Bloomberg (07/19/12) Alex Kowalski
More U.S. workers than anticipated filed first-time unemployment claims last week as the volatility sparked by the yearly auto-plant retooling period wore off. Applications for unemployment benefits rose by 34,000 to 386,000 in the week ended July 14, according to the U.S. Department of Labor. Economists had predicted 365,000 claims. The less-volatile four-week moving average declined to 375,500 from 377,000.
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Bloomberg BusinessWeek (07/18/12) Martin Crutsinger
The Federal Reserve’s “beige book” survey shows only modest economic expansion in June and early July and indicates that hiring slowed in most of the 12 banking districts covered by the report. The unemployment rate held steady at 8.2% in June, and new jobs declined from an average of 226,000 per month during the first three months of the year to 75,000 per month for the April through June period. However, economists generally believe that the central bank will hold off on another round of quantitative easing.
Bloomberg BusinessWeek (07/18/12) Laura Litvan
Defense contractors have already pulled back on hiring in response to across-the-board defense cuts slated for Jan. 2. Robert Stevens, chairman and chief executive of Lockheed Martin Corp., says college students are showing skepticism in their dealings with recruiters about whether they would still have a job next year. If the federal government moves forward with plans to lower defense spending, Stevens says an estimated 10,000 jobs at the company would be eliminated.
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Among the top benefits of joining ASA today is getting the member registration rate for Staffing World, Oct. 9–11, in Las Vegas. Join ASA today and register for Staffing World—the can’t-miss event for staffing executives—and save up to $150 per person.
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