Sunday, July 27, 2008
ANALYST'S SAY "RETAILERS ARE NEXT IN LINE FOR PRICE HIKE"
0 comments Posted by THE fly GIRL at 3:15 PMNEW YORK — Coming to a store near you: Even higher prices. Most inflation this year has come from food and fuel, as retailers resisted passing along to strapped consumers the higher prices manufacturers charged them, but coming increases from companies such as Johnson & Johnson and Hasbro Inc. may leave them with no choice.
"While these increases have not for the most part been passed on at the retail level, it is inevitable that they will be at some point," said Dean Baker, co-director of the Center for Economic and Policy Research. "Car dealers and other retailers cannot continue to absorb rising costs at the wholesale level and not pass some of these increases on to consumers."
Sherwin Williams Co. on July 17 announced its third price increase in eight months. The company has been having "difficult discussions" with retailers, Chris Connor, chairman and CEO, said on its quarterly conference call.
The price increases are "well supported with facts in terms of why the company needs them," he said. "Our customers, to the best of their ability, are passing them on."
Hasbro said the retailers it sells to didn't like price increases the company announced Monday "but they recognize that their own private-label costs are going up and they've accepted it."
The increases leave retailers in a bind: They can keep prices steady and cut profit margins or raise prices and risk losing sales.
Wal-Mart Stores Inc. has been in the lead of aggressively keeping prices down, pressuring its competitors to do the same.
"We have seen inflation and we have passed some of that through," said John Simley, a Wal-Mart spokesman. "We have, wherever possible, worked with our suppliers to reduce the inflationary impact as much as possible."
The Huffington Post
"While these increases have not for the most part been passed on at the retail level, it is inevitable that they will be at some point," said Dean Baker, co-director of the Center for Economic and Policy Research. "Car dealers and other retailers cannot continue to absorb rising costs at the wholesale level and not pass some of these increases on to consumers."
Sherwin Williams Co. on July 17 announced its third price increase in eight months. The company has been having "difficult discussions" with retailers, Chris Connor, chairman and CEO, said on its quarterly conference call.
The price increases are "well supported with facts in terms of why the company needs them," he said. "Our customers, to the best of their ability, are passing them on."
Hasbro said the retailers it sells to didn't like price increases the company announced Monday "but they recognize that their own private-label costs are going up and they've accepted it."
The increases leave retailers in a bind: They can keep prices steady and cut profit margins or raise prices and risk losing sales.
Wal-Mart Stores Inc. has been in the lead of aggressively keeping prices down, pressuring its competitors to do the same.
"We have seen inflation and we have passed some of that through," said John Simley, a Wal-Mart spokesman. "We have, wherever possible, worked with our suppliers to reduce the inflationary impact as much as possible."
The Huffington Post
Thursday, July 24, 2008
WILL SMITH tops this years list of Hollywood's Top Money Makers, according to Forbes Magazine.
The July 4th box-office sure thing earned a staggering $80 Million last year. That buys a lot of whips and chains for he and Jada's swingin...
Johnny Depp falls in line right behind the Fresh Prince with $72 Million, which I would not shake a stick at.
And 3rd place is shared by Shrek stars EDDIE MURPHY and MIKE MEYERS with $55 million a piece.
Nice.
The July 4th box-office sure thing earned a staggering $80 Million last year. That buys a lot of whips and chains for he and Jada's swingin...
Johnny Depp falls in line right behind the Fresh Prince with $72 Million, which I would not shake a stick at.
And 3rd place is shared by Shrek stars EDDIE MURPHY and MIKE MEYERS with $55 million a piece.
Nice.
Tuesday, July 15, 2008
General Motors Corp. said Tuesday it will suspend its dividend, sell off $4 billion to $7 billion worth of assets and cut 20% worth of salaried cash costs in an overall plan to save billions of dollars.
"We need to take some very tough actions to ensure our survival and success," said Chief Executive Rick Wagoner, in a press conference, referring to the current market conditions as an "unprecedentedly difficult time."
