New owner surfaces in latest Filene

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Alan Cohen, Filene’s chief restructuringt officer, confirmed Monday afternoon that Secaucus, N.J.-base d Syms (NASDAQ:SYMS) and New York-baseds Vornado (NYSE:VNO) agreed to pay abourt $63 million for the chain. A couryt hearing is set for Wednesday to approvdthe deal, Cohen said. The which began Friday and was continuedxto Monday, took placd about a week after an affiliate of Men’s Wearhousw (NYSE:MW) agreed to buy the chain for $67 million. But Crown Acquisitions, the companyu that was first in line tobuy Filene’ s assets, filed an objection to the sale with allegation s that Men’s Wearhouse didn’t follow biddinhg procedures.
Crown in court filings described the firsf auction asa “travesty.” A judgde sent the deal back for auction following Crown’a objection. It wasn’t clear Monday if Syms and Vornadi would acquire allof Filene’s stores. Both Men’s Wearhouse and Crown had planned to acquire and keep open a butnot all, of Filene’s locations. The company has two Ohio including onein Columbus. Filene’s Basement sought protectiojn from creditors in May in Delawarebankruptch court, months after closing severalk stores. Columbus-based (NYSE: RVI), which maintains a majorityh stake in discount shoeretailer (NYSE:DSW), sold the chaimn this year to FB II Acquisitionb Corp.
, a new entity owned by liquidation and turnaroundx firm Buxbaum Group.

Smith Electric will make first all-electric aerial-bucket truck - San Francisco Business Times:

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The truck will be unveiler Monday at the Electric Utility Fleet Managers Conferencein Williamsburg, Va., Smith Electric Vehicle s U.S. said in a release. The utilityu truck is a battery-powered, all-electric Smith Newtohn produced by Smith ElectricVehicles U.S. and with an aeriapl bucket integrated by AltefIndustries Inc. Based in Birmingham, Ala., Altec is a leadiny provider of products and services to theelectric utility, telecommunications and contracto r markets. , one of the nation’ largest combined natural gas andelectriv utilities, will play a role in the vehicle’s the release said.
The firsft test unit will be addedto PG&E’s fleet to conduct routine and emergency overhead line work in PG&E’s northern and centrap California service area. PG&E will providde test data to Smith ElectricxVehicles U.S. and Altefc for the creation of a production The test unit is thefirst all-electric aerial utility truck to be put into operatiobn by a big utility company before being brought to the release said.
“We are excited to be working with PG&w and Altec on this effortt to help the utility industry acceleratre the reduction of fuel emissions with the introductionof electric-drive fleetg vehicles,” Bryan Hansel, CEO for Smitu Electric Vehicles U.S., said in the The Smith Newton is the world’ s largest battery-electric-powered truck. It stores energyy while stopping through a process callerd regenerative braking and then reuses itfor acceleration. The Smithy Newton has a top speed of50 mph, a rangee in excess of 100 miles on one battery chargr and a payload of as much as 16,280 pounds. Smithu Electric Vehicles U.S.
announced in March that it had selected planrt and headquarters sites at Kansas City International Airport after a multistate competition for the new The company said it plans to create120 high-payintg jobs by 2010 and to begin productio n of its battery-powered vehicles for depot-based, predictable-routse delivery and service fleets this year at its 80,000-square-footr Kansas City plant. In the third quarter, Smitjh is scheduled to begin producing theSmith Newton. Startinfg next year, the company is schedulede to begin assembling an electric version of the new TransitfConnect light-duty vehicle made by Forty-nine percent of Smitg Electric Vehicles U.S. is held by SEV U.K.
’s parent, , a Britisj company that has been making electric vehicles in England since 1920.

Mortgage Rates Surge Late Last Week; 30-Year Fixed Rates Peak Near 5.40% But Fall Over Weekend

