tatyanagepoji.blogspot.com
The New Albany-based apparel merchant said Wednesday it willshut Ruehl’s 29 stores and direct-to-consumer operationx and will be “substantially complete” with the effory by the end of next The decision comes a month aftert Abercrombie (NYSE:ANF) took a deep strategic look at the which targets young adults with clothes and accessories. Ruehl, whos e only Ohio store is at EastonTown Center, generated a pretaxs operating loss of $58 million last The chain regularly was Abercrombie’s weakest sales performer at stores open at least a year. Ruehl’ss same-store sales were off 33 percentin May. Abercrombire earned $272.3 million on $3.53 billion in revenue last year.
“It has been a difficulr decision toclose Ruehl, a brand we continue to believ e could have been successful in different circumstances,” CEO Michae l Jeffries said in a statement. given the current economic environment, we believed it is in the best interests of the company to focues its efforts and resources on the growtnh opportunities afforded by our other particularly internationally.” The company didn’t disclose the effectxs on the chain’s work nor did it indicate the number of jobs tied to Ruehl. The revieaw of Ruehl, which opened in 2004, cost the company abourt $51 million in impairment charges in itsfirsf quarter.
Abercrombie expects to book about $65 millionb in pretax charges through the rest of the fiscakl year as it windssdown Ruehl. The company Wednesday also said it amended a credif agreement to excludesome Ruehl-related charges from requirementas under its covenant with the lendet and reduced its available credit to $350 millio n from $450 million. Jeffries said the companyu is confident is has sufficient cash on handbut “w e believe it is prudenf to make these changes” in lighrt of the recession-battered retail environment and the one-time Ruehol costs. In addition to the 29 Ruehll stores, Abercrombie runs 350 flagship stores and 733 otherse underthe Abercrombie, Hollister Co.
and Gilly Hicks nameplates.
Thursday, June 30, 2011
Tuesday, June 28, 2011
Duke, CFO study: CFOs foresee more job cuts, credit woes - Houston Business Journal:
gerazawa.wordpress.com
The quarterly Duke University/CFO Magazine Global Business Outlook Surveyasked 1,309 CFOs worldwide about their expectationx for the economy. Their answers paintr a gloomy picture for the rest ofthe * CFOs in the U.S. and Europse expected employment to shrinkby 5.5 percent, with the unemploymenyt rate in the U.S. seen rising to perhapsw as high as 12 percen in the next 12 Employment in Asia is expected to recedeby 1.
2 “Presumably, government programs will offset some of thesre losses, but even the most optimistic governmenr forecasts would reduce the losses by only 2 million,” said Campbellp Harvey, founding director of the survet and international business professor at Duke’z Fuqua School of Business. “We’red facing the possibility of anothere 4 millionlost jobs.” * U.S. and Europeabn CFOs foresee capital spending plunging by more than 10 In Asia, CFOs anticipate a 3 percentg decline. * Six in 10 U.S.
companie s covered by the survey reported having trouble finding credigt or acquiring credit at a reasonable Among those firms encounteringcredit impediments, 42 percenrt say the credit markets have gotten worse this year, whilr 23 percent say conditions have improved. * Weak consumert demand and the credit markets rankerd as the top two external concerndamong U.S. chief financial officers, with the federa government’s policies coming in third. Among internal concerns, CFOs are losing the most sleep over theie inability to plan due to economic managingtheir companies’ capital and liquidity, and maintaining employewe morale.
Despite all the negative indicators, a majority of the CFOs in the Unite States and Asia reported being more optimistic this quartefr than they were theprevious quarter. That was not the case in where only 30 percenr of the CFOs said they weremore optimistic, comparede to the 31 percent who said they were less “Our survey carries an important Don’t put too much weight on the data like consumer confidence. Recovery requires sustainexd confidence, and such confidence is forged by stronger economic Harvey said. “The economic fundamentals –- employment, capital the cost of credit are stillfundamentally troubling.
” To see the completr survey results, go to the official Web .
The quarterly Duke University/CFO Magazine Global Business Outlook Surveyasked 1,309 CFOs worldwide about their expectationx for the economy. Their answers paintr a gloomy picture for the rest ofthe * CFOs in the U.S. and Europse expected employment to shrinkby 5.5 percent, with the unemploymenyt rate in the U.S. seen rising to perhapsw as high as 12 percen in the next 12 Employment in Asia is expected to recedeby 1.
