Posts Tagged ‘Purchasing’

Yuan Drops Most in a Week as Non-Manufacturing Sector Contracts

Sunday, December 11th, 2011

Yuan Drops to Weak End of Trading Range as Services Output Falls
December 05, 2011, 10:23 PM EST

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More From Businessweek

  • China Inflation Cooling to 4.2% May Presage More Easing: Economy
  • China Yuan Weakens as November Inflation Cools to 14-Month Low
  • China Rate Swaps Snap Three-Day Gain on 14-Month Low Inflation
  • China Life Falls as N.Y. Index Extends Decline: China Overnight
  • Won Leads Decline in Asian Currencies on European Debt Crisis

By Fion Li

Dec. 5 (Bloomberg) — The yuan fell, testing the weaker end of its permitted trading range for a fourth day, after data showing the first drop in services output since February fanned speculation China will curb currency gains to support exports.

A purchasing managers’ index for non-manufacturing industries fell to 49.7 in November from 57.7 the previous month, the China Federation of Logistics and Purchasing said on Dec. 3. Pressure for yuan gains will diminish because investment capital inflows have fallen, former central bank adviser Yu Yongding wrote in a Chinese Business News commentary today.

“The weak data suggests China is likely to put yuan appreciation on hold for now to leave room for economic growth,” said Stella Lee, the Hong Kong-based president of Success Futures & Foreign Exchange Ltd.

The yuan fell 0.07 percent to close at 6.3641 per dollar in Shanghai, according to the China Foreign Exchange Trade System. It earlier dropped as much as 0.11 percent to 6.3666 after the People’s Bank of China lowered the daily reference rate by 0.06 percent to 6.3349. The currency is allowed to fluctuate as much as 0.5 percent on either side of the fixing.

In Hong Kong’s offshore market, the yuan gained 0.03 percent to 6.3815. Twelve-month non-deliverable forwards were little changed at 6.3815, a 0.3 percent discount to the onshore spot rate.

The yuan will continue to appreciate from 2011 to 2015, the Shanghai Securities News reported today, citing Yang Tao, a researcher with the Chinese Academy of Social Sciences.

A monthly fluctuation of 0.5 percent to 0.7 percent against the dollar “should be considered normal,” according to a separate report in the Shanghai Securities News, citing Chen Bingcai, a researcher at the Chinese Academy of Governance’s policy consultation department. The currency dropped 0.38 percent in November and gained 0.49 percent in October.

–Editors: Simon Harvey, James Regan

To contact the reporter on this story: Fion Li in Hong Kong at fli59@bloomberg.net

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net

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Minimize Me…Functional Furniture in Demand, Reports Mintel

Saturday, December 10th, 2011

CHICAGO, Nov. 28, 2011 /PRNewswire via COMTEX/ –
Americans are downsizing in many ways…smaller cars, smaller homes and generally less “stuff.” As people cut back, their furniture purchasing habits are making big time changes. Consumers are now seeking functional and useful furniture pieces that fit well into their homes and lifestyles–and aren’t in a rush to purchase them.

According to a new Mintel report, when buying home furniture, 40% of those surveyed indicate that they choose furniture mainly based on practical needs versus only 12% who indicated price as a priority when buying furniture. While style is also important to buyers, function is the primary driver.

“Multipurpose furniture is appealing as many consumers don’t know where they will be living in a few years, due to the increasing number of Americans who are renting rather than owning homes,” notes Ali Lipson, senior retail analyst at Mintel. “In addition, many consumers have shifted to a more simplistic mindset as a result of the recession. Bigger is no longer better.”

Not surprisingly, men are more likely to opt for practical reasons (46%) when purchasing furniture, while women aim to achieve a certain look for their homes (51%). Women are also slightly more likely than men to choose furniture based on price; some 14% of women agree with this statement compared to 9% of men.

Despite the demand for more basic furniture, people aren’t in a rush to purchase it. Thirty-four percent of those in the market for new furniture are postponing their purchase due to a lower household income, while 33% are waiting for a sale.

Online furniture shopping has never quite taken off like other online shopping segments. More than half (56%) of Mintel respondents like to see and touch furniture before purchasing it and 46% don’t want to pay the high shipping fees that are often calculated by weight. However, 28% of buyers like to browse online before hitting the pavement.

