Jamie Dimon is staying on as chairman and CEO at JPMorgan Chase, reports from the company’s shareholder vote on Monday have said.

Shareholders were voting on whether the split up the positions of CEO and chairman, but the proposal was defeated by a large margin. The results were preliminary, however, and still subject to change as voting continues on Monday.

The vote came as many Wall Street CEOs have backed Jamie Dimon. Billionaire investor Warren Buffet has long supported Dimon, even suggesting last year that the JPMorgan Chase CEO be named Treasury Secretary.

During an interview on the Charlie Rose Show, Buffett said Dimon would have been a great choice to succeed Timothy Geithner.

Buffett also noted that Dimon would have the confidence of world leaders had be been named secretary.

Though the appointment never came to pass, Jamie Dimon did receive a boost of support from Monday’s shareholder vote. The JPMorgan Chase board also campaigned for Jamie Dimon in recent weeks, issuing a seven-page letter to shareholders urging them to vote down the proposal.

“It is the Board’s considered and unanimous view that the current governance structure, with Jamie Dimon serving as both Chairman and CEO, and an independent, strong, and active Presiding Director function that meets the ISS and Glass Lewis ‘standards,’ is working effectively and has served the Company exceptionally well. Our current structure provides the balance good corporate governance seeks to achieve and it would be a mistake to change it now,” board members wrote in their letter.

Reports said that Jamie Dimon would have quit if the vote had split the CEO and chairman positions, which analysts believe could have led to JPMorgan Chase’s stock to fall as much as 10 percent.

Jamie Dimon Staying On As Chairman And CEO At JPMorgan Chase is a post from: The Inquisitr

Cold beer is illegal in Indiana unless you’re a liquor store, but a lawsuit by the members of the Indiana Petroleum Marketers and Convenience Store Association are asking to be treated fairly.

As previously reported by The Inquisitr, beer drinkers may be happy about the lawsuit to make cold beer no longer illegal in Indiana, but they’re probably not happy that cheap beer is getting expensive due to the interest of hipsters.

While in general cold beer has been illegal in Indiana for about 50 years, the caveat is that the law governs the temperature at which beer can be sold among different classes of retailers. Currently, Indiana is the only state that regulates cold beers, and these laws are claimed to unfairly benefit liquor stores, which were allowed to sell cold beers in 1963.

The Indiana Petroleum Marketers and Convenience Store Association argues that Indiana’s laws making cold beer illegal is arbitrary and discriminates against grocery and convenience stores. Scot Imus, the association’s executive director, explains the irrational basis for the cold beer laws in Indiana:

“In reviewing the history, it became more and more clear to us there really was not a rational basis for the current law. The fact the law says pharmacies, convenience stores and grocery stores are capable enough to sell the product warm, then it gets rather arbitrary about what temperature it can be sold at. When you change the temperature, it doesn’t change the alcohol content.”

What do you think about cold beer being illegal in Indiana?

Cold Beer Illegal In Indiana, Lawsuit Takes On State That Must Have Drunkenly Passed That Law is a post from: The Inquisitr

For more than 100 years, the fine people at the Anna Louise Inn in downtown Cincinnati have been offering battered women a safe haven from their abusive boyfriends and husbands. Recently, however, they were told by a judge that they have to leave their home.

Why is Anna Louise Inn being closed? Not because money is owed on its property, but rather because the greedy executives at Western & Southern Insurance Group want to tear the Anna Louise Inn down and put in a boutique hotel.

More than 60 women will be eventually uprooted at the hands of Western & Southern Insurance Group.

Setup as a dormitory-style living facility the home provides women in need with 100 square foot bedrooms and shared bathrooms.

The executives at the insurance company offered to buy Anna Louise Inn several years ago for a price of $1.8 million. The home is worth double that sales price, and Anna Louise ultimately declined the offer but won $12.6 million in federal and state tax credits to renovate the home.

Just as the home was about to begin its renovations, Western & Southern sued over a zoning issue, and a judge ordered an immediate construction halt. The workers at Anna Louise Inn vowed to fight the insurance company tooth and nail but ultimately agreed last week to sell the property for $4 million.

It wasn’t that Anna Louise Inn decided to move; they simply didn’t have the funds to fight the sleazy insurance company.

Based on location and prices, the women will be relocated to a seedy area about two miles away from their current location. Under the deal, the new home will be constructed over the next two years. In the meantime, the women will get to stay put.

If the battle ended there, the women could easily cut their losses and walk away. However, Western & Southern Insurance Group CEO John Barrett simply couldn’t keep his mouth shut. In addressing the home, which is comprised mostly of women who were beaten by their husbands and boyfriends ,he continually called the women “recovering prostitutes.”

Barrett then claimed that beaten women don’t belong in the neighborhood.

In the end, many more women will be served for years to come by the wonderful people at the Anna Louise Inn. Unfortunately, thanks to Western & Southern Insurance Group, those being helped will be required to access a less than desired location.

Haven’t boycotted a company in a while? I have one suggestion…

Insurance Company Sues Battered Women’s Home To Make Way For Hotel, CEO Calls Beaten Women ‘Recovering Prostitutes’ is a post from: The Inquisitr

The makers of Nutella and their lawyers have effectively shut down a very popular fan site.

Since the company apparently doesn’t like fans to sing the foodstuff’s praises too loudly, Nutella fanatic Sara Rosso has been ordered to remove any and all items from her website containing the product’s name or logo.

As a result of the cease and desist letter, Russo has been forced to pull the plug on World Nutella Day. The event, which has been celebrated every February 5 since 2007, was a chance for fans from across the globe to share their love for the tasty treat.

Rosso quickly spread the news about the order she received from Ferrero on her website World Nutella Day. She explained that the letter was surprising since she has been in contact with several people from the company since the event’s inception six years ago.

The Nutella fan explained on her website:

“The cease-and-desist letter was a bit of a surprise and a disappointment, as over the years I’ve had contact and positive experiences with several employees of Ferrero, SpA., and with their public relations and brand strategy consultants, and I’ve always tried to collaborate and work together in the spirit and goodwill of a fan-run celebration of a spread I (to this day) still eat.”

Rosso added that she hopes that World Nutella Day will somehow manage to live in despite the order from Ferrero. Fans of the event quickly addressed the situation on Facebook and Twitter. Needless to say, none of them are happy with how the company is treating a website that’s essentially dedicated to promoting the product.

“This is some sad news. And I actually lost respect and love for Ferrero. You’ve nothing but promote Nutella. They should thank you and send you Nutella for a life time. And not send cease and desist letters,” one fan posted on Facebook.

Rosso told The Huffington Post that she put together the website and the event as a fan. Sara added that she has a full-time job and wasn’t looking to cash in on the product’s popularity.

“I would have been open to any kind of discussion. [It] didn’t have to be a legal document,” she told the website.

@rosso absolutely gutted about how Nutella have treated you. Instead of using world nutella day to promote they censor. Sad.

— ginodb (@ginodb) May 20, 2013

Doesn’t sound like a good move towards a brand’s fans… Case Nutella: news.com.au/business/compa… via @scoopinion @newscomauhq

— Johanna Mörsky (@jmorsky) May 20, 2013

Owners of Nutella brand are idiots. So superfan garners up 40000FB followers n press coverage for a World Nutella day n they shut her down?

— Phathi (@Phathi25) May 20, 2013

What do you think about Nutella shutting down its biggest fan site? Are you disappointed that World Nutella Day may not happen next year?

[Image via Wikimedia Commons]

Nutella Shuts Down Popular Fan Site, Cancels World Nutella Day is a post from: The Inquisitr

The women’s shelter called the Anna Louise Inn was forced to sell their property, even though it was not for sale, to the Western & Southern Insurance Group.

The Anna Louise Inn is a women’s shelter in downtown Cincinnati which helped thousands of struggling women for over a hundred years. The location is in Lytle Park, far from the more dangerous parts of the city where it’d be easier to be tempted by old habits.

The Anna Louise Inn started in 1909 as a place to stay for newcomers to the city during the boom times. Over time, the Anna Louise Inn became a women’s shelter that supported prostitutes, drug addicts, and helped women leave abusive husbands.

Western & Southern executives offered to buy the Anna Louise Inn women’s shelter for $1.8 million several years ago, less than half its value. The women’s shelter declined the offer and raised $12.6 million in tax credits to renovate the home. But then before the renovation could begin Western & Southern sued over a zoning issue and a judge stopped construction on Anna Louise Inn.

Cincinnati Union Bethel, the nonprofit that runs the Anna Louise Inn, tried fighting back against Western & Southern in court. But after several years they were forced to give up and sold the women’s shelter to the hotel chain for $4 million.

“Western & Southern had the money to fight and the Anna Louise Inn didn’t,” said Robin Howard, a current resident at Anna Louise Inn. “When you have that much money and you want something, eventually you’re going to get it.”

The only good news in the Anna Louise Inn being forced to sell to Western & Southern is that executives are allowing the women’s shelter to remain open to its residents until a new building is completed in about two years. Unlike Lytle Park, the new location is said to be in a “shabby neighborhood” right off of a busy street.

What do you think about the Ann Louise women’s shelter being forced to sell to a hotel chain?

Anna Louise Inn Women’s Shelter Forced To Sell Property To Hotel Chain is a post from: The Inquisitr

Do you have an amazing beard that people stop and stare at? Are you a member of the Duck Dynasty? If you answered yes to either one of those questions, you might be a great addition to the Beardvertising team.

Designed by a Kentucky-based advertising firm, Beardvertising is exactly what it sounds like, advertising that is placed directly on a guy’s face foliage.

Speaking to Business Insider, Whit Hiler of Cornett-IMS jokes: ”I think it’s the next big thing. Everybody loves beards.”

If you’re a guy with a beard, the company is willing to pay $5 per day to borrow your hairy face.

So who would actually be willing to take part in beardvertising? How about A&W. The fast food giant is one of the company’s first participants.

While the company started its campaigns in Kentucky, it’s willing to go ”anywhere that there were epic beards willing to host these little ‘beardboards.”

The advertising company is already in talks with other firms who want to give beardvertising a shot.

While beardvertising might sound like some crazy idea, it’s not quite as strange as temporary tattoo advertising on Japanese girls and body space sold in the form of more permanent tattoos.

$5 per day might not sound like a lot of money, but ,when you consider the ease of use, it’s not a bad deal. Heck, some guys with epic beards walk around with enough food stuck on their face that it looks like advertising.

If you have an epic bear are you willing to display ads inside of it?

Beardvertising: Earn Money With Your Face Foliage is a post from: The Inquisitr

The Disney Merida Brave makeover is being defended by Disney executives.

As previously reported by The Inquisitr, the Disney Merida makeover was for the Disney Princess Merida “coronation” event. But critics, including the writer of Brave, called the Disney Merida makeover “blant sexism.”

The original Disney Princess Merida was hailed as a positive role model for girls because she was independent, active and outdoorsy. It’s possible Disney could have claimed Princess Merida represented an older version of the movie Merida, but Merida was already age 16.

