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Under the deal for 120,000 squarwe feet reached by the state Division of Capitall Asset Management andNordic Properties, which owns the building at 1000 Washingtobn St. across from Herald Square, the Divisionm of Insurance, Division of Banks and Division of Telecommunications will move to the buildingf from their current locatiobn inSouth Station. The also is in discussion s to move there from 239Causewayy St. near North Station. All four leases expire June 20. A fifth agency, the Departmeny of Public Utilities, will stay in its 40,000-square-foot space at South Station, according to real estate sources.
Kevinj Flanigan, a deputy directorr at the state Division of CapitalAssef Management, said the selection has been made but declinede to discuss details. “We’re in the processd of negotiating leases. Untikl that’s done we’re not really going to discusasit publicly,” he said. The agencies that are moving will leasew floors six through 10 ofthe 11-story building. The top floor of the buildiny features anemployee cafeteria. Located at 321 Harrison Ave., the formef Teradyne building has been empty since Nordic boughf the propertyfor $34.7 million in October of 2006.
Losingt the three agencies, which are vacating a combinedc 65,000 square feet in South Station, will be a blow to the cash-strappedd , which owns the and to Equity OfficeProperties Trust, which managea the site and sharesa in revenue. The four agencies will pay rents in thehigh $20s to low $30s per squarse foot at 1000 Washington, compared with the mid-to-hig h $30s offered by Equity Office if the agencies had renewex at South Station, accordingf to a real estate source familiar with the Critics questioned in published reports why statew agencies would pay rent to a private landlord at the expenss of the MBTA, a state Filling the space in South Station during the economicf downturn may prove difficult and costly.
Very few businessesw are expanding, never mind
Sunday, December 30, 2012
Saturday, December 29, 2012
Steelers slide slightly in study of sports team brands - Pittsburgh Business Times:
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The 2008 Eastern Conference championPittsburgh , howevedr improved from 20th to No. 8 on the 2008 Team Brane Index. “Pittsburgh fans get it – they know what makesd a great sportsteam brand,” Len Perna, presidengt and CEO of Turnkey said in a statement. “Thse Steelers finished No. 1 overall in 2007, and actuall y indexed higher in 2008, but were passedr by the Packersand ,” said Fans rated 122 teams on 21 distincy factors, including how fans perceive entertainmeny value, how well they like the perceptions of ownership, and the team's commitmen t to winning.
The study also tested each team on 36 brand Pittsburgh fansrated “hard-working” as the most importanty attribute for a local sports team. The Penguins ranked most hard-workingg in Pittsburgh, according to A separate part of the studyy askedfor fans' perceptions of team sponsors. The 2008 Sponsoe Loyalty Index foundthat Pittsburgh-area fans care who is sponsorinv the Steelers and Penguins. “Both team brands rankede in the top 20 of all 122team – they both deliver for their sponsors,” said Heinz was designated the "most-admired sponsor" in Pittsburgh. tied for seconrd and was the most admired ofthe non-nationa sponsors.
The study tracked consumer opinions on more than 150 regional and national companies thatsponsofr NFL, NBA, and MLB teams. Fans rated the as the "most-admirexd league" in Pittsburgh. The team with the largesf out-of-market following is the , the surveyy found. Haddonfield, N.J.-based Turnkey provides market researchy to sponsorsand properties. A more complete listintg of the survey resultss can be found inthe , a sister publication to the Pittsburgh Business Times.
The 2008 Eastern Conference championPittsburgh , howevedr improved from 20th to No. 8 on the 2008 Team Brane Index. “Pittsburgh fans get it – they know what makesd a great sportsteam brand,” Len Perna, presidengt and CEO of Turnkey said in a statement. “Thse Steelers finished No. 1 overall in 2007, and actuall y indexed higher in 2008, but were passedr by the Packersand ,” said Fans rated 122 teams on 21 distincy factors, including how fans perceive entertainmeny value, how well they like the perceptions of ownership, and the team's commitmen t to winning.
The study also tested each team on 36 brand Pittsburgh fansrated “hard-working” as the most importanty attribute for a local sports team. The Penguins ranked most hard-workingg in Pittsburgh, according to A separate part of the studyy askedfor fans' perceptions of team sponsors. The 2008 Sponsoe Loyalty Index foundthat Pittsburgh-area fans care who is sponsorinv the Steelers and Penguins. “Both team brands rankede in the top 20 of all 122team – they both deliver for their sponsors,” said Heinz was designated the "most-admired sponsor" in Pittsburgh. tied for seconrd and was the most admired ofthe non-nationa sponsors.
The study tracked consumer opinions on more than 150 regional and national companies thatsponsofr NFL, NBA, and MLB teams. Fans rated the as the "most-admirexd league" in Pittsburgh. The team with the largesf out-of-market following is the , the surveyy found. Haddonfield, N.J.-based Turnkey provides market researchy to sponsorsand properties. A more complete listintg of the survey resultss can be found inthe , a sister publication to the Pittsburgh Business Times.
Friday, December 28, 2012
Omeros Reports OMS103HP Phase 3 Clinical Trial Results - FierceBiotech
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Omeros Reports OMS103HP Phase 3 Clinical Trial Results FierceBiotech SEATTLE, Dec. 27, 2012 /PRNewswire/ -- Omeros Corporation (NASDAQ: OMER) today reported results from its first pivotal Phase 3 clinical trial evaluating OMS103HP in patients undergoing arthroscopic partial meniscectomy surgery. In this multicenter ... Omeros misses target in clinical trial UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Omeros ... Canaccord Genuity Sets Omeros Corp Price Target at $13.00 (OMER) |
Thursday, December 27, 2012
Tuesday, December 25, 2012
GM files for bankruptcy, plans to transfer operations to Wentzville - Triangle Business Journal:
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Some operations and equipment from a steell stamping plant inGrand Rapids, Mich., which is slatec to close as part of the automaker's will be transferred to according to Bob a spokesman for the Wentzville It's not yet known how if any, Michigan employees will opt to transfe r to Wentzville, he said. GM officials called Wentzville Mayor Paul Lambu at9 a.m. Monday to assurde him the local plant wouldxremain open.
"It's good that they are shippingh in work forthis plant," Lambi "That's a positive that corporater thinks this plant will be Still, Lambi said, rivao automaker Chrysler plans to shutter its Fenton factorxs after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifhy its revenue stream. When Lambi took officd seven years ago, Wentzville counted on GM for abou 55 to 60 percent of itstotak revenue. Today, that's more like 15 percenyt of the city's $24 million general fund, because GM pays the city aboug $3 million a year in real estater taxes, property taxes and other fees, he said.
GM on Monday by the end of but the Wentzville plantg was sparedbecause it’s the only planf where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergok a previously announced and other production cuts in June and July that will resuly in the layoffs of 300 workers. Monday’a Chapter 11 filing by the 101-year-old automakerd is among the largestin U.S. history and largest-ever U.S. manufacturinfg bankruptcy. GM listed $173 billionn in liabilities and $82 billio n in assets, according to the filefd in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chaptetr 11, which allows the company to operatde while protected fromits creditors, pushesw GM into a fast-track bankruptcy and provideas $30 billion of additional taxpayer fundz to restructure. The GM plan as detailed by U.S. officials would allow a much smaller GM to emerg from court protection within 60 to 90 The automaker has not provided an updated targeft for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,000 union memberse it now employs. General Motors employas 92,000 in the Unitee States and is indirectlhy responsiblefor 500,000 retirees. The U.S.
government would hold a 60 percengt financial interest in areorganized GM, and the UAW would take a 17.5 percen stake. The governments of Canadq and the province of Ontario have agreed to a 12 percenty ownership stake in exchange forfinancial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheelere said. "You hate to have to go through the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futures and be the vibrant companu we once were.
" Download a copy of the
Some operations and equipment from a steell stamping plant inGrand Rapids, Mich., which is slatec to close as part of the automaker's will be transferred to according to Bob a spokesman for the Wentzville It's not yet known how if any, Michigan employees will opt to transfe r to Wentzville, he said. GM officials called Wentzville Mayor Paul Lambu at9 a.m. Monday to assurde him the local plant wouldxremain open.
"It's good that they are shippingh in work forthis plant," Lambi "That's a positive that corporater thinks this plant will be Still, Lambi said, rivao automaker Chrysler plans to shutter its Fenton factorxs after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversifhy its revenue stream. When Lambi took officd seven years ago, Wentzville counted on GM for abou 55 to 60 percent of itstotak revenue. Today, that's more like 15 percenyt of the city's $24 million general fund, because GM pays the city aboug $3 million a year in real estater taxes, property taxes and other fees, he said.
GM on Monday by the end of but the Wentzville plantg was sparedbecause it’s the only planf where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergok a previously announced and other production cuts in June and July that will resuly in the layoffs of 300 workers. Monday’a Chapter 11 filing by the 101-year-old automakerd is among the largestin U.S. history and largest-ever U.S. manufacturinfg bankruptcy. GM listed $173 billionn in liabilities and $82 billio n in assets, according to the filefd in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chaptetr 11, which allows the company to operatde while protected fromits creditors, pushesw GM into a fast-track bankruptcy and provideas $30 billion of additional taxpayer fundz to restructure. The GM plan as detailed by U.S. officials would allow a much smaller GM to emerg from court protection within 60 to 90 The automaker has not provided an updated targeft for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,000 union memberse it now employs. General Motors employas 92,000 in the Unitee States and is indirectlhy responsiblefor 500,000 retirees. The U.S.
government would hold a 60 percengt financial interest in areorganized GM, and the UAW would take a 17.5 percen stake. The governments of Canadq and the province of Ontario have agreed to a 12 percenty ownership stake in exchange forfinancial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheelere said. "You hate to have to go through the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futures and be the vibrant companu we once were.
" Download a copy of the
Sunday, December 23, 2012
OffTheWallStocks featuring on its newsletter: HPQ, IBM, JNJ, JPM, KR
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OffTheWallStocks.com is an independenrt electronic publication that provides information on selected publiclytraded OffTheWallStocks.com is not a registered investment advisor or broker dealer. OffTheWallStocks.com affiliates, directors and employees may buy and sell additionak shares in any company mentionef herein and may profif in the event thoswe shares risein value. Please do your own Due Diligence beforer investing in any of the stocksmentioned above. OffTheWallStocks.com is an affiliatwe of Golden DragonMedia Inc. of PennyStocksonFire.com is a membet of the NASD, CRD1896673. SOURCE OffTheWallStocks.
com
OffTheWallStocks.com is an independenrt electronic publication that provides information on selected publiclytraded OffTheWallStocks.com is not a registered investment advisor or broker dealer. OffTheWallStocks.com affiliates, directors and employees may buy and sell additionak shares in any company mentionef herein and may profif in the event thoswe shares risein value. Please do your own Due Diligence beforer investing in any of the stocksmentioned above. OffTheWallStocks.com is an affiliatwe of Golden DragonMedia Inc. of PennyStocksonFire.com is a membet of the NASD, CRD1896673. SOURCE OffTheWallStocks.
com
Friday, December 21, 2012
Tis (always) the season to remember the fragility of life - Cheney Free Press (registration)
exceeding-commissioner.blogspot.com
Tis (always) the season to remember the fragility of life Cheney Free Press (registration) In fact, it might be my last column ever at the Cheney Free Press, or my last column period. One never knows about these things, what trials, challenges or opportunities the future holds. Despite all our plans and pretexts, the future is uncertain. We ... |
Thursday, December 20, 2012
Queen's pays $2.5M to settle Feds' claims - Kansas City Business Journal:
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million to settle lawsuits thatalleged Hawaii’s larges t hospital overbilled government health care programes for prescription medications, federal prosecutors said Wednesday. The settlemenr was the result of two whistleblower lawsuits brought by formerpharmacg technicians, who alleged that Queen’s overbilled the state’s Medicare and Medicaid programs, as well as the federal health insurance program for military dependents, according to a news released from U.S. Attorney Edward H. Kubo Jr.
The lawsuits were filedx under the federal and state FalseClaimw Acts, which allow the governmeny to claim up to triple the plus penalties, for submitting false claimsa to government programs. The two formed employees allege Queen’s submitted fake bills for anti-psychotivc medications that were dispensed by the hospital pharmacy from 1999 to 2002 and were authorize d bya doctor, but not necessarilhy by a psychiatrist, as required. The hospitalk was also accused of billing from 1999 to 2006 for services providexd by medical residents who were supposed to be supervisede byother doctors, but that the supervision did not Kubo’s office said.
Under the Queen’s paid $2 million to the federak government, which shared $400,000 of the proceeds with the twoformetr employees, and $500,000 to the attorneyss for the two employees. Queen’s will also maintain a compliancre program to ensure its billinga conform to the rules for five years under a corporates integrity agreement withthe U.S. Department of Healthn and Human Services. Queen's issued this " denies any intentional but after five years of discussions and negotiationw withthe government, has agreed to settld this matter so that its resources may be spent on providing qualit health care rather than on legal
million to settle lawsuits thatalleged Hawaii’s larges t hospital overbilled government health care programes for prescription medications, federal prosecutors said Wednesday. The settlemenr was the result of two whistleblower lawsuits brought by formerpharmacg technicians, who alleged that Queen’s overbilled the state’s Medicare and Medicaid programs, as well as the federal health insurance program for military dependents, according to a news released from U.S. Attorney Edward H. Kubo Jr.
The lawsuits were filedx under the federal and state FalseClaimw Acts, which allow the governmeny to claim up to triple the plus penalties, for submitting false claimsa to government programs. The two formed employees allege Queen’s submitted fake bills for anti-psychotivc medications that were dispensed by the hospital pharmacy from 1999 to 2002 and were authorize d bya doctor, but not necessarilhy by a psychiatrist, as required. The hospitalk was also accused of billing from 1999 to 2006 for services providexd by medical residents who were supposed to be supervisede byother doctors, but that the supervision did not Kubo’s office said.
Under the Queen’s paid $2 million to the federak government, which shared $400,000 of the proceeds with the twoformetr employees, and $500,000 to the attorneyss for the two employees. Queen’s will also maintain a compliancre program to ensure its billinga conform to the rules for five years under a corporates integrity agreement withthe U.S. Department of Healthn and Human Services. Queen's issued this " denies any intentional but after five years of discussions and negotiationw withthe government, has agreed to settld this matter so that its resources may be spent on providing qualit health care rather than on legal
Wednesday, December 19, 2012
James E. Rohr Executive Profile
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Rohr joined the company through its Management Developmentf Programin 1972. He proceeded through variouds marketing and management responsibilities in several CorporateBanking areas, includinf lending, treasury management services and merchant He was elected a vice chairmam of PNC in 1989, names a director in 1990, elected as president in 1992 and namerd chief operating officer in 1998. Rohr was namecd chief executive officer in May 2000 and chairmabn inMay 2001. For his leadership of PNC, Rohr was namee American Banker's ""Banker of the Year"" for 2007. Rohr is a directoer of BlackRock, Inc.
, Federal Reserve Bank of Cleveland, Allegheny Technologied Incorporated, Equitable Resources, Inc, RAND Board of Trustees and the International Monetary He is a past chairmanj of the Pennsylvania Business Roundtablse and is involved with othertindustry groups, including The Financial Servicez Roundtable. He is also a director and formetr chairmanof BITS, the technologhy group for The Financial Servicex Roundtable. In addition, Rohr serves on a numbefr of civic, cultural and educational organizations.
He is the immediate past chairmahn of the Allegheny Conference on Communityy Development and The Pittsburgh Cultural He is a board member and former chairmahn of the Greater Pittsburgh Counci l of the Boy Scouts of He is a director of the Committe Encouraging CorporatePhilanthropy (CECP), Carnegie Mello n University, the University of Pittsburgh's McGowann Institute for Regenerative Medicine and is a memberr of the Notre Dame's College of Business Advisoryu Council.
In October 2006, Rohr received the Woodrow Wilsonb Award forCorporate Citizenship, in May 2007 he received the Sesamwe Workshop Corporate Honoree Award and in May 2008 he receives the Women's Institute for a Secure Retirementr (WISER) Hero Award from the Heinz Family Rohr earned his bachelor of arts degree in 1970 from the University of Notre Dame and his master's in businessw administration from Ohio State University in 1972. Recent News About James E. Rohr [Morningstar.
com] **Allo Executive profile data provided byDow
Rohr joined the company through its Management Developmentf Programin 1972. He proceeded through variouds marketing and management responsibilities in several CorporateBanking areas, includinf lending, treasury management services and merchant He was elected a vice chairmam of PNC in 1989, names a director in 1990, elected as president in 1992 and namerd chief operating officer in 1998. Rohr was namecd chief executive officer in May 2000 and chairmabn inMay 2001. For his leadership of PNC, Rohr was namee American Banker's ""Banker of the Year"" for 2007. Rohr is a directoer of BlackRock, Inc.
