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1. Tiger Airways Expects Net Loss; Receives Complaints
SINGAPORE—Singapore-based budget airline Tiger Airways Holdings Ltd. expects its losses to have widened in the second quarter from the first, mainly due to its recent Australian flight suspension, and has received complaints against its Philippines operations and its marketing material in Australia.
The announcements come just weeks after the carrier flagged a likely net loss for the current fiscal year, citing high fuel costs and expected losses suffered by its Australian unit due to a six-week flight .
2. IAG’s OpenSkies Cabin Crew Union Calls End to Strike Action
France’s SNPNC-FO cabin-crew union will end a strike against Openskies, a unit of International Consolidated Airlines Group SA, today at 11:59 p.m., Paris time, despite getting “no concrete response” from directors of the airline, it said in an e-mailed statement.
The strike, which began on Sept. 21, was called as the union sought to negotiate an agreement to set standard rules that give crew more predictability in scheduling and job descriptions, as well as more-transparent pay practices.
3. Tax hikes and jobs: The whole story
Raise taxes on the rich, and you'll put the nation's "job creators" at risk.
It's a ubiquitous Republican talking point: Congress must keep the top two rates at 33% and 35% -- instead of 36% and 39.6% as President Obama wants.
6
Many small businesses file taxes under the individual tax code.
But while that argument makes for a good bumper sticker, it's a misleading simplification of a complex policy issue.
"The Republican claim that this is a tax increase on a large fraction of employers is just not true," said Howard Gleckman, a resident fellow at the Urban Institute.
In sharp contrast to the rhetoric, current data suggests small businesses don't create an outsized number of jobs, very few small business owners fall into the top two tax brackets, and tax cuts for small businesses are infective stimulus measures.
Relatively few small businesses would be affected: Extending the tax cuts for top earners for another decade would come at a significant cost -- nearly $1 trillion in added debt over a decade.
But small businesses wouldn't see much of that cash.
Obama's 17 tax breaks for small business: Big whoop!
Only 2.5% to 3.5% of small businesses would be affected by an increase in those two rates, according to the nonpartisan Congressional Research Service.
Instead, almost all individuals who report business income fall into lower tax brackets, where both Democrats and Republicans want to retain current rates.
And some of the businesses that do fall into the top two brackets are not what Americans typically consider "small businesses." They are doctors and lawyers and members of limited partnerships, not mom-and-pop store owners.
According to CRS, 80% of tax cuts in the top two brackets would go to non-businesses.
Small businesses are not job-creation heavyweights: It's the central premise of the argument to keep the current rates: Small businesses drive hiring. While frequently cited in political circles, it's not quite true.
First off, definitions of what exactly constitutes a small business vary greatly.
But a new report from the Treasury Department found that only 20% of small businesses in 2007 even had employees.
"It turns out most of the firms those politicians define as small businesses don't hire or invest very much at all," Gleckman wrote in a blog post on the subject.
Of course, small businesses do create a lot of jobs -- but at the same time, new ventures fail at a prodigious rate -- wiping out jobs just as fast as they are created.
According to CRS, "small businesses contribute only slightly more jobs that other firms relative to their employment share."
4. Starbucks pushes job growth program
Starbucks hopes customers will be willing to pay at least $5 more when they stop in for their morning cup of Joe.
Tweet Be the first to Tweet this!
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Starting Nov. 1, Starbucks will begin collecting donations of $5 or more from customers to stimulate U.S. job growth through its "Jobs for USA" program. The Seattle-based coffee chain is collaborating with the Opportunity Finance Network, a nonprofit that works with nearly 200 community development financial institutions to provide loans to small businesses and community groups. Starbucks says 100 percent of the donations will go toward loans for firms and organizations that can add jobs or stem job losses.
Starbucks, which pioneered how Americans drink coffee, declined to estimate how much money it plans to raise, but millions of people visit its nearly 7,000 company-owned U.S. stores each day. Customers who give will get a red, white and blue wristband that says "Indivisible."
"This is about using Starbuck's scale for good," said Howard Schultz, Starbucks Corp.'s CEO.
