Have you ever "butt-called" a business associate? How do you respond? The Emily Post Institute offers advice. The Delaware Art Museum will sell some paintings to avoid financial ruin. Target lowers its forecast. Ebay announces it has been hacked. And GM announces another recall.
GM recalls 2.4 million additional vehicles …and 218,000 more
General Motor’s costs for repairing faulty vehicles hit $1.7 billion on Tuesday after the auto maker added an additional 2.4 million cars, sport-utility vehicles and pickup trucks to this year’s list of recent safety recalls. According to the Wall Street Journal, the nation’s largest automaker has issued 29 separate recalls this year, impacting 15.4 million vehicles worldwide. That is equivalent to about 150 percent of its 2013 production. GM shares fell 3.4 percent on Tuesday. GM would not say whether the bulk of the recalls are now done. GM indicated that it is continuing to look for and respond to safety issues. USA Today is reporting that GM has recalled an additional 218,000-subcompact cars on Wednesday.
EBay reports client information stolen by hackers
EBay announced that its database was compromised in a hacking attack between late February and early March and clients’ non-financial information was stolen. CNBC is reporting that EBay indicates customer names, encrypted passwords, email addresses; birth dates, physical addresses and phone numbers were stolen. It is asking clients to change their passwords. The company said that it has found no unauthorized access to financial or credit card information. Shares were down 2 percent in early morning trading.
Target lowers forecast
The New York Times is reporting that Target lowered its profit outlook for the full year despite the fact that sales in the first quarter increased 2.1 percent. Profit fell 16 percent compared to the same period a year ago, down to $418 million. Adjusted earnings were 70 cents per share, down from 82 cents a year earlier. The company said that there were signs of improvement including “dramatically better” store traffic than earlier in the year. Target has been struggling since a huge breach of its customer data last year. In addition to the data breach, the company lost $941 million last year on a bumbled expansion into Canada, its first foray outside of the United States. Target’s stock has dropped 20 percent in the last year.
Emily Post Institute updates business etiquette
Emily Post, the icon of good manners, lives on through the Emily Post Institute in Burlington, Vermont. The Associated Press reports that the Institute has recently released the “The Etiquette Advantage in Business”. What are some of the highlights? When you make a mistake with social media and smart phones, apologize and confess immediately. For example, if you mistakenly “butt-dial” everyone on your contact list…use email or what other types of messaging you generally use for that contact to apologize. Hugging and kissing in the workplace? May be appropriate as a greeting after the first meeting. Company brainstorming sessions? Participate and don’t “pooh-pooh” the ideas of others.
Christie’s to sell “Isabella” painting; predicts $13 million
The Delaware Art Museum’s first painting on the auction block, William Holman Hunt’s Isabella could sell for as much as $13.4 million next month, according to Christie’s representatives. According to USA Today, the auction house will release its catalog for the June 17 sale of Victorian, Pre-Raphaelite, and British Impressionist Art in London. The Hunt painting is expected to bring the most at the auction. The 1868 work was estimated to be worth $8.4 to $13.4 million. Christie’s tacks on a 15 percent buyer’s premium on the final sale price. The auction house and the museum split the premium. The museum was at the door of financial ruin, however, proceeds from the sale are expected to save the museum. The museum also plans to sell an additional four works over the next several months to pay off its 2005 construction debt and replenish its $26 million endowment. The Delaware Art Museum boasts the most significant collection of pre-Raphaelite works outside of London.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.