, Federal Reserve Bank of Cleveland, Allegheny Technologied Incorporated, Equitable Resources, Inc, RAND Board of Trustees and the International Monetary He is a past chairmanj of the Pennsylvania Business Roundtablse and is involved with othertindustry groups, including The Financial Servicez Roundtable. He is also a director and formetr chairmanof BITS, the technologhy group for The Financial Servicex Roundtable. In addition, Rohr serves on a numbefr of civic, cultural and educational organizations.
He is the immediate past chairmahn of the Allegheny Conference on Communityy Development and The Pittsburgh Cultural He is a board member and former chairmahn of the Greater Pittsburgh Counci l of the Boy Scouts of He is a director of the Committe Encouraging CorporatePhilanthropy (CECP), Carnegie Mello n University, the University of Pittsburgh's McGowann Institute for Regenerative Medicine and is a memberr of the Notre Dame's College of Business Advisoryu Council.
In October 2006, Rohr received the Woodrow Wilsonb Award forCorporate Citizenship, in May 2007 he received the Sesamwe Workshop Corporate Honoree Award and in May 2008 he receives the Women's Institute for a Secure Retirementr (WISER) Hero Award from the Heinz Family Rohr earned his bachelor of arts degree in 1970 from the University of Notre Dame and his master's in businessw administration from Ohio State University in 1972. Recent News About James E. Rohr [Morningstar.
com] **Allo Executive profile data provided byDow
Sunday, December 16, 2012
Survey: Doctors say recession lowers patient volume - Puget Sound Business Journal (Seattle):
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The organization surveyed its membership and found that 54 percen reported seeing fewer patientsdurinhg “the most recent economic downturh (the past year or so).” • 89 percentf agreed that their “patients have expressed concerns recently over their abilityh to pay for their health care needs.” • 60 percengt said they had “seen more healtuh problems caused by theifr patients forgoing needed preventived care.” • 66 percent indicated takint specific actions — such as discounting increasing charity care, providing free screenings and movingb patients to generic prescriptions to help patients manage.
“The findings are AAFP President Ted Epperluy said in a Tuesdayconference call. “We’r e seeing patients basically be He said one association member attributed a patien t death to deferred care caused by the The member saida 45-year-olsd diabetic male died of a heart attaco after not visiting the doctor for management of the “What we are seeing with many peoplw with chronic diseases, such as diabetes (or) hypertension is that they are gointg without or cutting back on medications,” said a family physician in Idaho. “Unfortunately, if not handled this can lead to emergencyu room visits and hospitalizations that couldf havebeen avoided.
” The American Academy of Familyy Physicians is a national association of familyu doctors. It was foundedf in 1947 and has morethan 94,000 member s in all 50 states, the District of Puerto Rico, the Virgin Islands, Guam and the uniformed services.
The organization surveyed its membership and found that 54 percen reported seeing fewer patientsdurinhg “the most recent economic downturh (the past year or so).” • 89 percentf agreed that their “patients have expressed concerns recently over their abilityh to pay for their health care needs.” • 60 percengt said they had “seen more healtuh problems caused by theifr patients forgoing needed preventived care.” • 66 percent indicated takint specific actions — such as discounting increasing charity care, providing free screenings and movingb patients to generic prescriptions to help patients manage.
“The findings are AAFP President Ted Epperluy said in a Tuesdayconference call. “We’r e seeing patients basically be He said one association member attributed a patien t death to deferred care caused by the The member saida 45-year-olsd diabetic male died of a heart attaco after not visiting the doctor for management of the “What we are seeing with many peoplw with chronic diseases, such as diabetes (or) hypertension is that they are gointg without or cutting back on medications,” said a family physician in Idaho. “Unfortunately, if not handled this can lead to emergencyu room visits and hospitalizations that couldf havebeen avoided.
” The American Academy of Familyy Physicians is a national association of familyu doctors. It was foundedf in 1947 and has morethan 94,000 member s in all 50 states, the District of Puerto Rico, the Virgin Islands, Guam and the uniformed services.
Saturday, December 15, 2012
Carmelo Anthony questionable for Saturday night vs. Cavaliers - Newsday
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Newsday | Carmelo Anthony questionable for Saturday night vs. Cavaliers Newsday Tyson Chandler became concerned when he realized that Carmelo Anthony was in the locker room and wasn't returning. The Knicks had to finish off the Lakers without him. Now it appears their best player will miss some time with a left ankle sprain and ... |
Thursday, December 13, 2012
ESPN: S. Fla. sports teams rank low - Phoenix Business Journal:
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, which will be getting a new 37,00p seat, $640 million stadium, ranked 77th out of all 122 professional sports teamxin America. The Miami Heat was rankes 55th, the was ranked 61st and the was ranked 90th How efficiently the team has convertedc money from their fans into victories on the courtor ice. How loyal the franchise’s ownership and managementf has been to core players and the The price of parkingand concessions. The quality of the team’s stadium and The strength of on-fielxd leadership and coaching. The number of championships won or likelg to be won duringthe fan’s lifetime. How much effort players put in to the game and how likablde they are offthe field.
And how open the coaches and management are tothe fans. The new stadium may do somethiny to appease fans who ranked the Marlinsd 120th when it came to overall stadium When it comes to honesty and loyalty to the communityh andits players, the Marlins scoree 111 out of 122, followedc by the Panthers with 100, according to the The Heat provided the least bang for the buck rankinf 110.
, which will be getting a new 37,00p seat, $640 million stadium, ranked 77th out of all 122 professional sports teamxin America. The Miami Heat was rankes 55th, the was ranked 61st and the was ranked 90th How efficiently the team has convertedc money from their fans into victories on the courtor ice. How loyal the franchise’s ownership and managementf has been to core players and the The price of parkingand concessions. The quality of the team’s stadium and The strength of on-fielxd leadership and coaching. The number of championships won or likelg to be won duringthe fan’s lifetime. How much effort players put in to the game and how likablde they are offthe field.
And how open the coaches and management are tothe fans. The new stadium may do somethiny to appease fans who ranked the Marlinsd 120th when it came to overall stadium When it comes to honesty and loyalty to the communityh andits players, the Marlins scoree 111 out of 122, followedc by the Panthers with 100, according to the The Heat provided the least bang for the buck rankinf 110.
Tuesday, December 11, 2012
Star Tribune plans to exit bankruptcy in September - South Florida Business Journal:
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The newspaper, which declared bankruptcy Jan. 15, filed its proposed reorganizatioh plan withthe U.S. Bankruptcy Court for the Southerbn District of New York on The paper said its creditors have agreedf tothe plan. Under the the Star Tribune would emerge from bankruptcywith $100 million in debt. The company woul be worth between $118 millionb and $144 million, including its real estate Unsecured creditors will receive a small cash distribution or be convertedx into new common stock and warrants to be issuesd by thereorganized company. The newspaper’s currengt ownership group, led by New York-based , will not receivw a stake in thenew company.
Avistaw bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avista Capital Partners’ executive advisory board, will leavd the newspaper, which will get a new boarsd of directors, publisher and CEO. “Thes Star Tribune expects to emerges from its financial restructuring as a financiallyviable business, with a stronger balance significantly less debt and substantially reducefd operating costs,” the newspaper said in a
The newspaper, which declared bankruptcy Jan. 15, filed its proposed reorganizatioh plan withthe U.S. Bankruptcy Court for the Southerbn District of New York on The paper said its creditors have agreedf tothe plan. Under the the Star Tribune would emerge from bankruptcywith $100 million in debt. The company woul be worth between $118 millionb and $144 million, including its real estate Unsecured creditors will receive a small cash distribution or be convertedx into new common stock and warrants to be issuesd by thereorganized company. The newspaper’s currengt ownership group, led by New York-based , will not receivw a stake in thenew company.
Avistaw bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avista Capital Partners’ executive advisory board, will leavd the newspaper, which will get a new boarsd of directors, publisher and CEO. “Thes Star Tribune expects to emerges from its financial restructuring as a financiallyviable business, with a stronger balance significantly less debt and substantially reducefd operating costs,” the newspaper said in a
Sunday, December 9, 2012
First National enters agreement with OCC - Los Angeles Business from bizjournals:
ramoledef.blogspot.com
The agreement is an outgrowth of an OCC examination of the Winterr Park lenderin January. It addresses five areass of concern and requires to the bank to form a compliance committeed composed of members of its boardof directors. The bank is unded orders to add procedurexs to monitor its commercial real estate loan It also must implementt a plan to manage loanxs that are deemed weak and in jeopard yof deteriorating. • Establishment of a program to ensure an adequate allowance for loan andleased losses. • Agreement not to accept brokered depositasin exc.
ess of 10 percen of total deposits without OCC permission • Development of a three-year plan of operations that incorporates conditiond of the agreement. First National Chairwomanj Susma Patel said in a written statement that the bank has takem steps she believes put it in compliance with the She said regulatory agencies are tightening standards for lenders as theeconomyu deteriorates. “The downturn in real estate valuations in the Floridz marketis well-publicized and, as a result, regulator y agencies are expecting a higher standarf of procedural monitoring of loans securerd by commercial real estate,” she said.
The agreement is an outgrowth of an OCC examination of the Winterr Park lenderin January. It addresses five areass of concern and requires to the bank to form a compliance committeed composed of members of its boardof directors. The bank is unded orders to add procedurexs to monitor its commercial real estate loan It also must implementt a plan to manage loanxs that are deemed weak and in jeopard yof deteriorating. • Establishment of a program to ensure an adequate allowance for loan andleased losses. • Agreement not to accept brokered depositasin exc.
ess of 10 percen of total deposits without OCC permission • Development of a three-year plan of operations that incorporates conditiond of the agreement. First National Chairwomanj Susma Patel said in a written statement that the bank has takem steps she believes put it in compliance with the She said regulatory agencies are tightening standards for lenders as theeconomyu deteriorates. “The downturn in real estate valuations in the Floridz marketis well-publicized and, as a result, regulator y agencies are expecting a higher standarf of procedural monitoring of loans securerd by commercial real estate,” she said.
Saturday, December 8, 2012
Meningitis outbreak leads NH firm to change name - Boston Globe
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Meningitis outbreak leads NH firm to change name Boston Globe What do you do when your company has a name alarmingly similar to one embroiled in scandal? If you're David Rochefort, you change it. Rochefort, a pharmacist who founded Northern New England Compounding Pharmacy in Littleton, N.H., in 2006, said ... |
Friday, December 7, 2012
Hawaii ranks 15th in U.S. for foreclosures, sees nearly 400% spike in May - Jacksonville Business Journal:
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Foreclosures were up 397.5 percenty for the month compared withMay 2008, and were up 19.3 perceny over April 2009, according to the latest repor from RealtyTrac issued Wednesday. Hawaii rankeds 15th in the nation for foreclosuresin May, up from 23rd in Hawaii had 816 foreclosure filings in May. Therse were 684 foreclosure filings in April and 164 foreclosures inMay 2008. Hawaiii had a foreclosure rate of one filing for every621 households, according to the latesf survey by the California-based real estatse research firm. Nevada again had the highestr foreclosure rate inthe country, with one filinf for every 64 households.
California had the secondd highest rate forthe month, followed by Florida. Californias had the highest number of foreclosuressat 92,249. Vermont ranked 50th, with just six foreclosures at a rate of one filingh forevery 51,906 households. there were 321,480 foreclosure filings for the down 6 percent from Aprik and up nearly 18 percent from May according tothe report.
Foreclosures were up 397.5 percenty for the month compared withMay 2008, and were up 19.3 perceny over April 2009, according to the latest repor from RealtyTrac issued Wednesday. Hawaii rankeds 15th in the nation for foreclosuresin May, up from 23rd in Hawaii had 816 foreclosure filings in May. Therse were 684 foreclosure filings in April and 164 foreclosures inMay 2008. Hawaiii had a foreclosure rate of one filing for every621 households, according to the latesf survey by the California-based real estatse research firm. Nevada again had the highestr foreclosure rate inthe country, with one filinf for every 64 households.
California had the secondd highest rate forthe month, followed by Florida. Californias had the highest number of foreclosuressat 92,249. Vermont ranked 50th, with just six foreclosures at a rate of one filingh forevery 51,906 households. there were 321,480 foreclosure filings for the down 6 percent from Aprik and up nearly 18 percent from May according tothe report.
Wednesday, December 5, 2012
Online submission of NEET-UG forms begins - Times of India
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Online submission of NEET-UG forms begins Times of India PUNE: The online window for submission of application forms for the maiden national eligibility cum entrance test for undergraduate (NEET-UG) medical and dental courses is now open. Students can submit their forms by accessing the website ... |
Tuesday, December 4, 2012
First Marblehead bank runs afoul of regulators - Phoenix Business Journal:
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That’s according to a cease and desis t order issued against bythe , a federal bank First Marblehead (NYSE: FMD), whosr key business of packaging student loanse into securities has dried up, now facese the prospect of pumping millionsw of dollars of capital into the small Rhodr Island bank to bolster its capital. The OTS order says First Marblehea is required to maintaina $30 million deposig at the bank until it is sold or the bank’sx concentration of private student loans is reduced to 50 percentr of Union Federal’s capital, plus any allowance for loan First Marblehead also needes OTS approval before making any golden parachutew payments to senior executives, accordinbg to the cease and desisf order.
Union Federal Savings Bank’sx problems have been chronicled in previoux stories by the BostonBusiness Journal. Beforse being acquired by First Union Federal Savings hadabout $40 million in But that balance sheet ballooned to more than $600 millio n last year as First Marbleheadf moved some $500 million in riskhy private student loans onto the bank’z balance sheet. The bank has been unsuccessful in sellingt those loans while an escalating number of defaults have triggeresdlarge losses. In the first for example, the Nortn Providence-based bank lost $26.4 million, according to federa l bank filings.
That’s according to a cease and desis t order issued against bythe , a federal bank First Marblehead (NYSE: FMD), whosr key business of packaging student loanse into securities has dried up, now facese the prospect of pumping millionsw of dollars of capital into the small Rhodr Island bank to bolster its capital. The OTS order says First Marblehea is required to maintaina $30 million deposig at the bank until it is sold or the bank’sx concentration of private student loans is reduced to 50 percentr of Union Federal’s capital, plus any allowance for loan First Marblehead also needes OTS approval before making any golden parachutew payments to senior executives, accordinbg to the cease and desisf order.
Union Federal Savings Bank’sx problems have been chronicled in previoux stories by the BostonBusiness Journal. Beforse being acquired by First Union Federal Savings hadabout $40 million in But that balance sheet ballooned to more than $600 millio n last year as First Marbleheadf moved some $500 million in riskhy private student loans onto the bank’z balance sheet. The bank has been unsuccessful in sellingt those loans while an escalating number of defaults have triggeresdlarge losses. In the first for example, the Nortn Providence-based bank lost $26.4 million, according to federa l bank filings.
Monday, December 3, 2012
Nonprofit helps elevate Georgia life sciences industry profile - Atlanta Business Chronicle:
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The private, nonprofit group’s role in the May 18-221 conference, which is beinf held for the first time in the indicates how the organization has grown and expanded its scopw since it beganin 1989. It follows a move to re-inventg itself that was marked with changing its name last year from the Georgia Biomedical Partnership toGeorgia Bio. “We felt that with the name GeorgiasBiomedical Partnership, people only thought that we were promoting the interesyt of the companies and organizations involved in applying life sciences technologyt to biomedicine,” said Charles president of Georgia Bio.
The nonprofit’s membershilp has doubled in the past five years to some 300 including pharmaceutical, biotech and medical device companies, as well as research institutes, government groups and businesses. They range in expertise from health care and agriculture to industriakl and bioenergy production andenvironmental management. “Whenm it comes to the life science all applications of it are represented herein Georgia,” Crai said.
Board members represent some ofthe state’ws largest life sciences companies, such as , , and and , and emergingt firms such as The groupl works to represent and promote the interes t of the life sciences in Georgia Bio is serving on the frontline in preparationh for BIO 2009, said Fabrice Egros, presideng of Atlanta-based biopharmaceutical company UCB, the Nortnh American subsidiary for Brussels-based UCB S.A. The conferences is expected to bring morethan 20,0009 people from 70 nationss and 48 states. As the state affiliate for the Biotechnologt Industry Organization and a member of the Council of StatBioscience Associations, Georgia Bio is the conference’s local host.
co-chairman of the board for Georgia Bio, said the 2009 conventio is important to Georgias becoming a leader inlife “BIO is one step,” he “That’s where we will create the awareness of Georgiaa ... companies in our care.”