The program is the latest effort by Schultz to address the nation's economic woes. In August, he sent more than 200,000 Starbucks employees a memo urging them to do what they can to help business thrive. Then, he asked fellow CEOs to stop contributing to political campaigns until the nation's leaders reached a long-term economic solution. After that, he hosted a national telephone forum, bought full-page ads in two major newspapers and started a website, Upwardspiral2011.org.
Schultz said he feels personal responsibility to do something to stimulate the U.S. economy. Starbucks is hiring about 200 people a day in the U.S. as part of its efforts to remodel thousands of stores and add about 200 more locations in the next year. But Schultz said he wanted to do more.
Starbucks is covering the operational costs to get loans out through the program, which will run indefinitely. Its charitable arm, The Starbucks Foundation, is giving $5 million to get the program started, with the hope that funds will be invested in communities within a month of a donation being made.
Opportunity Finance Network works with 180 financial institutions -- banks, credit, unions, loan funds and venture capital funds -- that give loans in low-income communities that don't have easy access to credit. The organization, created 27 years ago, has invested $23.2 billion and generated nearly 300,000 jobs through 2009.
Loans through the network have supported everything from charter schools to grocery stores nationwide. The organization found that, even during the recession, more than 98 percent of the money loaned out has been repaid, which is in line with traditional lenders.
Through the program, businesses will apply to financial institutions, which along with the Opportunity Finance Network will assess their potential for adding jobs. Preference will be given to applicants who can add jobs within six months. An outside organization will audit the program within a year.
"We want to match up every person who has $5 to share with every person who can't spare $5," said Mark Pinsky, CEO of Opportunity Finance Network.
The effort has the potential to be successful, say some experts. Community institutions succeed, they say, because they understand the needs in the areas they serve.
"I think it's a really worthy effort," said Mark Zandi, chief economist at Moody's Analytics. "In theory, this is a great idea and should have impact."
Aviation NEWS By
Neha Jain
Aviation NEWS Reporter
1. Tiger Airways Expects Net Loss; Receives Complaints
SINGAPORE—Singapore-based budget airline Tiger Airways Holdings Ltd. expects its losses to have widened in the second quarter from the first, mainly due to its recent Australian flight suspension, and has received complaints against its Philippines operations and its marketing material in Australia.
The announcements come just weeks after the carrier flagged a likely net loss for the current fiscal year, citing high fuel costs and expected losses suffered by its Australian unit due to a six-week flight .
2. IAG’s OpenSkies Cabin Crew Union Calls End to Strike Action
France’s SNPNC-FO cabin-crew union will end a strike against Openskies, a unit of International Consolidated Airlines Group SA, today at 11:59 p.m., Paris time, despite getting “no concrete response” from directors of the airline, it said in an e-mailed statement.
The strike, which began on Sept. 21, was called as the union sought to negotiate an agreement to set standard rules that give crew more predictability in scheduling and job descriptions, as well as more-transparent pay practices.
3. Tax hikes and jobs: The whole story
Raise taxes on the rich, and you'll put the nation's "job creators" at risk.
It's a ubiquitous Republican talking point: Congress must keep the top two rates at 33% and 35% -- instead of 36% and 39.6% as President Obama wants.
6
Many small businesses file taxes under the individual tax code.
But while that argument makes for a good bumper sticker, it's a misleading simplification of a complex policy issue.
"The Republican claim that this is a tax increase on a large fraction of employers is just not true," said Howard Gleckman, a resident fellow at the Urban Institute.
In sharp contrast to the rhetoric, current data suggests small businesses don't create an outsized number of jobs, very few small business owners fall into the top two tax brackets, and tax cuts for small businesses are infective stimulus measures.
Relatively few small businesses would be affected: Extending the tax cuts for top earners for another decade would come at a significant cost -- nearly $1 trillion in added debt over a decade.
But small businesses wouldn't see much of that cash.
Obama's 17 tax breaks for small business: Big whoop!
Only 2.5% to 3.5% of small businesses would be affected by an increase in those two rates, according to the nonpartisan Congressional Research Service.