About Mintel

Mintel is a leading global supplier of consumer, product and media intelligence. For nearly 40 years, Mintel has provided insight into key worldwide trends, offering exclusive data and analysis that directly impacts client success. With offices in Chicago, New York, London, Sydney, Shanghai and Tokyo, Mintel has forged a unique reputation as a world-renowned business brand. For more information on Mintel, please visit
www.mintel.com . Follow Mintel on Twitter:

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SOURCE Mintel

Copyright (C) 2011 PR Newswire. All rights reserved

GMAC stops purchasing mortgage loans in Mass

Wednesday, December 7th, 2011

Typically, GMAC buys mortgage loans from other entities, such as community banks, and then collects payments from those borrowers.

On Thursday, Coakley filed a suit in Suffolk Superior Court against GMAC, Bank of America Corp., Wells Fargo amp; Co., Citigroup Inc., and JPMorgan Chase amp; Co., alleging that they committed mortgage fraud and failed to reduce loan payments for struggling homeowners.

It marked the first major legal step taken against the five banks, which for months have been in settlement talks with a multistate alliance of attorneys general about how to make restitution for their part in the widespread mortgage fraud that led to a wave of foreclosures and depressed the housing market. Coakley said she decided to sue after the negotiations failed to yield significant progress.

Yesterday, she said GMACs pullback in Massachusetts amounts to an admission of wrongdoing.

To do business in Massachusetts, GMAC has to follow the law before foreclosing on homeowners, Coakley said. By deciding to halt most of its mortgage operations here, she said, GMAC has acknowledged it has a problem following those laws and being held accountable for doing so.

The company said Coakley is wrong to assert that it admits to improperly conducting foreclosures.

GMAC Mortgage is currently operating in full compliance with the law, Proia said. Any suggestion related to past activity will be heard before the court, and we are confident in our ability to prevail.

A Wells Fargo official said yesterday that the bank will keep doing business in the state. The other companies named in Coakleys suit declined to comment on GMACs decision.

But local mortgage lenders and brokers said they are worried that the others will follow GMAC and also stop purchasing mortgages that originate with other lenders. That could limit consumers borrowing options, they said, and put upward pressure on mortgage rates, which have been at historic lows.

Elizabeth Phelan, chair of the Massachusetts Mortgage Bankers Association, said GMACs diminished presence will have an adverse impact on borrowing. If other major lenders do the same thing, she said, it would have a significant impact.

GMAC is the states seventh-largest originator of consumer mortgage loans, according to 2010 federal data, accounting for only about 2.3 percent of the market. The size of the companys overall market share in Massachusetts is unclear because of the way mortgages are bought and sold.

Earlier this year, Bank of America said it would stop buying mortgage loans from other lenders nationwide by Dec. 15. Terry Francisco, a Bank of America spokesman, said yesterday that it decided months ago to concentrate more on courting borrowers who want to deal with the company directly.

Wed rather focus our energies on people who choose to come to Bank of America, Francisco said.

A robust secondary loan market is considered important because it provides primary lenders — such as community banks and mortgage companies — with capital so they can keep loaning money.

Amy Tierce, regional vice president of Fairway Independent Mortgage in Needham, said GMAC is one of a handful of national lenders that purchase mortgages her company originates with individual homeowners.

The biggest concern that anybody has on the street is if other lenders are going to follow suit, Tierce said. For us, GMAC hasnt been a significant player.

Ally, GMACs parent, also said recently that it plans to limit its purchases of mortgages from lenders across the country. The firm received a taxpayer-funded bailout of about $17 billion during the 2008 financial crisis, and is now mostly owned by the US government.

GMAC officials Thursday said they were disappointed by Coakleys choice to pursue litigation rather than continue negotiations. They said the lender has been a leader in helping homeowners and that GMAC has not found any examples of borrowers being foreclosed on without being significantly behind on their mortgage payments.

GMAC Mortgage believes it has strong legal and factual defenses against these claims and will vigorously defend its position in court, Proia said. The company is confident in its ability to prevail.

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Verizon purchasing wireless spectrum from Comcast, Time Warner Cable, Bright …

Monday, December 5th, 2011

Sponsored links, if any, appear in green.

