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He Will Walk 500 Miles And More For Charity

Thursday, August 5th, 2010

A twelve-year old boy who chooses philanthropy over video games makes an epic impact in the world of charity.

  • Twelve-year old Zachary L. Bonner intends to walk from his home in Tampa, Florida all the way to the Pacific Ocean to raise money for his charity The Little Red Wagon Foundation.
  • Bonner founded The Little Red Wagon Foundation when he was only six years old. It raises money for homeless children across the United States, providing them with school supplies, food, clothing and toys.
  • Zachary tries to cover at least twenty miles a day and has already walked 1,950 miles. He is accompanied by his mother and friend and followed by 1,600 people via Twitter.

Facts & Figures

  • This year, Zachary raised $120,000 dollars for The Little Red Wagon Foundation.
  • Elton John pledged $50,000 to The Little Red Wagon Foundation if Zachary makes it to Los Angeles.

Best Quote

“He’s just like every other kid, except he likes to do community service work for some odd reason. He likes doing it. It’s weird.” – Laurie Bonner, Mother, Zachary Bonner.

A New CEO, New Plan For BP

Thursday, August 5th, 2010

With Robert Dudley as BP’s new CEO, the company plans a much needed face-lift.

  • BP’s CEO has just been replaced (from Tony Hayward to Robert Dudley).
  • BP plans to pay $32.2 billion for the oil spill but may face later fines if found negligent over the spill.
  • Looking forward, BP promises to be more focused on safety and reliability.
  • Dudley encourages the entire global oil and gas industry to rethink its safety systems and equipment used in deep water.

Facts & Figures

  • The oil spill wiped out almost 40% of BP’s market value.
  • BP reported a 2nd quarter loss of $17.12 billion.
  • BP is assuming that it won’t be found guilty of gross negligence.

Best Quote

“Mr. Dudley is not a new broom. As an insider, one wonders if he has the appetite to push for radical change at BP.” -Ivor Pether, Fund Manager, Royal London Asset Management

Foreign-Currency Debt Hits Hard In Central Europe

Thursday, August 5th, 2010

In Europe’s tight quarters, borrowing from your neighbor across the border could lead you down a bumpy road.

  • Central European households and small businesses are struggling under the weight of foreign-currency debts.
  • The fluctuation in interest rates and currency values associated with foreign-currency lending has put many into debt, resulting in stalled economies as people try to pay off loans.
  • Governments are scrambling to implement preventative regulations, including legislation to ban foreign-currency mortgage loans and a government buyout fund that would allow borrowers to convert their foreign loans to their native currency.

Facts & Figures

  • In Hungary, nearly 70% of the country’s total household debt was borrowed in foreign currency.
  • In the Baltic states 70-90% of household borrowing is in foreign currency.

Best Quote

“Hungary is close to its non-performing loan peak.” – Sandor Csanyi, Chief Executive, OTP

Nike Pays Up After Closing Honduran Factories

Wednesday, August 4th, 2010

A big corporation actually responds positively to student pressure.

  • Nike will pay $1.54 million to 1,800 workers in Honduras who lost their jobs after Nike closed two Honduran factories.
  • The workers compensation was a response to pressure from several universities and the nationwide group, United States Against Sweatshops who pegged Nike for failing to pay a $2 million severance package owed under Honduran law.
  • The University of Wisconsin discontinued its licensing agreement with Nike because of the dispute and Cornell threatened to do the same, forcing an image-conscious Nike into action.

Best Quote

“This may be a watershed moment. Up until now, major apparel brands have steadfastly refused to take any direct financial responsibility for the obligations to the workers in their contractors’ factories. Now the most high-profile sports apparel firm has done just that.” – Scott Nova, Executive Director, Worker Rights Consortium.

Ford Gives The U.S. Hope

Wednesday, August 4th, 2010

Ford reports an exceptionally strong first half of 2010 and causes optimism for the U.S. auto industry.

  • Ford’s second-quarter earnings were much stronger than expected and the company is on track for “solid profits” in 2010.
  • Ford plans to discontinue its Mercury brand and sell Volvo to China’s Geely in the 3rd quarter because it wants to focus on mass marketing Ford and Lincoln brands.
  • Ford was the only large U.S. automaker to avoid bankruptcy in 2009, and is therefore in greater debt than GM and Chrysler.
  • Ford paid back 7 billion dollars of debt in the 2nd quarter (now $27.3 billion in debt) and plans to continue debt reduction.

Facts & Figures

  • Second-quarter net profits were $2.6 billion, compared to $2.26 one year ago.
  • Ford revenue increased by $4.5 billion to $31.3 billion.
  • This is the 4th consecutive quarter that Ford has reported profits.

Best Quote

“We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions.” -Alan Mulally, Ford Motor Co., Chief Executive

Cool Electronics Move Ahead Of Clothes And Appliances

Wednesday, August 4th, 2010

Second-quarter reports indicate that Americans have changed their spending priorities from appliances to new and improved electronics.

