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Featured Advisor



Kim Butler
President

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX



BIOGRAPHY:
I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

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News for the Investor on June 2, 2015

The TSA changes administrators after failing a checkpoint test, Wal-Mart raises wages, and the Chinese try to save cruise ship passengers after ship flips over in a storm. Here are the top news stories for June 2, 2015.  

HSBC Cutting Jobs

Europe’s Sky News reports HSBC Holdings is planning to cut thousands of jobs globally and will announce the cuts next week. The broadcast report said Chief Executive Stuart Gulliver will explain the company plans on June 9 at an investor presentation. An estimated 10,000 to 20,000 jobs will be cut, according to the report. In February, Gulliver said businesses in Turkey, Brazil, Mexico and the United States needed to improve or would be sold.

Pao Will Appeal

Ellen Pao, the former Kleiner, Perkins, Caufield and byers partner who filed a gender discrimination suit against the Silicon Valley venture capital firm, is appealing the ruling from March that the company was not guilty. The San Francisco jury cleared the company of claims it short-circuited Pao’s career because she is a woman. Pao is now the interim chief executive at social news service Reddit. She claimed her standing at Kleiner Perkins dropped after she had an affair with a partner. The firm is now seeking to recover almost $1 million in litigation costs from Pao.

Disney Executive Resigns

Walt Disney Co. Chief Financial Officer James Rasulo will step down, and the announcement comes four months after he was passed over to be second-in-command to CEO Robert Iger. The company said Rasulo’s resignation is effective at the end of June. Rasulo’s contract expired in January, when Thomas Staggs, the company’s parks and resorts unit leader since 2010, was named chief operating officer ahead of Rasulo. That places Staggs as the leading candidate to take over Disney when Iger resigns at the end of his current contract, that runs through June 2018.

TSA Administrator Reassigned

Following the release of embarrassing information about the Transportation Security Administration, Homeland Security Secretary Jeh Johnson said the acting administrator for TSA is being reassigned. The move follows media reports that checkpoint screeners missed 95 percent of mock explosives and weapons sent through security in a test conducted by undercover agents. Johnson said Melvin Carraway would be reassigned to serve in the Office of State and Local Law Enforcement at Department of Homeland Security headquarters, while TSA Acting Deputy Director Mark Hatfield would take over the agency until a new acting administrator is appointed. According to ABC News, TSA screeners failed to detect 67 of 70 banned weapons at dozens of airports in the Homeland Security test run.

Chinese Cruise Ship Flips Over

The death toll is rising from the initial claim of five after a small cruise ship carrying more than 450 people flipped over and sank in the Yangtze River during a storm in southern China Monday night. Rescue work began almost immediately but was hampered by fog early, according to Chinese news agency reports. The report says most of the passengers were between 50 and 80 years of age. Several passengers managed to swim to safety, but reports Tuesday morning said many passengers could be heard alive inside cabins in the ship.

Wal-Mart Increases Wages Again

Wal-Mart stores said Tuesday it will raise wages for more than 100,000 of its U.S. workers in some departments this summer. The company said it will increase the wages of managers of service-oriented departments such as electronics and auto care as much as $3 per hour. Hourly wages of managers of departments such as clothing and consumer products will increase by about $1. Wal-Mart said it will also start paying store associated 10 percent more per hour when they are promoted. Wal-Mart has 4,540 stores in the United States and has a total of 1.3 million employees in the U.S.