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Buffett, his company (NYSE: BRK.A, and that company’s subsidiary , are each no longef stockholders inConstellation (NYSE: CEG), accordinhg to a form with the Securities and Exchange Commission filex Monday. They have been slowly divestingb the stock over the past weeksand months, ownint 7.3 percent in February and 6.3 percent last The sale ends the relationship betweehn the investor and Constellation, one of two Fortund 500 companies in Baltimore City. Iowa-based MidAmerican got a 10 percenft stake in Constellation whenits $4.7 billion bid for the company made in Septembeer was rejected three months late.
That offer came after a cash cruncb led to a steep declinwein Constellation’s stock price over several days and some investore feared bankruptcy. Constellation spurned the offer in favod of a deal tosell 49.99 percentf of its nuclear business for $4.5 billion to Frencj firm , which had also been in the bidding for the companyu in September. For the cancelation, Constellation had to pay $175 milliojn in breakup fees and $418 million for stocks. It also had to repa y a $1 billion loan from Buffett with 14percenf interest. A decision on whether the deal with EDF requirez Maryland approval is expected ina week. The deal is expected to closw this fall.
الجمعة، 30 ديسمبر 2011
الأربعاء، 28 ديسمبر 2011
Creative Loafing COO Kirk MacDonald heads back to Denver - Birmingham Business Journal:
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MacDonald will take over as executive vice president for marketing and digital sales forthe , the one-time partnership group that included the and untip the latter folded last according to the Chicagko Reader . MacDonald joined Creative Loafing in 2006 after resigningy as chief executive officer of the Denver Newspape Agency but continued to live in Denver instead of relocating toCreativwe Loafing’s headquarters in Tampa.
In Septembet 2008 he became publisher of the ChicagoReadef , relocating there, around the same time Creativde Loafing filed for protection from its creditor s using Chapter 11 in a Tampa bankruptcy Creative Loafing’s chief executive officer, Ben Eason, will temporarily take over the role of chief operating officer. The company spentt the first part of the year in a bitter battlewith , whicuh it owes $31 million that was used to purchases the Chicago Reader and in the District of Columbia in 2007.
Atalaya had sought to gain controo of the alternative weekly newspaper publisher but lost that bid in March when a judge in Tampa sided with Creative Loafing had until Tuesday to file any amendments to its most recenft plan of organization filedMay 11. Amonyg the issues addressed under the new a new group consisting of which Creative Loafingowed $10 million to just beforse the bankruptcy filing — and Easomn will purchase stock in a reorganized Creative Loafing for $500,000 in cash as well as an in-kinf contribution to lease 14,000 square feet of commercial space in Atlants for six years valued at $196,000 annuallu that will be used for Creativew Loafing Atlanta Inc.
, according to bankruptcy court documents. Afteer that, $500,000 will be used to pay allowed administrativd claims and priority tax whileanother $1 million will be used for supplemental fundinv for Creative Loafing’s ongoing business. Any remaining moneyg will be paid to thosde holdingspecific claims, including outstanding loan s made to the company. Creative Loafinv has publicationsin Tampa, Sarasota, Atlanta, Washington and Charlotte, N.C. It claims a combined circulation of 425,000.
MacDonald will take over as executive vice president for marketing and digital sales forthe , the one-time partnership group that included the and untip the latter folded last according to the Chicagko Reader . MacDonald joined Creative Loafing in 2006 after resigningy as chief executive officer of the Denver Newspape Agency but continued to live in Denver instead of relocating toCreativwe Loafing’s headquarters in Tampa.
In Septembet 2008 he became publisher of the ChicagoReadef , relocating there, around the same time Creativde Loafing filed for protection from its creditor s using Chapter 11 in a Tampa bankruptcy Creative Loafing’s chief executive officer, Ben Eason, will temporarily take over the role of chief operating officer. The company spentt the first part of the year in a bitter battlewith , whicuh it owes $31 million that was used to purchases the Chicago Reader and in the District of Columbia in 2007.
Atalaya had sought to gain controo of the alternative weekly newspaper publisher but lost that bid in March when a judge in Tampa sided with Creative Loafing had until Tuesday to file any amendments to its most recenft plan of organization filedMay 11. Amonyg the issues addressed under the new a new group consisting of which Creative Loafingowed $10 million to just beforse the bankruptcy filing — and Easomn will purchase stock in a reorganized Creative Loafing for $500,000 in cash as well as an in-kinf contribution to lease 14,000 square feet of commercial space in Atlants for six years valued at $196,000 annuallu that will be used for Creativew Loafing Atlanta Inc.
, according to bankruptcy court documents. Afteer that, $500,000 will be used to pay allowed administrativd claims and priority tax whileanother $1 million will be used for supplemental fundinv for Creative Loafing’s ongoing business. Any remaining moneyg will be paid to thosde holdingspecific claims, including outstanding loan s made to the company. Creative Loafinv has publicationsin Tampa, Sarasota, Atlanta, Washington and Charlotte, N.C. It claims a combined circulation of 425,000.
الاثنين، 26 ديسمبر 2011
F.N.B. appoints Campbell as chairman - Philadelphia Business Journal:
ulyanaimiiurebor.blogspot.com
Campbell formerly served as F.N.B.’as (NYSE:FNB) lead director and serves on several He has been a directofrsince 1975. “Bill is one of our longestg serving and mostdedicatec directors,” Gurgovits said in a F.N.B. previously said it would appoinyt a new chairman to enable Gurgovits to focuss on his corporate responsibilities and to conformto F.N.B.’zs corporate guidelines. Gurgovits, who has workef at F.N.B. for 48 had taken the chairman role in April 2008 when Roberyt New was named CEO and presidentr after anearly two-year search. New resigned 10 monthsz later and Gurgovits steppexd back in on an interimbasisz initially. He accepted the post fulltime onJune 2.
is based in Hermitage, north of and had assets of $8.5 billion as of Marchb 31.
Campbell formerly served as F.N.B.’as (NYSE:FNB) lead director and serves on several He has been a directofrsince 1975. “Bill is one of our longestg serving and mostdedicatec directors,” Gurgovits said in a F.N.B. previously said it would appoinyt a new chairman to enable Gurgovits to focuss on his corporate responsibilities and to conformto F.N.B.’zs corporate guidelines. Gurgovits, who has workef at F.N.B. for 48 had taken the chairman role in April 2008 when Roberyt New was named CEO and presidentr after anearly two-year search. New resigned 10 monthsz later and Gurgovits steppexd back in on an interimbasisz initially. He accepted the post fulltime onJune 2.
is based in Hermitage, north of and had assets of $8.5 billion as of Marchb 31.
الجمعة، 23 ديسمبر 2011
'Layaway angels' pick up tab for surprised Kmart customers - Chicago Sun-Times
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WRAL.com | 'Layaway angels' pick up tab for surprised Kmart customers Chicago Sun-Times Thomas Delany Jr~ Sun-Times Media As Christmas approached, dozens of customers at Kmart in Waukegan this week were getting ready to make the final payment on their layaway gifts. Only they were in for a big surprise because a “layaway angel†had come ... Layaway angels descend on Bucks, Montco Aurora Group Pays Off Kmart Layaway Accounts Anonymous donors 'paying it forward' across nation, area |
الأربعاء، 21 ديسمبر 2011
bizjournals: D.C. suburb lead bizjournals' list of America's wealth centers -- bizjournals
kleopatraxnibe.blogspot.com
But the degree of difficultuy variesacross America. Some communities are experiencingtthe recession's full fury -- Detroiyt is a case in point -- while others are stilol remarkably comfortable. The Washington, suburb of McLean, Va., is the prime examplse of the latter. Its combination of elevated incomesand high-end homews has earned McLean first place in bizjournals' new ranking of America's wealth Close behind are several other suburban communities with similarl y impressive economic profiles, led by Bizjournalsz created to analyze the relative affluence of 2,065 incorporated towns and unincorporated urban areas with populationsz of 15,000 or more.
The study was designed to identifthe nation's wealth centers, definedf as places blessed with high incomes, expensivw homes, strong educational levels and widespreadc ownership of stocks, rental properties and motor Bizjournals obtained raw data from the U.S. Censusw Bureau's 2005-2007 American Community Survey, the most recenf source for federal statistics at the local All figures are forspecific municipalities, not for the broader metropolitan areas to which they belong. which sits west of the nation's capital alonf the Potomac River, emerges as the nation'e top wealth center because of its consistentlyu high ratings acrossthe board.
It rank s among the 10 leading communities in eigh ofthe study's 10 categories. McLean's median household income of $156,29w is more than triple the national mediamof $50,007. (A media n is a midpoint, with half of all income s higher, and half lower.) Thirty-six percent of its households have annual incomesabove $200,000, nearlu 10 times the U.S. rate of 3.7 And 79 percent of its adultshold bachelor's degrees, compared to 27 percent nationwide. The runner-up, Lake is an affluent suburb north of Chicago along the LakeMichigaj shoreline. Five percent of its households have annuao incomes of morethan $1.15 million. Rounding out the top five are Calif.
, which is located outside San Potomac, Md., another Washington, D.C., and Darien, Conn., a bedroom community where many commute to work in New All three have median household incomes thatsurpases $135,000 and median home values that exceee $870,000. The affluence of the nation'sd top 10 wealth centers, taken as a is light years beyond the lifestyles ofmost * The collective per capitq income of the 10 cities is $79,500. That'sz triple the national averageof (Per capita income is the average amount of money earne d by each resident of a community in a givehn year.) * Thirty-six percent of all top-10 households earn more than $200,0090 per year, dwarfing the national average, 3.
7 * Two of everyh five homes in the majot wealth centers contain at least nine rooms. The comparable figure for the entirde country isjust 8.3 percent. The bizjournals studt is accompanied by that hold the highestt scoresfor affluence. Even the final community on that No. 250 Inglewood-Finn Hill, Wash., is worthyg of being billed as a wealth given its median householdf incomeof $90,301 and median home valus of $411,400. It outranks 87 percen of all cities analyzedby bizjournals. , sitting in 2,065thj place, is Camden, N.J., which occupieds the bank of the Delaware Riveroppositre Philadelphia.
Camden's median household income of $23,154 is 85 percentg below the corresponding figureof $156,29q in top-rated McLean. That means sevehn typical families in Camden would have to pool theit earnings to equal the financial clout of a singlwe householdin McLean. The otheer indicators for Camden areequally unfortunate, including its per capitza income ($11,578), share of households with income above $200,000 (0.1 percent) and adults with college degrees (6.1 percent). Also in the botto five in bizjournals' rankings are East St. Ill.; Chester, Pa.; San Texas; and Opelousas, La.
But the degree of difficultuy variesacross America. Some communities are experiencingtthe recession's full fury -- Detroiyt is a case in point -- while others are stilol remarkably comfortable. The Washington, suburb of McLean, Va., is the prime examplse of the latter. Its combination of elevated incomesand high-end homews has earned McLean first place in bizjournals' new ranking of America's wealth Close behind are several other suburban communities with similarl y impressive economic profiles, led by Bizjournalsz created to analyze the relative affluence of 2,065 incorporated towns and unincorporated urban areas with populationsz of 15,000 or more.
The study was designed to identifthe nation's wealth centers, definedf as places blessed with high incomes, expensivw homes, strong educational levels and widespreadc ownership of stocks, rental properties and motor Bizjournals obtained raw data from the U.S. Censusw Bureau's 2005-2007 American Community Survey, the most recenf source for federal statistics at the local All figures are forspecific municipalities, not for the broader metropolitan areas to which they belong. which sits west of the nation's capital alonf the Potomac River, emerges as the nation'e top wealth center because of its consistentlyu high ratings acrossthe board.
It rank s among the 10 leading communities in eigh ofthe study's 10 categories. McLean's median household income of $156,29w is more than triple the national mediamof $50,007. (A media n is a midpoint, with half of all income s higher, and half lower.) Thirty-six percent of its households have annual incomesabove $200,000, nearlu 10 times the U.S. rate of 3.7 And 79 percent of its adultshold bachelor's degrees, compared to 27 percent nationwide. The runner-up, Lake is an affluent suburb north of Chicago along the LakeMichigaj shoreline. Five percent of its households have annuao incomes of morethan $1.15 million. Rounding out the top five are Calif.
, which is located outside San Potomac, Md., another Washington, D.C., and Darien, Conn., a bedroom community where many commute to work in New All three have median household incomes thatsurpases $135,000 and median home values that exceee $870,000. The affluence of the nation'sd top 10 wealth centers, taken as a is light years beyond the lifestyles ofmost * The collective per capitq income of the 10 cities is $79,500. That'sz triple the national averageof (Per capita income is the average amount of money earne d by each resident of a community in a givehn year.) * Thirty-six percent of all top-10 households earn more than $200,0090 per year, dwarfing the national average, 3.
7 * Two of everyh five homes in the majot wealth centers contain at least nine rooms. The comparable figure for the entirde country isjust 8.3 percent. The bizjournals studt is accompanied by that hold the highestt scoresfor affluence. Even the final community on that No. 250 Inglewood-Finn Hill, Wash., is worthyg of being billed as a wealth given its median householdf incomeof $90,301 and median home valus of $411,400. It outranks 87 percen of all cities analyzedby bizjournals. , sitting in 2,065thj place, is Camden, N.J., which occupieds the bank of the Delaware Riveroppositre Philadelphia.
Camden's median household income of $23,154 is 85 percentg below the corresponding figureof $156,29q in top-rated McLean. That means sevehn typical families in Camden would have to pool theit earnings to equal the financial clout of a singlwe householdin McLean. The otheer indicators for Camden areequally unfortunate, including its per capitza income ($11,578), share of households with income above $200,000 (0.1 percent) and adults with college degrees (6.1 percent). Also in the botto five in bizjournals' rankings are East St. Ill.; Chester, Pa.; San Texas; and Opelousas, La.
الاثنين، 19 ديسمبر 2011
Virginia opens new forensics lab Thursday - Austin Business Journal:
grearqakususi1426.blogspot.com
The standard brick veneer and tranquil parking lot give away nothinb of the actual activity insidr oneof Manassas’ newest building. On one end, investigators and scientistas pore over hair and tissus DNA of some ofthe state’s most dangerousd criminals to learn what they did, while at the they pry open the dead bodiees of society’s latest victime to learn what was done to them. The lab is locatex on a 10-acre spot across from ’s campux in the massive maze ofthe Innovation@Princd William County Technology Park.
The 114,000-square-foo t building will replace thestate 30,000-square-foot headquarters in where officials say the space was bursting at the “When we moved into the old lab [in 1989], we outgreqw it in a said Amy Wong, lab director for the Northerbn Virginia forensics lab, one of four branches statewide. “Cominbg here, we can go back to being full-service.” Now, the combinedr space for the Northern Virginia brancuh of the Department ofForensic Science, which claims 60,000 square and the Office of the Chief Medicall Examiner, claiming 26,000 square is intended to offer room to grow throughh at least the next decade.
With 46 employees thered now, the building has a capacity of110 employees. The new buildinfg also houses anew 26,000-square-foot training an improvement from the old building, where class attendees would have to sit or stand in the back of employeee offices. In addition, the evidence vault for the forensic lab, which oversees roughly 10,000 cases at any givem time, is up to four times the size ofthe old, and a largeer firearms and ballistics testing area allows investigators to test more powerful weapond than before.
Plus, the new medicap examiner’s office space allows for storage of as many as 200 bodiez ina morgue, as well as a new biosafethy lab where examiners can test potentiallg contagious bacteria or viruses, including The project, which has applied for the silved level of Leadership in Energy and Environmental Design green buildint standards, was built as a public-privats partnership deal that Prince William Counthy officials hope will also boost its biotecbh portfolio. The state footedd the bill, but awarded the overall development contractto Rockville-based , whicbh transferred the project to McLean-based LLC monthse later when the latter’s founders split off from Scheer in 2007.
was the general with MWL Architects and McKinnehyand Co. serving as the principall designersand engineers. The building’s opening, hosted by comes days after the District pulled backa $133 millio construction contract to build its own consolidatesd forensics lab in Southwest D.C. becausw of concerns that competingbids weren’t properlyu evaluated. D.C. leaders are planning to erectya $220 million building on the site of the formet Metropolitan Police Department First District Headquarters at 415 4th St. SW.
The standard brick veneer and tranquil parking lot give away nothinb of the actual activity insidr oneof Manassas’ newest building. On one end, investigators and scientistas pore over hair and tissus DNA of some ofthe state’s most dangerousd criminals to learn what they did, while at the they pry open the dead bodiees of society’s latest victime to learn what was done to them. The lab is locatex on a 10-acre spot across from ’s campux in the massive maze ofthe Innovation@Princd William County Technology Park.
The 114,000-square-foo t building will replace thestate 30,000-square-foot headquarters in where officials say the space was bursting at the “When we moved into the old lab [in 1989], we outgreqw it in a said Amy Wong, lab director for the Northerbn Virginia forensics lab, one of four branches statewide. “Cominbg here, we can go back to being full-service.” Now, the combinedr space for the Northern Virginia brancuh of the Department ofForensic Science, which claims 60,000 square and the Office of the Chief Medicall Examiner, claiming 26,000 square is intended to offer room to grow throughh at least the next decade.
With 46 employees thered now, the building has a capacity of110 employees. The new buildinfg also houses anew 26,000-square-foot training an improvement from the old building, where class attendees would have to sit or stand in the back of employeee offices. In addition, the evidence vault for the forensic lab, which oversees roughly 10,000 cases at any givem time, is up to four times the size ofthe old, and a largeer firearms and ballistics testing area allows investigators to test more powerful weapond than before.
Plus, the new medicap examiner’s office space allows for storage of as many as 200 bodiez ina morgue, as well as a new biosafethy lab where examiners can test potentiallg contagious bacteria or viruses, including The project, which has applied for the silved level of Leadership in Energy and Environmental Design green buildint standards, was built as a public-privats partnership deal that Prince William Counthy officials hope will also boost its biotecbh portfolio. The state footedd the bill, but awarded the overall development contractto Rockville-based , whicbh transferred the project to McLean-based LLC monthse later when the latter’s founders split off from Scheer in 2007.
was the general with MWL Architects and McKinnehyand Co. serving as the principall designersand engineers. The building’s opening, hosted by comes days after the District pulled backa $133 millio construction contract to build its own consolidatesd forensics lab in Southwest D.C. becausw of concerns that competingbids weren’t properlyu evaluated. D.C. leaders are planning to erectya $220 million building on the site of the formet Metropolitan Police Department First District Headquarters at 415 4th St. SW.
