NIC launching aerospace training
North Idaho College is getting nearly $3 million in federal funds to help train workers for a growing aerospace industry in the Idaho Panhandle as well as help veterans and displaced workers in need of retraining.
The goal for the three-year grant is to create 520 new jobs with an average salary estimate of $43,500 by 2015.
NIC anticipates offering courses by fall 2013, in partnership with Lewis-Clark State College, the Idaho Department of Labor and the Idaho Aerospace Alliance, a newly formed nonprofit based in Hayden.
NIC will create an aerospace center offering credit and non-credit training to individuals in related fields. The core curriculum will be in general aviation, airframe composites and non-destructive testing. The college also will expand its machining program.
The center will serve displaced workers needing retraining, military veterans, general students and people in the Trade Adjustment Assistance Program, a federal entitlement program that assists workers who have lost or may lose their jobs as a result of foreign trade.
The $2.97 million grant comes from the Trade Adjustment Assistance Community College and Career Training initiative, implemented by the U.S. departments of Labor and Education.
SEC: Fund manager ran Ponzi scheme
PORTLAND – The Securities and Exchange Commission filed fraud charges Thursday against a Portland man accused of running a Ponzi scheme that raised more than $37 million.
The SEC alleges that Yusaf Jawed, 44, of Grifphon Asset Management, falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.
The complaint filed in federal court in Portland claims little of the money was invested. Jawed, who previously worked as a stockbroker, allegedly created phony assets and sent bogus account statements to investors.
“Jawed presented himself as a sophisticated and successful hedge fund manager when all the while he was brazenly stealing his investors’ money,” said Marc J. Fagel of the SEC’s San Francisco regional office.
Wal-Mart will stop selling Kindles
NEW YORK – Wal-Mart Stores Inc. is phasing out the sale of Amazon.com’s Kindle Fire tablet and Kindle e-readers, the second major retailer to stop offering the items in six months.
Wal-Mart, the world’s largest retailer, said Thursday the decision was made as part of its overall merchandising strategy to offer a broad assortment of products at low prices. Amazon has been selling lower-priced tablets at thin – if any – profit margins to boost sales of digital media like books and music from its online store.
Retailers are trying to fight a growing practice called “showrooming.” That’s when shoppers browse products in physical stores and then shop online for a better price.
The move echoes Target Corp.’s decision to stop offering the Kindle in May following its own merchandise review. And it comes ahead of the holiday season, which is crucial for retailers since they generate up to 40 percent of their annual revenue during the period. Tablets are expected to be a popular gift this year, much like last year.