NEW YORK – In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. said Thursday that it plans to cut 7,000 jobs, or about 10 percent of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009.
The New York-based credit card issuer — which has reported four straight quarters of profit declines as an increasing number of consumers struggle to pay off debt — said it is also suspending management-level salary increases next year and instituting a hiring freeze.
The job cuts will be across various business units, but will primarily focus on management positions, the company said.
Additionally, American Express said it plans to scale back investments in technology and marketing and business development, and streamline costs associated with some rewards programs. The company also expects to cut expenses for consulting and other professional services, travel and entertainment and general overhead.
As a result, American Express plans to take a restructuring charge of between $240 million and $290 million in the fourth quarter.
The company has been gearing up for a big restructuring for some time, first announcing in July that it planned to reduce overall costs and staffing levels, and take a related charge during the second half of the year.
"We've been engaged for the past few months in an intensive, companywide review of priorities and staffing levels," said Kenneth I. Chenault, chairman and chief executive, in a statement. "The re-engineering program we announced today will help us to manage through one of the most challenging economic environments we've seen in many decades. It will also put us in position to ramp up investment spending as economic conditions improve so that we can take advantage of the substantial opportunities that will be available to us over the medium to long term."
Last week, American Express reported a 24 percent decline in third-quarter profit. The report echoed recent results from JPMorgan Chase & Co., Citigroup Inc. and Capital One Financial Corp. showing that the credit card environment is worsening as cardholders have trouble paying off debt and pull back their spending.
Even a company like American Express, which prides itself on catering to a more well-heeled clientele, is not immune.
The company's customers tend to be more affluent than those of other card companies, but they are more heavily concentrated in California and Florida, where the slumping housing market is taking a toll. American Express also has a higher percentage of small-business customers, and small businesses tend to miss payments more than individuals, executives have said.
"Cardmember spending is likely to remain soft," Chenault said in a statement last week. "Loan growth will be restrained, in part because of the steps we are taking to reduce credit risks, and credit indicators are likely to reflect the continued downturn in the economy and throughout the housing sector."
American Express has been able to finance its operations amid the tight credit markets, but the efforts have been tougher and more costly.
Shares rose 85 cents, or 3.4 percent, to close at $26.06. Shares have traded between $20.50 and $61.55 in the past 12 months.
http://news.yahoo.com/i/749;_ylt=AtFsdMqb8SDkvj9XVIl6DBas0NUE
The New York-based credit card issuer — which has reported four straight quarters of profit declines as an increasing number of consumers struggle to pay off debt — said it is also suspending management-level salary increases next year and instituting a hiring freeze.
The job cuts will be across various business units, but will primarily focus on management positions, the company said.
Additionally, American Express said it plans to scale back investments in technology and marketing and business development, and streamline costs associated with some rewards programs. The company also expects to cut expenses for consulting and other professional services, travel and entertainment and general overhead.
As a result, American Express plans to take a restructuring charge of between $240 million and $290 million in the fourth quarter.
The company has been gearing up for a big restructuring for some time, first announcing in July that it planned to reduce overall costs and staffing levels, and take a related charge during the second half of the year.
"We've been engaged for the past few months in an intensive, companywide review of priorities and staffing levels," said Kenneth I. Chenault, chairman and chief executive, in a statement. "The re-engineering program we announced today will help us to manage through one of the most challenging economic environments we've seen in many decades. It will also put us in position to ramp up investment spending as economic conditions improve so that we can take advantage of the substantial opportunities that will be available to us over the medium to long term."
Last week, American Express reported a 24 percent decline in third-quarter profit. The report echoed recent results from JPMorgan Chase & Co., Citigroup Inc. and Capital One Financial Corp. showing that the credit card environment is worsening as cardholders have trouble paying off debt and pull back their spending.
Even a company like American Express, which prides itself on catering to a more well-heeled clientele, is not immune.
The company's customers tend to be more affluent than those of other card companies, but they are more heavily concentrated in California and Florida, where the slumping housing market is taking a toll. American Express also has a higher percentage of small-business customers, and small businesses tend to miss payments more than individuals, executives have said.
"Cardmember spending is likely to remain soft," Chenault said in a statement last week. "Loan growth will be restrained, in part because of the steps we are taking to reduce credit risks, and credit indicators are likely to reflect the continued downturn in the economy and throughout the housing sector."