Verizon Wireless has announced the purchase of 122 wireless spectrum licenses from SpectrumCo, LLC, a joint venture comprised of Comcast, Time Warner Cable, and Bright House Networks. The licenses cover 259 million Americans and the deal is worth about $3.6 billion. Verizon says the acquisition of this AWS spectrum will be put towards further expansion of its 4G LTE network, which currently uses the 700MHz band. The AWS bands will supplement coverage in densely populated areas. The purchase will have to be approved by the Federal Communications Commission before it can be completed.

source: Verizon Wireless

Rose Bowl or bust? Some Badgers fans already purchasing tickets

Thursday, December 1st, 2011

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Student life, college news, and campus quirks, brought to you by State Journal reporter Deborah Ziff. Follow her On Campus blog for higher education news.

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Delphi purchasing executive cites challenges of buying resin

Thursday, December 1st, 2011

DETROIT (Nov. 28, 1 pm ET) — Delphi Automotive plans to earmark as much as 70 percent of its $8 billion annual purchasing budget for 100 key suppliers, up from about 40 percent today.

Sidney Johnson, Delphis purchasing chief, says the companys top leadership is spending time with these key suppliers to build relationships and share expansion plans.

In an interview, Johnson also discussed disaster planning after Japans earthquake, volatile raw material prices and the need for dual suppliers of key products.

Here are highlights of Johnsons interview with Special Correspondent David Sedgwick.

Q: A year ago you said 500 or 600 vendors account for most of Delphis purchasing budget. Do you plan to give them a bigger share of Delphis purchasing budget?

Johnson: Yes, thats the idea. The 600 suppliers are what we call our castle. They account for 80 to 85 percent of our current expenditures. Well try to get that up to 90 percent.

Q: How many of them would be considered key suppliers?

Johnson: Within that group [of 600 vendors], there is a core group of 100 key suppliers. Right now that core group gets 40 to 45 percent of Delphis annual expenditure. Well target them for 60 to 70 percent of our expenditures.

Q: That is obviously a lure. Do you offer them anything else?

Johnson: Access. We offer them access to our decision makers. When one of our presidents is traveling in a particular region, hell have dinner with their top leadership. Theyll talk about where they are headed in the future, and where they want that supplier to be.

Q: How large is Delphis annual purchasing budget?

Johnson: Direct purchases [of components] will be $8 billion. Indirect purchases [of services] will be $1.5 billion. Logistics will cost about $500 million.

Q: In the wake of the March 11 earthquake in Japan — and the recent flooding in Thailand — is Delphi reviewing its disaster plan?

Johnson: We have a staff that manages events that take place around the world. This team exists year-round; its not something we put together [after the earthquake]. When crises come up, the team manages logistics, inventory, production, working with our customers, understanding our constraints.

Q: Toyota has said it will rely on dual suppliers to buy key components. Is Delphi doing likewise?

Johnson: We call that dual manufacturing; thats not new. As you move up to more valuable components, you want to understand the likelihood that something can go wrong.

Q: Do you do that with all your suppliers?

Johnson: No, just with the key ones. You do some type of risk management depending on the difficulty of recovery. There are some things that I would never dual source, because the parts are not specialized.

Q: So if your suppliers fastener factory gets flooded, you would just run down to Ace Hardware and buy more fasteners.

Johnson: Yeah.

Q: Can you give me an example of a key product that requires you to line up dual suppliers?

Johnson: Wed do it for raw materials like plastic resin. Its a critical piece of our business. Resin goes into a lot of our products, and there is a lot of volatility in that market.

Q: So raw materials are actually the key potential bottleneck for Delphi?

Johnson: Yeah, maybe your supplier has a fire or a flood. When you lose a critical raw material with a long lead time, youve got a problem.

Q: How is Delphi coping with the price of raw materials like copper, aluminum and plastic resin?

Johnson: It was nice to see copper go down from $4.75 a pound to $3.25. Now its going back up a bit. Copper is extremely volatile. But like any publicly traded metal, you can escalate and de-escalate the price throughout the value chain.

Q: So you index the price of copper — that is, accept price changes from suppliers when the cost of the material rises and falls?

