What JC Penney must do to fix itself

Staff reports , CNBC.com ? ? ? 5 hrs.

For JC Penney, it's going to have to be a trip back to the future if it wants to woo the customers it alienated with its failed no sales, no discounts policy. Apparently, Americans love their coupons.

A day after the struggling retailer ousted the Ron Johnson, the architect of the policy, retail industry analysts said JC Penney's newly reappointed CEO Myron Ullman would need to revive discounts and promotions that its loyal customers knew and loved.

"You have to have the discounts, but then you have to have full price, too," said Dana Telsey, chief executive of Telsey Advisory Group. "You have to give the consumer product that they're willing to pay full price for, and that's branding the store."

In a report issued on Monday, JP Morgan analysts said they expect the company will return to coupons and promotions as part of an effort to stabilize itself before the crucial back-to-school season.

It would be a repudiation of Johnson?s attempt to reinvent JC Penney, which had already been struggling before he left Apple to take the helm at the retailer.

With Johnson as CEO, the company set out to transform itself into a series of shops within a store and rebrand itself into "America's favorite store" as part of a multi-year makeover. Analysts said, however, that the private-label brands carried little to no meaning in today?s market.

"We are convinced JC Penney needs a compelling way forward ? but what that is remains to be seen," they said. "Johnson's path of aspiring to a new shopper did not work, but JC Penney struggled to stabilize sales before Johnson's arrival."

In the process of going after a new customer base, the company also lost touch with its core customer and saw its same-store sales nose dive 25 percent last year. Same-store sales measure sales at stores open more than a year and are considered more accurate because they smooth out wrinkles caused by the hype and excitement after a new store opens. Its share price also shed about half its value and the company recently reported a $552 million quarterly loss.

In a tough economic environment where consumers have been pinching every penny, Johnson?s plan backfired and competitors pounced on the opportunity.

Telsey said for JC Penney to succeed, it would have to lure its core customers back ? a move that she said is possible.

"You're not going to get back all the sales you lost, but you can certainly make improvements on what you have," she said.

Ullman, who served as JC Penney?s CEO for almost seven years until 2011, returns to Penney roughly one third of the way into its transition to a shops-within-a-store model, a transition that "has thus far displayed only scant evidence of success," Oppenheimer analysts said.

Looking ahead, analysts expect Ullman to continue with the transformation of Penney's home goods section, which includes 33 shops by May, but to examine plans after this and possibly slow the conversion rate to conserve cash.

It's noteworthy that Ullman, rather than Johnson, was the first to introduce the shop-in-shops concept when he partnered with Sephora in 2006 and MNG by Mango four years later.

To cut costs amid flagging sales, Johnson turned to widespread layoffs during his tenure, a move that Citigroup analysts said reduced morale at the retailer. Boosting this morale, along with recruiting talent, are two priorities for Ullman, Citigroup analysts added.

"We believe Mike will tap his retail Rolodex and past JC Penney management to bring back department store talent the organization," they said while also fostering internal talent.

CNBC's Katie Little contributed to this report.

Related:Third JC Penney makeover: Ousting Ron Johnson

Source: http://feeds.nbcnews.com/c/35002/f/653351/s/2a863fb0/l/0L0Snbcnews0N0Cbusiness0Cwhat0Ejc0Epenney0Emust0Edo0Efix0Eitself0E1C92840A0A3/story01.htm

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AZ Electronic shares slide after profit warning

LONDON (Reuters) - AZ Electronic Materials, a maker of chemicals for Apple's iPad displays and memory chips, warned that profit would be lower than expected in the first half, wiping a quarter of the value of its share price.

The company said on Tuesday that its core earnings margin for the first six months of the year would dip below 30 percent, resulting in 2013 group margins coming in below normal levels. It forecast an improvement in the second half.

A weaker than expected performance in the part of its business which provides materials used in integrated circuits was to blame, said the company.

Shares in AZ Electronics crashed 27 percent to 269 pence at 3:43 a.m. ET, hitting their lowest level for around nine months and leading the FTSE 250 losers board.

"Softness in demand patterns within the integrated circuit industry was compounded by increased pressure from dual sourcing by certain customers," AZ said in a statement.

Analysts at Singer called the update "disappointing" and said that the lower than normal margin implied a possible 2013 earnings downgrade of over 10 percent.

"We believe that a number of the challenges are likely to be short term ... but we expect the shares to come under some pressure pending visibility of the anticipated second half recovery," they said.

AZ said discussions with customers meant it was confident of a stronger second half. It also gave assurances on profit growth beyond 2013 citing encouraging progress on the development of new products.