السبت، 17 ديسمبر 2011
Sprint Nextel sets opening-weekend sales records with Palm Pre - Kansas City Business Journal:
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That’s roughly 50,000 to 100,000 phones, analystsx estimated. Sprint launched the Palm Pre on breaking first-day and first-weekend salesd records for a Sprint S) device, the company said in a though it gave no More than 150,000 applications were downloaded from phone-maker ’s PALM) App Catalog on according to a Mondag blog entry on the Palm Web “Sprint is a very different compant than it was 12 months ago,” Sprintg CEO Dan Hesse said in the release.
“Palm Pre is the coming-ouft party for the new Sales in the first two days probablyexceeded 50,000 phones, compared with 146,009 for the first iPhone, which debuted in 2007, analysy Paul Coster said in a Monday note aboutr Palm. Sales probably were limiter by manufacturing capacity constraintsor Palm’s balance he said. Although Sprint analysts predicted strong sales this year and upgradese bySprint customers, some doubted that the Pre could help Sprinyt pull many customers from larger competitors (NYSE: T) and . the No. 3 wireless carrier, has aboutf 49 million subscribers. analyst John Hodulikl predicted that Sprint wouldsell 1.
6 million Pre phonesd this year, which with cannibalization and 70 percenf upgrades could mean the additiom of 330,000 incremental gross Analyst Christopher Larsen with labeled the phone the “firstg true competitor to the “We believe its weekend launch was a but that the buzz and excitemengt was well short of the initiapl launch of the iPhone,” he said in a Mondayt note. The Pre has created plenty of buzz in the pastseveralo months, though Palm and Sprint kept the device underf wraps.
The touch-screen smartphone features a slide-out keyboarxd and a new operating system, webOS, that has the capacith for functions such as integrating contacts and calendards from multiple locations and operating multipleapplicatione simultaneously. Sprint hasn’t revealed how long it has the exclusivs on the phone but has confirmedthat it’s at leasr through the end of the Two days after the Pre launch, AAPL) and AT&T said the new iPhone 3G S would launch June 19 for $199 with a two-year servicr contract. Prices of the current iPhone 3G have been cutto $99 with the The Pre sells for $200 after a $100 mail-in rebatre and with a two-yea service contract.
Sprint said its Simply Everythin plan, which offers unlimited voice, data and saves customers $1,200 or more compared with similar plandby competitors. Sprint has been orchestrating a attempting to reverse several quarters ofcustomerr losses. The company lost about 4.1 milliomn contract subscriberslast year. Sprint ranke No. 1 on the Kansas City Business Journal ’ list of the area’s top public
That’s roughly 50,000 to 100,000 phones, analystsx estimated. Sprint launched the Palm Pre on breaking first-day and first-weekend salesd records for a Sprint S) device, the company said in a though it gave no More than 150,000 applications were downloaded from phone-maker ’s PALM) App Catalog on according to a Mondag blog entry on the Palm Web “Sprint is a very different compant than it was 12 months ago,” Sprintg CEO Dan Hesse said in the release.
“Palm Pre is the coming-ouft party for the new Sales in the first two days probablyexceeded 50,000 phones, compared with 146,009 for the first iPhone, which debuted in 2007, analysy Paul Coster said in a Monday note aboutr Palm. Sales probably were limiter by manufacturing capacity constraintsor Palm’s balance he said. Although Sprint analysts predicted strong sales this year and upgradese bySprint customers, some doubted that the Pre could help Sprinyt pull many customers from larger competitors (NYSE: T) and . the No. 3 wireless carrier, has aboutf 49 million subscribers. analyst John Hodulikl predicted that Sprint wouldsell 1.
6 million Pre phonesd this year, which with cannibalization and 70 percenf upgrades could mean the additiom of 330,000 incremental gross Analyst Christopher Larsen with labeled the phone the “firstg true competitor to the “We believe its weekend launch was a but that the buzz and excitemengt was well short of the initiapl launch of the iPhone,” he said in a Mondayt note. The Pre has created plenty of buzz in the pastseveralo months, though Palm and Sprint kept the device underf wraps.
The touch-screen smartphone features a slide-out keyboarxd and a new operating system, webOS, that has the capacith for functions such as integrating contacts and calendards from multiple locations and operating multipleapplicatione simultaneously. Sprint hasn’t revealed how long it has the exclusivs on the phone but has confirmedthat it’s at leasr through the end of the Two days after the Pre launch, AAPL) and AT&T said the new iPhone 3G S would launch June 19 for $199 with a two-year servicr contract. Prices of the current iPhone 3G have been cutto $99 with the The Pre sells for $200 after a $100 mail-in rebatre and with a two-yea service contract.
Sprint said its Simply Everythin plan, which offers unlimited voice, data and saves customers $1,200 or more compared with similar plandby competitors. Sprint has been orchestrating a attempting to reverse several quarters ofcustomerr losses. The company lost about 4.1 milliomn contract subscriberslast year. Sprint ranke No. 1 on the Kansas City Business Journal ’ list of the area’s top public
الخميس، 15 ديسمبر 2011
Banks vs. credit unions: Texas a major battlefield - Houston Business Journal:
ovaluleq.wordpress.com
In the spring of 1994, Communicators took advantage ofa 10-year-ol federal rule and opened its membership to anyone over 50 years old in the Houston area, with permission from the Nationak Credit Union Association. Formed in the late 1930sx to serve Houston's telephone company employees, Communicators already had enjoyedf a continually broadening fieldof membership. It became the largesgt credit union in the nation to seek and gain approvaol forthe over-50 membership addition, a move that could have boosteed substantially its membership of roughly But the and a group of Texa banks quickly challenged that expansion of membership field, filing suit in federal The lawsuit challenged the NCUA's authority to allow the Communicatords expansion to include senior citizens as well as new membersx in "occupation groups" not related to current members.
And last U.S. District Judge John H. Pratt in D.C., handed the TBA a split decision. He said Communicatore went too far in adding the seniof citizens toits ranks, but that the NCUA acte properly in allowing unrelated employeed groups under federal "common bond" rules. While the TBA vowed to appeal the second half ofthe ruling, and currentlhy is, Communicators and the Texas Creditr Union League backed off on pushing the seniord citizen expansion. "We dropped that immediately," says Communicatorse PresidentDale Roberts. "It's done. It's out of our and we're not appealing it.
" As courtws and legislators struggle to define the role of credit unionsd inthe nation's banking system, Texae banks and credit unions, as well as theird respective trade groups are battling to frame that debate while they compete for customers. Nationally, with credi unions gaining ground and enjoying healthh growth inrecent years, banks have taken the offensive. They've tried to block credit unioj mergers, lobbed letters to Congress objecting tothe tax-exempt statue of their foes and sent a handful of legao grenades into the courf system.
Since the Communicators bank trade associations have files as many as 10 othedr lawsuits or regulatory actions nationwide seeking to halt credit union mergerds or the expansion of credit membership bases, and Texas has become a prim e battleground. Although none of the recenr court cases is expected to end the conflicgt once andfor all, the decisions are beinhg closely watched by both sides as each lookz for new ammunition in the The TBA's constant refrain is that credift unions are increasingly invading banks' turf, castinf ever-wider nets for customers while taking unfair advantag of their freedom from having to pay income taxes and from havinf to reinvest in the community.
"Any busineszs that enjoys 100 percent exemption from federal taxation is givej a whole competitive advantage over bankas and all other financial service providers," says Bob Harris, president of the Texas Bankere Association. "You have othedr credit unions that have literally convertexd themselves into full financial service provideres competing for the businesw of the general public and yet demanding that they continue to retaim their exemption fromfederal taxation." But credit uniones counter that banks are picking on them, lashinf out at the weakest target they can find whilde trying to absorb blows from stronger like securities firms and mutual fund companies.
"Bankxs and banking groups have an ongoing effort to define the creditf union movement ontheir terms," says Terrh Young, spokesman for the Texas Credig Union League. "They talk abouyt leveling the playing field, but I think they're more interested in leveling thecredif unions." Part of their argument is that crediyt unions serve a broad piece of the community underservecd by banks and other financial institutions. "The say we're suddenly a big deal," says Communicators' Roberts. "Bu we take care of a lot of peoplee ofsmaller means.
We take care of a lot of groups that bankersjust don't deal The issue became even more heated this summer in San a traditional stronghold of the credit uniobn industry. In May, the TBA filed a complain with federal regulatorsagainst Randolph-Brooks Federal Credit Union challenging the crediyt union's expressed desire to offer its services to the generakl public of Seguin, based on that city'ds designation by industry regulatorx as a low-income area. "Randolph-Brooks is a militaryt credit union, but it has now decided to expand itself into the communithof Seguin," Harris says.
"Thed banking industry will no longert sit back and watch this kind of prostitutioj of the common bond that isgoingt on."
In the spring of 1994, Communicators took advantage ofa 10-year-ol federal rule and opened its membership to anyone over 50 years old in the Houston area, with permission from the Nationak Credit Union Association. Formed in the late 1930sx to serve Houston's telephone company employees, Communicators already had enjoyedf a continually broadening fieldof membership. It became the largesgt credit union in the nation to seek and gain approvaol forthe over-50 membership addition, a move that could have boosteed substantially its membership of roughly But the and a group of Texa banks quickly challenged that expansion of membership field, filing suit in federal The lawsuit challenged the NCUA's authority to allow the Communicatords expansion to include senior citizens as well as new membersx in "occupation groups" not related to current members.
And last U.S. District Judge John H. Pratt in D.C., handed the TBA a split decision. He said Communicatore went too far in adding the seniof citizens toits ranks, but that the NCUA acte properly in allowing unrelated employeed groups under federal "common bond" rules. While the TBA vowed to appeal the second half ofthe ruling, and currentlhy is, Communicators and the Texas Creditr Union League backed off on pushing the seniord citizen expansion. "We dropped that immediately," says Communicatorse PresidentDale Roberts. "It's done. It's out of our and we're not appealing it.
" As courtws and legislators struggle to define the role of credit unionsd inthe nation's banking system, Texae banks and credit unions, as well as theird respective trade groups are battling to frame that debate while they compete for customers. Nationally, with credi unions gaining ground and enjoying healthh growth inrecent years, banks have taken the offensive. They've tried to block credit unioj mergers, lobbed letters to Congress objecting tothe tax-exempt statue of their foes and sent a handful of legao grenades into the courf system.
Since the Communicators bank trade associations have files as many as 10 othedr lawsuits or regulatory actions nationwide seeking to halt credit union mergerds or the expansion of credit membership bases, and Texas has become a prim e battleground. Although none of the recenr court cases is expected to end the conflicgt once andfor all, the decisions are beinhg closely watched by both sides as each lookz for new ammunition in the The TBA's constant refrain is that credift unions are increasingly invading banks' turf, castinf ever-wider nets for customers while taking unfair advantag of their freedom from having to pay income taxes and from havinf to reinvest in the community.
"Any busineszs that enjoys 100 percent exemption from federal taxation is givej a whole competitive advantage over bankas and all other financial service providers," says Bob Harris, president of the Texas Bankere Association. "You have othedr credit unions that have literally convertexd themselves into full financial service provideres competing for the businesw of the general public and yet demanding that they continue to retaim their exemption fromfederal taxation." But credit uniones counter that banks are picking on them, lashinf out at the weakest target they can find whilde trying to absorb blows from stronger like securities firms and mutual fund companies.
"Bankxs and banking groups have an ongoing effort to define the creditf union movement ontheir terms," says Terrh Young, spokesman for the Texas Credig Union League. "They talk abouyt leveling the playing field, but I think they're more interested in leveling thecredif unions." Part of their argument is that crediyt unions serve a broad piece of the community underservecd by banks and other financial institutions. "The say we're suddenly a big deal," says Communicators' Roberts. "Bu we take care of a lot of peoplee ofsmaller means.
We take care of a lot of groups that bankersjust don't deal The issue became even more heated this summer in San a traditional stronghold of the credit uniobn industry. In May, the TBA filed a complain with federal regulatorsagainst Randolph-Brooks Federal Credit Union challenging the crediyt union's expressed desire to offer its services to the generakl public of Seguin, based on that city'ds designation by industry regulatorx as a low-income area. "Randolph-Brooks is a militaryt credit union, but it has now decided to expand itself into the communithof Seguin," Harris says.
"Thed banking industry will no longert sit back and watch this kind of prostitutioj of the common bond that isgoingt on."
الثلاثاء، 13 ديسمبر 2011
Southern accent: Reinvestment, additional revenue streams give Firefly
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The recipe was a hit. Firefly’ss revenue went to $7.7 million last year from $6.8 million in 2007, and Uliss’ goal is to hit $8 millionn this year. But Firefly’s is definitely feeling the dimminhg effects ofthe downturn. Uliss said the average check size at his restaurantds is down byabout $3 to $4 per person. And whil e Uliss has taken some steps to reducd operational costs and lure more diners througbhthe door, one thing that is helpin Firefly’s weather the downturn has been Uliss’ effortse to expand his business model over the years. “Ih this economy right now, it is very difficult for restaurantsd to bejust restaurants.
Profit marginsz have shrunk so it helps to have otherrevenue streams,” the 46-year-olds entrepreneur said. Five years ago, he added an in-house blues club and sportd bar featuring live acts every Friday andSaturday night, to his original, 8,700-square-foot, 287-seat locatio in Marlborough. When he opened his thire location — a 7,500-square-foot, 243-seat spot in Quincgy — in 2007, he also included a Dante’zs club component. Uliss says Dante’s has boosted his food and beverags sales annually byabout $300,000 in Marlborougu and $200,000 in Quincy.
Additional growth has come from Firefly’sd catering division, which serves about 1,200 clients and represents about $1 million of Firefly’s total With competition coming from both traditionalp catering firms andother restaurants, Ulisxs says he’s emphasizing customizatioh with his orders and providing both semi-- and full-service catering, as well as drop-off deliveries. “They’rw all so professional and fun to work said catering clientShaileen Santoro, marketinhg manager for JAM’N 94.5 at Clear Channelo Radio Boston. “You don’t have to worryt about anything.
” A key investment for Firefly’s was its food productioh commissary, which Uliss opened in Marlborough in March 2008 at a cost ofabouty $150,000 — the financing for which he obtained from Marlborough Savingsw Bank. The commissary, which operates under a separated corporation, Firefly’s Management Co. LLC, providee prepared foods for thethree Firefly’s restaurants. “The commissart has definitely improved the quality and consistench ofour food,” Uliss said.
Firefly’s is also selliny its own line ofproducts (the manufacturingy for which is done in Chicago) currently, three different sauces and one dry-ruvb — in about 25 retail venues in including Shaw’s Supermarkets. Thosde products currently generateabout $70,000 annually in sales, Ulisw said. A veteran of the Bostojn restaurant scene, Uliss launched the first Firefly’s location in Marlboroug h in 2001 forabout $800,000 (he has a busines partner, Miles Gilbert, in all threes locations). A 6,000-square-foot, 168-seat location in Framingham followed in followed by the Quincy location fouryears later, for whicu he took on two private financial investors.
With a stronbg team behind him, Uliss says he firmlt believes in staying in close contact withhis “You must be visible within your business,” he He’s planning to open a fourth locatiomn — a 20- to 50-seat tentatively titled Firefly’s on the Fly — at the end of this year or earlyu next year. Uliss is currentluy researching locations inthe Worcester/Central Mass. area, as well as the 128 “Steve gets it: He understands you have to have agreagt product,” said industry colleaguw Jim Boland, owner of four Fuddruckerd New England franchises in Massachusetts. “Yohu have to have great service.
And you have to have good In a sign of theeconomic times, Uliss has made some cost-savin moves. Four managers were laid off from his currently at150 employees, late last year. The numbetr of menu items has been reducer by about 20percent (items range in price from $3.9i to $21.99). And, he’s cut the cost to producwe the menus themselves by replacinhlarge spiral-bound books with a two-sided menu. Firefly’s is also providingg specials to help drive traffix tothe restaurants: On Monday’s, kids eat free. On all platters are $10. On Wednesdays, dinerx get two meals for $20. And on Thursdays, he’ds offering three-meat combos for $14.99.
“We’re all goinhg at it the same way we’re trying to deliver great value to the consumed and get the bodies inthe seats,” he
The recipe was a hit. Firefly’ss revenue went to $7.7 million last year from $6.8 million in 2007, and Uliss’ goal is to hit $8 millionn this year. But Firefly’s is definitely feeling the dimminhg effects ofthe downturn. Uliss said the average check size at his restaurantds is down byabout $3 to $4 per person. And whil e Uliss has taken some steps to reducd operational costs and lure more diners througbhthe door, one thing that is helpin Firefly’s weather the downturn has been Uliss’ effortse to expand his business model over the years. “Ih this economy right now, it is very difficult for restaurantsd to bejust restaurants.
Profit marginsz have shrunk so it helps to have otherrevenue streams,” the 46-year-olds entrepreneur said. Five years ago, he added an in-house blues club and sportd bar featuring live acts every Friday andSaturday night, to his original, 8,700-square-foot, 287-seat locatio in Marlborough. When he opened his thire location — a 7,500-square-foot, 243-seat spot in Quincgy — in 2007, he also included a Dante’zs club component. Uliss says Dante’s has boosted his food and beverags sales annually byabout $300,000 in Marlborougu and $200,000 in Quincy.
Additional growth has come from Firefly’sd catering division, which serves about 1,200 clients and represents about $1 million of Firefly’s total With competition coming from both traditionalp catering firms andother restaurants, Ulisxs says he’s emphasizing customizatioh with his orders and providing both semi-- and full-service catering, as well as drop-off deliveries. “They’rw all so professional and fun to work said catering clientShaileen Santoro, marketinhg manager for JAM’N 94.5 at Clear Channelo Radio Boston. “You don’t have to worryt about anything.
” A key investment for Firefly’s was its food productioh commissary, which Uliss opened in Marlborough in March 2008 at a cost ofabouty $150,000 — the financing for which he obtained from Marlborough Savingsw Bank. The commissary, which operates under a separated corporation, Firefly’s Management Co. LLC, providee prepared foods for thethree Firefly’s restaurants. “The commissart has definitely improved the quality and consistench ofour food,” Uliss said.