GM (GM, Fortune 500) stock dropped about 5% on the news.
In an earlier broadcast to employees, Wagoner said that these were "difficult decisions," but necessary for the company to prevail in the weak economy beset by high oil prices, which he called GM's "greatest concern."
Wagoner said the cost-cutting actions should help GM generate $10 billion in "cash improvements" by the end of 2009. Overall, the company plans to beef up liquidity by $15 billion through 2009.
At the end of the first quarter, GM said it had $23.9 billion in liquidity and access to $7 billion worth of U.S. credit, which is enough funding to get through 2008. But the company said it is gathering more liquidity to protect itself from a "prolonged U.S. downturn."
"Our plan is not just a plan to survive; it's a plan to win," said Wagoner, noting that raised cash could aid the company in shifting from trucks and SUVs to more fuel efficient cars.
"Our stated goal is to become the fuel economy leader in every sector in which we participate," said Robert Lutz, GM's vice chairman of global product development.
As part of its cost-cutting, GM plans to eliminate health care coverage for U.S. salaried retirees older than 65, effective Jan. 1. Wagoner said the company will increase pensions for affected retirees and their surviving spouses to "defray the impact."
GM has lost about one third of its 107,000 U.S. hourly workers since 2004. GM offered buyouts to its entire remaining U.S. hourly workforce of 74,000 in February, in a bid to unload its more experienced, higher-paid employees.
The Detroit-based automaker has been hard-hit by record-high gas prices, economic weakness, and a waning consumer interest in trucks and sport utility vehicles. The company has not made a profit since 2005.
Truck sales were down 21% in the first six months of 2008, while car sales were down 9% and Hummer sales plunged 40%. Overall, GM's vehicle sales were down 16%: worse than the industry wide vehicle sales decline of 10%.
In June, GM said it would shut four SUV and truck plants, would shift to more fuel efficient vehicles and discontinue its Hummer brand.
The stock price for GM, the world's largest automaker, has plunged 62% this year, to 50-year lows.
Despite the doom and gloom in America, GM's sales edged up in Europe by 3% in the first six months of 2008, including a 58% increase in Eastern Europe and a 60% surge in Russia. This includes a 21% increase in Russian Hummer sales.
"Frankly, we're very well positioned outside the U.S. now, and will be in [the U.S.] too, when this cycle concludes," said Wagoner.
Sen. Barack Obama, D-Ill., the presumptive Democratic candidate for president, said Tuesday in a prepared statement he recently met with the CEOs and plant workers of GM and Ford Motor Co. and that "the impact of their hardship goes far beyond their own companies."
"When a mainstay of the American economy is forced to make a restructuring decision like the one General Motors is announcing today, it is a sober reminder of the difficult economic times we're facing and of why we need change and a new direction in Washington," said Obama.
GM is the fourth-largest American company in terms of annual sales, competing with Toyota Motor (TM) and Ford (F, Fortune 500)
CNN Money
"We need to take some very tough actions to ensure our survival and success," said Chief Executive Rick Wagoner, in a press conference, referring to the current market conditions as an "unprecedentedly difficult time."
GM (GM, Fortune 500) stock dropped about 5% on the news.
In an earlier broadcast to employees, Wagoner said that these were "difficult decisions," but necessary for the company to prevail in the weak economy beset by high oil prices, which he called GM's "greatest concern."
Wagoner said the cost-cutting actions should help GM generate $10 billion in "cash improvements" by the end of 2009. Overall, the company plans to beef up liquidity by $15 billion through 2009.
At the end of the first quarter, GM said it had $23.9 billion in liquidity and access to $7 billion worth of U.S. credit, which is enough funding to get through 2008. But the company said it is gathering more liquidity to protect itself from a "prolonged U.S. downturn."
