View full post on All Stories

As he approached retirement age , Foss Miller knew he needed an exit strategy for the company he co-founded 35 years ago. It wasn’t going to be easy. His company, Sawbones Worldwide, presented unique circumstances. It wasn’t that Sawbones makes artificial bones for medical use, which raises eyebrows. It was the company’s location. It is the largest manufacturing plant, and largest employer, on Vashion Island in Washington State. Vashon, a small island just west of Seattle in the Puget Sound with 10,000 full-time residents. It is accessible to the mainland only by ferry. There are no chain stores on Vashon, aside from a single Subway sandwich shop. Miller describes life on Vashon as the “Norman Rockwell existence.” With 135 employees and a payroll of nearly $6 million, Sawbones is crucial to the economy of Vashion Island. K2 Skis, a sporting goods manufacturer, was originally headquartered on Vashon, but left nearly a decade ago for cheaper labor abroad. Residents still feel the sting. K2′s move eventually left about 400 people jobless. “It was a big hit to the island,” Miller recalls. “Everyone was paranoid that the same thing would happen to us.” But the company, which Miller co-founded in 1975, has prospered. According to Miller, it has carved for itself a niche in the medical supply field. How to leave his company in good hands? Miller first met with venture capitalists and strategic buyers, but they couldn’t promise to keep the company on the island. He then considered a management buyout, but when he ran the numbers, he realized it wasn’t going to be feasible. It would be too expensive. Eventually, he and his business partner, Denzil Miller, made their decision. On December 10th, Miller assembled his employees in the cafeteria for their annual Christmas party. Miller took the microphone and before a crowd of hundreds of his employees and their families. He announced a decision that would change their lives forever. Foss Miller gave his company to his employees. Using the government-sponsored ESOP, or the employee stock ownership program, Miller would segue out of his role as an executive of his company, and as of that day, he’d let his employees take full ownership of the business. Pacific Research Laboratories, the company’s official corporate title, is one of nation’s largest purveyors of artificial bones. They manufacture everything from bovine pelvises to plastic skulls. Shoulders are available for rent by the week. The locals call it The Bone Factory. Naturally, the crowd erupted in cheers when Miller announced his decision to give the company to his employees. With an ESOP, employees are guaranteed a piece of the company’s equity, which functions much like a 401k retirement plan. Since company profits are essentially reinvested into the employees retirement accounts, ESOP employees can genuinely enjoy the fruits of their labor. And as the employee grows with the company, so does his or her equity.

In addition to a number of tax advantages both employer and employee enjoy using an ESOP, what’s notable is a common thread among ESOP programs: a strong company culture. The Sawbones story, which was originally reported by Vashon’s local newspaper, The Beachcomber, is not as uncommon as yone might think. Michael Keeling, president of the Washington-based ESOP Association, estimates that there are currently around 10,000 ESOPs nationwide, though precise statistics are impossible because most of these companies are private, and don’t open their books to the SEC. “The ESOP is a very attractive alternative or model for existing shareholder,” Keeling says. “It keeps the culture and style going versus having new owners come in, shut it down, ship the machinery overseas, and cut the jobs out. I could make the case that if you have a great culture, the ESOP can be essential in preserving that culture, and probably make it better.” Though the popularity of ESOPs has steadily declined since the 1980s when government-sponsored tax incentives were repealed, ESOPs seem to be creeping back into the spotlight. There are a couple of reasons for this. For one, the recession has made venture capitalists a bit more conservative about their offers to small business owners like Miller. “ESOPs have become a more appealing way for owners to cash out their equity because the downturn has lowered what most companies would fetch in a merger or acquisition,” BusinessWeek noted about the recent rise in ESOPs. Perhaps another reason for the reappearance of ESOPs is a little less quantifiable. As buzz words like “sustainability” permeates the corporate lexicon, CEOs and managers are beginning to understand that strong company culture can affect the bottom line. Low turnover rates, high productivity, and a sense of loyalty contribute to the intangible assets of a small business. Companies such as Eileen Fisher and Publix Super Markets have announced ESOPs in the last several years, as well as Clif Bar Company, maker of the popular organic health food, which was announced in June 2010. Clif’s owners, Gary Erickson and Kit Crawford, implemented the ESOP “to recognize employees’ role in helping build the business, and because it is in line with their goal to lead a sustainable business for future generations,” according to a company statement. Erickson and Crawford sold 20 percent of their family shares to employees while retaining 80 percent ownership. “All along we wanted to create a company where we would want to work,” Crawford said in a statement. “Employee ownership is one more way we could run a different kind of business: one that inspires a team of people to make the kind of delicious, nutritious food we’d like to eat, and that strives for a healthier, more sustainable world.” When the news was announced at Clif Bar, employees could barely contain their joy. “Dancing in the aisles is definitely the right way to put it,” said Renée Davidson, a company employee. “It was a big surprise. Employees had no idea it was coming. They were amazed.” ESOPs don’t work for every company. But for Miller, who made his first worktable by taking his bedroom door off its hinges and laying it over two sawhorses, selling Sawbones to his employees just felt right. “So many of the employees have worked here for many, many years,” he says. “Providing them a great retirement when they leave-it just made more sense and felt better and better.”

