to the AP.

    Rancho Feeding Corp. has been under the magnifying glass of the USDA Food Safety and Inspection Service, which determined that the company processed diseased and unhealthy animals. That resulted in the recall of more than 40,000 pounds of meat products produced last month on Jan. 13th, according to CNN.

    The USDA Food Safety and Inspection Service said that Rancho Feeding Corp. “processed diseased and unsound animals and carried out these activities without the benefit or full benefit of federal inspection. Thus, the products are adulterated, because they are unsound, unwholesome or otherwise are unfit for human food and must be removed from commerce.”

    The recall notice also noted that there was a “reasonable probability” that eating the affected meat could result in “serious, adverse health consequences or death.”

    The products that are named in the most recent recall are some of the less-popular items like beef carcasses, oxtail, liver, cheeks, tripe, tongue and veal bones. The affected meat products were produced and shipped between January 1, 2013, through January 7, 2014, and all have “EST. 527” in the USDA mark of inspection. They also all have a case code number which will end with a 3 or 4.

    As of yet, there are not any reported illnesses tied to Rancho Feeding Corp. These products did go to distribution centers and retail stores in California, Florida, Illinois and Texas, so please check the labels on any of these kinds of products that you buy.

    Unsurprisingly, phone calls made to Rancho Feeding Corp. for comment over the weekend went unanswered.

    Image via youtube

  • Hot Coffee Once Again Lands McDonald’s in Hot Water

    Hot Coffee Once Again Lands McDonald’s in Hot Water

    Nearly 20 years after Stella Liebeck won compensatory and punitive damages from McDonald’s after spilling hot coffee in her lap and sustaining serious injury, another woman is suing the fast food giant over a similar injury.

    Los Angeles resident Paulette Carr has filed a suit against McDonald’s after she spilled hot coffee on herself at a drive-thru on January 12th, 2012. According to the LA Times, Carr claims that the lid was improperly affixed to the cup, and that’s what caused her to be injured by the spilled coffee.

    “The lid for the hot coffee was negligently, carelessly and improperly placed on the coffee cup…resulting in the lid coming off the top of the coffee at the window, causing the hot coffee to spill onto the plaintiff,” reads the lawsuit.

    As you probably know, there is precedent for winning damages for spilling hot coffee on yourself. In 1994, an Albuquerque, New Mexico woman named Stella Liebeck was awarded $160,000 in compensatory damages and $2.7 million in punitive damages (later reduced to $640,000) when she successfully sued McDonald’s for serving her super-heated coffee in 1992.

    The case, one of the most famous civil cases in recent history, sparked debates about tort reform and quickly became a pop culture phenomenon. Many at the time held the case up as the epitome of the country’s “sue anyone for anything” culture – but as time passed and the full story came into focus people began to change their minds about Liebeck and the validity of her suit.

    Liebeck suffered third-degree burns on her inner thighs from the spill and was forced to spend 8 days in the hospital where she underwent skin grafts. Her rehabilitation lasted for years after that. Liebeck and her representation claimed that the coffee must have been super-heated to an unsafe temperature (likely 180+ degrees F) to cause such injuries.

    A 2011 HBO documentary on Liebeck’s case helped make believers out of a lot of skeptics:

    Obviously, the two cases share a similar thread but appear, at least on first glance, to accuse McDonald’s of a different style of negligence. While Liebeck argued that the coffee was simply too hot, Carr seems to suggest that the vessel wasn’t properly sealed – and that’s what resulted in her injuries.

    Injuries – the severity of which have yet to be revealed.

    This isn’t the first time since 1994 that McDonald’s has faced lawsuits over spilled coffee.

    Image via Thiago Martins, Flickr

  • Macy’s Job Cuts: Chain Aims To Save $100 Million

    Despite its financial success over the holiday, Macy’s has announced plans for closings and layoffs for 2014.

    By early spring, the company will be closing five stores in Arizona, Kansas, Missouri, New York, and Utah – opening eight new ones in their stead. This change marks the start of Macy’s imminent restructuring to reduce annual company costs. As they combine their Midwest and North regions, a new North Central region will be created, and seven zones will be left in lieu of eight.