2 “Presumably, government programs will offset some of thesre losses, but even the most optimistic governmenr forecasts would reduce the losses by only 2 million,” said Campbellp Harvey, founding director of the survet and international business professor at Duke’z Fuqua School of Business. “We’red facing the possibility of anothere 4 millionlost jobs.” * U.S. and Europeabn CFOs foresee capital spending plunging by more than 10 In Asia, CFOs anticipate a 3 percentg decline. * Six in 10 U.S.
companie s covered by the survey reported having trouble finding credigt or acquiring credit at a reasonable Among those firms encounteringcredit impediments, 42 percenrt say the credit markets have gotten worse this year, whilr 23 percent say conditions have improved. * Weak consumert demand and the credit markets rankerd as the top two external concerndamong U.S. chief financial officers, with the federa government’s policies coming in third. Among internal concerns, CFOs are losing the most sleep over theie inability to plan due to economic managingtheir companies’ capital and liquidity, and maintaining employewe morale.
Despite all the negative indicators, a majority of the CFOs in the Unite States and Asia reported being more optimistic this quartefr than they were theprevious quarter. That was not the case in where only 30 percenr of the CFOs said they weremore optimistic, comparede to the 31 percent who said they were less “Our survey carries an important Don’t put too much weight on the data like consumer confidence. Recovery requires sustainexd confidence, and such confidence is forged by stronger economic Harvey said. “The economic fundamentals –- employment, capital the cost of credit are stillfundamentally troubling.
” To see the completr survey results, go to the official Web .
Saturday, June 25, 2011
Kids mix physics with fun at OU-L - Lancaster Eagle Gazette
zemlyanikiyri.blogspot.com
Kids mix physics with fun at OU-L Lancaster Eagle Gazette Quinn was one of 19 students who had the opportunity to build a miniature car then crash-test it during a not-so-typical physics lesson Friday. The main goal of the lesson? To build a car sturdy enough to crash without injuring the egg, or passenger, ... |
Thursday, June 23, 2011
Patrick Cudahy parent Smithfield posts 3Q loss - The Business Journal of Milwaukee:
tulusenoveb.blogspot.com
In a release before the markeyt openedon Thursday, the company SFD), based in Smithfield, Va., reported a loss of $103.1 or 72 cents a share, for the quartedr that ended Feb. 1. This compares with earningds of $54.5 million, or 41 cents a share, the prior The company said it tookan $84.8 million charge, or 38 centzs a share, in the quarter for restructuring its pork division. Smithfielfd announced in February that it woul close six pork plants by cutabout 1,800 jobs and take charges of $115 millionb for the actions.
Smithfield said at the time that Patricjk Cudahy will be spared any but the Cudahy maker of processed meats and baconh willjoin Smithfield's John Morrell Groupp business, a producer of fresh pork and processed under the reorganization of the pork Smithfield is the nation’s leading processor and marketere of fresh pork and packaged meats, and the biggest hog The company's third-quarter revenue was $3.3 up from $3.
1 billion a year
In a release before the markeyt openedon Thursday, the company SFD), based in Smithfield, Va., reported a loss of $103.1 or 72 cents a share, for the quartedr that ended Feb. 1. This compares with earningds of $54.5 million, or 41 cents a share, the prior The company said it tookan $84.8 million charge, or 38 centzs a share, in the quarter for restructuring its pork division. Smithfielfd announced in February that it woul close six pork plants by cutabout 1,800 jobs and take charges of $115 millionb for the actions.
Smithfield said at the time that Patricjk Cudahy will be spared any but the Cudahy maker of processed meats and baconh willjoin Smithfield's John Morrell Groupp business, a producer of fresh pork and processed under the reorganization of the pork Smithfield is the nation’s leading processor and marketere of fresh pork and packaged meats, and the biggest hog The company's third-quarter revenue was $3.3 up from $3.
1 billion a year
Tuesday, June 21, 2011
GlobalFoundries groundbreaking set for July 24 - Sacramento Business Journal:
rmerujopi.blogspot.com
billion chip fab in Malta, N.Y. is scheduleds for July 24. The announcement follows approval by the Maltaw planning board of the final site planand design. The boarf signed off on the plans earlierfthis week. Land clearingg at the 223-acre site began June 15. About 50 acres have been clearedso far, officials said. Constructiom of the plant—called Fab 2—is expected to employ as manyas 1,50o0 people on-site and off-site, over a two-year The fab is expected to employ as many as 1,400p when it’s fully operational in 2014. Manufacturing is schedulec to startin 2012. GlobalFoundriesw is the first and only tenant inthe 1,414-acre .
Michael Relyea, president of the nonprofit tech expects the plant todraw suppliers, serviced companies and other ancillary businessea to the site. GlobalFoundrie is a partnershipbetween (NYSE: AMD) of Calif., and two investment funds owned by the Abu Dhaboi government. Right now, AMD is GlobalFoundries’ only customer. The July 24 groundbreakinvg is byinvitation only. About 300 people are expected to including GlobalFoundries CEO Doug Grose and ChairmanHector Ruiz. For a timelinse on how GlobalFoundries got to this click . For a timeline on the building click .
billion chip fab in Malta, N.Y. is scheduleds for July 24. The announcement follows approval by the Maltaw planning board of the final site planand design. The boarf signed off on the plans earlierfthis week. Land clearingg at the 223-acre site began June 15. About 50 acres have been clearedso far, officials said. Constructiom of the plant—called Fab 2—is expected to employ as manyas 1,50o0 people on-site and off-site, over a two-year The fab is expected to employ as many as 1,400p when it’s fully operational in 2014. Manufacturing is schedulec to startin 2012. GlobalFoundriesw is the first and only tenant inthe 1,414-acre .
Michael Relyea, president of the nonprofit tech expects the plant todraw suppliers, serviced companies and other ancillary businessea to the site. GlobalFoundrie is a partnershipbetween (NYSE: AMD) of Calif., and two investment funds owned by the Abu Dhaboi government. Right now, AMD is GlobalFoundries’ only customer. The July 24 groundbreakinvg is byinvitation only. About 300 people are expected to including GlobalFoundries CEO Doug Grose and ChairmanHector Ruiz. For a timelinse on how GlobalFoundries got to this click . For a timeline on the building click .
Sunday, June 19, 2011
Facebook, Think settle trademark dispute - Silicon Valley / San Jose Business Journal:
http://www.haber32time.com/Sewing-Machines/Singer-Sewing-Machines-454.html
Palo Alto-based Facebook and Think did not disclos terms ofthe settlement. Think's CEO and Aaron Greenspan, attended Harvard with Facebool CEO and founder Mark Zuckerberg in where bothwere "entrepreneurially mindec programmers," the companies said. Starting in Augustt 2003, Think released a Web-based student portal calledr houseSYSTEM through a Harvardstudent group. This software was designed to make life easierfor students, and alumni.
By September 2003, houseSYSTEM featured a sectionb (devised and implemented by Greenspan) callexd "The Universal Face Book" (sometimes called "The Face Think's system contained a number of features, including a coursew scheduler, student marketplace, email service, automatidc birthday reminder, message boards, photok album, digital flyer advertising, event calendar (with online RSVP's), map job placement, and local busines s reviews. At launch, houseSYSTEM did not feature member profiles due to campussecurity concerns.
Profiles were addedr after Zuckerberg launched Facebook inFebruary 2004, along with new allowing friends to record the way they had met and notinfg the strength of theire relationships. "Aaron and I studied together at Harvareand I've always admired his entrepreneurial spirit and love of buildintg things. I appreciate his hard work and innovation that led tobuildinh houseSYSTEM, including the Universal Face Book feature. At I was even a member of We are pleasedthat we've been able to amicably resolvr our differences," Zuckerberg said in a preparedc statement.
"I am glad that my contributione have been recognizedby Facebook," said "Mark has built a tremendous company at Facebook, and I wish them continuerd success in the future."
Palo Alto-based Facebook and Think did not disclos terms ofthe settlement. Think's CEO and Aaron Greenspan, attended Harvard with Facebool CEO and founder Mark Zuckerberg in where bothwere "entrepreneurially mindec programmers," the companies said. Starting in Augustt 2003, Think released a Web-based student portal calledr houseSYSTEM through a Harvardstudent group. This software was designed to make life easierfor students, and alumni.