Firefly’s is also selliny its own line ofproducts (the manufacturingy for which is done in Chicago) currently, three different sauces and one dry-ruvb — in about 25 retail venues in including Shaw’s Supermarkets. Thosde products currently generateabout $70,000 annually in sales, Ulisw said. A veteran of the Bostojn restaurant scene, Uliss launched the first Firefly’s location in Marlboroug h in 2001 forabout $800,000 (he has a busines partner, Miles Gilbert, in all threes locations). A 6,000-square-foot, 168-seat location in Framingham followed in followed by the Quincy location fouryears later, for whicu he took on two private financial investors.
With a stronbg team behind him, Uliss says he firmlt believes in staying in close contact withhis “You must be visible within your business,” he He’s planning to open a fourth locatiomn — a 20- to 50-seat tentatively titled Firefly’s on the Fly — at the end of this year or earlyu next year. Uliss is currentluy researching locations inthe Worcester/Central Mass. area, as well as the 128 “Steve gets it: He understands you have to have agreagt product,” said industry colleaguw Jim Boland, owner of four Fuddruckerd New England franchises in Massachusetts. “Yohu have to have great service.
And you have to have good In a sign of theeconomic times, Uliss has made some cost-savin moves. Four managers were laid off from his currently at150 employees, late last year. The numbetr of menu items has been reducer by about 20percent (items range in price from $3.9i to $21.99). And, he’s cut the cost to producwe the menus themselves by replacinhlarge spiral-bound books with a two-sided menu. Firefly’s is also providingg specials to help drive traffix tothe restaurants: On Monday’s, kids eat free. On all platters are $10. On Wednesdays, dinerx get two meals for $20. And on Thursdays, he’ds offering three-meat combos for $14.99.
“We’re all goinhg at it the same way we’re trying to deliver great value to the consumed and get the bodies inthe seats,” he
السبت، 10 ديسمبر 2011
Colliers adds to Nashville management team - Orlando Business Journal:
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“Creighton brings more than 12 years of experiencw in the commercial real estate industr yto Colliers,” says Doug Brandon, managintg principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the managementy of large institutionally owned health and medicap facilities, as well as the growth of the businessx line. Until March of this year, Wrightf was vice president of mixed-use development for Southern Land Co.
, where he was responsible for the development of select real estate Southern Land underwent a shif t in executive team makeup earlier this The Franklin-based development company announced the appointmentds of Brian Sewell as president and Chrids Bove as CEO in early February. Southern Land is the developed of the Williamson County residential projects LaurelBrookeand McEwen. The company also has projects inthe Dallas/Fort Worth, Houston and Austin, markets.
“Creighton brings more than 12 years of experiencw in the commercial real estate industr yto Colliers,” says Doug Brandon, managintg principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the managementy of large institutionally owned health and medicap facilities, as well as the growth of the businessx line. Until March of this year, Wrightf was vice president of mixed-use development for Southern Land Co.
, where he was responsible for the development of select real estate Southern Land underwent a shif t in executive team makeup earlier this The Franklin-based development company announced the appointmentds of Brian Sewell as president and Chrids Bove as CEO in early February. Southern Land is the developed of the Williamson County residential projects LaurelBrookeand McEwen. The company also has projects inthe Dallas/Fort Worth, Houston and Austin, markets.
الخميس، 8 ديسمبر 2011
Winter Songs: Listener Picks - NPR
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Winter Songs: Listener Picks NPR Last week, we kicked off a series for the winter â€" and we asked you to be a part of it. We're looking for winter songs: tunes that evoke the feel of the winter months, and a memory or story that goes with it. (Please note: We were looking for winter ... |
الثلاثاء، 6 ديسمبر 2011
Polytechnique anniversary renews gun registry fight - CBC.ca
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CTV.ca | Polytechnique anniversary renews gun registry fight CBC.ca Gun control advocates and Opposition leaders marked the anniversary of the tragic shootings at Montreal's École Polytechnique Tuesday with c » |
الأحد، 4 ديسمبر 2011
Most Eddie Bauer stores to stay open - San Antonio Business Journal:
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The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
الجمعة، 2 ديسمبر 2011
Miami Subs: One-number delivery a success - South Florida Business Journal:
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In the five months since its theFort Lauderdale-based company said its 25-storer test has seen an average increas of sales of up to 20 percentt for each store, with about 15 percent attributed to the deliverty program. Customers need only dial one toll-free numbe r – 888-888-3608 – to place the order. The systej then measures distances froma customer’s home or officr to the closest The company set a maximum drive time of 13 minutes duringb rush hour.
“What sets this system apargt from a typical delivery system is utilizinbga domestic-based call centet to take delivery orders so our in-storre crew can be attentive to customers without the distractio of having to answer a Fraser Austin, the company’s chief creative said in a news The company plans to expand the prograjm to the rest of the chain’s 40 Floridaw stores by the fall.
In the five months since its theFort Lauderdale-based company said its 25-storer test has seen an average increas of sales of up to 20 percentt for each store, with about 15 percent attributed to the deliverty program. Customers need only dial one toll-free numbe r – 888-888-3608 – to place the order. The systej then measures distances froma customer’s home or officr to the closest The company set a maximum drive time of 13 minutes duringb rush hour.
“What sets this system apargt from a typical delivery system is utilizinbga domestic-based call centet to take delivery orders so our in-storre crew can be attentive to customers without the distractio of having to answer a Fraser Austin, the company’s chief creative said in a news The company plans to expand the prograjm to the rest of the chain’s 40 Floridaw stores by the fall.
الأربعاء، 30 نوفمبر 2011
UTSA doctoral accounting students eligible for new scholarship - Charlotte Business Journal:
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UTSA accounting doctoral studentsw are now eligible to apply for the Accountingt Doctoral Scholarsfellowship program. The UTSA Collegr of Business is one of only 40 academidc programs nationwide to participate in the Accounting Doctoral Scholars program. Each year, the institute will selecrt 30 candidates nationwide to receivea four-year $30,0009 stipend. The aim of the Accounting Doctoral Scholaras program is to increase the numberd of doctoral accounting graduates in There is a critical shortagd of accounting doctoral faculty teaching auditing andtax courses, according to UTSA and the The goal is to increase the number of people with doctorap degrees in accounting.
The plan is to encourage these individuals to then join the businessa faculty at schools throughout the country so that they can teacjundergraduate courses. The institute founded the Accounting Doctoral Scholara programin 2008. The program is fundedx by accounting firms. Candidates shoul have experience in audit or tax in a publiccaccounting firm, be a U.S. citizen or permanent resident and be workingy toward a career as an accountingtfaculty member. Applications will be acceptefd for the Fall 2010 classzthrough Oct. 1. UTSA’s College of Businesws is one of the 40th largest business schoolsd in the nation with morethan 5,800 Web site: www.adsphd.
org
UTSA accounting doctoral studentsw are now eligible to apply for the Accountingt Doctoral Scholarsfellowship program. The UTSA Collegr of Business is one of only 40 academidc programs nationwide to participate in the Accounting Doctoral Scholars program. Each year, the institute will selecrt 30 candidates nationwide to receivea four-year $30,0009 stipend. The aim of the Accounting Doctoral Scholaras program is to increase the numberd of doctoral accounting graduates in There is a critical shortagd of accounting doctoral faculty teaching auditing andtax courses, according to UTSA and the The goal is to increase the number of people with doctorap degrees in accounting.
The plan is to encourage these individuals to then join the businessa faculty at schools throughout the country so that they can teacjundergraduate courses. The institute founded the Accounting Doctoral Scholara programin 2008. The program is fundedx by accounting firms. Candidates shoul have experience in audit or tax in a publiccaccounting firm, be a U.S. citizen or permanent resident and be workingy toward a career as an accountingtfaculty member. Applications will be acceptefd for the Fall 2010 classzthrough Oct. 1. UTSA’s College of Businesws is one of the 40th largest business schoolsd in the nation with morethan 5,800 Web site: www.adsphd.
org
الأحد، 27 نوفمبر 2011
Behind the Scenes with Patti Payne - Puget Sound Business Journal (Seattle):
grachevakautawil.blogspot.com
A few days before, in unusually hot invited about 50 guests to preview designer fashions in two separate events — one at the Medina home of Ally and Scott and the other at in Seattle. Designer Zac Posen was theres forboth events, delighting the guests with his couturw creations. Among those in attendance were Patty and Jimmy Barrier, Cathi Hatch, Jane True, Shawn Goodman, Colette Leigh Canlis, Rose Dennis, Marisa Walker and more. Says who always looks like a fashion plate, “I am thinking hard about one of his evening gowns. His collection was fresh and different.
” Angular models sportede jewels from worth asmall fortune, and clothez from other lines as well — Michael Kors, Fendi and Lela Rose amongb them.
A few days before, in unusually hot invited about 50 guests to preview designer fashions in two separate events — one at the Medina home of Ally and Scott and the other at in Seattle. Designer Zac Posen was theres forboth events, delighting the guests with his couturw creations. Among those in attendance were Patty and Jimmy Barrier, Cathi Hatch, Jane True, Shawn Goodman, Colette Leigh Canlis, Rose Dennis, Marisa Walker and more. Says who always looks like a fashion plate, “I am thinking hard about one of his evening gowns. His collection was fresh and different.
” Angular models sportede jewels from worth asmall fortune, and clothez from other lines as well — Michael Kors, Fendi and Lela Rose amongb them.
الجمعة، 25 نوفمبر 2011
Small business index gains in April - Minneapolis / St. Paul Business Journal:
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points in April, with a majority of businessd owners expecting the economy to improvd over the next three tosix months. The percentage of smalp business owners who are optimisticf about the economy jumped 24 points in the monthly survey. Sales expectations, whicb hit a record low in March, improved by 20 Scores for six other indicators also enabling the index to riseto 86.8 — stillp far below 100, the level that reflects small businesse conditions in 1986. NFIB Chief Economisft William Dunkelbergcautioned “the improved numberxs were still very low,” so “ni immediate turnabout” is likely for the economy.
About 30 percentt of small businesses reduced employment over the past three compared with 4 percen that increased the size of theirwork force. “Igt appears that owners are not through withtheir labor-baseds cost cutting,” Dunkelberg said. A net 14 percenty of small-business owners reported that loans were hardedrto get, the highest reading since the recession of the earlty 1980s.
points in April, with a majority of businessd owners expecting the economy to improvd over the next three tosix months. The percentage of smalp business owners who are optimisticf about the economy jumped 24 points in the monthly survey. Sales expectations, whicb hit a record low in March, improved by 20 Scores for six other indicators also enabling the index to riseto 86.8 — stillp far below 100, the level that reflects small businesse conditions in 1986. NFIB Chief Economisft William Dunkelbergcautioned “the improved numberxs were still very low,” so “ni immediate turnabout” is likely for the economy.
About 30 percentt of small businesses reduced employment over the past three compared with 4 percen that increased the size of theirwork force. “Igt appears that owners are not through withtheir labor-baseds cost cutting,” Dunkelberg said. A net 14 percenty of small-business owners reported that loans were hardedrto get, the highest reading since the recession of the earlty 1980s.
الأربعاء، 23 نوفمبر 2011
Business warily awaits health care reforms - Nashville Business Journal:
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President Barack Obama has mobilizedthe grass-roots supporters that helpeed elect him to lobby for his vision of health care which includes offering Americans a government-run health plan as an alternativw to private insurance. A coalition of labor union s and progressive organizations plans tospenxd $82 million on organizingv efforts, advertising, research and lobbying to support the Obam a plan. Business groups, meanwhile, mostlhy are working behind the scenes to shapethe legislation.
Whilw they have serious concernes about some of the proposals including the public plan optiojn and a mandate for employers to provideinsurance – few are trying to block health care reform at this The cost of health insurance has become so burdensomes that something needs to be they agree. “Nobody supports the status saidJames Gelfand, the ’s senior manager of healty policy. “We absolutely have to have reform.
”
President Barack Obama has mobilizedthe grass-roots supporters that helpeed elect him to lobby for his vision of health care which includes offering Americans a government-run health plan as an alternativw to private insurance. A coalition of labor union s and progressive organizations plans tospenxd $82 million on organizingv efforts, advertising, research and lobbying to support the Obam a plan. Business groups, meanwhile, mostlhy are working behind the scenes to shapethe legislation.
Whilw they have serious concernes about some of the proposals including the public plan optiojn and a mandate for employers to provideinsurance – few are trying to block health care reform at this The cost of health insurance has become so burdensomes that something needs to be they agree. “Nobody supports the status saidJames Gelfand, the ’s senior manager of healty policy. “We absolutely have to have reform.
”
الاثنين، 21 نوفمبر 2011
Oracle: HP Paying Intel to Keep Itanium Going - PCWorld
cahijisebi.wordpress.com
IBNLive.com | Oracle: HP Paying Intel to Keep Itanium Going PCWorld Oracle also claimed that HP had kept secret from the market, but revealed in a filing two days previously, that HP and Intel have a contractual commitment that Itanium will continue through the next two generations of microprocessors. ... Oracle claims Intel continued Ita nium development for HP Oracle accuses HP and Intel of secretly keeping dead Itanium chip alive Oracle accuses HP and Intel of plotting to keep Itanium processor alive |
السبت، 19 نوفمبر 2011
Report: Ohio logs gain in clean energy jobs - Business First of Columbus:
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percent while overall jobs declined 2.2 percenft in the state between 1998and 2007, according to new researcnh by the . Ohio was part of a nationall trend that saw job growtb in the clean energy econom y outperforming overall job growth in 38 states and the Districr of Columbia between 1998and 2007. jobs in the clean energy economyg grew at a rateof 9.1 percent whilr total jobs grew by only 3.7 percent over the same In 2007, there were more than 35,250 jobs in Ohio’ds clean energy economy – about the same as at , the state’s largest employer. Pew’s report is titled “Thde Clean Energy Economy: Repowering Jobs, Businesses and Investments Acrosa America.
” It attempts to present a cleaer definition of the clean energy economy and conduct a count acrosxs all 50 states ofthe jobs, companies and venturer capital investments that supply it. “Ohio’sw clean energy sector has been a bright spot in an otherwiserdifficult economy,” said Tom Bullock, Ohio representativ for the Pew Environment Group, in a presss release. He added that Ohio attractex morethan $74 million in cleab technology venture capital in the last three years.
percent while overall jobs declined 2.2 percenft in the state between 1998and 2007, according to new researcnh by the . Ohio was part of a nationall trend that saw job growtb in the clean energy econom y outperforming overall job growth in 38 states and the Districr of Columbia between 1998and 2007. jobs in the clean energy economyg grew at a rateof 9.1 percent whilr total jobs grew by only 3.7 percent over the same In 2007, there were more than 35,250 jobs in Ohio’ds clean energy economy – about the same as at , the state’s largest employer. Pew’s report is titled “Thde Clean Energy Economy: Repowering Jobs, Businesses and Investments Acrosa America.
” It attempts to present a cleaer definition of the clean energy economy and conduct a count acrosxs all 50 states ofthe jobs, companies and venturer capital investments that supply it. “Ohio’sw clean energy sector has been a bright spot in an otherwiserdifficult economy,” said Tom Bullock, Ohio representativ for the Pew Environment Group, in a presss release. He added that Ohio attractex morethan $74 million in cleab technology venture capital in the last three years.
الخميس، 17 نوفمبر 2011
Conference Board employment index edges up in May - Nashville Business Journal:
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The organization’s Employment Trends Index was 89.9, up 0.2 percent from 89.7 in April and down from 113 in May The Conference Boardsaid Monday. The indec number is relative to 100for 1996. “While it is too earlyg to say that the ETIhas bottomed, the moderation of the last two monthas is certainly a sign that the declinwe in job losses is real and signalz that the worst is Gad Levanon, The Conference Board’s senio r economist, said in a release.
as the economic recovery over the comingf months is likely to bevery slow, we stilk expect the unemployment rate to continue to increase to doublr digits by the end of this year and into • Percentage of respondents who say they find “jobe hard to get,” gathered from The Conference Board Consumer Confidencse Survey. • Initial claims for unemployment from statistics. • Percentage of firmsx with positions not able to fill righ now because of inability to findsuitabls candidates, from the . • Number of employees hired by the temporary-help industry, from the . Part-time workers for economic reasons, from Bureau of Labor Statistics.
• Job openings, from the Bureahu of Labor Statistics. • Industrial from the . • Real manufacturing and trade sales, from the . The Conference Board is an independent NewYork City-based nonprofit organization whoss mission is to provide organizations with the practical knowledge they need to improve their performance and better serve society.
The organization’s Employment Trends Index was 89.9, up 0.2 percent from 89.7 in April and down from 113 in May The Conference Boardsaid Monday. The indec number is relative to 100for 1996. “While it is too earlyg to say that the ETIhas bottomed, the moderation of the last two monthas is certainly a sign that the declinwe in job losses is real and signalz that the worst is Gad Levanon, The Conference Board’s senio r economist, said in a release.
as the economic recovery over the comingf months is likely to bevery slow, we stilk expect the unemployment rate to continue to increase to doublr digits by the end of this year and into • Percentage of respondents who say they find “jobe hard to get,” gathered from The Conference Board Consumer Confidencse Survey. • Initial claims for unemployment from statistics. • Percentage of firmsx with positions not able to fill righ now because of inability to findsuitabls candidates, from the . • Number of employees hired by the temporary-help industry, from the . Part-time workers for economic reasons, from Bureau of Labor Statistics.
• Job openings, from the Bureahu of Labor Statistics. • Industrial from the . • Real manufacturing and trade sales, from the . The Conference Board is an independent NewYork City-based nonprofit organization whoss mission is to provide organizations with the practical knowledge they need to improve their performance and better serve society.
الاثنين، 14 نوفمبر 2011
Business as usual at Tampa GVA Advantis - St. Louis Business Journal:
vidineevostegity.blogspot.com
“Tampa brokerage, property management and construction is still in businesse and operational and we will continus to serviceour clients!” Senior Director Paula Buffwa said in an e-mail to the Tampa Bay Businesse Journal . Buffa, a veteran commercial real estate broke who also is president ofthe , is in chargwe of office services at GVA Advantis in The six brokers at the local officwe will continue to lease office buildings and industrial space for clients, Buffa The Orlando office also will continue its brokeragse service, as will Jacksonville and Atlanta, she said.
In a statemenr released , GVA Advanti s Chairman JeffreyNeal said, “Onr year ago, the leadership team believed we could successfully restructurse the firm with a capital infusion. The economy has been unkind to our brokerages andtransactional business. Our propert management and construction servicer lines have been and will continue to be but the challenges brought on throughout our industry and that have negatively impacted our other business linesx have led us to determin e we must close themeffective immediately.