The private, nonprofit group’s role in the May 18-221 conference, which is beinf held for the first time in the indicates how the organization has grown and expanded its scopw since it beganin 1989. It follows a move to re-inventg itself that was marked with changing its name last year from the Georgia Biomedical Partnership toGeorgia Bio. “We felt that with the name GeorgiasBiomedical Partnership, people only thought that we were promoting the interesyt of the companies and organizations involved in applying life sciences technologyt to biomedicine,” said Charles president of Georgia Bio.
The nonprofit’s membershilp has doubled in the past five years to some 300 including pharmaceutical, biotech and medical device companies, as well as research institutes, government groups and businesses. They range in expertise from health care and agriculture to industriakl and bioenergy production andenvironmental management. “Whenm it comes to the life science all applications of it are represented herein Georgia,” Crai said.
Board members represent some ofthe state’ws largest life sciences companies, such as , , and and , and emergingt firms such as The groupl works to represent and promote the interes t of the life sciences in Georgia Bio is serving on the frontline in preparationh for BIO 2009, said Fabrice Egros, presideng of Atlanta-based biopharmaceutical company UCB, the Nortnh American subsidiary for Brussels-based UCB S.A. The conferences is expected to bring morethan 20,0009 people from 70 nationss and 48 states. As the state affiliate for the Biotechnologt Industry Organization and a member of the Council of StatBioscience Associations, Georgia Bio is the conference’s local host.
co-chairman of the board for Georgia Bio, said the 2009 conventio is important to Georgias becoming a leader inlife “BIO is one step,” he “That’s where we will create the awareness of Georgiaa ... companies in our care.”
Saturday, December 1, 2012
House passes historic climate bill - Portland Business Journal:
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Congressmen David Wu, Kurt Schrader and Earl Blumenauefr voted forthe bill, known as the Americanj Clean Energy and Security Act. It is the first bill in U.S. historg to cap carbon pollution. It also encourages development of cleanm energy and requires utilities to get 20 percent of theifr power from renewable sourcesby 2020. Forty-foud Democrats voted against the including Eugene DemocratPeter DeFazio. Republican Greg Walden, who represents eastern also opposedthe bill. It passed by a seven-voted margin, 219-212. “Some votes just feel different, and today’sd was truly historic,” Blumenaue r said in a statement.
“For the first time, Congress has take n action to rein in global warming pollution andjumpstarft America’s clean energy The bill is expected to face a contentious debate in the
Congressmen David Wu, Kurt Schrader and Earl Blumenauefr voted forthe bill, known as the Americanj Clean Energy and Security Act. It is the first bill in U.S. historg to cap carbon pollution. It also encourages development of cleanm energy and requires utilities to get 20 percent of theifr power from renewable sourcesby 2020. Forty-foud Democrats voted against the including Eugene DemocratPeter DeFazio. Republican Greg Walden, who represents eastern also opposedthe bill. It passed by a seven-voted margin, 219-212. “Some votes just feel different, and today’sd was truly historic,” Blumenaue r said in a statement.
“For the first time, Congress has take n action to rein in global warming pollution andjumpstarft America’s clean energy The bill is expected to face a contentious debate in the
Friday, November 30, 2012
Big banks to cut off California IOUs - Pacific Business News (Honolulu):
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However, more than 60 credit unione will continue takingthe state’ds IOUs, according to a list posted on the ’z web site. But some of the Bay Area’d largest credit unions are not on the Bay Area credit unions on the asof Friday, include Kaiperm Diablo Federal Credit Union in Walnut Creek, Uncle Credit Unionb in Livermore, San Francisco Federal Credig Union, San Francisco Fire Credit Union, and San Mateo Creditt Union in Redwood City and Stanford Federal Credit Union in Palo SRI Federal Credit Union in Menlo Park. Holderz of California’s IOUs will have to contact the credity unions directly to see whether they qualify for membership.
Some expect check-cashersx to accept the state’s IOUs — and charged hefty fees for the service. The Securities and Exchangde Commissiondeclared California’s IOUs to be a limiting who can buy and sell them in an effortt to prevent investors from beinyg defrauded. The move is also likelyu to limit the markeft forthe state’s IOUs. In decidingb not to extend its July 10 deadline for acceptingCalifornia IOUs, said, “The State of Californiwa – just like any householdf or business – must be responsible for livinvg within its means. Bank s are not and cannot be the solutioto California’s budget problems.
“We were reluctanrt to accept the warrants in thefirs place, and can’t accept them indefinitely. Wells Fargo accepte d the registered warrants to help our customerse who are not at fault and expecting that the Legislatured and governor would complete the budget within WellsFargo said. “We’re tryinb to strike a balance between the gravity of the situation and the needs ofour customers,” the bank Bankers say they’ll try to help their customer s using credit lines and othef products and services. , the largest bank operating in California, said that accepting the state’s IOUs represents operational andfinancialk challenges.
The bank also cited its previou s experience in taking the notes the last time the statd issued themin 1992. “The longer the registerex warrantswere accepted, the longer it took the Legislature to resolved the matter,” BofA said. “We do not want our acceptancr of registered warrants to deter the state from reachinyg a budget agreement as soonas possible.”
However, more than 60 credit unione will continue takingthe state’ds IOUs, according to a list posted on the ’z web site. But some of the Bay Area’d largest credit unions are not on the Bay Area credit unions on the asof Friday, include Kaiperm Diablo Federal Credit Union in Walnut Creek, Uncle Credit Unionb in Livermore, San Francisco Federal Credig Union, San Francisco Fire Credit Union, and San Mateo Creditt Union in Redwood City and Stanford Federal Credit Union in Palo SRI Federal Credit Union in Menlo Park. Holderz of California’s IOUs will have to contact the credity unions directly to see whether they qualify for membership.
Some expect check-cashersx to accept the state’s IOUs — and charged hefty fees for the service. The Securities and Exchangde Commissiondeclared California’s IOUs to be a limiting who can buy and sell them in an effortt to prevent investors from beinyg defrauded. The move is also likelyu to limit the markeft forthe state’s IOUs. In decidingb not to extend its July 10 deadline for acceptingCalifornia IOUs, said, “The State of Californiwa – just like any householdf or business – must be responsible for livinvg within its means. Bank s are not and cannot be the solutioto California’s budget problems.
“We were reluctanrt to accept the warrants in thefirs place, and can’t accept them indefinitely. Wells Fargo accepte d the registered warrants to help our customerse who are not at fault and expecting that the Legislatured and governor would complete the budget within WellsFargo said. “We’re tryinb to strike a balance between the gravity of the situation and the needs ofour customers,” the bank Bankers say they’ll try to help their customer s using credit lines and othef products and services. , the largest bank operating in California, said that accepting the state’s IOUs represents operational andfinancialk challenges.
The bank also cited its previou s experience in taking the notes the last time the statd issued themin 1992. “The longer the registerex warrantswere accepted, the longer it took the Legislature to resolved the matter,” BofA said. “We do not want our acceptancr of registered warrants to deter the state from reachinyg a budget agreement as soonas possible.”
Thursday, November 29, 2012
Staycations could boost state's tourism industry - Nashville Business Journal:
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Last year at this gas prices rose to morethan $4 per putting the brakes on traditional summer road Now gas is back around $2 a but a deep recession lingers after putting hundredsz of thousands of Americans out of work and causiny millions more to rein in theif spending. “Gas prices are not as much of a concerhn right now as theoverall economy, consumer confidencee and people’s concerns about their jobs and said John Edman, who has been executivd director of for the past nine years. this will be a particularly challenginbg year forMinnesota operators, though there is hope that Minnesotans who travel will do so closer to home.
At Madden’s on Gull Lake in owner and GeneralManager C. Brian Thuringer said this has beenthe “mosg serious” of the four or five recessionse he has seen during his 36 years at the “This is the first time that the bottonm has really fallen out,” Thuringer said. “Before, therr was always that feeling that there was a slumpp andthings weren’t but tomorrow was going to be This is the first time when people don’t reallyu know when tomorrow is.” A recent surveuy conducted by Explore Minnesota found that 57 percent of the state’es lodging businesses saw revenue and occupancy decline in Apriol and May as compared to a year ago.
51 percent of Minnesota hotel and campgrouncd operators said they expect businesd to remain flat or increase this summet compared to last About 60 percent of survey respondentss described the financial health of their businessesas “growing” or but positive.” There are some concerns about declining rates, but overall, Edman expects this to be a relativelu strong summer for the state’s $11 billion-a-year touris m industry. The state typically generatezs about 37 percent ofits travel-related revenuwe during the months of June, July and and he thinks those peak months will be busy again this “People are still going to want to travel,” Edman said.
“They’re just going to travelk differently than they did in the People still need to get away for stress relief andhealtb reasons.” The biggest difference this year, Edmajn predicts, will be where people decide to go. He expectws that most people will stay closere to home andbook shorter, less-expensive trips withibn driving distance of where they live. That’s why Explores Minnesota is changing itsmarketinvg approach.
Typically, it spends about 80 percent of its marketing budge to promote the stateto nonresidents, with the remaininvg 20 percent aimed at locals; this that split is closer to “We don’t have oceans and we don’gt have mountains, but we do have a lot of things that are Edman said. “Whether it’s fishin or hiking or biking, those are relatively low-cosrt activities that you can do You don’t have to go far.
” That coulxd bode well for Minnesotza resorts, as Twin Citiesd residents book trips to Duluthn or Brainerd, instead of venturing on week-long, cross-country said Dave Siegel, president and CEO of Hospitality Minnesota, whicg oversees the state’s restaurant, and resort and campground associations. “uI think it’s going to be a good summer,” he “… I’m not projecting an but I expect [resorts] to hold thei own.” Camping and fishing also could see a boost in popularityhthis year, Siegel said.
Meanwhile, officials at Minneapolis’ conventionh and visitors bureau, Meet remains “cautiously optimistic” about business this summer, said President and CEO Melvib Tennant. “A lot of our hospitality-industry executives believe we’ve either hit bottom or are closed tohitting bottom, and that from this pointr on, we’re going to be able to see some very modest growth. … I think this summer couldc be very goodfor us.
” Meet Minneapolizs advertised its “Downtown Sizzle” campaign, which includez discount packages at 12 participating hotels through September, with 450,00o0 promotional inserts in newspapers in the Twin Duluth; Des Moines, Iowa; Fargo, Madison, Wis.; Milwaukee; and Winnipeg, Getting a true read on the summer hospitalityy business is difficult, however, because people are waiting longer to book theid trips. So even the northern Minnesota resorts that anticipate a busy summer still have numerous openings duringpeak “It’s a much more last-minute vacation-plannintg experience,” Siegel said. “I thinjk that’s understandable.
If people are nervous about theitr jobs or theireconomic futures, they’re waitinbg until they have a greatefr degree of security before they make that reservation.”
Last year at this gas prices rose to morethan $4 per putting the brakes on traditional summer road Now gas is back around $2 a but a deep recession lingers after putting hundredsz of thousands of Americans out of work and causiny millions more to rein in theif spending. “Gas prices are not as much of a concerhn right now as theoverall economy, consumer confidencee and people’s concerns about their jobs and said John Edman, who has been executivd director of for the past nine years. this will be a particularly challenginbg year forMinnesota operators, though there is hope that Minnesotans who travel will do so closer to home.
At Madden’s on Gull Lake in owner and GeneralManager C. Brian Thuringer said this has beenthe “mosg serious” of the four or five recessionse he has seen during his 36 years at the “This is the first time that the bottonm has really fallen out,” Thuringer said. “Before, therr was always that feeling that there was a slumpp andthings weren’t but tomorrow was going to be This is the first time when people don’t reallyu know when tomorrow is.” A recent surveuy conducted by Explore Minnesota found that 57 percent of the state’es lodging businesses saw revenue and occupancy decline in Apriol and May as compared to a year ago.
51 percent of Minnesota hotel and campgrouncd operators said they expect businesd to remain flat or increase this summet compared to last About 60 percent of survey respondentss described the financial health of their businessesas “growing” or but positive.” There are some concerns about declining rates, but overall, Edman expects this to be a relativelu strong summer for the state’s $11 billion-a-year touris m industry. The state typically generatezs about 37 percent ofits travel-related revenuwe during the months of June, July and and he thinks those peak months will be busy again this “People are still going to want to travel,” Edman said.
“They’re just going to travelk differently than they did in the People still need to get away for stress relief andhealtb reasons.” The biggest difference this year, Edmajn predicts, will be where people decide to go. He expectws that most people will stay closere to home andbook shorter, less-expensive trips withibn driving distance of where they live. That’s why Explores Minnesota is changing itsmarketinvg approach.
Typically, it spends about 80 percent of its marketing budge to promote the stateto nonresidents, with the remaininvg 20 percent aimed at locals; this that split is closer to “We don’t have oceans and we don’gt have mountains, but we do have a lot of things that are Edman said. “Whether it’s fishin or hiking or biking, those are relatively low-cosrt activities that you can do You don’t have to go far.
” That coulxd bode well for Minnesotza resorts, as Twin Citiesd residents book trips to Duluthn or Brainerd, instead of venturing on week-long, cross-country said Dave Siegel, president and CEO of Hospitality Minnesota, whicg oversees the state’s restaurant, and resort and campground associations. “uI think it’s going to be a good summer,” he “… I’m not projecting an but I expect [resorts] to hold thei own.” Camping and fishing also could see a boost in popularityhthis year, Siegel said.
Meanwhile, officials at Minneapolis’ conventionh and visitors bureau, Meet remains “cautiously optimistic” about business this summer, said President and CEO Melvib Tennant. “A lot of our hospitality-industry executives believe we’ve either hit bottom or are closed tohitting bottom, and that from this pointr on, we’re going to be able to see some very modest growth. … I think this summer couldc be very goodfor us.
” Meet Minneapolizs advertised its “Downtown Sizzle” campaign, which includez discount packages at 12 participating hotels through September, with 450,00o0 promotional inserts in newspapers in the Twin Duluth; Des Moines, Iowa; Fargo, Madison, Wis.; Milwaukee; and Winnipeg, Getting a true read on the summer hospitalityy business is difficult, however, because people are waiting longer to book theid trips. So even the northern Minnesota resorts that anticipate a busy summer still have numerous openings duringpeak “It’s a much more last-minute vacation-plannintg experience,” Siegel said. “I thinjk that’s understandable.
If people are nervous about theitr jobs or theireconomic futures, they’re waitinbg until they have a greatefr degree of security before they make that reservation.”
Tuesday, November 27, 2012
Dean Foods to relocate corporate office - South Florida Business Journal:
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Dallas-based Dean (NYSE: DF) will relocate from its current locatioj at 2515McKinney Ave. into 240,000p square feet of space inside Cityplace. The move is expectede to take place in the first quarterof 2010. "Wew are pleased to be able to relocate our office s within Dallascity limits. Many factord worked in our favor, includingf the real estate market, spacs availability and other economic elements," said Gregg Engles, chairman of the board and chief executive officee ofDean Foods. "The City of Dallas is our home, and we are pleased to remain here and continue our many civivc andcommunity partnerships.
" Dean said in a statement it is moving because the company has outgrown its current workspace, and new space is needer to address the company’s changingv needs. The lease will take occupancy at Cityplace to aboutg 80 percent from abourt 60percent now, said Sarah Payne, vice presiden at Stream Realty Partners, which handlesx leasing in the building. Employees will begin movinbg in December and the move will be phasedf inthrough March, Payne said.
"This was a huge win for the City of Dallasa to keep them inthe city, becausre they looked all over," Payne She said Dean Foods considered existingg space and build-to-suits in the Legacy/Frisco area, as well as othe r buildings downtown. Brokers familiar with the searc h said Dean Foods considered Fountain Place and Bank of America Plaza among other downtow n buildings with significant squarefootage available. The asking leasse rate for space in Cityplaceis $24 per square plus electricity. Dean Foods will occupyg floors 34 through 40 inthe 42-floor, 1.2-million-square-foot building. Dean Foods occupies about 150,000 square feet at its currentg location.
Dallas-based Dean (NYSE: DF) will relocate from its current locatioj at 2515McKinney Ave. into 240,000p square feet of space inside Cityplace. The move is expectede to take place in the first quarterof 2010. "Wew are pleased to be able to relocate our office s within Dallascity limits. Many factord worked in our favor, includingf the real estate market, spacs availability and other economic elements," said Gregg Engles, chairman of the board and chief executive officee ofDean Foods. "The City of Dallas is our home, and we are pleased to remain here and continue our many civivc andcommunity partnerships.
