Launched in 1993 by Quincy Jones, Vibe magazine is arguably one of America's biggest music magazines. It's now about to become the next casualty in the print industry. Various sources both inside and outside the publication have confirmed the impending shut down, and an official announcement is expected later today.

Vibe enjoyed a good deal of success during the late 1990's as well as the earlier part of this decade thanks to the popularity of R&B and hip-hop, however in recent years the magazine has been struggling. Under its new owner, the Wicks Group, who purchased the magazine in 2006, times have been tough. This past February Vibe reduced circulation and publishing frequency, cut salaries, and moved employees to a four-day workweek in an attempt to save money. All that did was stave off the inevitable for a few months.

RIP Vibe.

Ford Motors Inc., the only Detroit automaker who did not receive a federal bailout loan last year, is now amongst the first three companies to get a loan from the government aimed at accelerating the development of more fuel efficient cars. Nissan and Tesla Motors are the other two companies who will be receiving loans for this purpose. Ford will be using their loan to retool some of its Midwest factories.

The $5.9 billion loan Ford was granted was only about half of what they initially requested, and will go to retool 11 Midwest factories. The money will help to make 13 of its models more efficient. Ford is planning to sell four models of electric vehicles by 2012.

Japanese car manufacturer Nissan will also receive $1.6 billion to overhaul its Smyrna, Tenn. factory, where it plans to build electric vehicles. Tesla Motors, a California based company, will receive $465 million to make electric vehicles and drive trains.

While much of the financial industry is lucky to even have a job, the folks over at Goldman Sachs (NYSE: GS) can expect to receive their biggest bonus payouts in the firm's 140-year history after an amazing first half of the year. This news, however, has sparked concerns that the big investment banks that have survived the credit crunch will ultimately derail financial regulation reforms.

Due to a lack of competition combined with a surge in revenues from trading foreign currency, bonds and fixed-income products, profits at Goldman Sachs have soared. Last week, the firm's London staff were briefed on the company's prospects and were told to look forward to bumper bonuses, if it completed its most profitable year ever, as it is predicted they will.

Figures to be released next month which will detail the firm's second quarter earnings are anticipated to show a bigger jump in profits. They've already paid off $10 billion in TARP funds from the government. Financial genius Warren Buffet, who purchased $5 billion of Goldman Sachs' shares in January, has already made an impressive $1 billion gain on his investment.

On Monday T-Mobile announced that the first follow up to their G1 "Google Phone" will go on sale in early August. Dubbed the "myTouch 3G", it will be a touch-screen phone and will lack the physical keyboard of the T-Mobile G1, which was the first phone that used Google's Android software.

It's clear that T-Mobile is hoping to have created a major competitor to the Apple iPhone. Even the name of their new Google phone is reminiscent of a similar Apple product - iTouch vs. myTouch - and the lack of a physical keyboard with this model brings them all that much closer to having something pretty similar to the iPhone.

The myTouch, which was created by HTC, looks a lot like an iPhone and even has many of the same features. It will be available for $199 with a two-year contract, and will ship with software that allows it to connect to corporate e-mail servers. T-Mobile believes that the myTouch will appeal to a much wider audience than the G1.

Former NFL quarterback Bernie Kosar filed for Chapter 11 bankruptcy protection in Miami on Friday. In the filing, Kosar listed assets between $1 million and $10 million, and liabilities of between $10 million and $50 million.

Kosar owes millions of dollars, including nearly $1.5 to the Cleveland Browns, $725,000 to the owner of the Cleveland Gladiators team of the Arena Football League, and $3 million to his ex-wife. He also owes a bank more than $9 million for bad real estate deals.

Kosar divorced his ex-wife, Babette, in 2007. In 2008, his Miami restaurant - Bernie Kosar's Steakhouse - went out of business. The bankruptcy filing is just the latest in the former pro football player's string of bad luck.

Kosar played for the Miami Hurricanes in college, before going pro with the Browns, where he quarterbacked from 1985 to 1993. After playing for the Browns, he was with Dallas and Miami. Kosar retired from the NFL in 1996.

Ohio's unemployment rate continued to rise during the month of May, inching ever so closely to 11 percent. According to data released Friday morning by the Ohio Department of Job and Family Services, the state's unemployment rate was at 10.8 percent in May, which was up from 10.2 percent in April.