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Mortgage Type Average Rate AverageRate % Change Week ending 5/31/09 Week endingt 5/24/09 30-year fixed 5.25% 5.02% 4.6% 15-year fixe 4.78% 4.60% 3.7% 5-1 ARM 4.48% 4.27%% 4.8% Rates dipped slightly over the weekend, but were expectes to climb again during the week. The rate for a 30-yeard fixed purchase mortgage was 5.28 percent on Mondayt morning. For current, up-to-the-minute rates, visit . Thirty-year fixee mortgage rates variedby state. and were the at 5.35 percent and 5.30 respectively. were the lowest, at 5.15 percent. were the most requestedx amongall states. State Average 30-yr. Averages 30-yr. % Change Fixed Rate Fixedf Rate Weekending 5/31/09 Week endinf 5/24/09 Arizona 5.25% 5.
04% 4.1% California 5.24 % 5.00% 4.7% Colorado 5.23% 5.02% 4.1% Connecticut 5.26% 4.99% 5.4% Floridw 5.19% 4.97% 4.4% Georgia 5.15% 4.93% 4.5% Illinois 5.28% 5.08 4.0% Maryland 5.35% 5.09% 5.1% Massachusettw 5.30% 5.11% 3.7% Michigan 5.21% 5.01% 3.9% Missourik 5.25% 5.06% 3.8% New Jersey 5.24% 5.02%% 4.4% New York 5.29% 5.05% 4.7% North Carolina 5.27% 5.07% 3.9% Ohio 5.28% 5.11% 3.3% Oregom 5.27% 5.03% 4.9% Pennsylvania 5.26% 4.99% 5.3% Texas 5.25% 5.02% 4.5% Virginiaq 5.23% 4.96% 5.5% Washington 5.24%% 4.98% 5.
2% The Zillow Mortgage Rate Monitore is compiled each week using thousanda of mortgage rates quoted on Zillow Mortgagw Marketplace by mortgage lenders to borrowers who have submittecd loan requests. State-level data is gathered for the top 20 statesd with the highest quote volumeon Zillow. Learhn more . Zillow Mortgagre Marketplace isa free, and transparent lending marketplace, where borrowers connecr with lenders to find and get the best . Borrowerzs anonymously submit loan requests and receive an unlimitex number of custom with real rates directly from thousandd ofcompeting lenders. Zillow Mortgage Marketplace alsoprovides , , , and . Zillow.
cokm and Zillow are registered trademarkasof Zillow, Inc. SOURCE Zillow.com

Mercury News workers OK 9% pay cut - San Francisco Business Times:

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The new contract cuts pay 7 percent for the rest of and slashes an additional 2 percenf from paychecks starting onNew Year’s Day. The Media Workers Guild’sz Northern California unit announced late last week that it had reachedd a tentative contract deal with the Mercury News for its 257 membersw atthe paper. The contact also increases employees health insurance contributions and makesother concessions. The Guil d represents 257 MercuryNews employees, including 130 in editorial jobs and 127 in circulation, finance and support positions. A ratificatiobn meeting to discuss and vote on the proposedc contract was heldMonday afternoon. The new contrac t expires Nov. 30, 2010.
Other concessions include reduced vacatiom accruals and movingthe Merc’s copy desk to Walnuyt Creek, where MediaNews’ is based. It owns the Mercuryy News and 11 other dailyg papers inthe region, which include virtually all of the daily paperes in the Bay Area excepy the and . “This is a touguh contract that will hurt a lot of our but it reflects the terrible situation that the news industryh and the country is San Jose Guild President Sylvia Ulloa said in a statemenft published in the MercurygNews . Ulloa was on the bargainin committee that negotiatedwith management.
“Thse committee did the best we couldc do to limit the damage toour members, minimizs the loss of jobs and to try to maintaib the quality of the Mercurh News.” The deal would also permitg management to require up to five furlougg days in 2010, move remaining circulation and financ e jobs to the Bay Area News Group’a shared services center in San Ramon, consolidat e advertising functions in the East Bay and San hire commission-only sales representatives to develop new and win some additional subcontractingf rights, according to the Guild. The contract negotiatione have taken place during grim timea fordaily newspapers.
Several major paperes have folded in recent including the and the print version ofthe , and many majorr metropolitan papers, including the San Francisco Chronicls , , , and face daunting financiao challenges.

AirTran Airways Freshens Inflight Drinks Menu With Fresca(R)

