Weekly Wrap Up
In corporate news, Google (GOOG: Charts, News) debuted a few new Maps features, a slight taunt to Apple (AAPL: Charts, News), who is developing their own navigation to be out this year. Best Buy’s (BBY: Charts, News) founder is stepping down, putting his 20% stake in the company into unchartered territory. More Market News
First-time claims for jobless benefits fell by 12,000 to 377,000 in the week ended June 2 from a revised 389,000 the prior week that was higher than initially estimated, the Labor Department said today. The median estimate of 49 economists surveyed by Bloomberg News called for 378,000 claims. The number of people receiving extended payments plunged. (Source: Bloomberg) Click here to read the full article
As the economic crisis in Europe deepens, China has unexpectedly cut its interest rates, prompting speculation that the world’s second largest economy may be in worse shape than previously thought.
For the first time since the collapse of Lehman Brothers, the People’s Bank of China cut its one-year lending rate by a quarter of one percentage point, to 6.31%. Banks will also pay less interest on deposits, with the deposit rate dropping from 3.5% to 3.25%. (Source: The Guardian) Click here to read the full article
Spain’s borrowing costs edged lower Wednesday on hopes that the European Union may be moving closer toward adopting creative measures that could alleviate the country’s financial crisis and spare it the embarrassment and political damage that would come from being forced to ask for a bailout of its banking sector.
The interest rate – or yield – that Spain must pay in the secondary market on its 10-year bonds closed at 6.25 percent, five basis points below the rate a day earlier, according to financial data provider FactSet. The spread, or difference, with the equivalent safe-haven German yield fell below 5 percentage points for the first time in more than a week. (Source: Associated Press) Click here to read the full article
Starbucks (SBUX: Charts, News) CEO Howard Schultz wants you, his company’s shareholders, and coffee drinkers everywhere to know how and why he’s spending money.
In talking boldly about relatively small deals — Monday’s $100 million acquisition of bakery La Boulange and the $30 million purchase of juices specialist Evolution Fresh in 2011 — Schultz is trying to say that after struggling to grow the nation’s largest coffee company in the past, he’s “cracked the code” on a new model to grow shares and store offerings. It just turns out that the new model is an old one: Schultz’s plan is similar in style to the growth path that IBM (IBM: Charts, News)) has outlined to distance itself from its roots in hardware and grow in data analytics, consulting and IT services. (Source: The Street) Click here to read the full article
Best Buy Co Inc (BBY: Charts, News) founder and chairman Richard Schulze resigned from the company’s board on Thursday and said he was exploring options for his 20.1 percent ownership stake, a move seen as a possible precursor of a Schulze-led private takeover.
Schulze’s announcement came just two months after CEO Brian Dunn abruptly left the chain, and adds to management distractions as Best Buy struggles to compete with online and discount retailers. (Source: CNBC) Click here to read the full article
If you’re a LinkedIn (NLD: Charts, News) user, do yourself a favor and change your password right now – according to a new report from Dagens IT, nearly 6.5 million encrypted LinkedIn passwords were recently dumped onto a Russian hacker forum.
The news comes right on the heels of yet another user security kerfuffle, as the most recent LinkedIn for iOS update was found to transmit users’ meeting notes back to LinkedIn servers without their permission. (Source: Tech Crunch) Click here to read the full article
It might take a love potion to stop this breakup.
In the wake of reports that Apple (AAPL: Charts, News) plans to drop Google’s (GOOG: Charts, News) Maps software by year-end in favor of a home grown solution, Google announced a slew of updates to its popular mapping software Wednesday. (Source: Fox News) Click here to read the full article
In my 20s and most of my 30s I was the employee you wanted on your team. I was highly ambitious, worked insane hours and prioritized nothing above my job. When I learned I was pregnant, I was certain I would return to my job–as VP of global marketing communications at SuccessFactors–after a brief maternity leave. Yet four months later, I was still at home cuddling my precious daughter, knowing there was no way I could go back to the international travel and 70-hour weeks. (Source: Inc) Click here to read the full article
Let’s face it: selling isn’t for everyone. Some people, including executives and entrepreneurs, panic at the thought of “putting themselves out there,” especially when that means asking colleagues for referrals or reaching out to past clients to drum up new business. In the past few weeks, I’ve been approached by several company leaders clamoring for help. They know they need to bring clients in the door, but don’t want to look desperate or needy or smarmy. Isn’t there a path to growth that doesn’t involve wearing a snakeskin suit? (Source: Harvard Business Review) Click here to read the full article