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.

Read on… (more…)

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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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Japan’s Economy Suffering From World Financial Crisis

Associated Press reported that Japan, one of the few countries with the most stable economy, is suffering from economic difficulties at present. Thanks to the world financial crisis.

TOKYO – Japan’s contracting economy got more bad news Friday when figures showed that industrial production plunged by its biggest margin ever in November, the jobless rate jumped and household spending fell.

Output at the nation’s vital manufacturers fell 8.1 percent from October, the largest drop since Tokyo began measuring such data in 1953, as Japan’s automakers and others slashed output to cope with slowing global demand. The decline was worse than analysts’ forecasts, and a survey predicted a similar 8 percent decline in December.

“Exports and industrial production are falling so extraordinarily quickly that it almost defies analysis,” said Richard Jerram, chief economist at Macquarie Securities in Tokyo.

The monthly drop in factory production is nearly double the previous record fall of 4.3 percent in January 2001, according to the Ministry of Economy, Trade and Industry. Earlier this week, trade data showed that Japanese exports plunged a record 26.7 percent in November.

Many companies, including big names like Toyota Motor Corp. and Sony Corp., have announced plans to cut production and workers. The yen’s recent strength against the dollar and euro has also dealt a huge blow to this export-oriented economy — the world’s second-largest — by eroding overseas earnings.

The job cuts are already being reflected in a higher unemployment rate, which rose to 3.9 percent in November from 3.7 percent in October, the Ministry of Health, Labor and Welfare said. The figure does not include those who have given up looking for work and exited the labor market entirely.

The ministry said 2.56 million people were unemployed in Japan in November, an increase of 100,000 from a year earlier.

Here in the Philippines, the economic situation is worse. I will udpate this site with more local business news in the Philippines in the near future.

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Credit Card Crisis in the US: Survival Tips

Forbes stated in a report that “While the economy tumbles and the government rushes to help stop the housing crisis, another danger is lurking – in your wallet.”

Credit cards, according to Forbes, “are shaping up to be the next chapter in the financial meltdown, promising to stymie consumer spending, drag on the economy and force a whole new wave of financial difficulty on Americans.”

To help yourself from getting into credit card problems, it was advised by experts like Liz Moyer that you do the following:

• To combat the risks, major lenders like Bank of America (nyse: BAC – news – people ), Citigroup (nyse: C – news – people ) and American Express (nyse: AXP – news – people ) are raising rates on existing balances and slashing credit lines. Meredith Whitney, an analyst at Oppenheimer & Co., estimates banks will cancel $2 trillion of available consumer credit over the next year.
• There are some things you can do to help yourself. Experts advise reading the terms and conditions on your account statement every month, so you can pick up on any unexpected changes your card company slips into the fine print. Also critical: maintaining your credit rating at its current level, giving card issuers less ammunition to change your account terms.
• Another tip: Make sure you don’t use too much of your credit limit. Use no more than 30% to 40% of your available credit on one card and across all your cards. Going past that threshold is a trigger lenders to change terms. It can also dent your credit rating.

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Kmart Black Friday Ads for the Black Friday 2008 Sale

The Black Friday 2008 has started and Kmart Black Friday Ads have started to get out on the streets and online. Kmart and other big stores in the US like Sears, Wal-mart, Circuit City, and Best Buy have started to get their ads machines going because of the expected volume of buyers during the Black Friday 2008. Kmart Black Friday 2008 ads can be found on the Kmart website. 

However, Yahoo warned that consumers should be more cautious during the Black Friday 2008. Ads may not be accurate and buyers must protect their rights by getting what they will pay for. As a guide to the Black Friday 2008 sale, please read the following before you go out and start shopping:

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Best Buy Black Friday 2008 Sale is On!

The Best Buy Black Friday 2008 is ongoing and the Best Buy website offers discounts on many of their featured items like laptops, desktop computers and many more.

Here is a short list of Best Buy Black Friday 2008 sale: (more…)

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Circuit City Files Bankruptcy For Losing Billions

Circuit City, the second biggest chain of electornics store in the United States has recently filed bankruptcy for losing billions of dollars. Circuit City is among the top companies that has filed bankruptcy since the start of the world crisis this year.

BusinesWeek stated in a report that “Circuit City (CC) has lost more than $5 billion in stock market value over the past two years, and a bankruptcy filing has been anticipated for months (BusinessWeek.com, 7/2/08). Its business was gradually stolen away by discounters such as Wal-Mart (WMT), specialty chain Best Buy (BBY), and online sites like Amazon.com (AMZN) and Buy.com. In July, a proposed $1 billion acquisition by Blockbuster (BBI) fell apart. CEO Philip Schoonover quit in September under pressure from activist shareholder Mark Wattles.

Wal-Mart has vastly stepped up its commitment to consumer electronics over the past five years. Last year, Wal-Mart generated $17 billion in consumer electronics sales, while Best Buy did $28 billion and Circuit City did just under $11 billion, according to Pali Capital. Wal-Mart’s market share has surged thanks to its low-price mantra—just this past weekend, the retailer unveiled discounts on hundreds of items, including Blu-ray DVD players marked down to under $200.”

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Unemployment Rate in the US Reached 10M and is Obama’s First Concern as President

Unemployment rate in the US has reached more than 10 million, studies show. The world economic crisis is taking its toll even in big countries like the United States and UK. Even big companies like Ford Motor are losing millions because of the present world economic crisis. Will Barack Obama be able to address the US unemployment rate (which is taking a steep climb) when he assumes the presidency? We’ll find out.

Here’s an excerpt of the report on the unemployment rate in the US: (more…)

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