Alibaba Buys China’s YouTube

Posted on by Scott Hodges
On Friday, Alibaba bought China’s “YouTube” for about $3.7 billion. Youku Todou needed this partnership with Alibaba, according to Summit Research analyst Henry Guo.

The current Youku Tudou Chief Executive Victor Koo will remain CEO of Youku Tudou after the deal closes in the first quarter of 2016.

As Koo said in a statement, “With Alibaba’s support, Youku Tudou’s future as the leading multi-screen entertainment and media platform in China has been firmly secured.”  

This is not the first venture into digital media investments in China for Alibaba. In March of 2014, it agreed to buy a controlling stake in ChinaVision Media Group Ltd for $804 million. They also agreed to pay $1 billion for a 20% stake in Vasu Media Holdings Co. Ltd.

Winterkorn Stepping Down from other Posts

Posted on by Scott Hodges

The former Volkswagen chief executive, Martin Winterkorn, will be stepping down as the head of Porsche Automobil Holding SE. Chief Financial Officer of Porsche SE, Hans Dieter Poetsch, has been appointed to succeed Winterkorn as Porsche SE chief executive starting November 1.

Winterkorn resigned from his position as CEO of Volkswagen after admitting to cheating in deisel emission tests in the US. It was assumed that he would probably step down from his remaining posts related to the company, and this is, indeed, what we are seeing.

He is also chairman of VW’s luxury brand Audi, its truck division Scania and it’s Truck & Bus holding. See the complete article here.

German Business Morale Surprisingly High

Posted on by Scott Hodges

German business morale rose surprisingly for the third month in a row in September. This suggests that company executives in Europe’s largest economy are remaining upbeat even though there are concerns of an economic slowdown in China.

Of course, the Ifo institute recognizes that their survey responses will probably change next month from the economic impact of the Volkswagen emissions scandal. As Ifo economist Klaus Wohlrabe said, “We had expected that the export expectations of industry would have perhaps fallen a bit. They did not, they actually rose slightly.”

As Wohlrabe said, “The German economy looks in very robust shape.”

Read the full article and find out more details.

Get Your Food From….Amazon?

Posted on by Scott Hodges
In case Amazon weren’t already doing enough – never fear; they are about to do more. They are now opening restaurants in Seattle and NewYork. With plans to create a division called Amazon Restaurant, they are hoping to increase their meal delivery market foothold.
There are at least 15 job openings for a division called “Amazon Restaurants” based in Seattle and New York according to a Reuters search on LinkedIn and Amazon’s own mobs site. Amazon isn’t talking – but these postings seem to be talking for them.

Time will tell how Amazon plans to use this service and how they plan to develop their business in these areas. But something certainly appears to be in the works.

Mickey Mouse Soon Coming to Uniqlo

Posted on by Scott Hodges

Uniqlo clothing chain has announced that it plans to expand its collaboration with Walt Disney Co. to offer more products. They will also be opening a flagship store at the Florida Disney World’s shopping complex in the spring.

The Japanese apparel retailer already has T-shirts that feature Mickey and Minnie Mouse. They will now extend their Disney-themed lineup to offer items that range from the Ultra Light Down collection and flannel shirts to toys and more. They will also be using characters from movies like “Star Wars” and “Frozen.”

Creation of Three New American Monuments

Posted on by Scott Hodges

President Barack Obama created three new US national monuments in Texas, Nevada and California that span more than 400,000 hectares. He established the National Monument in California, the Waco Mammoth National Monument in Texas and the Basin and Range National Monument in Nevada.
During a White House ceremony for the monuments, Obama said that the national parks and monuments are “something that we pass on from generation to generation, preserving the incredible beauty of this nation, but also reminding us of the richness of its history.”

Former first lady Laura Bush said that the creation of these monuments, including the Waco Mammoth monument was “a special day for Texas.”

The creation of these monuments created hostility between the Democrats and the Republicans. As Rob Bishop of Utah said,

“This surreptitious land grab reveals that the Obama administration will stop at nothing to lock up more and more land, with the stroke of a pen. I condemn this shameful power move which makes states and citizens fearful that the federal government can invade at any time to seize more lands like bandits in the night.” 

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.