Happy spring and welcome to another edition of Weekly Newsmakers – your source for summaries of news that made the headlines.  As you look forward to warmer days, we hope you will have the chance to catch a few of the free events in NYC found in this edition.

Turmoil in Cyprus Over a Bailout Rattles Europe – New York Times (Editor’s Pick)
In recent Eurozone news, Cyprus, a small island country east of Greece, may soon see require those with bank accounts to share in the cost of the latest bailout causing fury from the local residents.  According to the Cypriot president Mr. Anastasiades, a “complete collapse of the banking sector” would occur if Cyprus did not participate in the strict terms of the bailout.  The Times predicts that the bailout controversy may also lead to the ultimate departure of the island state (populated by a relatively sparse 1 million people) from the E.U.  Many Cypriots hurried to remove their savings from their banks as the bailout terms were announced, but were met with withdrawal limits – one source of the outrage.  Do you think that banks should limit a citizen’s right to withdraw their savings in such a context?  Tell us your thoughts in the comments area below.

Saving Schools and Libraries by Giving Up the Land They Sit On – New York Times
New York’s governmental agencies aim to raise hundreds of millions of dollars by selling land currently used for public works such as libraries and schools contingent upon developers agreeing to build similar spaces for libraries and schools nearby or within the new structures. The city’s approach to securing funds has incited unrest from local residents. Residents are concerned about how far they will have to go to reach a library, and where their children will go to school, during the years it will take to erect the new towers.

The Turnaround Trap – New Yorker (Editor’s Pick)
When Ron Johnson took over J.C. Penney, JCP was already seeing a slump in clothing sales. Having luck with Target and Apple, Johnson hoped to turn JCP into a success story also. However, his store model to eliminate coupons and sales failed to stabilize JCP; and rather, JCP saw revenues fall 25% since Ron Johnson took over as CEO (equivalent to almost a billion dollar loss). Business analysts such as Mark Cohen point to how consumers love coupons and sales and that doing away with those novelties was a mistake, “This game of cat amd mouse with… ever-changing discounts is illogical, but it’s one that lots of consumers like to play.” JCP is set to bring back sales and coupons this year. Do you think that the coupon system is an effective way to gain sales? Weigh in via the comments section below.

Street Types at the Alice Austen House – Weissman Center Reports
Ever wanted to know what life was like for immigrants living in New York during the late 1800s – early 1900s? If so, opportunity is knocking! Alice Austen, documentary photographer, took over 8,000 stunning black and white photos, providing valuable insight into life in Manhattan during the turn of the last century. The free exhibit, open now until May 30th is located at the Alice Austen House in Staten Island will allow visitors to experience how immigrants and the working class tried to realize the American Dream. If you were looking for a reason to visit Staten Island in the warmer days to come, this is a perfect opportunity. More details here.

Annual Flower Show at Macy’s Herald Square – Weissman Center Reports
Known for it’s extravagant flower shows, Macy’s is sure to pull you out of any wintery blues and step into spring! Running from March 24 to April 7, this year’s show will highlight flora from southern Asia incorporated in elegant artistic works, including an elephant adorned with jewel-toned flowers (perhaps an creative take on the phrase “elephant in the room”?), trees adorned with exotic flowers and changing daily floral arrangements. Floral-themed seminars, family-friendly events, and live music will also be available on various days of the show. More details here.