Workplace Unfairness Costs U.S. Employers an Estimated $64 Billion Annually in Employee Turnover
28 Aug 2007, PressRelease
SAN FRANCISCO, Aug. 28 -- A new study reveals that workplace unfairness costs U.S. employers an estimated $64 billion per year in turnover of managers and professionals, in addition to costs from decreased sales of products and services and damaged employer reputation.
"The Corporate Leavers Survey," conducted by the Level Playing Field Institute and sponsored by Korn/Ferry International, finds that each year more than two million professionals and managers leave their corporate employers due solely to workplace unfairness. According to the survey, people of color are three times more likely and gays and lesbians are twice as likely as heterosexual Caucasian males to have left their jobs due solely to workplace unfairness.
"The study highlights that unfairness in the form of everyday inappropriate behaviors is a very real, prevalent and damaging part of today's work environment," said Freada Kapor Klein, Ph.D., founder and board chair of the Level Playing Field Institute. "The cumulative impact of stereotyping, subtle slights and being excluded is extraordinarily costly for individuals, employers and the society as a whole. It is sadly ironic that so much money is spent on recruiting and so little attention is devoted to creating a fair and welcoming work environment. Many companies become revolving doors for people of color, gays and lesbians and women."
Among the specific types of unfairness inquired about, the behaviors which were most likely to prompt someone to quit were: "being asked to attend more recruiting or community events" based on their race, gender, religion or sexual orientation (16 percent), "being passed over for a promotion" (15 percent) and "being compared to a terrorist" (19 percent). Although the actual incidence rate of being compared to a terrorist was small (2 percent), when it did occur, it had a profound effect and was one of the behaviors most frequently associated with an employee's decision to leave solely due to unfairness.
Additionally, 27 percent who experienced unfairness said their experience "strongly" discouraged them from recommending their employer to other potential employees. Similarly, 13 percent said their experience "strongly" discouraged them from recommending their employer's products or services to others.
"A perception of workplace unfairness can have a substantial negative impact on an organization's employment brand," said Eunice Azzani, senior client partner for Korn/Ferry.
Respondents to the survey also expressed differing opinions on which actions their employers could have taken to convince them to stay. Fair compensation was the most important factor for heterosexual Caucasian men and women, while almost half (43 percent) of gays and lesbians would have been "much more likely" to stay if they were offered better benefits. More than one-third of people of color (34 percent) indicated they would have likely stayed if their employer had better management who recognized their abilities.
The Corporate Leaver Survey also includes qualitative anecdotes and interviews from over 1,000 professionals. Notable comments include:
* "One of my coworkers was buying a new house so we went to Google maps
to look it up. It's a satellite image so you can zoom in and see an
image of the actual house. Another co-worker walked by and said, "What,
are you selecting a target?" -- An Arab male finance professional
* "I worked with a particular senior attorney for years and one morning I
went into his office to talk to him. In the middle of the conversation,
he looks up at me and says, 'Wait a minute, you are not [the name of the
other black associate].'" -- An African-American female attorney
* "I was top in my class...then the ceiling hit fast...when word spread
that I was vocal about hot topics like education reform and immigrant
issues, I was marginalized at work functions." -- A Latino banking
executive
* "We found out that our company offered pet health insurance, including
unusual pets like pigs, rats and snakes but they didn't offer same sex
domestic partner benefits." -- A lesbian retail professional
* "My manager told me I was too 'ethnic' looking to be taken seriously.
-- A Latina information technology professional
* "When I had errors on my work, even it was really minor, the partner
would say, 'There is an English problem here,' instead of just calling
it a typo." -- An Asian female attorney
An executive summary of the Survey findings and information on how to purchase the Report can be found at: http://www.lpfi.org/workplace/corporateleavers.shtml
Methodology
The Level Playing Field Institute estimated the cost of unfairness in the workplace at $64 billion by multiplying the number of survey respondents who left the workplace solely due to unfairness by the most conservative average cost of replacing one professional or manager. The Corporate Leavers Survey is based on an initial screener survey of over 19,000 individuals, representative of the U.S. workforce, which yielded 1,700 professionals and managers who had quit or volunteered to be laid off within the past five years.
About the Level Playing Field Institute
Level Playing Field Institute promotes innovative approaches to fairness in higher education and the workplace by identifying and removing barriers that prevent individuals from reaching their full potential. Its vision is that all students, regardless of socio-economic status, will have opportunities to apply to and graduate from top colleges and universities, resulting in communities and workplaces that benefit from competitive leaders representing broad perspectives of society.
Visit http://www.lpfi.org/ for more information.
About Korn/Ferry International
Korn/Ferry International, with more than 70 offices in 40 countries, is a premier global provider of talent management solutions. The firm delivers an array of solutions that help clients to identify, deploy, develop, retain and reward their talent. For more information, visit http://www.kornferry.com/
Source: Level Playing Field Institute
Tuesday, August 28, 2007
Facebook Could be Worth 100 billion $ ?
Facebook Could be Worth 100 billion $ ?