Johnson: Copper and aluminum.

Q: How about plastic resins? The price of oil has flattened a bit, so that has moderated resin prices, right?

Johnson: Oil prices have been pretty stable of late. But theres no price index for plastic resins. Everybody knows what a barrel of oil costs. But oil is just one factor of resin production. There are a ton of other factors that impact resin. For example, natural gas is a huge component of resin manufacturing.

Q: What do you do about it?

Johnson: Thats a good question. You look at alternate raw materials. Maybe theres a lower-cost resin that will meet your performance specs.

Q: How do you handle suppliers that come to you and complain that the price of resin has doubled?

Johnson: If its truly a hardship for a supplier, and they are a strategic supplier and you have the right relationship, you help them out and hope that they return the favor. These [price adjustments] are one-offs.

Q: So its a matter of come in and well talk.

Johnson: Absolutely. Resins are difficult to manage.

CBORD(R) Signs Premier Contract for Food Service Management, Transaction …

Wednesday, November 30th, 2011

ITHACA, N.Y., Nov 29, 2011 (GlobeNewswire via COMTEX) –
The CBORD Group, Inc., the leading provider of food and nutrition management, cashless card, and access control solutions to healthcare facilities and colleges and universities, announced today the signing of a new three-year national agreement with Premier Purchasing Partners. The agreement, effective January 1, 2012, offers Premier’s member and affiliate facilities the most comprehensive software solutions available for food service management, cashless card systems, and campus security.

Under the agreement, Premier members and affiliates enjoy special pricing on CBORD(R)’s market-leading applications. CBORD solutions benefit Premier members through increased revenues, reduced expenses, and improved patient and customer satisfaction.

“For the past 11 years, Premier and CBORD have been strong partners. We’re pleased to once again be chosen as a Premier Business Partner based on our shared desire to bring proven value to all Premier Members,” said Tim Tighe, CBORD’s President and CEO.

About Premier Healthcare Alliance

A Malcolm Baldrige National Quality Award Recipient Premier is a performance improvement alliance of more than 2,500 U.S. hospitals and 77,000-plus other healthcare sites using the power of collaboration to lead the transformation to high quality, cost-effective care. Owned by hospitals, health systems, and other providers, Premier maintains the nation’s most comprehensive repository of clinical, financial, and outcomes information and operates a leading healthcare purchasing network.

About The CBORD Group, Inc.

The CBORD Group serves healthcare facilities, colleges and universities, corporations, senior living facilities, supermarkets, and a host of other market segments. CBORD’s products are used in campus ID card privilege control, access control, integrated security, housing services, food service, catering, nutrition services, online ordering, and other institution-wide activities. Founded in 1975, The CBORD Group serves more than 6,000 clients in the U.S., Canada, Europe, South Africa, the Middle East, New Zealand, and Australia. To learn more about CBORD, visit
www.cbord.com .

The CBORD Group, Inc. operates as a unit of Roper Industries, Inc.

/quotes/zigman/237451/quotes/nls/rop ROP
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. Roper Industries is a market-driven, diversified growth company and is a constituent of the Fortune 1000, the Russell 1000, and the S&P 500 indices. Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency, and research/medical applications.

This news release was distributed by GlobeNewswire,
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SOURCE: The CBORD Group, Inc.

CONTACT: Tanya Vanasse
Marketing Manager, Healthcare and Senior Living
Email: tgv@cbord.com
The CBORD Group, Inc.
61 Brown Road
Ithaca, NY, 14850
607.257.2410
FAX 607.257.1902

(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.

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Tree fund purchasing toys for children

Wednesday, November 30th, 2011

NATCHEZ — Natchezians have been faithful to local children — seeing to it that they have a memorable Christmas — since the 1990s.

Caroline Ferguson McDonough, organizer of the Children’s Christmas Tree Fund, said she hopes this year will be no different.

McDonough is the great-great granddaughter of James Lambert, former publisher of The Natchez Democrat, who started the fund. She said carrying out the work her family started is a blessing.

“For as long as I can remember, my cousins and I participated in the Children’s Christmas Tree Fund by bagging candy and toys,” she said. “I took it over about six or seven years ago. It’s very rewarding.”

With the donations, McDonough said she purchases toys for children ages 1-10, and divides them up into age groups.