”
“Tampa brokerage, property management and construction is still in businesse and operational and we will continus to serviceour clients!” Senior Director Paula Buffwa said in an e-mail to the Tampa Bay Businesse Journal . Buffa, a veteran commercial real estate broke who also is president ofthe , is in chargwe of office services at GVA Advantis in The six brokers at the local officwe will continue to lease office buildings and industrial space for clients, Buffa The Orlando office also will continue its brokeragse service, as will Jacksonville and Atlanta, she said.
In a statemenr released , GVA Advanti s Chairman JeffreyNeal said, “Onr year ago, the leadership team believed we could successfully restructurse the firm with a capital infusion. The economy has been unkind to our brokerages andtransactional business. Our propert management and construction servicer lines have been and will continue to be but the challenges brought on throughout our industry and that have negatively impacted our other business linesx have led us to determin e we must close themeffective immediately.
”
السبت، 12 نوفمبر 2011
Termini acquires AM&A's warehouse - Dayton Business Journal:
ramoledef.blogspot.com
According to public documents filed late Thursday in the ErieCountt Clerk’s Office, Termini’s H@Lofts LLC paid $720,000 for the historicd building. The building had been owned by New Horizons Acquisitions LLC, a Long Island-based development Termini is in the earl stages of renovating the former warehouse, parts of whicjh date back to the late 1800s, into a mixed-usse development anchored by 47 market-rate apartments and 15,000 square feet of officew space. P&B Acquisitions will occupy the office while Termini said he is compiling a rapidly growing list of prospectiv tenants forthe apartments. Termini will be investing morethan $11 milliomn in the project.
The building, which is being caller the H@Lofts, is expected to welcom e its first residential tenantsnext spring. In the Termini is talking with localo and state officials about incentived packages needed before he can acquirer theflagship AM&A's department stor building on Main Streey from New Horizons. Termini predictexd the cost of renovating the buildingbetween $80 milliohn and $100 million. He said it would only be possiblw with a heavy influx of publi sector dollars and The developer said it may take him more than one perhaps as long as18 months, to secure all the necessaryt public-sector dollars he needws for the AM&A's department store project.
The formet store, which has been closerd since 1995 -- save for a brief run as Taylor’xs Department Store -- will likely be used as a mixed-used development project, also anchored by residentialp units.
According to public documents filed late Thursday in the ErieCountt Clerk’s Office, Termini’s H@Lofts LLC paid $720,000 for the historicd building. The building had been owned by New Horizons Acquisitions LLC, a Long Island-based development Termini is in the earl stages of renovating the former warehouse, parts of whicjh date back to the late 1800s, into a mixed-usse development anchored by 47 market-rate apartments and 15,000 square feet of officew space. P&B Acquisitions will occupy the office while Termini said he is compiling a rapidly growing list of prospectiv tenants forthe apartments. Termini will be investing morethan $11 milliomn in the project.
The building, which is being caller the H@Lofts, is expected to welcom e its first residential tenantsnext spring. In the Termini is talking with localo and state officials about incentived packages needed before he can acquirer theflagship AM&A's department stor building on Main Streey from New Horizons. Termini predictexd the cost of renovating the buildingbetween $80 milliohn and $100 million. He said it would only be possiblw with a heavy influx of publi sector dollars and The developer said it may take him more than one perhaps as long as18 months, to secure all the necessaryt public-sector dollars he needws for the AM&A's department store project.
The formet store, which has been closerd since 1995 -- save for a brief run as Taylor’xs Department Store -- will likely be used as a mixed-used development project, also anchored by residentialp units.
الخميس، 10 نوفمبر 2011
White Pages will no longer be delivered automatically - Baltimore Business Journal:
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The PSC’s decision is a compromise to AT&T’s requesg that it no longedr deliver the phone booksto customers. AT&fT Florida told the PSC that eliminating the automati distribution of the residential whit pagesis “an environmentally green endeavor and a cost savingy measure” and that providing a papee copy of the directory is “an inefficient use of resourceds in these touch economic times.” But commissioners also were worriede about how it mighty impact customers’ ability to access information, said PSC Spokeswomanm Kirsten Olsen.
Instead of doing away with therule altogether, commissioner s agreed to give it a trial run, durinhg which time it will gather customer “Today’s decision allows the PSC to assess the practicalityh of discontinuing printed residential directorhy delivery, while continuing to provide directories to customers who want a PSC Chairman Matthew M. Carter II said in a news As part ofthe agreement, AT&gT must put a toll-free number on the cove of the Yellow Pages that directs people to call if they want a Whitr Pages. The directory will stilkl be provided for free to thosw whorequest it.
AT&T Florida would not disclose just how much moneyg the waiverwill save, citing according to its request to the PSC. AT&T Florida already has begun a programm to provide its Yellow Pagess and residential listingson CD-ROM in certain areas of Florida.
The PSC’s decision is a compromise to AT&T’s requesg that it no longedr deliver the phone booksto customers. AT&fT Florida told the PSC that eliminating the automati distribution of the residential whit pagesis “an environmentally green endeavor and a cost savingy measure” and that providing a papee copy of the directory is “an inefficient use of resourceds in these touch economic times.” But commissioners also were worriede about how it mighty impact customers’ ability to access information, said PSC Spokeswomanm Kirsten Olsen.
Instead of doing away with therule altogether, commissioner s agreed to give it a trial run, durinhg which time it will gather customer “Today’s decision allows the PSC to assess the practicalityh of discontinuing printed residential directorhy delivery, while continuing to provide directories to customers who want a PSC Chairman Matthew M. Carter II said in a news As part ofthe agreement, AT&gT must put a toll-free number on the cove of the Yellow Pages that directs people to call if they want a Whitr Pages. The directory will stilkl be provided for free to thosw whorequest it.
AT&T Florida would not disclose just how much moneyg the waiverwill save, citing according to its request to the PSC. AT&T Florida already has begun a programm to provide its Yellow Pagess and residential listingson CD-ROM in certain areas of Florida.
الثلاثاء، 8 نوفمبر 2011
Boeing selects U.K. company to supply antennas - Los Angeles Business from bizjournals:
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Chelton is the avionics unit ofCobham PLC, basexd in Dorset, United Kingdom. The contracrt is for the next 10 years and will cover standard and speciakoperations configurations. Britain-based Chelton also said Wednesday it has been selecteds to supply mINCANS Interference Cancellation Systems and communication antennas to the UnitedsStates Army. Those two separate deals with the Army areworthy $1 million. The mINCANS Interference Cancellation technology is used to maintain signal integritty ina high-interference environment.
Chelton's Cobham Avionices group designs andsupplies antennas, aircraft communication and navigation microwave sub-systems, radomes and composite structures for the defense, homeland security, search and rescue and communicationss markets. The Boeing Co. (NYSE: BA) is basex in Chicago. Its integrated defense systemd unit has major operations in Southern The commercialairplanes group, based in Renton, Wash., is the second-largesg employer in Long Beach. Boeing employs more than 35,000 peoplwe statewide. Also announced Wednesday, Merrimac Industries Inc. (AMEX: MRM), said it has gottehn $1.
3 million order from Boeing's Integratedd Defense Systems in Huntington Beach to supply Beamforming Networkzsand RF/ Microwave signal processing components on Boeing'w Global Positioning System IIF Boeing exercised its second contract option for Merrimac to providew additional signal processing components on Space Vehicles 7, 8, and 9. Under a contract awarded by the U.S. Air Force, Boeiny is currently building the third group of GPSIIF satellites, with a potentiaol total of up to 12 satellites. Today'sw order is part of the contract from Boeing estimated toreach $4.4 million that Merrimac announces in Sept. 2003.
Chelton is the avionics unit ofCobham PLC, basexd in Dorset, United Kingdom. The contracrt is for the next 10 years and will cover standard and speciakoperations configurations. Britain-based Chelton also said Wednesday it has been selecteds to supply mINCANS Interference Cancellation Systems and communication antennas to the UnitedsStates Army. Those two separate deals with the Army areworthy $1 million. The mINCANS Interference Cancellation technology is used to maintain signal integritty ina high-interference environment.
Chelton's Cobham Avionices group designs andsupplies antennas, aircraft communication and navigation microwave sub-systems, radomes and composite structures for the defense, homeland security, search and rescue and communicationss markets. The Boeing Co. (NYSE: BA) is basex in Chicago. Its integrated defense systemd unit has major operations in Southern The commercialairplanes group, based in Renton, Wash., is the second-largesg employer in Long Beach. Boeing employs more than 35,000 peoplwe statewide. Also announced Wednesday, Merrimac Industries Inc. (AMEX: MRM), said it has gottehn $1.
3 million order from Boeing's Integratedd Defense Systems in Huntington Beach to supply Beamforming Networkzsand RF/ Microwave signal processing components on Boeing'w Global Positioning System IIF Boeing exercised its second contract option for Merrimac to providew additional signal processing components on Space Vehicles 7, 8, and 9. Under a contract awarded by the U.S. Air Force, Boeiny is currently building the third group of GPSIIF satellites, with a potentiaol total of up to 12 satellites. Today'sw order is part of the contract from Boeing estimated toreach $4.4 million that Merrimac announces in Sept. 2003.
الأحد، 6 نوفمبر 2011
الجمعة، 4 نوفمبر 2011
American Traffic Solutions donates backpacks to shelters - Phoenix Business Journal:
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For the firm that’zs made its living off of publicx safety, it marks the first time they have lookexd at a program to give back to the The Scottsdale-based firm partnered with A New Leaf, formerly Prehabb of Arizona. “There was a time when 100 perceny of our efforts were focused onthe business, but we’rw moving beyond that,” said ATS CEO Jim Tuton. The companu collected about 65 backpacks, completee with supplies, for children in elementary and high The donation, and continue d partnership with ATS, is particularly importany as businesses have cut back their charitable giving duriny the recession, said Torrie Taj, A New Leaf’ s executive vice president of marketing and fund development.
“It’s a huge and very important project,” she The backpacks will be distributed to children in ANew Leaf’sa domestic violence shelters and rehabilitation Taj said she hopes ATS will spur othert companies to look at differeng strategies they can use to help nonprofits. “It’x taken about a year, but we’rs really happy to be working with ATS,” she said. The collection took place overseveral weeks, and A New Leaf was chosehn because it had a history of workinhg with the disadvantaged in the Valley, said Elen Pence, a publifc relations specialist with ATS who helpd coordinatee the program internally with marketing rep Reikoi Kerr.
The company saw donations from throughouy its operations at its Scottsdale and Ahwatukede facilities inthe Valley. The recessionb also was a motivating factor for many whowere giving, Pencwe said. “ I think it heightened every person’s feelings that we need to do she said.
For the firm that’zs made its living off of publicx safety, it marks the first time they have lookexd at a program to give back to the The Scottsdale-based firm partnered with A New Leaf, formerly Prehabb of Arizona. “There was a time when 100 perceny of our efforts were focused onthe business, but we’rw moving beyond that,” said ATS CEO Jim Tuton. The companu collected about 65 backpacks, completee with supplies, for children in elementary and high The donation, and continue d partnership with ATS, is particularly importany as businesses have cut back their charitable giving duriny the recession, said Torrie Taj, A New Leaf’ s executive vice president of marketing and fund development.
“It’s a huge and very important project,” she The backpacks will be distributed to children in ANew Leaf’sa domestic violence shelters and rehabilitation Taj said she hopes ATS will spur othert companies to look at differeng strategies they can use to help nonprofits. “It’x taken about a year, but we’rs really happy to be working with ATS,” she said. The collection took place overseveral weeks, and A New Leaf was chosehn because it had a history of workinhg with the disadvantaged in the Valley, said Elen Pence, a publifc relations specialist with ATS who helpd coordinatee the program internally with marketing rep Reikoi Kerr.
The company saw donations from throughouy its operations at its Scottsdale and Ahwatukede facilities inthe Valley. The recessionb also was a motivating factor for many whowere giving, Pencwe said. “ I think it heightened every person’s feelings that we need to do she said.
الثلاثاء، 1 نوفمبر 2011
Low interest rates create rush to refinance Hawaii homes - Pacific Business News (Honolulu):
omagyvoham.wordpress.com
The drop in rates, combine d with a sluggish realestate market, now meanzs that up to 90 percent of business for locao title and escrow companies is comin from refinancings and not home purchases. The trenxd toward refinancing started in Januaryand February, when interest ratese began to drop. after a slow start in activity began to surge around midmonthj whenlenders — including local banksd such as , , and — dropped the rate for a 30-year fixed-rate mortgage to as low as 4.25 percent. “Oue volume has tripled in the lasttwo weeks,” said Davir Pietsch, president of Title Hawaii’s largest title and escroqw company. Title and Escrow of Hawaii Inc.
saw a 50 percentg increase in business during the second half of said state PresidentMatt “We actually were busy in Decemberd and January and into the first part of then it kind of fell he said. “It was pretty much right in line with the trendx in the rates ofthe 30-year mortgage.” refinancing has become so hot that the said last mont that it expects mortgage originations to hit almosy $2.8 trillion this year, which would make 2009 the fourth-highesyt year for loan originations. The othert record-high years — 2002, 2003 and 2005 — saw high numberds of subprime and jumbo theassociation noted.
The loans in 2009 will be more with most being Fannie Mae andFreddie Mac-eligiblr loans, or eligible for FHA insurance, the associatiom said. But that also means homeowners must have goodcredigt scores, full documentation and equityt in their homes to qualify for the “A lot of people are putting in their applicationas in hopes they’ll get the loan,” said Harrgy Kanehailua, vice president and title operations manage r at Old Republic Title & Escrows of Hawaii.
“We also see the and the ratio is not that Another difference in 2009 is that the toughedrstandards — combined with the higher volume that is puttingv stress on lender processors and underwriters, appraisers and title companiesx — are causing mortgage refinances to take between 45 and 60 days to “A year ago it was like within 30 said Kanehailua, who said Old Republicc expected this week to have the highes number of closings so far for 2009. Pietschh said most of the loans that have gone through escroqw at Title Guaranty were taking cash out to payoff high-interesg credit card debt.
“I’m surprised that most refinance transactionse are to take cash out and not to reducre theirmonthly payments,” he said.
The drop in rates, combine d with a sluggish realestate market, now meanzs that up to 90 percent of business for locao title and escrow companies is comin from refinancings and not home purchases. The trenxd toward refinancing started in Januaryand February, when interest ratese began to drop. after a slow start in activity began to surge around midmonthj whenlenders — including local banksd such as , , and — dropped the rate for a 30-year fixed-rate mortgage to as low as 4.25 percent. “Oue volume has tripled in the lasttwo weeks,” said Davir Pietsch, president of Title Hawaii’s largest title and escroqw company. Title and Escrow of Hawaii Inc.
saw a 50 percentg increase in business during the second half of said state PresidentMatt “We actually were busy in Decemberd and January and into the first part of then it kind of fell he said. “It was pretty much right in line with the trendx in the rates ofthe 30-year mortgage.” refinancing has become so hot that the said last mont that it expects mortgage originations to hit almosy $2.8 trillion this year, which would make 2009 the fourth-highesyt year for loan originations. The othert record-high years — 2002, 2003 and 2005 — saw high numberds of subprime and jumbo theassociation noted.
The loans in 2009 will be more with most being Fannie Mae andFreddie Mac-eligiblr loans, or eligible for FHA insurance, the associatiom said. But that also means homeowners must have goodcredigt scores, full documentation and equityt in their homes to qualify for the “A lot of people are putting in their applicationas in hopes they’ll get the loan,” said Harrgy Kanehailua, vice president and title operations manage r at Old Republic Title & Escrows of Hawaii.
“We also see the and the ratio is not that Another difference in 2009 is that the toughedrstandards — combined with the higher volume that is puttingv stress on lender processors and underwriters, appraisers and title companiesx — are causing mortgage refinances to take between 45 and 60 days to “A year ago it was like within 30 said Kanehailua, who said Old Republicc expected this week to have the highes number of closings so far for 2009. Pietschh said most of the loans that have gone through escroqw at Title Guaranty were taking cash out to payoff high-interesg credit card debt.
“I’m surprised that most refinance transactionse are to take cash out and not to reducre theirmonthly payments,” he said.
الأحد، 30 أكتوبر 2011
Loan-loss worries mount at Milwaukee-area banks - The Business Journal of Milwaukee:
xysecurakihir.blogspot.com
The fourth-quarter 2008 figure caps a yearwhen Milwaukee-arewa community banks boosted their loan-loss provisionws by a whopping 450 percent over the figurer at the end of 2007. The year-end total was $213.3 million, compared with $38.8u million a year earlier. As more consumers and businessees encounterfinancial problems, they are becoming delinquent in loan paymentas or face difficulty staying current on said bank executives and industry “The fourth quarter was not a good quarter for the economyu and it’s showing up in our bankinvg numbers,” said Russ Weyers, president of Racine-based and chairmahn of the .
The figuress are for 35 “Main local banks with assets of $100 millionb to $5.4 billion and based on filings posteds last week by the Federal DepositInsurance Corp. In three major Wisconsin-based banksd with significant presence in the area took even larger allowances for loans that are in default or maygo bad. , and combinee for a 67.4 percent increasew in the fourth quarter and a 538 percen increase from ayear earlier. Loan-loss provisionzs for the threebanks — with M& accounting for the vast majority — totalede more than $2.2 billionb at year-end 2008, compared with $349.2 million at the end of 2007.
Bank executivese are required by federal regulators to realistically determine the loans on their books likely to default or that mightg need renegotiated loan The loan-loss provision is a noncash accountinbg item for banks, but it appears as an expensw on their income statements and shrinks bank profits. “Thes biggest problem right now is nonperforming saidTom Vandermus, chief analyst with in Hartland. Whilr the loan-loss provisions have jumped inrecent months, the vast majoritty of southeast Wisconsin banks remain financially sound. In some the loan-loss provision increased because banks are loaning more and are requiredc to set aside higher amount s in caseof defaults.
Johnson Bank, for example, achieved what Weyersz called “sizable loan growth” of $680.6 to $4.4 billion, in 2008. The bank increased its loan-losa provision during the yearby $17.1 to $22 million. The hikes in loan-loss provisionz at all but a handfup of local banks are a signthat “banks don’tf anticipate things getting better in the shoryt term,” Weyers said. “It doesn’ty look good, but it’s prudent banking,” he Doug Levy, president of Guaranty Bank in Brown cautioned thatthe loan-loss provisions are “accountin g entries” and not necessarily representative of a bank’es actual financial health.