American Express has been able to finance its operations amid the tight credit markets, but the efforts have been tougher and more costly.
Shares rose 85 cents, or 3.4 percent, to close at $26.06. Shares have traded between $20.50 and $61.55 in the past 12 months.
http://news.yahoo.com/i/749;_ylt=AtFsdMqb8SDkvj9XVIl6DBas0NUE
All About Internet Advertising Methods
People opt for internet advertising methods because practically half of the world's population knows HTML. If you have your own business, you have to decide on what internet advertising method works for you. Ask yourself what are you going to avail of: the expensive internet advertising methods or the cheap ones? Others will pipe in "expensive!" immediately, but they don't know cheap internet advertising method attracts great benefits as well.
Here's the lowdown and a comparative look on the cheap and expensive internet advertising methods:
The Expensive:
1. Pop-ups.
Not only is this expensive, but also outright annoying that visitors close pop-up windows without even bothering to know what they're all about. This is an internet advertising method that you can do without.
Fly ads are derivatives of pop-ups which are also equally irking to the visitors.
2. Pod casts.
Broadcast is to TV as pod cast is to internet. It's one sophisticated internet advertising method that can somehow hamper your budget. But if you're thinking results, pod casting is worth the money.
3. Paying the search engines.
How does this one work? When someone types in a keyword related to your site, your URL is automatically included in the first page of the top results. Fixed payment for the search engine allows just that. Expensive, yes, but if we're talking about Google and Yahoo search engines here, then don't give it a second thought.
This is associated with another internet advertising method: the pay-per-click system.
The Cheap:
1. Blogging.
Go along the bandwagon and blog about your website. This is an internet advertising method that is popular as of the moment, so you never have to worry that this will never spur outcome. All you have to do is sign up for a blogging account, post and voila! You don't even need to pay!
2. Submit to not-so-big search engines.
This is cheap and dependable. If you submit your site to smaller search engines, you have bigger chances to get bigger results. Remember that the search engine giants can dwarf and overlook your site easily, so this internet advertising method might just be the right one for you.
3. Text links.
This is not just cheap...this is virtually free! Let someone text link your site and return the favor.
Cheap versus expensive, that's always the question that hounds on whenever we're trying to get something. In the field of internet advertising, just be wise enough to figure out what will suit your needs. Go for what you want as long as there are visible results.
http://advertising-and-promotion.bestmanagementarticles.com
People opt for internet advertising methods because practically half of the world's population knows HTML. If you have your own business, you have to decide on what internet advertising method works for you. Ask yourself what are you going to avail of: the expensive internet advertising methods or the cheap ones? Others will pipe in "expensive!" immediately, but they don't know cheap internet advertising method attracts great benefits as well.
Here's the lowdown and a comparative look on the cheap and expensive internet advertising methods:
The Expensive:
1. Pop-ups.
Not only is this expensive, but also outright annoying that visitors close pop-up windows without even bothering to know what they're all about. This is an internet advertising method that you can do without.
Fly ads are derivatives of pop-ups which are also equally irking to the visitors.
2. Pod casts.
Broadcast is to TV as pod cast is to internet. It's one sophisticated internet advertising method that can somehow hamper your budget. But if you're thinking results, pod casting is worth the money.
3. Paying the search engines.
How does this one work? When someone types in a keyword related to your site, your URL is automatically included in the first page of the top results. Fixed payment for the search engine allows just that. Expensive, yes, but if we're talking about Google and Yahoo search engines here, then don't give it a second thought.
This is associated with another internet advertising method: the pay-per-click system.
The Cheap:
1. Blogging.
Go along the bandwagon and blog about your website. This is an internet advertising method that is popular as of the moment, so you never have to worry that this will never spur outcome. All you have to do is sign up for a blogging account, post and voila! You don't even need to pay!
2. Submit to not-so-big search engines.
This is cheap and dependable. If you submit your site to smaller search engines, you have bigger chances to get bigger results. Remember that the search engine giants can dwarf and overlook your site easily, so this internet advertising method might just be the right one for you.
3. Text links.
This is not just cheap...this is virtually free! Let someone text link your site and return the favor.
Cheap versus expensive, that's always the question that hounds on whenever we're trying to get something. In the field of internet advertising, just be wise enough to figure out what will suit your needs. Go for what you want as long as there are visible results.
http://advertising-and-promotion.bestmanagementarticles.com
NORFOLK, Virginia (Reuters) – Democratic presidential nominee Barack Obama launches an unprecedented television blitz on Wednesday to push his economic message on U.S. networks ranging from CBS and NBC to Comedy Central.Obama's television broadside may also force a 15-minute delay in the Fox network's broadcast of the fifth game of the World Series -- the fiercely-followed championship of Major League Baseball -- coincidentally between teams from Pennsylvania and Florida, both major battlegrounds in the November 4 election.
His Republican rival John McCain plans to appear on CNN's "Larry King Live," hoping to woo viewers with his own vision of the country's future.
Campaign officials said Obama would use the 30 minutes of prime-time air time his campaign has purchased on several networks to focus on his message on the economy, which has taken center stage in his campaign.
"We want to make sure every voter heading into the voting booth knows exactly what Barack Obama would do to bring about fundamental change as president," campaign spokesman Bill Burton said.
A campaign official said the ad would include a video montage, footage of ordinary Americans telling their stories and some live portions of Obama, who is scheduled to be at a rally in Florida that evening.
Obama, already blanketing the airwaves with political advertisements in many battleground states, has purchased the 1/2-hour slot on CBS, NBC and Fox.
The ad, which airs at 8 p.m. EDT, coincides with the anniversary of the October 29, 1929, "Black Tuesday" stock market crash that ushered in the Great Depression.
The cost has been estimated at close to $1 million for each major network slot and reflects the huge cash advantage the Democratic candidate has over McCain.
FIRST SINCE PEROT
The "infomercial" is a throwback to a political advertising strategy common in the 1950s and 1960s. And it marks the first such paid national political telecast since Ross Perot ran a series during his independent bid for president in 1992.
Perot's paid programs, remembered for his use of charts and graphs, drew an average audience of 11.6 million viewers, according to Nielsen Media Research.
Obama, who has shattered all fundraising records, hauled in $150 million for his campaign in September alone. Unlike McCain, Obama chose not to accept public funding for his White House race, freeing him to raise millions privately.
In addition to the major broadcast networks, Wednesday's ad will also air on Spanish-language network Univision, and cable channels including Black Entertainment Television and TV One.
Obama will also appear on the Comedy Central network's popular "The Daily Show with Jon Stewart" on Wednesday, reaching out to younger voters for whom the topical humor show has become a major source of news and ironic commentary.
Rounding out his media campaign, the Democratic candidate is also likely to get coverage for an evening rally in Orlando, Florida, with former President Bill Clinton, the first time the two will campaign together.
The appearances are due to continue. Both NBC and ABC news announced plans to interview the Democratic candidate in coming days.
Obama leads McCain in national polls and in many of the battleground states -- those not considered safely Democratic or Republican -- that will determine the election.
Voters have given Obama higher marks than McCain for his handling of the economy, although the Arizona Republican senator lately has been hammering the Illinois senator over taxes, saying his plan to boost taxes on higher-income Americans would hurt small businesses.
Read on: http://news.yahoo.com/elections
Establishing your own E-commerce site is not like what it used to be. There are thousands of competition that is all too willing to get a bigger share of the pie. Every scheme and method you can find to augment your sales would be very beneficial.
We have got to admit to ourselves. Most of us are into it for the money. We are not going to waste our time and effort just for the fun of it. Many sites would not wait until hell freezes over just to see their profits. While there are some who takes things lightly there are always those who would rather see profit any given day.
It is common knowledge that without traffic we have no business. Like any business, without any customers you don’t get sales. Traffic represents all the people that gets a chance to see what you have to offer. The more people who see your products the more people there would be to buy them.
Nobody puts up an E-commerce site that doesn’t expect profit. We have a startup capital that needs to be regained. With a consistent traffic, we at least have a fighting chance to achieve that probability. Monetizing your traffic would optimize your chances of making the best out of it.
Making Money out of your Traffic
The best and most proven method of making a profit out of your traffic is using advertising. The internet generates hundreds of thousands upon hundred of thousands of traffic everyday. Most of them are searching for something. While some are just looking for information there is also a good percentage that is looking for something that they need.
The internet has proven to be a very reliable source in finding what was deemed to be a very unsearchable product. The internet has made the world a smaller place; you can advertise a product from the depths of Istanbul and still find a buyer from the center of Philadelphia.