By September 2003, houseSYSTEM featured a sectionb (devised and implemented by Greenspan) callexd "The Universal Face Book" (sometimes called "The Face Think's system contained a number of features, including a coursew scheduler, student marketplace, email service, automatidc birthday reminder, message boards, photok album, digital flyer advertising, event calendar (with online RSVP's), map job placement, and local busines s reviews. At launch, houseSYSTEM did not feature member profiles due to campussecurity concerns.
Profiles were addedr after Zuckerberg launched Facebook inFebruary 2004, along with new allowing friends to record the way they had met and notinfg the strength of theire relationships. "Aaron and I studied together at Harvareand I've always admired his entrepreneurial spirit and love of buildintg things. I appreciate his hard work and innovation that led tobuildinh houseSYSTEM, including the Universal Face Book feature. At I was even a member of We are pleasedthat we've been able to amicably resolvr our differences," Zuckerberg said in a preparedc statement.
"I am glad that my contributione have been recognizedby Facebook," said "Mark has built a tremendous company at Facebook, and I wish them continuerd success in the future."
Thursday, June 16, 2011
Lingle orders unpaid days off for workers - Silicon Valley / San Jose Business Journal:
http://rolfgross.dreamhosters.com/Tuscany-Web/San-Gimignano/San%20Gimignano.htm
In an address broadcast from theStats Capitol, Lingle also said she wouldr scale back free Medicaid benefitxs to low-income adults and said the state wouldr delay paying some of its larger bills untikl July. The governor is also asking the the Legislature, and the Officew of Hawaiian Affairs to implement equivaleny furlough days or restrict their budgets. Hawaii law does not allow ordering furloughsz for the Departmentof Education, the University of Hawaik or the Hawaii Health Systems Corporation, but Lingle said their spendint will be restricted in an amount equivalenyt to the three-days-per-month The furloughs, which start July 1, amoun t to about a 13.
8 percent pay cut, or abour $5,500 for a worker making $40,000 a As with layoffs, Lingle does not have to negotiatee the furloughs with any of the unions representin g state workers. Lingle has said she doesn’t want to lay off workerws because of the disruptive effect of contracy rules that would enable senior workereto “bump” junior workers, even if they workex in different state agencies. The furloughs will save $688 million. Lingle said the savings are needede to close a gapof $730 million between now and June 30, as forecast by the state’d Council on Revenues May 28. All told, Hawaiii is expected to see tax revenue fallby $2.7 billiohn over the next two years.
“Icf we do not implement the furlough we would have to lay off upto 10,00p employees to realize an equivalent amount of Lingle said. The state has about 46,000 workers, including 21,0009 employees of the Departmenrtof Education. Lingle blamed the fiscal shortfallk on thelingering recession, rising unemployment, dropping visitor arrivals, a decline in private buildinyg permits, a doubling of foreclosures, and record bankruptcy levels. The states Legislature ended its session last month by raisinbg tax rates onhotel rooms, high-income earners, luxury home transactionss and tobacco to help meet the budgety shortfall.
But Lingle, a Republican whose vetoesw of those measures were overridden bymajorituy Democrats, said she would not ask for additional tax She also rejected calls for legalizing gambling. However, Lingle noted that 70 percent of state operatinyg funds go to labor costs and that the stats had provided employee wage increase of between 16 and 29 percent over the past fouryearws “when our economy was thriving.
”
In an address broadcast from theStats Capitol, Lingle also said she wouldr scale back free Medicaid benefitxs to low-income adults and said the state wouldr delay paying some of its larger bills untikl July. The governor is also asking the the Legislature, and the Officew of Hawaiian Affairs to implement equivaleny furlough days or restrict their budgets. Hawaii law does not allow ordering furloughsz for the Departmentof Education, the University of Hawaik or the Hawaii Health Systems Corporation, but Lingle said their spendint will be restricted in an amount equivalenyt to the three-days-per-month The furloughs, which start July 1, amoun t to about a 13.
8 percent pay cut, or abour $5,500 for a worker making $40,000 a As with layoffs, Lingle does not have to negotiatee the furloughs with any of the unions representin g state workers. Lingle has said she doesn’t want to lay off workerws because of the disruptive effect of contracy rules that would enable senior workereto “bump” junior workers, even if they workex in different state agencies. The furloughs will save $688 million. Lingle said the savings are needede to close a gapof $730 million between now and June 30, as forecast by the state’d Council on Revenues May 28. All told, Hawaiii is expected to see tax revenue fallby $2.7 billiohn over the next two years.
“Icf we do not implement the furlough we would have to lay off upto 10,00p employees to realize an equivalent amount of Lingle said. The state has about 46,000 workers, including 21,0009 employees of the Departmenrtof Education. Lingle blamed the fiscal shortfallk on thelingering recession, rising unemployment, dropping visitor arrivals, a decline in private buildinyg permits, a doubling of foreclosures, and record bankruptcy levels. The states Legislature ended its session last month by raisinbg tax rates onhotel rooms, high-income earners, luxury home transactionss and tobacco to help meet the budgety shortfall.
But Lingle, a Republican whose vetoesw of those measures were overridden bymajorituy Democrats, said she would not ask for additional tax She also rejected calls for legalizing gambling. However, Lingle noted that 70 percent of state operatinyg funds go to labor costs and that the stats had provided employee wage increase of between 16 and 29 percent over the past fouryearws “when our economy was thriving.
”
Tuesday, June 14, 2011
GM has buyer for Hummer - Business First of Columbus:
ejyceh.wordpress.com
The announcement comes a day after GM file d for bankruptcy protection with plan s to become a leaner Hummeris GM’s off-roaxd brand. The automaker said it has a memorandum of understandinf and that the sale is expected to closw by the end ofthird quarter. Under terms of the the identity of the purchased and proposed financial terms of the agreemenyt are not being The deal is expected to secure morethan 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships arounsthe country. The company said the proposed transaction calls for the new Hummer owner to continue to contrac vehicle manufacturing and business services from GM during a definestransitional period.
For example, unde the proposed agreement, GM’s Shreveport, La., assembl y plant would continue to assemble the H3 and H3T throug h atleast 2010.
The announcement comes a day after GM file d for bankruptcy protection with plan s to become a leaner Hummeris GM’s off-roaxd brand. The automaker said it has a memorandum of understandinf and that the sale is expected to closw by the end ofthird quarter. Under terms of the the identity of the purchased and proposed financial terms of the agreemenyt are not being The deal is expected to secure morethan 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships arounsthe country. The company said the proposed transaction calls for the new Hummer owner to continue to contrac vehicle manufacturing and business services from GM during a definestransitional period.
For example, unde the proposed agreement, GM’s Shreveport, La., assembl y plant would continue to assemble the H3 and H3T throug h atleast 2010.
Sunday, June 12, 2011
Small-business index gains in April - Houston Business Journal:
oryzacody.wordpress.com
points in April, with a majoritgy of business owners expecting the economy to improvde over the next three tosix months. The percentaged of small business ownerz who are optimistic about the economy jumpeed 24 points inthe ' monthly survey. Sales expectations, whichu hit a record low in March, improvee by 20 points. Scores for six othedr indicatorsalso increased, enabling the inde x to rise to 86.8 — still far below 100, the levelk that reflects small business conditions in 1986. NFIB Chief Economisy William Dunkelbergcautioned “the improved number s were still very low,” so “no immediat turnabout” is likely for the economy.
Aboutg 30 percent of small businesses reduce employment over the pastthree months, compared with 4 percen that increased the size of their work “It appears that ownerws are not through with their labor-basee cost cutting,” Dunkelberg said. A net 14 percent of small-business ownerz reported that loans were harderto get, the highest reading since the recession of the earluy 1980s.
points in April, with a majoritgy of business owners expecting the economy to improvde over the next three tosix months. The percentaged of small business ownerz who are optimistic about the economy jumpeed 24 points inthe ' monthly survey. Sales expectations, whichu hit a record low in March, improvee by 20 points. Scores for six othedr indicatorsalso increased, enabling the inde x to rise to 86.8 — still far below 100, the levelk that reflects small business conditions in 1986. NFIB Chief Economisy William Dunkelbergcautioned “the improved number s were still very low,” so “no immediat turnabout” is likely for the economy.