Ohio's non-farm wage and salary employment decreased from 5,132,900 in April to 5,132,700 in May. County, city and metropolitan area unemployment rates for May will be available next week on June 23.

The number of unemployed workers in Ohio during may was at 646,000, which is up from 609,000 in April. In just the past 12 months, the number of unemployed has increased by 268,000, or 71 percent.

Goods-producing industries employment fell 15,600 to 816,000. A gain in nondurable goods offset a decline in manufacturing employment, caused by a loss of 17,400 jobs in durable goods. Construction added 400 jobs, mining and logging added 100, and service industries added 15,400 positions. Government employment fell by 600 jobs.

When times are tough, the first employees at any unionized company to feel the negative effects will be the non-union employees simply because they can't put up much of a fight. But when things begin to worsen even more, even union employees will suffer the wrath of reduced budgets, pay cuts, and even furloughs. That is exactly the case at the local Cleveland newspaper, The Plain Dealer, where nearly 450 non-union employees saw pay reductions of 12 percent just a few months ago. Now, about 500 union employees have agreed to pay cuts and furloughs in a desperate attempt to keep the paper afloat.

Reporters, editors, delivery truck drivers, and other members of the Northeast Ohio Newspaper Guild Local 1 and Teamsters Local 473 unions at the PD agreed to 8.1 percent pay cuts, as well as 11 unpaid furlough days to be taken before June 2010.

Workers agreed to the reductions in order to avoid further layoffs. Since last year, 55 union employees have been laid off, and 43 have left voluntarily.

Amusement park company Six Flags filed for Chapter 11 bankruptcy protection on Saturday, indicating that it needs to reorganize and get rid of $1.8 billion in debt. CEO Mark Shipiro says that the move will not affect the operation of the company's 20 theme parks in 11 states, Mexico, and Canada.

2008 was actually a great year for Six Flags, seeing 25 million visitors and posting record revenues. However, company executives are attempting to lighten a $2.4 billion debt load that they say is unsustainable.

he amusement park company Six Flags sought Chapter 11 bankruptcy protection Saturday, saying it needs to reorganize and shed $1.8 billion of debt.

Six Flags' bankruptcy filing in Delaware on Saturday came after an earlier plan to negotiate an out-of-court deal with creditors failed. Shares of Six Flags have traded below $1 since September 2008, and closed at just 26 cents on Friday.

In a letter to park staff, Shapiro said:

"I assure you that all planned improvements are on schedule at our parks and that our ambitious plans for 2010 and our 50th anniversary celebration in 2011 remain intact."

On Thursday Sun Newspapers announced major changes were coming to the chain of local weekly papers, including the reduction of employees and the elimination and consolidation of some papers. A subsidiary of Advance Publications, the company was founded in 1969 and is one of the largest chain of weekly newspapers in the U.S..

Sun Newspapers currently puts out 22 publications serving 72 Greater Cleveland area communities in five counties - Cuyahoga, Lorain, Medina, Geauga, and Summit. Once the 60-day reorganization plan is completed, there will be just half as many publications at 11.

The accounting, payroll and retail sales departments at Sun Newspapers will also be eliminated and handled through contracts with the Plain Dealer, which is also owned by Advance Publications. Classified ad sales will continue to be sold in-house, and home delivery will be handled by the Plain Dealer.

Editorial staff will also be reduced. Employees that lose their jobs will receive a severance package based upon their years of service, and will be paid any accrued vacation. They will also be eligible for temporary health insurance coverage.

Sun Newspapers President and CEO Keith Mathis said:

Walmart announced Wednesday a new clothing line - Miley Cyrus & Max Azria - which will only be available at Walmart stores. The line, which brings together teen sensation Miley Cyrus and famed fashion house BCBGMAXAZRIAGROUP Inc., will arrive in all Walmart stores and on Walmart.com in early August. In addition to the new clothing line, Walmart also announced that they will be the title sponsor of Miley's upcoming concert tour.

The Miley Cyrus & Max Azria line aims to offer customers affordable and trend-right apparel, and includes tops, pants, graphic tees, shoes and accessories. All items in the collection are priced at less than $20.

Many of the pieces in the collection were influenced by Miley. Speaking of her new line, she said:

"I love creating looks that are all about personal expression and individuality. Collaborating with Max Azria has been an amazing experience, and I'm really excited about launching this line with Walmart. There's even more to come!"

Of working with Miley, Max Azria said: