Madonna's School in Malawi Not Happening news

Entire Foundation Falters of Madonna's School in Malawi Not Happening

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Madonna's School in Malawi Not Happening such Entire Foundation Falters
Hello guys here you will get new Celebrate news of Madonna's School in Malawi Not Happening such entire foundation falters.
"There's a real education crisis in Malawi," Madonna said in a statement Thursday. "Sixty-seven percent of girls don't go to secondary school, and this is simply unacceptable. Our team is going to work hard to address this in every way we can.
"A thoughtful decision has been made to discontinue plans for the Raising Malawi Academy for Girls, as it was originally conceived," the charity's cofounder, Michael Berg, said in a statement.

So where does Madonna go from here?
Don't tell Madonna her charitable efforts have failed.

Raising Malawi, the foundation started by the pop icon after she adopted son David from the African nation, is in regrouping mode amid complaints that $3.8 million has been funneled into a now-defunct plan to build a girls' school and there is absolutely nothing to show for it.

Well, according to the New York Times, Raising Malawi's board of directors has been replaced by a caretaker board that includes Madonna and her manager. The foundation's executive director, Philippe van den Bossche, left his post in October after allegedly racking up expenditures for personal comforts, like a car and driver and a golf club membership.

Global Philanthropy Group founder Trevor Neilson, who Madonna consulted last year after learning of trouble within her foundation, told the Times that it's unclear where exactly all of the $3.8 million that was frittered away went, but that much of it was spent on commissioning designs, hiring an architect and other preliminary measures.

"While I'm proud of [other] accomplishments, I'm frustrated that our education work has not moved forward in a faster way," she added.

A few months after adopting daughter Mercy in 2009, Madonna was back in Malawi for what turned out to be a purely ceremonial groundbreaking at the site of the proposed school in the capital city of Lilongwe.

Now that plans for the school have been scrapped for the time being, Raising Malawi officials say that they will start distributing money in new ways to benefit children's education in the country.

The foundation has raised a reported $18 million over the last several years, with the Material Girl contributing upward of $11 million of her own money to get the effort off the ground.

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Weak TV, laptop sales hurt Best Buy 3Q profit

New Weak TV, laptop sales hurt Best Buy 3Q profit

Lower-than-expected spending on TVs and other electronics sends Best Buy 3Q net income down

MINNEAPOLIS (AP) -- Best Buy Co.'s third-quarter net income fell more than expected as it lost sales of TVs and laptops to competitors. It also cut its full-year outlook Tuesday.

Shares of the largest U.S. electronics chain fell nearly 13 percent in premarket trading as the results raised fears over the holiday season.

The company, which benefited when Circuit City went out of business last year, is facing stepped-up competition from online and discount stores.

Best Buy, based in Minneapolis, said its market share in TVs, mobile computing and video game software fell. Americans are also buying fewer TVs and other electronics. Best Buy said there were larger than expected industry declines in key U.S. consumer electronics categories for the three months ended Oct. 31.

"There remains a significant amount of business still ahead of us in the holiday selling season and we don't have complete visibility to how customers will behave over the next several weeks," said CFO Jim Muehlbauer.

Revenue in stores open at least 14 months fell 5 percent in the U.S., hurt by lower revenue from TVs and entertainment hardware and software. Best Buy sold fewer TVS, and prices have fallen as the industry works through a glut in TV supply.

That was partly offset by strength in mobile phones and tablet computers.

Net income in the fiscal third quarter, which ended Nov. 27, the Saturday after Thanksgiving, fell 4 percent to $217 million, or 54 cents per share, from $227 million, or 53 cents per share, last year. Analysts polled by Thomson Reuters, on average, expected 61 cents per share.

Revenue fell 1 percent to $11.89 billion, from $12.02 billion last year. Analysts expected revenue of $12.45 billion.

Revenue in stores open at least 14 months fell 3.3 percent.

The measure is considered an important measure of a retailer's financial health because it excludes stores that open or close during the period.

But he said the company's view today is it now expects net income of $3.20 to $3.40 per share, from a prior range of $3.55 to $3.70 per share, hurt by lower revenue in the U.S. Analysts expect $3.59 per share.

Shares fell $5.27, or 12.6 percent, to $36.43 in premarket trading.

Virginia Madsen

One of the hottest stars of the mid-1980s, Virginia Madsen is one of Hollywood's most talented actresses. Voted as one of the most beautiful actresses in 1986, Virginia has had several excellent performances in her career thus far. Audiences first caught a glimpse of her as "Princess Irulan" in the 1984 science fiction epic Dune... See full bio »

Born: September 11, 1961 in Chicago, Illinois, USA