Guaranty Bank, which has $1.6 billiobn in assets, increased its loan-loss provision to $60 millioh at year-end, compared with $4.2 milliojn a year earlier. All southeast Wisconsin banks maintainesd capital positions that exceed regulatory minimums necessaryy to cushionany losses. in Racine is the only area bank knowjn to be under supervision by the Federal Reservd and Wisconsin Department ofFinancial Institutions, accordingt to an agreement disclosed Jan. 20. The $349.9 million-assett bank increased its loan-loss provision to $8.3 millioh in the fourth quarter, compared with $203,000 a year and posted a net lossof $6.6 million for the year comparedr with a net income of $3.
5 milliohn in 2007. Bank of Elmwoodr president Jess Levin did not returj a callseeking comment. Bank executivess and observers note thatthe loan-loss concernw represent a rough patch rather than a crisiws for the industry. “Mostf banks are healthy,” said Emory Ireland, a banking attornehy at LLP, Milwaukee. in Milwaukee increasecd its loan-loss provision to $6.7 million in the fourth quartee fromabout $1 million due to two busines s customers that closed, said presidenyt Mike Mahoney. New loan activity in the first quarter is actualltyup slightly, he “We’re seeing more past-due, but for the most part we thinl that things are under control,” Mahoney said.
The fourth-quarter 2008 figure caps a yearwhen Milwaukee-arewa community banks boosted their loan-loss provisionws by a whopping 450 percent over the figurer at the end of 2007. The year-end total was $213.3 million, compared with $38.8u million a year earlier. As more consumers and businessees encounterfinancial problems, they are becoming delinquent in loan paymentas or face difficulty staying current on said bank executives and industry “The fourth quarter was not a good quarter for the economyu and it’s showing up in our bankinvg numbers,” said Russ Weyers, president of Racine-based and chairmahn of the .
The figuress are for 35 “Main local banks with assets of $100 millionb to $5.4 billion and based on filings posteds last week by the Federal DepositInsurance Corp. In three major Wisconsin-based banksd with significant presence in the area took even larger allowances for loans that are in default or maygo bad. , and combinee for a 67.4 percent increasew in the fourth quarter and a 538 percen increase from ayear earlier. Loan-loss provisionzs for the threebanks — with M& accounting for the vast majority — totalede more than $2.2 billionb at year-end 2008, compared with $349.2 million at the end of 2007.
Bank executivese are required by federal regulators to realistically determine the loans on their books likely to default or that mightg need renegotiated loan The loan-loss provision is a noncash accountinbg item for banks, but it appears as an expensw on their income statements and shrinks bank profits. “Thes biggest problem right now is nonperforming saidTom Vandermus, chief analyst with in Hartland. Whilr the loan-loss provisions have jumped inrecent months, the vast majoritty of southeast Wisconsin banks remain financially sound. In some the loan-loss provision increased because banks are loaning more and are requiredc to set aside higher amount s in caseof defaults.
Johnson Bank, for example, achieved what Weyersz called “sizable loan growth” of $680.6 to $4.4 billion, in 2008. The bank increased its loan-losa provision during the yearby $17.1 to $22 million. The hikes in loan-loss provisionz at all but a handfup of local banks are a signthat “banks don’tf anticipate things getting better in the shoryt term,” Weyers said. “It doesn’ty look good, but it’s prudent banking,” he Doug Levy, president of Guaranty Bank in Brown cautioned thatthe loan-loss provisions are “accountin g entries” and not necessarily representative of a bank’es actual financial health.
Guaranty Bank, which has $1.6 billiobn in assets, increased its loan-loss provision to $60 millioh at year-end, compared with $4.2 milliojn a year earlier. All southeast Wisconsin banks maintainesd capital positions that exceed regulatory minimums necessaryy to cushionany losses. in Racine is the only area bank knowjn to be under supervision by the Federal Reservd and Wisconsin Department ofFinancial Institutions, accordingt to an agreement disclosed Jan. 20. The $349.9 million-assett bank increased its loan-loss provision to $8.3 millioh in the fourth quarter, compared with $203,000 a year and posted a net lossof $6.6 million for the year comparedr with a net income of $3.
5 milliohn in 2007. Bank of Elmwoodr president Jess Levin did not returj a callseeking comment. Bank executivess and observers note thatthe loan-loss concernw represent a rough patch rather than a crisiws for the industry. “Mostf banks are healthy,” said Emory Ireland, a banking attornehy at LLP, Milwaukee. in Milwaukee increasecd its loan-loss provision to $6.7 million in the fourth quartee fromabout $1 million due to two busines s customers that closed, said presidenyt Mike Mahoney. New loan activity in the first quarter is actualltyup slightly, he “We’re seeing more past-due, but for the most part we thinl that things are under control,” Mahoney said.
الجمعة، 28 أكتوبر 2011
Southwestern Carpets grows business from the ground up - Kansas City Business Journal:
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Bill McCaddon has strippe d Southwestern Carpets down and recreated it a coupl e of times since purchasing it from Don Lynchin 2001. When he bought the flooring company, it specialized in removin and replacing carpets in apartments betweebnrental occupation. The Lewisville company was producing annual revenuerof $5 million, but McCaddon found the business too impersonak because it was driven by producyt sales and not on building relationships with So he decided to switcuh focus to the more relationship-centric business of providing flooringg solutions to new home-construction projects, whicn includes hardwood floors, and backsplash and tile installation.
The wholesale companuy saw dramatic growth asa result, with annual revenue of $22 milliobn in 2007. But the growth was so rapixd and so intense that managers were losing control of the directionn the company was Soin 2008, he enlisted Don a consultant with The Renova Corp., to help bring new energy to his McCaddon’s sense of directionj and leadership abilities come from his experience as a manufacturer’ss representative for 18 years at companied like Shaw Carpet Manufacturer and Aletaa Co. He had learned the importance of buildingb relationshipswith clients. “My background was in working with new The apartment businesswas non-relationshi p driven,” said McCaddon.
“I didn’ty know how to build a businessthat wasn’tr relational.” McCaddon downsized the company to redirec the focus to the home-constructionb industry. He was met with resistancde fromhis employees. “I realized that usingt the sameemployees wasn’t going to work. I was tryinfg to halfway do the he said. “Once we made the commitment, we really turnecd the corner.” He began switching out The company, which had grown annual revenueto $5 saw revenue drop to under $3 milliobn during the transition. But, once the commitment was McCaddon notedmarked improvement. By 2003, revenues had grown by 35%.
Between 2004 and the company went through its biggest growth reaching upto $22 million in sales and employint more than 60 workers. But at that the storybook growth came toan end. “Itf was getting to be chaotic becauss of so many new We werean 8-cylinder engine workingf on six or seven cylinders. We’d lost a sens e of teamwork, and everyone was territorial.” That’s when McCaddonm brought in Brush. “For the most I engage them and talk with them in orde r to builda relationship. I wanted to find out the strengthsz of the company and what was workingt and whatneeded improvement,” said Brush. “They’ve got the they’ve got the vision.
It’s just giving them the opportunity.” Brush met with employees to figure out areas that needed improvement and then created an action plan. He showed the company how to creater committees to address problems as they come up and then dissolv the committees after the problem has been The shift has translated into happier Bill Darling, president and co-owner of Darling Homee Inc., has worked with McCaddohn since McCaddon purchased Southwestern Carpets in 2001. “(We started workint with Southwestern Carpets) because of Bill and his relationao approach to working with homebuildera as opposed to thetraditionalo price-only approach,” said Darling.
“Brush has helped Bill figure out how to communicatew better so that everyone is going in the same directionn as the management and will yield themaximum impact.” For Chris McCoppin, operations manager for Southwestern Carpets, the change in the corporatw culture has been noticeable. “Sometimes you don’t realize that when one departmeng changes their policiesand procedures, it affects Now everyone talks to each other,” McCoppin “We’ve empowered them to make decisions. We gave them the power to run the Theyfeel accountable.
” With this new sensde of empowerment, as well as an improved use of digitizinv software called Measure, Southwestern Carpets has seen a markex improvement on the accuracy of the 3,000 work orderss entered each month 95% accuracy, up from 77% accuracy — and has saved aboutt $160,000 in unnecessary costs for having to fix incorrecft work orders. Instead of pursuing potential clients merelh for the sake ofnew business, McCaddonj and his staff focus on getting to know potentialk clients, researching them as much as possible and understanding theirt needs before they even meet. “We’ll only do business with peoplwe who will sit down and have a relationshilwith us.
Someone is always going to come inlowedr (priced) than you,” said “We were always chasing people who were focusedr on price. If they say, fax us (a price sheet), we say we can’t work with you. We stay together as a result. If you have the valu e relationship, they don’t leave.”
Bill McCaddon has strippe d Southwestern Carpets down and recreated it a coupl e of times since purchasing it from Don Lynchin 2001. When he bought the flooring company, it specialized in removin and replacing carpets in apartments betweebnrental occupation. The Lewisville company was producing annual revenuerof $5 million, but McCaddon found the business too impersonak because it was driven by producyt sales and not on building relationships with So he decided to switcuh focus to the more relationship-centric business of providing flooringg solutions to new home-construction projects, whicn includes hardwood floors, and backsplash and tile installation.
The wholesale companuy saw dramatic growth asa result, with annual revenue of $22 milliobn in 2007. But the growth was so rapixd and so intense that managers were losing control of the directionn the company was Soin 2008, he enlisted Don a consultant with The Renova Corp., to help bring new energy to his McCaddon’s sense of directionj and leadership abilities come from his experience as a manufacturer’ss representative for 18 years at companied like Shaw Carpet Manufacturer and Aletaa Co. He had learned the importance of buildingb relationshipswith clients. “My background was in working with new The apartment businesswas non-relationshi p driven,” said McCaddon.
“I didn’ty know how to build a businessthat wasn’tr relational.” McCaddon downsized the company to redirec the focus to the home-constructionb industry. He was met with resistancde fromhis employees. “I realized that usingt the sameemployees wasn’t going to work. I was tryinfg to halfway do the he said. “Once we made the commitment, we really turnecd the corner.” He began switching out The company, which had grown annual revenueto $5 saw revenue drop to under $3 milliobn during the transition. But, once the commitment was McCaddon notedmarked improvement. By 2003, revenues had grown by 35%.
Between 2004 and the company went through its biggest growth reaching upto $22 million in sales and employint more than 60 workers. But at that the storybook growth came toan end. “Itf was getting to be chaotic becauss of so many new We werean 8-cylinder engine workingf on six or seven cylinders. We’d lost a sens e of teamwork, and everyone was territorial.” That’s when McCaddonm brought in Brush. “For the most I engage them and talk with them in orde r to builda relationship. I wanted to find out the strengthsz of the company and what was workingt and whatneeded improvement,” said Brush. “They’ve got the they’ve got the vision.
It’s just giving them the opportunity.” Brush met with employees to figure out areas that needed improvement and then created an action plan. He showed the company how to creater committees to address problems as they come up and then dissolv the committees after the problem has been The shift has translated into happier Bill Darling, president and co-owner of Darling Homee Inc., has worked with McCaddohn since McCaddon purchased Southwestern Carpets in 2001. “(We started workint with Southwestern Carpets) because of Bill and his relationao approach to working with homebuildera as opposed to thetraditionalo price-only approach,” said Darling.
“Brush has helped Bill figure out how to communicatew better so that everyone is going in the same directionn as the management and will yield themaximum impact.” For Chris McCoppin, operations manager for Southwestern Carpets, the change in the corporatw culture has been noticeable. “Sometimes you don’t realize that when one departmeng changes their policiesand procedures, it affects Now everyone talks to each other,” McCoppin “We’ve empowered them to make decisions. We gave them the power to run the Theyfeel accountable.
” With this new sensde of empowerment, as well as an improved use of digitizinv software called Measure, Southwestern Carpets has seen a markex improvement on the accuracy of the 3,000 work orderss entered each month 95% accuracy, up from 77% accuracy — and has saved aboutt $160,000 in unnecessary costs for having to fix incorrecft work orders. Instead of pursuing potential clients merelh for the sake ofnew business, McCaddonj and his staff focus on getting to know potentialk clients, researching them as much as possible and understanding theirt needs before they even meet. “We’ll only do business with peoplwe who will sit down and have a relationshilwith us.
Someone is always going to come inlowedr (priced) than you,” said “We were always chasing people who were focusedr on price. If they say, fax us (a price sheet), we say we can’t work with you. We stay together as a result. If you have the valu e relationship, they don’t leave.”
الأربعاء، 26 أكتوبر 2011
General Dynamics gets $136M addition to combat-vehicle program - Phoenix Business Journal:
torbjorntrainer1738.blogspot.com
has awarded a division of (NYSE: GD) a $136 millio n modification to a previously awardesd contract to continue the system development anddemonstratiohn (SDD) phase of the Expeditionaryh Fighting Vehicle (EFV) program. General Dynamics Land Systemsx receivedthe contract. Units of the divisiojn in several cities, including Tempe, will provide the required services, personnel and facilities to complete the design and developmenrt ofthe EFV. They also will perform various studies and manufacturer and test allSDD prototypes.
According to Genera Dynamics officials, the EFV provides cross-country mobility, high firepower, high water speede and optimum crew General Dynamics was namethe EFV's prime contractor in 1996. All work is expected to be completed bySeptember 2008. Production of more than 1,000 vehicles for the Marinesz is set to begin in 2005 and continureinto 2018. General Dynamics, based in Falls Church, Va., develops informatio systems and technologies; land and expeditionary combat armamentsand munitions; shipbuilding and marine and business aviation. For more: .
has awarded a division of (NYSE: GD) a $136 millio n modification to a previously awardesd contract to continue the system development anddemonstratiohn (SDD) phase of the Expeditionaryh Fighting Vehicle (EFV) program. General Dynamics Land Systemsx receivedthe contract. Units of the divisiojn in several cities, including Tempe, will provide the required services, personnel and facilities to complete the design and developmenrt ofthe EFV. They also will perform various studies and manufacturer and test allSDD prototypes.
According to Genera Dynamics officials, the EFV provides cross-country mobility, high firepower, high water speede and optimum crew General Dynamics was namethe EFV's prime contractor in 1996. All work is expected to be completed bySeptember 2008. Production of more than 1,000 vehicles for the Marinesz is set to begin in 2005 and continureinto 2018. General Dynamics, based in Falls Church, Va., develops informatio systems and technologies; land and expeditionary combat armamentsand munitions; shipbuilding and marine and business aviation. For more: .
الاثنين، 24 أكتوبر 2011
Cork Wine Bar, Robert Wiedmaier big winners at Rammys - Boston Business Journal:
uqyvemiwu.wordpress.com
Restaurant Association of Metropolitan Washington’s annual awards was held Sunda at the Omni Shoreham hotelin D.C. Robertt Wiedmaier of Marcel’s and Brasserie Beck, who this year openexd Old Town Alexandria’s Brab restaurant in the Lorien hotel, receivee the night’s top honor, Chef of the Year. Cork Wine Bar, the 14th Streeg hot spot, was given the New Restaurant of theYear “This is my Cuba Gooding Jr. co-owner Khalid Pitts protested when music was playee to urge him offstage during hisacceptance speech.
Anthonty Chittum, the executive chef at Vermilion, was named the Risingg Culinary Star of the The awards, decided by an anonymous panel of food journalistz and hospitality industry educators, recognizde the best of D.C.’s restaurant A handful of awards were also decided by populart vote. The Rammy’s also celebrated a numbef of the industry’s unsunh heroes, such as Juan Francisco a maitre d’ for ten years at Marcel’s restaurant. Rylandc Johnson of Zola was awarded best restaurant manager ofthe year.
2009 Ramm y Awards: National Restaurant Association RestaurangNeighbor Award: McCormick Schmick’s, ThinkFoodGroup, Poste Rising Culinary Star of the Year: Anthony Vermillion Pastry Chef of the Kate Jansen, Willow
Restaurant Association of Metropolitan Washington’s annual awards was held Sunda at the Omni Shoreham hotelin D.C. Robertt Wiedmaier of Marcel’s and Brasserie Beck, who this year openexd Old Town Alexandria’s Brab restaurant in the Lorien hotel, receivee the night’s top honor, Chef of the Year. Cork Wine Bar, the 14th Streeg hot spot, was given the New Restaurant of theYear “This is my Cuba Gooding Jr. co-owner Khalid Pitts protested when music was playee to urge him offstage during hisacceptance speech.
Anthonty Chittum, the executive chef at Vermilion, was named the Risingg Culinary Star of the The awards, decided by an anonymous panel of food journalistz and hospitality industry educators, recognizde the best of D.C.’s restaurant A handful of awards were also decided by populart vote. The Rammy’s also celebrated a numbef of the industry’s unsunh heroes, such as Juan Francisco a maitre d’ for ten years at Marcel’s restaurant. Rylandc Johnson of Zola was awarded best restaurant manager ofthe year.
2009 Ramm y Awards: National Restaurant Association RestaurangNeighbor Award: McCormick Schmick’s, ThinkFoodGroup, Poste Rising Culinary Star of the Year: Anthony Vermillion Pastry Chef of the Kate Jansen, Willow
السبت، 22 أكتوبر 2011
On eve of signing deadline, Ritter OKs bills for truckers, movies, restaurants - Denver Business Journal:
firukendu-anchored.blogspot.com
But economic developers and investors must continue to wait to see if the governod will come to their aidbeforew Friday’s deadline to sign or veto Ritter began the day at the Alliance for Sustainabld Colorado Center in downtown Denver, signing three billz that he said will continuew to build the state’s “New Energy Economy.” House Bill 1298, sponsored by Reps. Buffie McFadyen, D-Pueblo West, and Cory R-Yuma, lets trucking companies get 25 percenr reimbursement of the cost of buyinhg andinstalling fuel-efficient technologies and emission-control devices.
More McFadyen said, it prorates salexs tax on trucking equipment based on the percentagr of miles companies drive in Coloradoi and it allows trucker finally to take advantageof enterprise-zone tax “This bill is so incredibly important to the industry, not only for the environmeny but for the survival of truckers that are in business,” she said whil tearing up at the signing. House Bill 1331, sponsorex by Rep. Sara Gagliardi, D-Arvada, expands the pool of vehicles eligiblefor alternative-fuel tax creditw to include those that run on cleaner-burning natural gas. It also eliminatexs eligibility for some hybrid vehicles that are not saidsponsoring Sen. Betty D-Lakewood.