Lee Lorenzen from Altura Ventures, in an interview, says Facebook will go for an IPO in about 18 months and could be valued at 100 billion $. Hello, did I hear that right? It appears that was what he meant (Lee is the CEO of the first Facebook VC Fund that is purely focused on the facebook environment).
Why does Lee fail a social networking application could be worth so much?
* 200 Million facebook users coming soon
* User engagement matters
* Facebook does a great job with privacy controls
OK, all good points, but worth 100 billion? I seriously doubt it, in fact I doubt if Lee himself meant the 100 b seriously
Access the full interview from here
Lee Lorenzen from Altura Ventures, in an interview, says Facebook will go for an IPO in about 18 months and could be valued at 100 billion $. Hello, did I hear that right? It appears that was what he meant (Lee is the CEO of the first Facebook VC Fund that is purely focused on the facebook environment).
Why does Lee fail a social networking application could be worth so much?
* 200 Million facebook users coming soon
* User engagement matters
* Facebook does a great job with privacy controls
OK, all good points, but worth 100 billion? I seriously doubt it, in fact I doubt if Lee himself meant the 100 b seriously
Access the full interview from here
Monday, August 27, 2007
Game Development Outsourcing to be Worth Billions by 2010
Game Development Outsourcing to be Worth Billions by 2010
Game outsourcing is growing fast, and is projected to reach $2.5 Billion by 2010, with 40 percent of the cost spent developing games, according to Screendigest as reported by Wang Zhenghua in China Daily (courtesy: Play No Evil post)
Outsourcing firms have focused on China for two reasons: low cost (of course), but also the potential of the Chinese market.
Revenue from China's online gaming industry reached 6.5 billion yuan in 2006, surging 73 percent over a year earlier, and could quadruple by 2011, says IDC. The venture vulture capitalists are of course aware of this and are reportedly rushing in to see how they can cash in on this multi-billion $ opportunity.
China-made online games, with a 65 percent domestic market share and $20 million in export revenues last year, are beginning to break the traditional domination of South Korea and Japan.
Read the full report from here @ China Daily
Game outsourcing is growing fast, and is projected to reach $2.5 Billion by 2010, with 40 percent of the cost spent developing games, according to Screendigest as reported by Wang Zhenghua in China Daily (courtesy: Play No Evil post)
Outsourcing firms have focused on China for two reasons: low cost (of course), but also the potential of the Chinese market.
Revenue from China's online gaming industry reached 6.5 billion yuan in 2006, surging 73 percent over a year earlier, and could quadruple by 2011, says IDC. The venture vulture capitalists are of course aware of this and are reportedly rushing in to see how they can cash in on this multi-billion $ opportunity.
China-made online games, with a 65 percent domestic market share and $20 million in export revenues last year, are beginning to break the traditional domination of South Korea and Japan.
Read the full report from here @ China Daily
Sunday, August 26, 2007
Billion Light Years of...Nothing!
This is not a billion $ news, but something much much bigger...read on...
Great 'cosmic nothingness' found - BBC report, Aug 24, 2007
Astronomers have found an enormous void in space that measures nearly a billion light-years across. It is empty of both normal matter - such as galaxies and stars - and the mysterious "dark matter" that cannot be seen directly with telescopes.
The "hole" is located in the direction of the Eridanus constellation and has been identified in data from a survey of the sky made at radio wavelengths.
The void discovered by a University of Minnesota team is about 1,000 times the volume of what would be expected in typical cosmic gaps. If you enter this "hole" and are traveling at the speed of light, you'd have to travel for a billion years before you would get to the other side...
This is probably the perfect place to use the term mind-boggling...it is simply beyond anyone's abilityb to comprehend...a billion light years' distance of nothingness...you try digesting it for a moment, and it is likely you will feel somewhat disoriented...
It makes one wonder if there indeed is a God!
Great 'cosmic nothingness' found - BBC report, Aug 24, 2007
Astronomers have found an enormous void in space that measures nearly a billion light-years across. It is empty of both normal matter - such as galaxies and stars - and the mysterious "dark matter" that cannot be seen directly with telescopes.
The "hole" is located in the direction of the Eridanus constellation and has been identified in data from a survey of the sky made at radio wavelengths.
The void discovered by a University of Minnesota team is about 1,000 times the volume of what would be expected in typical cosmic gaps. If you enter this "hole" and are traveling at the speed of light, you'd have to travel for a billion years before you would get to the other side...
This is probably the perfect place to use the term mind-boggling...it is simply beyond anyone's abilityb to comprehend...a billion light years' distance of nothingness...you try digesting it for a moment, and it is likely you will feel somewhat disoriented...
It makes one wonder if there indeed is a God!
Friday, August 24, 2007
Pets are a Fast Growing Billion $ Industry
Pets are a Fast Growing Billion $ Industry
It's well known that pet food is a big industry, but the non-food pet industry is no smaller.
Pampering pets has become big business in US & Canada, with items such as apparel, shoes and carseats helping to drive sales in a pets non-food market estimated to be worth as much as $4.5 billion a year in Canada alone and about $10 billion in the US.