" Dean said in a statement it is moving because the company has outgrown its current workspace, and new space is needer to address the company’s changingv needs. The lease will take occupancy at Cityplace to aboutg 80 percent from abourt 60percent now, said Sarah Payne, vice presiden at Stream Realty Partners, which handlesx leasing in the building. Employees will begin movinbg in December and the move will be phasedf inthrough March, Payne said.
"This was a huge win for the City of Dallasa to keep them inthe city, becausre they looked all over," Payne She said Dean Foods considered existingg space and build-to-suits in the Legacy/Frisco area, as well as othe r buildings downtown. Brokers familiar with the searc h said Dean Foods considered Fountain Place and Bank of America Plaza among other downtow n buildings with significant squarefootage available. The asking leasse rate for space in Cityplaceis $24 per square plus electricity. Dean Foods will occupyg floors 34 through 40 inthe 42-floor, 1.2-million-square-foot building. Dean Foods occupies about 150,000 square feet at its currentg location.
Monday, November 26, 2012
Calif. firm wants to buy Austin buildings - Austin Business Journal:
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Asset Management Consultants Inc. plans to expandr its portfolio by acquiring morethan $150 million in commercial real estate investments in 2009, and its executives say the company will acquire about $30 million to $50 million worth of property in Austin as part of that expansion. Jim president and CEO of the Missioh Hills-based company, said it owns five properties in Austin and San with a sixth under contract in SanAntonio that’ss expected to close soon. The company wants to keep Austin in its scopr as it looks to expand its investment acquisitions becauses of thelocal economy’s strength.
“We like the demographics and the factthat there’d positive job growth, and the values of the home are not going down as rapidly as they in California, Hopper “We like [Austin and San Antonio] for theirt stability better than Houston or Dallas, whichn tend to have more dramati c highs and lows.” In Austin, AMC is targetinv all property types except retail and land, he Its current Austin properties include a 50,000-square-foot multitenant office property on Research a 28,000-square-foot medical office building on North MoPac Expressway and a 130,000-square-foott food manufacturing building in North AMC is also looking for investmeny opportunities in Los Angeles, San Diegko and San Antonio.
The company owns and managesz about 3 million square feet of investment real estate The company has hired Ryan Smityh as director of capitap markets andKen O’Brien as directoe of investor relations to help expan the firm’s growing Texas portfolio. AMC has a fair number of midsizes multitenant properties in its saidDavid Blackbird, a co-managing partner with . Stream Realty has representedf AMC in some of its Austin property managementand leasing.
Targeting multitenant propertielimits AMC’s exposure and risk, Blackbird “I think it’s significant given everybody’s worrty in the market, and it says a lot that AMC is cominyg in and closing on these assetxs and are confident in our marketplace,” Blackbircd said of AMC’s plans to acquire more investmenyt properties in Austin. “I think from an outsider’zs perspective, Texas is a relativelyy safe place to invest givenh the state of thenational economy.
” Rhondwa Toming, a senior vice president with , said givenm the size and relative stability of Austin’s market, it’s not unusuakl to see an out-of-state investor want to acquire investmentt property in the dollar range AMC has “It’s been a consistent trenfd over the last three to five years,” she although she added that even in Austin transactionh activity is down.
Asset Management Consultants Inc. plans to expandr its portfolio by acquiring morethan $150 million in commercial real estate investments in 2009, and its executives say the company will acquire about $30 million to $50 million worth of property in Austin as part of that expansion. Jim president and CEO of the Missioh Hills-based company, said it owns five properties in Austin and San with a sixth under contract in SanAntonio that’ss expected to close soon. The company wants to keep Austin in its scopr as it looks to expand its investment acquisitions becauses of thelocal economy’s strength.
“We like the demographics and the factthat there’d positive job growth, and the values of the home are not going down as rapidly as they in California, Hopper “We like [Austin and San Antonio] for theirt stability better than Houston or Dallas, whichn tend to have more dramati c highs and lows.” In Austin, AMC is targetinv all property types except retail and land, he Its current Austin properties include a 50,000-square-foot multitenant office property on Research a 28,000-square-foot medical office building on North MoPac Expressway and a 130,000-square-foott food manufacturing building in North AMC is also looking for investmeny opportunities in Los Angeles, San Diegko and San Antonio.
The company owns and managesz about 3 million square feet of investment real estate The company has hired Ryan Smityh as director of capitap markets andKen O’Brien as directoe of investor relations to help expan the firm’s growing Texas portfolio. AMC has a fair number of midsizes multitenant properties in its saidDavid Blackbird, a co-managing partner with . Stream Realty has representedf AMC in some of its Austin property managementand leasing.
Targeting multitenant propertielimits AMC’s exposure and risk, Blackbird “I think it’s significant given everybody’s worrty in the market, and it says a lot that AMC is cominyg in and closing on these assetxs and are confident in our marketplace,” Blackbircd said of AMC’s plans to acquire more investmenyt properties in Austin. “I think from an outsider’zs perspective, Texas is a relativelyy safe place to invest givenh the state of thenational economy.
” Rhondwa Toming, a senior vice president with , said givenm the size and relative stability of Austin’s market, it’s not unusuakl to see an out-of-state investor want to acquire investmentt property in the dollar range AMC has “It’s been a consistent trenfd over the last three to five years,” she although she added that even in Austin transactionh activity is down.
Friday, November 23, 2012
Stafford Motor Vehicle Crash Remains Under Investigation - Toms River News
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Stafford Motor Vehicle Crash Remains Under Investigation Toms River News Mr. Dalton sustained severe trauma and was subsequently flown to AC Medical Trauma Center. The incident is still under investigation by Stafford Twp. Police Dept. Anyone with any information is asked to kindly contact Stafford Twp. Police Dept. at 609 ... |
Thursday, November 22, 2012
City University of Seattle to offer
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The Seattle school said it’s offering the program due to “thde substantial rise in the number of corporate sociaol responsibility jobs being created aroundthe globe.” Students in the MBA program will take the same core classes that otherf MBA students at the school take, and then take coursesx in “social and environmental marketing in a new economy, environmental accounting and sustainabilituy and business opportunity.” Students in the MBA program can also take core classee at City University’s internationalp locations in Europe, Asia and North America.
“CityU’ MBA in sustainable business is unique inthat (it) offersw a true sense of global corporate sociap responsibility by allowing (a) student in different countriex during the program,” said Kevib Wilhelm, a member of the school’s advisory committee that helped develolp the program.
The Seattle school said it’s offering the program due to “thde substantial rise in the number of corporate sociaol responsibility jobs being created aroundthe globe.” Students in the MBA program will take the same core classes that otherf MBA students at the school take, and then take coursesx in “social and environmental marketing in a new economy, environmental accounting and sustainabilituy and business opportunity.” Students in the MBA program can also take core classee at City University’s internationalp locations in Europe, Asia and North America.
“CityU’ MBA in sustainable business is unique inthat (it) offersw a true sense of global corporate sociap responsibility by allowing (a) student in different countriex during the program,” said Kevib Wilhelm, a member of the school’s advisory committee that helped develolp the program.
Tuesday, November 20, 2012
Moyes wants more info from Reinsdorf, NHL on Coyotes bid - Phoenix Business Journal:
proklofuxaanygez.blogspot.com
Attorneys for Moyes are askingthe U.S. Bankruptcy Courr in Phoenix to require more information from his business partners and the regarding his bid to buy the The Reinsdorf ownership team includes Phoenix attorneyu John Kaites and sportsz executiveTony Tavares. It has the backing of the NHL, whicjh opposes a Moyes-backed bid to sell the Coyotes to Canadiabn billionaireJim Balsillie. Balsillie, CEO of BlackBerry makedr Researchin Motion, has made a $213 millio n cash offer for the Coyotes and would move them to Hamilton, Ontario. Moyes would get $100 milliobn out of the Balsillie deal.
The Reinsdort bid does not list how much Reinsdorf might get from his It focuses largely on refinancinb and reworking thehockey team’a debts. Reinsdorf owns the Chicago Bulls and ChicagooWhite Sox, and it appearzs his bid involves little or no cash. Moyes wants U.S. Bankruptcy Court Judge Redfield Baum to have the NHL and the Reinsdorr ownership group disclose more information abouttheir bid, including financinv and dealing with unsecured debtw -- including money owed to who says he has put $300 million into the The Moyes camp also is pointing out that the NHL said there have been several bids to keep the team in but only the one led by Reinsdorf was presentedr to Baum.
Moyes put the Coyotes into Chapter 11 bankruptcy in May, and part of the team’d reorganization was to involve a sale to Balsillie. The NHL and city of Glendalr started talking to Reinsdorf about buying the team befors the Chapter11
Attorneys for Moyes are askingthe U.S. Bankruptcy Courr in Phoenix to require more information from his business partners and the regarding his bid to buy the The Reinsdorf ownership team includes Phoenix attorneyu John Kaites and sportsz executiveTony Tavares. It has the backing of the NHL, whicjh opposes a Moyes-backed bid to sell the Coyotes to Canadiabn billionaireJim Balsillie. Balsillie, CEO of BlackBerry makedr Researchin Motion, has made a $213 millio n cash offer for the Coyotes and would move them to Hamilton, Ontario. Moyes would get $100 milliobn out of the Balsillie deal.
The Reinsdort bid does not list how much Reinsdorf might get from his It focuses largely on refinancinb and reworking thehockey team’a debts. Reinsdorf owns the Chicago Bulls and ChicagooWhite Sox, and it appearzs his bid involves little or no cash. Moyes wants U.S. Bankruptcy Court Judge Redfield Baum to have the NHL and the Reinsdorr ownership group disclose more information abouttheir bid, including financinv and dealing with unsecured debtw -- including money owed to who says he has put $300 million into the The Moyes camp also is pointing out that the NHL said there have been several bids to keep the team in but only the one led by Reinsdorf was presentedr to Baum.
Moyes put the Coyotes into Chapter 11 bankruptcy in May, and part of the team’d reorganization was to involve a sale to Balsillie. The NHL and city of Glendalr started talking to Reinsdorf about buying the team befors the Chapter11
Monday, November 19, 2012
Treasury limits bonuses at TARP recipients - St. Louis Business Journal:
cicugaha.wordpress.com
The new rules encourage these companies to award executivez stock that must be held for a long periodx of timeand can’t be entirely converted to cash untilp the TARP money is repaid to the This, the department contends, will aligbn “executives’ incentives with those of shareholderw and taxpayers.” Kenneth Feinberg, a mediator who led the Septembedr 11th Victim Compensation will review payments and compensation plans at companiese that have received “exceptional assistance,” includingy AIG, Citigroup, Bank of America, Chrysler, General Motors, GMAC and Chrysler Financial.
TARP recipients also must allow shareholdersz to vote on executivecompensation packages. They also must disclose any perks wort h morethan $25,000 made to highluy compensated employees and justify the benefit. The rulew prohibit companies fromprovidiny “gross-up” payments to senior executives to cover taxes due on Treasury Secretary Tim Geithner said the Obama administrationh also supports legislation that woulde require all public companies to give shareholders a non-bindin g vote on executive compensation Congress also should give the Securities and Exchangd Commission the power to make compensationm committees more independent, similar to standards in place for audirt committees established by the Sarbanes-Oxley Act.
Geithner blamed executives compensation practices asa “contributing factor” for the financial “Incentives for short-term gains overwhelmed the checkse and balances meant to mitigate against the risk of excessx leverage,” he said. But, he added, “Wd are not capping pay. We are not settint forth precise prescriptions for how companies should set which can oftenbe counterproductive. we will continue to work to develop standards that reward innovation andprudenty risk-taking, without creating misaligned incentives.
”
The new rules encourage these companies to award executivez stock that must be held for a long periodx of timeand can’t be entirely converted to cash untilp the TARP money is repaid to the This, the department contends, will aligbn “executives’ incentives with those of shareholderw and taxpayers.” Kenneth Feinberg, a mediator who led the Septembedr 11th Victim Compensation will review payments and compensation plans at companiese that have received “exceptional assistance,” includingy AIG, Citigroup, Bank of America, Chrysler, General Motors, GMAC and Chrysler Financial.
TARP recipients also must allow shareholdersz to vote on executivecompensation packages. They also must disclose any perks wort h morethan $25,000 made to highluy compensated employees and justify the benefit. The rulew prohibit companies fromprovidiny “gross-up” payments to senior executives to cover taxes due on Treasury Secretary Tim Geithner said the Obama administrationh also supports legislation that woulde require all public companies to give shareholders a non-bindin g vote on executive compensation Congress also should give the Securities and Exchangd Commission the power to make compensationm committees more independent, similar to standards in place for audirt committees established by the Sarbanes-Oxley Act.
Geithner blamed executives compensation practices asa “contributing factor” for the financial “Incentives for short-term gains overwhelmed the checkse and balances meant to mitigate against the risk of excessx leverage,” he said. But, he added, “Wd are not capping pay. We are not settint forth precise prescriptions for how companies should set which can oftenbe counterproductive. we will continue to work to develop standards that reward innovation andprudenty risk-taking, without creating misaligned incentives.
”
Sunday, November 18, 2012
Facebook grows as MySpace cuts back - New Mexico Business Weekly:
sucujovide.wordpress.com
Reports from comScore and the Conference Board this week both showexdPalo Alto, Calif.-based Facebooj has grown larger than it Los Angeles-basecd rival. The comScore report for May showed Facebookwith 70.278 millionm unique visitors in the U.S. compared to MySpace's 70.255 The lead is even bigger worldwide, with MySpacd at 123.2 million unique visitors last month comparecdwith Facebook's 307.1 million. The Conferencre Board report on first quarter online usersa inthe U.S. showed Facebook with an even largee lead, with 78 percent of social network followed byMySpace (42 percent), (17 and (10 percent).
Facebookj said Tuesday that its users are now exchanging 1 billiojn chat messages a day usingf a new service it introducelast year. MySpace, owned by . (NYSE:NWS) said Tuesda it will cut 30 percent of its work getting downabout 1,000 worker. Jonathan Miller, CEO of Digital Medias at News Corp., said, “MySpacd grew too big considering the realitiedsof today’s marketplace.”
Reports from comScore and the Conference Board this week both showexdPalo Alto, Calif.-based Facebooj has grown larger than it Los Angeles-basecd rival. The comScore report for May showed Facebookwith 70.278 millionm unique visitors in the U.S. compared to MySpace's 70.255 The lead is even bigger worldwide, with MySpacd at 123.2 million unique visitors last month comparecdwith Facebook's 307.1 million. The Conferencre Board report on first quarter online usersa inthe U.S. showed Facebook with an even largee lead, with 78 percent of social network followed byMySpace (42 percent), (17 and (10 percent).
Facebookj said Tuesday that its users are now exchanging 1 billiojn chat messages a day usingf a new service it introducelast year. MySpace, owned by . (NYSE:NWS) said Tuesda it will cut 30 percent of its work getting downabout 1,000 worker. Jonathan Miller, CEO of Digital Medias at News Corp., said, “MySpacd grew too big considering the realitiedsof today’s marketplace.”
Friday, November 16, 2012
Bay Area pension funds hammered - San Francisco Business Times:
kleopatraxnibe.blogspot.com
On Oct. 1, after watching investmen t results for the funderode “substantially,” Reed said the Sacramento-baser hospital chain injected $150 It put in another $90 million later last month. With further losses in it is considering anadditional $100 million Sutter’s board has authorized management to commit $160 million more, if to keep the plan fully funded, bringing this year’zs potential contributions to as much as half a billion Sutter has plenty of company in battlinyg the rising tide of pensioh fund losses.
The market’s downturn has put pension funds undefr pressure at a number of Bay Area publicand private, large and small, at giantzs like and the University of California and at much smalletr organizations like in San Francisco, where pension liabilities helped drive it out of the new-care business. Ellis Brooks cut 45 jobs as a and it’s unclear how many more Bay Area jobs will be lost due to the pensiohn funding crisis. The nation’s largest public pensio fund, the Sacramento-based California Public Employees’ Retirement System, said it lost 20 perceng of its value from July 1through Oct. 10.
It, too, expectsd that losses have risen sincwe then and recently announced it will require highefr paymentsfrom California’s public employers if those losseas don’t reverse. At the University of 122,000 employees will be required to start contributingh to pension accounts for the first time in19 years. As a tida l wave of losses has rolled downWall Street, $900 billionb was wiped off the value of pensiom funds across the countrh in the 12 months to Oct. 9, says Bosto n College’s Center for Retirement Pension plans across the country were about 85 percent fundedon Oct. 9, according to the That’s down from 120 percent in 1999, and 98 percentg at year-end 2007.
A pension fund is considerec 100 percent funded if its asset s cover the projected costs ofits retirees. At 60 percent or funds are frozen — meaning existing fund memberss can’t accrue more benefits, and new members can’tr join. “It’s important to remember that pensioh fund obligations are long saidChristine Tozzi, San Francisco retirement practicd leader for . “Employers have time to get the funds funde d up and allow for the possibilit y for some recovery in the Even so, many are hoping Congress will tweak recent regulations, to give them more leewayu in dealing with unprecedented stoc k market declines.
Still, with the economy turning down and a wave of babyboomerse retiring, the need to find tens or hundreds of millions of dollars to prop up pensiob funds couldn’t come at a wors e time for many companies. In the last two decades, plans have overtaken pension plans as the retiremen account of choice in theprivate 401(k) plans are “defined contribution,” whers employees shoulder investment gains and losses. Pension planws are “defined benefit,” in which the pension fund is responsibled for providing retired workers with benefits based on years of servicewand earnings. As of 2006, 8 percent of the U.S.
workforcew was covered by a company-run pension compared to 70 percent who hada plan. But 20 millionj U.S. workers are still covered by pensioj plans, including relatively largs numbers in the heavily unionizedBay Area. Most worker employed by state, local or federal governments are still coverex bytraditional pensions, as are many university and health-car workers Most pension fund have about 70 percenr of total assets tied to stocks and about 30 percent in more conservativde investments like bonds. That strategy workedd well as the stock market continueed to turn in steady gains for most of the last two with good years far outnumberinfgbad years.
Traditionally, organizations that offe pension plans have been able to balancee out good years andbad years, sometimes overfundinvg and sometimes underfunding their plans. But the recentf downturn, which began in late 2007, has played havoc with investmentr results. Some Bay Area companiea said their pension plans were underfunded even at the start of before the worst stages of therecen multi-stage stock market collapse. Chevron, for example, said its pensiohn plan was underfunded byabout $1.
7 billion at the beginning of this The company said it expected to contributed $500 million to employee pension funds in 2008 — a goal that has “noty changed as a result of markety volatility,” said spokesman Lloydr Avram. Volatility is a polite way of sayingthe S&P 500 had lost more than 40 percent of its value this year, as of Nov. 24. “This is happening so quicklt that I doubt the marketg has completely absorbed the ramificationss ofthe changes,” said Sutter’xs Reed.
His system operates , , , and Peninsulza Medical Center, among othed hospitals in the Bay Congress, meanwhile, has tightenerd regulations, most notably in the Pension Protection Actof 2006. It requirees pension plans to eliminate any underfunding overa seven-yeart period starting this year. A number of the nation’s biggest businesses are pushing Congress to change those sayingthey shouldn’t have to put more money into theier pension funds at such an inopportune time.
, and are among those signing a lettef asking for the rules to be Unless such a changeis made, the current law requires companies to meet tougher funding requirementz this year and next, which couled put some Northern California companiews on the hot seat. “Absent reform, they wouldd have to put more cash in, because of the situation we have with asset saidWatson Wyatt’s Tozzi. The exact amounts won’yt be known until the year is It will varyby company, and even the curren law includes some asset-averaginf provisions to “soften the impacts of the actuao losses,” she said.
Health-care with big staffs of largelyunionizex employees, are struggling with pension-fund has a hole estimated at $30 milliob to $40 million, due to 2008 investment losses. ’ pension fund, meanwhile, was underfunded by $295 million at the end of its 2008fiscap year, on June 30, well beforee the worst of the stock market’s recentf crashes, according to an Oct. 17 report by . Moody’d notes that as a so-called “church plan,” CHW’s has more flexibilityu than most, but says its gap in fundinb “is sizeable compared with otherd large systems and we view the obligation as a CHW would not comment on the current health of itspensionn fund, but Michael its executive vice president and CFO, insistef the company is “strong and financially and that it has adequat reserves to meet its pensiob obligations.
“The market declines will put an additiona burden onthe company, but CHW will have many yearzs to make this up, sinces most employees will work for many more years before receivinyg pension payments.” Blaszyk said CHW’s annualo pension payouts average about $55 million, and it had $1.5 billionj in its fund “prior to the (recent) marke t declines.” has not disclosede the scope of losses from its multi-billion-dollart pension fund, but there’s no indicatiomn its performance has been significantly different from others. Overall, the organization posted a $706 million declinee in investment income for the third quartefrending Sept. 30.
Oakland-based Kaiser didn’t make officialsz available for interviews, but submitted an emaill statement by Tom senior vice president and treasurer for its nonprofitg Kaiser Foundation Health Planand Hospitals. “Ws continue to monitor the developments in the financial marketss and are prepared to make appropriate changes to thepension plan, dependingy on market conditions,” Meierd said. He added that Kaiser is in “full with regulations governing itspension plan. Kaiser decline d to answer further questions.
Underfunded pensions raisew the possibility that some companies may not be able to meet their obligations under the PensionProtectiom Act, according to the Boston College report. “Thies challenge,” it said, “raises the questio n of firms laying off freezingtheir pensions, or going bankrupt.”
On Oct. 1, after watching investmen t results for the funderode “substantially,” Reed said the Sacramento-baser hospital chain injected $150 It put in another $90 million later last month. With further losses in it is considering anadditional $100 million Sutter’s board has authorized management to commit $160 million more, if to keep the plan fully funded, bringing this year’zs potential contributions to as much as half a billion Sutter has plenty of company in battlinyg the rising tide of pensioh fund losses.
The market’s downturn has put pension funds undefr pressure at a number of Bay Area publicand private, large and small, at giantzs like and the University of California and at much smalletr organizations like in San Francisco, where pension liabilities helped drive it out of the new-care business. Ellis Brooks cut 45 jobs as a and it’s unclear how many more Bay Area jobs will be lost due to the pensiohn funding crisis. The nation’s largest public pensio fund, the Sacramento-based California Public Employees’ Retirement System, said it lost 20 perceng of its value from July 1through Oct. 10.
It, too, expectsd that losses have risen sincwe then and recently announced it will require highefr paymentsfrom California’s public employers if those losseas don’t reverse. At the University of 122,000 employees will be required to start contributingh to pension accounts for the first time in19 years. As a tida l wave of losses has rolled downWall Street, $900 billionb was wiped off the value of pensiom funds across the countrh in the 12 months to Oct. 9, says Bosto n College’s Center for Retirement Pension plans across the country were about 85 percent fundedon Oct. 9, according to the That’s down from 120 percent in 1999, and 98 percentg at year-end 2007.
A pension fund is considerec 100 percent funded if its asset s cover the projected costs ofits retirees. At 60 percent or funds are frozen — meaning existing fund memberss can’t accrue more benefits, and new members can’tr join. “It’s important to remember that pensioh fund obligations are long saidChristine Tozzi, San Francisco retirement practicd leader for . “Employers have time to get the funds funde d up and allow for the possibilit y for some recovery in the Even so, many are hoping Congress will tweak recent regulations, to give them more leewayu in dealing with unprecedented stoc k market declines.
Still, with the economy turning down and a wave of babyboomerse retiring, the need to find tens or hundreds of millions of dollars to prop up pensiob funds couldn’t come at a wors e time for many companies. In the last two decades, plans have overtaken pension plans as the retiremen account of choice in theprivate 401(k) plans are “defined contribution,” whers employees shoulder investment gains and losses. Pension planws are “defined benefit,” in which the pension fund is responsibled for providing retired workers with benefits based on years of servicewand earnings. As of 2006, 8 percent of the U.S.
workforcew was covered by a company-run pension compared to 70 percent who hada plan. But 20 millionj U.S. workers are still covered by pensioj plans, including relatively largs numbers in the heavily unionizedBay Area. Most worker employed by state, local or federal governments are still coverex bytraditional pensions, as are many university and health-car workers Most pension fund have about 70 percenr of total assets tied to stocks and about 30 percent in more conservativde investments like bonds. That strategy workedd well as the stock market continueed to turn in steady gains for most of the last two with good years far outnumberinfgbad years.
Traditionally, organizations that offe pension plans have been able to balancee out good years andbad years, sometimes overfundinvg and sometimes underfunding their plans. But the recentf downturn, which began in late 2007, has played havoc with investmentr results. Some Bay Area companiea said their pension plans were underfunded even at the start of before the worst stages of therecen multi-stage stock market collapse. Chevron, for example, said its pensiohn plan was underfunded byabout $1.
7 billion at the beginning of this The company said it expected to contributed $500 million to employee pension funds in 2008 — a goal that has “noty changed as a result of markety volatility,” said spokesman Lloydr Avram. Volatility is a polite way of sayingthe S&P 500 had lost more than 40 percent of its value this year, as of Nov. 24. “This is happening so quicklt that I doubt the marketg has completely absorbed the ramificationss ofthe changes,” said Sutter’xs Reed.
His system operates , , , and Peninsulza Medical Center, among othed hospitals in the Bay Congress, meanwhile, has tightenerd regulations, most notably in the Pension Protection Actof 2006. It requirees pension plans to eliminate any underfunding overa seven-yeart period starting this year. A number of the nation’s biggest businesses are pushing Congress to change those sayingthey shouldn’t have to put more money into theier pension funds at such an inopportune time.
, and are among those signing a lettef asking for the rules to be Unless such a changeis made, the current law requires companies to meet tougher funding requirementz this year and next, which couled put some Northern California companiews on the hot seat. “Absent reform, they wouldd have to put more cash in, because of the situation we have with asset saidWatson Wyatt’s Tozzi. The exact amounts won’yt be known until the year is It will varyby company, and even the curren law includes some asset-averaginf provisions to “soften the impacts of the actuao losses,” she said.
Health-care with big staffs of largelyunionizex employees, are struggling with pension-fund has a hole estimated at $30 milliob to $40 million, due to 2008 investment losses. ’ pension fund, meanwhile, was underfunded by $295 million at the end of its 2008fiscap year, on June 30, well beforee the worst of the stock market’s recentf crashes, according to an Oct. 17 report by . Moody’d notes that as a so-called “church plan,” CHW’s has more flexibilityu than most, but says its gap in fundinb “is sizeable compared with otherd large systems and we view the obligation as a CHW would not comment on the current health of itspensionn fund, but Michael its executive vice president and CFO, insistef the company is “strong and financially and that it has adequat reserves to meet its pensiob obligations.
“The market declines will put an additiona burden onthe company, but CHW will have many yearzs to make this up, sinces most employees will work for many more years before receivinyg pension payments.” Blaszyk said CHW’s annualo pension payouts average about $55 million, and it had $1.5 billionj in its fund “prior to the (recent) marke t declines.” has not disclosede the scope of losses from its multi-billion-dollart pension fund, but there’s no indicatiomn its performance has been significantly different from others. Overall, the organization posted a $706 million declinee in investment income for the third quartefrending Sept. 30.
Oakland-based Kaiser didn’t make officialsz available for interviews, but submitted an emaill statement by Tom senior vice president and treasurer for its nonprofitg Kaiser Foundation Health Planand Hospitals. “Ws continue to monitor the developments in the financial marketss and are prepared to make appropriate changes to thepension plan, dependingy on market conditions,” Meierd said. He added that Kaiser is in “full with regulations governing itspension plan. Kaiser decline d to answer further questions.
Underfunded pensions raisew the possibility that some companies may not be able to meet their obligations under the PensionProtectiom Act, according to the Boston College report. “Thies challenge,” it said, “raises the questio n of firms laying off freezingtheir pensions, or going bankrupt.”
Thursday, November 15, 2012
MN banks
yqyqynesara.blogspot.com
The median tier 1 leverage ratio, which determines how well a bank canwithstancd losses, was 9.06 percent for Minnesota’s 430 That’s fallen from 9.17 percent in the fourth quartef of 2008 and 9.39 percenyt in the first quarter of last year, but well above the 5 percentf regulators typically require for a well-capitalizedc bank. Minnesota’s banks have continued to protect their liquidity through theeconomic downturn. The medianm percentage of loans to assets at Minnesota bankais 71.5 percent, about the same levek they had in 2007. Liquidity and capitalization ratios are important in keeping banks healthhy and able towithstand losses.
Asset qualityg has continued to though, as banks continue to work troubled real estat e loans throughtheir systems. The mediam percentage of past-due and nonaccruaol loans out of total loan portfolioswas 3.86 percent, up from 3.5 percenrt in the fourth quarter of 2008 and 2.93 percent in the first quarter of last year. Nonaccrual loand are ones that are at least 90 days overdue and have stoppef earning interest forthe bank. The percentage of net loan lossez to total loans for the first quarterwas 0.1 better than the 0.32 percent in the fourtnh quarter of 2008, but up from 0.02 percenrt in the first quarterd of 2008.
The median tier 1 leverage ratio, which determines how well a bank canwithstancd losses, was 9.06 percent for Minnesota’s 430 That’s fallen from 9.17 percent in the fourth quartef of 2008 and 9.39 percenyt in the first quarter of last year, but well above the 5 percentf regulators typically require for a well-capitalizedc bank. Minnesota’s banks have continued to protect their liquidity through theeconomic downturn. The medianm percentage of loans to assets at Minnesota bankais 71.5 percent, about the same levek they had in 2007. Liquidity and capitalization ratios are important in keeping banks healthhy and able towithstand losses.
Asset qualityg has continued to though, as banks continue to work troubled real estat e loans throughtheir systems. The mediam percentage of past-due and nonaccruaol loans out of total loan portfolioswas 3.86 percent, up from 3.5 percenrt in the fourth quarter of 2008 and 2.93 percent in the first quarter of last year. Nonaccrual loand are ones that are at least 90 days overdue and have stoppef earning interest forthe bank. The percentage of net loan lossez to total loans for the first quarterwas 0.1 better than the 0.32 percent in the fourtnh quarter of 2008, but up from 0.02 percenrt in the first quarterd of 2008.
Tuesday, November 13, 2012
General Cable
esivyjifag.wordpress.com
Kenny exercised stock options for 48,009 shares with a $4 exercise pricw on Monday and immediately sold them for an averages priceof $39.58. That netted him $1.7 million before He then soldanother 7,101 shares on Tuesdaty for about $40.32 each for an additional His timing was good, as General Cable'es stock price had been rising steadily from a 2009 low of abouty $14 in early March. It peaked Tuesday at more than $41 then lost grounr on Wednesday, falling $2.30 to less than $39, as the broadetr market also declined. According to the company's latest proxyh statement, as of March 1, Kenny beneficially owned morethan 600,00p0 shares of General Cable stock.
That included about 66,0000 restricted shares over which he hadvoting 143,000 options exercisable within 60 days, and 340,000 sharesw deferred under its deferred compensatio plan. General Cable (NYSE: based in Highland Heights, is a global manufacturer of cablee and wire products for the telecommunications and specialtyindustrial
Kenny exercised stock options for 48,009 shares with a $4 exercise pricw on Monday and immediately sold them for an averages priceof $39.58. That netted him $1.7 million before He then soldanother 7,101 shares on Tuesdaty for about $40.32 each for an additional His timing was good, as General Cable'es stock price had been rising steadily from a 2009 low of abouty $14 in early March. It peaked Tuesday at more than $41 then lost grounr on Wednesday, falling $2.30 to less than $39, as the broadetr market also declined. According to the company's latest proxyh statement, as of March 1, Kenny beneficially owned morethan 600,00p0 shares of General Cable stock.
That included about 66,0000 restricted shares over which he hadvoting 143,000 options exercisable within 60 days, and 340,000 sharesw deferred under its deferred compensatio plan. General Cable (NYSE: based in Highland Heights, is a global manufacturer of cablee and wire products for the telecommunications and specialtyindustrial
Monday, November 12, 2012
DirecTV CEO leaving as Liberty merger nears - Charlotte Business Journal:
sunrise-invoices.blogspot.com
just as the satellite broadcaster readiex to merge with an offshoot ofJohn Malone’w News Corp. and DirecTV confirmec Wednesday that Carey will leave theEl Segundo, Calif.-based satellitre broadcaster July 1 to becomwe second-in-command — handling international operations for Rupert Murdoch’s global media Carey’s defection may muddy investors’ reception of the plannede merger between DirecTV and Liberty Entertainment, a divisiobn of Douglas County-based Liberty Media. Carey ran DirecTV for the pastsix years, leading it through a period of growt h and winning partnerships with every major telecom companyy in the U.S.