In preparation for her “coronation” as a Disney princess, the Disney Princess Merida makeover gave the  protagonist of Brave a thinner waist, a bigger chest, and outfitted Merida a more “princess-worthy” dress. This new Disney Merida was also painted up and had her wild red hair tamed, and her bow and arrow was replaced with a sash around her waist. Although, obviously the props would probably be back for other images.

Catherine Connors, blogger and editor in chief of Disney Interactive Family, defended the Disney Merida makeover:

“First, because the original Merida hasn’t, actually, been made over: there are a few pieces of iterative artwork out there that were created for the purpose of celebrating her coronation, but these are fancified depictions of Merida, not a new Merida (who in any case is defined by far more important things than what she wears.) … That image doesn’t represent a ‘new’ Merida replacing an ‘old’ Merida: it’s just another iteration of Merida, who is much, much more than just red curls and a green dress. The gussied up Merida on the coronation invitation is Merida gussied up for one of the most important events of her princess career. That she’s a little more sparkly for the party is not a heresy against her independent and spirited self – I consider myself independent and spirited, and I wore the sparkliest gown that I could find when I got married, because of course I did.”

Do you agree with the Disney Princess Merida makeover?

Disney Merida ‘Brave’ Makeover Defended By Executives As ‘Gussied Up’ is a post from: The Inquisitr

Donald Trump faced a surprisingly tough opponent when an 87-year-old investor who accuses him of cheating her took the stand in a Chicago federal courtroom on Friday.

Trump himself isn’t a defendant — it’s his business and his investors that will be on the hook if his side loses — but he was already forced to testify earlier in the week. During the combative testimony, the 66-year-old Trump attacked Jackie Goldberg, who is fighting with him over a $500,000 deposit she made on two condos in a hotel at Chicago’s Trump Towers.

During Trump’s testimony, which included eyerolls at Goldberg’s attorney Shelly Kulwin, US District Judge Amy St. Eve  scolded both of them:

“You have been dancing around and boxing each other for the last 45 minutes…You’ve got to stop it.”

Trump admitted in his court testimony that he couldn’t remember key details of the 2006 deal at the heart of the dispute.

Despite being two decades older than Donald Trump, Jackie Goldberg seemed to have a more focused memory of what happened.  She isn’t just any 87-year-old investor.  It turns out that she’s a self-made millionaire and experienced real estate investor who haggled for a better deal before she decided to buy.

According to her testimony, in addition to receiving  two hotel units, she was also promised a share of the revenue brought in by the hotel ballroom and valet parking.

“[The revenue sharing]  was an important factor in (buying) the first unit and a compelling factor in the second one,” she stated.

Trump didn’t really deny that, but he said that the fine print allowed him to change the deal so that hotel unit buyers could no longer share in the revenue stream.

He feels that Goldberg is exploiting him by finding a way to back out of the hotel deal after the economic collapse in 2007.  Therefore, when the sale fell through, he held onto Goldberg’s $500,000 deposit.

Poor, poor Donald Trump.

[Donald Trump photo by lev radin / Shutterstock.com]

Donald Trump Faces Testimony From 87-Year-Old Who Says He Cheated Her is a post from: The Inquisitr

Gold lost value again, with current prices getting close to April’s record-setting lows. If you actually hold the glittering stuff, the news is sad enough, with the spot price back down below $1,364 an ounce.

And the futures market in gold is looking pretty fugly too. Reuters said that hedge funds bought in during the April collapse, which provided a bottom to the otherwise free-falling prices.

Now they’re getting out, yanking $1.4 billion from the U.S. gold futures market between May 7 and May 14. That means that gold futures prices can’t rise either.

As a result, gold futures closed on Friday at below $1,365 an ounce.

In other words, the price is hundreds of dollars down from gold’s peak, and investors don’t think it’s coming back any time soon.

Gold mining stocks, always a risky play, have responded with even bigger losses, according to a financial report in The Christian Science Monitor.

According to the CSM: “The gold miners exchange-traded fund GDX has plummeted to its lowest point since December 2008.” It closed down 4 percent Friday at $26.38, and it could get lower.

With the stock market back in raging bull territory, both individual and institutional investors are abandoning the faltering metal. As a result, gold mining is likely to slow. Marginal mines could be bought by bigger companies or shut down altogether.

But if you’re still holding gold, don’t feel like you’re the only one who missed the selling opportunity.

As gold loses values, powerful hedge fund billionaire John Paulson is feeling the pain too. His $700 million gold fund lost 27 percent of its value just in April. In 2011, his hedge funds managed $38 billion. Now it’s down to $18 billion, according to Memphis Business Journal.

That’s a lot of lost cupcakes.

Of course, if you never bought into the whole gold bug hysteria at all, you can now enjoy the last laugh. What’s your reaction to the continued news that gold is losing value?

[gold mine photo courtesy Jiri Foltyn via Shutterstock]

Gold Loses Value As Gold Mining Stocks Hit New Lows is a post from: The Inquisitr

A Cambodian factory that manufacturers Asics sneakers collapsed on Thursday, killing two workers and injuring seven others.

Nearly 50 workers were inside the factory located in the capital of Phnom Penh when a ceiling collapsed and heavy iron equipment stored on the floor above fell to the floor below.

Rescuers spent several hours combing through the rubble in search of other possible survivors.

The factory is owned by Wing Star. Shoes from the factory are produced for sale in the United States and Europe.

The Wing Star factory opened just one year ago and consists of several different manufacturing facilities. The roof collapsed inside a storage warehouse that is used primarily to store shoe-production equipment. According to factory officials, workers were inside a small workspace inside the storage building.

The roof collapse appears to have been caused because of the heavy iron equipment held on the floor above.

Nearly 500,000 people work in the garment industry throughout Cambodia. Garment exports are the countries largest money earner with nearly $4 billion worth of exports shipped to the United States and Europe annually.

This is the second building collapse in the garment industry in recent weeks. Just three weeks ago, a building collapsed in Bangladesh and killed 1,127 people. The Bangladesh collapse is the worst in the history of the global garment industry.

Further details about the Asics sneakers factory collapse have not been made public at this time.

More information to follow as details about the accident are revealed and Asics makes a its first public statement.

Asics Sneakers Factory Ceiling Collapses, 2 Workers Killed is a post from: The Inquisitr

Tesla Motors Co. saw a stock surge by 57 percent this week following the company’s first-quarter earnings report. Since April 1, the electric car company’s shares have skyrocketed up 138 percent.

The stock surge is largely in part a glowing review from Consumer Reports on the company’s Model S sedan. The all-electric car received a 99 out of 100 from the magazine — tying a former Lexus model for top honors.

Investors are also liking Tesla’s earning report. The company posted an $22 million first-quarter profit — a number that completely shattered the assumption that no automaker could make money selling a small number of all-electric cars.

Tesla also posted a 17 percent gross profit margin, using American workers. For the industry, 10 percent is considered outstanding. Theodore O’Neill, founder of Connecticut-based Litchfield Hills Research, commented:

“There’s a tremendous amount of enthusiasm for this car and this company in California, which we don’t see here on the other side of the continent. How far can Tesla go? As far as they want to go.”

The news comes after some have used Tesla and other electric car makers as “a political punching bag,” to quote Tesla Motors’ serial entrepreneur CEO Elon Musk. Most recently, Sarah Palin labeled Tesla’s Model S a “loser” when she criticized the Obama administration for backing Fisker Automotice, another electric car maker that could soon file for bankruptcy protection.

Tesla was also lumped in with green energy “losers” like Solyndra by former Republican presidential candidate Mitt Romney. But Tesla Motors has appeared to defy the odds. The 10-year-old company reported its first-ever quarterly profit. The company noted that it sold 4,900 Model S sedans in the first quarter.

It expects to sell about 21,000 of the cars this year. That amounts to about four times the combined US sales for luxury cars from Maserati, Lamborghini, and Ferrari. Tesla’s first quarter also outsold Chevrolet’s Volt plug-in hybrid and Nissan’s Leaf. But it couldn’t surpass Toyota, which sold almost 56,000 Prius models. It aims to sell 250,000 of the hybrids this year.

Do you think Tesla Motors Co. will continue to survive?

[Image via Steve Jurvetson]

Tesla Motors Stock Surges, Company’s Future Bright After First-Quarter Earnings Report is a post from: The Inquisitr

A new casino bankruptcy hearing will take place on Monday to allow troubled Atlantic City mega-resort Revel to reduce its debt and secure new financing, all ahead of the traditional tourist season opening weekend on Memorial Day.   It may or may not go smoothly, since a federal agency watchdog and unpaid construction contractors have already voiced objections to the proposal.

The troubled Atlantic City casino market, which has been in freefall since last year’s Superstorm Sandy, set another unpleasant record last Monday. On May 6, the American Gaming Association announced that New Jersey had undergone “the largest drop in casino tax revenues of any state in the country at 8.2 percent.”

The report blamed temporary casino closings and the bad publicity resulting from Hurricane Sandy, which will go away. It also pointed to increased competition from newer, more conveniently located casinos in the mid-Atlantic area, which won’t.

While the glitzy year-old $2.4 billion Revel probably did increase visits to Atlantic City, it simply wasn’t enough. Atlantic City’s newest casino is crippled by a $1.5 billion debt — too much to overcome just by beating players at the slots and the tables. Therefore, Revel first filed for Chapter 11 bankruptcy restructuring in March.

If approved by the judge, the plan will allow the casino to shed a cool one billion in debt.

The new casino bankruptcy discussion came on top of a Poker Stars dispute with The Atlantic Club (TAC), which also exploded into the open last Monday. Acording to court paperwork filed by the online gaming giant, Stars struck a deal to buy the troubled casino for a puny $15 million — $5 million less than the previous record low price for an Atlantic City casino of $20 million set by Trump Plaza.

You kids won’t remember this, but there used to be a saying that no one ever went broke running a casino. That’s before Donald Trump came along and showed us how.

Be that as it may, there’s some bad blood between Stars and TAC. The online gaming giant said they’d already paid $11 million. On May 6, Stars asked a New Jersey court to issue a restraining order to stop The Atlantic Club from selling themselves to somebody else.

The Atlantic Club said that the deal is dead but offered no further comment.

Stars claimed that The Atlantic Club wants to bill them for an additional $4 million, forcing them to pay the entire $15 million as a termination fee. Ouch.

These days, it’s hard to keep up with all of the new casino bankruptcy and broken deals shenanigans — especially in Atlantic City.

[Atlantic City photo by SeanPavonePhoto / Shutterstock.com]

New Casino Bankruptcy Draws Eyes To Atlantic City’s Record-Setting Collapse is a post from: The Inquisitr

Investor Carl Icahn and Southeastern Asset Management are offering Dell shareholders a second privatization offer than they says is a better deal than Michael Dell’s own recent recommendation.

The new deal from Icahn would give Dell shareholders the option to retain shares and take an additional $12 per share in cash or stock.  The deal opposes Michael Dell’s offering which simply provides investors with a sell off price of $13.65 per share.