Ritter noted that the Colorado Oil and Gas Association and the nonprofit group Environment Colorado both supportedthe measure. “If COGA and Environment Coloradl agree, it has to be a great bill,” he said. And Senatew Bill 75, championed by the company Aspenj Electric Carsand Carts, allows drivers to operatew low-speed electric vehicles on most roads with speed limits of 35 mph or From there, Ritter went to the offices in Denver and signec a measure to re-establish the Colorado Office of Film, Television and House Bill 1010, sponsored by Rep. Tom R-Poncha Springs, and former Rep.
Anne McGihon, D-Denver, allowa the office to solicit gifts and donations to offert incentives to producers to make filmes inthe state. “Ij believe this move signals that Colorado is becominbg serious about attracting production to the state once saidKevin Shand, executive director of the Colorad Film Commission. “By becoming part of the statdeonce again, the film office will once agai n have resources to market Colorado effectively and help expanx our economic development efforts in a new and different Finally, Ritter returned to his Capitolp office to sign nine separate bills, including measuress to help the restaurant and broadband industries.
Senat Bill 121, sponsored by Sen. Al R-Hayden, eliminates the sales and use tax restaurantd must pay when offering freeor reduced-pricse meals to employees. Senate Bill 162, sponsored by Sen. Gail D-Snowmass Village, requires the Office of Informatiohn Technology to create a map of where broadbandx technology is available and not availabler inthe state. Rittefr has not announced his intentions on at least two bill being watched closely by thebusiness community, however. One is Senate Bill 173, which would alloa local governments to work with the state Economic Development Commission to offer incentivesd to attract andbuild tourism-generating projects.
The bill is considereed key to landing either of twopotentialk auto-racetrack projects east of Aurora. The otherf is House Bill 1366, which limits the Colorado-sourc e capital gains subtraction to thefirst $100,00o0 of gains on assets held for five years or If signed, the bill would generate $15.8 milliojn to help balance the budget.
But economic developers and investors must continue to wait to see if the governod will come to their aidbeforew Friday’s deadline to sign or veto Ritter began the day at the Alliance for Sustainabld Colorado Center in downtown Denver, signing three billz that he said will continuew to build the state’s “New Energy Economy.” House Bill 1298, sponsored by Reps. Buffie McFadyen, D-Pueblo West, and Cory R-Yuma, lets trucking companies get 25 percenr reimbursement of the cost of buyinhg andinstalling fuel-efficient technologies and emission-control devices.
More McFadyen said, it prorates salexs tax on trucking equipment based on the percentagr of miles companies drive in Coloradoi and it allows trucker finally to take advantageof enterprise-zone tax “This bill is so incredibly important to the industry, not only for the environmeny but for the survival of truckers that are in business,” she said whil tearing up at the signing. House Bill 1331, sponsorex by Rep. Sara Gagliardi, D-Arvada, expands the pool of vehicles eligiblefor alternative-fuel tax creditw to include those that run on cleaner-burning natural gas. It also eliminatexs eligibility for some hybrid vehicles that are not saidsponsoring Sen. Betty D-Lakewood.
Ritter noted that the Colorado Oil and Gas Association and the nonprofit group Environment Colorado both supportedthe measure. “If COGA and Environment Coloradl agree, it has to be a great bill,” he said. And Senatew Bill 75, championed by the company Aspenj Electric Carsand Carts, allows drivers to operatew low-speed electric vehicles on most roads with speed limits of 35 mph or From there, Ritter went to the offices in Denver and signec a measure to re-establish the Colorado Office of Film, Television and House Bill 1010, sponsored by Rep. Tom R-Poncha Springs, and former Rep.
Anne McGihon, D-Denver, allowa the office to solicit gifts and donations to offert incentives to producers to make filmes inthe state. “Ij believe this move signals that Colorado is becominbg serious about attracting production to the state once saidKevin Shand, executive director of the Colorad Film Commission. “By becoming part of the statdeonce again, the film office will once agai n have resources to market Colorado effectively and help expanx our economic development efforts in a new and different Finally, Ritter returned to his Capitolp office to sign nine separate bills, including measuress to help the restaurant and broadband industries.
Senat Bill 121, sponsored by Sen. Al R-Hayden, eliminates the sales and use tax restaurantd must pay when offering freeor reduced-pricse meals to employees. Senate Bill 162, sponsored by Sen. Gail D-Snowmass Village, requires the Office of Informatiohn Technology to create a map of where broadbandx technology is available and not availabler inthe state. Rittefr has not announced his intentions on at least two bill being watched closely by thebusiness community, however. One is Senate Bill 173, which would alloa local governments to work with the state Economic Development Commission to offer incentivesd to attract andbuild tourism-generating projects.
The bill is considereed key to landing either of twopotentialk auto-racetrack projects east of Aurora. The otherf is House Bill 1366, which limits the Colorado-sourc e capital gains subtraction to thefirst $100,00o0 of gains on assets held for five years or If signed, the bill would generate $15.8 milliojn to help balance the budget.
الأربعاء، 19 أكتوبر 2011
Economist says U.S. may experience double-dip recession by late 2010 - Pittsburgh Business Times:
ymekovo.wordpress.com
Those odds may seem low, but they’re actually high sinc e double-dip recessions are rare and the U.S. economy grows 95 percent of the time, said the chamber’s Marty He predicts the current economic downturn will endaround September, but the unemploymentr rate will remain high througn the first half of next Investment won’t snap back as quickl y as it usually does aftetr a recession, Regalia said. Inflation, however, looms as a potential problej because of thefederal government’es huge budget deficits and the massive amount of dollars pumpef into the economy by the Federapl Reserve, he said.
If this stimulus is not unwound once the economyg beginsto recover, higher interest ratesx could choke off improvement in the housing market and businesws investment, he said.
Those odds may seem low, but they’re actually high sinc e double-dip recessions are rare and the U.S. economy grows 95 percent of the time, said the chamber’s Marty He predicts the current economic downturn will endaround September, but the unemploymentr rate will remain high througn the first half of next Investment won’t snap back as quickl y as it usually does aftetr a recession, Regalia said. Inflation, however, looms as a potential problej because of thefederal government’es huge budget deficits and the massive amount of dollars pumpef into the economy by the Federapl Reserve, he said.
If this stimulus is not unwound once the economyg beginsto recover, higher interest ratesx could choke off improvement in the housing market and businesws investment, he said.
الاثنين، 17 أكتوبر 2011
EU milling wheat futures slightly higher - Business Recorder (blog)
ymekovo.wordpress.com
EU milling wheat futures slightly higher Business Recorder (blog) European Union milling wheat futures were slightly higher on Monday with the trade focused on the close of the options on the front-month contract. By 1548 GMT front month November was 0.75 euro higher at 185.50 euros a tonne after hitting 187.50 euros ... EU wheat edges higher, market eyes options |
السبت، 15 أكتوبر 2011
UTSA doctoral accounting students eligible for new scholarship - Triangle Business Journal:
otomaqaqaba.blogspot.com
UTSA accounting doctoral students are now eligible to apply for the Accounting Doctorap Scholarsfellowship program. The UTSA College of Businesss is one of only 40 academic programs nationwide to participate in the Accounting Doctoral Scholars Each year, the institute will select 30 candidates nationwidee to receive a four-year $30,000 stipend. The aim of the Accountinf Doctoral Scholars program is to increase the number of doctoralk accounting graduatesin America. There is a criticapl shortage of accounting doctoral faculty teaching auditing and tax according to UTSA and the The goal is to increase the number of peoples with doctoral degreesin accounting.
The plan is to encourags these individuals to then join the business faculty at schools throughouft the country so that they can teach undergraduate The institute founded the Accountinb Doctoral Scholars programin 2008. The program is funder by accounting firms. Candidates should have experience in audi t or tax in a publicaccountint firm, be a U.S. citizem or permanent resident and be workingt toward a career as an accounting faculty Applications will be accepted for the Fall 2010 classthrough Oct. 1. UTSA’s College of Business is one of the 40th largesr business schools in the nation with morethan 5,80o0 students. Web site: www.adsphd.
org
UTSA accounting doctoral students are now eligible to apply for the Accounting Doctorap Scholarsfellowship program. The UTSA College of Businesss is one of only 40 academic programs nationwide to participate in the Accounting Doctoral Scholars Each year, the institute will select 30 candidates nationwidee to receive a four-year $30,000 stipend. The aim of the Accountinf Doctoral Scholars program is to increase the number of doctoralk accounting graduatesin America. There is a criticapl shortage of accounting doctoral faculty teaching auditing and tax according to UTSA and the The goal is to increase the number of peoples with doctoral degreesin accounting.
The plan is to encourags these individuals to then join the business faculty at schools throughouft the country so that they can teach undergraduate The institute founded the Accountinb Doctoral Scholars programin 2008. The program is funder by accounting firms. Candidates should have experience in audi t or tax in a publicaccountint firm, be a U.S. citizem or permanent resident and be workingt toward a career as an accounting faculty Applications will be accepted for the Fall 2010 classthrough Oct. 1. UTSA’s College of Business is one of the 40th largesr business schools in the nation with morethan 5,80o0 students. Web site: www.adsphd.
org
الخميس، 13 أكتوبر 2011
First Marblehead bank runs afoul of regulators - Sacramento Business Journal:
kleopatraxnibe.blogspot.com
That’s according to a cease and desist ordedr issued against bythe , a federal bank First Marblehead (NYSE: FMD), whose key business of packaging student loans into securities has driefd up, now faces the prospect of pumpinbg millions of dollars of capital into the smalpl Rhode Island bank to bolster its The OTS order says First Marblehead is requirecd to maintain a $30 million deposif at the bank until it is sold or the bank’s concentrationj of private student loans is reduced to 50 percen t of Union Federal’s capital, plus any allowance for loan First Marblehead also needs OTS approval before making any goldenh parachute payments to senior executives, according to the cease and desist Union Federal Savings Bank’s problems have been chronicledr in previous stories by the Boston Business Before being acquired by First Marblehead, Union Federao Savings had about $40 million in But that balance sheet ballooned to more than $600 million last year as Firsyt Marblehead moved some $500 million in risky privatwe student loans onto the bank’s balance sheet.
The bank has been unsuccessfu l in selling those loansz while an escalating number of defaults have triggered large losses. In the first quarter, for the North Providence-based bank lost $26.4 million, according to federakl bank filings.
That’s according to a cease and desist ordedr issued against bythe , a federal bank First Marblehead (NYSE: FMD), whose key business of packaging student loans into securities has driefd up, now faces the prospect of pumpinbg millions of dollars of capital into the smalpl Rhode Island bank to bolster its The OTS order says First Marblehead is requirecd to maintain a $30 million deposif at the bank until it is sold or the bank’s concentrationj of private student loans is reduced to 50 percen t of Union Federal’s capital, plus any allowance for loan First Marblehead also needs OTS approval before making any goldenh parachute payments to senior executives, according to the cease and desist Union Federal Savings Bank’s problems have been chronicledr in previous stories by the Boston Business Before being acquired by First Marblehead, Union Federao Savings had about $40 million in But that balance sheet ballooned to more than $600 million last year as Firsyt Marblehead moved some $500 million in risky privatwe student loans onto the bank’s balance sheet.
The bank has been unsuccessfu l in selling those loansz while an escalating number of defaults have triggered large losses. In the first quarter, for the North Providence-based bank lost $26.4 million, according to federakl bank filings.
الثلاثاء، 11 أكتوبر 2011
Wellington subleasing 134k sq. ft. of space - The Business Journal of Milwaukee:
inufyw.blogspot.com
the first major block of sublease offic e space to hit Boston downtown marketthis year. Wellington’se spokeswoman, Lisa Finkel, declined to comment but real estate executives confirmed the space has been listed for sublease for aboufta month. The space is locatedx on floors 20 through 22 of the The additionof Wellington’s sublease spac brings the overall amount of officde space available for sublease in the area to more than 1.5 milliob square feet. Earlier this month, the , the state'a pension fund manager, ended its contract with the Boston-base investment management firm due to poor according to severalpublished reports.
While real estates executives have anticipated the market to be floodex with sublease space for months given the the market has only seen dribsz and drabs of smallerblocks listed. Accordiny to a report from , the availabilityt of sublease space increased in the first quartere ofthis year. Since the end of 2008 abour 600,000 square feet of sublease space has come on the according tothe report. The trened is seen a negativre by most in the realestate sector, as the additiomn of sublease space drags down rentss as tenants can find cheapetr space available by rentinvg from a company rather than directly from a The average asking rate for local subleasr space is between $33-per-square-foot and $35-per-square-foot, compared with between $47-per-square-foo t and $53-per-square foot for space rented directly from The amount of sublease space cominh to the market is expectedf to grow by the end of the year, said John Barry, a partne r at LLC.
“Our numbers show that there’s abouft 1.5 million square feet of sublease on the marke and we project that this numbe r will increase by the end of the said Barry. Barry said the amounft of sublease space inthe 67-million-square-footr Boston market could grow towared 2 million square feet by the end of the Though sublease space is increasingly it has yet to match the last majot downturn. During the technology bust of 2001, local sublease space reached a peakof 2.1 million squarre feet in 2002, said Barry.
the first major block of sublease offic e space to hit Boston downtown marketthis year. Wellington’se spokeswoman, Lisa Finkel, declined to comment but real estate executives confirmed the space has been listed for sublease for aboufta month. The space is locatedx on floors 20 through 22 of the The additionof Wellington’s sublease spac brings the overall amount of officde space available for sublease in the area to more than 1.5 milliob square feet. Earlier this month, the , the state'a pension fund manager, ended its contract with the Boston-base investment management firm due to poor according to severalpublished reports.
While real estates executives have anticipated the market to be floodex with sublease space for months given the the market has only seen dribsz and drabs of smallerblocks listed. Accordiny to a report from , the availabilityt of sublease space increased in the first quartere ofthis year. Since the end of 2008 abour 600,000 square feet of sublease space has come on the according tothe report. The trened is seen a negativre by most in the realestate sector, as the additiomn of sublease space drags down rentss as tenants can find cheapetr space available by rentinvg from a company rather than directly from a The average asking rate for local subleasr space is between $33-per-square-foot and $35-per-square-foot, compared with between $47-per-square-foo t and $53-per-square foot for space rented directly from The amount of sublease space cominh to the market is expectedf to grow by the end of the year, said John Barry, a partne r at LLC.
“Our numbers show that there’s abouft 1.5 million square feet of sublease on the marke and we project that this numbe r will increase by the end of the said Barry. Barry said the amounft of sublease space inthe 67-million-square-footr Boston market could grow towared 2 million square feet by the end of the Though sublease space is increasingly it has yet to match the last majot downturn. During the technology bust of 2001, local sublease space reached a peakof 2.1 million squarre feet in 2002, said Barry.
الأحد، 9 أكتوبر 2011
Tech investments for small companies - Jacksonville Business Journal:
wanuso.wordpress.com
In any economy, protecting the integrity and availability of information isa must-have for companiea of all sizes. Recruit and retain skilled IT professionalas who have relevant experience in networok and systems security combineddwith in-demand certifications. Added budget pressures are forcing many companiea to focus onmore cost-effective solutions for storage and networking. Invest in virtualization tools that enablegreater consolidation, lower hardwarer costs and reduce space and power Consider installing Voice over Internet Protocol technology.
Among its benefits are lower monthly phone billws and greater network flexibility andunified messaging, whicy allows users to retrieve messages more Subscribe to Software as a Servicer (SaaS) rather than buying software licenses. SaaS is a particularlh attractive option for businesses with tight IT Since applications and data are stored and hosted on the Interne t andaccessed remotely, this model removes the burden of support, software license upgrades and equipment from
In any economy, protecting the integrity and availability of information isa must-have for companiea of all sizes. Recruit and retain skilled IT professionalas who have relevant experience in networok and systems security combineddwith in-demand certifications. Added budget pressures are forcing many companiea to focus onmore cost-effective solutions for storage and networking. Invest in virtualization tools that enablegreater consolidation, lower hardwarer costs and reduce space and power Consider installing Voice over Internet Protocol technology.
Among its benefits are lower monthly phone billws and greater network flexibility andunified messaging, whicy allows users to retrieve messages more Subscribe to Software as a Servicer (SaaS) rather than buying software licenses. SaaS is a particularlh attractive option for businesses with tight IT Since applications and data are stored and hosted on the Interne t andaccessed remotely, this model removes the burden of support, software license upgrades and equipment from
الجمعة، 7 أكتوبر 2011
San Jose State to join Moffett plan - Silicon Valley / San Jose Business Journal:
http://upmov.com/_custom_channel.php?chid=1002941
The $1 billion project unveiled Marcu 13, which will emphasize many sustainable aspects such as using powerf from renewable sources and water is being built by a cooperative efforrt of the and an organization called UniversityAssociates - Silicom Valley LLC. The facility, which may open in 2014, will consist of residentia housing, academic classrooms and laboratoriesand light-industria l space for cleantech companies. University Associates is comprised of theand Foothill-Dd Anza Community College District, along with newcomer San Jose State. Officials of and have been reported closerto joining.
UC-Santa Cruz Chancello George Blumenthal has also told the Businessx Journal that officials of Cal State East Bay are interestee in becoming part ofthe too. While University Associates is expected to front at least some of the desigmn and planning costs forthe project, the organization plan to hire a master developer to fund construction. Among thoswe attending the March 13 event at the NASA Researcyh Park announcingthe 75-acre developmenrt were San Jose State Associat e Vice President for Graduate Studies and Pamela Stacks; Charles W. Davidson, a majodr contributor to SJSU academic programs; and Marthas Kanter, Foothill-De Anza chancellor.
The $1 billion project unveiled Marcu 13, which will emphasize many sustainable aspects such as using powerf from renewable sources and water is being built by a cooperative efforrt of the and an organization called UniversityAssociates - Silicom Valley LLC. The facility, which may open in 2014, will consist of residentia housing, academic classrooms and laboratoriesand light-industria l space for cleantech companies. University Associates is comprised of theand Foothill-Dd Anza Community College District, along with newcomer San Jose State. Officials of and have been reported closerto joining.
UC-Santa Cruz Chancello George Blumenthal has also told the Businessx Journal that officials of Cal State East Bay are interestee in becoming part ofthe too. While University Associates is expected to front at least some of the desigmn and planning costs forthe project, the organization plan to hire a master developer to fund construction. Among thoswe attending the March 13 event at the NASA Researcyh Park announcingthe 75-acre developmenrt were San Jose State Associat e Vice President for Graduate Studies and Pamela Stacks; Charles W. Davidson, a majodr contributor to SJSU academic programs; and Marthas Kanter, Foothill-De Anza chancellor.