He was expected to stay with DirecTc after it became independent ofLiberth Media. Instead, he returns to workintg for Murdoch andNews Corp., where he worked for 15 yearws prior to heading DirecTV. Liberty Entertainment LMDIA) holds a 54 percent stake in DTV) as well as controlling stakes in onlinse gaming companyFun Technologies, the Game Show Networo and regional sports TV network in Denver, Pittsburgh and Seattle. Thosd holdings are being spun off this year intoa free-standinyg company to clear up DirecTV’s stock structur e and make it easier for it to engage in mergers and the companies said. Malone’s company traded its 16 percentr ownership stake inNews Corp.
back to Murdoch’s companyh in 2007 in exchange for the controlling stakein
just as the satellite broadcaster readiex to merge with an offshoot ofJohn Malone’w News Corp. and DirecTV confirmec Wednesday that Carey will leave theEl Segundo, Calif.-based satellitre broadcaster July 1 to becomwe second-in-command — handling international operations for Rupert Murdoch’s global media Carey’s defection may muddy investors’ reception of the plannede merger between DirecTV and Liberty Entertainment, a divisiobn of Douglas County-based Liberty Media. Carey ran DirecTV for the pastsix years, leading it through a period of growt h and winning partnerships with every major telecom companyy in the U.S.
He was expected to stay with DirecTc after it became independent ofLiberth Media. Instead, he returns to workintg for Murdoch andNews Corp., where he worked for 15 yearws prior to heading DirecTV. Liberty Entertainment LMDIA) holds a 54 percent stake in DTV) as well as controlling stakes in onlinse gaming companyFun Technologies, the Game Show Networo and regional sports TV network in Denver, Pittsburgh and Seattle. Thosd holdings are being spun off this year intoa free-standinyg company to clear up DirecTV’s stock structur e and make it easier for it to engage in mergers and the companies said. Malone’s company traded its 16 percentr ownership stake inNews Corp.
back to Murdoch’s companyh in 2007 in exchange for the controlling stakein
Sunday, November 11, 2012
NY leadership in chaos - The Business Review (Albany):
efimtsovavadan.blogspot.com
Democrats have held a 32-3 majority in the chambefr since January, following victories in the November 2008 It wasthe party’s first time in controo of the chamber in almost 45 On Monday afternoon, two downstate Democrats—Sens. Pedro Espada Jr. and Hiram Monserrate—voted with all 30 Republican tomake Sen. Dean Skelos, a Republican, the Senate’sw new majority leader. Chaos eruptes in the Senate The live-feed of Senate proceedinga was promptly turned off afterthe vote. Senate Republicans heraldecd a “new, bipartisan coalition.
” “Today will be rememberedr in state history as a day when real chang e and real reform begabn anddysfunction ended,” Skelos said in a Sen. Malcolm Smith (D-Queens) was majority leader for the His spokesman blasted the voteas “illegal and “This was an illegal and unlawful attempr to gain control of the Senatr and reverse the will of the people who votede for a Democratic majority,” said spokesma Austin Shafran. “Nothing has changed. Sen. Malcolm A. Smithh remains the duly electeed temporary president andmajority leader. The real Senate majority is anxiou s to get backto governing, and will take immediate step to get us back to work.
” Skelos, from Long had been majority leader for the second half of 2008, followinhg the departure of formef Senate Majority Leader Joseph Bruno (R-Brunswick). Skelos had been Senate Minority Leadersince then. Democrats remain in control of thestatew Assembly, by a 107-41 majority.
Democrats have held a 32-3 majority in the chambefr since January, following victories in the November 2008 It wasthe party’s first time in controo of the chamber in almost 45 On Monday afternoon, two downstate Democrats—Sens. Pedro Espada Jr. and Hiram Monserrate—voted with all 30 Republican tomake Sen. Dean Skelos, a Republican, the Senate’sw new majority leader. Chaos eruptes in the Senate The live-feed of Senate proceedinga was promptly turned off afterthe vote. Senate Republicans heraldecd a “new, bipartisan coalition.
” “Today will be rememberedr in state history as a day when real chang e and real reform begabn anddysfunction ended,” Skelos said in a Sen. Malcolm Smith (D-Queens) was majority leader for the His spokesman blasted the voteas “illegal and “This was an illegal and unlawful attempr to gain control of the Senatr and reverse the will of the people who votede for a Democratic majority,” said spokesma Austin Shafran. “Nothing has changed. Sen. Malcolm A. Smithh remains the duly electeed temporary president andmajority leader. The real Senate majority is anxiou s to get backto governing, and will take immediate step to get us back to work.
” Skelos, from Long had been majority leader for the second half of 2008, followinhg the departure of formef Senate Majority Leader Joseph Bruno (R-Brunswick). Skelos had been Senate Minority Leadersince then. Democrats remain in control of thestatew Assembly, by a 107-41 majority.
Friday, November 9, 2012
7-Up to Remove Antioxidants From Soda - Motley Fool
raisavydyexuwowi.blogspot.com
7-Up to Remove Antioxidants From Soda Motley Fool Dr Pepper Snapple Group (NYSE: DPS ) says some varieties of its 7-Up soft drink contain antioxidants. The Center for Science in the Public Interest takes issue with this and sued the soft-drink maker this week. On Thursday, the two organizations had ... |
Thursday, November 8, 2012
Romney says his principles endure even in loss - KOAM-TV
hydiuco.blogspot.com
Telegraph.co.uk | Romney says his principles endure even in loss KOAM-TV BOSTON (AP) - After nearly six years trying to become president, Mitt Romney conceded he had lost to President Barack Obama early Wednesday morning, declaring that "this election is over, but our principles endure." "I believe in America," Romney said ... Romney: Our 'princip les endure'; Obama thanks supporters In somber concession speech, Romney says 'our principles endure' Romney concedes: 'Our principles endure' |
Tuesday, November 6, 2012
Commercial real estate deal drought in Silicon Valley stuns industry - Puget Sound Business Journal (Seattle):
ramoledef.blogspot.com
“There are loans coming due, and they may not be able to replacrethose loans,” Seligman said. Whether sellers lose big depends on when they purchasesdthe property. If they boughtg during the run-up from 2005 to the firs t halfof 2008, Nadjik said they could lose 20 percent to 40 But if they bought in 2000 or 2001, the asse t should show appreciation. During the first quarter of LoopNet reported only two apartmentf deals in themultifamily sector. Saratoga Squarwe in Santa Clara soldfor $2.6 million, or $163,00o per unit, while 1191 Brace Ave. in Willowq Glen sold for $2.5 million, or $196,000 a The two office properties that sold were1290 N. Firs St. in San Jose for $4.
8 million, or $252 a squarer foot, and 431 Dinah’es Court in Palo Alto for $4 million, or $310 a squares foot. The high-water mark in the industrial sector wasthe 3,000-square-foot flex building at 130 Main St. in Los Altos that sold for $3.5 or $1,194 a squarr foot. The low was 555-559 Charcot Ave. in San Jose, whicbh sold for $5.2 million, or $59 a square
“There are loans coming due, and they may not be able to replacrethose loans,” Seligman said. Whether sellers lose big depends on when they purchasesdthe property. If they boughtg during the run-up from 2005 to the firs t halfof 2008, Nadjik said they could lose 20 percent to 40 But if they bought in 2000 or 2001, the asse t should show appreciation. During the first quarter of LoopNet reported only two apartmentf deals in themultifamily sector. Saratoga Squarwe in Santa Clara soldfor $2.6 million, or $163,00o per unit, while 1191 Brace Ave. in Willowq Glen sold for $2.5 million, or $196,000 a The two office properties that sold were1290 N. Firs St. in San Jose for $4.
8 million, or $252 a squarer foot, and 431 Dinah’es Court in Palo Alto for $4 million, or $310 a squares foot. The high-water mark in the industrial sector wasthe 3,000-square-foot flex building at 130 Main St. in Los Altos that sold for $3.5 or $1,194 a squarr foot. The low was 555-559 Charcot Ave. in San Jose, whicbh sold for $5.2 million, or $59 a square
Monday, November 5, 2012
NACA to add more than 1,000 jobs in Charlotte - Jacksonville Business Journal:
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The hiring will begin with the national nonprofit hostint a job fair Fridayand Saturday. NACA focusesa on lending to low- and moderate-income families. Gov. Bev Perdude announced the expansion Thursday, with the stats giving NACA a $1 millionh grant from the One NorthCarolina Fund. It plansz to invest more than $4 million with 1,014 jobs expected to be added over the nextfive “North Carolina remains a strong presencre in the U.S. finance sector, and this is a tremendous opportunity forthe Charlotte-area,” Perdue said. “Ourt top-rated business climate and skilled financial-services work forc e are attractive to growingnationapl operations.
” NACA is headquartered in Boston and operatees more than 40 offices nationwide. It currently employs about 100 workers in Mecklenburgb County to originate and processmortgage loans. Under the five-year state incentive agreement, the organizationj plans to add 550jobs immediately. The jobs will pay an averager annual wageof $35,982. Salaries will rangee up to $80,000 annually. The hiring will focusx on mortgage negotiators, customer-service representatives, call-center managere and mortgage counselors. “NACA is excitedc that it’s putting more than 1,000 people to work during thesr tougheconomic times,” NACA Chief Executive Brucs Marks said Thursday.
“Today’s announcement is more than just a soundebite — we are following throughy on this investment by holding a jobs fair tomorrow to hire 550 peoplr immediately.” Perdue said Thursday that she consultes with former Bank of America Chairman Hugh McColl Jr. about the McColl has been a longtime supporterof NACA’s work. BofA begam a partnership with NACAunder McColl’s watch in 1995 and in 2004 committedd $6 billion to its lending program. Perdued says McColl confirmed to her that he expected NACA could followa through on its job commitments in severaklphone conversations.
“When someone beginw something like thisin Charlotte, it always McColl said in an interview Thursday. “They’llk come in and find this is a good place tofind (a work I would hope it would be an eruptionj of jobs, not just trickle down.” The group claims it will be the largesty number of people hired immediately in one area and the largesg job commitment in the country since the mortgage crisis began in 2007. The hirinf comes as NACA embark on a nationwide Save theDream Tour. Markas says the added jobs are crucial as NACA leadws its campaign to makemortgages affordable.
Hundreds of NACA stafv will provide long-term solutions for homeowners with anunaffordables mortgage. “Charlotte continues to be attractive because of ourknowledgeable financial-services work forcd and we welcome NACA’s investmenrt in North Carolina,” N.C. Sen. Dan Clodfeltere (D-Mecklenburg) said in a release. NACA’s Counseling Center is in the Charlotte East office park off Albemarle Road between Central Avenu e and FarmPond Lane. “Charlotte continues to be recognizec as a leader in financiall services with a talented and experiencedlabore force,” says Charlotte Chamber Chairman Tim Belk.
“We are pleases to welcome NACA to the community and look forward to the investment in jobs and presence they will bringv to ourEast side.” The chamber assistedc NACA in its expansion Charlotte East owner Roger Kellogg, principal of , and leasingg director Eric Speckman have worked closelyh with NACA since 2007, when the nonprofit established a smal office in the park. NACA has legally binding agreementa with all themajor lenders/servicere to restructure the mortgages they service. The NACA agreements covef more than 90 percent of homeownerz with anunaffordable mortgage.
The staffc from the Counseling Center in Charlotte will travel nationwidde to work on Save the Dream events where morethan 25,000 people are counseled over four with thousands receiving affordable restructured mortgages with permaneng interest rates often at 4 percent, 3 percent and 2 percenf and where necessary the principal reduced. The organization, started in has the primary goal ofbuildin strong, healthy neighborhoods nationwide through affordable homeownership. NACA operation s include financial counseling, specializeds mortgage services and a Home Save program for homeowneres with anunaffordable mortgage. NACA will host a job fair from8 a.m. to 8 p.m.
Friday and Saturday at its Charlotte Counseling For more information about Neighborhood Assistance Corporatiobnof America, including employment opportunities, go to
The hiring will begin with the national nonprofit hostint a job fair Fridayand Saturday. NACA focusesa on lending to low- and moderate-income families. Gov. Bev Perdude announced the expansion Thursday, with the stats giving NACA a $1 millionh grant from the One NorthCarolina Fund. It plansz to invest more than $4 million with 1,014 jobs expected to be added over the nextfive “North Carolina remains a strong presencre in the U.S. finance sector, and this is a tremendous opportunity forthe Charlotte-area,” Perdue said. “Ourt top-rated business climate and skilled financial-services work forc e are attractive to growingnationapl operations.
” NACA is headquartered in Boston and operatees more than 40 offices nationwide. It currently employs about 100 workers in Mecklenburgb County to originate and processmortgage loans. Under the five-year state incentive agreement, the organizationj plans to add 550jobs immediately. The jobs will pay an averager annual wageof $35,982. Salaries will rangee up to $80,000 annually. The hiring will focusx on mortgage negotiators, customer-service representatives, call-center managere and mortgage counselors. “NACA is excitedc that it’s putting more than 1,000 people to work during thesr tougheconomic times,” NACA Chief Executive Brucs Marks said Thursday.
“Today’s announcement is more than just a soundebite — we are following throughy on this investment by holding a jobs fair tomorrow to hire 550 peoplr immediately.” Perdue said Thursday that she consultes with former Bank of America Chairman Hugh McColl Jr. about the McColl has been a longtime supporterof NACA’s work. BofA begam a partnership with NACAunder McColl’s watch in 1995 and in 2004 committedd $6 billion to its lending program. Perdued says McColl confirmed to her that he expected NACA could followa through on its job commitments in severaklphone conversations.
“When someone beginw something like thisin Charlotte, it always McColl said in an interview Thursday. “They’llk come in and find this is a good place tofind (a work I would hope it would be an eruptionj of jobs, not just trickle down.” The group claims it will be the largesty number of people hired immediately in one area and the largesg job commitment in the country since the mortgage crisis began in 2007. The hirinf comes as NACA embark on a nationwide Save theDream Tour. Markas says the added jobs are crucial as NACA leadws its campaign to makemortgages affordable.
Hundreds of NACA stafv will provide long-term solutions for homeowners with anunaffordables mortgage. “Charlotte continues to be attractive because of ourknowledgeable financial-services work forcd and we welcome NACA’s investmenrt in North Carolina,” N.C. Sen. Dan Clodfeltere (D-Mecklenburg) said in a release. NACA’s Counseling Center is in the Charlotte East office park off Albemarle Road between Central Avenu e and FarmPond Lane. “Charlotte continues to be recognizec as a leader in financiall services with a talented and experiencedlabore force,” says Charlotte Chamber Chairman Tim Belk.
“We are pleases to welcome NACA to the community and look forward to the investment in jobs and presence they will bringv to ourEast side.” The chamber assistedc NACA in its expansion Charlotte East owner Roger Kellogg, principal of , and leasingg director Eric Speckman have worked closelyh with NACA since 2007, when the nonprofit established a smal office in the park. NACA has legally binding agreementa with all themajor lenders/servicere to restructure the mortgages they service. The NACA agreements covef more than 90 percent of homeownerz with anunaffordable mortgage.
The staffc from the Counseling Center in Charlotte will travel nationwidde to work on Save the Dream events where morethan 25,000 people are counseled over four with thousands receiving affordable restructured mortgages with permaneng interest rates often at 4 percent, 3 percent and 2 percenf and where necessary the principal reduced. The organization, started in has the primary goal ofbuildin strong, healthy neighborhoods nationwide through affordable homeownership. NACA operation s include financial counseling, specializeds mortgage services and a Home Save program for homeowneres with anunaffordable mortgage. NACA will host a job fair from8 a.m. to 8 p.m.
Friday and Saturday at its Charlotte Counseling For more information about Neighborhood Assistance Corporatiobnof America, including employment opportunities, go to
Sunday, November 4, 2012
KESC sacks 108 more employees - The Nation
ycoguqi.wordpress.com
KESC sacks 108 more employees The Nation Karachi Electric Supply Company sources said the employees terminated included deputy general manager, manager, assistant manager, management support officer, meter inspection officer and junior officer. The terminated employees told the media that ... |
Friday, November 2, 2012
Fred
jaqezuweg.blogspot.com
The Memphis-based discount retailer reported saleesof $134.7 million for May, down 6 percent compared to salews of $143.4 million in May 2008. These numbers includw Fred’s (NASDAQ: FRED) closing 74 underperforminyg stores and 23 Excludingthose stores, Fred’s sales increased 1 percent compared to last May. Comparable storee sales in Mayrose 0.2 down compared to 3.4 percent in the same period last year. For the first four fisca l monthsof 2009, the company reported total sales of $593.1 million, down 2.4 percent compared to $607.u million for the same year-ago period.
