My finance view

70

Percentage of white-collar U.S. workers who say they feel "inundated with information" at their workplace, according to a survey conducted by LexisNexis; it is available at www.lexisnexis.com/literature/pdf/workplace_productivity_survey_results

41

Percentage who say they feel they are headed for an information "breaking point"
68

Percentage who say they wish they could spend less time organizing information and more time using what information comes their way

85

Percentage who say not being able to access the right information at the right time is a "huge time-waster"

Source

GlaxoSmithKline Plc (GSK.L: Quote, Profile, Research) is seeking acquisitions to boost its consumer health business, which the group’s divisional head hopes can achieve at least 10 percent sales growth in the long term.

John Clarke, president of Consumer Healthcare at Europe’s biggest drugmaker, said acquisitions were integral to his growth strategy, alongside product innovation and switching more drugs to over-the-counter (OTC) use.

“You could expect this industry to continue to consolidate. We’ll see more acquisitions come up, I’ve no doubt,” he said in an interview on Friday.

“If you can acquire a brand and put a strong pipeline behind it and globalize it, that is a very good way of getting economic leverage.”

With a range of products from cold remedies to toothpaste to nutritional drinks, Consumer Healthcare has sometimes been touted as a spin-off candidate for Glaxo.

But incoming Chief Executive Andrew Witty, who takes over in May, ruled out a sale of the unit last month and the company is increasingly looking to the division’s steady cash flow to offset a slowdown in its main prescription drug business.

The wider Glaxo group has been hit hard in the past year by generic competition to medicines, product delays and a safety scare over its second biggest drug, Avandia for diabetes.

By contrast, Consumer Healthcare is a bright spot, with sales growing 11 percent last year to 3.48 billion pounds ($6.95 billion), despite a weak dollar fast cash loans. Pharmaceuticals, which sold 19.2 billion, fell 4 percent. 

Read more

NEW YORK — Most stocks rose for a third day Tuesday as a rally in commodities helped the market overcome weakening consumer confidence and a record decline in house prices.

Monsanto Co. rallied the most in seven years after boosting its earnings forecast.

Freeport-McMoRan Copper & Gold Inc., Newmont Mining Corp. and Alcoa Inc. carried the Standard & Poor’s 500 index to its first three-day advance in a month. The Dow Jones industrial average, which swung between gains and losses at least 40 times, ended lower.

The S&P 500 added 3.11 points, or 0.2 percent, to 1,352.99. The Dow lost 16.04, or 0.1 percent, to 12,532.6. The Nasdaq composite index rose 14.30, or 0.6 percent, to 2,341.05.
The S&P/Case-Shiller house-price index decreased 10.7 percent in January from a year earlier. The gauge has fallen for 13 straight months.

Monsanto posted the steepest gain in the S&P 500, adding $10.28, or 9.9 percent, to $114.54. The company raised its full-year earnings forecast to $3.15 to $3.25 a share.

Mining companies gained as a drop in the dollar pushed gold higher and silver, copper and aluminum also rose. Freeport-McMoRan climbed $3.65 to $92.41. Newmont Mining added $1.36 to $46.82. Alcoa Inc. rose 70 cents to $35.74 for the biggest gain in the Dow average.

BJ Services Co. gained $1.70, or 6.9 percent, to $26.43. Chesapeake Energy Corp. added $1.39, or 3.1 percent, to $46.40.

General Growth Properties Inc. rose $2.74, or 7.2 percent, to $41 for the second-biggest gain in the S&P 500 http://us-no-fax-payday-loans.com. The second-largest U.S. owner of malls plans to raise $821.9 million by selling stock to help pay debt.

Yahoo Inc. climbed $1.21 to $28.73. The stock was upgraded to "buy" from "hold" at Citigroup.

Qualcomm Inc. added 91 cents to $40.80.

Bank of America, the second-biggest U.S. bank by assets, fell $1.48, or 3.5 percent, to $40.97 for the biggest drop in the Dow average.

Lehman Brothers Holdings Inc., the biggest underwriter of U.S. mortgage bonds, tumbled $1.43 to $45.21 after analysts at Fox-Pitt Kelton Cochran Caronia Waller reduced profit estimates.

Home Depot, the largest home-improvement retailer, slid 50 cents to $28.76. Lowe’s, its smaller rival, lost 61 cents to $23.68.

House prices in 20 U.S. metropolitan areas fell in January by the most on record, a sign the housing recession is deepening, a private survey showed.

MGIC Investment Corp. fell the most in the S&P 500, sliding $1.05, or 7.9 percent, to a 15-year low of $12.25.

Clear Channel Communications slumped $1.89, or 5.5 percent, to $32.56. A planned private equity buyout of the largest U.S. radio broadcaster, announced in November 2006, is close to falling apart, The Wall Street Journal reported.

Source

There were chains and padlocks on most of the doors of the America’s Center Monday, and security guards at the one that was still open. There was the prospect of pickets under the marquee on Washington Avenue and of a work stoppage by all union labor at the convention center.

