Category: business

Crescent Petroleum Growing Since 1971

Posted on by Scott Hodges
During the tumultuous years of the 1990s in the Middle East, and despite the best efforts of Saddam Hussein, Crescent Petroleum was still able to thrive and grow as a company. Founded in 1971, by the middle of the 1980s Crescent Petroleum was already a key player in the world of energy. By this time they were already active as technical operators in several countries, including Egypt, Yemen, Pakistan, Canada, Tunisia and Argentina.
Headquartered in United Arab Emirates, Crescent Petroleum today controls a family of 25 diversified companies, divided into two main divisions, Crescent Enterprises and Crescent Petroleum. As the oldest private oil and gas company in the MENA region, it is no surprise that over the years the Crescent Group diversified into many different industries spread throughout the international marketplace.

The Crescent Group staffs more than 7,000 employees who are dedicated to the success of the company. Currently they are still on the lookout for new opportunities to expand into new markets. Growth and expansion has not, however, prevented Crescent Petroleum from continuing to uphold best business practices while maintaining the highest levels of social responsibility.

Sweet Briar College Saved from the Chopping Block

Posted on by Scott Hodges

While single sex education has become a thing of the past for many, some are still clinging to these traditional ways. Sweet Briar College, a 114 year old private women’s school in Virginia, has found itself with dwindling enrollment. They were slated to close as a result of financial difficulties, but now they are going to remain open after a legal settlement.

While school officials have wanted to close it, alumnae and friends have been fighting to keep it open. The agreement still has to be approved by a Circuit Court in Amgerst County and a hearing before Judge Jamed Updike is set for Monday.

In March, college officials said that the college would close on August 25th. In 2014, 47 women’s colleges in the US and Canada closed, according to The Women’s College Coalition.  The agreement now requires the college’s backers to deliver $12 million in donations for the 2015-2016 operational year.

As Sarah Clement, chair of Saving Sweet Briar, said “Today’s settlement is an answer to the prayers of many and a powerful validation of fighting for what you believe in.”

JPMorgan Chase & Co. Says Goodbye to Voicemail

Posted on by Scott Hodges

The future has arrived and it’s certainly filled with technology. In an interesting move, JPMorgan Chase & Co. has eliminated voicemail for its thousands of employees. This will save them $10 a month per person, as Gordon Smith, the chief executive of the company’s consumer banking operations has said.

As Smith said, “We realize that hardly anyone uses voicemail anymore. We are all carrying something in our pockets that is going to get texts or email or a phone call. We started to cut those off.”

They are cutting the service for employees who don’t deal directly with customers. 

Managers can still keep voice mail for employees who need it.

JPMorgan is taking out 65% of its voicemail boxes and will save $3.2 million a year with this move.

Learn more about this change.

Grab Avon Makeup While You Can

Posted on by Scott Hodges

You might want to run out and buy your Avon makeup soon…and that’s because there is a chance that they are selling their North American business. Really.

The Wall Street Journal recently reported this news and sales surged by more than 15% in early afternoon trading.

Avon’s stock has fallen 45% over the last 12 months. North American revenue fell 12% in the fourth quarter of 2014 as compared to the same quarter last year. It fell 17% for the entire year compared to 2013.

The Journal reports that the company recently cancelled its analyst meeting that is scheduled for next month since executives would have to discuss their plans with investors while still formulating a plan.

Cracking Down on “.Sucks”

Posted on by Scott Hodges

Certainly, the internet is a vast world where both good and bad take place. Recently, a Canadian company has been using the new “.sucks” domain in order to extort large sums of money from celebrities and companies that obviously want to protect their brand.

The Internet Corporation for Assigned Names and Numbers, or ICANN has recently sent a letter to the US Federal Trade commission and to Canada’s Office of Consumer Affairs to explore if the actions of Vox Populi Registry Ltd are illegal. Close to six hundred domain names have been added to the internet world lately, expanding beyond the typical “.com” and “.org.” Apparently the “.sucks” was accepted as part of this collection by ICANN. However, such powerhouses as Microsoft, Verizon and eBay have recently been complaining about the newest addition.

So far, purchased names have included Youtube.sucks, Bing.sucks, Visa.sucks and Bankofamerica.sucks, among others. CEO of Vox Populi, John Berard, fought back when he explained that the domain name is meant to create a forum for companies to interact with their critiques. He called his company’s business “well within the lines of ICANN rules and the law.”

Time will tell whether Vox Populi’s business plans sucks, or is seen as a brilliant move in the internet world.

Tiffany & Co. Sales Fall

Posted on by Scott Hodges

In a surprising development to many, Tiffany & Co’s quarterly sales fell for the first time in five years. Their sales are expected to decline even more as the strong dollar keeps tourists away from the NY store and also reduces their sales overseas.

