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            Archive | Business RSS feed for this section

            Current Event Cat of the Day: Bitcoin Tanks

            Current Event Cat - Bitcoin Sinks

            Bitcoin holders everywhere are scrambling to find their local suicide hotline number – and not just because the Christmas season is here and they are alone yet again, but because the price of Bitcoin has tanked.

            The price of Bitcoin has plummeted by 50 percent since late November after China体彩手机在线怎么下载 ordered third-party payment agencies to stop any “custody, trading and other services” related to the virtual currency.

            The Chinese crackdown on domestic Bitcoin trading sent the price of the virtual currency on a downwards spiral. But don’t say the Chinese didn’t warn you: the Chinese central bank cautioned bitcoiners earlier this month that Bitcoins don’t have any legal status or monetary equivalent and shouldn’t be used as currency. The Chinese were very worried that the cyber currency, which is created, distributed and authenticated independently of any bank or government, could pose a viable alternative to China体彩手机在线怎么下载’s tightly controlled yuan.

            And so the biggest Bitcoin exchange in China体彩手机在线怎么下载 announced on Wednesday, just two weeks after China体彩手机在线怎么下载’s central bank said the country体彩手机在线怎么下载’s banks and payments systems were barred from handling the virtual currency, that “due to the reasons that everyone knows, BTC China体彩手机在线怎么下载 has to temporarily stop its yuan account recharging functions.”

            For those bitcoiners who lost out, just remember that the first rule of investment is to never invest money you can’t afford to lose. And the second rule of investment is to steer clear of Bitcoin no matter what those tell you.


            Current Event Cat of the Day: Janet Yellen

            Janet Yellen

            Amidst the chaos of the government shutdown and the looming debt-ceiling deadline, Obama announced Janet Yellen as his pick to head the Federal Reserve.

            Did Janet Yellen get nominated because Obama hopes she’ll be yellen at Republicans to stop holding the country体彩手机在线怎么下载 hostage? No. Instead, Janet Yellen was chosen to replace Ben Bernanke as the head the US Central Bank because of her skills and experience. Yellen has been Bernanke’s deputy for the last two years so the transition should be fairly seamless.

            The chairman of the US Senate Banking Committee, Tim Johnson, said she had “a depth of experience that is second to none.”

            “I have no doubt she will be an excellent Federal Reserve chairman,” he added.

            Say what you will about Ben Bernanke, but the man knows when to aboandon ship. Janet Yellen will be walking into a disaster if the US government doesn’t get their debt ceiling issues worked out.

            Once the Senate approves her (they only need six Republican votes so it shouldn’t be too much of a hassle) she will become the first woman to lead the Federal Reserve. And the first Democrat to lead the Fed since Paul A. Volcker stepped down in 1987!

            Funny how the first black president and the first female Fed chair (both Democrats) will be left to deal with a potentially huge financial catastrophe almost entirely concocted by Republicans who are unwilling to share any of the blame. Maybe those Republicans aren’t so dumb after all…. maybe it was a set up all along…

            Via: &

            Chinese Invent Hairy Stockings to Deflect Perverts

            Hairy Stockings

            Perverts are a problem. The Indians dealt with it by creating an anti-rape bra that emits powerful shocks when touched and alerts the police. The Chinese have gone a simpler route by inventing hairy stockings.

            A user Sina Weibo, China体彩手机在线怎么下载’s Twitter equivalent, uploaded a photo of hairy stockings designed to look like hairy man legs. The caption read: “Super sexy, summertime anti-pervert full-leg-of-hair stockings, essential for young girls going out.” Super sexy indeed – especially in the summertime. The furry stockings are guaranteed to deflect any unwanted attention! Or guaranteed to have everyone stare at you and possibly get accosted by a French guy.

            Surprisingly, the bushy legwear isn’t for everyone. The hairy stockings are receiving a mixed reaction from Sina Weibo users:

            “Damn, so disgusting!!!’ commented one user.

            Essential for the subway?’ said another.

