Simplified Biz

Bank of America Online: Offers Lower Rates on Processing Credit Cards

The Bank of America Online offers lower rates on processing credit cards as part of its attempt to help small merchants during the global financial crisis. The press release of bank of America Online can be read below. Bank of America Online also offers security features like SiteKey and SafePass, and how they help protect you when you transact online.

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Posted in International Business | 2 Comments »

Starbucks Stores Closing in 2009

Just like Macy’s which closed stores earlier this year, Starbucks closes some stores in 2009. These big companies are really being hit by the global financial crisis. Reports also indicate that some 7,000 employees might lose their jobs at Starbucks. The Associated Press has previously reported this and I would like to repost below the write-up about the plan of Starbucks to close some of its stores this 2009.

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Forex: Currency Futures in Forex

Currency futures are exchange traded contracts to buy or sell a specific currency at a future date for at a pre-set price determined by the market. Unlike forex “spot” transactions which are short term contracts conducted through the inter-bank system, currency futures are longer term contracts executed primarily on the Chicago Mercantile Exchange (CME).

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Forex: What a Forex Broker Does

Foreign exchange (forex) trading is an attempt to make money from the relative movements of different world currencies. For instance, today one US dollar (USD) may purchase 0.7095 Euro dollars (Euros). Tomorrow, one USD is likely to buy a different amount of Euros. The change will likely be very small, but over the period of a week, the change may be significant. A week later, for example, one USD may buy 0.6995 Euros.

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Forex: Forex Trading Startup

Forex trading is the strategy of engaging in transactions that make it possible to purchase the currency issued by one nation while selling currency issued by a different country. This foreign exchange or Forex trade is usually conducted in hopes of increasing the value of the investment over time and thus enhancing the overall value of the investment portfolio. Investing by means of a Forex trade shares some characteristics with other types of trading activity, but also has a few factors that are unique to the Forex market.

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Forex: Definition of Forex

Forex, which is an abbreviation for the phrase “foreign exchange,” has to do with the accurate and timely calculation of the rate of exchange between any two national currencies. Forex impacts the lives of a number of persons daily. Here are a few examples of how forex works in various scenarios.

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Circuit City Bankrupt, Requests Auction Sale on Products

In 2008, reports stated that Circuit City is losing billions of dollars in revenue. This triggered Circuit City to close down. Recession in the US really took its toll even on big companies.

In addition,

Circuit City said in a statement it may be forced to liquidate if it can’t find a buyer by the end of next week. The retailer asked a judge to approve a Jan. 13 auction, according to court papers filed Jan. 5 and unsealed today in U.S. Bankruptcy Court in Richmond, Virginia, where it is based.

“The company is engaged in significant discussions, meetings and negotiations with two highly motivated and interested parties concerning the terms of a going concern transaction,” according to the statement today, which didn’t identify the potential buyers.

Circuit City sought Chapter 11 protection on Nov. 10 after suppliers concerned about declining sales at almost 1,500 U.S. and Canadian stores cut off credit and demanded cash up-front for shipments. The retailer, which made less money than it expected from selling stores in bankruptcy, is asking for an expedited process to organize the auction, according to court documents.

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11 Macy’s Stores Closing in 2009

Macy’s Stores closing this 2009 are listed below. This incident, Macy’s Stores closing is a very sad news. It will affect more than 900 employees of Macy’s Stores. Closing these stores could be that families of these individuals will be indirectly affected.