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June 4 /PRNewswire-FirstCall/ -- AirTran Airways, a subsidiarhy of AirTran Holdings, Inc. (NYSE: AAI), todauy announced that it is addinv popularcitrus beverage, Fresca(R), onboard all flights, effectivew today. The calorie free drink will becomer the 21st beverage ofThe Coca-Cola Compan (NYSE: KO) available complimentary to all passengers. "AirTran Airways continues to delight and surprise our customersa with new flavors and typesof beverages," said , vice president of marketing and salesz for AirTran Airways. "Fresca has a loyal fan base amonb Coca-Cola and AirTran customers, and we are pleasedr to provide our customers with theiffavorite refreshment.
" "We appreciate and enjoy the support of Coca-Colza brands onboard AirTran Airways. Boarding Fresca is another example ofAirTra Airways' ongoing support of Coca-Cola brands, and will help grow our successfulp relationship even further," said , Vice President, East FoodService and On-Premise Division. AirTrah Airways has a long history with bothThe Coca-Colqa Company and its Coca-Cola Enterprises, Inc. (NYSE: CCE). The airline was the firsty in the world to boarfdCocaCola Zero(TM), Coca-Cola(R) with Lime, Minute Maid(R) Dasani(R) Water, Vanilla Coke(R) and Blacmk Cherry Vanilla Coke(R).
With the addition of AirTran Airways now offers 21different Coca-Cola productss on its flights, more than any othee airline. These complimentary beveragesd include: Coca-Cola Classic(R), Diet Coke(R), Sprite(R), Sprite Zero(TM), Coke Minute Maid(R) Lemonade, Dasani(R) Cherry Coke(TM), Cherry Coke Zero(TM) and three types of Minuts Maid(R) juices. AirTran Airways serves Coca-Cola products exclusively onboardits flights. AirTran Airways, a subsidiaryh of AirTran Holdings, Inc. AAI) and a Fortune 1000 has been ranked the numbert one low cost carrier in the Airlines Quality Rating study for the pasttwo years.
The airlinwe offers coast-to-coast flights on North America's newest all-Boeint fleet with Business Class and complimentaryh XM Satellite Radio onevery flight. To book a visit . The Coca-Cola Company is the world'w largest beverage company, refreshing consumers with nearly 500 sparkling andstillo brands. Along with Coca-Cola(R), recognized as the world'sa most valuable brand, the Company'sa portfolio includes 12 other billiondollar brands, including Diet Fanta, Sprite, Coca-Cola Zero, vitaminwater, Minute Maid and . Globally, we are the No. 1 provideer of sparkling beverages, juices and juice drinks and ready-to-drin k teas and coffees.
Through the world's larges t beverage distribution system, consumerz in more than 200 countries enjoythe Company'zs beverages at a rate of nearly 1.6 billionh servings a day. With an enduring commitmen t to buildingsustainable communities, our Company is focusedr on initiatives that protect the environment, conserve resourcese and enhance the economic development of the communities wherer we operate. For more information about our please visit our websiteat . Media Contacts: AirTran Airways Christopher WhiteCynthia Tinsley-Douglas 678.254.7442 The Coca-Colaz Company Ray Crockett, APR 404.676.
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P&G moving Iams headquarters to Mason - Business First of Louisville:

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Kris Parlett, spokesman for Proctee and Gamble (NYSE: PG) Pet Care, which includes Iams and said the company and its 240 employees would be movingb in October to the Mason business where other personal healtbh care divisionsof P&G and more than 2,000 employeesa are housed. “It will make it easierr to collaborate andincrease productivity,” Parlett Nobody will be laid of as a resultt of the company’s current headquarters On Poe Avenue closing. all 240 employees will be offered there same positiondsin Mason. P&G acquired Iams in 1999. Sincer then, sales of its Iams and Eukanuba brands have more than according tothe company.
“Our home addresxs is changing but not our commitment to improvinggthe well-being of all dogs and cats,” said Dan Rajczak, vice presidentr of P&G’s pet care business in North America, in a statemen t released Thursday. “If anything, this will help us do an even betted job of connecting with our colleaguew in health care to bring great innovation to pet A company spokesperson confirmed that 250 employeezs atthe Iams-Eukanuba manufacturing and R&D complex in Preble County will not be part of the move. The news of the move came as a surprised to Vandaliaofficials Thursday, who said they had been workinf vigilantly behind the scenes to keep Iams local.
“When P&G purchased Iams, we knew at that point this was a possibilitysome day,” said Rich director of communications for the “But we are surprised today that the announcemengt was made.” Hopkins said Iams was one of the top employersx in Vandalia, though he could not say how much incomde was generated by the The city will have a press conferenc e at 3 p.m. Thursday to further discusw the implications ofthe move.
the community is still pursuingtwo projects, includin an $81 million distribution which would bring 700 jobs and New-York based aerospace companu that could bring 130 “This is bad news for any community,” Hopkins “We have two projects in the pipelinse now that could bring up to 900 employeese to the city, so it’as not all gloom and doom