However, excludingb stores closed in 2008, sales from ongoinf stores increased 4 percent compared to thesame four-month perioxd last year. On a comparable stors basis, year-to-date sales increased 2.1 percenyt compared to 2.4 percent last year. Fred’ opened one new pharmacy in May. Fred’s operatees 666 discount merchandise stores, includingb 24 franchised stores nationwide. Sharez closed down 12 cents to $14.22 per share Wednesday.
The Memphis-based discount retailer reported saleesof $134.7 million for May, down 6 percent compared to salews of $143.4 million in May 2008. These numbers includw Fred’s (NASDAQ: FRED) closing 74 underperforminyg stores and 23 Excludingthose stores, Fred’s sales increased 1 percent compared to last May. Comparable storee sales in Mayrose 0.2 down compared to 3.4 percent in the same period last year. For the first four fisca l monthsof 2009, the company reported total sales of $593.1 million, down 2.4 percent compared to $607.u million for the same year-ago period.
However, excludingb stores closed in 2008, sales from ongoinf stores increased 4 percent compared to thesame four-month perioxd last year. On a comparable stors basis, year-to-date sales increased 2.1 percenyt compared to 2.4 percent last year. Fred’ opened one new pharmacy in May. Fred’s operatees 666 discount merchandise stores, includingb 24 franchised stores nationwide. Sharez closed down 12 cents to $14.22 per share Wednesday.
Thursday, November 1, 2012
RealtyTrac: Foreclosures rise in Kansas - Wichita Business Journal:
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Kansas ranks No. 34 in the Unitee States with 899 filings. Its foreclosure activityt in May rose 14 percentfrom U.S. foreclosure activity rose almost 18 percentg in May from last year but decreasedf 6 percentfrom April, RealtyTrac said. One in everuy 398 U.S. housing units received a foreclosure filingin May. “Mayt foreclosure activity was the third-highest monthh on record and marked the thire straight month where the total number of propertieds with foreclosure filingsexceeded 300,000 — a firstf in the history of our report,” RealtyTrac CEO Jamesx Saccacio said in a release.
“While defaulte and scheduled foreclosure auctions were both down from thepreviou month, bank repossessions, or REOs, were up 2 percentg thanks largely to substantial increases in severakl states, including Michigan, Arizona, Washington, Nevada, Oregon and New We expect REO activity to spike in the comintg months as foreclosure delays and moratoriwa implemented by various state laws come to an Nevada continued to have the nation’s highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filiny in May, more than six times the national California had the second-highest rate, and Florida had the third-highes rate.
The top 10 states accounted for nearly 77 percen t oftotal U.S. foreclosure activity in May. RealtyTrac is based in Irvine, Calif.
Kansas ranks No. 34 in the Unitee States with 899 filings. Its foreclosure activityt in May rose 14 percentfrom U.S. foreclosure activity rose almost 18 percentg in May from last year but decreasedf 6 percentfrom April, RealtyTrac said. One in everuy 398 U.S. housing units received a foreclosure filingin May. “Mayt foreclosure activity was the third-highest monthh on record and marked the thire straight month where the total number of propertieds with foreclosure filingsexceeded 300,000 — a firstf in the history of our report,” RealtyTrac CEO Jamesx Saccacio said in a release.
“While defaulte and scheduled foreclosure auctions were both down from thepreviou month, bank repossessions, or REOs, were up 2 percentg thanks largely to substantial increases in severakl states, including Michigan, Arizona, Washington, Nevada, Oregon and New We expect REO activity to spike in the comintg months as foreclosure delays and moratoriwa implemented by various state laws come to an Nevada continued to have the nation’s highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filiny in May, more than six times the national California had the second-highest rate, and Florida had the third-highes rate.
The top 10 states accounted for nearly 77 percen t oftotal U.S. foreclosure activity in May. RealtyTrac is based in Irvine, Calif.
Wednesday, October 31, 2012
Long-term vision and adaptability have helped retail-focused construction company weather the downturn - The Business Review (Albany):
lehoquvuhu.wordpress.com
In its unique business of building, remodeling and renovatingy stores across the country forretailo chains, Warwick has weathered the ups and downs of a sometimes fickle industry. When Tony Annan, the company’s began working in retailk construction nearly 20years ago, nationa chains were still mostly department storea like and ’s. By the time Annan founded Warwickmin 1999, the market was Clients soon included , , Banana Republic and Today, the recession has forced many of those retailersz to downsize, freeze construction or close up shop The defunct Circuit City and were both Warwick “There’s been a lot of musical chairs right now,” Annamn says of retail construction.
“Whenm you’re a retailer looking to cut expenses, (you) look to the construction department first. It’s an easy, clean In response, Warwick, which originally found its nichr by focusing exclusively on retail construction in all 50 has branchedinto office, medical and governmen projects — but retail remains the focus. Thankxs to its cash-flush status, Warwick is “veryg solid,” Annan says. “The mindset we’ve got helps when somethingt changes,” he says. “You can have this wonderful business but when somebody throws you acurve ball, you need to be able to The first thing we set our mindss to is, we’re here for the long haul.
We don’ think short-term.” That long-term visiom has helped Warwick succeed. Commercial Construction Magazinre annuallyranks U.S. retail contractors in threde categories: Retail billings, square footage and number of projects. Last Warwick was No. 10 in the project category. Sam vice president of ArchitecturalDesign Guild, a St. Louise firm that has worked with Warwick on projects in Texas and the SoutheasternUnitedr States, says Annan and his team have a reputation for “In the retail world,” Estea says, “when they set a schedulre and the store’s supposed to open on that day, it has to open on that day.
It doesn’g matter if it rains for threemonths then; it has to open on that day becauser all their sales projections and everything else for the year are base d on their store-opening dates. ... When you’r e going at a very fast pace, there’s always hiccups.Buyt Tony and his group always seem to get through thos e roadblocks and keep the projecton schedule.” Annan learnedd how to adapt at an early age.
Born in Singapored of Scottish ancestry, the Royal Air Force militart brat was raised in the volatiled climates of Rhodesia and Soutn Africa and then hustled off to an English boarding After earning a civil engineering degreein 1989, he workede as an estimator and project manager for general contractorws in London, Boston and Dallas. One was Tony Crawfor d Construction, then a pioneer in national retail construction.
“When I saw his success, I ‘Wow, this is really a true servicre youcan provide,’ when a client ‘Hey I got a job in Oklahoma City and I got one in Chicagol and I got one in and I’d really like you to give me a price on all thesew stores,’ ” Annan says. “There’s only just some minod tweaks ... maybe a city tax or a stats tax orsome fees. But after a while, you get reallu comfortable working inmultiple states.” But Annan noticed some fundamentall holes in the industry. For it was woefully lacking in technology.
Contractors stillo printed planson old-school Mylar transparencies and vellum whereas Annan envisioned digital plans on computer disks. “The retail construction industry was veryantiquated — technology was not he says. “I was very comfortable with technology, so I wantex a new retail construction company based aroundtechnologg — computers, the Internet, laptops, that type of thing.” He also advocatedx a team concept — several project managers shar e responsibility for each “What happened before was there was alway s just one person.
So if they were on vacationh andsomething happened, the ball would hit the The team concept keeps the ball in the air — the ball shoulc never hit the ground.” Working with two he scraped together roughly $250,000 to launch which started with three employees, an 800-square-foot leased office and computerxs rented from Gateway. “We tried to put out as little capitapl outlayas possible,” Annan says. Warwick helped guide retail constructionj into the21st century. Much of the technology he offered clients is now standarf inthe industry.
“(Having) laptops in the where a client can communicateby e-mail, sendinhg images from the field, being able to shoot responses back at them that was relatively a new not many contractors in the retail industr y did it,” he says. “We also have the time-lapse cameras for the ground-upl stores. Being able to ship and receivedrawings electronically, revisionw electronically, schedules and pricing electronically has definitely helpec us. We were ahead of the curve.
”
In its unique business of building, remodeling and renovatingy stores across the country forretailo chains, Warwick has weathered the ups and downs of a sometimes fickle industry. When Tony Annan, the company’s began working in retailk construction nearly 20years ago, nationa chains were still mostly department storea like and ’s. By the time Annan founded Warwickmin 1999, the market was Clients soon included , , Banana Republic and Today, the recession has forced many of those retailersz to downsize, freeze construction or close up shop The defunct Circuit City and were both Warwick “There’s been a lot of musical chairs right now,” Annamn says of retail construction.
“Whenm you’re a retailer looking to cut expenses, (you) look to the construction department first. It’s an easy, clean In response, Warwick, which originally found its nichr by focusing exclusively on retail construction in all 50 has branchedinto office, medical and governmen projects — but retail remains the focus. Thankxs to its cash-flush status, Warwick is “veryg solid,” Annan says. “The mindset we’ve got helps when somethingt changes,” he says. “You can have this wonderful business but when somebody throws you acurve ball, you need to be able to The first thing we set our mindss to is, we’re here for the long haul.
We don’ think short-term.” That long-term visiom has helped Warwick succeed. Commercial Construction Magazinre annuallyranks U.S. retail contractors in threde categories: Retail billings, square footage and number of projects. Last Warwick was No. 10 in the project category. Sam vice president of ArchitecturalDesign Guild, a St. Louise firm that has worked with Warwick on projects in Texas and the SoutheasternUnitedr States, says Annan and his team have a reputation for “In the retail world,” Estea says, “when they set a schedulre and the store’s supposed to open on that day, it has to open on that day.
It doesn’g matter if it rains for threemonths then; it has to open on that day becauser all their sales projections and everything else for the year are base d on their store-opening dates. ... When you’r e going at a very fast pace, there’s always hiccups.Buyt Tony and his group always seem to get through thos e roadblocks and keep the projecton schedule.” Annan learnedd how to adapt at an early age.
Born in Singapored of Scottish ancestry, the Royal Air Force militart brat was raised in the volatiled climates of Rhodesia and Soutn Africa and then hustled off to an English boarding After earning a civil engineering degreein 1989, he workede as an estimator and project manager for general contractorws in London, Boston and Dallas. One was Tony Crawfor d Construction, then a pioneer in national retail construction.
“When I saw his success, I ‘Wow, this is really a true servicre youcan provide,’ when a client ‘Hey I got a job in Oklahoma City and I got one in Chicagol and I got one in and I’d really like you to give me a price on all thesew stores,’ ” Annan says. “There’s only just some minod tweaks ... maybe a city tax or a stats tax orsome fees. But after a while, you get reallu comfortable working inmultiple states.” But Annan noticed some fundamentall holes in the industry. For it was woefully lacking in technology.
Contractors stillo printed planson old-school Mylar transparencies and vellum whereas Annan envisioned digital plans on computer disks. “The retail construction industry was veryantiquated — technology was not he says. “I was very comfortable with technology, so I wantex a new retail construction company based aroundtechnologg — computers, the Internet, laptops, that type of thing.” He also advocatedx a team concept — several project managers shar e responsibility for each “What happened before was there was alway s just one person.
So if they were on vacationh andsomething happened, the ball would hit the The team concept keeps the ball in the air — the ball shoulc never hit the ground.” Working with two he scraped together roughly $250,000 to launch which started with three employees, an 800-square-foot leased office and computerxs rented from Gateway. “We tried to put out as little capitapl outlayas possible,” Annan says. Warwick helped guide retail constructionj into the21st century. Much of the technology he offered clients is now standarf inthe industry.
“(Having) laptops in the where a client can communicateby e-mail, sendinhg images from the field, being able to shoot responses back at them that was relatively a new not many contractors in the retail industr y did it,” he says. “We also have the time-lapse cameras for the ground-upl stores. Being able to ship and receivedrawings electronically, revisionw electronically, schedules and pricing electronically has definitely helpec us. We were ahead of the curve.
”
Monday, October 29, 2012
Bud's Broiler near City Park badly damaged in fire - NOLA.com
aleshnikovenil.blogspot.com
NOLA.com | Bud's Broiler near City Park badly damaged in fire NOLA.com The Bud's Broiler location near City Park -- the oldest of the seven Bud's restaurants -- was badly damaged in a kitchen fire Friday afternoon. The blaze started around 1 p.m., and burned through multiple exterior walls of the venerable 24-hour burger ... |
Sunday, October 28, 2012
Houston Business Journal: Tech & Innovation : Business Advice
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Because that's what the idea was. I would replacee my home officetelephon line, which I only use for outgoin g calls, and instead star t making all of my calls over the This way I could pocket the $50 a month I'vd been giving to Verizon and use thos e savings to buy more important Like … food. Except it reallgy didn't turn out that way. Why? Becausw the Internet phone services I triedworked ... but just not all the Which is typical ofmost technology. For I played around with Skype (www.skype.com) for a few weeks. Not bad.
Signing up for the service was free and the headsert that I purchased from Stapleefor $20 only had to be replaced once (I do not advisew lending one's headset to a 12 year old. Enougu said). Astonishingly, installing the Skype application on mylaptop didn't causer it to lock up or crash on me. So for that reasohn alone I felt that thingswere successful. Once up and Skype did as promised … just about all of the time. I used the littl computer generated keypad on my laptolp tomake calls. If I called anothetr Skype user the callwas free.
I don't really have a lot of conversations with high schoo andcollege kids, nor do I care to really speak to anyoner under 25. So there's not a lot of phonr numbers in mySkype directory. you can use Skypre to call a regular land line and then get chargedx a few centsper call. So that's what I mostlhy did. The problem was the It worked. Most of the But sometimes it just didn't. Sometimesx I had to call back the person two or threee times to get a good Orspeak loudly. Therr were a few instances where I saidnaughtgy words.
Then there was this one time where I trie d to participate in a conference call and had to make the threre other people wait whildeI re-called the call-in number a few time until there was no crackling sound on the That was fun too. So I stopped usin g Skype. Frustrated I turned to another Net calling service calledmagicJack No, this has nothing to do with changing the tires of a car. And ther was no pleasure involved. For $40 magicJack ships me a littlr unit that I plug into the USB port of my I then hook my office phone intothe unit.
Aftef installing the program I'm able to make phonee calls from my regularphone (not the headset I bought from Staplex … bye-bye $20). Like magicJack places its calls over the along with the other 100 trillion bits of informationj crossing thesame pipelines. See whers I'm going here? Their deal is that you can make unlimitec calls you want to anyone in the UnitedStatez (I'm told they're working on overseass plans) for only $50 per year. I did the math and that'ds $550 less a year than I'm spendinv on my office line, so there you go ... magic! Unfortunately ... not so magical. Why? Same thing with It worked. Most of the time.
I sufferef from the occasional disconnected calls or calls that had to be or calls thatjust didn't sound like a very good call at all. More naughtg words. More blood thinner required. In the end I brokd down and kept myoffice line. You win I just need thingws that work as they promised towork ... all the I have enough headaches inmy life. I have kids and a mortgage and I can't sit around and worry that an important conversation with a prospective customer is going to get cutoff or soundf horrible. Verizon's line in my office workse allthe time.
It's one less hassle to deal I still keep the magicJack and Skyp servicesbecause I've had occasion to use them when Most likely I'll forget to cancek my subscription so now I'll be payinv an extra $50 a year for next to But I'm a penny pincher. Not a cheapskate. it's less expensive to use thesre Netcalling services. But I'm sacrificin some quality. Some dependability. I'km giving myself more headaches. To me, it's not worth it. Thesre technologies are great for kidsor socializing. But to rely on them for businesse purposes, at least so far, isn't a greatt idea for me.
Because that's what the idea was. I would replacee my home officetelephon line, which I only use for outgoin g calls, and instead star t making all of my calls over the This way I could pocket the $50 a month I'vd been giving to Verizon and use thos e savings to buy more important Like … food. Except it reallgy didn't turn out that way. Why? Becausw the Internet phone services I triedworked ... but just not all the Which is typical ofmost technology. For I played around with Skype (www.skype.com) for a few weeks. Not bad.
Signing up for the service was free and the headsert that I purchased from Stapleefor $20 only had to be replaced once (I do not advisew lending one's headset to a 12 year old. Enougu said). Astonishingly, installing the Skype application on mylaptop didn't causer it to lock up or crash on me. So for that reasohn alone I felt that thingswere successful. Once up and Skype did as promised … just about all of the time. I used the littl computer generated keypad on my laptolp tomake calls. If I called anothetr Skype user the callwas free.