Since Michael Dell announced the deal Icahn has been its biggest opponent, claiming that Michael Dell is too cheaply selling Dell shares. Carl Icahn and Southeastern Asset Management own a combined 13 percent share of Dell. Michael Dell and his partners control   a larger 16 percent share.

Speaking about his own plan for the company Carl Icahn writes:

“You now have the opportunity to ameliorate the damage that we believe you have caused to Dell and its shareholders by following the fair and reasonable path set forth in this letter.”

When appearing on CNBC’s Fast Money Halftime Report Icahn ripped into the Dell board of directors. Icahn claims shareholders “literally get screwed’ if the Michael Dell plan moves forward.

Icahn says during the interview that he would oust Michael Dell under his own plan. Icahn says:

“He will not be running the company. It’s not that I have anything against [Michael] Dell. I’m sure he’s a very nice guy, but it’s a new world out there.”

Ironically it is the “new world out there” that has forced Michael Dell to seek privatization. Dell and his board of directors have had a hard time adapting to new technologies which often require that they answer to public shareholders. Dell wants to take the company private so he can work with groundbreaking and unproven new technologies such as the cloud based OS mobile computer system on a USB stick known as the Dell Ophelia.

Do you think Michael Dell or Carl Icahn can bring Dell into the future of mobile and cloud based computing?

Carl Icahn Says Dell Investors ‘Literally Getting Screwed’ By Privatization Deal is a post from: The Inquisitr

Sharp layoffs have been announced and the restructuring move will cut 5,000 employees from the company’s roster. The layoffs equal nearly 10 percent of the company’s global workforce pool which totals 51,000.

While cuts will be felt across the board workers in Osaka, Japan are likely to be the hardest hit with half of that workforce disappearing.

The job cuts include half of the company’s directors who will now number six. Also being cut from the company’s top ranks will be numerous former presidents and vice presidents who now serve as paid advisors to the technology manufacturer.

Along with Sharp’s layoffs the company also plan to refocus its regional sales teams while working more closely on display panels used in smartphones and other mobile devices. It is believed Sharp is providing the displays for Apple’s highly anticipated iPhone 5S smartphone.

Sharp is also believed to be placing more of its efforts on determining regional requirements for large screen TVs. The company is also investigating TV sets larger than 70-inches and UHDTV’s (Ultra High Definition) that offer 4K resolution.

Financial constraints at Sharp recently led to Samsung and Qualcomm making investments in the tech firm in order to secure component supplies needed for their own products.

Sharp is about to experience an upcoming bond redemption and is rumored to be considering a 100 billion yen ($1 billion) loan from Japanese banks. The loan would help pay for the bond redemption while keeping the company’s finances above water. The money would also help secure the company’s ability to pay for supply.

Further information about the Sharp layoffs and restructure to follow as updates are made available.

Sharp Layoffs Will Cut 5,000 Jobs In Attempt To Restructure is a post from: The Inquisitr

What happens when McDonald’s cuts its Angus burgers from menus in the US? People get upset and take their case to Twitter.

The Angus Third Pounders were originally introduced by the fast food restaurant back in 2009. However, fans of the item learned earlier this year that the company had considered dropping the burger from its menu. It would appear that the chain is moving forward with its plan.

McDonald’s decision to cut Angus burgers from menus in the United States is reportedly driven by a lack of sales. Since the sandwich is a bit more expensive than other items currently offered by the restaurant, customers are gravitating away from the burger.

Consultant Richard Adams told The Associated Press that value menus offered at fast food chains are essentially taking business away from the pricier items. Not too many people are willing to pay upwards of $5 for a burger when there are cheaper items up for grabs.

“When you can get four or five burgers off the Dollar Menu, nobody’s going to buy the Angus burger. The Dollar Menu has become a real problem for these chains,” Adams explained.

Although McDonald’s is saying goodbye to the burgers, the company hasn’t completely ditched the concept altogether. A statement released on Thursday explained that the items could play a role on menus at some point in the future. For the time being, the company is ditching them to make room for new offerings.

The restaurant’s chicken snack wraps are also going on an extended hiatus. The items have already been removed from menus in certain section so of the country.

When items disappear from restaurant menus, fans tend to get upset. Quite a few people were understandably shocked to learn that McDonald’s is getting rid of the Angus burgers. Other people, on the other hand, used the opportunity to snark it up on Twitter. You can find a handful of their reactions embedded below.

McDonald’s is dropping the angus burger from its menu.It’s sad how impacted I am by this.#imlovinit

— David Elmy (@heydaveelmy) May 9, 2013

McDonald’s takes angus burger off menu. That’s last bit of actual beef in their burgers.

— bitter bunny (@elle_yumi) May 9, 2013

McDonald’s got rid of the Angus burger. A few months after cutting chicken selects? They must not want me to be a customer anymore.

— Vendrick (@The_Vendrick) May 9, 2013

McDonald’s axing the Angus burger, the only substantial burger on their menu. usat.ly/10wgyly

— Richard Shih (@tridium) May 9, 2013

McDonald’s to discontinue the Angus burger due to the high price of beef. Even more reason not to eat lunch or dinner there.

— Kurt Scholle (@KurtScholle) May 10, 2013

Are you disappointed that McDonald’s is cutting the Angus burgers from its menus?

McDonald’s Cuts Angus Burgers From Its Menus, Twitter Responds is a post from: The Inquisitr

The Oreck Corp. filed for bankruptcy this week, after roughly five decades as a prominent force in the vacuum cleaner industry. The company cited rising competition for its current financial hardship, pointing to a steady decline in sales since 2010.

On Tuesday, Oreck Corp. issued a statement indicating the Chapter 11 protection would provide finance restructuring and asset consolidation, paving the way for the company to be sold. In wake of the bankruptcy filing, the Oreck family came forward to announce their intent to pursue purchase of the company.

David Oreck founded the business in 1963 and maintained control for the following four decades. In 2003, ownership was transferred to Oreck’s three children in a joint partnership with American Securities Capital Partners, a private investment firm.

Thomas Oreck, the founder’s son, served as CEO of the company from 1997 to 2007. He claims conflicting ideas about the business direction of Oreck Corp. prompted the investment firm, who maintained controlling shares of the company, to request his resignation.

In 2010, the vacuum company was purchased by Black Diamond Commercial Finance, an affiliate of Black Diamond Capital Management. By this time, Oreck Corp. was struggling and disagreements flared between shareholders and the company’s CEO Doug Cahill.

“I didn’t like the direction they were taking or how they were dealing with us, so I resigned,” explained Cahill, who left in March. “It’s hard to believe a 50-year-old company can be in this bad of shape in 50 days.”

The Oreck Corp. bankruptcy court documents reportedly indicate that the business is currently “in a precarious financial position.” According to William Norton, a lawyer representing Oreck Corp. in the filing process, the company “simply cannot generate cash fast enough to cover expenses as they arise.”

The Oreck family’s intention to buy back the company has been acknowledged by its current executives. However, legal requirements dictate that the family must participate in a bidding process as part of standard bankruptcy procedure.

According to Thomas Oreck, the family is “working diligently to negotiate a deal that would benefit the company.” He declined to disclose any financial details regarding the possible bid. If the bankruptcy process moves forward as expected, a deal could reportedly be reached in a matter of days.

Meanwhile, Oreck Corp. released an official statement indicating that the company’s day-to-day operations will not be affected by the proceedings:

“Oreck will continue to operate in the ordinary course of business while the sale process takes place, with authorized and exclusive dealers and other trade customers continuing to receive product for sale to ultimate consumers.”

The company currently employees more than 600 workers between its retail stores, manufacturing plant, and corporate offices. The Oreck Corp. has not announced if the bankruptcy filing will have any affect on its current workforce.

Oreck Bankruptcy Could Land Company Back In Family’s Hands is a post from: The Inquisitr

Donald Trump has helped launch a new entry in the growing crowdfunding market with a typically classy event at New York’s Trump Tower.

The business mogul is currently promoting FundAnything, a potential rival to the likes of Kickstarter and Indiegogo. The twist with FundAnything? Trump has pledged to fully fund some of the projects himself.

Gawker reported on Wednesday’s event, which saw around 1,000 people descend on the Trump Tower lobby to plead for The Donald’s dollars.

As he promised on his Twitter feed, Trump doled out suitcases of cash: $40,000 went to a woman raising money for her husband’s double lung transplant, $25,000 to a singer-songwriter from Nashville making an album, and $15,000 to a children’s party business that aimed to hold a weekend for kids impacted by Hurricane Sandy.

But the money-grab was only just beginning. Gawker reports:

“Then came the checks. A security team assembled the small group from the lobby into a kind of line. Trump then asked each of them directly, ‘Do you need money? What’s your problem?’ The answers varied from ‘My mother is sick with cancer’ to ‘I’m behind on my rent.’ After distilling the ten greatest sob stories from the pack, he began to sign and give away $5,000 checks. ‘Give it to your mother,’ he said to one. ‘Don’t spend it all in one place,’ he jokingly warned another.”

And still there was more. Back in the lobby, those remaining were urged to line up by a huge aquarium filled with bills – ranging from dollar bills to hundreds – and told to file past the tank, grabbing as much dough as their sweaty hands could grasp. Only fists were permitted, with no bags allowed.

It’s go time! See you at Trump Tower. I’m giving money away! #FundAnything

— Donald J. Trump (@realDonaldTrump) May 8, 2013

Speaking to AllThingsD in a phone interview Wednesday, Trump said:

“So many people need help, and this is a good way of doing it by helping very specific problems. It’s something different that could be pinpointed.”

Despite what the launch event might suggest, FundAnything isn’t actually Trump’s brainchild, but belongs to Learning Annex founder Bill Zanker. He told AllThingsD he hoped to introduce crowdfunding to the many millions unfamiliar with the concept:

“Crowdfunding got traction with creatives and tech, but you go anywhere but the coasts and they don’t get it yet. What I’m trying to do is bring crowdfunding away from the Brooklyn hipsters and bring it to the masses.

“We want to make it so we are the brand that everybody knows. There’s a wonderful way to pass the hat online, and nobody knows about it.”

Donald Trump Launches Crowdfunding Site, Gives Away Suitcases Of Cash is a post from: The Inquisitr

The Dow Jones industrial average closed above 15,000 on Tuesday for the first time in history. At the close, the blue-chip index stood at 15,056.20.

The stock market’s new peak came just three months after the Dow hit 14,000 for the first time since the financial crisis hit. The previous high was recorded in October 2007. The financial crisis cut the market’s value in half.

The broader Standard & Poor’s 500-index also reached a record for the fourth straight day by gaining 8.46 points, or 0.5 percent. That market closed unofficially at 1,625.96.

Meanwhile, the more technology-heavy NASDAQ closed at a gain of about 0.1 percent after a decline in Apple shares weighed heavily. Shares of Netflis and First Solar also closed down.