Pa. Democrats say closing

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Closing the loophole would solver boththe state’s budget problems and loweer the corporate net income tax, Senatse Democrats said. The move to “combined reporting” would requires multistate and multinational firms to combine theie income and expenses for tax and to stop the use of technique s to shift income outside of the state to tax It wouldgenerate $750 milliom over two years, which would be used to ease projected statre budget deficits, Senate Democrats Revenue would also be used to lower the corporatew net income tax from 9.99 the highest flat rate in the to 7.99 percent by 2013-14.
“The best way out of this recessiomn is toprotect jobs, and one way to do that is to creatw a business climate that is fair to smalkl business,” Jay Costa, D-Allegheny, said. “This bill woulxd cut business taxes for those who have paid their fair and require thosethat haven’t to do their part.” David Taylor, executive director of the Pennsylvania Association, said the efforts, if successful, woul d result in a massive tax increase and regulatory nightmarde for the state. “It gives to the statew Department of Revenue the powers of the IRS to try andimposd Pennsylvania’s tax liability on businesses operatinf in other states,” Taylor said.
“Even if your firm is ultimatelyt judged not to owe additional taxes your companh has tremendous outlaysin time, energt and money to hire the lawyers and accountants.” The move by otherf states to combined reportingt triggered lawsuits, making it a choice for the state to rely on to balancw the budget, Taylor said. “Thise is another example of government greec trying to bleed the private Taylor said. “There is no silver bullet, there is no easy way out, the only way Pennsylvaniaw is going to get through this budgeyt crisis without further damaging its competitivenesd is living withinour means.
” Under the Senatee Democrat plan, elimination of the Capital Stock Franchise Tax, due to occure in 2011, would be spread over a three-year periodr — reduced from 1.89 mill to 1.26 mills in fiscal 2011-12, to 0.63 millzs in fiscal 2012-13 and then eliminate the following year. Combined reporting was amonhg the recommendations made by the bipartisahn Pennsylvania Business Tax Reform Commissionin 2004. State Sen. Christinr M. Tartaglione re-introduced legislation again this February to closethe “Delawarew loophole” after not having successful for several yearz in getting it passed.

Bobcats owner to buy distressed assets - Charlotte Business Journal:

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Johnson’s formed a venturde with subsidiary Western Asset Management that has qualified as a fund managef forthe U.S. Treasury Department’s Public-Private Investment Program. RLJ, whic is based in Bethesda, Md., will own 51 percentr of the venture. Legg Mason (NYSE:LM) will own the PPIP is an effort to provide liquidityu to the banking system by encouraging investorss tobuy mortgage-backed securities they With rising default rates on underlying the value of the securitieas has plummeted and a secondary market doesn’t The federal government is earmarking $10 billion to subsidizr the purchases.
Separately, Legg Mason said last month in a filingt with the Securities and Exchange Commissiomn that Western Asset plans to launcha $500 million fund to invesy in “undervalued and distressed assets,” includinbg residential and commercial mortgages, auto loans and credit-card Baltimore-based Legg Mason is an asset-management firm servinvg individual and institutional investors.

Employers' health care costs expected to rise 9 percent - Sacramento Business Journal:

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The 9 percent projected cost increase is slightly lowetr thanthe 9.2 percent increase in 2009 and 9.9 percent increase in 2008, according to Pricewaterhouse Coopers. Despite the slowdown, medical cost increasese continue to outpace inflation andwage increases. One of the reasonzs medical costs continue to climb is that American workers are accelerating use of healtyh care services in anticipation of losing theirjobs and, potentially, theif health insurance, the report suggests.
Rising unemployment, growin numbers of people with littles or no insurance and a growing percentagw of the population on Medicaidc further ramp up medical cost trends the figures actuaries use to set futurre healthinsurance premiums. Coupled with big declinesd in corporate profits, employers surveyex by Pricewaterhouse Coopers said they will push more of the costzs of health insurance to theidr workersin 2010, while expecting workers to take more responsibilitgy for managing their personal health. The national trendas suggest most employers and employees will pay far more than thosse in the purchasing pool run by the CaliforniaPublid Employees’ Retirement System.
The pensioh fund approved an overall 2.9 percent increase in health care premium for membersin 2010, the lowestt rate hike in 14 years.

Businesses navigate new trends in employment law - South Florida Business Journal:

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Enter Mark Neuberger, the society’s attorney at in Miami. He helpefd the nonprofit rewrite itsemployee handbook. In the next few the society will launchnew policies. Not every employee is eligible, but the result could be more open parkingv spaces andhappier employees. “I have this theorh we’re on the cusp of tectonic change in theemploymentt industry,” Neuberger said. “The underlying factors are oil, politics and technology.” Telecommuting is one possibles answer to growing costs and legall challenges facing local employers in the coming as long as policies and company habitzs are adjusted to avoidlegal problems.
Manager and human resources directors in South Florid a are navigating a changing political climate wherre new standards are proposed forunionh elections, illegal immigration, sex harassment, federal leavr requirements and discrimination. The region continues to lead the country inovertime lawsuits, with no letup in No matter who wins November’s presidential election, South Florida attorneyz believe dramatic change will come soon in many areas of employmenr law.
Already, congressional Democrats are crafting the first changes in years to key legislation like the Familyt and MedicalLeave Act, and writing completel new laws like the proposed Employee Free Choicw Act to ease requirements for union elections. The commomn thinking is, if Democrats get more power, more so-caller labor reforms will be pushed for betteror worse. “Politically, you have pent-up demand for change in some areas,” Neuberger said.
“Also, because of oil and the there’s a growing need for And third, technology makes it possible to do things we never in terms of working from home or Neuberger said none of his clients have been hitwith “BlackBerryy overtime” lawsuits, where employees file overtime claimsa for the extra work caused by remote connectivity. Dora Shade, the society’zs HR manager, said the company is please d with thenew policies, but telecommutintg isn’t appropriate for everyone. The which sets standards for has more than 100 employees in Miamioand 53,000 members worldwide. “We did research, put together investigated the legalities,” Shade said.
“Mark’x advice was we needed to providr laptop computers and not allos company information to be put onpersonao computers.” Neuberger also told the society that employeesd are covered under workers’ compensation while working at home but not if they hurt themselves whilee eating lunch in their kitchen. Whether prompte d by BlackBerry usageor not, there’s no end to the crus h of overtime lawsuits being filed in South Florida. Employment attorneyds said they continue to spend a lot of time advising clients on how to avoid and litigatethe claims. “My advice is, even if you classifyh an employeeas exempt, you should still keep detaileed records.
The burden is on the said Antoinette Theodossakos, partner with in West Palm Beach. Theodossakoe cited federal court data showing inmany years, generates at least one-thirrd of the nation’s overtime lawsuits under the Fair Labodr Standards Act. South Florida accounts for a large chunkjof that. In 2006, there were 4,208 overtime lawsuits nationwide, with 1,869 in Florida (44 percent), of whichb 1,217 were in South Florida (29 percent).
The ratio decrease d somewhat in 2007 because the number of lawsuits nationwide grewfastetr – to more than 7,000p – but Florida’s percentage of nationwide suits over the last eight months is back up to 47 Theodossakos said Florida employers are targeted because it is a home to many smaller, seasonall companies with less sophisticated resources. She said there is one cardinalk rule for avoiding lawsuits if a companyu issues BlackBerrysto employees: “Havs a strict policy in place, specificallu for set hours.” Despite the best precautions, employer are sometimes confronted with overtime litigation.
attorneys in West Palm Beacb recently won an overtimwe case for their Delray Plants owners Ed Koorneef and Randolph Morganand Morgan, a Florida firm that has handled many similar hit the company with an overtime suit in 2007 that also soughgt to certify a class. The plaintiff was a non-exemp t laborer, Daniel Saldibar. The big questionj in a jury trialover Saldibar’sz case came down to whether he was an agricultural worker or not under the Fair Labor Standards Act. A jury said he was, and was therefore not subject to overtime In smalleragricultural operations, overtime payment is not alwayxs required for all workers.

Hanger Orthopedic gets credit rating upgrade - Charlotte Business Journal:

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Bethesda-based Hanger Orthopedic announced Monday thatStandarsd & Poor's Rating Services had raised its ratin g on Hanger Orthopedic Group, Inc. to "B+" from raised the issue level ratington Hanger's senior secured debt to from "B+;" and raised the senior unsecuredx debt rating to "B-" from "CCC+." Standard Poor’s outlook for Hanger is “stable.” "W are extremely pleased with the S&P upgrade especially giveh the current economic environment," said Hanger Orthopediv chief financial officer George McHenry.
"Thd upgrade reflects, among other things, our consistent performance over the lastthree years, solid liquidity as well as no significan t near-term debt maturities." In its latest quarter Hanger Orthopedixc (NYSE: HGR) reported that net income increasex 27 percent to $4.5 million as revenue increasecd 7 percent to $169.1

Westar Energy seeks $19.7M rate increase - Business First of Louisville:

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million, or 1.5 percent. In a Tuesday release, the Topeka-base electric utility (NYSE: WR) said it seeks the rate increase to recoveer costs for expenditures in the second phased of its Emporia Energy Center andtwo company-owneed wind farms in Kansas that were undere construction but not in operatiobn when its 2008 rate case concluded. The if approved by the KCC, would mean a $9.7 milliojn increase in the company’s northn region, which includes Olathe and anda $10 million increased in its south region, which includes the Wichita Westar said. A residential customer using 900 kilowatrthours (kWh) in Westar’s north region could expect an increase of abour $1.
43 a month, the company In the south region, a residential customer using 900 kWh coule expect an increase of 71 centsz a month. If approved, the new average residential rate wouldbe 9.33 cent s per kWh for Westar’s north regioj and 9.11 cents per kWh for its south region. The averaged national residential rateis 11.52 cents per kWh, the compang said. The rate review was part of the agreement reacheds by all parties in the 2008 which the KCC approvedin January, Westar “Although electric rates are goinvg up, we managed our natural gas plantf and wind farm construction costs closely, and they came in more than $22 millio under the original cost estimates and the amounts the KCC indicated would be allowed for recovery in rates,” Westar CEO Bill Moord said in the release.
“We continue to work to meet our electricity needs as well as to develop Kansa renewableenergy resources.” Westar is the largest electrifc utility in Kansas, providingy electric service to about 681,000 customers in the It also has abou 6,800 megawatts of electric generation capacity and operates and coordinateas more than 35,000 miless of electric distribution and transmission lines.

Rock and Roll Hall of Fame chooses eclectic group - Tbo.com

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Billboard

Rock and Roll H »

Procter & Gamble buys chi-chi Art of Shaving - Business Courier of Cincinnati:

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Terms of the deal were not disclosed. The Art of Shavinyg also sells shampoos, skin care fragrances and a line ofupscales women’s shaving products. The chain was founded in Manhattanin 1996. P&tG will run Art of Shaving from its headquartera in Miami and operate it as a wholly owned said P&G spokeswoman Kellu Vanasse. It plans to keep all of the chain'sx 36 locations, where most of its 180 employeex work. The acquisition complements P&G’s foothold in the men’es grooming market, accomplished when it acquired Gillettein 2005. The groominh segment generated $1.7 billion of P&G’s $18.4 billionb in sales in its fiscalthird quarter.
But the categoryu was down in the period, by 16 percent (total P&b sales declined 8 percent in the The Art of Shavingexposes P&G to a more upscaled demographic. Where most P&G male grooming products can be foun d on the counters of CVSor Kroger, New York-based Art of Shavinf sells its products in more than 35 of its own as well as at retailers from Nordstrok to Bloomingale’s. Its five-blade razors sell for $150 or and its brushes, for $55. P&G and the Art of in fact, teamed up in 2007 to launchu a series of razors featuring GilletteFusion blades, whicnh are available on the Art of Shaving’s Web site. The Vanasse said, will be on fuelinyg growth.
"We're going to learn a lot abougt operatingretail locations," she said. "Iy broadens our footprint in prestige." P&G's prestigre category has been largely focused on along with some skin care This acquisition willexpose P&f to the upper echelons of male P&G (NYSE: PG) is the world’se largest maker of consumer goods, with a portfoliop of hundreds of brands including Olay, Tide and Swiffer.

Best Buy starts digital media fund - Minneapolis / St. Paul Business Journal:

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Velocity Interactive Group, which is changing its name to Fuse said Thursday that it will run the The venturefirm — which has locationws in Silicon Valley, the Los Angeles India and China — said Best Buy (NYSE: BBY) is the sole limitede partner in the fund, which is meant to complemenft the Richfield, Minn.-based retailer’s present investments in emerging technologies. Financiap terms of the deal aren’tt being disclosed. Overall, Fuse has more than $1.4 billiohn under management.
The fund will focu s on digital media companies that will createthe “next generatiobn of leaders in categories such as video, games and personal media The retailer’s central business has been its big-box electronics But it also hasn’t shied away from getting involved in the interactive media functions that go along with the gizmoxs it sells. Last year, it , which it with a $5-a-montj plan that incorporates streaming andMP3 “Best Buy is … well-positionedf to take advantage of the massiver shifts occurring across the media and commerce landscapes,” said Ross a former News Corp.
interactive media executive who is a managingf partnerat Fuse, in a statement. Best Buy officialsx didn’t immediately respond to requests for The retailer has long buily relationships withventure capitalists, mostly thosew based in Silicon Valley, and has had a smalll staff dedicated to working with investors who can tip them off to productas and services the company might want to sell in its stores. Best Buy used the procesw to build a relationship withSling Media, which make a device that allows consumers to watcgh TV over the Internet. Best Buy also has taken stakesw inprivate companies, including Speakeasy Inc. and Mydeo.
It used Mydeo’a video-hosting Web site to launch Best BuyVidep Sharing, a subscription-based service that allows customers to upload personal videoxs for sharing with family and friends via Web blogs and e-mail messages. Last Best Buy posted job announcements thatreported , including one to invest in earlyg stage companies.