"Our plan is not just a plan to survive; it's a plan to win," said Wagoner, noting that raised cash could aid the company in shifting from trucks and SUVs to more fuel efficient cars.
"Our stated goal is to become the fuel economy leader in every sector in which we participate," said Robert Lutz, GM's vice chairman of global product development.
As part of its cost-cutting, GM plans to eliminate health care coverage for U.S. salaried retirees older than 65, effective Jan. 1. Wagoner said the company will increase pensions for affected retirees and their surviving spouses to "defray the impact."
GM has lost about one third of its 107,000 U.S. hourly workers since 2004. GM offered buyouts to its entire remaining U.S. hourly workforce of 74,000 in February, in a bid to unload its more experienced, higher-paid employees.
The Detroit-based automaker has been hard-hit by record-high gas prices, economic weakness, and a waning consumer interest in trucks and sport utility vehicles. The company has not made a profit since 2005.
Truck sales were down 21% in the first six months of 2008, while car sales were down 9% and Hummer sales plunged 40%. Overall, GM's vehicle sales were down 16%: worse than the industry wide vehicle sales decline of 10%.
In June, GM said it would shut four SUV and truck plants, would shift to more fuel efficient vehicles and discontinue its Hummer brand.
The stock price for GM, the world's largest automaker, has plunged 62% this year, to 50-year lows.
Despite the doom and gloom in America, GM's sales edged up in Europe by 3% in the first six months of 2008, including a 58% increase in Eastern Europe and a 60% surge in Russia. This includes a 21% increase in Russian Hummer sales.
"Frankly, we're very well positioned outside the U.S. now, and will be in [the U.S.] too, when this cycle concludes," said Wagoner.
Sen. Barack Obama, D-Ill., the presumptive Democratic candidate for president, said Tuesday in a prepared statement he recently met with the CEOs and plant workers of GM and Ford Motor Co. and that "the impact of their hardship goes far beyond their own companies."
"When a mainstay of the American economy is forced to make a restructuring decision like the one General Motors is announcing today, it is a sober reminder of the difficult economic times we're facing and of why we need change and a new direction in Washington," said Obama.
GM is the fourth-largest American company in terms of annual sales, competing with Toyota Motor (TM) and Ford (F, Fortune 500)
CNN Money
Tuesday, July 8, 2008
Vick, who's currently serving a karma-endorsed 23-month sentence in the Federal pen, filed for Chapter 11 in U.S. Bankruptcy Court Monday. In the papers, he says he owes between $10 and $50 million to creditors.
In the docs, the convicted animal abuser says he hopes he can "rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career."
TMZ
In the docs, the convicted animal abuser says he hopes he can "rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career."
TMZ
Monday, April 14, 2008
TAXES ARE DUE TOMORROW...AND YOU KNOW THEY WANT THEIR MONEY
0 comments Posted by THE fly GIRL at 12:29 PM
If you’re you’re too busy, too lazy or just putting off the pain of knowing you’ll owe the government money, time is just about up. Tax forms are due by midnight tomorrow, and if you don’t have yours done by now, you’ve got two options: 1) rush out and get ‘em done now or 2) file for an extension.If you plan to file an extension PLEASE do the following:
File a Form 4868 with the IRS by tomorrow night — it’s a one-pager and much quicker to get done than a full tax return.
And please believe they will come get your ash...
Thursday, April 3, 2008
It's Tax Time: Here's some tips to getting the most out of your refund!Sock money away in that 401(k).
It’s not too late to contribute or to start an employer-sponsored 401(k). This is the only transaction you can make in 2008 that still applies to your 2007 tax return if done before April 15. The maximum pretax contribution is $15,500 for taxpayers under age 50 and an additional $5,000 for individuals 50 or older. An IRA contribution lessens adjusted gross income and will lower your 2007 taxable income.
Hit the books.