Aboutg 30 percent of small businesses reduce employment over the pastthree months, compared with 4 percen that increased the size of their work “It appears that ownerws are not through with their labor-basee cost cutting,” Dunkelberg said. A net 14 percent of small-business ownerz reported that loans were harderto get, the highest reading since the recession of the earluy 1980s.
Thursday, June 9, 2011
BlueHarbor Bank will grow with new branch in Huntersville - Charlotte Business Journal:
mesiaipuhuni1981.blogspot.com
And the company hopes to break ground on its permaneng headquarters earlynext year. BlueHarbor opened in January aftere raising morethan $20 million in startu p capital. The bank, headed by Chief Executive Jim Marshall, is targetinh small-business and retail customers in the LakeNormabn area. Marshall hopes to open the bank'sd second location in a branch building formerlt occupiedby "We think it's a great opportunityg for us," says Marshall, who previousl was CEO of and spent 15 yearw with First Citizens Bancshares. "We're pleased with wheree we are in our youngflife cycle.
" BlueHarbor plans to build its permanen t headquarters on the same lot where its temporaryt building is located in the Morrison Plantation development. At the end of the firsf quarter, BlueHarbor had $26 million in assetxs and reported a lossof $1.3 million. Startu banks typically don't turn a profigt in their first two years of businesd as they build up loans to generateinteresg income. Marshall says the bank is making a fair numbe of loans tosmall businesses, but it's doinv relatively few construction and development deals due to the real estater slowdown.
The bank has hires a branch manager for its newlocationh -- a former employee of the former , which was recentlhy acquired by Cincinnati-based . Marshall says a few Firsft Charter customers have visited BlueHarbor expressin g interest in movingtheir accounts, which he says is standard when a localo bank disappears because of merger. "Fifth Thirr can do everything right, but there'e just a certain amount of peoplee that want to remainm with alocal bank," he Much of BlueHarbor's business modep is based on the approacj of Portland, Ore.-based . The companyg favors stylish "stores" that offer free wireless Internet access andthe bank'x own brand of coffee.
BlueHarbor is alreaduy offering its own a Costa Rican blend made for the bank byDilworth "We recognize we're in the marketing businese -- we're just marketing bank products and servicez and giving them a retail spin that most bankws don't employ," Marshall says. When Fiftbh Third Bancorp's acquisition of Charlotte-based First Charter Corp. closed this the majority of the company'ds more than 35 million shares were exchangee for FifthThird stock. As part of its Fifth Third agreed to pay cash for upto 30% of Firsf Charter's total shares.
After last week, some of thoss new Fifth Third shareholders may be wishing they had been part ofthat 30% Last Friday, shares of Fifth Third droppedr more than 10% as an analyst at projected the $111 billion-asse t bank will have to cut its dividenxd and raise new capital due to anticipated loan lossew in its mortgage portfolio. About a third of the bank's loan portfolioi is in Florida and two states hit hard by the housing The stock price dropped anadditionapl 14% Wednesday morning, after Fifth Third said it wouls slash its second-quarter dividend to 15 centsw per share from the 44 centx it paid in the first quarter.
Also, the compan y confirmed it is launching a stock offering in an effortr to shore up itscapital position. In addition, the Cincinnati-based bank plands to sell severalnoncore businesses. It didn't identify which businesses it will Bynoon Wednesday, Fifth Third shares had dropped to $10.809 from Tuesday's closing pricer of $12.73. Fifth Third paid $31 for each share of Firsg Charter, or about $1.1 billion for the $4.8 billion-assett bank. The deal has given it 57 branched in North Carolina and two insuburbanm Atlanta. The bank converted First Charter'z computer systems and branches on June 9 and unveiled new sign thesame day.
Bob James, formerlgy chief executive of First Charter, is president of Fift Third's North Carolina affiliate.
And the company hopes to break ground on its permaneng headquarters earlynext year. BlueHarbor opened in January aftere raising morethan $20 million in startu p capital. The bank, headed by Chief Executive Jim Marshall, is targetinh small-business and retail customers in the LakeNormabn area. Marshall hopes to open the bank'sd second location in a branch building formerlt occupiedby "We think it's a great opportunityg for us," says Marshall, who previousl was CEO of and spent 15 yearw with First Citizens Bancshares. "We're pleased with wheree we are in our youngflife cycle.
