Pursuing Career Success on Your Own Terms

How To Choose And Launch The Career You'll Love

Career Ideas for Kids Who Like Animals and Nature

This fun-filled series guides young readers through a multitude of career possibilities based on their specific interests and skills and links their talents to a wide variety of actual professions. Each book is filled with engaging text and playful illustrations that present a wide variety of career themes and options. Coverage begins with a set of questions designed to help kids discover who they are, what they like to do, and what they do best. Highly motivational, and just plain fun, chapters include: *Get in Gear! Kids learn how to link their interests to actual professions.
*Take a Trip! Informational interviews with professionals in the field explore a diverse mix of careers.
*Don't Stop Now! Leads to a world of direct exploration and opens the door to Future Destinations!
*and much more

Careers profiled in this new book include: Agribusiness Consultant, Animal Trainer, Arborist; Botanist, Entomologist, Farmer, Hydrologist, Land Surveyor, Marine Biologist, Merchant Mariner, Park Ranger, Pet Groomer, Recycling Entrepreneur, Veterinarian, and Zoologist.

Price: $32.95

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Harvard Business Review on Advancing Your Career (Harvard Business Review Paperback Series)

If you need the best practices and ideas for achieving career growth and fulfillment--but don't have time to find them--this book is for you. Here are 9 inspiring and useful perspectives, all in one place.

This collection of HBR articles will help you:

- Break out of a career rut

- Earn a spot on your company's high-potential list

- Find out what's really holding you back

- Get the kind of mentoring that leads to a promotion

- Groom yourself for an external move

- Turn the job you have into the job you want

- Crack the code of C-suite entry

- Take control of your career after being fired

Price: $22.00

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Summer Reading: Five Management Classics

By Rick Wartzman

Although Peter Drucker was a self-described workaholic, he did take time off each summer to hike amid the peaks of Colorado, reflect on the previous year's successes and failures, and, of course, read.

As you head to the beach or the mountains with your own stack of books (or your Kindle, Nook, or iPad), keep in mind five classics about management and leadership that Drucker himself loved. All appeared before his own landmark The Practice of Management was published in 1954. "Every one of these books," Drucker noted, "laid firm and lasting foundations."

1. The Principles of Scientific Management by Frederick Winslow Taylor

Although it has become fashionable to disparage Taylor and his methods for spurring industrial efficiency, Drucker never wavered in his admiration for the mechanical engineer or his ideas. Indeed, Drucker asserted that scientific management may well be the greatest "contribution America has made to Western thought since the Federalist Papers." And he believed that Taylor's concepts weren't just instrumental for raising the productivity of those in factories; they're crucial as well, Drucker said, "to learn how to make knowledge-work productive." It is also worth pointing out, in an age when many top executives have enjoyed skyrocketing pay packages while their employees' incomes have stagnated, that Taylor urged a more equitable structure. "The principal object of management," he declared at the start of The Principles of Scientific Management, published in 1911, "should be to secure the maximum prosperity for the employer, coupled with the maximum prosperity for each employee."

2. Industrial and General Administration by Henri Fayol

Originally published in 1916, Fayol's writings reflect the mind not only of a sage theorist but that of an able practitioner; for many years, he ran a French mining company with about 1,000 employees. Fayol's contributions include laying out a fundamental framework for administration: forecasting, planning, organizing, coordinating, commanding, and controlling. Drucker said that although "Fayol's language is outdated … his insights into the work of management and its organization are still fresh and original." In fact, many businesses would do well to study Fayol's notions of generating esprit de corps and getting the most out of employees up and down the organization. "Every intermediate link in the chain," Fayol wrote, "can and must be a source of energy and ideas; there is, in each of these links, or men, a power of initiative, which, if properly used, can considerably extend a manager's range of activity."

3. The Human Problems of an Industrial Civilization by Elton Mayo

Decades before today's management consultants began speaking of the need to engage all employees and ensure that everyone across the enterprise is aligned around a common set of big-picture goals, Mayo called for the same basic approach in this 1933 book. "It is not enough to have an enlightened company policy, a carefully devised (and blueprinted) plan," Mayo wrote. "To stop at this point … has much the same effect as administering medicine to a recalcitrant patient. It may be good for him, but he is not persuaded. … This is the essential nature of the human; with all the will in the world to cooperate, he finds it difficult to persist in action for an end he cannot dimly see." Although Drucker praised Mayo's book, the two men got into it during an address that Mayo delivered at Harvard Business School in 1947. Drucker questioned Mayo's philosophy, and Mayo thumbed his nose, literally, at Drucker. The two quickly apologized to each other.

4. The Functions of the Executive by Chester I. Barnard

"We all know," Drucker wrote in a 2004 Harvard Business Review piece, "thanks to Chester Barnard's 1938 classic The Functions of the Executive, that organizations are held together by information rather than ownership or command. Still, far too many executives behave as if information and its flow were the job of the information specialist—for example, the accountant. As a result, they get an enormous amount of data they do not need and cannot use, but little of the information they do need." For his part, Barnard, who was president of New Jersey Bell Telephone, put it this way: "All communication relates to the formulation of purpose and the transmission of coordinating prescriptions for action and so rests upon the ability to communicate with those willing to cooperate."

5. Dynamic Administration by Mary Parker Follett

This collection of speeches and articles on management was published in 1941. Yet Drucker didn't discover Follett for another 10 years. It was a true revelation. "Follett … had been the brightest star in the management firmament," Drucker said. "And—to change the metaphor—she had struck every single chord in what now constitutes the 'management symphony.'" Among her seminal ideas: that conflict must be made "to work for us" by integrating clashing perspectives into a new and different answer. She also held that effective management was vital for all organizations, not just business. Follett's "true importance lies in her vision," Drucker wrote. "She saw the society of organizations and she saw management as its generic function and specific organ well before either really existed."

Happy summer. Happy reading.

Rick Wartzman is the executive director of the Drucker Institute at Claremont Graduate University.

View the original article here

Career Choices - Discover How To Make The Best Decision On A Career Choice

Hutchison Nordic Phone Unit to Stay Independent, Ramel Says

June 17, 2011, 3:40 AM EDT By Diana ben-Aaron

(Updates with share price in sixth paragraph.)

June 17 (Bloomberg) -- 3 Scandinavia, Hutchison Whampoa Ltd.’s mobile-phone operations in Sweden and Denmark, will remain independent even as rivals merge their networks, its chief executive officer said.

3, which has about 10 percent of customers in each country, competes with former Nordic monopolies TeliaSonera AB, TDC A/S and Telenor ASA, as well as newer entrant Tele2 AB, all of which also have fixed-line businesses. While TeliaSonera and Telenor said this week they will merge their Danish mobile-phone networks, consolidation in the market can be avoided and 3 isn’t looking for a network-sharing deal, Peder Ramel said.

“We must have a market share of at least 20 percent,” Ramel, 55, said in an interview in Stockholm. “I have to make sure the company can stand on its own, that we continue to have positive cash flow and the owners get a return on their investment.”

Billionaire Li Ka-shing’s Hutchison, based in Hong Kong, started 3 in 2003 to offer faster third-generation services at a time when few customers had handsets that could surf the Web. 3 Group, which operates in European markets including the U.K. and Italy as well as Australia, reported its first profit in March. Ramel’s division is 40 percent owned by Investor AB, the Wallenberg family’s investment company.

‘Difficult Position’

“The Telia-Telenor network announcement puts 3 in a difficult position since they don’t have scale compared to the others,” said John Strand, owner of Copenhagen-based telecommunications adviser Strand Consult.

Hutchison fell 0.9 percent to HK$83.75 at 2:53 p.m. in Hong Kong trading. The shares have jumped 75 percent in the past year, valuing the company at HK$356 billion ($46 billion).

3, with about 1.1 million customers in Sweden and 800,000 in Denmark, targets higher-spending customers who use mobile data and sign up for add-on services such as music streaming and recorded books. The company is now rolling out faster fourth- generation services.

“We’re building 4G and we will launch it after summer when we believe we have good enough coverage,” Ramel said. “Our competitors have spent an awful lot of money on the marketing of 4G and for the employees in those companies it’s been very interesting but there hasn’t been that much of a reaction from consumers.”

Customer Spending

Last year, Onfone ApS, a virtual mobile-phone operator, started a price war in Denmark with flat-rate packages with limits on usage. Ramel reacted by lowering prices on 3’s side brand Oister. TDC, Denmark’s biggest phone company, bought Onfone in May.

Onfone’s most popular package now costs 149 kroner ($28) a month for five hours of talk, free texting and 500 megabytes of data while Oister, which charges 129 kroner for a 5-hour package with 5 gigabytes of data, will raise the price to match Onfone’s at the end of the month.

In its 2010 report, the most recently available, 3 said its average revenue per user for Sweden and Denmark declined 5 percent to 329 kronor ($51). In the first quarter, Telenor’s Danish ARPU fell 4 percent to 189 Norwegian kroner ($34), while TDC’s blended ARPU for mobile voice contracts in Denmark dropped 2.4 percent to 161 kroner ($31). TeliaSonera, Telenor and TDC cited increased price competition and lower interconnection fees for the declines.