Here are the Macy’s Stores closing this 2009:

The Citadel, Colorado Springs, Colo. (195,000 square feet; 105 employees; opened in 1984)

Ernst & Young Plaza (Citicorp Plaza), Los Angeles (135,000 square feet; 136 employees; opened in 1986)

Westminster Mall, Westminster, Colo. (156,000 square feet; 110 employees; opened in 1986)

Palm Beach Mall, West Palm Beach, Fla. (190,000 square feet; 71 employees; opened in 1979)

Mauna Lani Bay Hotel, Island of Hawaii (3,000 square feet; 3 employees; opened in 1983)

Lafayette Square, Indianapolis (160,000 square feet; 84 employees; opened in 1974)

Brookdale Center, Brooklyn Center, Minn. (195,000 square feet; 72 employees; opened in 1966)

Crestwood Mall, St. Louis (166,000 square feet; 176 employees; opened in 1969)

Natrona Heights Plaza, Natrona Heights, Pa. (73,000 square feet; 124 employees; opened in 1956)

Century III Furniture and Clearance, West Mifflin, Pa. (83,000 square feet; 3 employees; opened in 2000)

Bellevue Center, Nashville, Tenn. (211,000 square feet; 76 employees; opened in 1990).

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Nintendo and Sony PS3: Sales of Video Games Lower for 2008

Japan’s video games sales allegedly suffered in 2008 partly due to the launching of new game consoles like Nintendo Dsi and Sony PlayStation 3 (Sony PS3) which updated its firmware to version 2.52 a few months ago. A more detailed report on the lower sales of video games in Japan can be read below:

TOKYO (AFP) - Japan’s video game market shrank for the first time in four years in 2008 in the absence of new console launches, a report said Tuesday.

Sales of video games and consoles in Japan dropped 15.3 percent last year compared with 2007 to 582.6 billion yen (6.26 billion dollars), according to magazine publisher Enterbrain, which tracks the sales.

The decline was largely due to a dearth of new console launches last year, in contrast to a sales boost in 2007 from the launch of Sony’s PlayStation 3 and Nintendo’s Wii in December of the previous year.

In 2008, Nintendo sold 2.91 million Wii consoles in Japan, easily trumping Sony which sold 991,000 PS3s, Enterbrain said.

Nintendo has enjoyed strong demand for the Wii, which is aimed at people who would not traditionally play video games and has an innovative motion-sensing controller.

Nintendo also enjoyed sales of 4.03 million DS handheld consoles in its home market last year, while Sony sold 3.54 million PlayStation Portables, it added.

Microsoft logged sales of just 318,000 Xbox 360s last year in Japan, where the US software giant has had a tough time winning over gamers.

Console makers are hoping the industry will prove relatively recession-proof as financially squeezed people spend more time at home with their consoles.

But video game software sales dropped 7.9 percent in 2008, despite brisk demand for certain titles including the “Wii Fit” exercise programme.

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Selling Firecrackers Could be a Good But Risky Business

New Years in the Philippines have always been celebrated with great fireworks display nationwide. As such, selling firecrackers has become a lucrative business for manufacturers. It has also become a good small business in the Philippines (because it is seasonal and sellers are aggressive during the Holdiay Season).

On the other hand, the Philippine government has enacted a law in 1992 (RA 7183) which aims to regulate the sale, manufacture, distribution and use of firecrackers knowing how dangerous it is to use such devices in the celebration of New Year.

According to the Law,

In furtherance of public safety, order and national security, as well as the enhancement of cultural traditions, R.A. 7183 was enacted in 1992 regulating the manufacture, sale, distribution and use of firecrackers and other pyrotechnic devices.

The Department of Health (DOH) currently promotes FOURmula Kontra Paputok through the cooperation of other national government agencies, local government units and civil society. The program aims to increase public awareness of the dangers of firecrackers and to prevent injuries from the handling, use and enjoyment of firecrackers and fireworks.

The DOH’s yearly advocacy campaigns have resulted in a decrease of the incidence of fireworks-and firecrackers-related injuries. Total injuries reported from December 21, 2007 to January 5, 2008 were 869 of which 98% were fireworks-related injuries. This is 18% lower compared to the average for the past 3 years and 33% lower than the 2006 figure.

Despite the Philippine government’s efforts to control the manufacture, distribution and sale of firecrackers, Filipinos still patronize firecrackers claiming that it has already become part of Filipino culture (use of firecracker).

Having said that, economic indicators also suggest that selling firecrackers is indeed a profitable business in the Philippines.

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