WalMart has recently hired a new Chief executive office. Greg Foran, current CEO of Wal-Mart China will take the responsibilities in place of Bill Simon. Bill Simon was the in charge of Wal-Mart US for the past four years but soon he will be saying good-bye to the company.

Company has issued a note which stated the cause of the removal of Simon from his designation. They have mentioned that Simon was talented enough to replace, Mike Duke, former CEO, whereas, they have found a man who is even more brilliant in his work than Simon. The company has revealed the fact that they were planning to send off Simon since several months therefore, they were not astonished when this decision was officially approved.

Nevertheless, when the company was officially declaring change in management of US WalMart, it has also appreciated the services of the former CEO, Simon. They believed that Simon has redirected company’s concentration towards daily low cost and everyday low prices. He introduced some healthier food and gave its department a victorious make over.

On the other hand, company put th blame on Simon for the not so performing stores in the United States which can directly affect the company. Whereas, in the most recent interview of Simon,he states that chances of WalMart getting back to it’s previous position is almost next to impossible. No doubt, it will be quite a challenging task for Greg Foran to increase the sales growth of U.S WalMart stores.

South Korea’s Hyundai Motors is the world’s biggest fifth automaker which is associated with Kia motors. Recently, the company has announced that in five quarters their net profit largely goes down due to the increase in local currency value against the dollar. It also forewarns people about the second half as well.

On Thursday, they made an announcement that the company’s net profit fell down 7 percent from last year. In the second quarter their net profit was 2.24 trillion Korean won which are almost equal to $2.18 billion.

 

According to automaker, a U.S discount plan was also released in order to attract the customers. It dominated on the entire second quarter when the sales healthy in China and Korea.

Company’s net profit collapsed 16 percent in the first quarter affected due to the enormous U.S recalls and the disagreement of South Korean labor.

Lee-won hee, major financial officer, on the announcement of their result said that the company is not that much optimistic about the results of second quarter. Furthermore, he said that Hyundai has some future strategies which include the cut cost, improvement in the portion of high-premium cars and raise in local parts sourcing for the sake of dropping currency exposure. They assume the international auto market to slow down more in the second half a bit, as compare to the first half, due to economic stimulus measure in U.S.

A $40 billion stimulus package for economic expansion was announced on Thursday in South Korea, Seoul. The government also said that it would make the mortgage rule more agreeable and provide tax benefits to businesses facing problems to accelerate the growth of the economy.

The Finance Ministry said that it now expects a 3.7% growth this year which is lower than the earlier projected growth which was about 4.1%. The expansion of the economy last year was 3 % and the expected growth by the ministry in 2015 is 4%.

 

The Ministry suggests that the reason for this slow growth is slow expansion of the global economy which curtails the demand for South Korean exports and the weak domestic demand followed by the sinking of the ferry in April.

The government suggested a stimulus plan to aid economic growth which is worth about 41 trillion ($40 billion) which includes 11.7 trillion won in expanded fiscal spending and 29 trillion won in extra financing support.

Companies will be given tax benefits, which in turn -the government hopes – will trigger better household incomes and purchasing power. How these tax benefits will be allotted and the specific tax terms are due next month.

The forecast for consumer prices was also realistically cut by the government. It now expects them to rise 1.8% in 2014 while the December forecast suggested 2.3%. Also, the Bank of Korea has managed to keep its interest rate steady at 2.5% for 14 months now but experts expect a cut in the rate to help growth. The bank even cut its own 2014 growth forecasts to 3.8% from an earlier projection of 4%.

A panel named Emergency Board, is made by Vermont state government and is consists of Peter Shumlin and some other heads from legislative money committee. This panel is to hear a revenue broadcast which will obviously cover Vermont’s economy and what it’s expected to mean from state revenue.

Montpelier_with_state_capitol_in_distance

This session usually takes place twice a year, in which two experienced economists brief how national and world economic can affect Vermont and how much Tax will be collected by state this year.

Some of the previous predictions of this panel were very correct. The earlier revenue forecast of this panel was just missed by a fifth of 1 percent. State common fund revenues for the just-closed fiscal year were more than $1.3 billion, exceeding their target by $2.4 million.

Swatch has denied allegations that it is currently working with Apple in order to make a so-called ‘smart watch’ – something which has so far been called the iWatch.

AppleAccording to VentureBeat, a technology website, on Wednesday, Apple have been working with “at least one partner, Swatch”, and the cite a source within one of the companies who has knowledge of the reported partnership between the two groups.

According to VentureBeat, the pair are currently working on a number or different styles for the iWatch, many of which will be released in different price ranges. The report also went on to note that Apple may indeed be working with several different partners in order to come out with the iWatch – something which may be much anticipated by die hard Apple fans.

The source for VentureBeat is also reported to have said that the styles that Apple is working on range from “geek to chic”, and that there will be a style to everybody. If the report is true, then this will be the second time that Swatch has ventured into the smart watch market. Over ten years ago, Swatch partnered with Microsoft, but it failed miserably due to poor sales.