Are you taking a full course load on top of working a nine-to-five? Don’t pay for it alone. Single taxpayers who earn less than $65,000 can deduct as much as $4,000 in such expenses as tuition and course fees (books are not deductible). Although the deduction for higher education expenses was set to expire last year, its popularity among taxpayers received so much buzz that Congress extended the tax break another year.
Deduct the cost of day camp.
If you send the kids to the Y this summer, here’s good news for 2009: Day camp expenses for a child under 13 are now eligible for the child- and dependent-care credit. The credit, which is better than a deduction because it reduces your tax bill, dollar for dollar, lets filers claim from 20 to 35 percent of child-care expenses, up to $3,000 a year for one child or $6,000 for two or more. Earn less than $15,000 and you can claim 35 percent. Make more than $43,000 and your limit is 20 percent.
Gather those envelope stubs from church.
Tithing may be between you and God, but now Uncle Sam needs proof. Starting this tax year, the IRS requires a receipt or bank record to claim contributions to a church. “If you went to church every Sunday and put $20 cash in the collection plate, it will be almost impossible to substantiate,” says Donny Woods, secretary–treasurer, National Society of Accountants. If you donate cash, use a church envelope so that you can request a receipt if necessary.
Prepay next year’s property taxes.
That’s right: We’re talking about paying your 2009 taxes this December. The extra installment allows you to claim two write-offs in the same calendar year. So if you’re banking on a nice check from Uncle Sam, use it to prepay those property taxes. Make sure you send the check early enough that it clears in time, but see a tax consultant first to find out if the deduction would benefit you, advises Ingrid Bachelor of Bachelor and Associates in Coral Springs, Florida.
Monday, March 31, 2008
Housing and Urban Development Secretary Alphonso Jackson resigned Monday, amid multiple ethics investigations and criticism from top lawmakers.
Jackson said he will step down on April 18. He did not mention the allegations in his brief statement Monday, saying only that he wanted to attend to personal and family matters.
Speaking to reporters at HUD headquarters in Washington, Jackson said he had devoted his career to improving housing opportunities.
"As the son of a lead smelter and nurse midwife, and the last of 12 children, never did I imagine I would serve America in such a way," Jackson said about his Cabinet post. "I am truly grateful for the opportunity."
"We have helped families keep their homes, we have transformed public housing, we have reduced chronic homelessness, and we have preserved affordable housing and increased minority homeownership," he said.
A Jackson adviser told CNN earlier that the secretary has been privately talking about resigning since late last year because he's grown weary over multiple ethics investigations that have sparked allegations that he cannot focus full time on the nation's housing crisis.
Earlier this month, Sen. Chris Dodd, D-Connecticut, and Sen. Patty Murray, D-Washington, demanded Jackson's resignation, saying the ethics allegations have distracted from the secretary's ability to handle the nation's housing crisis. The secretary has recently been accused in a lawsuit of retaliating against housing officials in Philadelphia for blocking a land deal with one of Jackson's friends.
The FBI has been investigating allegations that Jackson steered a federal contract to a golfing buddy based in South Carolina. Jackson has denied wrongdoing and White House officials have said for months that the president still has confidence in Jackson. No charges have been filed against him.
Jackson has been a key player in the Bush administration's efforts to handle the national housing and mortgage crisis.
Wednesday, March 26, 2008
Collectively Black Americans are the richest Blacks in the world. But, only two Black Americans can claim a nine-figure. Times are changing and Black Africans are making more money than African Americans and have made it onto Forbes' list of the world's wealthiest billionaires.
Ethiopian-born Mohammed Al Amoudi is the richest Black person in the world with a total net worth of $9 billion. Al Amoudi is ranked 97th on the Forbes list and followed by billionaire Blacks such as Nigeria's Aliko Dangote ($3.3 billion), American Oprah Winfrey ($2.5 billion), London-based Sudanese Mohamed "Mo" Ibrahim ($2.5 billion) and South African Patrice Motsepe ($2.4 billion). BET founder Robert Johnson's divorce dropped him to just a $1 billion fortune.
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