Andres Garcia-Amaya, global market strategist with J.P. Morgan Funds in New York, explained the records by saying:

“The payroll report indicated that things are better than we were thinking in terms of growth, so until the market finds proof otherwise against the recovery, stocks will continue to move generally higher.”

The new Dow Jones record serves to highlight investors’ belief that the US economy is on track to a full recovery from the economic collapse triggered by the housing market. The 15,000 close marks the first major threshold passed by the Dow that goes beyond pre-recession levels.

The average hit 14,000 in 2007, but it quickly reversed its upward trends as the US was hit by its worst financial crisis since the Great Depression. By late 2008, the average stood at just 7,500 — its lowest point since June of 1997. The stock market received its latest push because of an unexpectedly strong unemployment report, as well as strong corporate earnings.

The Dow Jones’ new record was helped along by Caterpillar, a Peoria, Illinois-based construction and mining equipment maker. The company was Tuesday’s biggest gainer for the Dow, adding about 2.5 percent. Other major Dow stocks include McDonald’s Corp. and Boeing Co.

[Image via ShutterStock]

Dow Jones Closes Above 15,000 is a post from: The Inquisitr

A new Miller Lite bottle is expected to hit retail shelves later this year.

The company explained that the new design will incorporate an “innovative, contoured shape.” The new broad shoulders and contoured grip is expected to make holding the bottle a little easier when your motor skills are less than sharp.

Miller Lite senior director Ryan Reis called the new bottle design a “breakthrough.”

“In our testing, consumers overwhelmingly preferred the new bottle to the standard beer bottle. We’re proud of the new design and we’re excited to see how everyone reacts to our new look. This time when you grab a Miller Lite, you’ll know it,” Reis said in the company’s official press release.

This is the first time in nearly 40 years that Miller Lite has altered the look of its bottles. Reis, who called the change “overdue,” expects fans of the beverage to appreciate the new design.

Unfortunately for armchair beer fans, the new bottles will only be available in bars and restaurants this summer. It’s currently unclear when or if the new Miller Lite will be available to purchase at the corner liquor store.

The campaign for the redesigned bottles will kick off later this year with radio, print, and digital ads. A pair of commercials will start making the rounds beginning May 20. The spots will reportedly feature Ken Jeong, Questlove, and Chuck Liddell.

While Miller Lite is banking on bar and restaurant patrons buying bottle after bottle this summer, a lot of folks on Twitter aren’t overly impressed with the announcement. When it comes to the taste of the beverage, it’s a love it or hate it experience.

New style bottle = Better tasting beer! Said no one, ever shopping.yahoo.com/news/miller-li…

— Kenton Martin (@kentoetc) May 7, 2013

New Miller Lite bottle? Oh man I’ll bet I enjoy how it tastes now

— Patrick Madaj (@PjMadaj) May 7, 2013

I’m not sure how I feel about Miller lite’s new bottle…

— Michael V. (@VIisforLovers) May 7, 2013

The could make it even better by filling the bottle with real beer RT @acsmith_13: po.st/C76Qbs/ @trombohn @sublimeforty

— Jeff Keller (@jeffkeller) May 7, 2013

What do you think about the new Miller Lite bottle?

[Image via Wikimedia Commons]

New Miller Lite Bottle Will Debut Later This Year, Twitter Responds is a post from: The Inquisitr

SoftBank CEO Masayoshi Son hyped up his 4G LTE experience ahead of his company’s final closing on its buyout of Sprint.

As Sprint shareholders prepared for a final vote of confidence for Son, he touted his company’s own advances in single frequency network technology, which has reduced signal interference.

The $20.1 billion offer to buy Sprint has come with promises from SoftBank that it will increase signals and provide higher speed mobile data transfer.

Sprint Wireless is expected to receive the TD-LTE spectrum from Clearwire, and Masayoshi Son is being touted as the best man to lead the company towards mass adoption of that high speed mobile data. SoftBank already uses the TD-LTE spectrum, which should make adopting it for mobile devices in the United States a rather simple processor.

As Son explains, SoftBank 4G service is “the first time in the world that this transmission method has been employed for commercial use, and we’re already using it on a large scale.”

Dish Network has offered $25.5 billion to purchase Sprint; however, Dish chairman Charlie Ergen has taken a people first approach. Rather than touting his company’s own technological advances Ergen says Sprint needs, “US employees who speak English. Ergen also notes that Dish’s offer is better and “That’s just math.”

Sprint shareholders will have a while to make up their minds about the acquisition. They are set to vote on both buyout offers on June 12, 2013.

Do you think Softbank CEO Masayoshi Son is the right fight for helping Sprint head into the future?

Softbank CEO Hypes His 4G Experience Ahead Of Sprint Buyout is a post from: The Inquisitr

Harley-Davidson is “overweight,” according to Morgan Stanley analyst Adam Jonas in a client note yesterday.

In Morgan Stanley’s parlance, the Harley-Davidson overweight rating carries a positive connotation, and an old Los Angeles Times article explains the meaning of over, under, and equal-weight stocks as denoted by the numbers whizzes at the brokerage:

“Under Morgan’s new system, an overweight rating means the analyst believes the stock will produce a greater total return (appreciation plus any dividend income) than the average return expected of others covered in its industry over the next 12 to 18 months.”

Morgan Stanley’s Harley-Davidson “overweight” rating carries some significance for the stock’s rating, however, and the brokerage explains the meaning of such ratings and their relation to “buy,” “sell,” or “hold” ratings:

“Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings … To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a buy recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.”

In the note, Jones explains his Harley-Davidson “overweight” rating, saying that the company (indexed as “HOG”) has a bright outlook in coming quarters:

“Morgan Stanley’s bullish view on US housing can translate into a high single-digit volume CAGR for HOG. Competitive, flexible manufacturing footprint. HOG’s $0.5bn restructuring since 2009 has seen a 50% cut in the hourly workforce and implementation of ERP and flexible manufacturing where 30% of the workers can be seasonal.”

Jones continues:

“HOG has generated significant free cash flow to equity holders for 18 of the past 20 years and we expect $1bn of FCF on average through 2017.”

Jones added that “navigating a Softail Fat Boy through Beijing traffic (and pollution) is very different from driving a comfortable, climate controlled BMW 7-Series,” opining that gains in China may be a factor in Harley-Davidson’s overweight rating, as they can be long to come.

Harley Davidson Gets Overweight Rating From Morgan Stanley Analyst is a post from: The Inquisitr

The United States Senate on Monday overwhelmingly voted to force e-commerce companies to charge sales tax on internet purchases.

The 69-27 vote in favor of the Marketplace Fairness Act gained widespread approval after a non-biding show of approval passed through the Senate with nearly the same numbers.

As expected, the bill was fought against by the likes of eBay and other major online e-commerce organizations.

Supporters of the bill argue that online retailers have an unfair advantage because they often ship items at no cost while selling goods without sales tax requirements.

Online retailers however argued that the Marketplace Fairness Act will create a tax code labyrinth that is hard to navigate. Opponents to the bill says startups and and internet retailers on the entry-level side of the spectrum will find it hard to manage tax requirements for all fifty states.

The House of Representatives will now vote on the bill and possible offer revisions to the internet sales tax platform.

While the House is not expected to vote against the Senate, there is talk of raising the threshold for companies that must collect taxes from $1 million in revenue to $10 million.

There are still some detractors. In a prepared statement, House Judiciary Chairman Bob Goodlatte states:

“I do not believe the Marketplace Fairness Act is sufficiently simplified yet. While it attempts to make tax collection simpler, it still has a long way to go. There is still not uniformity on definitions and tax rates, so businesses would still be forced to wade through potentially hundreds of tax rates and a host of different tax codes and definitions. … I am open to considering legislation concerning this topic but these issues, along with others, would certainly have to be addressed. The Committee will also look at alternatives that could enable states to collect sales tax revenues without opening the door to aggressive state action against out-of-state companies.”

Do you think internet companies should be forced to charge sales tax to customers?

Internet Sales Tax Bill Approved By Senate With Overwhelming Support is a post from: The Inquisitr

A new Miller Lite bottle will make its debut this summer.

The company announced today that it has redesigned its bottle with “broad shoulders” and a “countered grip” for better handling.

Ryan Reis, senior director of Miller Lite, said: “Miller Lite is giving beer lovers a long-overdue reinvented look and drinking experience with the breakthrough new bottle design … In our testing, consumers overwhelmingly preferred the new bottle to the standard beer bottle. We’re proud of the new design and we’re excited to see how everyone reacts to our new look. This time when you grab a Miller Lite, you’ll know it.”

Miller Lite added the vortex bottle neck a few years ago, but this is the first major redesign in the last 0 years to change the shape of the bottle. The new bottle will be featured in commercials later this month, and it will hit restaurants and bars this summer.

Stuart Leslie, president of 4sight, the company that designed the bottle, said: “The beer category is focusing heavily on packaging design innovation and the new bottle from Miller Lite will take this category to new places … We are proud to help Miller Lite use design as a tool to influence the market and continue to be an industry leader.”

What do you think of Miller Lite’s new bottle?

New Miller Lite Bottle To Debut This Summer is a post from: The Inquisitr

As a city sues Monster energy drinks for marketing to kids, some parents might be wonder whether the Monster lawsuit by San Francisco means the energy drinks are dangerous to your health.

As previously reported by The Inquisitr, the last Monster beverage lawsuit was by the parents of Anais Fournier, who claimed the consumption of two Monster energy drinks within two days led to the death of their teenage daughter. But while the Monster lawsuit claimed “caffeine toxicity” as the cause of death the blood tests did not show this to be a problem.

Lawyers for the city suing Monster Beverage Corporation are claiming that scientific findings show energy drinks may cause “significant morbidity in adolescents” from elevated blood pressure, brain seizures, and severe cardiac events. As such, California law prohibits the marketing of highly-caffeinated energy drinks to children.

A 24-ounce can of Monster contains 240 milligrams of caffeine. A 16-ounce cup of coffee from Starbucks, by comparison, has 330 milligrams, while a more normal sized cup of coffee has only 100 milligrams.

The office of San Francisco City Attorney Dennis Herrera had been investigating the marketing and sales practices of Monster, so Monster preemptively sued San Francisco. In response, the city sued Monster for its marketing practices in a race to put themselves before a judge.

Herrera explained why the city of San Francisco is suing Monster:

“Monster Energy is unique among energy drink makers for the extent to which it targets children and youth in its marketing, despite the known risks its products pose to young people’s health and safety. Consumption of highly caffeinated energy drinks by children has been widely condemned by pediatricians and scientists, and the NCAA has banned its member institutions from providing these products even to college athletes because of the grave safety risks.  When the U.S. Food and Drug Administration last week announced its investigation into the addition of caffeine to products like Monster, it expressed particular concern about aggressive marketing to young people.  Yet Monster Energy remains defiant.  As the industry’s worst-offender, Monster Energy should reform its irresponsible and illegal marketing practices before they’re forced to by regulators or courts.”

As a city sues Monster Beverage Corporation, do you think energy drinks are harmful to your health?