Signs that Apple may be increasing, as reports have found that sales of the iWatch could match the sales of the iPad, and many of Apple’s competitors – namely Samsung and LG – have already released their versions over the past while.

If Apple does release it’s iWatch, be it in partnership with Swatch or some other watch manufacturer, they will more than likely take the market by storm, due to the fact that Apple has always consistently released great software and hardware, and big name brands such as Swatch have always been knowing for their great stylistic choices.

A $40 billion stimulus package for economic expansion was announced on Thursday in South Korea, Seoul. The government also said that it would make the mortgage rule more agreeable and provide tax benefits to businesses facing problems to accelerate the growth of the economy.

The Finance Ministry said that it now expects a 3.7% growth this year which is lower than the earlier projected growth which was about 4.1%. The expansion of the economy last year was 3 % and the expected growth by the ministry in 2015 is 4%.

The Ministry suggests that the reason for this slow growth is slow expansion of the global economy which curtails the demand for South Korean exports and the weak domestic demand followed by the sinking of the ferry in April.

The government suggested a stimulus plan to aid economic growth which is worth about 41 trillion ($40 billion) which includes 11.7 trillion won in expanded fiscal spending and 29 trillion won in extra financing support.

Companies will be given tax benefits, which in turn -the government hopes – will trigger better household incomes and purchasing power. How these tax benefits will be allotted and the specific tax terms are due next month.

The forecast for consumer prices was also realistically cut by the government. It now expects them to rise 1.8% in 2014 while the December forecast suggested 2.3%. Also, the Bank of Korea has managed to keep its interest rate steady at 2.5% for 14 months now but experts expect a cut in the rate to help growth. The bank even cut its own 2014 growth forecasts to 3.8% from an earlier projection of 4%.

South Korea’s Hyundai Motors is the world’s biggest fifth automaker which is associated with Kia motors. Recently, the company has announced that in five quarters their net profit largely goes down due to the increase in local currency value against the dollar. It also forewarns people about the second half as well.

On Thursday, they made an announcement that the company’s net profit fell down 7 percent from last year. In the second quarter their net profit was 2.24 trillion Korean won which are almost equal to $2.18 billion.

According to automaker, a U.S discount plan was also released in order to attract the customers. It dominated on the entire second quarter when the sales healthy in China and Korea.

Company’s net profit collapsed 16 percent in the first quarter affected due to the enormous U.S recalls and the disagreement of South Korean labor.

Lee-won hee, major financial officer, on the announcement of their result said that the company is not that much optimistic about the results of second quarter. Furthermore, he said that Hyundai has some future strategies which include the cut cost, improvement in the portion of high-premium cars and raise in local parts sourcing for the sake of dropping currency exposure. They assume the international auto market to slow down more in the second half a bit, as compare to the first half, due to economic stimulus measure in U.S.

A panel named Emergency Board, is made by Vermont state government and is consists of Peter Shumlin and some other heads from legislative money committee. This panel is to hear a revenue broadcast which will obviously cover Vermont’s economy and what it’s expected to mean from state revenue.

This session usually takes place twice a year, in which two experienced economists brief how national and world economic can affect Vermont and how much Tax will be collected by state this year.

Some of the previous predictions of this panel were very correct. The earlier revenue forecast of this panel was  just missed by a fifth of 1 percent. State common fund revenues for the just-closed fiscal year were more than $1.3 billion, exceeding their target by $2.4 million.

Chrysler has recalled almost 800,000 Jeep SUVs. The recent development happened as a result of problems in the ignition switches.

There were reports that the problem in the ignition is causing the engine to get stalled.

The recall covers Grand Cherokees from 2005-07 and Commanders from 2006-07.

The exact figure of recalls is 792,300. However Chrysler’s representative has also stated that they are not sure how many more can be recalled.
In a statement released the Chrysler company has mentioned that some external force quiet possibly through the knee jerk can hit the switches which can result in shifting of the position. Ultimately it may result in shutting down the engine which is very dangerous.

Such things can also cause the air bags issue, which may not open or even if they do, they may not get inflated.

‘As of now no injuries were reported because of such problem,’ the company representative said.

They have also mentioned that their engineers have come up with a solution for this issue which will be implemented on the recalled Chrysler SUVs.

The dollar came close to six week peak against a basket of currencies in Asian trade on Wednesday. While the euro goes down to touch a fresh 2014 low on the diverging interest rate outlook for the U.S. and euro zone

The dollar index was steady on 80.733, this rate is not that much different from Tuesday’s which closed on 80.837. It has met the expectations that U.S rates are up these days.

This data proved that U.S price rises to 0.3 percent in June. Whereas, the prices of main things like food and energy prices were merely increased to 0.1 percent.

The weakest inflation was of reading and market but it is expected that it will rose high in 2015 since U.S Federal Reserve’s is on track to reduce its bond purchase program.

According to, Ayako Sera, Senior market economist at Sumitomo Mitsui Trust Bank in Tokyo, the U.S market will go high next year whereas the European market will be reduced.

Euro got weaker in the previous session with a noticeable fall in Swiss Franc.