Tuesday, January 22, 2008


new york
Originally uploaded by Oldmaison

The Americans are coming back from a day of holiday to jump out from the windows in New York???


Anonymous said...

stay away from all ledges and windows.Allow these money boys all the room they need,for all the use they are to anybody.

Anonymous said...

Newfoundland will save us.
Newfies are sometimes a lot smarter than people think!
"After having dug to a depth of 10 meters last year, Scottish scientists found traces of copper wire dating back 100 years and came to the conclusion that their ancestors already had a telephone network more than 100 years ago.

Not to be outdone by the Scots, in the weeks that followed, British scientists dug to a depth of 20 meters, and shortly after, headlines in the UK newspapers read: "British archaeologists have found traces of 200 year old copper wire and have concluded that their ancestors already had an advanced high-tech communications network a hundred years earlier than the Scots."

One week later, "The Daily Squidjigger," a Newfoundland newspaper, reported the following:

"After digging as deep as 30 meters near Cornerbrook, Wilf Johnson, a self taught archaeologist, reported that he found absolutely nothing. Wilf has therefore concluded that 300 years ago Newfoundland had already gone wireless."

Anonymous said...

Hopefully these "nothing but crap" stores do go out of business.

Loblaw shake-up predicted
Analyst suggests current 'triumvirate' isn't the long-term solution to company's woes

From Tuesday's Globe and Mail

January 22, 2008 at 4:38 AM EST

Almost a year into a three-to-five-year turnaround plan, Loblaw Cos. Ltd. faces mounting problems of empty shelves and underused space, and one analyst has suggested it may be time to consider a change in top management.

Loblaw has been led since the fall 2006 by a triumvirate of executives led by Galen G. Weston of the controlling Weston family. The others are deputy chairman Allan Leighton, a long-time adviser to the Westons, and Mark Foote, president of Loblaw and the principal operator behind the new strategy.

"We believe that the current triumvirate, individually talented though it may be, is not appropriate for long-term effectiveness," retail analyst Perry Caicco at CIBC World Markets said in a report.

"We are not going to add to the speculation about the specific nature of a management change, but suffice it to say that the current structure is not likely to be maintained past the second quarter of this year."

Loblaw Companies

Despite the turnaround efforts, Loblaw is showing signs of deterioration in its stores and operations, and radical moves may be needed soon, some analysts said.

Executives had warned last November that the supermarket giant's profit margins would continue to be squeezed amid a fierce price war. Investors pushed the stock down the most in two decades at the time.

"They've got an excellent base to build upon but that can be quickly eroded and it probably is being eroded," said Kevin Grier, an analyst at the George Morris Centre and editor of the Grocery Trade Review.

Consumers can't help but notice a sea of green out-of-stock shelf signs that Loblaw began placing on its store shelves late last year, he said. The grocer is constantly running out of an array of products including cereals and juices.

Mr. Caicco wrote last week that investors should start thinking about possible management changes. He pointed to "rampant" out-of-stocks, reduced capital being put in the business, the "apparent stagnation" of Loblaw's conventional supermarkets and excess space in its superstores.

He said Mr. Weston, as executive chairman, "isn't going anywhere, nor should he." Mr. Leighton has a contract that doesn't pay any severance, and he also has options that probably are worthless for years unless Loblaw is sold, Mr. Caicco said.

He said Mr. Foote, who started at Loblaw in April of 2006, has a clause in his contract that may make it more attractive for him to leave before April 24.

The provision calls for Mr. Foote to be paid two times his salary and bonus if his employment terminates before two years has gone by. He gets just his salary plus bonus if he goes after that date. In 2006, he made $542,201 and a bonus of $406,651.

As well, he is in possession of more than 450,000 options that are priced in tranches of $55.50 and $47.77, which are "essentially worthless," Mr. Caicco said.

"Exactly what constitutes a termination is unclear, but considering the situation, there are a number of possibilities, including a resignation, a promotion or at the very least a renegotiation of the contract terms," Mr. Caicco writes. "Since this is the primary operating role in the business, and in many ways the most seasoned full-time executive, decisions on this position will be the most important that Loblaw makes."

Elizabeth Margles, a spokeswoman for the grocer, said it can't comment on an analyst's report because the company reports fourth-quarter results on Feb. 7 and its comments are restricted by securities regulations ahead of that report.

Mr. Grier said that Loblaw's biggest problem is its superstores, which now have rows of empty shelves because the company is reducing its general merchandise offering and has too much space in the giant stores. He said the stores look like a grocery store "with general merchandise as an afterthought."


Close: $33.02, down 97¢

Anonymous said...

Free the land and free the money.