City Sues Monster Energy Drinks For Marketing To Kids is a post from: The Inquisitr

Donald Trump is heading to Dubai.

The real estate mogul is planning to open a golf course on the outskirts of Dubai. It will be the Trump International Golf Club’s first course in the Middle East.

According to Gulf Business News, Trump will be working with Damac Properties to design the 18-hole course. The project will also include a 30,000 sq ft clubhouse, a spa and wellness center, and three restaurants. The 7,205 yard course is expected to be ready for play next year.

Ivanka Trump, executive vice president at the Trump Organization, said: “As with all of the courses we develop and manage, Trump International Golf Club Dubai is being built to the highest standards of excellence and will become known as one of the world’s finest courses .. The combination of DAMAC Properties’ local knowledge and expertise in the luxury market and our unrivaled experience with owning and operating a collection of the world’s finest courses will result in a challenging golf course with stunning landscaping and superior quality.”

Hussein Sajwani, chairman, DAMAC Properties, added: “This course will provide a unique challenge for golfers, while delivering the upmost luxury and refinement for which both Damac Properties and the Trump Organization have become renowned for.”

According to Fox Sports, the project will cover a total of 28 million square feet. The land was purchased from Dubailand after a $1 billion Tiger Woods golf course was scrapped during the economic downturn.

Donald Trump Building Dubai Golf Course is a post from: The Inquisitr

Orajel inventor David Morris Kern died on Friday at the age of 103, according to his son Allan Kern. Orajel was originally a medicine aimed at fighting toothaches, though it is now also used for mouth sores.

Kern was born in 1909 in Manhattan and was raised by his parents in Brooklyn. He graduated from the Brooklyn College of Pharmacy where he worked as a pharmacist until he became a salesman for a pharmaceutical company.

He purchased a pharmaceutical manufacturing facility with his brother and two partners and then invented Orajel with the help of a chemistry professor. Allan Kern recalled of the product, “It was the No. 1 product for toothaches for years. He was really proud of it.”

David Morris Kern later told family members that he developed the gel because he wanted to make something that would provide relief to teething babies. While the product was not used for that purpose, it has helped provide relief for toothaches and mouth sores to millions of Americans.

The Orajel inventor sold the company to Del Laboratories in 1961. He moved to the Phoenix-area with his wife, Rose Ziedenweber Kern, in the 1990s. The couple was married for 65 years until Rose passed away in 2001.

Kern retired from the pharmaceutical industry at the age of 62. He then turned to managing family finances. Carol Kern, the inventor’s daughter-in-law, recalled that Kern always bragged his good genes were responsible for letting him live past 100. Carol added, “I said during a toast on his 100th birthday that he’d say his secret to a long life was having a martini every day and not eating green vegetables.”

Kern once explained in an interview, “If you are optimistic, and feel young, you will always look and remain young. Take advantage of every day.” The Orajel inventor died at a group home in Paradise Valley, Arizona. Private funeral services will be held on Monday in New York.

Orajel Inventor Dies: David Morris Kern Passes At 103 is a post from: The Inquisitr

A Tiffany Costco dispute pitting the big-box wholesaler against the famous jewelry company is heating up in the courtroom.

Lawyers representing the companies took to a Manhattan courtroom on Friday as part of a multi-million dollar trademark dispute in a hearing that grew contentious at times.

The heart of the Tiffany Costco dispute is the sale of jewelry at Costco that bears the Tiffany name, though isn’t made by the jewelry company itself. Thousands of “Tiffany” diamond rings are being sold at Costco, and lawyers are arguing whether those infringe on the jeweler’s tradmark.

Costco lawyer James Dabney argued that the wholesaler isn’t actually violating a trademark because the name Tiffany has taken on a general meaning in the marketplace outside of the specific jeweler.

“Tiffany is an eponymous name,” Dabney argued, adding: “It’s like Phillips screwdriver, it’s like Murphy bed, it’s like Ferris wheel.”

According to Costco, Tiffany has come to mean any type of engagement ring in which the stone is set inside of a raised claw.

A lawyer for Tiffany disputed Costco’s assertion, however.

“If you ask 100 people on the street, ‘What does Tiffany mean?’ they’re not going to say the setting,” lawyer Jeffrey Mitchell said. “They’re going to say the jewelry or the jewelry stores.”

Costco lawyers argued that their Tiffany products do not resemble those from the actual Tiffany. The rings sold at Costo are “unbranded” and instead of the the iconic blue Tiffany boxes, they come in a “plain beige outer gift boxes,” lawyers for Costco argued.

Dabney added a bit of fuel to the Tiffany Costco dispute, calling out Tiffany for using “fighting words to describe what Costco did.” In a lawsuit filed on Valentine’s Day, Tiffany asserted that Costso was selling “counterfeit rings.”

The Tiffany Costco dispute may not see a dramatic courtroom conclusion. Judge Laura Taylor Swain ordered both sides to conduct settlement talks with a magistrate judge.

Tiffany Costco Dispute Over ‘Counterfeit Rings’ Heats Up In The Courtroom is a post from: The Inquisitr

Yahoo CEO Marissa Mayer recently returned to work after giving birth, and now she’s giving some impressive parenting perks to her fellow employees.

Among one of the most impressive moves is a maternity leave period of 16 weeks. The new Yahoo perks go into effect immediately.

The Wall Street Journal reports the following new parenting perks for Yahoo employees:

• Eight weeks of paid leave for new fathers and parents who adopt or go through a surrogate
• An additional eight-week unpaid sabbatical for every five years spent at the company
• $500 to put toward food, housecleaning, or other household expenses for new parents
• $5,000 toward adopting a child (this isn’t new, but the offer still stands)
• Yahoo swag for new pets

The tech industry is still a very much male dominated work sector, and companies have been fighting to retain their female works. Analysts have long argued that the female perspective allows tech firms to better understand their user bases and therefore create better products for all demographics.

Yahoo isn’t the first company to cater to new parents and pregnant moms. Facebook COO Sheryl Sandberg in her book Lean In talks about adding reserved parking spots for expectant mothers.

Google increased its own maternity leave from three months to five months, and, in exchange, turnover among women at the company decreased by 50 percent.

Do you think giving more perks to expectant mothers and women who just gave birth will ultimately help Yahoo and other tech companies build a stronger relationship among women workers?

Yahoo CEO Marissa Mayer Offers Perks To New Parents is a post from: The Inquisitr

In an attempt to boost revenue and make loyal customers happier, Frontier Airlines will begin charging passengers $100 per carry-on item this summer.

Frontier said Wednesday it will begin charging customers for carry-on bags if the customer is flying on a “basic fare,” an economy ticket purchased on a site other than Frontier’s website, FlyFrontier.com.

Those fliers who pay in advance for their carry-on bag will be charged $25, while those who wait to pay at the gate will be forced to cough up $100.

Passengers who buy their tickets on the airline’s website won’t have to pay a carry-on fee.

“With this change, we are ensuring that our most loyal customers – Ascent and Summit level members of EarlyReturns, those who book Economy, Classic and Classic Plus tickets, including all customers who book through FlyFrontier.com, will have more space onboard the aircraft for their carry-on bags,” Frontier CEO David Siegel said in the airline’s announcement.

In addition to the carry-on fee hike, Frontier said it also will begin charging passengers $2 for coffee, tea, soda and juice.

The airline said it would announce the implementation date for the changes later this spring.

More on Frontier Airlines’ carry-on fee in the video below:

Frontier is not the first airline to implement a fee to stow a suitcase in the overhead bins.

Last year, Spirit Airlines raised its fee to $100 for carry-on bags at the gate.

Business Insider notes the new fees are part of the general trend in the airline industry to charge more and more for services that were once considered part of the ticket price.

“I know this is hard for a lot of us to swallow, but airlines have the right to charge as they please,” aviation consultant Michael Boyd told USA Today about the growing trend of airlines tacking on extra fees. “They are not a public service.”

Readers: Will Frontier Airlines’ decision to implement a $100 carry-on fee stop you from flying with them? Sound off in the comment section below.

Frontier Airlines Adds $100 Carry-On Fee For Some Passengers [Video] is a post from: The Inquisitr

Hotmail is officially dead.

Microsoft announced today that they have finished transferring all Hotmail accounts to its newer email system Outlook.

The SF Gate reports that Hotmail accounts will still be active, but the look and feel of the old system is officially dead.

Microsoft wrote in a blog post: “Today, we’re excited to announce that we’ve completed upgrading all Hotmail customers to Outlook.com. Coupled with the growing organic excitement for Outlook.com, this has pushed us to over 400 million active Outlook.com accounts, including 125 million that are accessing email, calendar and contacts on a mobile device using Exchange ActiveSync.”

Gigaom writes that Hotmail users will now be able to use all of the features of Outlook including new features like SkyDrive Integration, but that doesn’t mean that everyone considers the move an upgrade.

Outlook Group Product Manager Dick Craddock addressed the change, writing:

“Of course, whenever a widely-used consumer service makes any substantial change, there will always be some folks that don’t like it, and that shows up in the feedback, too. It’s gratifying in a sense because it means those customers loved the previous set of changes we made. With a communication service that is constantly evolving, we try to strike the right balance between bringing out major improvements and keeping true to what our customers love.”

Craddock tried to smooth some of the tensions by assuring Hotmail users that they wouldn’t have to change their email address, that they wouldn’t have to update mobile settings, and that Hotmail Plus users would still see the same benefits on Outlook.com.

Are you surprised that Hotmail is officially dead? Are you a Hotmail user? Well, were you?

Hotmail Is Officially Dead is a post from: The Inquisitr

Intel chief operating officer Brian Krzanich has been named as the company’s new chief executive officer. Krzanich will become the company’s sixth CEO in history following the exit of long-time CEO Paul Otellini.

Krzanich will take over on May 16 while Renée James will beging serving as company president on the same date.

Krzanich is a long-time Intel employee who joined the tech giant in 1982. Krzanich serves various positions at Intel and was promoted to COO in January 2012.

Intel’s new CEO has a tough road ahead as the company attempts to transition further into the mobile tablet and smartphone markets. Intel has begun to convince mobile manufacturers to adopt its Intel Atom platform in place of the popular ARM-based processors. Krzanich will also need to restructure Intel’s PC Client and Data Center groups after they both reported recent quarterly loses.

Brian Krzanich said in a statement following the announcement:

“I am deeply honored by the opportunity to lead Intel. We have amazing assets, tremendous talent, and an unmatched legacy of innovation and execution.”

While Paul Otellini will no longer run day-to-day operations at the company, he will still serve as an advisor for the tech firms management team.

In congratulating Krzanich, President Renée James said the new CEO has a ”deep understanding and vision for the future of computing architecture, combined with her broad experience running product R&D.”

James is also an experienced working in the tech sector having served positions with Havok, McAffee, and Wind River.

Do you think Brian Krzanich is the right employee for the job?

Intel Names Brian Krzanich As CEO is a post from: The Inquisitr

Gold coins are getting a new look from hobbyists and collectors as professional investors continue to abandon gold exchange-traded funds (ETF). In April, the price of gold went into freefall, while the stock market continued to soar — a situation that caused both institutional and individual investors to abandon ETFs in droves.