Today's pet owners can find just about anything for their pets - from rhinestone sunglasses or hiking boots for their dogs, to seatbelt harnesses and Harley-Davidson-themed collars for cats. There are wheelchairs to assist pets with disabilities,
lifejackets and strollers for dogs, dog apparel, dog jewelry and dog perfume, filet mignon-flavoured toothpaste for those who want to make pet's teeth more palatable and multiple designer options, including pet carriers from major designer / apparel brands. In the veterinary field in major city centres in Canada they might soon have cancer specialists and chemotherapy for pets!
According to statistics, Canadians have increased spending on their pets from $277 per household in 1999 to $377 in 2005. In the U.S., the non-food pet supplies market is forecast to grow from US$9.9 billion in 2006 to nearly US$15 billion by 2011.
Read the entire report on this attractive industry from here @ Business Edge Canada
It's well known that pet food is a big industry, but the non-food pet industry is no smaller.
Pampering pets has become big business in US & Canada, with items such as apparel, shoes and carseats helping to drive sales in a pets non-food market estimated to be worth as much as $4.5 billion a year in Canada alone and about $10 billion in the US.
Today's pet owners can find just about anything for their pets - from rhinestone sunglasses or hiking boots for their dogs, to seatbelt harnesses and Harley-Davidson-themed collars for cats. There are wheelchairs to assist pets with disabilities,
lifejackets and strollers for dogs, dog apparel, dog jewelry and dog perfume, filet mignon-flavoured toothpaste for those who want to make pet's teeth more palatable and multiple designer options, including pet carriers from major designer / apparel brands. In the veterinary field in major city centres in Canada they might soon have cancer specialists and chemotherapy for pets!
According to statistics, Canadians have increased spending on their pets from $277 per household in 1999 to $377 in 2005. In the U.S., the non-food pet supplies market is forecast to grow from US$9.9 billion in 2006 to nearly US$15 billion by 2011.
Read the entire report on this attractive industry from here @ Business Edge Canada
Wednesday, August 22, 2007
Social Network Site Facebook Costs Au Employers $5 Billion A Year
Social Network Site Facebook Costs Au Employers $5 Billion A Year
By Sharon Gaudin, InformationWeek, August 20, 2007
Workers at the office using social networking sites, like Facebook, are costing employers more than $5 billion a year and putting corporate networks at risk of attack, according to a new study.
The data is out of Australia, but a spokeswoman at security company SurfControl noted that country is ranked fifth among global Facebook users, coming in behind the United States. That, she pointed out, means the problem of lost time and network risk is even greater here in the U.S.
Added across the 800,000 businesses in Australia, one wasted hour a day adds up to a productivity loss of $5 billion annually for the Australian economy, according to the estimate.
News Source
By Sharon Gaudin, InformationWeek, August 20, 2007
Workers at the office using social networking sites, like Facebook, are costing employers more than $5 billion a year and putting corporate networks at risk of attack, according to a new study.
The data is out of Australia, but a spokeswoman at security company SurfControl noted that country is ranked fifth among global Facebook users, coming in behind the United States. That, she pointed out, means the problem of lost time and network risk is even greater here in the U.S.
Added across the 800,000 businesses in Australia, one wasted hour a day adds up to a productivity loss of $5 billion annually for the Australian economy, according to the estimate.
News Source
Wachovia Surpasses $1 Billion in Daily Remote Deposit Capture Transactions
Wachovia Surpasses $1 Billion in Daily Remote Deposit Capture Transactions
August 20, 2007
Press release
CHARLOTTE, N.C., Aug. 20 - Wachovia's Treasury Services division today announced it has reached the $1 billion mark in Remote Deposit Capture (RDC) volumes processed in one day.
"Achieving this $1 billion milestone in RDC transactions processed in one day reflects the phenomenal growth rate for this solution. Businesses are demanding solutions to more efficiently manage payments made by paper check - from deposit preparation and transportation to record-keeping and reporting," said Lee Madden, senior vice president and team manager of Image Services for Wachovia's Treasury Services division. "Wachovia's RDC customer base has grown 40 percent domestically and 42 percent internationally across 25 countries since the beginning of the year, and volume of items processed has grown 30 percent over the same period."
Second Harvest Food Bank of Metrolina is an example of one organization using RDC to optimize its management of paper check payments.
"We run a tight ship, so the efficiencies we have gained from Remote Deposit Capture have made a real difference to our organization," said Akil Boston, Community Development coordinator for Second Harvest Food Bank of Metrolina, which is a not-for-profit organization striving to eliminate hunger across 19 North Carolina and South Carolina counties by collecting and distributing food. Approximately 80 percent of the organization's income comes from fundraising - including special events, grants, corporate donations, direct mail campaigns and other sources.
Boston added, "During peak periods, we used to spend many hours fully dedicated to processing check donations - from scanning on a flatbed scanner to input to our financial system and preparing for bank deposit and transport to bank. With RDC, we have experienced a 60 percent reduction in the amount of hours dedicated to processing checks during holiday periods. I now can manage the volumes of checks more efficiently and still get my day job done - really adding value to our organization."