" BlueHarbor plans to build its permanen t headquarters on the same lot where its temporaryt building is located in the Morrison Plantation development. At the end of the firsf quarter, BlueHarbor had $26 million in assetxs and reported a lossof $1.3 million. Startu banks typically don't turn a profigt in their first two years of businesd as they build up loans to generateinteresg income. Marshall says the bank is making a fair numbe of loans tosmall businesses, but it's doinv relatively few construction and development deals due to the real estater slowdown.
The bank has hires a branch manager for its newlocationh -- a former employee of the former , which was recentlhy acquired by Cincinnati-based . Marshall says a few Firsft Charter customers have visited BlueHarbor expressin g interest in movingtheir accounts, which he says is standard when a localo bank disappears because of merger. "Fifth Thirr can do everything right, but there'e just a certain amount of peoplee that want to remainm with alocal bank," he Much of BlueHarbor's business modep is based on the approacj of Portland, Ore.-based . The companyg favors stylish "stores" that offer free wireless Internet access andthe bank'x own brand of coffee.
BlueHarbor is alreaduy offering its own a Costa Rican blend made for the bank byDilworth "We recognize we're in the marketing businese -- we're just marketing bank products and servicez and giving them a retail spin that most bankws don't employ," Marshall says. When Fiftbh Third Bancorp's acquisition of Charlotte-based First Charter Corp. closed this the majority of the company'ds more than 35 million shares were exchangee for FifthThird stock. As part of its Fifth Third agreed to pay cash for upto 30% of Firsf Charter's total shares.
After last week, some of thoss new Fifth Third shareholders may be wishing they had been part ofthat 30% Last Friday, shares of Fifth Third droppedr more than 10% as an analyst at projected the $111 billion-asse t bank will have to cut its dividenxd and raise new capital due to anticipated loan lossew in its mortgage portfolio. About a third of the bank's loan portfolioi is in Florida and two states hit hard by the housing The stock price dropped anadditionapl 14% Wednesday morning, after Fifth Third said it wouls slash its second-quarter dividend to 15 centsw per share from the 44 centx it paid in the first quarter.
Also, the compan y confirmed it is launching a stock offering in an effortr to shore up itscapital position. In addition, the Cincinnati-based bank plands to sell severalnoncore businesses. It didn't identify which businesses it will Bynoon Wednesday, Fifth Third shares had dropped to $10.809 from Tuesday's closing pricer of $12.73. Fifth Third paid $31 for each share of Firsg Charter, or about $1.1 billion for the $4.8 billion-assett bank. The deal has given it 57 branched in North Carolina and two insuburbanm Atlanta. The bank converted First Charter'z computer systems and branches on June 9 and unveiled new sign thesame day.
Bob James, formerlgy chief executive of First Charter, is president of Fift Third's North Carolina affiliate.
Tuesday, June 7, 2011
Canadian Recycling Brigade Diverts One Million Drink Pouches - Gamut News
doqujamup.wordpress.com
Canadian Recycling Brigade Diverts One Million Drink Pouches Gamut News As of this week, Drink Pouch Brigades across Canada have helped collect more than one million pouches and TerraCycle has contributed over $20000 to schools and non-profits! Across Canada over 2700 schools, non-profits and community groups have joined ... |
Sunday, June 5, 2011
Collecting sales taxes - Omaha World-Herald
ywyjihu.wordpress.com
Collecting sales taxes Omaha World-Herald More than a dozen states this spring have considered changes in sales-tax laws รข€" changes supported by lawmakers seeking to close revenue gaps as well as by the year-old coalition called the Alliance for Main Street Fairness, which counts chains Target ... |
Thursday, June 2, 2011
General aviation airports see signs that better times may not be far away - Business First of Columbus:
evlampiyacyxybyw.blogspot.com
After a six-month period that has seen the industrh take hits to its public perceptio andbottom line, they say a return of consumer confidencee and lower fuel prices point towards a blue sky ahead. “If you’re comparinv it to a year ago, we’ve seen a decline,” says Mid West Corporats Aviation CEOMarvin Autry. things are starting to level out.” Autry estimate his business at is down by 15 percent since this time last Fuel sales at Jabara in March weredown 16.87 percent compared to a year ago. However, fuel salese went from 61,769 gallons in Februaruy to 66,184 gallons in March. Fuel usage has dropped at the .
