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Current Event Cat of the Day

Current Event Cat - Bailout

Current Event Cat of the Day:

With only hours to spare, the government of Cyprus reached a bailout agreement with the European Union. The $10 billion-euro bailout, designed to save the country’s banks from collapse, will protect small savers with deposits under €100,000. Depositors with more than 100,000 euros, many of whom are wealthy Russians using Cyprus as a tax haven, will face big losses. While the actually amount their savings will be taxed is still unknown, it will have to be enough to raise €5.8 billion.

Banks in Cyprus have been closed since last Monday while politicians and officials tried to figure out the whole bailout issue but that hasn’t stopped Cypriots from making ATM runs. On Sunday, Bank of Cyprus further limited cash machine withdrawals to 120 euros a day. Laiki Bank (which will eventually be merged with Bank of Cyprus under the new deal) also lowered its daily limit to 100 euros. I guess that’s what happens when your main industry is off-shore banking…

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Lululemon Recalls Yoga Slut Pants

Lululemon Pants

Either Lululemon was trying to corner the yoga slut market or someone screwed up. The Canadian athletic-wear company was forced to pull new shipments of its yoga pants off the shelves after they were found to be too sheer. Turns out people don’t want see-through pants.

Lululemon withdrew all of the affected black yoga pants from its stores, showrooms and e-commerce site. About 17 percent of all Lululemon women’s bottoms were pulled due to what the company called an “unacceptable level of sheerness”.

“The ingredients, weight and longevity qualities of the pants remain the same but the coverage does not, resulting in a level of sheerness in some of our women’s black Luon bottoms that falls short of our very high standards,” the company said in a statement.

The company, clearly embarrassed, said customers who bought the affected pants can return them for a full refund or exchange. But the recall means there will be a temporary shortage of its black Luon pants and crops. Time to panic!

While see-through pants may lead more men to yoga classes, they don’t have a great impact on stock prices. Shares of Lululemon fell almost 6 percent and the company is cutting its first-quarter revenue forecast as a result of the recall. Perhaps they should have just taken the revealing pants and started a Lululemon stripper line.

Via: The Vancouver Sun

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Current Event Cat of the Day

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Zimbabwe’s Bank Account Makes Us All Feel Richer (except Zimbabweans…)

Zimbabwe's Bank Account

The U.S economy may have shrunk in the last quarter, but to make us all feel better, check out Zimbabwe’s bank account: $217! I’m richer than Zimbabwe!! We’re all richer than Zimbabwe!! (well maybe not all...)

Zimbabwe’s Finance Minister Tendai Biti has said that the country only had $217 left in the country’s bank account last week after paying civil servants. Although the country did receive $30m of revenue the following day, that’s pretty much the definition of cutting it close.

Biti insists that his statement was taken out on context and he was only trying to show how the country could not afford to finance upcoming elections. Apparently Zimbabwe needs nearly $200m to pay for a referendum on a new constitution, as well as the election. Still, it’s hard to take $217 out of context – poor is poor.

Biti has at least partially blamed the state of Zimbabwe’s bank account on the diamond mining companies who haven’t been paying revenues to the government, but Zimbabwe’s economy has been in shambles since President Robert Mugabe’s infamous land reform programs began in 2000. The move, which basically involved seizing white owned farms, demolished investor confidence in the country, paralysed production, prompted international sanctions and repelled tourists. Since then the country has suffered hyper inflation of 231 million percent! Yeeeikes!

Although relatively more stable now with the power sharing government established in 2008, Zimbabwe still needs to come up with some funds to finance elections this year. Biti’s plan is to approach the international community  and ask donors for cash, but I’ve got a better plan: Check Robert Mugabe’s bank account. I’m sure they’ll find more than $217

Via: The National Post

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Current Event Cat of the Day

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Lazy Genius: Man Outsources Job to Watch Cat Videos

cat videos

In what is being hailed (by me) as the greatest move ever, a Verizon investigation recently found that an employee of an unnamed company started outsourcing his work to China on a daily basis so he could spend his days watching cat videos on the internet.

Apparently the Chinese firm was so good at doing his job that he won numerous awards for being a good employee. He also took other jobs at other firms and outsourced those, ensuring himself hundreds of thousands of dollars a year.

The company eventually noticed that someone from China was using the VPN of the employee and a quick look at his computer revealed hundreds of invoices from a third-party contractor in China. The employee spent less than one fifth of his six-figure salary for a Chinese firm to do his job for him.

But the best part is what his browser revealed his typical day consisted of:

  • 9:00 a.m.:      Arrive and surf Reddit for a few hours. Watch cat videos.
  • 11:30 a.m.:     Take lunch.
  • 1:00 p.m.:      Ebay time.
  • 2:00 p.m.:      Facebook updates – LinkedIn.
  • 4:30 p.m.:      End of day update e-mail to management.
  • 5:00 p.m.:      Go home.

So basically while workers in China were slaving away doing his job, he was sitting back, relaxing, watching cat videos, and earning several hundred thousand dollars a year. This gives me an idea….. Actually this already sounds like my typical day (minus the several hundred thousand dollars and more time allotted to watching cat videos).

Via: The Guardian

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