RDC services allow businesses to make deposits from a desktop computer, accelerating cash flow by enabling deposits 24 hours a day, seven days a week. Customers receive same-day ledger credit for deposits made until 8 p.m. US Eastern time each banking business day. Customers no longer have to physically transport checks to the bank. Instead, they can now scan paper checks at their place of business and electronically send the images to Wachovia over the Internet.
Wachovia's RDC solution is offered in both PC-installed and Internet- hosted (RDC Online) configurations. Both options offer benefits such as duplicate detection to display any previously-deposited items and patented technology that automatically re-orients the displayed image of any check that is scanned upside down or backward. In addition, RDC Online offers enhanced reporting of deposits, including image statements and multiple output options for reports, including XML, delimited files, PDF, and MS Excel. RDC Online also offers the additional advantage of automatic product enhancements.
"RDC has great momentum now for adoption by businesses of all sizes as they look to digital solutions to improve their internal efficiency and profitability. After three years, we are getting beyond the 'early adopter' phenomenon and are seeing mass market for this product," Madden said.
As one of the earliest innovators to develop and introduce RDC, Wachovia is a leader in this space. According to a recent study, "The State of Remote Deposit Capture: Entering the Mainstream," by industry analysts at Celent, Wachovia is among the top five U.S. banks to introduce this solution and which today collectively deploy the majority of installed clients.
The same study indicates that "checks will continue to be the prevailing method of B2B payments through 2010," creating an enormous market demand for RDC to enable businesses to more efficiently manage paper checks. The study points out that "the significant bulk of the RDC market opportunity still lies ahead."
Bob Meara, senior banking analyst for Celent said, "We estimate that nearly a quarter of a million business locations will adopt remote deposit capture by year-end 2007, an annual growth of 125 percent. And 2008 will see even stronger adoption as more deployers enter the market."
"Wachovia has long been committed to research and development and has led progress across image products and capabilities, including the RDC platform and technologies such as Image Cash Letter, Image Exchange, image delivery and image archival," Madden said. "We look at our customer's cash management needs holistically and advise on approaches that will benefit their unique environment. RDC is an example of one solution that can be used alone or in combination with complementary products such as Deposit Item Image for check depositing customers. Each customer's environment will demand a tailored approach to meet their needs."
About Wachovia Treasury Services
Wachovia's Treasury Services, the third-largest U.S. cash management provider, tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Greenwich Associates' 2006 Middle Market Survey ranks the bank No. 1 in Customer Service and Operations Accuracy among cash management banks. Phoenix-Hecht's bi-annual surveys consistently give Wachovia's Treasury Services products top grades across mid-market and large corporate markets for quality and customer satisfaction. Ernst and Young's 2006 U.S. Cash Management Survey ranks the bank number 3 in market share, and ranks the bank's information and access product, Wachovia Connection(r), No. 1 for the highest number of Information Reporting Internet Accounts.
About Wachovia
Wachovia Corporation is one of the nation's largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at http://www.wachovia.com; online brokerage products and services at http://www.wachoviasec.com; and investment products and services at http://www.evergreeninvestments.com. In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.
Source: Wachovia
August 20, 2007
Press release
CHARLOTTE, N.C., Aug. 20 - Wachovia's Treasury Services division today announced it has reached the $1 billion mark in Remote Deposit Capture (RDC) volumes processed in one day.
"Achieving this $1 billion milestone in RDC transactions processed in one day reflects the phenomenal growth rate for this solution. Businesses are demanding solutions to more efficiently manage payments made by paper check - from deposit preparation and transportation to record-keeping and reporting," said Lee Madden, senior vice president and team manager of Image Services for Wachovia's Treasury Services division. "Wachovia's RDC customer base has grown 40 percent domestically and 42 percent internationally across 25 countries since the beginning of the year, and volume of items processed has grown 30 percent over the same period."
Second Harvest Food Bank of Metrolina is an example of one organization using RDC to optimize its management of paper check payments.
"We run a tight ship, so the efficiencies we have gained from Remote Deposit Capture have made a real difference to our organization," said Akil Boston, Community Development coordinator for Second Harvest Food Bank of Metrolina, which is a not-for-profit organization striving to eliminate hunger across 19 North Carolina and South Carolina counties by collecting and distributing food. Approximately 80 percent of the organization's income comes from fundraising - including special events, grants, corporate donations, direct mail campaigns and other sources.
Boston added, "During peak periods, we used to spend many hours fully dedicated to processing check donations - from scanning on a flatbed scanner to input to our financial system and preparing for bank deposit and transport to bank. With RDC, we have experienced a 60 percent reduction in the amount of hours dedicated to processing checks during holiday periods. I now can manage the volumes of checks more efficiently and still get my day job done - really adding value to our organization."
RDC services allow businesses to make deposits from a desktop computer, accelerating cash flow by enabling deposits 24 hours a day, seven days a week. Customers receive same-day ledger credit for deposits made until 8 p.m. US Eastern time each banking business day. Customers no longer have to physically transport checks to the bank. Instead, they can now scan paper checks at their place of business and electronically send the images to Wachovia over the Internet.
