6 Pieces Of Corporate News Released While No One Was Reading

More people on holiday, fewer people paying attention. It’s a perfect recipe for a corporate disclosure to fly beneath the radar.

Daily Journal Corporation

Daily Journal Corporation

The California-based legal publisher is also big shareholder in many US banks, thanks to the leadership of its chairman and Berkshire Hathaway number two Charlie Munger. On Monday it said that one of its quarterly earnings statements “should no longer be relied on.”

The problem is an expected change in how some deferred revenue will be taxed. The company said it reached this decision on December 29 — Monday — after discussing it with its new auditor, BDO.

Daily Journal had removed its prior auditor, “Big Four” member EY, in June after a dispute over its internal controls. Daily Journal also said it had notified the NASDAQ on Tuesday that it won't be able to file a timely annual report, which violates the exchange's listing rules. The company also disclosed that it “it will not provide preliminary, unaudited results for fiscal 2014 until it has more certainty regarding BDO's position on the income tax accounting.”



Denis Balibouse / Reuters

View Entire List ›

Oil declines after bearish report from U.S. government

NEW YORK (Reuters) – Oil prices continued to decline on Wednesday as investors digested a government report showing slowly growing demand and an increasing supply glut at the U.S. oil storage hub at Cushing, Oklahoma.

Bodies from crashed AirAsia plane arrive in Indonesian city

PANGKALAN BUN/SURABAYA, Indonesia (Reuters) – The first two bodies from the AirAsia plane that crashed off the coast of Borneo arrived on Wednesday in the Indonesian city of Surabaya, where relatives have gathered to await news of their loved ones.

Phones4U iPhone and iPad Inventory Being Liquidated at Low Prices by UK Auction House [iOS Blog]

UK retailer Phones4U shut down its online store and closed its retail operations earlier this year when the struggling company entered administration, the UK equivalent of bankruptcy. Now in the middle of the administration process, Phones4U is ready to liquidate its existing stock of products, including its entire inventory of iPhones, iPads and Beats headphones.

UK auction house John Pye Auctions is handling the liquidation of Phones4U stock, which includes more than 600,000 items worth £10.8m in what is the UK’s biggest auction of the year. Among the auction items are Beats headphones, iPhone 5/5c units, iPad Air and iPad mini models.

The items are being sold in individual lots for public purchasing and not wholesale trade job orders. Online bidding is active now with many auctions listed with zero bids. For auctions that do have bids, prices are currently very low. Some entry-level iPad mini and iPad Air models are available for as little as £2 ($3USD).

It appears that the auction site will accept bids from both within the UK and from international buyers, but the auction house will not be shipping items. Buyers must pick up items in person or make their own arrangements for shipment.

Bidding on the auction ends Tuesday, January 6, 2015 with a public showing available on Monday, January 5, 2015 from 10am to 2pm at John Pye & Sons warehouse in Staffordshire.

Apple’s ‘Start Something New’ Campaign Expands to U.S. and Other Countries

Earlier this week, Apple debuted a new “Start Something New” campaign on its Japanese site, showcasing individuals using its latest products and creative apps to make art and capture photos.

As of today, the company’s new campaign has been expanded to several other countries, including the United States and many locations across Europe and Asia.

The “Start Something New” micro site includes a gallery that features art made with Apple products like the iPhone 6 Plus, iPad Air 2, and iMac. A range of photography, painting, and sketching apps like Procreate, VSCO Cam, iDraw, Waterlogue, and Brushes 3 are also featured on the site.

Apple also highlights individual creator stories, sharing the tools that each person uses to create their pieces. Japanese artist Nomoco, for example, uses an iPad Air 2 and the Brushes 3 app to make paintings.


Nomoco’s approach to making art is organic and tactile. She is inspired by movement and light, and even the way an ink drop splashes can guide her next move. So when she painted digitally for the first time, it was natural for her to use her fingers. With iPad Air 2 and the Brushes 3 app, Nomoco was able to create this ethereal series exactly as she had imagined it.

Other artists, like Marcelo Gomes and Jingyao Guo use various photography and sketching apps to make stylized photos and drawings. Several photographers like Jared Chambers and Christian Weber use popular photo editing app VSCO Cam to edit photos, and Apple apps like iMovie and Final Cut Pro are used by videographers Matt Pyke and Thayer Allyson Gowdy.

Several iOS tools are featured as well, including Exposure Control, Burst Mode, and HDR, which various photographers use in the art creation process. Apple’s “Start Something New” campaign follows in the footsteps of its previous “Your Verse” iPad campaign, which demonstrated the many ways people have incorporated Apple’s iPad into their daily lives.

