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Posts Tagged ‘AHN’

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Men are at it again. They are buying more–for themselves.

The male shopper, who laid low at the onset of the recession, is back. He is buying more and spending more, and retailers are delighted.

Men are not just purchasing suits, dress shirts, ties and shoes. They are rivaling their female counterparts by loading up on accessories. They are buying bracelets, bags, hats, umbrella, belts, scarves, pocket squares, caps, metal cuffs –you name it.

Some industry forecasters predict sales growth for men’s clothing and accessories during the first three months of 2012 will set a 20-year high.

In a move to make traditional women’s accessories more appealing to men, some designers are giving them manly monikers. A bracelet is dubbed wristwear, and a purse is called a holdall.

Men were well represented at last week’s New York Fashion Week, and male adornments took center stage.

Spending on accessories is driving the men’s category. In the last half of 2011, sales grew 14 percent to about $6 billion, according to market research firm NPD Group. The trend is expected to continue.

The return of the male shopper could help pick up retail sales. And, the rebound in male shopping may also bode well for the unemployment rate. It may reflect an improved jobs picture for men.

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Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Actress Susan Sarandon has donated $75,000 to the New York public school system to support the improvement of children’s table tennis. Sarandon, who co-owns ping-pong franchises SPIN, presented the NYC Department of Education on Wednesday with the sizable check. The funds will be used to pay for proper equipment and coaching.

The “Dead Man Walking” star and New York native, has long believed in and touted the benefits of ping-pong. Sarandon is convinced the sport relieves stress, is a great form exercise, and helps children learn to focus.

Ping-pong started as a social hobby in England in the late 1800s by army officers who used rounded wine corks for balls and old cigar boxes as handles. It lingered as a popular party game for the rich until it officially became a competitive sport in 1927.

Ping-pong became an official Olympic event in 1988 at the Summer Games in Seoul.

Table tennis is recognized as the most popular racket sport in the world, and is ranked second in terms of participation. Over 10 million players compete in sanctioned ping-pong tournaments every year.

The world’s top tennis players can smash the ball at speed of more than 100 miles per hour.

Jackie Bellinger and Lisa Lomas set a world record in 1993 by hitting 173 balls back and forth in 60 seconds.

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Diane Alter – AHN News Reporter

Washington, D.C., United States (AHN) – Congress Friday swiftly passed a deal to extend the payroll-tax cut through the end of 2012, continue paying unemployment benefits and avoid a steep cut in Medicare doctors’s fee, moving forward from a lengthy fight that had tied up legislators for months.

The House voted 293-132 to pass the measure. The Senate quickly followed with a 60-36 vote.

The move averts a tax increase on millions of Americas and the end of this month.

Under the deal, the tax paid by workers to Social Security will remain at 4.2 percent instead of reverting to 6.2 percent on March 1.

The deal also avoids a 27 percent cut in payments to doctors who serve Medicare patients, and extends through year’s end payment rates for Medicare doctors. The costs will be offset in part by taking $5 billion from a prevention and public health program established under President Obama’s signature and hotly debated health-overhaul bill.

Both parties are claiming victory.

Lawmakers now head out of town for a week-long recess.

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Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – U.S. stocks opened mixed to higher Thursday fueled by lower than expected jobless claims and impressive earnings from General Motors.

Just after the open on Wall Street, the Dow Jones Industrial Average was up 15 points. The Standard & Poor’s 500 Index and the NASDAQ were both nearly unchanged.

Investors were buoyed by the a report from the Labor Department that showed initial jobless claims fell to a near four-year low.

Also giving stocks momentum was an earnings report from General Motors. GM reported the largest annual profit in its history on Thursday, even as losses in Europe were a drag on fourth quarter earnings.

The auto maker said it earned a quarterly profit of $472 million, or 28 cents a share. It was the eight consecutive quarterly profit for the car maker, which strategically cleared up much of its debt in bankruptcy a few years ago. For all of 2011, GM earned $7.6 billion, most of it from North America.

In early morning trading, shares of GM climbed almost 5 percent, and were last changing hands at $26.15 per share.