Wachovia's RDC solution is offered in both PC-installed and Internet- hosted (RDC Online) configurations. Both options offer benefits such as duplicate detection to display any previously-deposited items and patented technology that automatically re-orients the displayed image of any check that is scanned upside down or backward. In addition, RDC Online offers enhanced reporting of deposits, including image statements and multiple output options for reports, including XML, delimited files, PDF, and MS Excel. RDC Online also offers the additional advantage of automatic product enhancements.
"RDC has great momentum now for adoption by businesses of all sizes as they look to digital solutions to improve their internal efficiency and profitability. After three years, we are getting beyond the 'early adopter' phenomenon and are seeing mass market for this product," Madden said.
As one of the earliest innovators to develop and introduce RDC, Wachovia is a leader in this space. According to a recent study, "The State of Remote Deposit Capture: Entering the Mainstream," by industry analysts at Celent, Wachovia is among the top five U.S. banks to introduce this solution and which today collectively deploy the majority of installed clients.
The same study indicates that "checks will continue to be the prevailing method of B2B payments through 2010," creating an enormous market demand for RDC to enable businesses to more efficiently manage paper checks. The study points out that "the significant bulk of the RDC market opportunity still lies ahead."
Bob Meara, senior banking analyst for Celent said, "We estimate that nearly a quarter of a million business locations will adopt remote deposit capture by year-end 2007, an annual growth of 125 percent. And 2008 will see even stronger adoption as more deployers enter the market."
"Wachovia has long been committed to research and development and has led progress across image products and capabilities, including the RDC platform and technologies such as Image Cash Letter, Image Exchange, image delivery and image archival," Madden said. "We look at our customer's cash management needs holistically and advise on approaches that will benefit their unique environment. RDC is an example of one solution that can be used alone or in combination with complementary products such as Deposit Item Image for check depositing customers. Each customer's environment will demand a tailored approach to meet their needs."
About Wachovia Treasury Services
Wachovia's Treasury Services, the third-largest U.S. cash management provider, tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Greenwich Associates' 2006 Middle Market Survey ranks the bank No. 1 in Customer Service and Operations Accuracy among cash management banks. Phoenix-Hecht's bi-annual surveys consistently give Wachovia's Treasury Services products top grades across mid-market and large corporate markets for quality and customer satisfaction. Ernst and Young's 2006 U.S. Cash Management Survey ranks the bank number 3 in market share, and ranks the bank's information and access product, Wachovia Connection(r), No. 1 for the highest number of Information Reporting Internet Accounts.
About Wachovia
Wachovia Corporation is one of the nation's largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at http://www.wachovia.com; online brokerage products and services at http://www.wachoviasec.com; and investment products and services at http://www.evergreeninvestments.com. In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.
Source: Wachovia
Lack of Professional Manpower Costs Germany 20 Billion Euros
Lack of Professional Manpower Costs Germany 20 Billion Euros Per Annum
A recently conducted study provides arguments for the discussion about the lack of professional manpower in Germany. The study reveals that close to 100,000 additional engineers and natural scientists each could be needed in Germany in 2014. The lack of professional manpower is estimated to cost Germany more than 20 billion Euros in 2007.
The bottleneck is said to affect mainly the sectors which "are most important for Germany's technological performance". Among these are mechanical engineering, the metal and electronics industries, the automotive industry and the corporate service industry. Young talent is said to be lacking particularly with technicians and master craftsmen as well as in mathematics, computer sciences and natural science and technology.
News Souce
A recently conducted study provides arguments for the discussion about the lack of professional manpower in Germany. The study reveals that close to 100,000 additional engineers and natural scientists each could be needed in Germany in 2014. The lack of professional manpower is estimated to cost Germany more than 20 billion Euros in 2007.
The bottleneck is said to affect mainly the sectors which "are most important for Germany's technological performance". Among these are mechanical engineering, the metal and electronics industries, the automotive industry and the corporate service industry. Young talent is said to be lacking particularly with technicians and master craftsmen as well as in mathematics, computer sciences and natural science and technology.
News Souce
Terrorist Attack Could Cost US Airlines $420 Billion
Terrorist Attack Could Cost Commercial Airlines $420 Billion
Another terrorist attack on the U.S. could cost the country's commercial aviation industry as much as $420 billion, a new study says.
Done by four scientists at the University of Southern California, the study appears in the current issue of the scientific journal Risk Analysis.
The authors based their estimates on assumptions that an attack would shut down the entire system for seven days and require a two-year recovery period.
News Source
Another terrorist attack on the U.S. could cost the country's commercial aviation industry as much as $420 billion, a new study says.
Done by four scientists at the University of Southern California, the study appears in the current issue of the scientific journal Risk Analysis.
The authors based their estimates on assumptions that an attack would shut down the entire system for seven days and require a two-year recovery period.
News Source
Harvard University Endowment Soars to $34.9 Billion
Harvard University Endowment Soars to $34.9 Billion
William Marra, Aug 2007
Harvard, already the richest university in the world, just increased its lead over the competition even more.
The Harvard endowment grew 23 percent during the fiscal year, which ended June 30, swelling to a new high of $34.9 billion, the Harvard Management Co., which oversees the university's endowment, said yesterday
35 billion $! Whew!
Read the full report from here, quite an interesting article, I knew these universities were rich, but I never even stopped to think how rich they could be...now I know
William Marra, Aug 2007
Harvard, already the richest university in the world, just increased its lead over the competition even more.
The Harvard endowment grew 23 percent during the fiscal year, which ended June 30, swelling to a new high of $34.9 billion, the Harvard Management Co., which oversees the university's endowment, said yesterday
35 billion $! Whew!
Read the full report from here, quite an interesting article, I knew these universities were rich, but I never even stopped to think how rich they could be...now I know
E-Learning Growing As Powerful Tool For Small Businesses
Four-Billion-Dollar E-Learning Industry Growing As Powerful Tool For Smaller Businesses
Electronic-learning, which is increasingly used as a productivity tool by small to medium-size businesses (SMBs), has become a $4 billion industry growing at 10-15 percent yearly, reported the Information Technology Solution Providers Alliance (ITSPA), a national, non-profit group that helps SMBs understand how technology and local technology providers can help them succeed.
E-learning involves a variety of technologies such as e-mails, Web-sites, CD-ROMs, DVDs, videoconferencing and "blogs" that supplement online classes.
For SMBs, e-learning eliminates costs associated with traditional training, which usually is conducted at off-site seminars that involve costly travel and lodging, as well as additional time away from the job
ead the full epot gfom hee @ Sales Mastes Wold
Electronic-learning, which is increasingly used as a productivity tool by small to medium-size businesses (SMBs), has become a $4 billion industry growing at 10-15 percent yearly, reported the Information Technology Solution Providers Alliance (ITSPA), a national, non-profit group that helps SMBs understand how technology and local technology providers can help them succeed.
E-learning involves a variety of technologies such as e-mails, Web-sites, CD-ROMs, DVDs, videoconferencing and "blogs" that supplement online classes.
For SMBs, e-learning eliminates costs associated with traditional training, which usually is conducted at off-site seminars that involve costly travel and lodging, as well as additional time away from the job
ead the full epot gfom hee @ Sales Mastes Wold
Music Piracy Costs over 10 Billion Dollar a Year - IPI
Music Piracy Costs over 10 Billion Dollar Price Tag
Illegally downloading the latest Top 40 hit is costing global economy an estimated $12.5 billion a year, according to a Tuesday report from the Institute for Policy Innovation (IPI). While there are some who might question the impartiality of IPI, there is no denying that billions of revenues are lost to the music and record companies as a result of folks for paying for that they are supposed to. The problem of course is whether what we are presently "supposed to be doing" is indeed the right thing to do.
Such difficult questions apart, if you have an idea that can stop music piracy, you know where to go to cash in on your billion dollar idea.
News Source
Illegally downloading the latest Top 40 hit is costing global economy an estimated $12.5 billion a year, according to a Tuesday report from the Institute for Policy Innovation (IPI). While there are some who might question the impartiality of IPI, there is no denying that billions of revenues are lost to the music and record companies as a result of folks for paying for that they are supposed to. The problem of course is whether what we are presently "supposed to be doing" is indeed the right thing to do.
Such difficult questions apart, if you have an idea that can stop music piracy, you know where to go to cash in on your billion dollar idea.
News Source
Friday, August 17, 2007
Brain Disorders Cost euro 3 Billion a Year in Ireland
Brain Disorders Cost euro 3 Billion a Year in Ireland
The total cost of brain disorders in Ireland per year is e3 billion, representing three per cent of gross national product, and a cost of e775 per citizen, new research has found.
The study was conducted by the European Brain Council (EBC) to estimate prevalence and cost of the 12 leading disorders encountered in neurology, neurosurgery, and psychiatry. The disorders selected for the study were: addiction, affective disorders, anxiety disorders, brain tumours, dementia, epilepsy, migraine and other headaches, multiple sclerosis, Parkinson’s disease, psychotic disorders, stroke and trauma.
Big problem, big opportunity
The total cost of brain disorders in Ireland per year is e3 billion, representing three per cent of gross national product, and a cost of e775 per citizen, new research has found.
The study was conducted by the European Brain Council (EBC) to estimate prevalence and cost of the 12 leading disorders encountered in neurology, neurosurgery, and psychiatry. The disorders selected for the study were: addiction, affective disorders, anxiety disorders, brain tumours, dementia, epilepsy, migraine and other headaches, multiple sclerosis, Parkinson’s disease, psychotic disorders, stroke and trauma.
Big problem, big opportunity
Thursday, August 16, 2007
Iran-Iraq Trade Amounts to US $ 2 Billion
Iran-Iraq Trade Amounts to US$2 Billion
Aug 2007, Al Bawaba
Iranian Ambassador to Baghdad Hassan Kazemi Qomi said that Iran-Iraq trade exchange amounts to US$2 billion of which 97 percent is Iran's exports to Iraq.
Kazemi Qomi told IRNA that trade cooperation between the two countries is turning into bilateral economic ties. According to him, the project on Baghdad power plant with a capacity of 300 megawatts is to be implemented under a US$150 million contract. Qomi added Iran is conducting feasibility studies on two pipeline projects in order to transfer 350,000 bpd of oil and derivatives from Basra to Abadan.
Interesting to note that Iran contributes 97% of the trade - hmmm...essentially Iran-Iraq trade is Iran trade to Iraq. Is this a pointer of things to come? Will Iraq become more and more of Iran?
These statistics should also make US realise how foolish it will be not to involve Iran when trying to figure out a way to make Iraq stable. Yeah, these two countries do not like each other, but which is better for the US? - Losing thousands of more priceless American soldiers' lives or losing face and admitting that Iran is possibly the most important power player in that region?
You figure.
Aug 2007, Al Bawaba
Iranian Ambassador to Baghdad Hassan Kazemi Qomi said that Iran-Iraq trade exchange amounts to US$2 billion of which 97 percent is Iran's exports to Iraq.
Kazemi Qomi told IRNA that trade cooperation between the two countries is turning into bilateral economic ties. According to him, the project on Baghdad power plant with a capacity of 300 megawatts is to be implemented under a US$150 million contract. Qomi added Iran is conducting feasibility studies on two pipeline projects in order to transfer 350,000 bpd of oil and derivatives from Basra to Abadan.
Interesting to note that Iran contributes 97% of the trade - hmmm...essentially Iran-Iraq trade is Iran trade to Iraq. Is this a pointer of things to come? Will Iraq become more and more of Iran?
These statistics should also make US realise how foolish it will be not to involve Iran when trying to figure out a way to make Iraq stable. Yeah, these two countries do not like each other, but which is better for the US? - Losing thousands of more priceless American soldiers' lives or losing face and admitting that Iran is possibly the most important power player in that region?
You figure.
Brazil's Petrobras to Invest Billions in Production, Exploration, Biofuels
Brazil's Petrobras to Invest Billions in Production, Exploration, Biofuels
August, 2007 - AP
Rio de Janeiro, Brazil: State-run oil company Petroleo Brasileiro SA, or Petrobras, said Tuesday it plans investments of US$112.4 billion in production, exploration and other activities in Brazil and around the world through 2012, part of a strategic plan to make it a Top 5 energy company in the world (rather than Latin America) by 2020.
US$65 billion of the 100 plus billion will go toward exploration and production. The bulk of its investments would be spent in Brazil, with some billions to be invested abroad.
Part of the non-production non-exploration investments will go into downstream and distribution, and into biofuels, where Petrobras wants to lead the Brazilian production of biodiesel.
Original news source: International Herald Tribune
August, 2007 - AP
Rio de Janeiro, Brazil: State-run oil company Petroleo Brasileiro SA, or Petrobras, said Tuesday it plans investments of US$112.4 billion in production, exploration and other activities in Brazil and around the world through 2012, part of a strategic plan to make it a Top 5 energy company in the world (rather than Latin America) by 2020.
US$65 billion of the 100 plus billion will go toward exploration and production. The bulk of its investments would be spent in Brazil, with some billions to be invested abroad.
Part of the non-production non-exploration investments will go into downstream and distribution, and into biofuels, where Petrobras wants to lead the Brazilian production of biodiesel.
Original news source: International Herald Tribune
Russian Plans to Build 4500 Aircraft - Pie in the Sky?
Russian Plans to Build 4500 Aircraft - Pie in the Sky?
Forbes, Aug 2007
Russian officials have reportedly pledged to invest over $250 billion in the country's flagging aviation industry. Analysts at Boeing and Airbus are not entirely convinced that this will be a major event. There are some independent analysts who even doubt the genuineness of the claim.
A top Russian official promised 187 billion euros of investments to build 4,500 planes over the next 18 years, a bold claim that signals a fresh boost to the country's civil aviation sector. Could this be a real turning point for the Russian aviation sector to try to take on EADS/Airbus and Boeing? Or is this a clever and zero-cost strategy to extract more from EADS & Boeing in future deals?
With Russians, you never know, but if their intention to invest this kind of money is indeed genuine, wow, there will be a plethora of opportunities for Russian entrepreneurs and aviation industry entrepreneurs worldwide.
Should keep a watch on this...
Original Forbes news source
Forbes, Aug 2007
Russian officials have reportedly pledged to invest over $250 billion in the country's flagging aviation industry. Analysts at Boeing and Airbus are not entirely convinced that this will be a major event. There are some independent analysts who even doubt the genuineness of the claim.
A top Russian official promised 187 billion euros of investments to build 4,500 planes over the next 18 years, a bold claim that signals a fresh boost to the country's civil aviation sector. Could this be a real turning point for the Russian aviation sector to try to take on EADS/Airbus and Boeing? Or is this a clever and zero-cost strategy to extract more from EADS & Boeing in future deals?
With Russians, you never know, but if their intention to invest this kind of money is indeed genuine, wow, there will be a plethora of opportunities for Russian entrepreneurs and aviation industry entrepreneurs worldwide.
Should keep a watch on this...