View full post on All Stories

Ottawa, Ontario, Canada (AHN) – Ontario Court of Appeal Justice Marc Rosenberg said Monday he would likely decide by Saturday whether continue for another 60 days a stay of a lower court’s ruling to strike down Canadian prostitution laws.

The current stay order expires Nov. 27. Rosenberg said if the ruling is not out by Saturday, all the parties to the case have agreed that certain acts related to prostitution would remain criminal activities until a judgment is released.

Federal and provincial governments asked the Court of Appeal for a 60-day stay on the ruling made by Ontario Court Judge Susan Himel that struck down the country’s prostitution laws. She ruled the regulations contribute to dangers faced by those engaged in the flesh trade and that the rules violate their rights.

Ottawa and the provincial governments argued that prostitution is always risky and making some acts connected with the flesh trade no longer criminal is not in line with the moral values of majority of Canadians.

Federal government lawyer Michael Morris warned that if Rosenberg did not issue a stay order, Canada would enter into a period of unprecedented social experimentation that would have a profound and irreversible effect on the status quo.

View full post on Politics Stories

Washiington, D.C., United States (AHN) – The United States has briefed Pakistan on President Barack Obama’s decision to endorse Indian aspirations to join U.N. Security Council with a permanent seat and is leaving it to Islamabad to deal with the facts, according to the State Department.

Answering questions on Friday, PJ Crowley, the State Department spokesman told journalists, “We have briefed the government of Pakistan on the President’s announcement. I’m not aware that there was any particular concern expressed.”

“This (Obama’s support) is a reflection of the growing importance of the region to the rest of the world, and Pakistan should not see this as something that comes at their expense. It does not,” he said at his daily press briefing.

“I think they (Islamabad) understand what we told them, and beyond that, I’ll leave it to the government of Pakistan to describe its own reaction,” Crowley replied when asked about Islamabad’s strong reaction about President Obama’s endorsement of India for the Security Council bid.

Earlier on Monday addressing the joint session of Indian Parliament during his visit, Obama said, “I can say today, in the years ahead, I look forward to a reformed United Nations Security Council that includes India as a permanent member.”

“No one should see this in zero-sum terms. And first of all, understand that there is a process. It involves the Security Council and many countries that will have a say in the possible reform of the UN Security Council,” Crowley added.

Crowley noted that the U.S. had briefed Islamabad Obama’s decision, assuring its ally that his support to the bid is not at its expense.

View full post on Politics Stories

The best part about Bad credit loans instant decision is that these loans are issued to you in a very short time span that is because the formalities are fewer than ever before. Your loan will be approved only on the basis of your current income so if you are earning at least 1000 pounds and can prove that same then your loan will be approved without any hassle. More over the money will also be deposited in your account and you are not even required to go to the lenders office for the loan.

You can find so many lenders on the internet and all of them will offer you similar offers but with different set of rules and regulations. You can apply with any of them who suit your demands easily. You just need to compare these loans on the basis of the features of the loan schemes offered by them.

Washington, D.C., United States (AHN) – The decision by the United States Federal Reserve to pump $600 billion into the nation’s economy by buying U.S. Treasury Bonds has sparked international criticism led by Germany and China.

China and Germany represent the world’s second- and fourth-largest economies respectively. In addition, they were joined by Brazil and South Africa in criticizing the “quantitative easing.” Quantitative easing is the economic term for buying assets to attempt to boost the economy and lower unemployment.

However, Germany, China, Brazil and South Africa allege that the scheme will not help the U.S. economy and will instead create more problems in the rest of the world. Quantitative easing is expected to lower the value of the dollar, which will make U.S. exports cheaper in world markets.

That means that U.S. exports would be more competitive against German and Chinese exports.

Indeed, the dollar did plunge in value against several of the world’s currencies on Thursday.