This, it would seem, is not the image of St. Louis that anyone wants visiting conventioneers to take away when they come to the Gateway City.

Yet it is what loomed Monday, when the St. Louis Convention and Visitors Commission tossed out three of its America’s Center unions in the latest twist of a long-simmering labor dispute.

The CVC and the unions — which represent audiovisual workers at the center — have been negotiating for 16 months over new work rules. The CVC says the new policies would cut costs and improve customer service, boosting America’s Center’s odds of landing major conventions. But the labor groups say they’re union-busting, plain and simple, and have fought hard against many of the proposals.

For months, the talks have been on-and-off, but they stalled again last week when a meeting with a third-party mediator when nowhere, both sides said.

This time, the CVC decided it had had enough, said president Kathleen "Kitty" Ratcliffe, and board members voted to enact a new agreement without the unions’ approval. So until they reach a deal, there’ll be no union AV workers in America’s Center.

"We would have preferred it not get to this point," Ratcliffe said. "But we feel like we had no other choice."

Officials from the three unions had no comment Monday. One said they were planning a response.

The move affects about 100 people, though the work varies depending on the size of a convention, from three unions: the International Alliance of Theatrical Stage Employees, Locals 6 and 143, and the International Brotherhood of Electrical Workers Local 1. They install equipment and wiring, build stages, run projectors and perform other tasks for the dozens of events that pass through America’s Center each year, typically through labor brokers that conventions must hire.

The CVC wants to cut out those brokers, employ the AV techs directly, and end some practices it says that drive up the cost of labor online payday advance.

How the unions respond may hinge on how many other unions support them.

America’s Center has deals in place with three other labor groups — locals from the Teamsters, Carpenters and Decorators and Displaymen — and if they walk out, too, it could prove difficult to hold a convention here, said Dan McKay, president of the International Brotherhood of Teamsters Local 600.

"I’m just wondering where they think they’ll get the people," McKay said. "My people are not going to cross picket lines."

But Terry Nelson, executive secretary of the St. Louis Carpenters District Council, said he has a "great relationship" with the CVC, and has 12 members working there full-time. They won’t walk, he said. As for larger jobs, well, he’s hoping it doesn’t get that far.

"Hopefully, this gets resolved before I get sucked into it," Nelson said.

Most shows are booked years in advance, so the dispute likely won’t affect convention business in the short term, said Jack Cancila, who heads the Hospitality and Food Service Management Program at St. Louis University. But if convention-goers feel uncomfortable crossing a picket line, or AV technology doesn’t work, it could hurt the city’s image for a long time to come.

"If word gets back that we’re a mess and we have labor strife, that definitely would not be a good long-term thing," Cancila said. "It may cause problems now that we may not see for years down the road."

The next big meeting at America’s Center starts Monday, when 1,500 members of the Parents as Teachers National Center come to town. By then, Ratcliffe said, the padlocks will be off the doors.

Whether there are AV techs picketing outside remains to be seen.

tlogan@post-dispatch.com | 314-340-8291

Source

Goldman Sachs Group Inc’s and Lehman Brothers Holdings Inc’s credit rating outlooks were cut on Friday by Standard & Poor’s, which said volatile markets could result in lower profit and revenue.

S&P revised its outlook to “negative” from “stable” on Goldman’s “AA-minus” and Lehman’s “A-plus” long-term credit ratings, suggesting a possible downgrade in one to two years.

The ratings are S&P’s fourth- and fifth-highest investment grades, respectively. Lower credit ratings can result in higher borrowing costs.

Goldman is the largest Wall Street investment bank by market value, and Lehman is the fourth-largest. Goldman did not immediately return calls seeking comment. Lehman spokeswoman Kerrie Cohen declined to comment.

Banks have suffered from lower earnings and share prices as the housing crisis, a slowing economy and worries about credit quality led investors to stop buying a wide range of riskier securities fast cash advance. This has cut into revenue from trading, arranging debt offerings, and advising on mergers.

Several banks have also been cutting jobs, and Bear Stearns Cos agreed last Sunday to a $2-per-share buyout by JPMorgan Chase & Co after a cash crisis.

S&P still has a negative outlook on Merrill Lynch & Co’s “A-plus” credit rating, and expects to decide within 30 days whether to downgrade Morgan Stanley’s “AA-minus” rating. The credit rating agency said net revenue in the industry may decline 20 percent to 30 percent this year.

“Market volatility and the possibility of further weakening of economic activity may result in a more substantial fall in revenues,” possibly resulting in one-notch downgrades, said Paul Coughlin, S&P’s head of corporate and government ratings, on a conference call.  

Read more

Overseas stock markets were mixed and U.S. index futures pointed to a weak opening Wednesday, taking back some of the gains in Tuesday's rally inspired by the Federal Reserve's deep interest rate cut.

The U.S. dollar resumed sinking, and oil and gold prices pulled back, with bullion receding below US$1,000 an ounce.

