Bleak job prospects for Chinese college grads, a change in direction for Martha Stewart's mag (is it a good thing?) and a KISS restaurant rocks a small Hawaiian town
No Jobs for Record Number of Chinese Graduates
CNBCindicates that seven million students will graduate from universities and colleges across China in the next few weeks, but their job prospects are bleak due to the troubled Chinese economy. The government is worried that the problem could impact social stability and it has ordered schools and government agencies to hire more graduates, at least temporarily, to relieve joblessness. Less than half of this year's graduates have found jobs. China quadrupled the number of students enrolled in universities in the past decade but the economy is still driven by manufacturing.
States Allow Elders to Sell Life Lnsurance Policies to Collect Benefits
Life settlements is a practice in which policyholders sell their policies at a discount in the secondary market and the buyer takes over the premiums and ultimately gets the death benefit. According to the Wall Street Journal, Texas lawmakers recently passed a law that allows the elderly to sign over their policies to a third party to pay for custodial care but then allows the individual to receive Medicaid for payment once those funds have run out. This prevents elders from cashing in the policies for a severely discounted amount just so they can be eligible for Medicaid to pay for nursing home facilities. It benefits middle class individuals who are not wealthy enough to pay for long term care for an extended period of time but not poor enough to receive Medicaid at the outset. It also saves states money and makes insurance companies pay a larger amount. Seven other states are considering similar legislation.
Martha Stewart's Living Omnimedia Changes Direction
Martha Stewart's Livingmagazine is overhauling its website and redesigning its apps to feature shorter videos on crafting and cooking topics beginning in July. According to the New York Times, the magazine is hoping to appeal to the 18 to 34 year old crowd, who often prefer video more than older generations. The hope is that this new format will increase advertising dollars. The company lost $3 million in the first quarter including a 35 percent decline in sales of the flagship magazine and a decline in the sales of sheets and glassware sold at Macy's. The company is currently in the middle of a lawsuit which it hopes will allow for distribution through JC Penney.
Aircraft Leasing Company Orders 50 Airbus Jets
The Paris air show kicks off this week with good news for the French jet manufacturer, Airbus. The Associated Press reports that aircraft leasing company ILFC made a firm order for 50 A320 neo jets. The new jets are used for shorter hauls and are fuel efficient. Financial information regarding the deal has not been released but the estimated cost for the jets is deemed to be about $5 billion.
Marriott to Advertise to Younger Travelers
Claiming that other hotel brands are not advertising to younger travelers, Marriott plans to unveil a new advertising campaign named "Travel Brilliantly". The campaign is targeted at frequent business travelers who are part of the Gen X and Gen Y generations. According to the New York Times, by 2018 half of all business travelers will consist of members of these generations. The campaign will initially be unrolled on mobile devices and through social media. Marriott is spending $30 million in 2013 and in each of the next two years to unveil the campaign globally. It includes changes to the website as well as to its logo. The Marriott brand represents 500 hotels in 60 countries with the largest percentage in the U.S.
Small Hawaiian Town Worries about KISS Restaurant
The small town of Apia, Hawaii, on the island of Maui will soon have a restaurant owned in part by veteran rock star Gene Simmons, of KISS fame. According to USA Today, the village Merchant's Association has expressed concern about the restaurant which will be called Rock & Brews. But the restaurant has apparently been modified to blend in with the scenery and will have restrooms open to the public. The eatery will not be blasting KISS music but instead will be a family friendly place. The Hawaiian restaurant will be different from the two Rock and Brews currently located in El Segundo, CA and San Jose Del Cabot, Mexico.