(Reporting by Sarah Young, editing by James Davey)

Source: http://news.yahoo.com/az-electronic-shares-slide-profit-warning-081723369--finance.html

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Hack the Front-Facing Camera on Your Nexus 7 to Record 720p Video

The Nexus 7 may not come with a stock Camera app, but a clever hack over on XDA brings it back?and even allows it to record 720p footage. Provided you're rooted, of course.

You'll need two downloads to enable video recording: A camera mod file that you can flash via your custom recovery, which will patch the OS to enable support for video recording, and the Camera Launcher app from the Play Store. This will bring back the Camera shortcut. The app itself is actually on your device already (since other apps use it), but the icon was simply removed because the slate has no rear sensor.

We haven't been able to test this personally, but several users over on XDA have reported success with this method. Give it a shot and let us know how well it works for you!

How to Hack the Front-Facing Camera on Your Nexus 7 to Record 720p HD Video | XDA via WonderHowTo

Source: http://feeds.gawker.com/~r/lifehacker/full/~3/kQMmCir5WFM/hack-the-front+facing-camera-on-your-nexus-7-to-record-720p-video

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'Voodoo stuff' used against would-be North Miami mayor

By Steve Litz, NBCMiami.com

Anna Pierre's introduction to North Miami politics has included intimidation and voodoo tactics.

On Easter Sunday somebody placed voodoo artifacts outside the door of her campaign office.

"I wish I knew," said Pierre, when asked if she had any idea who did it.

She said thinks one of her opponents may be behind the intimidation.

Pierre, who is not related to current Mayor Andre Pierre, is running for mayor.

She says the tactics against her have also included nasty phone calls and sign stealing.

The voodoo items placed outside her campaign office have included candles, food and dolls with pins stuck in them.

"At first it bothers me," she said. "Not that I am scared, but to see how dirty, how low can people go."

More news from NBCMiami.com

Voodoo is practiced by people in Haiti, and around the world, including the U.S. Voodoo has a spooky reputation, but it is a bona fide religion.

There is a huge Haitian population in North Miami.

Pierre said she's famous in her birth country of Haiti, recording a hit pop song before coming to America.

Her popularity there, she says, is helping her gain support here as she runs for mayor.

"The voodoo stuff, I don't know who's doing it, but I'm not afraid," she said. "It's just intimidation to ...? slow me down. But you know what? I'm not going to slow down until the finish line."

Source: http://feeds.nbcnews.com/c/35002/f/653381/s/2a7ff755/l/0Lusnews0Bnbcnews0N0C0Inews0C20A130C0A40C0A90C17667110A0Evoodoo0Estuff0Eused0Eagainst0Ewould0Ebe0Enorth0Emiami0Emayor0Dlite/story01.htm

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Google steps up efforts to purge bad apps from Google Play

By Phil Stewart WASHINGTON (Reuters) - The United States is capable of intercepting a North Korean missile, should it launch one in the coming days, but may choose not to if the projected trajectory shows it is not a threat, a top U.S. military commander told Congress on Tuesday. Admiral Samuel Locklear, the commander of U.S. forces in the Pacific region, said the U.S. military believed North Korea had moved to its east coast an unspecified number of Musudan missiles, with a range of roughly 3,000-3,500 miles. ...

Source: http://news.yahoo.com/google-steps-efforts-purge-bad-apps-google-play-172046316.html

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How Thatcher's radical policies became the norm

By Jeremy Gaunt

LONDON (Reuters) - More than three decades after Margaret Thatcher became Britain's prime minister, her economic legacy - reviled and revered - still ripples across the world.

Whether it is euro zone finance ministers demanding debt-laden countries privatize state-run companies, U.S. politicians seeking spending cuts and curbs on unions, or Britain itself putting its Royal Mail on the auction bloc, the tenets of Thatcherism, for better or worse, are alive.

Thatcher, who died on Monday aged 87, stood for deregulation, a smaller state, free markets and privatization. If that sounds familiar, it is because her playbook has been copied around the world.

None of those policies were common in 1979 when Thatcher became Britain's first woman prime minister with the country reeling in post-war economic decay.

"She shifted the boundaries of what was politically possible," said Steve Davies, a director and economic historian at Britain's Institute of Economic Affairs think tank.

"On the one side policies such as privatization and deregulation came to be taken seriously. On the other, policies that were taken seriously - like the command economy - are no longer taken seriously."

Thatcherism - and its U.S. cousin Reaganomics, after the president, Ronald - were seen as radical departures. The term privatization, for example, was barely known before her tenure. A Google search in 2013 brings up more than 14.5 million hits.

When Thatcher took over Britain, much of its industry like those of other European countries was in the hands of the state.

She sold off steelmakers, carmakers, aerospace firms, oil and gas giants, airlines and the telecoms monopoly - often to strong objections from political opponents and workers within the former state-owned industries. Even public housing was offered for sale, at a discount, to the tenants who lived in it.