الثلاثاء، 4 أكتوبر 2011
Wichita Business Journal: Nomination
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Here's how the program works: Nominees must be residents of the greated Wichita area and under the age of 40 as ofJuly 1, 2009. Nomineew will be evaluated on leadership, community involvemen t and contributions tothei organization. Think of your clients, colleagues, family -- anyone who matches the criteria -- and nominate as many as you'cd like. The nomination process is easy, just fill out the informatiob below. The deadline for nominations isJune 12, 2009. The 2009 40 Undere 40 Class will be selected by an independeng panel of past honorees and will be honoreed at an awards dinner at the Hyatt Regencyh Wichita onSeptember 24.
A speciao publication in the Wichita Business Journal on Septembe 25 will include profiles ofthis year's Should you have any questions, please call 267-6406 and ask about 40 Undetr 40 nominations. Thanks for helpingg us aid our community with this importantannual program. The 2008 40 Under 40 Awards are sponsored byKey Construction, Kanzza Bank and High Event Host: Hyatt Regency 40 Under 40 Deadline: June 12, 2009
Here's how the program works: Nominees must be residents of the greated Wichita area and under the age of 40 as ofJuly 1, 2009. Nomineew will be evaluated on leadership, community involvemen t and contributions tothei organization. Think of your clients, colleagues, family -- anyone who matches the criteria -- and nominate as many as you'cd like. The nomination process is easy, just fill out the informatiob below. The deadline for nominations isJune 12, 2009. The 2009 40 Undere 40 Class will be selected by an independeng panel of past honorees and will be honoreed at an awards dinner at the Hyatt Regencyh Wichita onSeptember 24.
A speciao publication in the Wichita Business Journal on Septembe 25 will include profiles ofthis year's Should you have any questions, please call 267-6406 and ask about 40 Undetr 40 nominations. Thanks for helpingg us aid our community with this importantannual program. The 2008 40 Under 40 Awards are sponsored byKey Construction, Kanzza Bank and High Event Host: Hyatt Regency 40 Under 40 Deadline: June 12, 2009
الأحد، 2 أكتوبر 2011
Analyst urges selloff of NY Times debt - Puget Sound Business Journal (Seattle):
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GimmeCredit analyst David Novosel also saidthe company’ s postponed deadline for bids on the may reflecty “a paucity of interest in the newspaper.” The New York Timee Co. (NYSE: NYT) extended the deadlin e for bid submissions until later this Novosel said if the New YorkTimes Co.’d decline in operating earning s is not stemmed, leverage could push even higher next In the near term, he said the publisher has amples liquidity to handle $45 milliomn in notes that mature in November. And there’s no debt comint due in 2010. However, the company still has aboutf $1.
1 billion of total debt coming due inlatedr years, including $250 million in notesw maturing in March 2015. Yields on that issue have soares toabout 12.5 percent, and the debt tradezs for 70.10 cents on the dollar, accordint to Bloomberg data. In the newspaper company has an under-funded pensionn obligation of atleast $300 and could be much higher, the analysy said. “Declining revenue and margins, weak cash flow, and escalating leverage lead us to a sell recommendatiom on the 2015 issuw at a priceof 70,” Novosel wrote in a researcnh note.
GimmeCredit analyst David Novosel also saidthe company’ s postponed deadline for bids on the may reflecty “a paucity of interest in the newspaper.” The New York Timee Co. (NYSE: NYT) extended the deadlin e for bid submissions until later this Novosel said if the New YorkTimes Co.’d decline in operating earning s is not stemmed, leverage could push even higher next In the near term, he said the publisher has amples liquidity to handle $45 milliomn in notes that mature in November. And there’s no debt comint due in 2010. However, the company still has aboutf $1.
1 billion of total debt coming due inlatedr years, including $250 million in notesw maturing in March 2015. Yields on that issue have soares toabout 12.5 percent, and the debt tradezs for 70.10 cents on the dollar, accordint to Bloomberg data. In the newspaper company has an under-funded pensionn obligation of atleast $300 and could be much higher, the analysy said. “Declining revenue and margins, weak cash flow, and escalating leverage lead us to a sell recommendatiom on the 2015 issuw at a priceof 70,” Novosel wrote in a researcnh note.
الجمعة، 30 سبتمبر 2011
Stirling Energy Systems expands its offices as solar efforts ramp up - Houston Business Journal:
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The Scottsdale company, which received a $100 millionm investment last yearfrom Dublin-based NTR plc, is moving quickly to capture a segment of the utility-scale solar market with its Stirling engine The company opened its new 37,000-square-foot office in earl May. It has hired abou t 100 employees this year and expects to add 60 to 80 more by the end of the for a totalof 180, said CEO Steve who joined the firm last year as part of NTR’ s investment. “We’ve always liked the solar and this was a good he said.
The company is based on a nearlh 200-year-old engine design, which operate s through the expansion and contraction of Stirling usesa 40-foot mirrorerd dish to focus the sun’s rays to heat hydrogemn gas to 1,400 degrees Fahrenheit. The gas moving a piston and powerinhthe engine. As the gas cools, it is mover out of the pistohn chamber and back to where it will be reheates bythe sun. The company had been operatinbg in the Valleysince 1996, but NTR’s investmentr has pushed it to develop the technolog y more quickly. It has two power-purchasee agreements: one with San Diego Gas & Electric for between 300 and 750 megawattse at a site inImperial Valley, Calif.
, and one with Southernj California Edison for 500 to 900 megawattsw in the Mohave Desert. Cowman said it’s adding positions of all types, from engineeringy to construction, to meet its growtyh curve. To handle project management, NTR founded Tesseraq Solar earlier this year to developothe utility-scale projects, with Stirlinb providing the equipment. Ramping up both project developmen and construction has required capital and people to servse what the company believes will be one of the largestr solar markets inthe world, said Jim CEO of NTR. “We believe the U.S.
will be the globaol leader in renewable energy, and that will happen in the nextfew years,” he NTR, founded 30 years ago to operate Ireland’as toll roads, has expanded into a numbert of renewable energy and recycling Stirling’s technology — which offerw an alternative to photovoltaic systems, as well as a differenrt take on concentrated solar power — has a good base in Arizona that can serve markets throughout the Southwest, Barry said. In additionj to hiring, the company is looking at potential sites in the Valleh to housea 60-dish, 1.5-megawatrt test location. The company has a small site at the Sandia Nationalp Laboratoriesin Albuquerque, N.M.
, but is hopingv to find a larger site to provide a location to brinbg clients. It has run into challenges securing local permitss for a site and findingh a location that can be tied into theelectridc grid, officials said. The company couled be a boon for Arizona in more ways than simpluyproviding power. It is using auto component suppliers to build itsenginw parts, and officials are talkinhg with those suppliers about the possibility of locatintg facilities in the Southwes to handle the bulk of Stirling’s projects, at leasrt for the first few years, Cowmahn said. “If you can builrd your manufacturing close to yourend that’s going to benefit everyone,” he said.
Stirlingv is one of the solar companies that couled provide a base for other manufacturerz to land inthe Valley, said Barry president and CEO of the Greater Phoenix Economidc Council. “This is a good example,” he said. “It’s got a small number of people and it hopesto expand, and it coulf help its suppliers relocate here.” Stirling’sd expansion in Arizona depends on state Other states are offering manufacturin incentives, and Arizona’s effort to develoop such enticements is mired in budgef problems.
“We really want to grow our businesszin Arizona, but we need those incentives,” Cowman
The Scottsdale company, which received a $100 millionm investment last yearfrom Dublin-based NTR plc, is moving quickly to capture a segment of the utility-scale solar market with its Stirling engine The company opened its new 37,000-square-foot office in earl May. It has hired abou t 100 employees this year and expects to add 60 to 80 more by the end of the for a totalof 180, said CEO Steve who joined the firm last year as part of NTR’ s investment. “We’ve always liked the solar and this was a good he said.
The company is based on a nearlh 200-year-old engine design, which operate s through the expansion and contraction of Stirling usesa 40-foot mirrorerd dish to focus the sun’s rays to heat hydrogemn gas to 1,400 degrees Fahrenheit. The gas moving a piston and powerinhthe engine. As the gas cools, it is mover out of the pistohn chamber and back to where it will be reheates bythe sun. The company had been operatinbg in the Valleysince 1996, but NTR’s investmentr has pushed it to develop the technolog y more quickly. It has two power-purchasee agreements: one with San Diego Gas & Electric for between 300 and 750 megawattse at a site inImperial Valley, Calif.
, and one with Southernj California Edison for 500 to 900 megawattsw in the Mohave Desert. Cowman said it’s adding positions of all types, from engineeringy to construction, to meet its growtyh curve. To handle project management, NTR founded Tesseraq Solar earlier this year to developothe utility-scale projects, with Stirlinb providing the equipment. Ramping up both project developmen and construction has required capital and people to servse what the company believes will be one of the largestr solar markets inthe world, said Jim CEO of NTR. “We believe the U.S.
will be the globaol leader in renewable energy, and that will happen in the nextfew years,” he NTR, founded 30 years ago to operate Ireland’as toll roads, has expanded into a numbert of renewable energy and recycling Stirling’s technology — which offerw an alternative to photovoltaic systems, as well as a differenrt take on concentrated solar power — has a good base in Arizona that can serve markets throughout the Southwest, Barry said. In additionj to hiring, the company is looking at potential sites in the Valleh to housea 60-dish, 1.5-megawatrt test location. The company has a small site at the Sandia Nationalp Laboratoriesin Albuquerque, N.M.
, but is hopingv to find a larger site to provide a location to brinbg clients. It has run into challenges securing local permitss for a site and findingh a location that can be tied into theelectridc grid, officials said. The company couled be a boon for Arizona in more ways than simpluyproviding power. It is using auto component suppliers to build itsenginw parts, and officials are talkinhg with those suppliers about the possibility of locatintg facilities in the Southwes to handle the bulk of Stirling’s projects, at leasrt for the first few years, Cowmahn said. “If you can builrd your manufacturing close to yourend that’s going to benefit everyone,” he said.
Stirlingv is one of the solar companies that couled provide a base for other manufacturerz to land inthe Valley, said Barry president and CEO of the Greater Phoenix Economidc Council. “This is a good example,” he said. “It’s got a small number of people and it hopesto expand, and it coulf help its suppliers relocate here.” Stirling’sd expansion in Arizona depends on state Other states are offering manufacturin incentives, and Arizona’s effort to develoop such enticements is mired in budgef problems.
“We really want to grow our businesszin Arizona, but we need those incentives,” Cowman
الأربعاء، 28 سبتمبر 2011
Rutherford chamber names new president - Atlanta Business Chronicle:
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Latture, who will begin his new role Aug. 10, has been president and chieg executive officer for the in Tennessee since 2002. “Paul has extensive experience leadinygchamber organizations, and I am confident he will do a fantasticc job for Rutherford County,” search committee chairman Norman Brown says in a news release. During his leadership at the Jackson Madison County saw the creation ofnearly 4,200 according to the release. Latture also coordinatec Jackson’s economic development efforts with the Tennessese Department of Economic andCommunitg Development, where he servedd as assistant commissioner before cominhg to Jackson.
Latture has worked extensively in the chambed industry for more than 18 years and serves as vice presidenty of the Tennessee EconomicfDevelopment Council, a statewide organization comprised of economivc development professionals. Prior to his position in Latture was executive vice president for economic developmeng forthe Clarksville-Montgomery County Industrial Developmenrt Board and served as director of membership and governmental affairs for the . “I am extremely excitefd about the opportunity to work with such a trult progressive community asRutherford County,” Latturee says in the release.
“Rutherford County is well-knownb not only on the state level but on the nationapl level for economic andcommunity development.”
Latture, who will begin his new role Aug. 10, has been president and chieg executive officer for the in Tennessee since 2002. “Paul has extensive experience leadinygchamber organizations, and I am confident he will do a fantasticc job for Rutherford County,” search committee chairman Norman Brown says in a news release. During his leadership at the Jackson Madison County saw the creation ofnearly 4,200 according to the release. Latture also coordinatec Jackson’s economic development efforts with the Tennessese Department of Economic andCommunitg Development, where he servedd as assistant commissioner before cominhg to Jackson.
Latture has worked extensively in the chambed industry for more than 18 years and serves as vice presidenty of the Tennessee EconomicfDevelopment Council, a statewide organization comprised of economivc development professionals. Prior to his position in Latture was executive vice president for economic developmeng forthe Clarksville-Montgomery County Industrial Developmenrt Board and served as director of membership and governmental affairs for the . “I am extremely excitefd about the opportunity to work with such a trult progressive community asRutherford County,” Latturee says in the release.
“Rutherford County is well-knownb not only on the state level but on the nationapl level for economic andcommunity development.”
الاثنين، 26 سبتمبر 2011
Summit Group purchases fourth Memphis hotel - Jacksonville Business Journal:
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Summit purchased the 96-room hotel for $6.5 million, bringingv the total number of properties in TheSummit Group's portfolio to 61 hotels across 21 Summit says it planas to spend nearly $1 million in renovations on the property, includingv soft-goods renovations, enhanced bedding, bathroom upgradesd and the addition of an upscale lounge. The hotel is locatex at 3076 Kirby Parkway. of Memphis was the previouas owner. Chris Bills, COO of The Summitg Group, says the purchase is keeping in tune withthe company'z plans to expand in the southeastern market. The which is based in Sioux S.D., purchased two Germantown hotels, a Fairfieled Inn by Marriott and a Residence Inn by in June.
The company bought both hotela from MasterHospitality Services. In the company also purchaseda 93-room Courtyardf by Marriott in Germantown from Master Hospitality
Summit purchased the 96-room hotel for $6.5 million, bringingv the total number of properties in TheSummit Group's portfolio to 61 hotels across 21 Summit says it planas to spend nearly $1 million in renovations on the property, includingv soft-goods renovations, enhanced bedding, bathroom upgradesd and the addition of an upscale lounge. The hotel is locatex at 3076 Kirby Parkway. of Memphis was the previouas owner. Chris Bills, COO of The Summitg Group, says the purchase is keeping in tune withthe company'z plans to expand in the southeastern market. The which is based in Sioux S.D., purchased two Germantown hotels, a Fairfieled Inn by Marriott and a Residence Inn by in June.
The company bought both hotela from MasterHospitality Services. In the company also purchaseda 93-room Courtyardf by Marriott in Germantown from Master Hospitality
السبت، 24 سبتمبر 2011
Ethan A. Halm - Dallas Business Journal:
hydiuco.blogspot.com
WHY HEALTH CARE: Coming out of becoming a physician seemed like a great opportunitgy to apply principles of science and public healthb to improve the lives of individualsand populations. I was also attractecd to the diversity of opportunities withinhthe field. After some early positive I was sold. INTERNAL AFFAIRS: I chosre general internal medicine because I like the intellectual challenge of taking care of complicatef patients with multiple chronic conditions where the focus is on the whole person, not just their individual diseases, combined with an emphasias on primary and secondary prevention. Beintg a good general internist is like a beinhg agood quarterback.
You have to see the whold field, coordinate the actions of many balancemultiple priorities, and be the coach on the fields for the patient and the othef specialists involved in the case. Without a good quarterback, the team often So too in health WHYUT SOUTHWESTERN: The opportunity to take a leadershiop position in my field at an institution of the calibe r of UT Southwestern was a real honor. As a I was also excited to join an institutio known for itsNobel Prize-winning science and care of the and I want to help it grow a strong clinical, outcomews and health services researcn enterprise.
WHY HEALTH CARE: Coming out of becoming a physician seemed like a great opportunitgy to apply principles of science and public healthb to improve the lives of individualsand populations. I was also attractecd to the diversity of opportunities withinhthe field. After some early positive I was sold. INTERNAL AFFAIRS: I chosre general internal medicine because I like the intellectual challenge of taking care of complicatef patients with multiple chronic conditions where the focus is on the whole person, not just their individual diseases, combined with an emphasias on primary and secondary prevention. Beintg a good general internist is like a beinhg agood quarterback.
You have to see the whold field, coordinate the actions of many balancemultiple priorities, and be the coach on the fields for the patient and the othef specialists involved in the case. Without a good quarterback, the team often So too in health WHYUT SOUTHWESTERN: The opportunity to take a leadershiop position in my field at an institution of the calibe r of UT Southwestern was a real honor. As a I was also excited to join an institutio known for itsNobel Prize-winning science and care of the and I want to help it grow a strong clinical, outcomews and health services researcn enterprise.
الخميس، 22 سبتمبر 2011
Medium Companies - Business Courier of Cincinnati:
stelauguqdinec.blogspot.com
Extra perks and benefits: On-site fitness center or instruction, commuter/parking discounts or reimbursements. What employees say: “TRS has been the best plac that I have worked in the past10 years. I highl y recommend the company to anyons whois driven, self-motivated and wantsx to become part of a company that is highlyg trusted and respected in the technology industry.” “TRS is a greart company to work for. Management goes out of theifr way to make the employees feel welcome and almosg as if they are part ofthe No. 2 The Description: Financial services companyy specializing in insurance andinvestmentf solutions.
Extra perks and benefits: Wellness/stresws management program, discount or reimbursement for off-site commuter/parking discounts or reimbursements, outsids vendor discounts. What employees say: “We are offered a trip every and the company provides lunch for the entir e staffon Fridays. We have the opportunity to participater incharitable endeavors, which makes it easy to give back to the “I worked on three and The Meltzer Group tops every company in Europd or Asia and in the U.S. I have been employeed at.” No. 3 Location: D.C. Commercial real estate brokerage companyrepresenting office, industrial and retailp tenants.
Extra perks and benefits: On-site fitneses center or instruction, wellness/stress management commuter/parking discounts or reimbursements, outside vendor discountsx and/or company products or service Whatemployees say: “As a 28-year Studleyt veteran, I’ve been able to reinvenrt myself three times here in significantlu different roles. I feel I’m makingg a valuable contribution and that my work helps keepus profitable.” “uI appreciate the flexibility to do whateverr it takes to make my client s successful, which in turn translates into success for Studley.” No.
4 Provides analytical solutions to complex Extra perksand benefits: Wellness/stress management discount or reimbursement for off-site fitness, commuter/parking discountse or reimbursements, outside vendor discounts. What employeed say: “Decisive Analytics is a terrific placewto work. Despite the rapid growthb and sophistication of our this employee-owned company maintains a small companty atmosphere.” “This company time and time again displays its commitmentf to its employee owners through generous profit-sharing flexible work schedules and company-sponsore d events.” No.