Instead, almost all individuals who report business income fall into lower tax brackets, where both Democrats and Republicans want to retain current rates.
And some of the businesses that do fall into the top two brackets are not what Americans typically consider "small businesses." They are doctors and lawyers and members of limited partnerships, not mom-and-pop store owners.
According to CRS, 80% of tax cuts in the top two brackets would go to non-businesses.
Small businesses are not job-creation heavyweights: It's the central premise of the argument to keep the current rates: Small businesses drive hiring. While frequently cited in political circles, it's not quite true.
First off, definitions of what exactly constitutes a small business vary greatly.
But a new report from the Treasury Department found that only 20% of small businesses in 2007 even had employees.
"It turns out most of the firms those politicians define as small businesses don't hire or invest very much at all," Gleckman wrote in a blog post on the subject.
Of course, small businesses do create a lot of jobs -- but at the same time, new ventures fail at a prodigious rate -- wiping out jobs just as fast as they are created.
According to CRS, "small businesses contribute only slightly more jobs that other firms relative to their employment share."
4. Starbucks pushes job growth program
Starbucks hopes customers will be willing to pay at least $5 more when they stop in for their morning cup of Joe.
Tweet Be the first to Tweet this!
ShareThis
Starting Nov. 1, Starbucks will begin collecting donations of $5 or more from customers to stimulate U.S. job growth through its "Jobs for USA" program. The Seattle-based coffee chain is collaborating with the Opportunity Finance Network, a nonprofit that works with nearly 200 community development financial institutions to provide loans to small businesses and community groups. Starbucks says 100 percent of the donations will go toward loans for firms and organizations that can add jobs or stem job losses.
Starbucks, which pioneered how Americans drink coffee, declined to estimate how much money it plans to raise, but millions of people visit its nearly 7,000 company-owned U.S. stores each day. Customers who give will get a red, white and blue wristband that says "Indivisible."
"This is about using Starbuck's scale for good," said Howard Schultz, Starbucks Corp.'s CEO.
The program is the latest effort by Schultz to address the nation's economic woes. In August, he sent more than 200,000 Starbucks employees a memo urging them to do what they can to help business thrive. Then, he asked fellow CEOs to stop contributing to political campaigns until the nation's leaders reached a long-term economic solution. After that, he hosted a national telephone forum, bought full-page ads in two major newspapers and started a website, Upwardspiral2011.org.
Schultz said he feels personal responsibility to do something to stimulate the U.S. economy. Starbucks is hiring about 200 people a day in the U.S. as part of its efforts to remodel thousands of stores and add about 200 more locations in the next year. But Schultz said he wanted to do more.
Starbucks is covering the operational costs to get loans out through the program, which will run indefinitely. Its charitable arm, The Starbucks Foundation, is giving $5 million to get the program started, with the hope that funds will be invested in communities within a month of a donation being made.
Opportunity Finance Network works with 180 financial institutions -- banks, credit, unions, loan funds and venture capital funds -- that give loans in low-income communities that don't have easy access to credit. The organization, created 27 years ago, has invested $23.2 billion and generated nearly 300,000 jobs through 2009.
Loans through the network have supported everything from charter schools to grocery stores nationwide. The organization found that, even during the recession, more than 98 percent of the money loaned out has been repaid, which is in line with traditional lenders.
Through the program, businesses will apply to financial institutions, which along with the Opportunity Finance Network will assess their potential for adding jobs. Preference will be given to applicants who can add jobs within six months. An outside organization will audit the program within a year.
"We want to match up every person who has $5 to share with every person who can't spare $5," said Mark Pinsky, CEO of Opportunity Finance Network.
The effort has the potential to be successful, say some experts. Community institutions succeed, they say, because they understand the needs in the areas they serve.
"I think it's a really worthy effort," said Mark Zandi, chief economist at Moody's Analytics. "In theory, this is a great idea and should have impact."
Australian Aviation NEWS
Aviation NEWS By
Neha Jain
Aviation NEWS Reporter
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