Bloomberg (01/09/14) Lorraine Woellert
Applications for U.S. unemployment benefits fell 15,000 to 330,000 in the week ended Jan. 4, according to the U.S. Department of Labor. Economists surveyed by Bloomberg had predicted jobless claims of 335,000. The four-week moving average dropped to 349,000 from 358,750.
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.
Volt Information Sciences News Release (01/08/14)
Volt Information Sciences Inc. has announced that it has signed a definitive agreement with IQNavigator to sell its vendor management system software and related assets of its wholly owned VMS subsidiary, ProcureStaff Technologies Ltd.
“This sale reduces Volt’s investment in a noncore business while enhancing our world-class staffing services and managed services provider businesses as we reshape our business to generate greater long-term shareholder value,” says Ron Kochman, president and chief executive officer of Volt Information Sciences Inc.
New York Times (01/09/14) Binyamin Appelbaum
According to the U.S. Federal Reserve’s December meeting minutes, most officials regard the monthly purchases of U.S. Treasury and mortgage-backed securities as effective in stimulating job growth, even though unemployment still is widespread. The members saw little justification for completely retreating from their bond-buying campaign, even though the economy continues to recover. Any plans to back away from the program will be gradual; the Fed will reduce its bond-buying from $85 billion monthly to $75 billion this month, and a similar cut could be approved at the next policy-making committee meeting later in January.
The economy has added a monthly average of 190,000 jobs over the last 15 months, and Fed officials expect the U.S. economy to grow more quickly this year. However, members did express concern about the slow pace of price increases and the declining share of adults in the labor force.
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Akken Inc., a strong supporter of ASA for many years, has elevated its commitment to the association by becoming a corporate partner. Akken is a leading cloud-based software provider for the staffing industry, and the first software company to be an ASA corporate partner.
“We are proud to partner with the American Staffing Association, one of the strongest and most actively involved industry associations in America. ASA leadership in advancing the interests of staffing and recruiting firms is unparalleled,” says Giridhar Akkineni, Akken’s founder and chief executive officer.
ASA corporate partnerships go beyond traditional sponsorships. They involve mutual commitments to long-term working relationships focused on benefiting both ASA and the partners as organizations dedicated to advancing the interests and meeting the needs of ASA members and the staffing industry.
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