Marketplace

A shot straight to your wallet

Bullets are starting to cost a bucketload these days. Experts blame the rising price of lead and copper. The U.S. military's need for ammunition is also driving demand. The cost for some calibers has gone up 70 percent in the past couple of years. And that means some police departments around the country are cutting back on target practice and -- in some cases -- stockpiling ammo.

Retail

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Buying a camera? Better make it snappy

Eastman Kodak is planning to raise the price on those items and others by about 20 percent in the next few weeks. That's according to a story in today's edition of Britain's Guardian newspaper. Eastman Kodak CEO Antonio Perez says the increasing cost of raw materials, such as silver and aluminum, is driving the price hike. Those metals are essential for the photographic and printing industries. Perez says prices for aluminum and silver shot up 75 percent in the past 12 months.

Retail

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Wake up and smell the merger

Smuckers may already be the best part of your morning, but it may be looking for a way to capitalize on breakfast. The maker of jams, jellies and Hungry Jack pancakes is expected to buy Folgers coffee. The Wall Street Journal reports the deal could be finalized within the week. Folgers is currently owned by Procter & Gamble. No price has been made public yet, but the coffee division could go for two billion dollars or more.

Retail

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More ways to pump up your eyelashes

Pharmaceutical company Allergan already freshened up the anti-wrinkle market with the drug Botox. Soon it hopes to have something for the eyes as well. There are reports this morning that Allergan will be producing a drug that -- when applied to the base of the eyelashes -- should make them grow longer, thicker and darker. The company says clinical tests have been positive and it should be producing the drug as early as next summer.

Retail

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Just don't expect it to make you a better writer

Here's how someone chose to spend $850,000: the purchase of the desk and chair used by Charles Dickens to write "Great Expectations." Christie's auction house says the buyer of the mahogany desk and walnut chair claims to have made his fortune in the psychic readings business. The furniture was handed down through the Dickens family.

Arts - Culture

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Haven't bought any underwear lately have you?

Times are tight and lotion and lingerie just aren't selling like they used to. Limited Brands operates Bath and Body Works and Victoria's Secret. The company reports today same-store sales fell 6 percent last month -- worst than expected. And as other May retail numbers roll in, it looks like Costco and Wal-Mart are among the strongest performers once again.

Retail

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Can't afford gas? Try air freshener

A truce between Israel and Hamas took hold this morning. If the truce holds, Israel will lift an embargo on the Gaza Strip. Taxi and bus drivers are crossing their fingers they'll get cheaper gas out of the deal. In some cases, it costs as much as $27 a gallon. Gas is so expensive, some taxi drivers have been concocting recipes for substitute fuel.
One driver mixes four parts cooking oil and one part turpentine. Others have tried running their vehicles on motor oil, kerosene, pesticides -- even air freshener. The downside to all this experimentation -- the price of cooking gas has skyrocketed. And people who inhale the fumes of these mixtures often become sick.

Asia

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I'm browsing, they're browsing, everybody's browsing

Look around your office today and check out who's surfing the internet. According to a new study on cyberslacking, that should be . . . everyone. The research busts the myth that only shirkers and goof-offs cruise the Internet or answer personal e-mails at work. What the authors found, however, was that everyone from senior managers to entry-level workers spend time on the Internet for personal reasons. The study says that might not be bad, either. If employees can deal with personal matters from work, they're better able to focus on their jobs. Now if you'll excuse me, I think they came out with a new Marmaduke today.

Internet Jobs

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Ladies Love Cool . . . Sears

Remember the Softer Side of Sears? It looks like the retailer is now looking to dial up its street cred. Sears is adding a line of clothing designed by none other than LL Cool J.
The hip hop star will put his label on street wear and accessories. The line will be available -- just in time for back to school sales -- starting in September. Sears is also teaming up with MTV to produce a back to school movie, "The American Mall," airing on MTV Aug. 11. Hopefully teens won't be turned off by the prospect of also buying a tool set and a washer-dryer at the place they go looking for clothes.

Entertainment Marketing - Advertising Media Retail

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Maybe sales will get better in Time

"A flight to quality." That's how the outgoing CEO of The Economist explains the magazine's increasing popularity with readers. At a time when American publications are struggling, the British magazine is seeing big gains in ad sales and circulation in the U.S. Profits are up 23 percent. By comparison, sales of the leading US magazine, TIME, dropped last year after the publication increased its price to offset lagging ad revenues.

Media Retail

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Chess Rules Everything Around Me

Attention, Wu fans: You're favorite hip hop band is launching a new Web site. But before you visit you may want to set up your chess board. Hip hop and chess? Why not. The Wu-Tang Clan wants to merge its two great loves: music and chess. Visitors to the site, WuChess.com can compete in hardcore chess tournaments or just play for fun. It'll cost you 50 bucks to join. Some of the proceeds from membership fees will go to the Hip Hop Chess Federation's scholarship fund.

Entertainment

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XM, Sirius shares falter on bad report

This was shaping up to be a pretty good week for satellite radio outfits XM and Sirius. Last weekend, the head of the FFC gave his blessing to the proposed merger of the two companies. That wasn't enough to seal the deal, but it was a positive indicator.

How things change -- shares of XM and Sirius took a dive yesterday following the release of a Goldman Sachs report predicting a bleak future for satellite radio. It said younger subscribers would gradually migrate to other technologies, like MP3 players. Goldman advised investors to sell their stocks in the companies.

Media

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Don't just do lunch -- go for the Buffett

Looking for a lunch date with the Oracle? Warren Buffett is auctioning off his lunch time on eBay. Bidding starts at $25,000. The auction ends on Friday. The oracle of Omaha has offered his lunch for the past six years. Benefits of the auction go to fund the Glide Foundation, an organization that provides social services to the poor and homeless in San Francisco. Last year's bidding climbed above $650,000. Quite a tab.