In Sweden, 3 aims to win more subscriptions from competitions with its service where a family’s fixed-line number can be assigned or forwarded to mobile devices, Ramel said.

“In Sweden 90 percent of households still had a fixed line connection until quite recently,” he said. “I think we will go down to 50 percent in maybe three years.”

--Editors: Kenneth Wong, Heather Harris.

To contact the reporter on this story: Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong in Berlin at kwong11@bloomberg.net

View the original article here

Time to Remix Your Innovation Portfolio?

By G. Michael Maddock and Raphael Louis Viton

The best leaders watch their investments carefully. That's why if you're in charge of innovation, Wall Street is watching you. After all, according to Harvard Business Review, some 54 percent of a stock's value comes from projected future growth. So where you invest your company's innovation dollars matters.

If you're getting great returns when it comes to your innovation, ask for a raise. If you are not—or don't know whether you are—look over our five signs that your portfolio may need some TLC.

But first let us refresh your memory a bit: In the past we've shown you a foolproof way of initially constructing your innovation portfolio. The analogy we used was personal finance. Just as you divide your personal holdings among various asset classes—stocks, bonds, and cash—you want to divide your innovation efforts among different approaches. There are four:

1. Evolutionary Innovation. (Technically easy and there's a clear customer benefit.) This is where you keep current cash cows fresh and incubate brands in the market.

2. Differentiation. (Technically difficult and a clear customer benefit.) This portion of your innovation budget is used for making a distinction between your products and those of your competitors.

3. Revolutionary Innovation. (Technically difficult, and there's no way of knowing ahead of time if the customer will accept it.) Here you search to find groundbreaking ideas for products, services, and business models.

4. Fast-Fail Innovation. (Technically easy but no way of knowing if the customer will accept it.) You go to market and do your testing and learning there.

With that by way of background, let's talk telltale signs you might be having problems with your portfolio.

Symptom No. 1: Lots of research, no new products

The positive spin on this is that your team is actively seeking ways to make products, services, and business models distinctly yours in response to a customer or consumer need. If, despite this, you aren't launching products successfully, you likely have a culture where people are afraid of failure; they feel safer conducting research than releasing the product into the marketplace where it might fail. You need to fix this.

We recommend you aggressively invest in the fast-fail quadrant. By putting money here, you will naturally find partners who can help you do things outside your wheelhouse. And your people will immediately see that failing—quickly and inexpensively—is smiled upon, since you get to discover winners that much faster.

Symptom No. 2: The procurement department has become your customer

If you're spending more and more time with the procurement of your customers, you are over-invested in the evolutionary quadrant. The good news is that by focusing on things your company can do well and everyone knows your customer wants, your people have become great listeners. The bad news is that your customers are telling your competitors the exact same thing, which means you end up competing on price. (Hence, all that time with procurement.)

We recommend you encourage your team to work on the other three quadrants of the portfolio model, starting with differentiation. They should ask themselves: "Even if we don't know how to do it, what are some ways to respond to this customer desire in a way that we alone can own?" This question is at the heart of innovation. When answered correctly, you have a differentiated product that demands a higher price—that enables you to move conversations upstream away from procurement.

Symptom No. 3: You are invention-rich, but the top line isn't growing

A classic challenge for many self-proclaimed innovative companies happens when R&D is running the show. The folks in the lab coats presume to know what consumers or customers want.

View the original article here

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BofA’s Moynihan Says Capital Rules May Discourage Lending

June 17, 2011, 4:27 PM EDT By Lindsey Rupp and Brooke Sutherland

(Updates price decline in third paragraph.)

June 17 (Bloomberg) -- Bank of America Corp. Chief Executive Officer Brian T. Moynihan said excessive capital surcharges on the largest banks could limit lending and discourage investors from funding the industry.

“If you impact our returns and our business to a point, investors are going to look around and say there’s other places to put the money,” Moynihan said today in an interview with Bloomberg Television in St. Petersburg, Russia, where the International Economic Forum is being held. “And that’s what you’ve actually seen in bank stocks.”

The KBW Bank Index of 24 U.S. lenders has fallen 9.1 percent this year, led by the 20 percent decline at Bank of America. The Basel Committee on Banking Supervision is considering a capital surcharge of as much as 3.5 percentage points on the largest banks if they get bigger, according to two people familiar with the talks.

Draft plans circulated before a meeting next week would subject banks to a sliding scale depending on their size and links to other lenders, said the people, who declined to be identified because the proposals aren’t public. Charlotte, North Carolina-based Bank of America is the largest U.S. lender.

“We just need to get through it, so the uncertainty is gone and we can figure out the change in business model,” Moynihan said.

Moynihan, 51, has been selling assets including the Balboa insurance unit, First Republic Bank and a stake in BlackRock Inc. to bolster finances and focus on retail customers, commercial borrowers and investment banking. Moynihan said in April that the lender’s dividend may remain 1-cent a share until next year after the Federal Reserve rejected his proposal for an increase.

Building Capital

Moynihan has said the company can build its financial strength through earnings and doesn’t need to issue new stock to generate funds, a point he reiterated today in a CNBC interview.

“We don’t need to raise capital in the sense that we can build the capital over time,” he said in an interview on the business-news station, when asked about regulators demanding greater buffers against losses. “There’s phasing periods for this and we’ve been clear about that with investors.”

Bank of America must boost earnings if it’s to meet capital requirements in the coming decade without raising money from investors, said Paul Miller, a former examiner with the Federal Reserve Bank of Philadelphia and analyst with FBR Capital Markets in Arlington, Virginia. The company posted a $2.2 billion net loss last year on writedowns tied to credit cards and mortgages.

“The problem is we don’t know if they have to raise capital,” Miller said June 13 in an interview on Bloomberg Television. “If losses continue to rise and they don’t earn money, you might see these guys back at the capital markets.”

Bank of America advanced 8 cents to $10.68 at 4 p.m. in New York Stock Exchange composite trading.

--Editors: Dan Kraut, William Ahearn

To contact the reporters on this story: Lindsey Rupp in New York at Lrupp1@bloomberg.net; Brooke Sutherland in New York at Bsutherland5@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

View the original article here

Career Planning - Your Guide to a Successful Future!

Career Ideas for Kids Who Like Science

Part of the Career Ideas for Kids series, this volume guides young readers through a multitude of career possibilities based on their specific interests and skills and links their talents to a wide variety of actual professions. Filled with delightful text and playful illustrations, coverage begins with a set of questions designed to help kids discover who they are, what they like to do, and what they do best. Highly motivational, and just plain fun, additional chapters detail: Get in Gear! Kids begin to learn how to link their interests to actual professions. Take a Trip! Informational interviews with professionals in the field explore a diverse mix of careers. Don't Stop Now! Leads to a world of direct exploration and makes for an open road to Future Destinations!

Profiles the following careers: Archaeologist Astronomer Chemist Engineer Food Scientist Horticulturist Landscape Architect Medical Technologist Meteorologist Nutritionist Oceanographer Pharmacist Robotics Consultant Science Educator Veterinarian.

Price: $32.95

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Wal-Mart Says China SVP of Operations Shawn Gray Has Left

June 17, 2011, 4:20 PM EDT By Matthew Boyle

(Updates share price in fourth paragraph.)

June 17 (Bloomberg) -- Wal-Mart Stores Inc. said its vice president of operations in China left the company, becoming at least the third executive from that nation to depart in the past month.

Shawn Gray left for “personal reasons,” Wal-Mart said in an e-mail today. The Bentonville, Arkansas-based company, the world’s biggest retailer, didn’t say if a replacement had been named.

Roland Lawrence, Wal-Mart’s chief financial officer in China, and Rob Cissell, chief operating officer there, left the company in May to “seek new development opportunities.” The retailer has sought to boost investment in China, the world’s second-largest economy, and last month agreed to buy an undisclosed stake in online shopping operator Yihaodian.

Wal-Mart fell 1 cent to $52.82 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have dropped 2.1 percent this year.

Operations in China, where Wal-Mart had 333 outlets at the end of April, generated $7.5 billion in revenue, or 1.8 percent of the company’s $420 billion in total sales last year, Scott Price, chief executive officer for Asia, said in March. Sales in China rose 12 percent in the first quarter of this year, the company said May 17.

--With assistance from Lauren Coleman-Lochner in New York. Editors: Romaine Bostick, Julie Alnwick

To contact the reporter on this story: Matthew Boyle in New York at mboyle20@bloomberg.net

To contact the editor responsible for this story: Julie Alnwick at jalnwick@bloomberg.net

View the original article here

Business Etiquette and Corporate Style Tips

Q: No matter how carefully I pack, my clothes always get wrinkled. Any advice?

A: If you find an article of clothing is wrinkled when you arrive at your hotel, run a hot shower and hang the item close by. The steam from the shower will naturally press your garment. Wrinkle-resistant sprays are also helpful and convenient, as they are small enough to stash in a purse or briefcase. If all else fails, try asking the concierge. Some hotels offer pressing services, while others supply the room with an iron and board.

—Carol Davidson, StyleWorks of Union Square

Q: What's a polite way to escape from a nonstop talker at a reception or cocktail function?

A: When you want to break away from a conversation, be friendly but firm. Simply extend your hand for a handshake and say, "Mary, I have to speak to a colleague now. It was a pleasure meeting and talking with you." You can now take your leave without having offended anyone. If you feel you may want to reconnect with this individual at a later date, you might also suggest exchanging business cards.

—Kelly Machbitz, owner, Totalfashionmakeover.com, Clearwater, Fla.

Q: How can I avoid wrinkles in my clothes when I pack for business trips?

A: Both an overstuffed suitcase and one with too much empty space will lead to wrinkles, so pack lightly but tightly. Place heavy items (shoes, toiletries, etc.) on the bottom so they don't shift, crush, and wrinkle your clothing. Shirts, skirts, and pants can be folded, stacked, and packed in the center of your suitcase. By putting tissue paper in between layers, you will reduce friction and wrinkles. Knits and more casual items (T-shirts, polo shirts, jeans, etc.) as well as pajamas should be rolled and placed around the sides of your suitcase. On top, place face down any items on hangers. Leave them in plastic dry cleaning bags to reduce creases. Look for travel-friendly items (folders, cubes, compressors, etc.) designed to make packing more organized and wrinkle-free.

—Carol Davidson, StyleWorks of Union Square

Q: Is it necessary to say "bless you" when someone sneezes during a meeting?

A: Nowadays, people expect a "bless you," not out of concern for the sneezer's well-being, but simply as an acknowledgment of another's presence. Is it necessary? Probably not. No one says anything when someone coughs, so why do sneezes deserve special treatment? If the sneezer happens to be seated next to you, offer a discreet "bless you," if you like. If, however, the person is at the other end of the room or someone has already given his or her blessing, hold off. At meetings, you want to move past interruptions and distractions quickly and get back to business.

—Kelly Machbitz, owner, Totalfashionmakeover.com, Clearwater, Fla.

Q: Can I wear sleeveless tops to work in the summer?

A: This question comes up nearly every time I give a corporate presentation on image and style. If your company is conservative in general or has a traditional business dress code (i.e., suits, jackets), wearing sleeveless clothing—without a jacket or cardigan—is inappropriate. In a business casual setting, the answer is not so clear-cut. In the absence of a formal dress code, err on the side of caution and ask your manager or HR person. Exposed skin sends a less business-like message, so also consider the nature of your work. Do you have a client-facing role or is your work primarily behind the scenes? If you do decide to go sleeveless, avoid tank tops, halters, and camisoles. Instead, opt for a sleeveless style with more coverage and a modest neckline. Finally, make sure you have a jacket or cardigan at the office, in case you're called into an unexpected meeting.

—Carol Davidson, StyleWorks of Union Square

Q: Is chewing gum ever acceptable in a business situation?

A: As an image consultant and etiquette trainer, I must say it is never acceptable to chew gum in a business situation when interacting with co-workers, clients, or the general public. Gum chewing is a distraction and almost impossible to conceal during conversation, comparable to speaking with your mouth full of food. On occasion, however, I have suggested that a client chew a piece of gum to freshen his or her breath after a pungent meal, when it was impossible to use a toothbrush and paste. The secret is to be discreet: Excuse yourself from the table and chew a stick of peppermint gum in the washroom; then discard it. This way you can enjoy fresh breath and your chewing won't offend others.

—Kelly Machbitz, owner, Totalfashionmakeover.com, Clearwater, Fla.

Q: Can I wear my favorite pair of 4-inch heels to the office?

A: Generally speaking, heels higher than 3 inches are perceived as more suitable for a dance club than an office environment, especially shoes with thin straps that expose more of the foot, as well as shoes with very thin heels. Ditto for footwear in bright colors. If you decide to go higher than a 3-inch heel, opt for a classic, closed-toe pump in a matte leather and neutral color. You might also consider a platform style or wearing pants the same color as your shoes to camouflage the height of the heel.

—Carol Davidson, StyleWorks of Union Square

Q: I have pale skin and I wonder if a spray tan would give me an edge on a job interview. Do you recommend it?

A: Several benefits can come from an artificial tan. For one, a little color may boost your confidence level, which in turn could calm your nerves and help you ace that interview. It may also send the message that you have an active lifestyle and are physically fit—something your potential employer should consider a plus. Just be careful not to overdo it. Straying too far from your natural skin tone could send the message that you are superficial, focused too much on extracurricular activities, and lack strong business ethics. Go only two to three shades darker than your natural skin tone.

—Kelly Machbitz, owner, Totalfashionmakeover.com, Clearwater, Fla.

Q: I love all the bright colors they are showing for spring. Are they office appropriate?

A: No one can deny the merits of neutral-colored business attire, but sometimes we all need a color pick-me-up. This spring, designers are showing citrus shades of orange, yellow, and green as well as coral, pink, and bright blue. Because people perceive brighter hues as bold and playful statements, for a more conservative work environment, less is more. Add brighter colors in small doses by way of a scarf, tie, or handbag. Or you can incorporate more hues in a patterned shirt or blouse and team it with a neutral bottom or jacket. Generally speaking, for business, you will want to avoid wearing bright colors from head to toe.

—Carol Davidson, StyleWorks of Union Square

Q: When a wine glass is placed on a table at a restaurant, how do I signal that I don't want any?

A: Never turn a glass or cup upside down to decline service. If you don't want your wine glass, coffee cup, or water glass filled (or refilled), hold your hand over the glass. If the server fills it before you have a chance to signal no, leave the beverage untouched for removal after the meal.

—Kelly Machbitz, owner, Totalfashionmakeover.com, Clearwater, Fla.

Q: I frequently respond to business e-mails via my mobile device. Must I include a salutation?

A: The type of device you use to send e-mail has little to do with proper e-mail etiquette. Instead, consider your relationship to the recipient, the intended degree of formality, and whether your message is a standalone reply or part of a longer chain of responses. On a first reply when communicating for business, use a salutation that includes the recipient's name, whether it's "Dear Christine," "Hi, Christine," or simply "Christine." While a salutation is unnecessary thereafter, it is considered more formal and appropriate when communicating with a senior associate or an important client.

—Carol Davidson, StyleWorks of Union Square

View the original article here

Goldman Sachs’s Salame Said to Plan Move to New York From London

June 17, 2011, 11:13 AM EDT By Christine Harper

June 17 (Bloomberg) -- Pablo J. Salame, one of Goldman Sachs Group Inc.’s four sales and trading chiefs, plans to move to New York from London this summer and may take a new assignment, according to three people familiar with the matter.

Salame, a 45-year-old Ecuadorian, joined Goldman Sachs in 1996 and has worked in London since 2002. A Goldman Sachs partner since 2000, Salame was co-manager of global credit, mortgages, emerging markets trading and equity derivatives before he became co-head of the securities unit in 2008 with David B. Heller, Edward K. Eisler and Harvey M. Schwartz.

Goldman Sachs’s securities division, which includes sales and trading of equities, fixed-income, currencies and commodities, is the New York-based firm’s biggest and most profitable unit. It produced 56 percent of the company’s revenue in 2010 and both Chairman and Chief Executive Officer Lloyd C. Blankfein, 56, and his top deputy, President and Chief Operating Officer Gary D. Cohn, 50, helped lead securities trading before rising to their current roles.

While Salame may keep his position as a co-head of the securities unit, he’s also considering new roles, said the people, who declined to be identified because the negotiations aren’t public. Salame’s move to New York would put three of the four global heads of securities trading in the city, with Eisler, 41, remaining in London.

Salame started his career at Goldman Sachs, the fifth- biggest U.S. bank by assets, in emerging markets currency trading and later helped lead the global emerging debt markets group. The experience in developing markets may lead him to work more closely with J. Michael Evans, 53, who was named global head of growth markets in January, two of the three people said.

Goldman Sachs, like many rivals, is aiming to do more business in fast-growing economies like Brazil, Russia, India and China. Cohn told investors earlier this month that China, India and Brazil are three places where Goldman Sachs is doing the most hiring.

Salame didn’t return a call seeking comment and Michael DuVally, a spokesman for Goldman Sachs in New York, said Salame wouldn’t comment.

--Editors: William Ahearn, David Scheer

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.

View the original article here

Pharma Needs an Innovation Intervention

By G. Michael Maddock and Raphael Louis Viton

Are you struggling to break your addiction to a bad business model, or are you living in denial? Either way, admitting that you have a problem is the first step toward solving the problem.

Otherwise, it's an extremely tough way to make a living.

Pharmaceutical companies such as Pfizer (PFE) invest eight years on average developing and gaining regulatory approval to sell a new drug. Since patent protection lasts only 17 years, the company gets only about nine years of exclusivity. Once the patent (not patient) expires, any other company is free to use the formerly proprietary formula. Inevitably the original patent holder's market share falls by 89 percent in the first 6 months. IMS Health, a Norwalk, Conn., firm that does research on the pharmaceutical and health-care industries, estimates that from 2010 to 2013, pharmaceutical companies (often referred to collectively as "Pharma") will lose a total of $137 billion to patent expiration and generic competition.

That was not a typo—$137 billion.

What brought this to mind is the fact that the Pfizer drug Lipitor, an $11 billion-a-year brand that lowers cholesterol, goes off patent early next year. That has to be a tough pill for Ian Read, chief executive officer of Pfizer, to swallow.

Unfortunately for Pharma, the bad news does not end there. As Will Suvari—Maddock Douglas's industry expert, who helped us think through all this—points out, if you dig a bit deeper, the problem for the industry is actually more challenging than just having limited patent protection.

Innovation is generally difficult in any industry, and creating new drugs shows just how hard it can be. Despite having spent a total of $64 billion in 2010, the industry received approval to market only 21 new drugs. It remains extremely difficult to make the research and development process move much faster. The parallel is this: Just because it takes one woman nine months to carry a baby to term doesn't mean you could reduce gestation to a single month if you were to involve nine women.

Big breakthroughs that were supposed to change things have not. The Human Genome Project, long predicted to bring about a new-product windfall for biopharmaceutical manufacturers, was completed in 2003. It has yet to produce a single commercially successful new drug.

If ever there was an industry ripe for innovation, this is it.

If the solution were applicable to the pharmaceutical industry only, we wouldn't have written the column. (The appeal would have been too limited.) What we are about to suggest could apply to your industry, too, once you conclude that the existing way of doing business doesn't work well.

In our experience, industry paradigm shifts come from shifting your focus. Or as we like to put it: "You can't read the label if you're sitting inside the pill bottle." For Pharma, the most obvious "outside the pill bottle" advice might be to change the historical focus from "finding druggable targets" (what you and I call people) to locating target insights big enough to build a business around.

Why? When companies create the discipline to focus on needs first, technology second, they move from inventing to innovating. Said differently, they deliver a consumer-focused product and service and a business model that goes far beyond the product itself.

View the original article here

RIM Declines as UBS Adds to Criticism of Co-CEO Structure

June 04, 2011, 8:54 AM EDT By Hugo Miller

(Updates with closing share price in fourth paragraph.)

June 3 (Bloomberg) -- Research In Motion Ltd., maker of the BlackBerry smartphone, declined in Nasdaq trading as UBS AG analysts criticized the company’s dual chief executive officer structure, the second such critique in little over a month.

UBS’s Amitabh Passi and Phillip Huang lowered their price target on RIM to $45 from $60, citing a lack of clarity about when new phones would debut, inroads made by Apple Inc.’s iPhone and devices based on Google Inc.’s Android software in corporations, and an overconcentration of responsibility with co-CEOs Mike Lazaridis and Jim Balsillie.

“We are also not convinced the current management structure -- co-Chairmen, who are also co-CEOs, and one of whom is now CMO, is the optimal one either,” Passi and Huang said in a note today. They have a “neutral” rating on RIM.

RIM fell $1.45, or 3.6 percent, to $38.98 at 4 p.m. New York time in Nasdaq Stock Market trading. The stock has lost 33 percent this year to its lowest level in more than two years.

RIM’s share of North America’s smartphone sales has fallen as demand for iPhones and Android devices has grown. Revenue growth in markets such as Latin America and Europe may also be threatened as rival smartphones catch on outside the U.S., the analysts said.

BlackBerry Bold Delay?

“While international growth has been strong, we anticipate similar dynamics as in North America playing out,” the analysts said. There will be “no major product launches till probably late in RIM’s fiscal second quarter,” they said. That quarter ends in August.

RIM’s share of U.S. smartphone subscribers dropped 4.7 percentage points to 25.7 percent in April from three months earlier, according to ComScore Inc. Google’s jumped 5.2 percentage points to 36.4 percent and Apple gained 1.3 percentage points to 26 percent.

Sameet Kanade, an analyst at Northern Securities Inc. in Toronto, suggested in April that the company should scrap its dual-CEO structure and put Lazaridis in charge.

Lazaridis, who invented the BlackBerry as the first mobile e-mail device more than a decade ago, has shared the role of CEO with Balsillie since 1992. Balsillie also took over as chief marketing officer after RIM’s first marketing chief Keith Pardy left in March, less than two years after joining the company.

Shaw Wu, an analyst with Sterne Agee & Leach Inc. in San Francisco, also cut his price target on the stock, lowering it to $44 from $52. He reiterated his “neutral” rating on RIM.

Apple’s planned iCloud service, which will allow customers to listen to their iTunes music from multiple devices, will only make it more difficult for RIM to convince consumers to opt for a BlackBerry, Wu said.

--Editors: Ville Heiskanen, Peter Elstrom

To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net

View the original article here

Japan Air Sees ‘Very Long’ Wait for U.S. Sales Rebound on Quake

June 05, 2011, 12:16 PM EDT By Robert Fenner and Chris Cooper

June 6 (Bloomberg) -- Japan Airlines Co., the nation’s biggest international carrier, said ticket sales in Europe and the U.S. were lagging behind forecasts and would take a “very long” time to recover from the March 11 earthquake and tsunami.

“The recovery of demand from Europe and North America has not met our expectations,” President Masaru Onishi said in an interview in Singapore yesterday, ahead of the International Air Transport Association annual general meeting. “We feel it’s going to be a very long, drawn out and slow recovery.”

JAL and overseas carriers including United Continental Holdings Inc. and AMR Corp.’s American Airlines cut Japan flights after the March 11 earthquake as concerns about radiation leaking from a crippled nuclear plant north of Tokyo deterred visitors. Business travel in Japan has rebounded and local tourists have also resumed making overseas trips following a drop-off after the disaster, Onishi said.

“We are very optimistic that the next peak season, the coming summer and especially July and August, will meet our expectations,” he said. “Japanese outbound tourism demand has almost fully recovered,” he said citing the Golden Week holidays in April.

The carrier’s traffic in the holiday period fell less than it initially expected, with international passenger numbers dropping 31 percent from a year earlier and domestic travel declining 25 percent. Passenger numbers have fallen this year as the carrier cut capacity and shed planes while restructuring operations in a court-led turnaround that ended in March.

787 Deliveries

The unlisted airline is renovating its fleet by adding 35 on-order Boeing Co.’s 787. The planemaker is due to begin deliveries of the Dreamliner to first customer All Nippon Airways Co. in August or September, ending more than three years of delays.

JAL plans to use the fuel-efficient 787 on long-haul routes and to add new routes that wouldn’t support a large aircraft such as Boeing 747. It has announced plans to begin a Tokyo- Boston service using 787s in April.

“We view this aircraft as the optimum, not only for long- haul routes, but also for routes where demand is not as high as it could be, more like medium-level demand,” Onishi said.

The airline is offsetting the cuts in its staffing levels and fleet during restructuring by bolstering cooperation with partners. In April, it formed a venture with American Airlines to operate flights across the Pacific. The earthquake and subsequent travel slowdown on U.S. routes has made the success of the venture hard to measure, Onishi said.

JAL plans to seek similar ventures with carriers in Europe and Asia, he said. The airline is a member of the Oneworld alliance, along with American, British Airways, Cathay Pacific Airways Ltd. and Qantas Airways Ltd.

--With assistance from Liza Tan in Singapore. Editors: Neil Denslow, Neil Western.

To contact the reporters on this story: Robert Fenner in Singapore at rfenner@bloomberg.net; Chris Cooper in Tokyo at ccooper1@bloomberg.net

To contact the editor responsible for this story: Neil Denslow at ndenslow@bloomberg.net

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Prologis to Double Asia Properties After Biggest REIT Deal

June 03, 2011, 5:41 PM EDT By Dan Levy and Brian Louis

(Updates with closing share price in seventh paragraph.)

June 3 (Bloomberg) -- Prologis, the world’s largest warehouse owner, plans to double its Asia holdings while scaling back growth in North America and Europe after completing the biggest merger of U.S. real estate investment trusts.

The company, which has $46 billion in owned and managed properties, will expand Asia assets to a quarter of its total portfolio value, Co-Chief Executive Officer Hamid Moghadam said in an interview at Prologis’s San Francisco headquarters. About 12 percent of the REIT’s holdings are in the region now, according to research firm Green Street Advisors Inc.

“We need to increase Asia’s percentage over time, and on the margin reduce the percentage of U.S. and Europe,” Moghadam, 54, said an hour after shareholders approved Prologis’s merger with AMB Property Corp. on June 1. “If you think about growth rates, the emerging markets are where all the action is.”

Moghadam, after helping to engineer a deal that creates fourth-largest U.S. REIT, is seeking to expand abroad as accelerating growth signals increased demand for industrial storage space. Developing Asian economies will expand 8.4 percent next year, almost triple the U.S. growth rate and more than four times that of Europe in a “two-speed recovery,” the International Monetary Fund estimates. Imports in emerging countries may rise 9.4 percent in 2012, almost double the rate in advanced nations, the Washington-based fund said in its world economic outlook.

Japan ‘Growth Area’

Japan, projected to expand 1.8 percent, is still a “growth area” after the country’s March earthquake and tsunami showed the need for newer, safer warehouses buildings, said Matt Richmond, a fund manager at Principal Financial Group Inc., which has $327 billion in assets under management and owned more than 1 million AMB shares and 10.8 million Prologis shares at the end of March, according to data compiled by Bloomberg.

Prologis is “the only U.S. company building modern, quality product in those high-octane markets,” said Steven Frankel, lead industrial analyst for Newport Beach, California- based Green Street, which focuses on REITs. “Their technology and warehouses are state of the art.”

The Prologis-AMB merger was completed and the shares began trading today as a combined company on the New York Stock Exchange, according to a statement from the REITs. The shares fell 7 cents to $34 at 4:15 p.m. New York time.

Largest Merger

The deal is valued at about $17 billion including assumption of debt, making it the biggest combination of U.S. REITs, topping the General Growth Properties Inc. purchase of Rouse Co. for $11.3 billion in 2004, according to data compiled by Bloomberg. The largest transaction involving a REIT was private-equity firm Blackstone Group LP’s 2007 acquisition of Equity Office Properties Trust for $34 billion.

Moghadam, formerly the head of AMB, is becoming co-CEO with Prologis’s Walter Rakowich, 53, and will take over as the sole chief at the end of next year. The new company’s corporate headquarters will be in San Francisco, while its operations will be based in the former Prologis’s home in Denver.

Prologis estimates $80 million in annual savings from the merger. Benefits from consolidating staff and overhead may be as much as $100 million a year, according to Green Street.

An improved credit profile also will lower financing expenses, Prologis said in a Jan. 31 statement on its website. Fitch Ratings yesterday raised the company’s credit rating to investment-grade level because of the merger.

‘Huge Advantage’

“What’s most important is that the cost of capital for this company can end up being 100 basis points lower than either company on its own,” Moghadam said in the interview. “That is a huge advantage on a $25 billion balance sheet.”

Industrial companies are the second best-performing group in the Bloomberg REIT index in the past 12 months, rising 32 percent as of yesterday. U.S. sales of warehouses and distribution centers rose 11 percent in the first quarter from a year earlier to $3.2 billion, with the sector having the smallest amount of distressed debt of any property type, according to Real Capital Analytics Inc.

Industrial rents are projected to climb 5.9 percent in 2013 and 7.3 percent the next year, according to a March 24 forecast by Deutsche Bank AG’s RREEF investment unit.

“Industrial has been the biggest surprise on the commercial real estate side,” said Kevin Thorpe, chief economist at commercial broker Cassidy Turley in Washington. “There are indications that it’s not going to slow.”

Prologis may sell 10 percent to 15 percent of its portfolio and use the proceeds to reduce debt and develop new projects amid investor demand for warehouses, Moghadam said.

‘Wall of Capital’

A “wall of capital” from pension funds, private equity and other large institutions is targeting industrial buildings, with prices low relative to corporate bonds, Green Street said May 17.

“Industrial is a steady performer and isn’t correlated to other sectors,” said Ben Thypin, director of market analysis for New York-based Real Capital. “It didn’t get hot during the boom, and didn’t drop much during the crash.”

Investment firm Area Property Partners and DW Management said this week that they paid $170 million for 12 U.S. distribution centers in Atlanta, Dallas and Southern California. Blackstone this year acquired about $600 million of debt on an industrial portfolio known as CalWest, totaling 23 million square feet (2.1 million square meters), three people with knowledge of the deal said in April. In 2010, the New York-based firm bought 180 industrial buildings from Prologis.

Japan Building

Japan is Prologis’s largest market in Asia, with 10 percent of the company’s total assets. Its 420,900-square-foot warehouse in coastal Sendai survived the quake and tsunami with only moderate flooding on the ground floor, Moghadam said. Within weeks, the building went from being two-thirds empty to fully leased.

Such performance under severe conditions is a “calling card” as the company seeks business in Japan and elsewhere with global shippers that demand modern storage and distribution centers, Frankel said. Prologis can build about 6 million square feet of warehouse buildings as Japan enters its “reconstruction phase,” said Richmond of Principal Financial.

The merged company also is aiming to increase its investment management business, which currently has almost $26 billion in assets in 22 funds and ventures, Moghadam said.

A slowdown in global growth is the main risk after the merger, according to Richmond, based in Des Moines, Iowa. The IMF’s April report cited high unemployment in developed economies, inflation in emerging nations, debt problems spreading to the “core of Europe” and continued U.S. real estate weakness as threats to world trade and growth.

Change in Fortune

The AMB deal marks a change in fortune for Prologis, which in late 2008 was saddled with $11 billion of debt and “came perilously close to breeching its covenants,” Frankel said.

The company cut its dividend, stopped new developments and sold about $3 billion of assets to pay down loans, according to Bloomberg data. Chief Executive Officer Jeffrey Schwartz resigned in November 2008. Rakowich, who had been chief operating officer, took over as CEO and in 2009 sold operations in China and property-fund interests in Japan to Singapore’s sovereign-wealth fund for $1.3 billion.

Even with the sales, Prologis had a 71 percent debt level in May 2010, compared with a 50 percent average among its peers, according to Green Street. AMB opened merger talks in November 2010 when Moghadam called Rakowich, Prologis said in a May filing with the U.S. Securities and Exchange Commission.

An unidentified “large private equity” firm had made inquiries in May 2010 before deciding a purchase required taking on more debt, according to the filing. Keeping a lid on new borrowings is a goal for the merged company, Moghadam said.

Balance Sheet

“I want to be under 30 percent levered,” he said in the interview. “I want to have one of the top three balance sheets in the business, and it’s going to take us maybe two to three years to get there. But we’re very committed to that.”

Combining two large companies is “never a slam dunk” as cultures sometimes clash and firms face organizational issues, said Keven Lindemann of SNL Financial in Charlottesville, Virginia. One potential snag is separating Prologis’s headquarters from its operational base in Denver, he said.

Moghadam isn’t worried, saying that the merger will benefit customers and shareholders alike. The challenge comes with extending Prologis’s global reach, he said.

“Nobody’s actually, really done this on this scale before,” he said.

--Editors: Daniel Taub, Christine Maurus

To contact the reporters on this story: Dan Levy in San Francisco at dlevy13@bloomberg.net; Brian Louis in San Francisco at blouis1@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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How A Career Coach Program Can Help You Find Your Dream Career?

Career coach program is a special program designed to help you explore the career opportunities in your field of interest, teach you to set your career goal, and how to plan your career path to achieve your career goal. A student who are looking for a career related college degree, a fresh graduate who just going to enter the job market or a working adult who are looking for career advancement or career switch may benefit from a career coach program. Let's find out how a career coach program will benefit you in helping you to find your dream career and achieve your career goal in the shortest period of time.

Benefits for a College Student

You may have certain fields of interest that you plan to start your career after you graduation. Before you decide which degree program that will help in your future career, you may have concerns about the demand of your selected career field, projected salary range, qualification requirements for your career ladder & etc. A career coach can help to clear your doubts and answer your questions about your career future. By getting understanding on your future career path based on your selected field of study, you can ensure you are selecting the right degree program that meet the qualification of your selected career and you will be more prepared to face your career challenge when you start your career after graduation.

Benefits for a Fresh Graduate

You are graduated with a degree of you choice but you may wonder the degree you earned will qualified you for what types of careers and which one is the best for you. If you have hardship to decide your career direction, then, it's better for you to approach a career professional consultant to guide you through your career selection. The final decision still on your hand, a career coach will only provide opinions and explain to you what are your options based on your degree qualification. A career coach program will get your mind open with all your available options so that you can make the best choice for yourself and set your career path in a right direction.

Make Your Career Switch through Career Coach Program

You don't find your current job to be your best choice and you are looking for a career switch but you may wonder about what is the next career that best suit you. You may concern that you might make another wrong decision. Then, joining a career coach program may provide you with useful information & guidance that will help you to understand what you are really want in your career life and how to make a right decision to make your career dream come true.

Summary

You do not need a career coach program if you already clear of what is your career direction and you have successfully definite your career path, else a career coach program will provides you with a great help in driving your career into a right directory and help you to stay in the right career and achieve your desired career goal.

Amelia Turner, an educational article writer for http://www.your-online-degree.info You can find more details information and free resources about Adult Education, distance learning programs, financial aids and other accredited online education programs that can help you to make decision to earn your degree online.

The Charitable Challenge

By Rick Wartzman

I once heard that, 22 years ago, when Peter Drucker wrote the Harvard Business Review article, "What Business Can Learn from Nonprofits," some thought that the magazine had committed a colossal typo and gotten it backward. Surely it meant to say: "What Nonprofits Can Learn from Business."

Although I suspect this story is apocryphal, clearly Drucker was way ahead of his time in identifying the social sector as an arena in which many of its foremost organizations are every bit as well run as the most successful corporations.

"The Girl Scouts, the Red Cross, the pastoral churches … are becoming America's management leaders," Drucker wrote. "In two areas, strategy and the effectiveness of the board, they are practicing what most American businesses only preach. And in the most crucial area—the motivation and productivity of knowledge workers—they are truly pioneers, working out the policies and practices that business will have to learn tomorrow."

Drucker was not exactly a nonprofit Pollyanna. While the top organizations are exemplars, he thought, there are far many more that are simply muddling along. In fact, only "a small … number of nonprofits are truly well-managed," Drucker asserted. The vast majority, he added, "can be graded a 'C' at best."

Drucker's assessment—capturing both the dynamism of stellar nonprofits and the deficiencies of most of the pack—came to mind recently when I read Give Smart (PublicAffairs, 2011), a book by Tom Tierney and Joel Fleishman. Tierney, chairman of the nonprofit consultancy the Bridgespan Group, and Fleishman, a professor of law and public policy at Duke University and an expert on charitable foundations, have written a guide not only to help wealthy donors achieve results from their largesse but to produce "more and better results over time."

As they note, that's no easy task. For one thing, they write, "feedback on the results of … philanthropic efforts can be ambiguous, even suspect." What's more, "philanthropy has no built-in systemic forces to motivate continuous improvement." To help overcome these difficulties, Tierney and Fleishman urge donors to "engage in a process of rigorous inquiry around six separate but related questions:"

1) What are my values and beliefs?

2) What is "success" and how can it be achieved?

3) What am I accountable for?

4) What will it take to get the job done?

5) How do I work with grantees?

6) Am I getting better?

All of these are fitting to ask in an age marked by tremendous wealth and a strong desire by many to change the world, a combination symbolized by the dozens of billionaires who have pledged to meet the challenge issued last year by Bill and Melinda Gates and Warren Buffett to give at least half of their net worth to charity.

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Career Ideas for Kids Who Like Math and Money

This entertaining book, written in verse, allows children to take a look at all the wonderful things they can do when they grow up. The possible professions are arranged from A (Astronaut) to Z. The book features good moral values along with whimsical paintings.

Price: $32.95

Click here to buy from Amazon

Toronto-Dominion Says U.S. Expansion to Offset Canada Slowdown

June 03, 2011, 2:10 PM EDT By Sean B. Pasternak and Lisa Murphy

June 3 (Bloomberg) -- Toronto-Dominion Bank, Canada’s second-largest bank, expects expansion in its U.S. operations will make up for weakness in the Canadian economy, Chief Executive Officer Edmund Clark said.

“We do actually think now the U.S. is going to pick up a little bit from slowing Canadian operations,” said Clark, speaking today on Bloomberg Television in New York. Clark cited gains in market share by the Toronto-based lender.

Toronto-Dominion said May 26 that profit in the fiscal second quarter rose 13 percent to C$1.33 billion ($1.36 billion), or C$1.46 a share, bolstered by gains at its U.S. banking business. Toronto-Dominion has spent more than $25 billion in the past six years south of the Canadian border.

Clark reiterated that Toronto-Dominion will continue to look at “small, tuck-in” acquisitions in the U.S. He declined to comment on whether the bank would be interested in buying the upstate New York operations of HSBC Holdings Plc.

Clark also said the Canadian economy “may well grow slower than it has previously.”

--With assistance from Vivek Shankar in San Francisco. Editor: Rick Green

To contact the reporters on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net; Lisa Murphy in New York at lmurphy25@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.

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Career Planning - The Road to Professional Success

Career Planning is the best way to augment a person's professional roadmap. Looking into his/her past achievements and reflecting on the various successes and failures, the person can assess the correct career path for him/her. It is a surefire way of determining whether a person is on the right career track, and if not, how to rectify the same. Many consider this task as a daunting one, and often put it off by making up various excuses to themselves. But it is something that is quite mandatory and can be done with fair amount of ease, if one is ready to spare that time. One just needs some time alone and a clear understanding of what he/she wants from career.

The basic points to stress upon while planning one's career are:

1. Making it a pre-scheduled annual event: Career planning should be allocated a good amount of time. A person must be on guard, and give his/her fullest concentration so that the thoughts are clear and unambiguous. The focus of the planning must be on the expectations of the person from his/her career.

2. Mapping the path since the previous year's career planning: One of the first activities of career planning is to spend time to map out the job and career path, since the last time any sort of career planning was done. One should not dwell on the past, but time should be taken to review and reflect on the path the person trudged on; this will certainly help the person to focus better on his career there on.

3. Reflecting on the likes and dislikes of a person: A person's likes and dislikes change with time; what was boring at one time may indeed seem viable at a later period of time. A person should spend some time reflecting on the various career options available to him/her, and decide which one seems the most approachable at the moment - but is viable to that person's abilities and has a long term impact.

4. Examining pastimes and hobbies: Career Planning provides a great time to examine the activities a person has undertaken as a hobby and whether they can be turned into serious career options. Many persons have made a comfortable living by transforming their leisurely pursuits into full-fledged career streams.

5. Making notes of past accomplishments: Most people find it hard to keep track of their work accomplishments. They struggle when they have to create a resume for a new job. Making notes of past accomplishments and maintaining their records not only helps in building the resume, it is also useful for boosting self-confidence.

6. Looking beyond the current job for transferable skills: Each job requires a fixed set of skills, but many skills are common to many jobs. For example, a successful reporter needs a good grasp over language, the ability to create and manage information, the ability to manage deadlines, the skills of editing, researching, writing, investigating, etc. These soft skills can prove to be valuable assets in other career streams like content writing, content creation and advertising as well.

7. Reviewing Career and Job Trends: Possessing a flexible set of skills helps a person find a new job quite comfortably even if his/her career stream is gradually shrinking. The trick lies in the ability to market one's key skills to the prospective employer. GIVE AN EXAMPLE This can be evaluated easily during a career planning session.

8. Setting career and job goals: No endeavour can be successful without a proper preset target that one strives to achieve. Research shows that a person who has set a target to achieve within the next one year will, in all likelihood, achieve it. Setting up a goal also helps the person track his progress comfortably.

9. Exploring new career or technical learning opportunities: Learning new things or developing new skills is always good for one's career. For example, a great Content Writer might just spice up his career by picking up some Content Designing skills; whereas a successful Web Developer will certainly find it helpful if he/she picks up some Content Creation skills.

10. Conducting researches for improvement of career: One of the best parts of a career planning session is picturing one's position in the coming years. This helps him/her to draw up a clear goal of where he might be in the next 5 years. Researching of career paths is a surefire way of doing this. For instance, a good Marketing Manager may indeed picture himself/herself as a CEO early on in his career. This helps him grow up the professional ladder as well..

Last but not the least, career planning is not supposed to be a strenuous activity. Career planning at regular intervals may indeed help a person improve his/her career and become more successful in life. This is a pleasurable job, and should be carried out diligently if a person really wishes to see himself satisfied and successful.

Preetu Misra is a contributed writer for Batchmates.com the largest Alumni portal in India. With her research work and articles she has added an additional edge to the entertainment e-magazine BM Times. Her articles reach to millions of readers every day which are varied in subjects.

Five Deadly Leadership Power Drains

By Terry R. Bacon

For the past 20 years I have been studying power and influence among leaders globally. What makes some more powerful than others? How do leaders derive their power? And how, on the other hand, do they diminish it?

I discovered that leaders have 11 specific sources of power available to them, some stemming from their position in a company and others from personal attributes and capabilities. I also learned that every one of those power sources could also turn into a power drain. In other words, leaders, like batteries, can lose their voltage and, with it, their ability to lead and influence others. Here are five leadership power sources—and how they can become power drains:

1. Knowledge power

Your knowledge power represents your talents, skills, and abilities as well as your wisdom and accomplishments. It embodies what you know and what you can do. Leaders rated high in knowledge power are three times more influential than their lower-rated counterparts.

How knowledge power drains happen: You resist saying, "I don't know" (when you don't). You have a know-it-all attitude. You fail to credit the real source of knowledge—and get caught. You lack basic knowledge about your direct reports' functional areas (to the point that you're unable to ask intelligent questions).

2. Expressiveness power

Your expressiveness power is, in essence, your eloquence—your ability to communicate powerfully and poetically in speaking and writing. In its most dynamic form, the power of eloquence can increase a leaders' influence unlike any other power source.

How expressiveness power drains happen: You talk too much (and listen too little). You use verbal tics ("um," for one). You are reticent and thus fail to engage and contribute.

3. Attraction power

Your attraction power reflects your ability to draw people to you, to cause them to like you and prefer you to others. The attraction can be physical, but it may also come from warmth, wisdom, shared experiences, or common values. Globally, it is one of the most potent power sources, and high ratings here can more than triple a leader's power, influence, and overall effectiveness.

How attraction power drains happen: You are aloof, arrogant, or self-absorbed. You are unkempt (or, even worse, have poor hygiene). You underdress or overdress. You tell off-color jokes or try for laughs at others' expense. You violate people's personal space or privacy.

4. Reputation power

Your reputation power derives from how you are perceived in your various communities, from your company or business unit to society as a whole. You must passionately protect it. It also has a halo effect; the power of reputation enhances all of a leader's other power sources.

How reputation power drains happen: You ignore, overlook, or misunderstand behavioral expectations or social norms in one or more of your communities. You commit a grievance but refuse to take responsibility for it. You fail to think about the consequences of your choices, decisions, and actions.

5. Willpower

Your willpower is a meta-source of power, the desire to be powerful coupled with the courage to act. Walt Whitman called it "personal force"—the will to do something when others merely dream or talk about it. It is, in essence, the magic elixir that differentiates the world's most powerful leaders.

How willpower drains happen: Leaders become afraid of moving forward; fear of failure is a huge willpower usurper. Many people long for something but decide not to pursue it because another contender appears bigger and stronger. Others don't meet with short-term success and give up. F. Scott Fitzgerald allegedly collected more than 200 rejection slips before selling his first story. Legend has it that he papered his bathroom walls with those rejection slips. But he had the willpower to continue. Many people don't have his resilience. Their willpower crumbles because of lack of affirmation. Power drain.

Terry R. Bacon, PhD, is a scholar in residence at the Korn/Ferry Institute and author of numerous books on leadership, management, and personal development. His new book is The Elements of Power: Lessons on Leadership and Influence (Amacom, 2011).

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Law & Ethics for Medical Careers

Law and Ethics for Medical Careers, Fifth Edition, provides an overview of the laws and ethics you should know to help you give competent, compassionate care to patients that is within acceptable legal and ethical boundaries. The text can also serve as a guide to help you resolve the many legal and ethical questions you may reasonably expect to face as a student and, later, as a health care practitioner. The text features pertinent legal cases, anecdotes, and sidebars related to health-related careers. Content has been updated and special attention has been paid to legislation affecting health care.

Price:

Click here to buy from Amazon

Career Development = Career Advancement

Career Development: A guide for your future!

Today it's not uncommon for an individual to change their career choice or to move into another career entirely at least once in their working lifetime, and for many they may change careers three or more times. Career development, therefore, is important to know and understand.

Career development is the path an individual travels and the procedures they follow in choosing a career. A career is work an individual does or plans to do, for a considerable length of time, and something they plan on becoming good at.

The career development process is the examining of your basic skills, how well you handle stress, your abilities and interests in working with others, and schooling or training that you complete to enter the career. Career development is the plan you design to assist you in advancing through your career, to be flexible as needed and to be alert to trends and patterns to help further advancing your career.

Equally important is a careful examination of your current job and career situation. Did you jump into the job because you needed the money? Does the job have a future? Are you progressing in your career? Or are you unhappy, not motivated and burdened by stress or other job related problems? This situation may not be productive for the employee and even less so for the employer.

Now may be the time to do some study about the career field they have an interest in. Self-study, on the job training, traditional or online learning may be involved. In addition, the more you know about a particular career the more focused will be your career development plan.

Studying career development you will learn it isn't just about education. Training and education will always help move you into the right direction and allow you to fine tune your career development plan.

However, you'll learn through self-examination what your interests are, what you're good at, how well you have the basic skills to perform at a high level in whatever career you choose.

Many educational institutions offer career development classes or assessment centers to help direct you into the right career. There is a plethora of free career assessment tests on the internet to help you define your interests and career goals.

From this wealth of information, whether you want to advance in your present career or make a career change, career development planning can be an important strategy to guide you in reaching your career goals.

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Career Test - Taking Career Change Tests and Assessments

Career test is a great tool to define your career choice. If you are not satisfied with your job this tool can help. Since job satisfaction is the way to a peak performance it is critical that you choose a career that offers yourself every opportunity to excel. And career assessments are the answer when it comes to selecting the perfect career. Assessment tests use a series of questions about your interests, about your style of working, and how you interact with other people. Questionnaires are an important part of career assessment tools. These questionnaires and their scoring system were rigorously designed to provide the most accurate results.

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Nokia’s Slump Quickens as Consumers Shun Outmoded Handsets

June 01, 2011, 12:48 PM EDT By Jonathan Browning, Cornelius Rahn and Diana ben-Aaron

(Updates with closing share price in sixth paragraph.)

June 1 (Bloomberg) -- Nokia Oyj replaced Chief Executive Officer Olli-Pekka Kallasvuo last year after the stock sank 55 percent during his four-year tenure. Successor Stephen Elop has presided over a 37 percent loss in just eight months.

The Finnish company yesterday scrapped its full-year sales and margin forecasts for handsets and services and said sales at the unit would “substantially” fall short of its projected range this quarter. The stock slumped 18 percent to a 13-year low, exceeding the 14 percent slide on Feb. 11, when Elop announced a deal to adopt Microsoft Corp.’s operating system.

Elop, 47, told investors yesterday he has “increased confidence” that Nokia can ship its first phone based on Windows Phone 7 in the final quarter. Before that happens, the CEO still has to cope with consumers fleeing its Symbian handsets, based on the operating system Nokia decided to abandon after failing to keep up with Apple Inc.’s iPhone and Google Inc.’s Android, the fastest-growing smartphone platform.

“No question he inherited a situation considerably worse than he’d anticipated,” said Ben Wood, a London-based analyst at CCS Insight, in a telephone interview. “Common courtesy would dictate that they’d give him a year, but I think the critical point will be when the new strategy is implemented in 2012. That’s when he absolutely needs to deliver.”

Wiped Out

Today, Nokia lost as much as 10 percent, as analysts including at Goldman Sachs Group Inc., Sanford C Bernstein & Co. and Nordea Bank AB cut their ratings on the stock.

The shares recovered in afternoon Helsinki trading after BoyGeniusReport said on its website, citing blogger Eldar Murtazin, that Microsoft had agreed a deal to buy Nokia’s mobile-phone business for $19 billion. Nokia spokesman Doug Dawson called the speculation “completely baseless.” Nokia closed 0.8 percent lower at 4.71 euros, valuing the Espoo, Finland-based company at 17.7 billion euros ($25.5 billion).

Yesterday’s decline took Nokia to the lowest level since January 1998 and erases the stock’s gains since the boom for shares of technology and Internet companies in 1999 and 2000.

Foxconn International Holdings Ltd., the contract manufacturer of handsets that counts Nokia as its biggest customer, fell 5 percent in Hong Kong trading today.

Nokia has lost about three-quarters of its value since Apple’s 2007 introduction of the iPhone, which raised consumer expectations for handsets that can handle corporate e-mail and play movies. Apple has a market value of $321 billion, while HTC Corp., the largest maker of handsets using Android and Microsoft operating systems, is valued at $35.6 billion.

HTC, Samsung

Nokia’s smartphone market share has fallen by half, to 25.5 percent in the first quarter from 50.8 percent in the second quarter of 2007, according to Gartner Inc. Its first-quarter handset revenue rose 6.4 percent to 7.09 billion euros, surpassed for the first time by iPhone sales of $12.3 billion.

In Frankfurt near the Zeil main shopping street, an outlet of The Phone House had 31 handsets on display, including 16 Nokia models, although many were offered as part of cheaper prepaid packages.

“The design is totally OK, but then I downloaded apps and the latest software, and realized that it’s good for calling but that’s about it,” said Mansur Sharifi, a 35-year-old marketing executive in Frankfurt, who plans to ditch his Nokia E71 for an iPhone. “Nokia hasn’t gotten it right anymore in the last few years. HTC is very good at that, Samsung as well.”

U.K. consumers are also less likely to pick up a Nokia phone, a survey by Enders Analysis in April showed. About 16 percent of individuals polled said they would purchase a Nokia device in 2011, compared with 27 percent last year.

China, India

Even in emerging markets such as China, where lower-priced handsets are in demand from rural populations, Nokia faces intensifying rivalry from local suppliers that is eating into average selling prices, the company said yesterday. Starting this quarter, Nokia will ship the 45-euro dual-SIM C2-00, about half a year later than the model’s planned introduction.

“We knew about the lack of dual-SIM phones in India -- what’s new is that China has been problematic on account of Android,” said Michael Schroeder, an analyst at FIM Bank in Helsinki, who has a “‘reduce” rating on Nokia. “It’s looking worrying on the feature phone side, where Nokia has traditionally been strong. That adds to the risk that the company becomes marginalized across the range.”

Second-quarter sales for devices and services will be “substantially” less than its projected range of 6.1 billion euros to 6.6 billion euros, Nokia said yesterday. The unit’s operating margin will fall short of a forecast range of 6 percent to 9 percent and will be about breakeven, it said.

‘Icy Water’

“They’ve jumped into the icy water,” said Alexander Peterc, a London-based analyst with Exane BNP Paribas. “They could have worked on Windows in the background and provided moral support to Symbian while it was the only platform they had to offer. What if the Windows phone doesn’t sell?”

Nokia said yesterday it started shipping the X7 and E6 smartphones that run the updated Symbian Anna operating system. Nokia is transferring its Symbian software development to Accenture Plc as part of a program to eliminate 7,000 positions that was announced in April.

“We must accelerate the pace of our transition,” Elop told investors on a conference call yesterday. “Strategy transitions are difficult.”

Once Finland’s largest company by market value, Nokia yesterday slid to fourth place on the Nasdaq OMX Helsinki index behind Fortum Oyj, the country’s biggest utility.

At $24 billion, the stock has reached its break-up value, Bank of America Corp. Merrill Lynch analysts led by Andrew Griffin wrote in a note today. Nokia’s uncertain outlook could turn potential bidders away, Exane BNP Paribas’s Peterc and FIM Bank’s Schroeder say.

“A company with such uncertain and negative prospects isn’t a particularly alluring takeover target,” Schroeder said. “Still, everything has its price.”

--With assistance from Kati Pohjanpalo in Helsinki and Beth Mellor in London. Editors: Kenneth Wong, Simon Thiel

To contact the reporters on this story: Jonathan Browning in London jbrowning9@bloomberg.net; Cornelius Rahn in Frankfurt at crahn2@bloomberg.net; Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong in Berlin at kwong11@bloomberg.netvroot@bloomberg.net.

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Infineon’s Bauer to Keep Cash for Acquisition Opportunities

June 01, 2011, 7:50 AM EDT By Lars Klemming and Ragnhild Kjetland

June 1 (Bloomberg) -- Infineon Technologies AG, Europe’s second largest maker of semiconductors, will keep some of its more than 2 billion euros ($2.9 billion) in net cash for opportunistic acquisitions in its three main businesses.

“I would like to keep some strategic cash as well for not only expansion but also for M&A,” Chief Executive Officer Peter Bauer said in an interview in Singapore today. “We will stay within the focus of our three areas: mobility, energy efficiency and security.”

The Neubiberg, Germany-based company’s most likely areas for deals are power, power conversion and power management, and the least probable is the automotive market because most companies are too large, he said.

Chipmakers are benefitting from the economic recovery and increased technology spending. On May 3, Infineon raised its full-year forecast for the fifth time since the beginning of 2010, while Intel Corp., the world’s biggest semiconductor producer, announced its second dividend increase in six months on May 11. The recovery has also spurred deals, such as Texas Instruments Inc.’s purchase of National Semiconductor Corp.

“If possible, I don’t want to buy when stocks are peaking, when there’s a lot of premium,” Bauer said. “As we are not under pressure to buy someone, we would like to watch the market a little bit and see when there is a better timing. And secondly, it’s more the match from a strategic fit.”

Bauer pointed out the “quite significant” premium Texas Instruments will pay to buy National Semiconductor Corp. for $6.5 billion, which was 78 percent more than the closing price before the April 4 announcement.

Turnaround Story

Infineon’s share reached an all-time low of 35 cents in Frankfurt trading on March 9, 2009, amid the bankruptcy of memory-chip maker Qimonda, which it carved out of the main business in 2006. Since then it has cut costs, restructured finances and sold its wireline and mobile-chip divisions, the latter to Intel Corp.

The stock rose 0.1 percent to 8.05 euros at 12:46 p.m. in Frankfurt, valuing Infineon at 8.7 billion euros.

At the end of March, Infineon reported it had net cash of 2.34 billion euros.

Bauer confirmed the company’s forecasts for the current quarter and for the full year ending Sept. 30. This quarter, the company sees little changed margins and revenue. For the full year, Infineon predicts a 20 percent increase in sales.

“Given the history, I would rather be a little bit too conservative than too aggressive,” Bauer said. “My sense of what people expect from us is continuously delivering, rather than making promises and not deliver.”

Returning Cash

Infineon paid a dividend for the fiscal year 2010, its first in a decade, and is buying back stock to return some of the cash from improved earnings and the sale of its wireless chip unit to Intel for $1.4 billion.

“We want to be relatively predictable regarding dividend payments,” Bauer said. “We are now in a business model where we can afford a regular dividend, and we also announced more returns through buybacks over the course of the next years.”

Infineon is focusing on Asia for its expansion, aiming to get 50 percent of total revenue from the region, including Japan, in three to five years, up from 42 percent last fiscal year.

On May 10, Infineon raised its target for investments this fiscal year to 850 million euros from 700 million euros.

Singapore Investment

Infineon will spend 50 million euros in Singapore this year, and another 200 million euros over the next three to five years. It has also announced a 114 million-euro investment in Malacca, Malaysia, to increase capacity and research and development, a 156 million-euro investment in Kulim, Malaysia, and spending of 198 million euros on production capacity in Austria in fiscal 2011.

Last month, Infineon said there were still “operational risks” related to getting raw materials in Japan after the earthquake, though it hadn’t experienced any shortage of materials or changes in the behavior of customers.

“The Japanese impact has been so far less than I thought to be honest,” Bauer said. “I was also a bit conservative there.”

The company makes chips that replace mechanical parts in cars, manage power in home appliances and windmills, and makes passports and contactless payment cards secure. Its customers include carmaker Bayerische Motoren Werke AG, Chinese automaker Chery Inc., consumer electronics maker Royal Philips Electronics NV, engineering firm Siemens AG and card maker Gemalto NV.

--Editors: Kenneth Wong, Simon Thiel.

To contact the reporters on this story: Lars Klemming in Singapore at lklemming@bloomberg.net; Ragnhild Kjetland in Frankfurt at rkjetland@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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Microsoft Said to Limit Device Makers’ Chip-Partner Choices

June 01, 2011, 3:23 AM EDT By Ian King, Dina Bass and Tim Culpan

(Updates with Microsoft plan to show next-generation system tomorrow in 12th paragraph.)

June 1 (Bloomberg) -- Microsoft Corp. has asked chipmakers that want to use the next version of Windows for tablets to work with no more than one computer manufacturer, three people with knowledge of the plan said.

Chipmakers and computer makers that agree to the terms will get incentives from Microsoft in exchange for accepting the restrictions, which tie a single chipmaker to one tablet design, said the people, who declined to be identified because the new program hasn’t been made public.

Seeking to limit variations may help Microsoft speed the delivery of new Windows tablets by keeping tighter control over partners and accelerating development and testing. Though the program isn’t mandatory, the restrictions may impede chip- and computer makers from building a variety of Windows-based models to vie with Apple Inc.’s iPad, the people said. In past versions of Windows software, chipmakers could work with multiple computer manufacturers.

“Microsoft is still in the development process on the next version of Windows, continuing the engineering work with our silicon partners as part of the technology preview we talked about in January,” Microsoft said in an e-mailed statement. “We continue to talk regularly with hardware partners around the world as part of our development process.”

Sole Alliances

Under the plan being proposed by Microsoft, a given chipmaker would have to ally itself with a single PC manufacturer in order to qualify for certain incentives. Those may include features that ensure the device runs better or lower prices for the software, one of the people said.

Acer Inc. Chief Executive Officer and Chairman J.T. Wang, in an interview yesterday at the Computex trade show in Taipei, said Microsoft was trying to set limits on other companies. He didn’t specify the restrictions.

“They’re really controlling the whole thing, the whole process,” Wang said of Microsoft. “They try to set the game rules,” he said, and chip suppliers and PC makers “all feel it’s very troublesome,” he said.

This is the first time Microsoft has produced a Windows operating system that works with ARM Holdings Plc’s technology, increasing the number of potential chip suppliers. The program seeking to pair one chipmaker with one computer maker might increase the chances of initial success by enabling the company to focus efforts on a smaller number of designs.

Design Limits

Still, the rules may constrain chipmakers’ ability to have their products featured in a range of devices. Computer makers whose designs aren’t chosen may be left out, one of the people said.

Under Microsoft’s program, chip suppliers will also be able to select a second computer maker for clamshell-style notebook computers that use the new operating system, one of the people said. Chipmakers for the new version of Windows, including Intel Corp., Advanced Micro Devices Inc., Nvidia Corp., Qualcomm Inc. and Texas Instruments Inc., can also decline to be part of the program and work with whichever computer makers they want.

The program only applies to the version of Windows that’s being tailored for mobile computers, the person said. The regular version of Windows for desktop PCs will have no such limits, as with past versions of Windows.

Preview Tomorrow

Microsoft Corp. will preview the next generation of the company’s Windows operating system to clients and media tomorrow in Taipei, Steven Guggenheimer, a corporate vice president at Microsoft, said at the Computex trade show today.

Microsoft, the world’s largest software maker, has failed to gain traction in the market for tablets dominated by Apple, which develops the hardware and software that runs the iPad, introduced in 2010.

Acer was the No. 3 maker of PCs in 2010, according to researcher IDC. The company is among those hoping to boost sales by selling tablet devices, a faster-growing slice of the computer market.

The global tablet market will almost quadruple this year to 70 million units from 18 million in 2010, according to estimates in a May 17 report by Jefferies Group Inc. Apple will control about 64 percent of the 2011 tablet market, dropping to 41 percent in 2012, when 158 million units will probably be sold, according to the report.

Microsoft Chief Executive Officer Steve Ballmer said last week that machines with the new operating system, which he referred to as Windows 8, would be released in 2012.

Redmond, Washington-based Microsoft later retracted the comments, claiming they were a misstatement. The company is eager to expand Windows to computing devices such as phones and tablets, Ballmer said in a speech in New Delhi last week.

“We are in a race,” he said. “We are not doing that badly, frankly. We are doing pretty well in that race. But the race is on to continue to push Windows to a variety of new form factors.”

--With assistance from Aaron Ricadela in San Francisco and Dave McCombs in Tokyo. Editors: Young-Sam Cho, Dave McCombs

To contact the reporters on this story: Ian King in San Francisco at ianking@bloomberg.net; Dina Bass in Seattle at dbass2@bloomberg.net; Tim Culpan in Taipei at tculpan1@bloomberg.net

To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net; Tom Giles at tgiles5@bloomberg.net

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