Holding stocks back were continued worries over Greece’s ability to secure a second bailout. Investor sentiment was further dampened after rating agency Moody’s put 17 global banks and 114 European financial institutions on review for possible downgrades.

Gold fell as Greece’s woes hurt the euro. The precious metal tumbled $16.40 to $1,711.80 a troy ounce. Oil was flat at $101.67 a barrel.

Ringing the opening bell on the NYSE was Westminster’s Best in Show, Malachy, a petite, composed and well manicured Pekinese.

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Tejinder Singh – AHN News Correspondent

Washington, D.C., United States (AHN) – The CIA website stayed inaccessible hours after the first reports of the outage on Friday as an elusive group of hackers claimed responsibility in tweets.

“CIA TANGO DOWN” read an Anonymous-affiliated Twitter account. According to defense pundits, the expression is military-speak for eliminating a hostile force.

Earlier media reports cited Anonymous taking credit for crashing the websites of the U.S. Department of Homeland Security, which was quickly revived, and the FBI.

With the CIA site still down, another tweet from Anonymous affiliated accounts noted the reasons of the attack: “We do it for the lulz,” referring to the popular online abbreviation “for laughs.”

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Diane Alter – AHN News Reporter

Washington, D.C., United States (AHN) – The struggling U.S. Postal Service posted a $3.3 billion loss on Thursday and projected it would run out of cash in October as its fiscal woes continued to widen.

The $3.3 billion loss in the last quarter of 2011 included a $3.1 billion charge for mandated health care prefunding payments.

An overhaul that would cut $20 billion in annual costs by 2015 was proposed by Postmaster General Patrick Donahoe, but the move would require congressional approval to implement the majority of the proposed changes.

The post office will most certainly hit its $15 billion debt ceiling in 2012, and may no longer be able to borrow from the Treasury, the agency’s chief financial officer, Joe Corbett, noted.

If the Postal Service hits its borrowing limit and does not find other sources of revenue or cost savings, it could be forced to delay payments to vendors and workers.

The Postal Service, a government agency, cannot write off it debts by filing bankruptcy. Ultimately U.S. taxpayers are on the hook for the agency’s losses.

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Diane Alter – AHN News Reporter

Niwot, CO, United States (AHN) – Crocs, the maker of the popular clunky, multicolored, bright, foam clogs, is expanding its brand to include accessories, eyewear and apparel.

The Niwot, Colorado, based company is launching a line of Crocs-branded accessories, which include hats, bags, backpacks, socks and gloves.

Paramount, a sports licensee, is selling collegiate and Major League Baseball licensed footwear for the iconic Crocs brand.

The Crocs brand will branch out into children’s apparel, set to launch in April, through an agreement with A Group.

And, Eye King LLC will start selling branded sunglasses and sunglass accessories starting in May.

That’s not all. Through a partnership with ICER Brand, Croc’s professional footwear division will introduce Crocs-branded scrubs.

Several months ago, Crocs debuted a line of golf shoes that have proved popular.

The company, created by three friend, as a shoe company with the launch of “spa shoe,” has grown into a hugely successful billion dollar company.

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Tejinder Singh – AHN News Correspondent

Washington, D.C., United States (AHN) – President Barack Obama on Thursday released ten states, from controversial burdens of the federal education law known as No Child Left Behind (NCLB), to go ahead with their reform programs as the country struggles to raise educational standards to compete on a global scale.

Addressing a select audience of state education officials, teachers, civil rights and business leaders, President Obama said, “After waiting far too long for Congress to act …We are giving 10 states, the first 10 states the green light to continue making the reforms that are best for them.”

With Congress dragging its feet over the rewrite of the NCLB law, which is five years overdue, the law is alleged to be driving the wrong behaviors, from teaching to the test to federally determined, one-size-fits-all interventions, according to the White House.

“We want high standards, and we’ll give you flexibility in return. We combine greater freedom with greater accountability,” said President Obama, adding, “Because what might work in Minnesota may not work in Kentucky — but every student should have the same opportunity to reach their potential.”

Appearing on the stage in the East Room of the White House along with the president, Education Secretary Arne Duncan said in a statement, “Rather than dictating educational decisions from Washington, we want state and local educators to decide how to best meet the individual needs of students.”

All states had the chance to seek the waivers, Obama said, adding, “39 states have told us that they were interested. Some have already applied.”

Citing ten states approved for flexibility Colorado, Florida, Georgia, Indiana, Kentucky, Massachusetts, Minnesota, New Jersey, Oklahoma, and Tennessee, the White House noted in a communique, “In exchange for this flexibility, these states have agreed to raise standards, improve accountability, and undertake essential reforms to improve teacher effectiveness.”

The announcement was welcomed by the National Education Association (NEA) calling the proposals as “temporary regulatory relief from some of No Child Left Behind’s mandates.”

“We’re encouraged by President Obama’s and Secretary Duncan’s efforts to provide NCLB waivers for relief,” said NEA President Dennis Van Roekel … But this is only a stopgap measure.”

Reiterating the NEA’s determination to “continue work with Congress on a comprehensive bill,” Van Roekel emphasized that future bills “must ensure that all students have access to quality education, well-rounded instruction, a safe and supportive learning environment, and access to qualified, caring and committed teachers.”

“Let’s make this happen,” concluded President Obama, noting, “The best ideas aren’t going to just come from here in Washington. They’re going to come from cities and towns from all across America. They’re going to come from teachers and principals and parents. They’re going to come from you who have a sense of what works and what doesn’t.”

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Facebook looks for “likes” in China

Diane Alter – AHN News Reporter

Palo Alto, CA, United States (AHN) – Facebook has its sights on China as its looks for growth.

The social network behemoth, whose membership is fast approaching a billion, is looking for “likes” in what it hopes is its next big frontier–the Asian nation of China.

In the company’s initial public offering filing last week, Facebook said, “China is a large potential market for Facebook.”

China, with its booming population of 1.3 billion, offers the growth potential Facebook needs to boost its advertising sales worldwide and justify its high valuation of between $75 and $100 billion.

Facebook aims to raise $5 billion in an IPO sometime this spring or summer. The company added in its filing, “There are more than two billion global Internet users and we aim to collect all of them.”

But tapping into the tough, stringent and highly regulated Chinese market is not easy feat. No just because China’s RenRen social network, and Sina, parent of Chinese micro blogging service Weibo, are the dominant players in the country. But also because access to Facebook is blocked in China, and there is no indication that is to change anytime soon.

Facebook also acknowledged concerns about its ability to comply with censorship laws in China.

Doing business in China would also require additional staffing, and employees familiar with not only with China’s laws and regulations, but also the country myriad customs, superstitions and ideologies.

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Diane Alter – AHN News Reporter

Espoo, Finland (AHN) – Cell phone manufacturer Nokia announced Wednesday that it plans to slash 4,000 manufacturing jobs to save money and increase efficiency in its manufacture of the growing smartphone market.

The cuts will take place at three factories in Komarom, Hungary; Reynosa, Mexico; and Salo, Finland.

The company said it will transfer the assembly of smartphones to factories in Asia, where the majority of component makers are based.

In a statement, executive vice president Niklas Savander said, “Shifting device assembly to Asia is targeted at improving our time to market. By working more closely with our suppliers, we believe we will be able to introduce innovations into the market more quickly and ultimately be more competitive.”

The layoffs follow Nokia’s previous plans on employment. In September, the company said it would lay off 3,500 additional workers over the next year in locations around the world, including Malvern, PA. In April, Nokia said it would cut another 4,000 jobs.

Nokia is the world’s largest manufacturer of cellphones by volume, but the company has struggled. In January, the company said it lost about $1.5 billion in 2011. Fourth quarter earnings dropped nearly 73 percent from the prior year. The company sold 93.9 million mobile phones in the fourth quarter, down from 95 million the year before.

Just before noon on the New York Stock Exchange, shares of Nokia ADRs (American Depository Receipts) were trading up about half a percent at $5.16.

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