In April, the world’s largest gold-backed ETF, the SPDR Gold Trust, reported a record sell-off. SPDR shed 143 tonnes of gold — a $6.6 billion value based on Wednesday’s gold prices — for its biggest monthly drop since the fund’s launch. It still holds over 1,000 tonnes.

As The Inquisitr reported in mid-April, gold prices shed $225 an ounce between April 12 and April 16.

As gold gets uglier for investors, the price of gold coins naturally gets a lot more attractive. Result? Despite the glittering metal’s underperformance in the portfolio, people are literally lining up to buy the coins.

When gold reached its lowest price of under $1,400 an ounce on April 16, it set off a buying frenzy.

When you look at the number of coins sold, instead of the dollar value, the US Mint had a great April, enjoying the highest number of gold coin sales since December 2009. The Mint sold a cool 209,500 ounces of gold coins in April — forcing them to suspend sales of the one-tenth of an ounce coin altogether on April 23.

All told, the sale of American Eagle gold coins has jumped by a startling ten times over last year’s April sales.

And the rest of the world went gold coin crazy too.

One line of gold coin buyers in Australia was measured at half a kilometer long down the street. Some sellers in India and China reportedly sold out of their gold coins in only one day.

Have you taken advantage of the friendlier prices to buy more gold coins?

[gold coins photo by Kao via Shutterstock]

Gold Coins Attract New Buyers With Falling Prices is a post from: The Inquisitr

J.C. Penney’s apology commercial ”It’s No Secret” is probably a work of genius. It has the look and feel of frankness and honesty, acknowledging that customers didn’t like the recent changes in the company and telling us that the company has heard us — and that now they want to see us back.

But the apology can’t really come right out and say what customers hated so much about the changes under CEO Ron Johnson, who has recently been axed for his shipwreck of a performance.

As Johnson famously acknowledged, the entire department store model is based on fake prices. Stores put wildly inflated prices on their merchandise that nobody ever pays. The stores then create a false sense of urgency by running sales.

And, yes, the discounts are bogus. According to Time, before the Johnson innovation, less than one percent of J.C. Penney’s sales came from paying the full sticker price — and almost 75 percent of sales came from items discounted more than 50 percent off.

Most shoppers caught onto the game years ago. Only a sucker or an idiot pays full price because there’s always a coupon and there’s always another sale.

Johnson thought consumers would appreciate honesty. Instead of slapping a fake price on an item and then crossing out the fake price to put the real “discounted” price, he decided to introduce something called “fair and square” pricing.

J.C. Penney changed — as the apology video acknowledged — by simply putting the real price on the item in the first place.

And everybody hated it. Shoppers simply couldn’t go against years of conditioning and pay full price for a department store item. They just couldn’t. I couldn’t. Could you?

J.C. Penney’s revenues have been in freefall, collapsing by as much as 30 percent during an absolutely disastrous Christmas 2012 fourth quarter.

Consumers don’t like honesty. They want to be humored along with fake prices so that they can feel like they got a real steal. Nobody wants Johnson’s honesty. We’re looking for fantasy when we shop, and “fair and square” doesn’t appeal to the urban hunter-gatherer psychology.  Give us our sales!

So J.C. Penney’s apology commercial — very slick with a lot of words that don’t really drill down and say anything real — may be exactly what the situation demands.

In case you haven’t seen it yet, here’s the video of the apology from J.C. Penney’s official You Tube channel:

[J.C. Penney photo courtesy Sam Howzit via Flickr and Creative Commons]

J.C. Penney Apology Can’t Acknowledge Return To Fake Price Model is a post from: The Inquisitr

J.C. Penney is sorry. The company put out an ad today apologizing to its customers for the recent changes at the store.

J.C. Penney’s sales have plummeted recently, and the company wants its customers back. The store fired its CEO, Ron Johnson, after 17 months in the job. Johnson implemented several changes to rejuvenate the store, but the changes ended up alienating loyal customers.

Now that Johnson is gone, J.C. Penney is hoping to get some of its customers back.

The commercial, which shows several potential customers, says that the company has learned from its mistakes and is ready to listen to its customers.

The voice over states: “It’s no secret, recently J.C. Penney changed. Some changes you liked and some you didn’t, but what matters from mistakes is what we learn. We learned a very simple thing, to listen to you. To hear what you need, to make your life more beautiful. Come back to J.C. Penney, we heard you. Now, we’d love to see you.”

The ad, called “It’s No Secret,” doesn’t deliver any specifics but it could help smooth things over with the company’s former customers.

J.C. Penney Media Relations Director Daphne Avila said: “We want to give customers our assurance that what they loved about J.C. Penney — trusted brands, great style and affordable prices — will be inherent to every shopping experience.”

Here’s the new J.C. Penney ad.

According to Forbes, J.C. Penney lost about $4 billion in revenue during Johnson’s time as CEO.

Do you think the new commercial will help turn J.C. Penney’s sales around?

J.C. Penney Apologizes To Customers In New Ad [Video] is a post from: The Inquisitr

The Best Buy Europe experiment has reached an unsuccessful conclusion as the company is pulling the plug.

Apparently Europe was not the best buy.

The electronic retailer is selling its 50 percent stake in Best Buy Europe and selling that position back to its joint venture partner, Carphone Warehouse Group, at a loss. Best Buy originally paid $2.15 billion to partner with Carphone Warehouse in 2008. It is now cashing out for $775 million.

The expectations for this venture were never realized: “Best Buy and Carphone Warehouse, the biggest independent mobile-phone seller in Europe, initially planned to build American-style big box electronics stores in Europe. In addition, Best Buy tapped Carphone Warehouse to help it build a chain of mobile-phone stores in the U.S., and the two agreed to share revenue from the stores. But Best Buy aborted its plans for big box Europe stores in 2011 and began undoing the partnership. It closed its initial stores in the U.K. and agreed to pay Carphone Warehouse $1.3 billion for its interest in the U.S. phone chain, Best Buy Mobile.”

Best Buy strategy was deemed ill-timed by financial analysts in part because of European’s ongoing economic woes. “While Best Buy was able to use Carphone’s phone expertise to boost its U.S. mobile business, the plans for a chain of European megastores fell apart because of weak consumer spending, low brand recognition and competition from local chains.”

The Board of Directors of both companies have approved this apparently amicable financial divorce, and it now awaits approval of Carphone Warehouse stockholders which presumably will be a formality. In commenting on Best Buy’s exit from Europe, CEO Hubert Joly said that “This transaction allows us to 1) simplify our business; 2) substantially improve our Return on Invested Capital … and 3) strengthen our balance sheet.”

It is not all rosy for Best Buy here at home. The struggling company has encountered substantial cash flow issues in the US and has begun closing or scaling back its big-box stores in favor of smaller outlets with a lesser inventory.

Do you still shop for electronics at Best Buy?

Best Buy Europe Joint Venture Comes To An End is a post from: The Inquisitr

No matter how totes desperate you are to tell your bessie about last night’s antics, there’s a time and a place not to text. Job interviews, one would assume, are a good example of this.

However, hiring managers say texting and taking calls during job interviews is actually on the rise amongst new college graduates. Other bizarre behavior includes the use of slang and interviewees bringing parents and even pets into interviews.

Human resource professionals who spoke to CNBC recalled a litany of inappropriate interview behavior, with many saying about one in five recent grads commit such errors.

“It’s behavior that may be completely appropriate outside the interview,” says Jaime Fall, vice president of the HR Policy Association. “The interview is still a traditional environment.”

Mara Swan, executive vice president of staffing firm Manpower, adds, “Life has gotten more casual. They don’t realize [the interview] is a sales event.”

Experts say such behavior is harming otherwise qualified candidates for entry-level positions and causes more and more hiring decisions to be delayed.

The blame lies with the kind of spontaneous, colloquial speech that is used in tweets and text messages says Jonathan Singel, director of talent acquisition for packaging and label maker Avery Dennison. He adds that parents have also been guilty of coddling their children:

“It’s [a mindset of] ‘You’re perfect just the way you are’ and ‘Do whatever you’re comfortable doing.’ ”

If you’re a fresh-faced college grad who’s just arrived in the job market, how do you conduct yourself during interviews? And employers, have you noticed a change in the behavior of interviewees down the years? Let us know in the comments!

[Image via Shutterstock]

Texting And Other Inappropriate Behavior During Job Interviews On The Rise is a post from: The Inquisitr

J.C. Penney has confirmed that it will receive a $1.75B loan from Goldman Sachs.

The massive five-year loan will help the struggling company pay for its operating costs as well as cover some of its growing debt. Although rumors started to circulate on Friday, J.C. Penney didn’t confirm the news until Monday.

The confirmation of the $1.75 billion loan comes days after billionaire financier George Soros revealed that he had taken a 7.9 percent stake in the retailer. This will make him the fourth larger largest J.C. Penney shareholder.

Although getting billions to stay afloat is certainly good news for the company, it illustrates how much the retailer has been struggling in recent months. J.C. Penney revealed earlier this month that it would borrow $850 million in order to boost its inventory and help out with operations.

The Chief Financial Officer said at the time:

“As we near completion of the home department transformation in over 500 stores, we have been undertaking and will continue to experience a significant inventory build and increase in capital expenditures. The draw under our revolver today provides more than our current funding needs to ensure our continued liquidity. Moreover, we will continue to explore additional capital raising alternatives with the assistance of our financial advisors.”

Chief Executive Officer Myron Ullman has been working hard to correct the problems left behind by former CEO Ron Johnson. Since ditching sales and coupons for low prices didn’t bring people back through the doors, Ullman has been increasing prices on some of the store’s products.

For example, the folks at Bloomberg pointed out that Ullman has increased the price of a pair of Dockers pants from $35 to $58. Sales and coupons will return, which essentially brings the company back to where it was before Johnson’s involvement.

What do you think about J.C. Penney getting a $1.75B loan from Goldman Sachs? Do you think the retailer’s days are numbered?

[Image via Wikimedia Commons]

J.C. Penney Gets $1.75B Loan From Goldman Sachs is a post from: The Inquisitr

Dave Gold, the founder of the 99 Cents Only Stores empire, died on Monday at his home in Mid-Wilshire. The thrifty entrepreneur launched his business at age 50 after considering the idea for more than 10 years.

He took the dollar store concept and introduced it to middle and upper-class neighborhoods. In the process, Gold was able to create a chain of stores that has since become a mainstay for families struggling during hard times as well as those just looking to save money.

Gold opened the first 99 Cents Only store in Los Angeles in 1982, well before dollar stores dotted the street corners. That store was the first of more than 300 that cropped up in California, Texas, Arizona, and Nevada.