    As the final clearance sales in many areas are set to initiate as soon as Monday, patrons loyal to their hometown locations already agree that the local stores they frequent have prematurely been seeing a decrease in numbers.

    “It’s just almost haunted now. Nobody is picking up spaces,” said one shopper of the Metcalf South location in Kansas.

    Another added, “Even just taking out the trash and walking through, it’s really sad because everything is gone. There’s nothing here.”

    As one would expect with a cost-reduction plan of this magnitude, also decreasing will be the number of jobs this year. Because the company’s intention is to cut lower central office, administration, and back-of-house expenditures, about 2,500 positions will be eliminated. As Macy’s modifies its business this year, some associates may be reassigned or transferred. However, not every position that opens up will get filled. These modifications are all part of the company’s goal to make $100 million in savings a year.

    There’s no reason to doubt Macy’s aim for reaching this goal, either.

    Terry Lundgren (Macy’s C.E.O.) has already been able to sustain profit growth by implementing merchandise that’s exclusive and competitively priced, increasing online sales via store inventory web orders, and giving lower-level managers some autonomy in altering assortments to fit the tastes of local consumers.

    “They are running a good business and hats off,” said Stifel Financial Corp. analyst Richard Jaffe, via phone.” He went on to say, “The fact that they can take $100 million of costs out of the equation is a nice thing. You can increase earnings by reducing costs. I’ll take it.”

    Things are already looking up for Macy’s – $2.66 up, that is.

    During extended trading Wednesday, Macy’s rose 5.1%, to $54.50 following forecast reports for its cost-reduction plan.

    Image via Youtube

  • Macy’s Cuts Jobs And Plans To Close Five Stores

    Macy’s has created a reorganization plan and it includes closing five stores and cutting 2,500 jobs.

    Currently Macy’s has 840 stores in 45 states either under the Macy’s name or Bloomingdale’s name with approximately 175,000 employees. Soon they will close down stores in Arizona, Kansas, Missouri, New York, and Utah.

    Though sales for the holiday season rose 4.3% compared to 2012’s holiday season, the retailer still plans to reorganize in order to cut costs in 2014.

    Macy’s says $100 million will be saved by closing the five stores and cutting 2,500 jobs. These changes also have the store forecasting a higher profit than the original analysts forecast.

    The company will also be relocating some of their stores, as well as combining their Midwest region with their North region. This will cut their regions from eight to seven.

    In a statement, Macy’s Chief Executive Officer Terry Lundgren said, “We have identified some specific areas where we can improve our efficiency without compromising our effectiveness in serving the evolving needs of our customers.”

    Lundgren has been able to do what many other retail stores have not – keep profits growing in a time when consumers aren’t spending as much as they once did. He has even added merchandise from celebrity designers the likes of Madonna. Lundgren also allows lower-level managers to tailor products that are more likely to sell in their stores.

    After the announcement was made, shares rose 6.7% to $55.30 in extended trading in New York.

    These reorganization plans don’t make that much sense to one person on Twitter.

    Image via Macy’s official Twitter account.

  • CheeriosTo Become GMO-Free, A Big Business Decision For General Mills

    With all of the controversy surrounding GMOs and the way they are used in food, some companies are starting to take notice, and are altering their products as a result, which should be able to help their business.

    People all over the country have been working to get foods labeled that contain GMO ingredients, and eventually be able to have them removed. In a movement that keeps growing, it is likely to be something that will be beneficial to both the business owner and the consumer.

    Any company that is willing to alter their products to please those consumers are likely to have better business, and gain more customers of the product. There is no assurance that removing the genetically modified ingredients will be a solution, but General Mills has also struggled over the past year, and sales of Cheerios dropped about 7 percent.

    In case anyone has yet to encounter the term, GMOs are plants or animals that have undergone a process wherein scientists alter their genes with DNA from different species of living organisms, bacteria, or viruses to get desired traits such as resistance to disease or tolerance of pesticides.

    As a business, General Mills felt that eliminating genetically modified ingredients from their product would be beneficial to the consumer. In their announcement to the public, the company said “Why change anything at all? It’s simple. We did it because we think consumers may embrace it.”