Low interest rates deal blow to Canadian defined benefit pension plans in 2014

TORONTO — A decrease in long-term interest rates has left Canadian defined benefit pension plans worse off this year, consulting firm Aon Hewitt says.

The company, citing a survey of 449 plans it administers in the public, semi-public and private sectors, said Wednesday the drop in rates more than offset investment returns.

According to the survey, the median solvency funded ratio, or the market value of plan assets over liabilities, stood at 90.6% as of Dec. 31.

That represented a decline of 0.5 percentage points from the previous quarter ended Sept. 30, and a 2.7 percentage point drop from plan solvency at Dec 31, 2013, the first annual decrease since 2011.

Long-term interest rates, which are used to calculate pension plan liabilites, fell nearly one full percentage point in 2014, increasing the amount plans needed to hold.

Meanwhile, the survey also showed the number of plans that were more than fully funded declined to 18.5% as of Dec. 31, down from 23% the previous quarter and 26% at the end of 2013.

“If nothing else, the performance of Canadian DB plans in 2014 shows how quickly the solvency landscape can change in response to capital market volatility,” said William da Silva, a senior partner at Aon Hewitt.

“Plans that stayed exposed to interest rates really took a beating in 2014,” said da Silva. “Those plan sponsors who have implemented or fine-tuned their risk management strategies performed much better than traditional plans amid interest rate declines.”

Da Silva said it would be “even more crucial” in 2015 for plan sponsors to re-evaluate their approach to risk management, noting that the pending introduction of new mortality tables for the Canadian market “may have a significant adverse impact on plan solvency.”

Canadians are living longer and, according to Aon Hewitt, that means changes from by the Canadian Institute of Actuaries could result in a decline in median plan solvency of more than four percentage points.

Free Rides and Coffee to Keep New Year’s Eve Safe

It goes without saying that roads are safer when drivers are awake and alert, and when people who shouldn’t be behind the wheel can find cheap and easy alternate ways home. That’s why these freebie programs available around the country are so brilliant.

Free Public Transportation
It’s become a tradition for cities such as Boston and Chicago to get potentially drunk drivers off the roads by providing free public transportation in their respective metropolitan areas on New Year’s Eve. The MBTA in Boston, for instance, won’t collect fares after 8 p.m. tonight, and will be running extra trains until roughly 2 a.m. Likewise, Chicago’s CTA has expanded service tonight, and thanks to a partnership with MillerCoors is offering free rides on all trains and buses from 10 p.m. to 4 a.m. The company’s Miller Lite brand is also the official sponsor of a program providing free bus rides tonight in cities in Minnesota and Wisconsin, including Minneapolis-St. Paul, Duluth, Milwaukee, and Madison.

Free Rides & Car Tows
In the Washington, D.C, area, a local program known as SoberRide has been giving free taxi rides (up to $30 fare) from 10 p.m. to 6 a.m. daily during the holidays, and the offer extends into New Year’s Day. AAA’s Holiday Safe Ride Program, meanwhile, helps keep those under the influence off the roads via auto clubs around the country that provide free rides—and often tows for vehicles as well—on major party holidays, including New Year’s Eve and Super Bowl Sunday. As you might expect, these free ride services are in high demand, and the wait for a pickup could take hours. To get home quicker while still being safe, consider using one of these apps for hailing rides from Uber or Lyft, or for getting a taxi at a flat $10 fare on the West Coast cities of Sacramento, San Diego, San Francisco, and Seattle.

Free Coffee
To keep drivers who are on the roads tonight awake behind the wheel, rest stops on major highways such as the New York Thruway, the Ohio Turnpike, and several arteries in Illinois and Massachusetts are giving away free coffee starting late tonight and stretching into early Friday morning. The Cumberland Farms convenience store chain is also handing out free coffee (iced or hot), hot chocolate, tea, and cappuccino from 5 p.m. on New Year’s Eve through 5 a.m. on New Year’s Day.

Be safe and have a happy new year!

Know Right Now: Champagne Facts for New Year’s Eve

Champagne is a favorite celebratory drink for any special occasion, but the fizzy golden beverage is particularly popular on New Year’s Eve when the clock strikes 12.

You might be ready to pop that bubbly to ring in 2015, but do you know whether you’re drinking actual champagne? How about where it came from? Or the price?

Watch today’s Know Right Now to find out everything you didn’t know you wanted to know about Champagne this New Year’s Eve.