Original Forbes news source
US Subprime Woes Cost? $150 Billion - Calyon, Credit Agricole SA
U.S. Subprime Woes to Cost $150 Billion in Losses, Calyon Says
By Patricia Kuo, Bloomberg
Aug, 2007
The U.S. subprime mortgage crisis will cost credit investors about $150 billion in losses worldwide, according to Calyon, the investment banking unit of Credit Agricole SA.
Foreclosures may reach 20 percent of the $1.3 trillion of subprime mortgages outstanding, and under some assumptions, losses would be $130 billion. A further $20 billion could also be lost from the $1 trillion of outstanding Alt-A mortgages offered to borrowers with better credit.
The European Central Bank, the U.S. Federal Reserve and other central banks have injected more than $350 billion into money markets worldwide since Aug. 9.
Consumer lending standards have started to tighten in the mortgage sector and in other types of consumer loans such as auto loans and credit cards. Waning demand from investors for home loans has toppled more than 70 mortgage companies and half a dozen hedge funds in the U.S..
Big trouble! Is there a big business idea around here? I'm not well-versed with the finance/banking/investment sector to figure out any, but if there is big trouble, big opportunity cannot be far behind, can it?
Source: Bloomberg
By Patricia Kuo, Bloomberg
Aug, 2007
The U.S. subprime mortgage crisis will cost credit investors about $150 billion in losses worldwide, according to Calyon, the investment banking unit of Credit Agricole SA.
Foreclosures may reach 20 percent of the $1.3 trillion of subprime mortgages outstanding, and under some assumptions, losses would be $130 billion. A further $20 billion could also be lost from the $1 trillion of outstanding Alt-A mortgages offered to borrowers with better credit.
The European Central Bank, the U.S. Federal Reserve and other central banks have injected more than $350 billion into money markets worldwide since Aug. 9.
Consumer lending standards have started to tighten in the mortgage sector and in other types of consumer loans such as auto loans and credit cards. Waning demand from investors for home loans has toppled more than 70 mortgage companies and half a dozen hedge funds in the U.S..
Big trouble! Is there a big business idea around here? I'm not well-versed with the finance/banking/investment sector to figure out any, but if there is big trouble, big opportunity cannot be far behind, can it?
Source: Bloomberg
Nigeria: N4.8 Billion Frauds in Banks
Nigeria: N4.8 Billion Frauds in Banks
Vanguard (Lagos), August 2007
In spite of the recent banking sector consolidation, frauds remain a major challenge for the industry as the Nigeria Deposit Insurance Corporation (NDIC) has said there were 1,193 cases of frauds and forgeries in the banks, involving N4. 832 billion last year.
According to the corporation in its 2006 Annual Report, released to the media in Abuja, yesterday, out of the number of reported cases, 612 cases were successfully executed by the perpetrators, resulting in loses amounting to N2.768 billion.
Opportunit? Perhaps! The banking fraud detection software companies should probably explore if Nigerian Banks could be a prospective customer base, if this is such a major pain point in that country. Not saying they will make great customers overnight, but it might be a good idea for those tech companies to check out all the same.
Vanguard (Lagos), August 2007
In spite of the recent banking sector consolidation, frauds remain a major challenge for the industry as the Nigeria Deposit Insurance Corporation (NDIC) has said there were 1,193 cases of frauds and forgeries in the banks, involving N4. 832 billion last year.
According to the corporation in its 2006 Annual Report, released to the media in Abuja, yesterday, out of the number of reported cases, 612 cases were successfully executed by the perpetrators, resulting in loses amounting to N2.768 billion.
Opportunit? Perhaps! The banking fraud detection software companies should probably explore if Nigerian Banks could be a prospective customer base, if this is such a major pain point in that country. Not saying they will make great customers overnight, but it might be a good idea for those tech companies to check out all the same.
Computer Shut-down Costs Au Investors $36 Billion
Computer Shut-down Costs Au Investors $36 Billion
Aug 17, 2007
75 minutes of madness sparked by a computer shut-down sent the stock market into freefall yesterday, costing investors $36 billion.
The glitch caused investors to lose their nerve and sell shares in a wild day of trading, sending the All Ordinaries index plunging more than 5 per cent.
After the computers were powered back up by mid-afternoon, traders recovered their nerve with the index closing down 1.5 per cent at a cost to investors of $22 billion.
Is there an opportunity lurking behind this story? Who knows! Just imagine, 22 billion dollars for a problem that exists for just over an hour - surely entrepreneurs with a nose for new business ideas will come up with an opportunity from this!
Souce: Herald Sun
Aug 17, 2007
75 minutes of madness sparked by a computer shut-down sent the stock market into freefall yesterday, costing investors $36 billion.
The glitch caused investors to lose their nerve and sell shares in a wild day of trading, sending the All Ordinaries index plunging more than 5 per cent.
After the computers were powered back up by mid-afternoon, traders recovered their nerve with the index closing down 1.5 per cent at a cost to investors of $22 billion.
Is there an opportunity lurking behind this story? Who knows! Just imagine, 22 billion dollars for a problem that exists for just over an hour - surely entrepreneurs with a nose for new business ideas will come up with an opportunity from this!
Souce: Herald Sun
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