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Wednesday, April 7, 2010 as of 11:14 AM ET

  • February 1, 2010 05:52 PM UTC by Liz Claman

    Why Dubai? Bloomingdale's CEO to FBN: Dubai Debt Problems Don't Scare Us

    Of all the places on the planet to open your first retail store *outside* the U.S., would you pick Dubai? It looked like a brilliant bet back in 2008 when Bloomingdale’s announced it would open its first international location in the Middle East’s version of Las Vegas: Dubai.  Who knew that just a year later the emirate would come close to defaulting on billions of debt only to be saved by a bailout from neighboring Abu Dhabi.

    In 2008, Dubai was in the 5th year of a 6-year long economic boom with billions in foreign money pouring in for real estate and opportunity.  Like most fast-expanding bubbles, it would soon lose air.  This past November, word got out that Dubai was in trouble: Dubai World, the management company that invests in projects for the Dubai government couldn’t make its debt obligations.  The bustling city came to a screaming halt and world markets swooned.

    Bloomingdale’s didn’t.

    Mike Gould, Chairman and CEO of Bloomingdale’s says he didn’t flinch, nor did he change his strategy.  The store opened today and while its best-seller (at least for today) was the decidedly affordable Magnolia cupcakes, he has full faith that there’s nowhere to go but up.

    It’s a fascinating story of a platinum brand taking a shot at expansion and then being dealt a tough hand. You’ve got to hear what he says about forging ahead.  Click on the clip below!



    States News Service July 30, 2010 WASHINGTON — The following information was released by the U.S. Department of Agriculture:

    The U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (APHIS) announced that surveys are under way in the Jamaica Plain neighborhood of Boston and portions of the town of Brookline, Mass., to determine the scope of an Asian longhorned beetle (ALB) infestation in the area.

    APHIS confirmed the presence of ALB in six trees on the grounds of Boston’s Faulkner Hospital earlier this month after an employee of the hospital reported finding unusual damage in a maple tree on the property. This is the first detection of the invasive pest outside of the Worcester county regulated area.

    “These surveys will help us determine the extent of the ALB infestation in Boston and will aid us in moving forward with a targeted eradication program,” said Christine Markham, national program director of APHIS’ Asian longhorned beetle eradication program. “We continue to work closely with our state and local counterparts to minimize the effects and spread of thisdestructive pest.” Inspection crews have already surveyed over 6,500 trees in the area, and will continue to survey areas surrounding Faulkner Hospital and portions of the neighboring town of Brookline. Crews inspect ALB host tree species for signs of the beetle using a combination of ground survey inspection staff and trained tree climbers. site asian longhorned beetle

    APHIS and state officials immediately quarantined the infested area to stop the spread of the beetle. Currently, the regulated area is 10-square miles, and the interstate and intrastate movement of ALB-host material is restricted. As the survey continues, APHIS and the state will adjust the quarantine if needed. Officials are hosting training sessions and workshops to assist businesses and individuals in complying with the quarantine regulations. web site asian longhorned beetle

    Wood from the 12 ALB host tree species cannot be removed from the regulated area unless it has been chipped to less than one inch in two dimensions. All companies working on host trees within the regulated area must have a valid compliance agreement with the Massachusetts ALB cooperative eradication program. Establishing a location for the regulated wood processing site for companies and contractors to dispose of wood and stumps too large to be chipped in site is still in process.

    Citizens can help by reporting sightings of the beetle and any signs of infestation. The Asian longhorned beetle is a large beetle, with its body measuring approximately 1- to 1-1/2 inches long. It is a shiny black beetle appearing with random white spots. Its antennae, which are longer than the insect’s body, are banded black and white, and it has six legs. Its feet are black and sometimes appear with a bluish tint. Adult beetles typically first appear during the month of July and will continue to be present throughout the summer and into the early fall months. ALB can be found anywhere, including on trees, benches, cars, patios and outdoor furniture, sides of houses and sidewalks, etc. If you find an ALB, place the insect in a jar and freeze it — this will preserve the insect for identification. Early detection of ALB infestations is important because it can limit an infested area and the number of trees destroyed.

    APHIS is working cooperatively with the Massachusetts Department of Conservation and Recreation, the Massachusetts Department of Agricultural Resources, the City of Boston, the town of Brookline, and the U.S. Forest Service for the Boston ALB eradication efforts.

about this blog

  • Liz Claman joined FOX Business Network (FBN) as an anchor in October 2007. Her debut included an exclusive interview with Berkshire Hathaway CEO and legendary investor Warren Buffett.

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