The Fifth Avenue store counts on tourists to make up approximately 40% of their sales. Sales outside of the US account for about 50% of their total revenue.

As CFO Ralph Nicoletti said, “Tourist purchases are expected to continue to be pressured in the Americas.” The company actually expects a 30% drop in sales this quarter.

Read more about Tiffany’s situation.

Hotel of the Future Comes to Japan

Posted on by Scott Hodges
Have you ever considered staying at a hotel staffed by robots? That’s the plan for the Huis Ten Bosch, a theme park that is modeled after the Netherlands in Japan’s Nagasaki Prefecture. They plan to open a hotel that is staffed by robots and filled with advanced technology.
The hotel will be called, appropriately, Henn-na Hotel, which means Strange Hotel. The first phase plans to open on July 17 with 72 rooms and the second phase will be finished in 2016 with another 72 rooms.
The hotel plans to have three actroids, which are robots that have strong human likenesses, as receptionists. Then, there will be four service and porter robots and others that will do menial tasks like clearning. As Huis Ten Bosch president Hideo Sawada said, “We’ll make the most efficient hotel in the world. In the future, we’re hoping to build 1,000 similar hotels around the world.” s
Other technology in the hotel will include facial -recognition doors rather than keys, radiation panels that will detect body heat in rooms and adjust the temperature, solar power and more.
Another interesting and unusual feature is the pricing. Rather than having fixed pricing, the room rates will depend on guests who bid for rooms during peak season. The hotel says that, at the time of the opening, the fees will range from $60 for a single room to $153 for a triple room.
You can already reserve your room and get ready for an interesting experience!

Cross-Cultural Meeting for Medical Advancement

Posted on by Scott Hodges
In a cross-cultural exchange, Changzhou City Mayor Gaoyun Fei recently met with Israeli scientist Professor Shlomo Ben-Haim. Also at the meeting were MicroPort Scientific Corporation Chairman Zhaohua Chang and Blue Sail Medical Co. Ltd. Chairman Zhenping Li.
According to Mayor Gaoyun Fei, biomedicine is advancing in the area at an accelerated pace. By meeting with these three people including Professor Shlomo Ben-Haim, he hoped that they could further strengthen cooperation with Changzhou in the healthcare field with professional education and training, among other things.
Professor Shlomo Ben-Haim expressed his admiration for the innovative environment that has been cultivated in Chanzhou. He has accepted the government’s invitation to be a Changzhou Scientific Advisor and to bring his experience, with 180 patents behind him, to their area.
Read about the meeting between Changzhou City Mayor Gaoyun Fei and Professor Shlomo Ben-Haim in the Chinese press.

Staying Above the Pack: Lindt Chocolates

Posted on by Scott Hodges

Lindt chocolates appear to be ahead of the chocolate pack, avoiding the cocoa price rise that has made many other chocolate makers have to raise their prices. With their North American expansion and their focus on the premium segment of the population, they have managed to boost their sales in 2014.

Their full-year sales are up 10%, far ahead of other chocolate makers in the market. As Chief Executive and Chairman Ernst Tanner told Reuters in a telephone interview on Tuesday, “I’m confident sales will continue to grow 6 to 8 percent in the future. Russell Stover should also be able to generate similar growth rates, but we first have to fully integrate them.”

Lindt paid approximately $1.3-$1.5 billion for their Russell Stover take over last year and were able to secure a third place standing in the US. Lindt’s operating margin should rise by 20-40 basis points in 2014. 

Google Setting Its Sites on the Kid Market

Posted on by Scott Hodges
Google has reported that it plans to refine its search for children next year, creating specific versions of its products such as YouTube and Chrome. Google won’t offer a specific timetable but they did say that it’s going to be a fulltime effort.

Certainly, this idea will not come without controversy. Will Google to mining younger user information without parental consent? Will Google be helping young children, who don’t necessarily belong online, to become more tech savvy and to find information they don’t need to have more easily?

As Marc Rotenberg, president of the watchdog group Electronic Privacy Information Center said, “The prospect of audio-based advertising targeting our children is very real, and that’s significant when you’re talking about an age group that is very susceptible to manipulation. The FTC will have to step up on this. I don’t think we want a world where our kids are sold things they don’t need.”
Pavni Diwanji, VP of engineering at Google, who is in charge of leading Google’s upcoming initiative to make things more kid-friendly, said, “We want to enable supervision but not be regimental. But that’s challenging because no two parents are alike. I have friends who are helicopter parents and others are even more liberal than me, but everyone has to be accommodated by whatever we create.”

She continued, “This is perhaps one of my greatest challenges. We want to lay the foundation right, and then make sure every single part of Google is great for kids. They are the future, so why not give them the tools to let them create it.”