Germany’s Finance Minister Wolfgang Schaeuble on Friday said the U.S. Federal Reserve’s move would undermine efforts to create a level playing field in the currency markets.

China Central Bank chief Zhou Xiaochuan said the U.S. should focus on reforming the international currency system. He argued that if the U.S. central banking policy is good for the U.S., but not good for the rest of the world that it might have a negative impact on the rest of the world.

The U.S. has criticized China for artificially keeping its currency devalued for many years to make its exports cheaper. But China made that move when its country had full employment and a budget surplus. The U.S. central bank is not buying U.S. Treasury bonds to deflate the value of the dollar abroad but rather to try to pour money into the American economy – which currently has a budget deficit – and to stimulate the weak economy to encourage American businesses to hire unemployed American workers at a time of continued high unemployment.

Germany also criticized the move because they said it would add to America’s deficit.

View full post on Politics Stories

Quezon City, Metro Manila, Philippines (AHN) – The Philippine Congress has taken an interest in the Philippine Airlines labor row after Labor Secretary Rosalinda Baldoz allowed the flag carrier to lay off 2,600 workers.

The House Labor and Employment Committee will set a hearing in the coming days to probe the alleged anti-labor practices of PAL. The hearing would consolidate seven bills and resolutions with the committee, according to Rep. Emil Ong, who chairs the committee.

However, Ong admitted that Congress has no power to reverse Baldoz’s decision. The labor secretary ruled it is lawful for the air carrier to lay off the 2,600 workers and outsource the tasks the employees perform to cut on costs.

On Tuesday, President Benigno Aquino III – who just returned from a five-day state visit in Vietnam – said he would review the PAL decision of Baldoz, but would respect any decision made by the Court of Appeals. The PAL Employees Association said they would elevate Baldoz’s ruling with the Court of Appeals.

On the same day, workers to be affected by the layoff held a rally at the Mendiola Bridge, which is near the president’s office, to protest the DOLE decision.

View full post on Labor Stories

Despite of questionable credit score, bad credit loan is the appropriate monetary solution planned for the poor creditors. This loan option is more risky for the lenders because it is collateral free plan, so lenders offer lower amount to them. According to the desires, borrowers can acquire loan amount ranging from £ 100 – £ 1500 and shorter repayment duration is allowed for repaying the whole loan amount.

Poor credit loan are evaluated as the best source for tenants and non-homeowners, who do not have any valuable property under their name. Now, it is cleared that, there is no need of pledging any valuable asset as a security against the loan amount. This collateral free loan allows you to acquire small amount for the execution of short term financial emergencies.

Poor credit loans are free from botheration of credit checking and lengthy documentation option. This is the good thing that is appreciated by the bad creditors. By this method, they acquire hassle free amount from the lenders. These loans can be proved helpful in establishing their good credit record in the loan market. By timely and proper repayment of monthly loan installment can boost the credit rating and score once again. Like this, they can force the lenders for increasing their repayment duration.

Instant decision loans provide instant cash to the needy people. In this way, online is the safest and fast procedure. Applying for loan amount by online mode, this process is considered much safer, easier and convenient. In this case, on the application form, you have to mention some of the basic information on the application form related with your identity or current account. After that you will be eligible for applying the loan amount.

Washington, DC, United States (NewsBahn) – NPR’s chief executive has apologized for mishandling the firing of Juan Williams, but she does not regret her decision.

Vivian Schiller issued an apology to the staff of National Public Radio Sunday night saying Williams deserved an in-person meeting to hear that his contract as an analyst was being terminated because of remarks he made about Muslims on Fox News Channel, reports stated.

Williams said on the show that he gets nervous whenever he sees people in Muslim garb getting on the airplane. NPR, which has always been bothered by Williams’ role as a Fox analyst, said the comment went against the company’s standards of giving personal opinions on the air.

In her statement, Schiller said she stood by her decision to let Williams go, but regrets how she handled it. During a press conference, Schiller called into question Williams’ mental health, implying he was seeing or needed to see a psychiatrist.

As of Monday, Williams said he had not received an apology from NPR, nor has he had contact with them. Williams said he is hurt by the psychiatrist comment, and reiterated he is not a bigot.

View full post on Labor Stories

Product Description
When the sharp snap of a pistol shot came from the half-finished building, Karnes wasn’t anywhere near the sandpile that received the slug. He was fifteen feet away, behind the much more reliable protection of a neat stack of cement bags that provided cover all the way to a window in the empty shell of brick and steel before him…. More >>
(Excerpt from Amazon)

Instant of Decision