At the time he founded the business empire, Dave Gold was working at a liquor store founded by his father in downtown Los Angeles’ Grand Central Market. Despite the steady job, all Gold wanted was to try out his vision of an entire store full of merchandise priced at 99 cents. The entrepreneur recalled in 2003:

“Whenever I’d put wine of cheese on sale for $1.02 or 98 cents, it never sold out. When I put a 99 cent sign on anything, it was gone in no time. I realized it was a magic number. It thought, wouldn’t it be fun to have a store where everything was good quality and everything was 99 cents?”

Despite the lack of support he received from his family, Dave Gold went ahead with the plan. He made his stores bigger, brighter, and better organized than his competitors. The chain eventually became a family enterprise with Gold’s three children and son-in-law working for 99 Cents Only Stores in some capacity.

The company sold in 2011 for about $1.6 billion. Despite becoming a multimillionaire, Dave Gold lived modestly. His family revealed that he lived in the same middle-class home for almost 50 years with Sherry, his wife of 55 years. He also drove the same Toyota Prius he bought in 2000.

Dave Gold died of a heart attack. Funeral arrangements have not been released.

[Image via Downtowngal]

99 Cents Only Stores Founder Dave Gold Dies is a post from: The Inquisitr

LivingSocial acknowledged on Friday afternoon that it was the victim of a cyberattack that accessed the names, email addresses, and birth dates of 50 million customers worldwide.

The hack on the daily deals site also affected encrypted passwords. However, the site assured that the hack did not compromise customer credit card information or the financial information of LivingSocial merchants.

Employees and customers received news about the hack through an email, which was sent by the site’s chief executive Tim O’Shaughnessy. He explained that the cyberattack affected customers in North America, Australia, New Zealand, the United Kingdom, Ireland, and Malaysia.

Along with the LivingSocial site, LetsBonus users in Southern Europe and Latin America were also affected by the cyberattack. Company spokesman Andrew Weinstein explained that those customers had data stored on a compromised company server.

As a result of the cyberattack, LivingSocial is requiring all 50 million customers affected to reset their passwords. Weinstein added that the stolen passwords were encrypted, making them more difficult for the hackers to exploit.

The hack on the daily deals site was first reported by website All Things D on Friday. A spokesman for the company confirmed the attack, which follows other breaches by big online companies like LinkedIn and Zappos. O’Shaughnessy wrote in the email on Friday:

“The security of your information is our priority. We always strive to ensure the security of our customer information, and we are redoubling efforts to prevent any issues in the future.”

LivingSocial did not explain how or when the attack occurred, though they described it as a cyberattack that “resulted in unauthorized access to some customer data from our shelves.” It is the latest bad news for the daily deals site, which gives discounts on everything from spa sessions to restaurants. The company announced last November that it was cutting about 400 jobs worldwide, or about nine percent of its workforce.

LivingSocial is one of the largest daily deals sites, along with Groupon. It is not clear if the company will release any additional information about the cyberattack.

LivingSocial Hacked, 50 Million Customers Affected is a post from: The Inquisitr

Wavii on Friday confirmed earlier rumors that it has been acquired by Google.

On its website, Wavii acknowledged the buyout and revealed that it would be shutting down its own natural-language processing projects in order to focus on the same type of technology with the team at Google.

Wavii uses reports to develop newsfeed summaries via natural language processing. The company’s technology is able to use summary technology to determine the important parts of a story to display.

The tech firm technology in many ways mimics what Yahoo acquisition Summly accomplishes. Last month, Yahoo paid $30 million to acquire Summly. It is believed that Google paid about the same price for its acquisition of Wavii. According to one report, Google engaged in a bidding war with Apple when attempting to purchase the natural language processor.

The Wavii team is expected to help its technology integrate with Google News, Google Now, and various other applications.

Google was attempting to use Facebook social graph results for its news stories. This new acquisition could allow the company to focus on the same type of social graph output while potentially shifting towards Google+ integration.

It is believed  that the staff from Wavii will make the move from Seattle to the Bay Area where they will work with Google’s Knowledge Graph division.

Do you think Wavii will help Google further its efforts towards perfecting its own natural language processing algorithms?

Google Acquires Wavii, Shuts Down Natural Language Processing Platform is a post from: The Inquisitr

Employee engagement is on its way back up despite a still-struggling economy, but according to new Gallup research, morale improvement in the workforce is decidedly top-down.

In short, your boss enjoys his job more than you do.

Engagement was up in eight of the nine sectors measured, with “managers, executives and officials” showing the best increases: 10 percentage points between 2009 and 2012. On the other end, manufacturing and sales employees had five and six percent increases, respectively. Other professions reported only slightly greater engagement than in 2009.

Increases across the board are definitely a good, but even Gallup was somewhat puzzled by the dramatic difference between management and workforce.

“It is possible that, amid tough economic times, managers and executives are increasingly motivated to drive a sense of purpose in their organizations,“ they reasoned.

They also suggested that managers may be more optimistic about the recovering economy and enjoy a greater sense of control that those lower on the ladder.

Interestingly, the service industry showed something of a reversal. Years ago, they were the most engaged while now, it is the only sector surveyed where engagement fell.

“During the recession people were happy just to have a job,” remarked Kate Lister, president of Global Workplace Analytics. “Now, those that are most marketable are feeling more confident in their options.”

A National Employment Law Project report last year showed that post-recession job gains were primarily service industry jobs. Lower-wage occupations amounted to 21 percent of recession losses, but 58 percent of recovery growth. Between 2010 and 2012, 1.7 million jobs (43 percent of net employment growth) came in food service, retail and employment services sectors.

Because of this, there’s sort of a fear still lingering in the job market: Lower-level employees are pretty replaceable, and they know it. “There’s a lot of fear remaining,” Lister said.

“It is much easier to be engaged in a job that you expect to hold for the foreseeable future (than) a job that you could lose at any time,” said Dean Baker, co-director of the Center for Economic and Policy Research.

Do you enjoy your job?

[Image via: Denys Prykhodov, Shutterstock.com]

Your Boss Enjoys His Job More Than You Do [Study] is a post from: The Inquisitr

Hyundai pulled a suicide ad on Thursday amid outcries from the public over the company’s insensitive ad campaign. The online campaign featured a man trying to commit suicide by carbon monoxide poisoning.

The ad’s purpose was meant to show off the automaker’s zero-emission vehicle. Unfortunately, the ad was not as humorous as Hyundai hoped.

Suicide prevention activists praised the decision to pull the ad. Robert Gebbia, executive director of the American Foundation for Suicide Prevention, stated:

“We know from research that graphic depictions of suicide in the media can inadvertently lead to further suicides … This advertisement was particularly graphic and potentially dangerous. We are pleased that Hyundai has decided to pull this campaign.”

The Hyundai suicide ad showed a man trying to kill himself using a car’s exhaust. He runs a hose from the car’s tailpipe to the cabin, tapes the windows, and sits there waiting. But his attempt at suicide fails, because the car is an iX35, which runs on hydrogen and only emits water vapor.

Hyundai pulled the car suicide ad a week after it started running. On Thursday, the automaker also issued an apology, saying:

“We at Hyundai Motor America are shocked and saddened by the depiction of a suicide attempt in an inappropriate European video featuring a Hyundai. Suicide merits thoughtful discussion, not this type of treatment.”

The company added that the suicide ad was created by the overseas ad agency Innocean Europe. It had no connection to Hyundai’s operations in the United States. It was not clear where the advertisement appeared originally and the automaker has successfully removed it from YouTube.

Hyundai’s suicide ad was removed from YouTube quickly. However, the ad’s ramifications will likely be felt for a long time. One blogger, Holly Brockwell, whose day job is an advertising copy writer and blogger, wrote about the ad in her blog “CopyBot.” Brockwell explained in the entry how her father committed suicide in the manner the video shows. She wrote:

“When your ad started to play, and I saw the beautifully-shot scenes of taped-up car windows with exhaust feeding in, I began to shake. I shook so hard that I had to put down my drink before I spilt it.”

While YouTube pulled the Hyundai suicide ad, it can still be seen here. Word of warning, however, it could cause bad memories.

Hyundai Suicide Ad Pulled Amid Outcry is a post from: The Inquisitr

Yahoo chairman of the board Fred Amoroso has resigned from his post. News of Amoroso’s departure was announced by Yahoo on Thursday evening.

Amoroso took over the Yahoo chairman position at the same time Ross Levinsohn was appointed as the tech firms interim CEO. Later Fred would go on to lead the team that investigated the fake job credentials of former Yahoo CEO Scott Thompson.

The chairman also played a part in the hiring of current Yahoo CEO and former Googler Marissa Mayer.

In a public statement, Marissa wished Fred Amoroso all the best:

“Fred has been a wonderful chairman for Yahoo! over the past year, and I’m personally grateful for his trust and guidance as I took on the role as Yahoo! CEO. Fred’s mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo!.”

In his exit statement, Amoroso said his goal from the very beginning was to serve as the Chairman of the Board for one year. Amoroso says he simply wanted to help steer Yahoo through its transitional period and the hiring of Mayer.

Amoroso will officially step down from the board of directors on June 25.

Replacing Amoroso in the interim will be Maynard Webb, Jr. Before jumping over to the Yahoo team, Webb served as CEO of LiveOps and the COO of eBay.

News of Amoroso’s departure did not seem to both investors as Yahoo shares continued to remain flat in after hours trading.

Are you surprised by Fred Amoroso’s departure from Yahoo?

Yahoo Chairman Fred Amoroso Resigns is a post from: The Inquisitr

GE Capital has stopped offering consumer financing programs to gun shops in response to the “industry changes, new legislation and tragic events.”

A GE Capital spokesman stated that the move expanded on a policy the company established in 2008. The company, General Electric’s lending arm, stopped offering new consumer financing for purchases of guns from gun shops.

However, existing relationships with gun shops were grandfathered in, allowing them to continue. The lending cutoff only applies to retailers whose main commodity is guns.

That means it does not affect retailers like Walmart, Cabelas, Bass Pro Shops, and other sporting goods stores. GE Capital spokesman Russell Wilkerson explained that the company added that the catalysts “have caused widespread reexamination of policies on firearms.” He added that the loans to gun customers has been “an immaterial part of our sales volume.”

GE Capital joins a list of some of the nation’s largest lenders, which also do not finance gun purchases. Those lenders include Wells Fargo, which stopped the practice in 2004, and Citigroup.

But while GE Capital is not the only lender to stop financing gun purchases, the group is receiving criticism for its timing. The move comes after high-profile mass killings in Newtown, Connecticut; Milwaukee, Oregon; and Aurora, Colorado.

GE is the second big financial firm to back away from the gun business in light of the Newtown shootings, which claimed the lives of 27 people along with the shooter, Adam Lanza. Days after the killings, Cerberus Capital Management LP, which owns Freedom Group Inc., stated it would try to sell the gun company.

Freedom Group Inc. makes brands like Remington, Bushmaster, Marlin, and H&R. GE Capital’s decision likely had more to do with Newtown, Connecticut. GE is based in Fairfield, not far from Newtown. The location is where Lanza killed 27 people, including 20 children and his mother, before he killed himself.  Lanza’s father, Peter, is also a GE executive.