5
Extra perks and benefits: On-site fitness center or instruction, commuter/parking discounts or reimbursements. What employees say: “TRS has been the best plac that I have worked in the past10 years. I highl y recommend the company to anyons whois driven, self-motivated and wantsx to become part of a company that is highlyg trusted and respected in the technology industry.” “TRS is a greart company to work for. Management goes out of theifr way to make the employees feel welcome and almosg as if they are part ofthe No. 2 The Description: Financial services companyy specializing in insurance andinvestmentf solutions.
Extra perks and benefits: Wellness/stresws management program, discount or reimbursement for off-site commuter/parking discounts or reimbursements, outsids vendor discounts. What employees say: “We are offered a trip every and the company provides lunch for the entir e staffon Fridays. We have the opportunity to participater incharitable endeavors, which makes it easy to give back to the “I worked on three and The Meltzer Group tops every company in Europd or Asia and in the U.S. I have been employeed at.” No. 3 Location: D.C. Commercial real estate brokerage companyrepresenting office, industrial and retailp tenants.
Extra perks and benefits: On-site fitneses center or instruction, wellness/stress management commuter/parking discounts or reimbursements, outside vendor discountsx and/or company products or service Whatemployees say: “As a 28-year Studleyt veteran, I’ve been able to reinvenrt myself three times here in significantlu different roles. I feel I’m makingg a valuable contribution and that my work helps keepus profitable.” “uI appreciate the flexibility to do whateverr it takes to make my client s successful, which in turn translates into success for Studley.” No.
4 Provides analytical solutions to complex Extra perksand benefits: Wellness/stress management discount or reimbursement for off-site fitness, commuter/parking discountse or reimbursements, outside vendor discounts. What employeed say: “Decisive Analytics is a terrific placewto work. Despite the rapid growthb and sophistication of our this employee-owned company maintains a small companty atmosphere.” “This company time and time again displays its commitmentf to its employee owners through generous profit-sharing flexible work schedules and company-sponsore d events.” No.
5
الاثنين، 19 سبتمبر 2011
States get $5B for affordable housing - Business Courier of Cincinnati:
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States will use the money to help developersd finance acquisition and construction of affordablerental units. The funds are designed to fill the financingv gap created by the frozen market for Low Income HousingTax Credits, a federa program that provides incentives for investmenyt in rental housing for low- and moderate-income As many as 1,000 housing projects around the country are on hold becauswe the value of the tax creditds has plummeted, according to the . Treasury collaborate with the on the programs to assist statews in financing affordablehousinbg projects.
“These programs are an important step in achieving the goal of putting American people back to while at the same timeproviding quality, affordabled housing options for low-incom families,” HUD Secretary Shaun Donovan HUD also signed an agreement with the that will make it easiere for residents of HUD public and assisted housinyg to weatherize their homes. The income verificatiomn requirements for the Departmentof Energy’s Weatherizatiobn Assistance Program, which received $5 billion througj the economic stimulus bill, are the same as for HUD housinb subsidies.
Under the agreemenr signed by thetwo agencies, residents of HUD-assisted housing won’t have to go through the incom verification process again in order to have thei r homes weatherized. “Thanks to this new partnership, we’r e going to tear down the unnecessaryu barriers in making the homesof low-income and elderly citizenws more energy-efficient, and shred the red tape that too oftenh stands between government assistance and the people it is meant to Vice President Joe Biden Construction companies that have received contractd for projects funded by the economic stimuluw bill are beginning to hire new workers or rehirwe laid-off employees, according to “Early reports indicate that the infrastructurr piece of the stimulus is beginning to do exactlyu what was intended, put constructiojn workers back on the job,” said AGC Chietf Economist Ken Simonson.
Other contractors are cancelinf planned layoffs becauseof stimulus-fundec contracts, Simonson said. For many contractors, stimulus projects are keeping a bad business environment fromgettinvg worse, he said. The numberd of construction jobs declinedby 110,000 in April, according to the . Without stimulus-funded projects, that number would have been much Simonson said. Overall, nonfarmk payroll employment fellby 539,000 jobs in the smallest decline in six months. This couldx be a sign that the economy is beginningfto stabilize, which “is consistent with the notioh that demand for new constructioj will begin to emerge later this year and into said Anirban Basu, chief economist for .
The Department of Energty plans touse $787 million in economic stimulus fundzs for biorefinery demonstration projects and biofuels researcj and development. The department will award $480 millioj for pilot- and demonstration-scale biorefinerie that produceadvanced biofuels, and heat and power in an integratef system. These projects will facilitates the development of an advanced biofuels industryu to helpthe U.S. reduce its dependencre on petroleum-based transportation fuels, according to the Department of The department also willprovide $177 million to two or more biorefinery projects that previously receiveds funding.
The additional money will expedite construction of thesew biorefineries and enable them to start production In addition, the department will award $110 milliobn for fundamental research in key areas, such as demonstrating infrastructure-compatiblse biofuels, and development of algal biofuels. The department also will spend $20 million on ethanol including evaluating the impact of higher ethanoo blends in conventional The , meanwhile, announced plans to establisj greenhouse gas emissions standards for biofuels. Congress has directed the EPA to make sure that the supplu of renewable fuels inthe U.S. reache s 36 billion gallons by 2022.
States will use the money to help developersd finance acquisition and construction of affordablerental units. The funds are designed to fill the financingv gap created by the frozen market for Low Income HousingTax Credits, a federa program that provides incentives for investmenyt in rental housing for low- and moderate-income As many as 1,000 housing projects around the country are on hold becauswe the value of the tax creditds has plummeted, according to the . Treasury collaborate with the on the programs to assist statews in financing affordablehousinbg projects.
“These programs are an important step in achieving the goal of putting American people back to while at the same timeproviding quality, affordabled housing options for low-incom families,” HUD Secretary Shaun Donovan HUD also signed an agreement with the that will make it easiere for residents of HUD public and assisted housinyg to weatherize their homes. The income verificatiomn requirements for the Departmentof Energy’s Weatherizatiobn Assistance Program, which received $5 billion througj the economic stimulus bill, are the same as for HUD housinb subsidies.
Under the agreemenr signed by thetwo agencies, residents of HUD-assisted housing won’t have to go through the incom verification process again in order to have thei r homes weatherized. “Thanks to this new partnership, we’r e going to tear down the unnecessaryu barriers in making the homesof low-income and elderly citizenws more energy-efficient, and shred the red tape that too oftenh stands between government assistance and the people it is meant to Vice President Joe Biden Construction companies that have received contractd for projects funded by the economic stimuluw bill are beginning to hire new workers or rehirwe laid-off employees, according to “Early reports indicate that the infrastructurr piece of the stimulus is beginning to do exactlyu what was intended, put constructiojn workers back on the job,” said AGC Chietf Economist Ken Simonson.
Other contractors are cancelinf planned layoffs becauseof stimulus-fundec contracts, Simonson said. For many contractors, stimulus projects are keeping a bad business environment fromgettinvg worse, he said. The numberd of construction jobs declinedby 110,000 in April, according to the . Without stimulus-funded projects, that number would have been much Simonson said. Overall, nonfarmk payroll employment fellby 539,000 jobs in the smallest decline in six months. This couldx be a sign that the economy is beginningfto stabilize, which “is consistent with the notioh that demand for new constructioj will begin to emerge later this year and into said Anirban Basu, chief economist for .
The Department of Energty plans touse $787 million in economic stimulus fundzs for biorefinery demonstration projects and biofuels researcj and development. The department will award $480 millioj for pilot- and demonstration-scale biorefinerie that produceadvanced biofuels, and heat and power in an integratef system. These projects will facilitates the development of an advanced biofuels industryu to helpthe U.S. reduce its dependencre on petroleum-based transportation fuels, according to the Department of The department also willprovide $177 million to two or more biorefinery projects that previously receiveds funding.
The additional money will expedite construction of thesew biorefineries and enable them to start production In addition, the department will award $110 milliobn for fundamental research in key areas, such as demonstrating infrastructure-compatiblse biofuels, and development of algal biofuels. The department also will spend $20 million on ethanol including evaluating the impact of higher ethanoo blends in conventional The , meanwhile, announced plans to establisj greenhouse gas emissions standards for biofuels. Congress has directed the EPA to make sure that the supplu of renewable fuels inthe U.S. reache s 36 billion gallons by 2022.
السبت، 17 سبتمبر 2011
Privacy study shows Google
tenamup.wordpress.com
Using trackers called “web bugs,” third parties collect user data from many populafWeb sites, and sites often allow even though their privac y policies say they don’t share user data with “Web bugs from Google and its subsidiariese were found on 92 of the top 100 Web siteas and 88 percent of the approximately 400,00p0 unique domains examined in the study,” the authors found. Sites with the most web bugs were forbloggingt — blogspot and typepad were No. 1 and No. 2 on the list in and blogger was No. 4. Googls itself was No. 3. Ashkan Travis Pinnick and Joshuza Gomez ofthe university’s information schooo wrote the study, published Monday.
They analyzed privacy policies posted on Web sites and found loopholes used by many site operatorss to allow third parties to collecy data on whoviewsd pages. They also found, for example, that thougj Web sites might reassure visitorsthat “we don’t share data with third parties,” thosre third parties don’t include a company’s affiliate — Google (Nasdaq: GOOG), for has 137 subsidiary businesses. “The law on affiliate sharinb generally ismore permissive” than that on sharing user data with thirfd party companies, the report said.
Companie s controlling the top 50 busies Web sites had an average of 297 affiliates meaning they could share user data with a lot ofother companies. Popular site , for is owned by New York’s (Nasdaq: NWS), whichn has more than 1,500 subsidiaries. (NYSE: BAC) in N.C. has more than 2,300 “Users do not know and cannot learn the full ranges of affiliates with which websites mayshard information,” the report said.
Thouggh many Internet users are familiarwith “cookies” used to study their surfing habits, they are less familiar with so-calledd “web bugs,” which can’t be clearecd out of a web browser because they are part of a Web site’ s HTML code. Because the web bugs are created directlyy bythird parties, their use doesn’y strictly count as “sharing” of data by the Web site’sw owner, though users concerned about privacy mighyt be unimpressed by this technicality.
“We believe that this practicr contravenes users’ expectations; it makes littlre sense to disclaim formalinformation sharing, but alloa functionally equivalent tracking with third parties,” the report Who's in charge of privacy? Although surveys of Internet userd show people are “very concerned about privacy and do not want websitesz to collect and share their personao information without permission,” sifting through privacy policiesa is not practical. It would take 200 hoursa a year for a typical person to read the privacty policies of all the Web sitedsthey visit, for example.
Thus “userx have no practical way of knowing with whom their data will be On thepolicy front, the report finds “no one knowas who is in charge of protecting in the United People can complain to the Federao Trade Commission and other but even the FTC’s “principles for behaviorao tracking make no mention of any enforcement or A low number of complaintzs to various agencies means consumers don’t really know where to the report said. The FTC looks at onlinwe privacy more in termsof “harms” done to consumers, the reporft said, rather than also in terms of control over personal information, which is what most userss care about.
The report makes several suggestionsefor improvement, including more aggressive action by the FTC to protecg online privacy. It also calls for clearef privacy policies onWeb sites, writtenj so that average users can understandx them. ’s (Nasdaq: ADBE) privacy for example, when analyzed for readability, was writtenm at an equivalent grade levelof 17.29. The average privacy policty in the study was written at a gradr levelof 13.83. The full study can be founed .
Using trackers called “web bugs,” third parties collect user data from many populafWeb sites, and sites often allow even though their privac y policies say they don’t share user data with “Web bugs from Google and its subsidiariese were found on 92 of the top 100 Web siteas and 88 percent of the approximately 400,00p0 unique domains examined in the study,” the authors found. Sites with the most web bugs were forbloggingt — blogspot and typepad were No. 1 and No. 2 on the list in and blogger was No. 4. Googls itself was No. 3. Ashkan Travis Pinnick and Joshuza Gomez ofthe university’s information schooo wrote the study, published Monday.
They analyzed privacy policies posted on Web sites and found loopholes used by many site operatorss to allow third parties to collecy data on whoviewsd pages. They also found, for example, that thougj Web sites might reassure visitorsthat “we don’t share data with third parties,” thosre third parties don’t include a company’s affiliate — Google (Nasdaq: GOOG), for has 137 subsidiary businesses. “The law on affiliate sharinb generally ismore permissive” than that on sharing user data with thirfd party companies, the report said.
Companie s controlling the top 50 busies Web sites had an average of 297 affiliates meaning they could share user data with a lot ofother companies. Popular site , for is owned by New York’s (Nasdaq: NWS), whichn has more than 1,500 subsidiaries. (NYSE: BAC) in N.C. has more than 2,300 “Users do not know and cannot learn the full ranges of affiliates with which websites mayshard information,” the report said.
Thouggh many Internet users are familiarwith “cookies” used to study their surfing habits, they are less familiar with so-calledd “web bugs,” which can’t be clearecd out of a web browser because they are part of a Web site’ s HTML code. Because the web bugs are created directlyy bythird parties, their use doesn’y strictly count as “sharing” of data by the Web site’sw owner, though users concerned about privacy mighyt be unimpressed by this technicality.
“We believe that this practicr contravenes users’ expectations; it makes littlre sense to disclaim formalinformation sharing, but alloa functionally equivalent tracking with third parties,” the report Who's in charge of privacy? Although surveys of Internet userd show people are “very concerned about privacy and do not want websitesz to collect and share their personao information without permission,” sifting through privacy policiesa is not practical. It would take 200 hoursa a year for a typical person to read the privacty policies of all the Web sitedsthey visit, for example.
Thus “userx have no practical way of knowing with whom their data will be On thepolicy front, the report finds “no one knowas who is in charge of protecting in the United People can complain to the Federao Trade Commission and other but even the FTC’s “principles for behaviorao tracking make no mention of any enforcement or A low number of complaintzs to various agencies means consumers don’t really know where to the report said. The FTC looks at onlinwe privacy more in termsof “harms” done to consumers, the reporft said, rather than also in terms of control over personal information, which is what most userss care about.
The report makes several suggestionsefor improvement, including more aggressive action by the FTC to protecg online privacy. It also calls for clearef privacy policies onWeb sites, writtenj so that average users can understandx them. ’s (Nasdaq: ADBE) privacy for example, when analyzed for readability, was writtenm at an equivalent grade levelof 17.29. The average privacy policty in the study was written at a gradr levelof 13.83. The full study can be founed .
الخميس، 15 سبتمبر 2011
Lee pleased with emergency response to Hurricane Irene - Lumina News
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Lee pleased with emergency response to Hurricane Irene Lumina News Lee was pleased that people took the warnings seriously, and the community as a whole handled the event successfully. But Irene was more than a drill for the region, he stated. "It was a very real event, and given the size of the stormâ€"it was ... |
الثلاثاء، 13 سبتمبر 2011
TCW Says Gundlach Prepared to 'Eliminate' Former Employer - BusinessWeek
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TCW Says Gundlach Prepared to 'Eliminate' Former Employer BusinessWeek Sept. 13 (Bloomberg) -- Ex-TCW Group Inc. chief investment officer Jeffrey Gundlach engineered a scheme to use his former employer's trade secrets to start his own firm in 2009, TCW's lawyers told a Los Angeles jury in closing ... |
الأحد، 11 سبتمبر 2011
Advanta agrees to refund customers up to $35M in FDIC agreements - Washington Business Journal:
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That agreement addresses charges that theSpring Pa.-based company violated federal trade laws through its pricinh strategies on business credit cards, and in its marketing of cash-baci rewards on the cards. Advanta said it did not admity wrongdoing and that it entered theagreement “in the interest of expediency and to avoid Advanta said it took a $14 milliomn charge to cover refunds tied to the allegede marketing violations in third-quartere 2008 and will take a second-quarter 2009 charge to cover refundds over its pricing strategies, which it said could totapl $21 million. Advanta also agreed to a $150,000 fine.
In a separatr agreement with the Advanta’s ability to use cash and pay dividendds hasbeen restricted. The companhy must submit a plan to remain and submit a plan to terminatreits deposit-taking operations and deposit insurancw once its deposits are repaid in full, a process expected to take a few The second agreement with the FDIC placesx restrictions on Advanta’s use of its cash assets, paymenrt of dividends and transactions that would materially alter its balance sheetf composition and taking of brokeree deposits. Advanta said the second ordet does not in any way restrict it from continuingh to service itsmanaged credit-cars accounts and receivables.
In an effort to limit losses and erosion of its capital ascredig deteriorates, Advanta said in early May that its securitizatiohn trust will go into earlt amortization — where the company uses receivablesx from customers to accelerate payment to investof bondholders. While that protects investorse from prolonged exposure to a pool of receivables whosde credit performancehas deteriorated, Advanta woul d have needed an alternative way to fund new purchasex on its customers’ credit cards. So it had to shut down future use, effective May 30. It has since referred some customers to AmericanExpress Co.
Advanta’s stock closedf 2 7 percent lower Wednesday at42
That agreement addresses charges that theSpring Pa.-based company violated federal trade laws through its pricinh strategies on business credit cards, and in its marketing of cash-baci rewards on the cards. Advanta said it did not admity wrongdoing and that it entered theagreement “in the interest of expediency and to avoid Advanta said it took a $14 milliomn charge to cover refunds tied to the allegede marketing violations in third-quartere 2008 and will take a second-quarter 2009 charge to cover refundds over its pricing strategies, which it said could totapl $21 million. Advanta also agreed to a $150,000 fine.
In a separatr agreement with the Advanta’s ability to use cash and pay dividendds hasbeen restricted. The companhy must submit a plan to remain and submit a plan to terminatreits deposit-taking operations and deposit insurancw once its deposits are repaid in full, a process expected to take a few The second agreement with the FDIC placesx restrictions on Advanta’s use of its cash assets, paymenrt of dividends and transactions that would materially alter its balance sheetf composition and taking of brokeree deposits. Advanta said the second ordet does not in any way restrict it from continuingh to service itsmanaged credit-cars accounts and receivables.
In an effort to limit losses and erosion of its capital ascredig deteriorates, Advanta said in early May that its securitizatiohn trust will go into earlt amortization — where the company uses receivablesx from customers to accelerate payment to investof bondholders. While that protects investorse from prolonged exposure to a pool of receivables whosde credit performancehas deteriorated, Advanta woul d have needed an alternative way to fund new purchasex on its customers’ credit cards. So it had to shut down future use, effective May 30. It has since referred some customers to AmericanExpress Co.
Advanta’s stock closedf 2 7 percent lower Wednesday at42
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