            “If it has come to this, why not just wear pants?”

            And most importantly:

            ‘This will not only prevent against perverts, it’ll definitely also result in preventing handsome guys from approaching you.’

            Note: handsome guys CANNOT be perverts. It’s a fact.

            It’s unclear whether the inventor of the stockings is making them available for purchase, but they’ve definitely attracted a lot of attention. But is it unwanted attention?



            Current Event Cat of the Day: Booz Allen

            Current Event Cat - Booz Allen

            The firm Booz Allen Hamilton has fired Edward Snowden, the 29-year-old contractor who exposed the National Security Agency’s phone and Internet monitoring program. You would have thought he formally quit when he leaked top-secret documents and fled to Hong Kong, but no, he did not.

            Booz Allen released a statement on Monday confirming that Snowden was, in fact, an employee of the firm stationed in Hawaii but for fewer than three months. Other items Booz Allen revealed? His salary and the fact that he was fired:

            “Snowden, who had a salary at the rate of $122,000, was terminated June 10, 2013, for violations of the firm’s code of ethics and firm policy,” “We will work closely with our clients and authorities in their investigation of this matter.”

            Booz Allen was reportedly “shocked” by the reports that one of its employees was the leaker of the NSA’s telephone and internet data collection program. And they’re probably pretty pissed too considering the firm gets 99% of its revenue from a variety of government contracts. Booz Allen is supposed to provide cyber security services and technical support for intelligence and defense agencies as well as civilian branches of government. Needless to say, shares of Booz Allen have been declining. I guess Snowden won’t be winning employee of the month any time soon.

            Via: &

            TGI Fridays: Accused of Faking Premium Alcohol

            TGI Fridays

            In case you didn’t have one, here’s another reason not to go to TGI Fridays: 13 New Jersey TGI Fridays have been using cheap booze in place of premium brands.

            The investigation, known as “Operation Swill”, found that 29 bars and restaurants in the New Jersey area have been filling up their premium liquor bottles with the cheap stuff and passing it off to customers at the higher premium price. Authorities said the bars and restaurants were trying to “fool the customer and increase their profits.” 13 of those restaurants were TGI Fridays. Not sure who orders top-shelf booze at TGI Fridays… Probably the same people who shop for fine wine at Walmart?

            Officials said more than 100 state investigators worked on the probe. The year long investigation began as a result of complaints, and involved confidential informants and undercover detectives who used new technology to covertly test liquor samples taken from establishments. A year long investigation that involved over 100 investigators? I guess the detectives must have figured out this was a great way to get free drinks and decided to prolong the investigation. Or they kept getting drunk off cheap booze and contaminating the samples.

            TGI Fridays said in a statement that it “was just made aware of this issue and is working closely with the franchisee and owner of the cited locations to review and investigate these serious allegations.”

            “We have one of the most extensive bar and beverage programs in the industry, which sets a very high standard in the quality and service of our beverages,” the company added.

            As of now, no TGI Fridays raids are scheduled for passing off low grade food products as restaurant quality food.


            Joe Fresh in Damage Control Mode… And Other News

            Joe Fresh in Bangladesh

            Damage control: Activate! Joe Fresh Style!

            Loblaws, the company that owns the Joe Fresh clothing line, said that it will provide compensation for the families of victims who worked at the Bangladesh factory that collapsed last week. The incident left 380 people dead and hundreds missing. After Joe Fresh labels were found amid the rubble, it was revealed that the clothing line was produced in the factory. No wonder Joe Fresh sandals are only $4…. The garment workers in the factory reportedly get paid about $38 a month. That’s almost 10 pairs of Joe Fresh shoes!


            Current Event Cat of the Day: Spain’s Unemployment Rate

            Current Event Cat - Spanish Unemployment Rate

            Spain’s unemployment rate has hit an of the workforce. That’s 6 million Spaniards!

            Actually, that’s over 6 million Spaniards. On the bright side though, the rate of increase of the unemployment rate has slowed down since the recession began. That’s something, I guess.