The Canadian dollar opened at 100.67 cents US, off 0.01 cent from the previous close after rising 0.61 cent Tuesday.

The U.S. dollar was at 98.63 Japanese yen, after hitting a 12-year low of 95.77 yen on Tuesday.

The major Asian stock indexes closed higher after Wall Street's exuberant pop following the American central bank's decision to cut the cost of short-term money by three-quarters of a percentage point.

But European bourses were lower as traders took a sober second look at the ongoing challenges facing the American – and the world – economy.

The Dow Jones industrial average gained 420 points Tuesday and Toronto's S&P/TSX composite rose 1841/2 points thanks to the Fed's action and relief at better-than-expected results from investment banks Lehman Brothers and Goldman Sachs.

Morgan Stanley continued that trend Wednesday, reporting first-quarter earnings of $1.55 billion or $1.45 per share, down from $2.67 billion a year ago but handily beating analyst expectations of $1.03 per share.

This bolstered hopes that the malaise that took down Bear Stearns last weekend was a one-time event http://easy-quick-payday-loans.com. In what was regarded as another optimistic sign, credit card operator Visa Inc. completed the biggest initial public offering in American history late Tuesday, issuing 406 million shares at $44 each to raise $17.9 billion.

Crude oil was down $1.65 at US$107.77 early Wednesday on the New York Mercantile Exchange, while gold fell $14.40 to $989.90.

In Canadian corporate news, Denison Mines Corp. (TSX: DML) swung to a profit of US$23.5 million in the fourth quarter, up from a loss of $2.4 million, as revenue rose to $36.8 million from $8.3 million.

Mega Brands Inc. (TSX: MB) said it will take a charge of $30 million in the fourth quarter largely related to recent toy recalls, the latest of which was announced this week.

The Brick Group Income Fund (TSX: BRK.UN) had its best-ever fourth-quarter net earnings of $22.6 million, up 54.5 per cent over the furniture retailer's holiday quarter of 2006.

On overseas equity markets, Japan's Nikkei average followed Wall Street higher, gaining 2.5 per cent, while Hong Kong's Hang Seng index rose 2.3 per cent.

But the FTSE 100 was down almost one per cent near midday in London, while Germany's DAX lost 0.7 per cent and the Paris CAC-40 declined 0.6 per cent.

Source

The government put forward a former top finance ministry official on Tuesday as its second candidate to run the Bank of Japan, but opposition lawmakers warned he was likely to be vetoed, just like the first nominee.

Koji Tanami, head of a state-funded lending agency, the Japan Bank for International Cooperation, was named by the government to head the central bank in a document obtained by Reuters.

The name surprised analysts, who had not seen Tanami as a potential candidate to end a stalemate between the ruling and opposition parties, just a day before current governor Toshihiko Fukui is due to retire.

Analysts and the government say the Bank of Japan must not have a leadership vacuum at a time when major central banks are working together to combat a global credit crisis and calm turbulent markets.

But it looked unlikely that Tanami, 68, would be accepted by opposition lawmakers who can veto his appointment through their control of parliament’s upper house http://fcrwizard.com.

Tanami held the same rank at the finance ministry as Toshiro Muto, the current deputy BOJ governor who was blocked in parliament last week when nominated for governor.

Muto was rejected as too close to the government by lawmakers who voiced concern about safeguarding the independence of the central bank, and a senior lawmaker in the main opposition Democratic Party, Kenji Yamaoka, said there was almost no chance the party would accept Tanami.

“Personally, I think it is almost impossible,” Yamaoka said, adding that his party would decide its stance by the end of the day. 

Read more

Salespeople in our company are paid 100 percent on commission, with no vacation, holidays or sick leave. Now, the owner has announced that he is slashing our commission rate.

He also is planning to pay us almost nothing for serving established customers, because he wants to focus on getting new business. So there is no incentive to spend time on existing accounts.

The owner says this is necessary because the company is losing money. However, he hasn’t cut the pay of any other employees, including himself. And he hasn’t tried to reduce expenses.

Our morale is in the gutter, and we have lost all respect for this guy. He obviously can do whatever he wants, but why would he do this?
Business owners often fail to grasp the complexities of compensation. They make ill-considered pay decisions, then are blindsided by unintended consequences.

In this case, your shortsighted boss has crafted a plan that simultaneously alienates the sales force and reduces service to loyal customers get a free credit report. Not exactly a recipe for success.

He either doesn’t realize or doesn’t care that experienced salespeople may decide to leave. And he has succumbed to the common emotional pitfall of valuing new customers more highly than existing ones.

Changing his mind may be impossible. But if you want to give it a shot, prepare a factual business case describing how this plan could hurt the company. Propose an alternative that addresses his goals and your concerns. Then select someone he trusts to present this information.

You might also suggest consulting with an expert in sales compensation. A professional may help your owner see the light before his customers and employees start to defect to your competition.

I recently hired an administrative assistant who makes a lot of mistakes. Two months ago, I told her this was unacceptable and that she must be more vigi