    They also went on to say in a closing statement, “So take heart Cheerios lovers! Cheerios isn’t changing. It’s still the One and Only.” Cheerios will still be the product that everyone loves, and while it has always been made from whole-grain oats that are not genetically modified, they use a small amount of corn starch in cooking, and just one gram of sugar for taste.

    As Mike Siemienas, the spokesman for General Mills, said “For other cereals, the widespread use of GM seed for corn, soy, and beet sugar make moving to non-GMO ingredients difficult, if not impossible.”

    However, the short ingredient list for Cheerios that only includes whole grain oats, corn starch, sugar, salt, tripotassium phosphate, wheat starch, and vitamins and minerals is what made it such an easy task for General Mills.

    According to Mother Jones, GMOs are present in 60 to 70 percent of foods on US supermarket shelves, and the most common products to contain GMO ingredients are corn, sugar beets, soybeans, canola, and cottonseed.

    As of recently, Cheerios will only be using corn starch that comes from non-GMO corn and the sugar is only non-GMO pure cane sugar.

    In a smart business decision, General Mills has decided to cater to the many customers who have been demanding that the public have the right to know what is in their food, and not be subjected to eat products that have been genetically modified.

    Image via Facebook

  • Unemployment: A Long Term Problem; No End in Sight

    CNN Money reported recently about one woman’s struggle to find a job. Lena Rouse was an IT analyst at a regional bank and was laid off from her job. She has 2 Master’s degrees – one in business and one in IT. She has 22 years of work experience. And she spent all of 2013 unemployed in Columbus, Ohio, the largest city in the state, and home to five Fortune 500 companies.

    Rouse’s tale is becoming all too common. And people are asking the question, “If someone with 2 Master’s degrees, that much experience, and a good résumé can’t find a job in over a year, what hope is there for the rest of us?”

    Rouse’s story gets even more frightening when you factor in the news that federal funding for long-term unemployment benefits was not renewed before legislators headed home for the holidays last year. Rouse received her last benefit check this week.

    According to Labor statistics, 37% of unemployed people have been out of work for at least 6 months. These folks are entering a phase of unemployment that renders then virtually unhireable.

    “I’ve heard from recruiters at larger companies, and they will absolutely tell you they don’t like to hire long-term unemployed people,” Rouse said. “They think our skills are less sharp.”

    Twenty-two years of experience gets trumped by 6 months of unemployment? And some people are working freelance as fast as they can, even taking additional training as they can afford it, to keep up with their professions.

    A Fundamental Change

    More and more, folks are starting to realize that a fundamental change has taken place over the past few years since the market crash and recession of 2008. They listen to financial news shows and hear about how much “the economy” has bounced back, how great “the market” is doing. But the very next news story talks about how unemployment numbers are still high, even new unemployment claims. They hear political parties blame each other. They hear economists bicker about models for recovery. But no one is answering the question: If the market is better, why aren’t the jobs coming back?

    MoneyNews reported last year on the meteoric rise in temp jobs – positions with few, if any, benefits, abysmal working conditions, and no expectation of long-term employment, much less permanence and retirement.

    Businesses are moving to a temp model. The days of in-house Human Resources, long-term hiring, retirement, and good benefits are gone. Corporations used the 2008 crash as cover for divesting themselves of their most troublesome resource: people. No one could blame them for laying off workers. Everyone was doing it. But during the tumult of the economic recovery, businesses went out and changed their structure entirely.

    No more hiring. Now they contract with a temp agency who does all the screening and dirty work for them, including the firing.

    According to the Bureau of Labor Statistics, over one-fifth of job growth since the recession ended in 2009 has been in the temp sector. In fact, temp work is outpacing traditional hiring tenfold.

    The “coal towns” of last century are gone. But now we have “temp towns,” neighborhoods or whole towns where even people with vocational training can’t get entry-level factory work without being first directed to a temp agency.

    One of the worst effects of such a model is the conundrum over health insurance. Commonly in the United States, getting health insurance was tied to ones job. If the U.S. business community is moving toward a temp model, how can one be expected to get health insurance through work? Even if that person has been working steadily and receiving a paycheck for weeks, they are still under contract, and their “employer” is not required to provide them health insurance.