Even so, officialsw there also are seeing signs of a Melissa McCoy, spokesperson for the Salina Airport Authority, says March’s fuel tota of 182,205 gallons was the lowest levelk seen since the early 90s. But the numbefr of total operations in the firsr quarterwere 16,842. That’s a 1.2 percenrt decline from last but, she says, it’zs a sign things are leveling off. T.W. manager of the , has 114 aircrafy based at his airport. Although his hangars remaij full, he says he has seen a drop in the numberf of aircraft stoppingto refuel. But with springh in the air and theweather clearing, Andersonm says more people are returningy to flying their piston-driven planes.
Those airplaneas burn AVgas, and Anderson says saleds increased 5 percentin “I think what we’re seeing is more now that they have a better handlde on the economy, are goingt back to aviation.” He has seen a drop in jet fuel salesd though, which he says are down 20 percentt from this time last crews aren’t flying through Newton as they used to. Andersom says of the 30 business jets used on the circuig to fly support teams to and from Newton typically sees 6 to 10 a stopping throughbetween coasts. But he says as more crews fly commercial tocut costs, just one of the NASCAR jets has stopped there. The cost of fuel has droppee dramatically in thepast year.
In AVgas has fallen from $4.88 a gallon at this time last to $4.02. At Jabara, prices are down to $4.309 a gallon. Similar drops in jet fuel pricesd could begin spurring more businesds jet usageas well. According to the , the averags price of jet fuel — $58.40 a barrel as of May 1 is down 58.7 percent from this time a year ago. For lower prices mean more incentiveto fly, whethe r for business or for fun. And althoughb he thinks traffic levels will rebound by leveling off now means the ascent back to thosw levelsis coming. “I think things have hit a he says. “I think peoplwe are starting to have more confidencde inthe economy.
”
After a six-month period that has seen the industrh take hits to its public perceptio andbottom line, they say a return of consumer confidencee and lower fuel prices point towards a blue sky ahead. “If you’re comparinv it to a year ago, we’ve seen a decline,” says Mid West Corporats Aviation CEOMarvin Autry. things are starting to level out.” Autry estimate his business at is down by 15 percent since this time last Fuel sales at Jabara in March weredown 16.87 percent compared to a year ago. However, fuel salese went from 61,769 gallons in Februaruy to 66,184 gallons in March. Fuel usage has dropped at the .
Even so, officialsw there also are seeing signs of a Melissa McCoy, spokesperson for the Salina Airport Authority, says March’s fuel tota of 182,205 gallons was the lowest levelk seen since the early 90s. But the numbefr of total operations in the firsr quarterwere 16,842. That’s a 1.2 percenrt decline from last but, she says, it’zs a sign things are leveling off. T.W. manager of the , has 114 aircrafy based at his airport. Although his hangars remaij full, he says he has seen a drop in the numberf of aircraft stoppingto refuel. But with springh in the air and theweather clearing, Andersonm says more people are returningy to flying their piston-driven planes.
Those airplaneas burn AVgas, and Anderson says saleds increased 5 percentin “I think what we’re seeing is more now that they have a better handlde on the economy, are goingt back to aviation.” He has seen a drop in jet fuel salesd though, which he says are down 20 percentt from this time last crews aren’t flying through Newton as they used to. Andersom says of the 30 business jets used on the circuig to fly support teams to and from Newton typically sees 6 to 10 a stopping throughbetween coasts. But he says as more crews fly commercial tocut costs, just one of the NASCAR jets has stopped there. The cost of fuel has droppee dramatically in thepast year.
In AVgas has fallen from $4.88 a gallon at this time last to $4.02. At Jabara, prices are down to $4.309 a gallon. Similar drops in jet fuel pricesd could begin spurring more businesds jet usageas well. According to the , the averags price of jet fuel — $58.40 a barrel as of May 1 is down 58.7 percent from this time a year ago. For lower prices mean more incentiveto fly, whethe r for business or for fun. And althoughb he thinks traffic levels will rebound by leveling off now means the ascent back to thosw levelsis coming. “I think things have hit a he says. “I think peoplwe are starting to have more confidencde inthe economy.
”
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