“We normally take cash,” McDonough said. “But we will take (new) gifts too. The donations can be any amount — from $5 to whatever.”

McDonough said names of needy children are submitted by Catholic Charities, and she goes to work buying toys, food and candy for the children.

The Santa Claus Committee, comprised of local business people, oversees the annual gift endeavor.

McDonough said she hopes some Natchez residents will get on board for the first time this year, and that she is thankful to community members who have contributed in the past.

Donations may be sent to: Christmas Tree Fund, PO Box 1082, Natchez, MS 39121 or to The Natchez Democrat, PO Box 1447, Natchez, MS 39121.

Donations may also be dropped off at The Democrat’s 503 N. Canal St. office.

Purchasing Minnesota Gopher gear online

Tuesday, August 9th, 2011

YahooSports.com: Yahoo Sports carries a number of Golden Gopher college basketball apparel items. They had both #24 and #50 Golden Gopher replica basketball jerseys in assorted sizes. They were priced at $50 and $59.95. They also carried Russell Minnesota Golden Gopher maroon tee-shirts for $15.95. Golden Gopher Cardinal replica shorts were priced at $44.95 and Nike reversible performance shorts sold for $31.99.:

GopherSports.com: This official online sports store for Golden Gopher basketball as well as other Gopher sports, Gophers Sports carries a wide variety of sporting goods items. Their assortment included tee-shirts in various styles for the Gopher basketball fan, sweatshirts, hats and jerseys. They also had an autograph basketball for $40, which would make a very nice gift, collegiate glass basketball glass ornaments, Gopher mugs etc.

CollegeBasketballStore.com: Minnesota Golden Gopher basketball shorts, maroon basketball tee-shirts, reversible basketball shorts and a number of basketball ornaments depicting Minnesota Golden Gopher basketball were all available amp; priced reasonably at the College Basketball Store.

Any of these online stores would be good for purchasing your college basketball gear, I feel. Most have shipping in 3 to 5 business days. I suggest giving one of them a try the next time youre looking for college basketball gear.

*Note: This article was written by a Yahoo! contributor. Sign up here to start publishing your own sports content.

Second-gen Apple TV gains iTunes purchasing ability, Vimeo app

Tuesday, August 9th, 2011

Second-generation Apple TV users will no longer be limited to streaming rented TV shows from iTunes or purchased TV shows from their computers thanks to a software update released on Monday. The update, which is already showing up for the latest version of the Apple TV, allows users to stream their purchased TV shows directly from Apple just like they would a rented show, with streaming access to shows purchased in the past as well.

The original Apple TV allowed users to purchase TV shows and movies from iTunes directly from the device, with a backup copy being downloaded to the users iTunes account on his or her computer. The second-generation Apple TV, however, could only access TV shows and movies that are available to rent on iTunesusers could still purchase nonrentable TV shows on their computers and stream them to the Apple TV, but those shows werent directly available to the Apple TV itself.

Mondays software update changes all that, mashing together the feature set of the old and new Apple TVs. Now, the Apple TV can both rent and purchase shows from iTunes, effectively expanding the library that is available to those who browse through iTunes from the couch. Shows that are not available to rent, such as The Wire, now show up in searches and you can purchase them directly from the device. During our brief tests, it didnt appear as if the shows downloaded to the device as they did with the first-generation Apple TV, howeverinstead, they appear to be streamed like any rented show.

But where do the backup files go? When we bought a TV season from the second-gen Apple TV while writing this post, the files didnt seem to want to download to iTunes on our computers either. Its possible that this could be a launch-day glitchwe did run into some iTunes Store is currently not available errors during our testingbut its also possible that Apple has halted this practice due to iCloud.

The iCloud link is evident in the other major feature the Apple TV gained on Monday. Users can now navigate to a menu item from the Apple TVs main screen that allows them to see all shows purchased in the past, even if they werent purchased from this device, with a little cloud logo next to each item. So for example, I had originally bought The Wire season 2 from my old Apple TV before the hard drive died (the backups never downloaded then either), and I had written the entire purchase off until today. Now, my second-gen Apple TV shows that entire season under the Purchased menu, allowing me to finally catch up on Omars antics.