  • Rather than purchasing appliances and clothing, Americans now tend to put their money toward new electronics and in their savings.
  • Electronics are constantly evolving to become newer, cooler and better–causing an incentive to buy the latest items.
  • Some clothing retailers, such as American Eagle Outfitters and Macy’s, are giving consumers electronic incentives to buy apparel (like giving away smartphones).

Facts & Figures

  • Sales of televisions, computers, video and telephone equipment grew 1.8% in the first six months of 2010.
  • Spending on appliances decreased 3.6% and spending on furniture decreased 11%.
  • The U.S. savings rate increased to 6.4% from May to June.
  • In the first 6 months of 2010, Americans spent $534 billion on durable goods, up 5.9% from last year.

Best Quote

“But who needs to buy more ties? I mean, come on, I have a great computer.” -Spence Witten, 27-year-old consumer

Audi Is Catching Up To BMW And Mercedes

Tuesday, August 3rd, 2010

Audi sales continue to exceed expectations as it plans to emerge as a luxury car leader.

  • Thanks to very strong car sales, Audi’s second-quarter earnings were “very significant” when compared to those of 2009.
  • Sales of new Audi’s reached a record high in 2008 when more than 1 million cars were sold.
  • Demand for luxury cars declined when the economy fell, but has since recovered faster than expected.
  • Audi plans to reach 1.5 million cars sold in 2015, but now thinks it will do so much earlier.
  • New models, the small A1 and luxury coupe A7, have just been released.

Facts & Figures

  • In the first half of 2010, Audi’s car sales jumped 19% to 554,950.
  • Audi is owned by Volkswagen.
  • Audi plans to sell about 200,000 A7 cars over the course of 7 years.

Best Quote

“We will exceed the 1 million [car sales] significantly this year.” -Rupert Stadler, Audi, Chief Executive

The Housing Market Is Still Stalling

Tuesday, August 3rd, 2010

Homes aren’t selling and construction on new homes is slowing.

  • The stalling housing market can be attributed to global economic turmoil, falling stock prices, and slow labor markets.
  • Signed contracts in May and June have fallen dramatically.
  • Despite low mortgage rates, tighter lending standards are preventing buyers from getting a loan and purchasing a new home.
  • The two major issues in the job market are that there are too many homes and not enough demand.

Facts & Figures

  • An unprecedented number of homeowners owe more than their homes are worth.
  • Demand for mortgages is at a 14 year low.
  • Last week, the average rate on a 30-year fixed-rate mortgage was 4.57%, which is the lowest its been since 1971.

Best Quote

“The sellers think the market’s coming back. They’ve tacked on an extra 5 to 10 to 15%. The buyers aren’t going for it. It’s going to feel like a double-dip because sellers are going to have to lower their prices” – Jim Klinge, a real-estate agent in Carlsbad, California

New Health Care Law Shifts Funds Toward Younger Patients

Friday, July 30th, 2010

Costs from the health care overhaul are largely being covered by cuts to health care programs for the elderly.

  • Although the new health care law provides coverage for the uninsured, it will also result in cuts to Medicare. This marks a change in the state of affairs in this country: we are accustomed to a system in which the young support the old.
  • The elderly won’t lose any benefits that the law guarantees them, but many Medicare programs are hybrids of public and private insurers, and these will be adversely affected.
  • The change has some seniors worried about a decrease in their quality of life, even as the previously-uninsured are looking forward to an increase in theirs.

Facts & Figures

  • Medicare Advantage, a combination of public and private insurance for the elderly, currently supports 11.3 million people. Cuts to these plans will pay for 15% of the health care bill’s costs.
  • The bill will cost $938 billion over ten years. $455 billion of that money will come from cuts to Medicare and two other federal programs.
  • Medicare Advantage customers will have their benefits reduced by an average of $68 per month by 2019, the Congressional Budget Office says.

Best Quote

“I’m sure that some of those additional benefits have been nice. But I think what we have to look at here is what’s fair and what’s important for the strength of the Medicare program long term.” – Nancy-Ann DeParle, White House Office of Health Reform

MBA’s Get Schooled In Philanthropy

Friday, July 30th, 2010

Business schools are balancing their curricula by not only teaching students to make tons of money – but also how to give it away

  • Business schools have begun to integrate courses on practicing philanthropy into their curricula.
  • Students are taught the historical and technical aspects of philanthropy. They visit non-profits, track the influence of donations and trace the relationship between philanthropy and public policy.
  • The training aims to expand knowledge of philanthropy beyond grant writers and those who wish to work for NGO’s to people entering all areas of business.

Facts & Figures

  • More than 100 college and business schools in the U.S. offer courses on philanthropy.

Best Quote

“At some point in their lives, most of these students will either be a corporate donor or an individual donor and my class teaches them how to do philanthropy effectively. Most general MBAs that I’ve taught marvel that there is this world out there that they never thought existed, and they are surprised by how hard it is to give away money.” – Kristen McCormack, Professor, Boston University School of Management

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