While a typical handgun costs more than $300, financing guns is a marginal activity. The company’s exit from the market will have little overall impact on the US gun market, whose sales totaled $11.7 billion in 2012.

Do you think GE Capital is right to halt loans for gun shop purchases?

[Image via ShutterStock]

GE Capital Halts Gun Shop Purchase Loans is a post from: The Inquisitr

Want to start a romantic relationship? Well, then you better fly Virgin America. The airline recently unveiled new technology that will make mile-high flirting as easy as pushing a button. Or, you know, a digital screen.

The new service is based off the airline’s existing Red on-demand food ordering system. The new change simply allows customers to order snacks, meals, or drinks to another seat.

That isn’t exactly mile-high flirting but don’t worry, Sir Richard Branson has a solution. The new service will also allow you to send text messages to the people around you.

On the official Virgin America website, the airline describes the services as “seat-to-seat delivery,” “open tab,” and “chat.” But make no mistake about it, Branson is hoping to turn his planes into love jets.

The billionaire created a video, “Sir Richard Branson’s Guide To Getting Lucky,” about the new mile-high flirting services.

Branson says: “Here’s my guide to getting lucky at 35,000 feet. First, pinpoint the object of your affection. Treat her, or him, to something delicious with the Red seat-to-seat delivery system. I say that your chance of deplaning with a plus 1 are at least 50%.”

“Sir Richard Branson’s Guide To Getting Lucky.”

What do you think about the new mile-high flirting program? Do you think hopeless romantics will be drawn to Virgin America?

The new service is interesting but it might prove to be a headache for some passengers. After all, if you’re being hit on at a bar you can, you know, leave. You really don’t have that option at 35,000 feet.

Mile-High Flirting Encouraged By Virgin America is a post from: The Inquisitr

Charles Schwab Corp. customers got a jolt near the end of a volatile trading day if they tried to access their accounts by computer or phone.

Some of the huge discount broker’s nearly 9 million account holders were frustrated when they discovered that they couldn’t long onto the Schwab website. The denial-of-service (DOS) attack came on an active Tuesday for Wall Street, with about 4 billion shares traded on the New York Stock Exchange.

Hackers had already created a temporary dip in the mostly bullish day by hacking into the Associated Press Twitter feed. In a hoax that played on fires fueled by the recent Boston Marathon bombing, the fake AP feed said that two bombs had gone off in the White House, injuring President Barack Obama.

There was absolutely no truth to the story, and the stock market surged later. When Netflix announced that they had added more than 2 million US subscribers, their shares soared 24 percent with about triple the normal volume of trades in that stock.

Apple also soared Tuesday after it announced strong fiscal 2013 quarterly results, including “quarterly revenue of $43.6 billion and quarterly net profit of $9.5 billion.”

Charles Schwab released an official statement in the immediate aftermath of the DOS attack: “Shortly before the stock market closed today, we experienced an exceptionally high volume of website traffic which we believe was related to a denial-of-service attack. At all times, phone access to Schwab service professionals (800-435-4000) was available, although for a brief time immediately before market close call volumes were high. Web access was largely restored in approximately one hour and forty minutes.”

The hackers didn’t break in, and they didn’t compromise anyone’s personal financial data. They just made life more difficult for genuine Schwab customers.

We are experiencing technical issues with our site and mobile app and are working on resolution. We apologize for inconvenience.

— Charles Schwab Corp (@CharlesSchwab) April 23, 2013

[savings fund photo by nenetus via Shutterstock]

Charles Schwab Hit By Denial-Of-Service Cyber Attack is a post from: The Inquisitr

A Ralph Lauren bribery case was settled Monday when the Securities and Exchange Commission (SEC) released a non-prosecution agreement (NPA) with the company. The SEC will not prosecute the company under the Foreign Corrupt Practices Act (FCPA) because Ralph Lauren Corporation discovered the problem itself during an internal review and then reported it promptly to the federal authorities.

In Monday’s statement, the SEC said that the NPA is the first time that they have entered into such an agreement in a case involving FCPA misconduct. The NPA is part of the SEC’s Cooperation Initiative, intended to reward companies that cooperate with investigations.

FCPA Unit Chief Kara Brockmeyer announced: “This NPA shows the benefit of implementing an effective compliance program. Ralph Lauren Corporation discovered this problem after it put in place an enhanced compliance program and began training its employees. That level of self-policing along with its self-reporting and cooperation led to this resolution.”

The bribery took place from 2004 to 2009 in Argentina. The Ralph Lauren’s Argentine subsidiary frequently bribed government and customs officials to facilitate the importation of company products.

However, FCPA is a federal law that has prohibited paying bribes even in foreign countries since the 1970s.

The Ralph Lauren subsidiary paid $593,000 in bribes and gifts to Argentine officals. Therfore, under the NPA, they will pay a $593,000 “disgorgement” plus an additional roughly $142,000 in interest.

The US Department of Justice entered into a parallel NPA in the Ralph Lauren bribery case, assessing an $882,000 fine.

The value of Ralph Lauren shares dipped less than two percent on the news. The company, which had already started retraining its employees to avoid similar bribery issues, seemed satisfied with the resolution. A MarketWatch commentator said that they had got off cheap because they were so proactive about reporting the problem.

All told, Ralph Lauren is paying around $1.6 million to resolve the bribery case.

[AHMAD FAIZAL YAHYA / Shutterstock.com]

Ralph Lauren Bribery Case Settled For $1.6 Million is a post from: The Inquisitr

The Dollar Menu failed to lift sales for fast food giant McDonald’s, though the company still managed to eke out a higher profit for its first quarter.

The company announced on Friday that an important sales measure lost one percent during the first quarter. The world’s largest hamburger joint added that the number is expected to dip again in April.

The announcement was the first of its kind for McDonald’s in a decade for sales. It was the first decline the has seen since 2003 for sales at restaurants open at least 13 months. It also served to underscore the troubles the fast food chain has been facing.

Wendy’s and Burger King have stepped up their marketing campaigns in an effort to take business away from their rival. McDonald’s has responded with marketing campaigns that star their Dollar Menu value deals. But despite the effort, the company has not been able to hold onto customers.

Peter Benson, McDonald’s chief financial officer, stated, “The battle for market share has become so critical for the long-term health of business, we’re willing to sacrifice that margin.” But despite sacrificing by promoting cheaper prices than the rest of the industry, the Dollar Menu has failed.

There are also signs that the Dollar Menu sacrifices aren’t sitting very well with the company’s independent franchises who operate their own restaurants. Janney Capital Markets released a survey this week that found a sampling of 25 US franchises who operate 180 restaurants related their relations with the company below their historic levels.

Some of those franchises voiced their displeasure with excessive coupons and discounts. The strategy of touting the McDonald’s Dollar Menu has also worried some analysts, who believe it will eat into the chain’s profit margins. The McDonald’s value meals and deals have been a long-held staple of the chain. But McDonald’s is one of the few to keep a large number of items under $1, while other fast food restaurants have bumped up their prices.

Along with the Dollar Menu failing the company in the United States, McDonald’s also saw their global sales drop by 1.1 percent in Europe — the company’s largest region by sales.

[Image via Nicholas Wang]

Dollar Menu Fails To Boost McDonald’s Sales is a post from: The Inquisitr

YouTube has been fighting lawsuits almost since in launched in 2005. This is the second time Viacom has sued YouTube for copyright infringement and lost in court.

Last April, the 2nd Circuit Court of Appeals set the case back in motion after a previous YouTube win in district court. The Appeals Court was concerned that YouTube employees knew that 75 to 80 percent of all YouTube videos contained copyrighted content.

“These approximations suggest that the defendants were conscious that significant quantities of material on the YouTube website were infringing,” according to the Appeals justices’ opinion.

Judge Louis Stanton back at the district level ruled that YouTube is in compliance with it’s Digital Millennium Copyright Act obligations.

Judge Stanton:

“The burden of showing that YouTube knew or was aware of the specific infringements of the works in suit cannot be shifted to YouTube to disprove.”

Another question in the case was whether or not YouTube turned a blind eye to content they knew to be infringing activity.

Judge Stanton:

“The examples proffered by plaintiffs (to which they claim YouTube was willfully blind) give at most information that infringements were occurring with particular works, and occasional indications of promising areas to locate and remove them. The specific locations of infringements are not supplied: at most, an area of search is identified, and YouTube is left to find the infringing clip.”

A third question was whether or not YouTube knowingly kept infringing content on the site, waiting for notification of infringement so YouTube could profit from it until they received a take down notice.

Again Judge Stanton:

“YouTube’s decisions to restrict its monitoring efforts to certain groups of infringing clips… do not exclude it from the safe harbor, regardless of their motivation. Plaintiffs’ remaining evidence of control goes no further than the normal functioning of any service provider, and shows neither participation in, nor coercion of, user infringement activity.”

On The Official YouTube Blog, Senior Vice President & General Counsel at Google Ket Walker wrote, “In enacting the Digital Millennium Copyright Act, Congress effectively balanced the public interest in free expression with the rights of copyright holders”

Viacom Loses Another Lawsuit Against YouTube is a post from: The Inquisitr

Microsoft didn’t need strong PC sales to blow away Wall Street estimates during its Q1 2013 earnings call.

Microsoft posted $20.49 billion in quarterly revenue with operating income of $7.61 billion and rising net income of $6.06 billion. The company reported a diluted earnings per share of $0.72.

Sales at the tech giant also surged to $20.5 billion

Hitting a bit home run for MSFT was its Business Division, which scored an 8 percent year-over-year increase to $6.32 billion in revenue.

Microsoft’s Server & Tools business reported $5.04 billion in revenue, up 11 percent from the same prior year period. The Server & Tools division was helped along by double digit gains for its SQL Server and System Center solutions.

Even with Windows 8 slow to gain mass adoption the company posted a 23 percent year-over-year same period adjustment to reach $5.70 billion.

Microsoft’s Online Services, in the meantime, reported $832 million, an 18 percent increase over the same period in 2012.

Also increasing with double digit returns was the company’s Online advertising division, which increased revenue by 22 percent.

Thanks to the power of its Xbox Live system, the company’s Entertainment and Devices division posted a revenue increase of 56 from the same period in 2012. Xbox Live now services more than 46 million members. Revenue was up to $2.53 billion. The number of Xbox Live users increased by 18 percent. Microsoft has worked hard to draw in Live users while at the same time increasing revenues through new content partnerships.

Along with its earnings call announcements, Microsoft revealed that Chief Financial Officer Peter Klein will be leaving the tech firm at the end of the current fiscal year. Microsoft has not yet named Klein’s eventual predecessor.

Speaking about Klein’s departure, Microsoft CEO Steve Ballmer said “He’s been a key member of my leadership team and a strategic advisor to me, and I wish him the very best.”

Are you surprised by Microsoft’s ability to stay ahead of market expectations during a period of PC and Notebook sales declines?

Microsoft Q1 2013 Report Beats Wall Street Estimates Despite Sinking PC Sales is a post from: The Inquisitr