    All these factors, and many more like them, come into play every time a person sits down with today’s version of the Help Wanted classifieds – a job search website or app. They watch useless job postings scroll by, positions they long ago applied for and never could even get more than an automated email reply to. Many postings are outright scams, and it takes applicants weeks to suss out the chaff.

    It’s a problem that won’t likely be solved anytime soon.

    Image via YouTube

  • Dan Aykroyd Talks Business and We Talk About Him

    It’s the 30th anniversary of one of America’s favorite Christmas movies, Trading Places. Entrepreneurs are eating up Dan Aykroyd’s assertion in a Bloomberg interview that if Trading Places isn’t the Best Movie of All Time, it is at least the Best Business Movie of All Time. While co-star Eddie Murphy’s personal life might be a little more known that Dan Aykroyd, Aykroyd is no slouch in the Interesting Facts Department himself.

    Some Dan Aykroyd fun facts gathered from wikipedia and elsewhere:

    -Dan Aykroyd is from Canada.

    -Dan Aykroyd’s first career goal was to become a priest.

    -Aykroyd told the Daily Mail earlier this month that he was diagnosed with Asperger’s syndrome in the 1980s, way before it was cool to have Asperger’s.

    -Dan Aykroyd has webbed toes. Some believe that this is a sign that he is a Mer Person.

    -Dan Aykroyd’s right eye is green and his left is brown, which means, as Professor Xavier tells us, that Dan Aykroyd is pretty much a mutant. Aykroyd’s mutant power is apparently being a great actor and comedian in highly successful movies.

    -Yes, Dan Aykroyd has had a major hand in some of the Best Movies of All Time, but some critics really think Nothing But Trouble was horrible.

    -Aykroyd is one of the original cast members of Saturday Night Live. Aykroyd met Belushi here which sparked a little skit involving two dancing men in suits and black sunglasses, and the rest is history.

    -Aykroyd once joked that “Slimer” the green ghost of Ghostbusters in which he wrote and starred in, was the ghost of departed friend John Belushi

    Now you know a bit more about the co-star of The Greatest Business Movie of all Time. Hope you paid attention; some of these questions might end up on the GRE.

    Image via Youtube

  • Minimum Wage Hike: Will There Be More Jobs or Less?

    According to a recent ABC News/Washington Post poll conducted by Langer Research Associates, two-thirds of the United States populace supports an increase in minimum wage. Many claim that basic livelihood necessities cannot be met with the current payment structure in place. In fact, 48 percent of those polled are “strongly” supportive of an increase while only 20 percent are “strongly” against an increase in minimum wage.

    For example, Pennsylvania Representative Mark Cohen (D) has been vocal about supporting an increase in minimum wage within his state. “The employer community would prefer tax cuts, but we’ve already had massive business tax cuts in Pennsylvania. That’s one reason we’re in such poor financial shape. We can’t afford all the subsidies, starting with Medicaid, that go to low-income workers. If we raise the minimum wage, we encourage spending among low-income people. That creates jobs and reduces welfare spending.” Cohen said before adding, “Obviously, at some point there’s an increase in prices, but there’s also an increase in purchases. A store can’t unilaterally announce it’s raising salaries, but if all the other stores have to do it,” collective pressure would change the ending result to increased spending from a higher-paid workforce.

    However, there are critiques to raising minimum wage. One argument asserts that businesses will be forced to make significant layoffs in order to remain financially healthy. By increasing the amount each employee will receive the total amount of employees will decrease in order to maintain the bottom line. Still this mentality appears to be the minority as evidenced by results from the recent poll where 64 percent claimed that present policies support the wealthy.

    The federal minimum wage is currently set at $7.25 and has been since July 24, 2009. Some states have already opted to offer higher minimum wages. There are 24 states that currently operate under the federal minimum wage guidelines. These states are as follows: Alabama, Arkansas, Delaware, Georgia, Idaho, Indiana, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Nebraska, North Carolina, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.

    Image Via Wikimedia Commons