Generating traffic is not an easy task. You have to contend with a great number of sites to generate a good number of traffic flow. But if done successfully this could open up a Pandora’s Box of possibilities. One of the benefits is monetizing your traffic flow.
So, to get to the core of it the more traffic you generate the more likely you are considered as a desirable, desirable, in a sense that a good traffic flowing site is easily convertible to profit. Basically traffic equals profit. Advertising is the name of the game; with the good advertising scheme you can use your traffic flow to your advantage.
When you have good traffic you have a good number of potential customers, customers that are willing to pour money into your coffers. Other than that these are also traffic that can be redirected to sponsored links that are willing to pay you for a sizeable portion of the traffic that you have generated.
This scheme is called “pay-per-click”. With every click a visitor of your site makes on an advertised link you will be paid. The more traffic you generate and the more clicks that happens would spell to more profits.
Affiliate Programs
Another method of monetizing your traffic are affiliate programs. You can link up with other tried and tested sites and online companies and monetize your traffic by having a percentage of sales generated by traffic coming from your site.
The basic idea is, traffic generated from your site will go to another site that can offer a product that you do not carry. Many programs can keep track and make records of transactions that was made possible because of site linkage.
When purchases are made by customers that was led by your site to their site you get a percentage of that sale. Affiliate programs would give you the benefit of monetizing your traffic without the actual need of carrying or promoting a certain product.
There are so many ways and methods to monetize your traffic. All it takes is a bit of hard work and the desire to successfully launch a profit-earning site. The internet is a veritable source of information, many tips and guides are offered everywhere in how to monetize your traffic and make your site a good profit earner.
We have got to admit to ourselves. Most of us are into it for the money. We are not going to waste our time and effort just for the fun of it. Many sites would not wait until hell freezes over just to see their profits. While there are some who takes things lightly there are always those who would rather see profit any given day.
It is common knowledge that without traffic we have no business. Like any business, without any customers you don’t get sales. Traffic represents all the people that gets a chance to see what you have to offer. The more people who see your products the more people there would be to buy them.
Nobody puts up an E-commerce site that doesn’t expect profit. We have a startup capital that needs to be regained. With a consistent traffic, we at least have a fighting chance to achieve that probability. Monetizing your traffic would optimize your chances of making the best out of it.
Making Money out of your Traffic
The best and most proven method of making a profit out of your traffic is using advertising. The internet generates hundreds of thousands upon hundred of thousands of traffic everyday. Most of them are searching for something. While some are just looking for information there is also a good percentage that is looking for something that they need.
The internet has proven to be a very reliable source in finding what was deemed to be a very unsearchable product. The internet has made the world a smaller place; you can advertise a product from the depths of Istanbul and still find a buyer from the center of Philadelphia.
Generating traffic is not an easy task. You have to contend with a great number of sites to generate a good number of traffic flow. But if done successfully this could open up a Pandora’s Box of possibilities. One of the benefits is monetizing your traffic flow.
So, to get to the core of it the more traffic you generate the more likely you are considered as a desirable, desirable, in a sense that a good traffic flowing site is easily convertible to profit. Basically traffic equals profit. Advertising is the name of the game; with the good advertising scheme you can use your traffic flow to your advantage.
When you have good traffic you have a good number of potential customers, customers that are willing to pour money into your coffers. Other than that these are also traffic that can be redirected to sponsored links that are willing to pay you for a sizeable portion of the traffic that you have generated.
This scheme is called “pay-per-click”. With every click a visitor of your site makes on an advertised link you will be paid. The more traffic you generate and the more clicks that happens would spell to more profits.
Affiliate Programs
Another method of monetizing your traffic are affiliate programs. You can link up with other tried and tested sites and online companies and monetize your traffic by having a percentage of sales generated by traffic coming from your site.
The basic idea is, traffic generated from your site will go to another site that can offer a product that you do not carry. Many programs can keep track and make records of transactions that was made possible because of site linkage.
When purchases are made by customers that was led by your site to their site you get a percentage of that sale. Affiliate programs would give you the benefit of monetizing your traffic without the actual need of carrying or promoting a certain product.
There are so many ways and methods to monetize your traffic. All it takes is a bit of hard work and the desire to successfully launch a profit-earning site. The internet is a veritable source of information, many tips and guides are offered everywhere in how to monetize your traffic and make your site a good profit earner.
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