Charity - Giving Innovation

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The ax is chopping at Citigroup

The Wall Street Journal reports that Citigroup is planning major layoffs from its investment banking group. About 6,500 people stand to lose their jobs, and some may get their pink slips as early as today. On Thursday, the bank warned that there would be more "substantial" write-downs on the way for the second quarter. Citigroup shares dipped by almost $2 last week.

Jobs

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Times are never too bad to give

The economy may be struggling, but charitable giving is actually up. Last year, it hit a record $306 billion, according to the Giving USA Foundation. That was a 1 percent increase over the year before.

Americans still give about 2 percent of GDP, but philanthropies are expecting a less-promising showing this year, with high food and energy costs expected to cut into our generosity.

Charity - Giving

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A little auto tax relief

High gas prices are having such an impact on America's wallets that the IRS is stepping in to help you out. The agency is raising the automobile mileage rate that businesses can claim on their taxes. For the last six months of this year, the standard rate to calculate deductible operating costs for business vehicles will increase from a little over 50 cents to a little over 58 cents. The IRS also plans to increase deductible medical or moving expenses from 19 cents to 27 cents a mile.

Auto Industry Taxes

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A better place to toss your bulb

Home Depot may soon be scoring high marks with eco-conscious consumers. Later today, the nation's second-largest retailer is expected to announce a program to recycle compact fluorescent light bulbs or CFLs. Stores are promoting these lights as an energy saving alternative to standard light bulbs. But unlike the regular bulbs, you can't just throw the fluorescents away. Each one contains a small amount of mercury, which is not so environmentally-friendly. Home Depot plans to take back old CFLs at all of their stores. That's about 2,000 locations in the U.S.

Retail Sustainability

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A deal is a deal . . . unless it's not

When is a deal not really a deal? You might want to ask Citigroup. For about a year, the company has had an ad slogan for its credit cardholders: A deal is a deal. The subtext: The bank promises not to raise interest rates on cards at any time, for any reason.

Well, that deal might just be off. The New York Times reports the bank is "quietly reconsidering" the slogan. Citibank has faced major struggles over the last year. In the last two quarters alone it lost 1$5 billion. This week, it announced it will cut 10 percent of its investment banking jobs -- thousands of positions.

According to the Times, credit card customers could see a rate hike if they're late by more than 30 days on new debts. Citigroup says most customers didn't consider the old deal to be all that exciting -- or they didn't recognize a good deal when they saw one.

Investing

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Check your e-mail while in the sky

It's the airline industry's latest attempt to squeeze more money from passengers to help pay fuel costs, American Airlines is offering an in-flight Internet service starting today. It's free and available on only two flights. The carrier is just testing the waters this week, they plan to expand the service in the next few weeks. American will also expand the price. You'll be charged up to $13 to use the service depending on the length of the flight. The provider is Aircell, the airline's technology partner.

Internet Travel

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The car can check your e-mail, too

Wouldn't it be nice to check your e-mail or do a little cyber shopping while you're inching your way to work? Chrysler thinks so. The automaker is planning to offer wireless internet as an option on all 2009 models. The mobile hotspot will be called U-Connect Web. Chrysler is hoping this innovation will turn around the company's fortunes. It's had a dismal year. Sales are down almost 20 percent.

Auto Industry Internet Travel

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The cost of a 'healthy' retirement

A lot of people may want to reconsider their retirement plans. A study by Fidelity Investments finds that a 65-year-old couple will need about $85,000 to cover insurance costs for long term-care after they retire. That's how much they'll need to cover annual premiums throughout their retirement. The Boston-based financial services firm says the research points out the need for people to be financially prepared for their golden years.

Health Retirement - Saving

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Bush disapproval rating reaches 75 percent

Three out of four Americans say the country is worse off economically than it was eight years ago and they're blaming President Bush. That's according to a new poll from Los Angeles Times and Bloomberg. Both Republicans and Democrats say the president's policies have messed up the country's economy. The numbers also show the president's approval rating has slipped again to 23 percent. That's an all-time low. The poll shows a sharp increase in pessimism. Half of those who responded said the economy was doing "very badly."

Politics The Economy

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A horse of a different mileage

In Arlington, Washington the lowest price for a gallon of gas is $4.30. That's at the 7-11 on Smokey Point Boulevard.

Not bad compared to what we're paying in Los Angeles, but still too much for Doctor Keith Leonard. He's a local dentist. Doc Leonard and more than half his staff have decided it's time to trade the car for the saddle. He and his crew got a special permit from the city to ride their horses to work. Although, a couple of them ride those new-fangled bicycle contraptions.

The Economy

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Small bits of gas relief from Visa

Believe it or not, gas station owners are also paying the price for the high cost of fuel, and Visa wants to help out. When you use your credit card to pay for gas, there's a built-in transaction fee the station owner has to pay. Usually, it's a little less than 2 percent of your total purchase. Every time the price of gas goes up, so does the amount of that charge. Gas station retailers say it's taking a big bite out of their profits. Now, Visa says it will lower it's transaction fees for gas stations. The company will also cap it's charge for debit card payments at 95 cents.

The Economy

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Lunching with the Buffett

Here's a power lunch for you: A Chinese business man agreed to pay $2.11 million for lunch with Warren Buffett. Every year, the oracle of Omaha auctions off a lunch with himself. Proceeds go to the Glide Foundation for San Francisco's poor and homeless.

This year, Zhao Danyang won the auction conducted on e-Bay. Zhao Danyang is a general manager at the Pure Heart China Growth Investment Fund. E-Bay says this year's lunch was one of the most expensive items ever sold on the site. No word yet where the men will be dining.

Arts - Culture

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