There is still opposition. The U.S. public services union ASCME, for example, describes privatization as "driven by wrong-minded public officials and corporate greed."

FILE - This is a 1980 file photo showing British Prime Minister Margaret Thatcher. Ex-spokesman Tim Bell says that Thatcher has died. She was 87. Bell said the woman known to friends and foes as "the ... more? FILE - This is a 1980 file photo showing British Prime Minister Margaret Thatcher. Ex-spokesman Tim Bell says that Thatcher has died. She was 87. Bell said the woman known to friends and foes as "the Iron Lady" passed away Monday morning, April 8, 2013. (AP Photo/File) less? ?

And not all privatizations were successful. Bold competition has brought down costs and encouraged growth in some areas such as telecommunications. Complex, heavily infrastructured businesses such as railways - privatized by her successor John Major - have arguably done less well.

But the debate now is generally on how far privatization should run, not on whether it should be unwound.

Sell-offs of state-owned businesses are now a de rigeur part of euro zone bailout programs. In Greece, the European Union/International Monetary Fund bailout requires the sale of real estate, more than 20 companies, and dozens of marinas and ports.

Thatcher's economic influence outside of Britain was most visible in Eastern Europe. After the fall of the Communist bloc at the end of her tenure, new leaders there made her a hero and embraced privatization as the express route to capitalism.

In many countries the transfer of state assets to private hands was a success; in others, less so.

In Russia, a privatization scheme designed by self-professed Thatcherites was brazenly run by its own beneficiaries. It awarded the crown jewels of Soviet industry to a handful of politically-connected insiders, creating a caste of overnight billionaires, more than a few of whom would later become Thatcher's neighbors in London's exclusive Belgravia district.

"The emergence of oligarchic structures and dramatic increases in inequality... demonstrate the limitations of applying Baroness Thatcher's legacy too literally," said Erik Berglof, chief economist at the European Bank for Reconstruction and Development.

DEREGULATION

Thatcher's "big bang" deregulation of British financial markets saw the City of London strut into its role as Europe's banking capital, and helped turn global finance into the swaggering industry it became for the past generation.

Other industries faced the opposite fate on her watch. Her biggest battles were with coal miners, in a state-run sector that was already in rapid decline after Britain discovered cheaper, safer and cleaner offshore natural gas.

When she took power there were nearly a quarter of a million coal miners in Britain, sustaining communities that had known little else since the industrial revolution. When she left there were barely 50,000 people still working in the mines. Today only a few thousand remain.

Her embrace of deregulation would get mixed reviews at the moment, given the excesses that led to the financial crisis of 2008. Indeed, there has been something of a backlash against the relatively unfettered wealth-creation Thatcher espoused.

[Related: Thatcher 'leaned in' before it was a thing]

"Thatcher created a more dynamic and laissez-faire society, but the social cost in terms of communities destroyed was immense," said Timothy Ash, a strategist at Standard Bank who remembers long lines of police vans outside his school, which was adjacent to a coal mine that was later closed down.

But free market economics - epitomized by Europe's single market, which Thatcher supported even as she waved her handbag threateningly at much of the rest of the bloc's ideas - has become the dominant economic philosophy in most of the world.

Again, the argument today is on the issue of how much you can protect your economy or control excesses, rather than on the assumption that you should run things from the center.

"There are still legitimate question about outcomes," said Glenn Hubbard, dean of Columbia University Graduate School of Business in New York. "But she tremendously advanced the case of free markets for goods, capital and labor around the world."

(Additional reporting by Carolyn Cohn and Sujata Rao; Editing by Peter Graff)

Source: http://news.yahoo.com/thatcherism-radical-ideology-became-global-norm-181101505--business.html

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Microsoft to build first innovation center in China, has software development in mind

Microsoft's relatively often finding ways to encourage software development in various fields, and the company's latest venture has it setting footsteps near the Great Wall. According to a report by news agency Xinhua, the software (and hardware) company has reached a deal with China's Hainan government that will see it build an innovation center in this territory. Focusing on IT development and skills in tourism and agriculture, this new property will be the first of its type in China, and Microsoft has high hopes that the joint efforts can, aside from becoming a crossroads of knowledge, also "boost the region's efforts to become a major international tourist destination." Frankly, seeing as how the highly populated nation doesn't appear to be slowing down its all-around growth anytime soon, it wouldn't surprise us if Redmond decides to start setting up more of these in the years to come.

Filed under: Misc, Microsoft

Comments

Via: ZDNet

Source: China Daily

Source: http://www.engadget.com/2013/04/08/microsoft-innovation-center-china/

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