            Some people aren’t so optimistic though:

            “These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy,” strategist at Citi in Madrid Jose Luis Martinez said.

            Spain’s economy – the fourth largest in Europe – has had a rough go since the recession hit. The collapse of a property boom combined with billions of euros in state spending cuts and tax hikes have left the population feeling not so great about their economy.

            Rajoy to the rescue! Spanish Prime Minister Mariano Rajoy is set to unveil a new reform plan on Friday aimed at combating the recession. However, the news of a new plan won’t stop thousands of demonstrators from taking to the streets of Madrid on Thursday in protest of Spain’s austerity measures.


            You Now Need a Bachelor’s Degree to Work at McDonald’s

            McDonald's Bachelor's Degree

            Flipping burgers now requires a higher education.

            A McDonald’s franchise in Winchendon, Massachusetts posted a job listing this week for a cashier with one to two years of experience and a bachelor’s degree. The ad calls for:

            “Friendly people wanted to smile while serving lots of guests daily”

            “Get a weekly paycheck with a side order of food, folks and fun.

            Sounds tempting. The salary for the cashier position isn’t revealed, but if the $10 an hour management position is any indication, it’s probably pretty low… Too low to pay off the student loans. $10 an hour would put a full-time worker at an average income of just over $20,000 a year.

            But don’t get too discourage grads: the posting also promises “flexible hours,” “affordable health, vision and dental insurance” and even “free uniforms.” Not bad deal in an economy with 11.5% youth unemployment. Perhaps they will attract some college graduates.

            But what happens if your employees start to get a little too educated? Strikes!!

            New York City workers at more than 70 fast food chain restaurants (including McDonald’s, Wendy’s, and KFC) are in protest of low wages. In addition to receiving minimum wage salaries, many workers are part time and receive no benefits.The employees are seeking to nearly double their hourly pay to $15 an hour. Also on their list of demands: the right to form a union without intimidation of retaliation.

            New York’s minimum wage is currently at $7.25 but is expected to rise to $9 by the end of 2015.

            That $10 an hour management position doesn’t look so bad now…



            Current Event Cat of the Day

            Current Event Cat - Euro Zone

            Current Event Cat of the Day:

            The rate of unemployment in the Euro Zone hit a record high of 12% in January and February, official Eurostat . The dismal unemployment numbers provide confirmation that the economy remains in a deep freeze.

            The number of people unemployed in the 17 member states rose by 33,000 during the month of February, to hit 19.07 million, the statistics agency Eurostat said.

            Who’s doing the worst? The highest rate was 26.4% in Greece, followed closely behind by Spain at 26.3%.

            And who’s picking up the slack? The lowest rates recorded were in Austria at 4.8% and Germany at 5.4%.


            Yahoo Buys 17-Year-Old’s Startup for $30M

            Yahoo Teen

            British whiz kid Nick D’Aloisio has reportedly sold his news app Summly to Yahoo for $30 million, leaving everyone else wondering what they’re doing with their lives.

            The idea for the app, which essentially condenses content on a smartphone, came to the teen when he was 15 and studying for exams. He went on to crate a prototype of the app and attracted a slew of celebrity investors including Ashton Kutcher and Yoko Ono. Random.

            “If you have a good idea, or you think there’s a gap in the market, just go out and launch it, because there are investors across the world right now looking for companies to invest in,”

            I guess there’s not a gap in the market for Current Event Cats. Otherwise I’d be an Internet billionaire.

            D’Aloisio will from Yahoo’s London office so he can still finish his exams. He will also be the company’s youngest employee. I would hope so.

            Which part of this article puts me most to shame?

            • a) The fact that he’s is younger than Yahoo, which was incorporated in 1995.
            • b) The fact that he effortlessly created a million dollar product while studying for a history exam
            • c) The fact that he looks like a techie version of Justin Beiber
            • d) All of the above

            The answer, of course, is all of the above!


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