Port strike could be prelude for dockworker talks - The Advocate

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Los Angeles Times

Port strike could be prelude for dockworker talks The Advocate Associated Press photo by NICK UT - Trucks wait to be loaded at the Port of Show caption Associated Press photo by NICK UT - Trucks wait to be loaded at the Port of Los Angeles Wednesday. Work resumed Wednesday at the Los Angeles and Long Beach ... After crippling str ike, port workers win job security for the next four years 89.3 KPCC Port strike was part of bigger fight Los Angeles Times Shipping Strike in Los Angeles Ends New York Times USA TODAY -CNN -Long Beach Press-Telegram  »

Scripted sales calls old fashioned, fail to connect with customers - South Florida Business Journal:

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Geez, I have been saying this for more than 25 andI can’t believe companies stilo use them to sell over the phone. OK, forgegt the companies themselves, let’s blame the managed or the person who is responsible for still tryinvg to do something that every sales traine r on the planet says doesnot Now, before I go on, do not writee or send an e-mail telling me that I am wrongf or being stubborn. Instead, why don’rt you try something new – that is, new to you or your organizatioj – and just do what I will lay out here. Trus me, it has workedc every single time withany organization, big or that I have worked with.
This horror of using scripts came rushing back to me recentlyu while working with a company whose stores are in every big city in the The company is highly regarded for its ethiczs and is a very visible organization that many are familiat with because ofthe company’s longevityh and brand awareness. I was asked to come to the company’zs headquarters and look at its methode of attracting new business through itstelemarketing program, whicuh the company has been using for a couple of years. They said that althoughj the results were OK at sales had becomepretty dismal. It took me just 30 seconds to read the script that the inside salespeopleewere using, and I was sickened.
I talkefd with the company president and said I coulc help the salespeople in justtwo hours, but I needexd him to let me do my job and not to interfer e unless I called him in for his opinion. He but I could sense he was a bit apprehensiv e about the situation andmy request. I workec only with the manager, who was reallh a selling manager because she was on the phonew herself at times trying to pitch in and We went into a and I spent an hour going over why scripts don’t work and why she has been brainwashee to do something that was againstf all the rules of professionalk salesmanship.
She was neither thrilled with me at this poinf nor happy after I tookher eight-page ripped it up and threw it in the We role-played a little using real situations that she mighft have with her husband, children and friends, for The goal was to show her that having a two-sided conversatio n is much more useful than a one-sidecd script. She was really starting to get it, even thoug h she kept wanting to go back to a selling mode by doingb more talking than listening andaskingh questions.
It was so simpld that it was frightening to her that a sellinbg situation can be flexible and not just acanned speech, where she can actually have fun while conversing with a The introduction and questiones I wrote out were basic and easy for her to They were: “Hi, my name is Susan from Client Co., and I would like to ask you two or thred quick questions. It will not take more than 48 secondds – I promise. “Arew you familiar with our company? If yes, what aspects? “Whgy are you not a or why did you leaveour organization?
”

Wells Fargo & Co.: Top giver four years in a row - San Francisco Business Times:

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Not that the 153-year-old banking and financiaol services company mindsbeing No. 1 -- againm -- when it comes to but it'd be willing to step aside withits $12 millionn in record Bay Area donations and let another company be in the top "It's not really a secret, that the more you give and the more good you do, the more you get back -- and all businessexs should realize that, and the success that can come from said San Francisco Bay Regional President Lisa Stevens. "My hope is that othe companies will strive tobeat us." In the meantime, Wellss Fargo contents itself with public kudos, such as 's recognition of excellence in volunteerism.
Employees and customers can also be satisfied working with a companuy in which philanthropy is adaily "It's incredible pride to work for an organizationb that's making our communityg a better place to live and work," Stevense said. "It's great from the reputation standpoinrt forour customers." The secret behind Wells Fargo' winning streak -- four years in a row -- is that it has createde not just an infrastructure for philanthropy, but also a culturew that makes giving monety away easy.
Rather than a corporates programor department, team members at everyu level make the decision on who gets "We definitely have a grassroots approach to giving," Stevensx said. Individual micro-markets -- for instance, Marin, San and Oakland -- run larger proposals by their owncontributions committees, comprisingt of five to a dozem employees who gather monthly to divvy out the bigged grants. The lack of a philanthropic bureaucracy makes Wells Fargp more responsive to itsimmediate communities. "The decisiona are not made by someond sitting in anivory tower," Stevens "The decisions are made by the people.
" Last year, the money was divviexd up into the areas of education (nearlg $4 million), community development, primarilyu in affordable housing ($2.6 million), human services like job training ($2.5 million), and civiv and arts programs ($2.8 million). Criteria depend heavily on what projecta Wells Fargo employees are themselved involved in rather than any strict The company does stay away from certain such aspolitical activities, documentaries or endowments, but the fielfd is otherwise open to individual passions. "You'rre giving as much as you can because you see the Stevens said.
The tota l sum may add up to millions, but Stevenws pointed out that "sometimes the smallest grants are the most Donations may pay for a bus so schoolkids cansee "The Nutcracker" or a 49ers game for the first a computer for a cash-strapped school, a session in financial literacy for a populatiom vulnerable to elder abuse, or sustenancer for a local AIDS group. In-kind donationws and marketing promotions don't get counted towarsd corporate philanthropy.
For instance, one promotio n had Wells Fargo donating a sum of money to a localo school for every new checkingv accountopened -- to a final tune of more than The marketing department also designed and put up billboardsd to publicize San Francisco's anti-truancy And when "Hearts in San the public art project of five-footy fiberglass hearts, was proposed, the bank donated $2 million to jumpstartf the project, which ultimately benefited San Francisco General Hospital Medical Center. That day-to-day involvement, Stevens believes, better underscorex a giveaway culture thanannual "I'm extremely proud of being No.
1, but I'm just as proudx of the human capital that's tied to it," she "I'm very proud of the dollar I'm also proud of the fact that wecover We're not just writing checks."

Milwaukee program wins green jobs grant - Business First of Buffalo:

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The Conference selected nonprofit organizations in their cities to receivew grants from the to supporty and expand training programs for green The Conservation Leadership Corps is a partnership programm operated by the Student ConservationAssociationj (SCA), the Milwaukee Area Workforce Investment Board and JCI). Since the program's inceptionn in Milwaukee in 2006, 156 CLC urban high schoolp student workers have completed morethan 25,000 hours of paid conservatiomn service to Milwaukee public lands and natural areas.
Building on the successfup Milwaukee program, Johnson Controls and SCA have expanded the initiativer to Baltimoreand Detroit, and in 2009 the program is going global in China, the Uniter Kingdom, Germany, India and Mexico. "Milwaukee's Conservatiohn Leadership Corps reflects the bestof public-private partnershipx — a nonprofit, a corporationb and a governmental organization working togethe to support youth development, enhance the environment, support diversitu and provide meaningful paid summer jobs for city of Milwaukee said Milwaukee Mayor Tom Barrett, who was on hand to receivr the award.

Ford sales climb to highest level since July - Kansas City Business Journal:

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But sales were down 24.2 percenty compared with May 2008, when the companty sold 213,238 units. For the first five months of Dearborn, Mich.-based Ford (NYSE: F) sold 620,303 units, compared with 981,150 units during the same period a year a 36.8 percent decline. In a sign that buyers mightg be coming back to the luxury vehicle market, Ford’s Lincoln division reported that it sold 8,566 units in May, a 2.2 perceny increase over May 2008, when it sold 8,365 units. Sale of Ford Explorers, made at the Louisvill e Assembly Plant on FernValleyy Road, declined 34.6 percent, to 5,315t units from 8,122 units a year ago.
Sales of the Mercurgy Mountaineer, also made at Louisville Assembly, dropped 45.2 percent, to 402 from 734 unitws a year earlier. Sales of F-Seried pickup trucks, including Super Duty trucks made at the Kentucky Truckk Plant onChamberlain Lane, dropped 22.3 percent, to 33,381 units, from 42,9723 units in May 2008. Sales of Ford Expedition SUVs, whichg began production at Kentucku Truck Plantin April, declined 40 to 3,150 units from 5,25w2 units a year earlier. Sales of the Lincoln also made at KentuckyTruck Plant, droppe d 40.6 percent, to 790 unitd from 1,329 units a year Ford saw year-over-year gains in some of its car The company sold 19,786 Fusion sedans in May, up 9.
4 percentr from the year-earlier period when it sold 18,088 Lincoln sold 1,553 Town Cars in May, up 103.3 percenft from May 2008, when it sold 764 of the luxurty vehicles. Ford’s Volvo divisionj sold 590 of itsS60 models, up 9 percen t from May 2008, when it sold 542 units. Also Ford announced a summer promotion to draw more consumers to ThroughJune 30, the automaker will cove as much as three months of paymentsx up to $2,100, and its Ford Credit subsidiary will offer zero percen financing on select Ford, Lincoln and Mercury