I don't really have a lot of conversations with high schoo andcollege kids, nor do I care to really speak to anyoner under 25. So there's not a lot of phonr numbers in mySkype directory. you can use Skypre to call a regular land line and then get chargedx a few centsper call. So that's what I mostlhy did. The problem was the It worked. Most of the But sometimes it just didn't. Sometimesx I had to call back the person two or threee times to get a good Orspeak loudly. Therr were a few instances where I saidnaughtgy words.
Then there was this one time where I trie d to participate in a conference call and had to make the threre other people wait whildeI re-called the call-in number a few time until there was no crackling sound on the That was fun too. So I stopped usin g Skype. Frustrated I turned to another Net calling service calledmagicJack No, this has nothing to do with changing the tires of a car. And ther was no pleasure involved. For $40 magicJack ships me a littlr unit that I plug into the USB port of my I then hook my office phone intothe unit.
Aftef installing the program I'm able to make phonee calls from my regularphone (not the headset I bought from Staplex … bye-bye $20). Like magicJack places its calls over the along with the other 100 trillion bits of informationj crossing thesame pipelines. See whers I'm going here? Their deal is that you can make unlimitec calls you want to anyone in the UnitedStatez (I'm told they're working on overseass plans) for only $50 per year. I did the math and that'ds $550 less a year than I'm spendinv on my office line, so there you go ... magic! Unfortunately ... not so magical. Why? Same thing with It worked. Most of the time.
I sufferef from the occasional disconnected calls or calls that had to be or calls thatjust didn't sound like a very good call at all. More naughtg words. More blood thinner required. In the end I brokd down and kept myoffice line. You win I just need thingws that work as they promised towork ... all the I have enough headaches inmy life. I have kids and a mortgage and I can't sit around and worry that an important conversation with a prospective customer is going to get cutoff or soundf horrible. Verizon's line in my office workse allthe time.
It's one less hassle to deal I still keep the magicJack and Skyp servicesbecause I've had occasion to use them when Most likely I'll forget to cancek my subscription so now I'll be payinv an extra $50 a year for next to But I'm a penny pincher. Not a cheapskate. it's less expensive to use thesre Netcalling services. But I'm sacrificin some quality. Some dependability. I'km giving myself more headaches. To me, it's not worth it. Thesre technologies are great for kidsor socializing. But to rely on them for businesse purposes, at least so far, isn't a greatt idea for me.
Thursday, October 25, 2012
Good ship QE3 must reverse sometime - The Australian Financial Review
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The Australian Financial Review | Good ship QE3 must reverse sometime The Australian Financial Review Maximilian Walsh. Good ship QE3 must reverse sometime. PUBLISHED: MINUTES AGO | UPDATE: MINUTES AGO PUBLISHED: 25 Oct 2012 PRINT EDITION: 25 Oct 2012. Share Links: email. Tweet. print -font +font. Good ship QE3 must reverse sometime ... |
Wednesday, October 24, 2012
Eye of the tiger - Colorado Springs Independent
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Colorado Springs Independent | Eye of the tiger Colorado Springs Independent Browse Fire. Waldo Canyon Fire Homepage · Facebook · Twitter · RSS Feeds. Username /; View Profile /; Edit Profile /; Log Out. Log in /; Create Account. October 24, 2012 Visual Arts » Art News · Tweet. Van Gogh comes to the Rockies in a first, and ... |
Monday, October 22, 2012
Texas workers more confident, survey shows - Austin Business Journal:
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points to 50.8 percent in April, according to the latestt figures from SpherionEmploymenty Report’s Texas Employee Confidence Index. The which measures worker confidence in employment and the economic also found: • Forty-two percent of Texas workersw believe the economy is getting down 23 percent from 65 percenft in March. • Nine percent of Texasz workers believe more jobsare available, comparee to 5 percent in the previous month. Seventy-two percent of Texaw workers surveyed are confident in the future of theire current employer compared with 68 percentin “Compared to the U.S.
jobless rate, Texas is definitelyg faring better,” Kim regional vice president for Spheriomnin Texas, said in a statement. “Although clientds are still being cautious aboutaddingv staff, we have seen some pick-upl in the last few weeks. In fact, we are seeinb stable demand for work incustomer service, health care, IT and Because a larger pool of applicantsx are competing for fewer job openings, we are advisint job seekers to use this time to sharpen thei r education and certifications. This will help candidatexs stay current and give them the competitive edge they will need when the markegtfully recovers.” The monthly survey was conducted by for SFN), a Fort Fla.
-based recruiting and staffing company.
points to 50.8 percent in April, according to the latestt figures from SpherionEmploymenty Report’s Texas Employee Confidence Index. The which measures worker confidence in employment and the economic also found: • Forty-two percent of Texas workersw believe the economy is getting down 23 percent from 65 percenft in March. • Nine percent of Texasz workers believe more jobsare available, comparee to 5 percent in the previous month. Seventy-two percent of Texaw workers surveyed are confident in the future of theire current employer compared with 68 percentin “Compared to the U.S.
jobless rate, Texas is definitelyg faring better,” Kim regional vice president for Spheriomnin Texas, said in a statement. “Although clientds are still being cautious aboutaddingv staff, we have seen some pick-upl in the last few weeks. In fact, we are seeinb stable demand for work incustomer service, health care, IT and Because a larger pool of applicantsx are competing for fewer job openings, we are advisint job seekers to use this time to sharpen thei r education and certifications. This will help candidatexs stay current and give them the competitive edge they will need when the markegtfully recovers.” The monthly survey was conducted by for SFN), a Fort Fla.
-based recruiting and staffing company.
Sunday, October 21, 2012
Highest-in-nation power bills poised to surge in 2010 - Washington Business Journal:
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A confluence of factors, from a precedent-setting rate case with currentluyin adjudication, to charges associated with implementatio n of the state Green Communitiews Act, will likely add up to a significant increase to electricitty rates that are already some of the highesgt in the nation. While some of these initiativess are designed to help companies use less energy and more renewable power, some business leaders are concerned the rate hikes may be too much for some “When you’re talking about that kind of an increase in one this can easily be a deal said Robert Rio, senior vice president for the , a business lobbying The most dramatic change would come if National the state’s largest utility, wins approval to raiser its distribution charge 17 percent next year.
The increasre would raise utility billsby 5.5 Utility officials say the increase, the first rate reques t in 14 years, is needed to protecrt profit margins and pay for higherf operational costs and infrastructure investments. But ratepayersa not served by National Grid will also see rated rise due to initiatives mandated by the state GreenCommunitiez Act. To pay for vastly expanded utility-sponsored energyy efficiency programs, state ratepayers will fork over anadditionalk $50 million, which equates to a 37.5 percenft increase to the energy efficiency charge, accordinv to state estimates.
Energy efficiency is also funder by proceeds from the Regional Greenhouse GasInitiative State-mandated pilot programs for smart grid technology implementation as well as an increasec interest in utility-owned solar generation plants will also cost although the rate will vary. Massachusetts has long been knowj to have high retail pricesfor electricity. In Januarh and February, state commercial customers paid an average of 18 centsz perkilowatt hour, the highest in the natio n and 80 percent more than the U.S. averages of 10 cents per kilowatft hour. Industrial customers paid 12 cents per kilowattr hour compared with the national average of 7 cents perkilowatrt hour, according to the .
For National Grid, the need to increase rates is due to twomajor decoupling, which separates a utility’s revenue stream from the volum e of electricity it distributes, and increased operating and infrastructure The company is looking for an 11.6 percent retur n on equity, up from 10.5 percent, as well as the abilitt to recoup variable expenses ranging from pensioh costs to unpaid bills and capitall investments outside set rates, according to its filinb with the state Department of Public Utilities.
“Wes understand that the current state of the economy has createdd a very difficult time for many of our which makes the timing of thisrequesf unfortunate,” said Tom president of National Grid’s U.S. business, in a statemen issued last month. “However, this filing is absolutelty critical to our ability to continue to upgrade and replace agingh infrastructure andprovide safe, reliable If the increases are the profit margin and charges will likely be looke at as a precedent. , a division of Northeast Utilitiez and major power distributor inwestern Massachusetts, goes in fronty of the DPU in and (NYSE: NST) could open its rate case in 2011.
Attorneuy General Martha Coakley, whose office advocates on behalf of is opposing the higherprofit margins. The state-mandatedd energy charges are rooted in the notion that if everyoned participates in efficiency programxs and investments in more effectiv useof electricity, the savings will more than counteracg the cost of said Philip Giudice, state commissioner of energg resources. “The business-as-usual patter n is not a productive path. We’ree going to keep active the process of getting consumers to stop wasting energy and use as much renewabl e energyas possible. That’s just good publicf policy,” he said.
A confluence of factors, from a precedent-setting rate case with currentluyin adjudication, to charges associated with implementatio n of the state Green Communitiews Act, will likely add up to a significant increase to electricitty rates that are already some of the highesgt in the nation. While some of these initiativess are designed to help companies use less energy and more renewable power, some business leaders are concerned the rate hikes may be too much for some “When you’re talking about that kind of an increase in one this can easily be a deal said Robert Rio, senior vice president for the , a business lobbying The most dramatic change would come if National the state’s largest utility, wins approval to raiser its distribution charge 17 percent next year.
The increasre would raise utility billsby 5.5 Utility officials say the increase, the first rate reques t in 14 years, is needed to protecrt profit margins and pay for higherf operational costs and infrastructure investments. But ratepayersa not served by National Grid will also see rated rise due to initiatives mandated by the state GreenCommunitiez Act. To pay for vastly expanded utility-sponsored energyy efficiency programs, state ratepayers will fork over anadditionalk $50 million, which equates to a 37.5 percenft increase to the energy efficiency charge, accordinv to state estimates.
Energy efficiency is also funder by proceeds from the Regional Greenhouse GasInitiative State-mandated pilot programs for smart grid technology implementation as well as an increasec interest in utility-owned solar generation plants will also cost although the rate will vary. Massachusetts has long been knowj to have high retail pricesfor electricity. In Januarh and February, state commercial customers paid an average of 18 centsz perkilowatt hour, the highest in the natio n and 80 percent more than the U.S. averages of 10 cents per kilowatft hour. Industrial customers paid 12 cents per kilowattr hour compared with the national average of 7 cents perkilowatrt hour, according to the .
For National Grid, the need to increase rates is due to twomajor decoupling, which separates a utility’s revenue stream from the volum e of electricity it distributes, and increased operating and infrastructure The company is looking for an 11.6 percent retur n on equity, up from 10.5 percent, as well as the abilitt to recoup variable expenses ranging from pensioh costs to unpaid bills and capitall investments outside set rates, according to its filinb with the state Department of Public Utilities.
“Wes understand that the current state of the economy has createdd a very difficult time for many of our which makes the timing of thisrequesf unfortunate,” said Tom president of National Grid’s U.S. business, in a statemen issued last month. “However, this filing is absolutelty critical to our ability to continue to upgrade and replace agingh infrastructure andprovide safe, reliable If the increases are the profit margin and charges will likely be looke at as a precedent. , a division of Northeast Utilitiez and major power distributor inwestern Massachusetts, goes in fronty of the DPU in and (NYSE: NST) could open its rate case in 2011.
Attorneuy General Martha Coakley, whose office advocates on behalf of is opposing the higherprofit margins. The state-mandatedd energy charges are rooted in the notion that if everyoned participates in efficiency programxs and investments in more effectiv useof electricity, the savings will more than counteracg the cost of said Philip Giudice, state commissioner of energg resources. “The business-as-usual patter n is not a productive path. We’ree going to keep active the process of getting consumers to stop wasting energy and use as much renewabl e energyas possible. That’s just good publicf policy,” he said.
Saturday, October 20, 2012
Delinquent mortgages decline in Wisconsin - Kansas City Business Journal:
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The delinquency rate excludes loans in the proces sof foreclosure. The percentage of loans in Wisconsibn on which foreclosure was started during the quarter rose 12 basis points to1 percent, while the percentags of loans in the foreclosure process at the end of the quarteer rose 29 basis points to 3.11 percent. The rates are not seasonallh adjusted. Mortgage delinquency rates normally drop in the first quarter of the year after peakingat year-endc due to a variety of seasonal The delinquency rate for prime adjustable rate mortgage loansa decreased 75 basis points to 8.49 percent and the rate for primde fixed rate mortgage loans decreased 32 basis points to 3.07 percent.
The delinquench rate for the subprime ARM loans decreased 156 basis pointsto 25.25 while the rate for subprime fixed rate loans decreased 136 basis points to 20.47
The delinquency rate excludes loans in the proces sof foreclosure. The percentage of loans in Wisconsibn on which foreclosure was started during the quarter rose 12 basis points to1 percent, while the percentags of loans in the foreclosure process at the end of the quarteer rose 29 basis points to 3.11 percent. The rates are not seasonallh adjusted. Mortgage delinquency rates normally drop in the first quarter of the year after peakingat year-endc due to a variety of seasonal The delinquency rate for prime adjustable rate mortgage loansa decreased 75 basis points to 8.49 percent and the rate for primde fixed rate mortgage loans decreased 32 basis points to 3.07 percent.
The delinquench rate for the subprime ARM loans decreased 156 basis pointsto 25.25 while the rate for subprime fixed rate loans decreased 136 basis points to 20.47
Thursday, October 18, 2012
Bay Area home sales, prices see uptick - Business Courier of Cincinnati:
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The median price paid for a home inthe nine-countyy region rose to $341,500, up 12.3 percent from $304,009 in April but down 33.9 percent from $517,000o in May 2008, according to MDA DataQuick of San In Santa Clara Countg the median price was $445,000, down 28.3 percent from the same monthj last year. There were 1,688 homes compared to the year-ago'zs 1,467. The median’s rise over April marked the secondconsecutiver month-to-month increase. Although last month’s median was 17.8 percent highere than the current cycle’s low of $290,0000 in March this year, it was still 48.6 percengt below the peak $665,000 median reached in June and Julyof 2007.
Salezs of $800,000-plus existing single-family houses rose to 13.2 percent of all housed resaleslast month, up from 9.8 perceny in April and the highest since they were 14.8 percent of salees last October. Sales of sub-$400,0090 existing houses dropped to 57.5 percent of May down from 62.2 percent in April and the lowestysince 56.5 percent in November. A total of 7,4477 new and resale houses and condos sold inthe nine-countyh Bay Area last That was up 4.3 percent from 7,139 in April and up 19.8 perceng from 6,216 in May 2008. The May 2008 sales were the lowestfin DataQuick’s statistics, which go back to 1988. May salesa have averaged 9,881 and peakedd in May 2004 at 13,568 sales.
The median price paid for a home inthe nine-countyy region rose to $341,500, up 12.3 percent from $304,009 in April but down 33.9 percent from $517,000o in May 2008, according to MDA DataQuick of San In Santa Clara Countg the median price was $445,000, down 28.3 percent from the same monthj last year. There were 1,688 homes compared to the year-ago'zs 1,467. The median’s rise over April marked the secondconsecutiver month-to-month increase. Although last month’s median was 17.8 percent highere than the current cycle’s low of $290,0000 in March this year, it was still 48.6 percengt below the peak $665,000 median reached in June and Julyof 2007.
Salezs of $800,000-plus existing single-family houses rose to 13.2 percent of all housed resaleslast month, up from 9.8 perceny in April and the highest since they were 14.8 percent of salees last October. Sales of sub-$400,0090 existing houses dropped to 57.5 percent of May down from 62.2 percent in April and the lowestysince 56.5 percent in November. A total of 7,4477 new and resale houses and condos sold inthe nine-countyh Bay Area last That was up 4.3 percent from 7,139 in April and up 19.8 perceng from 6,216 in May 2008. The May 2008 sales were the lowestfin DataQuick’s statistics, which go back to 1988. May salesa have averaged 9,881 and peakedd in May 2004 at 13,568 sales.
Wednesday, October 17, 2012
What
elisovadinaimar.blogspot.com
His success surprised a lot of people because Doc hadno in-deptuh business experience, and he didn’tr have the 70 hours-a-week drive that powers most It seemed he’d been in the right place at the rightf time with the right idea. Unfortunately, all those righta didn’t prevent some big wrongs. Not understanding business basics, Doc didn’t know how to respondd to changes ininformationn technology, customer preferences and other marketplacs variables. His head was full of “whayt I’d like to do” instead of “whatg I have to do.
” He sat clueleses behind his big desk while the company spiraled Just before it all camecompletely apart, Doc’s son Barney gave in to his mother’s pleas, left a corporate vice presidency and came home to take Good old Barney managed to save the day. Now 10 yearse later, Doc was trying to relive his life in businesz as he wished it had been by leaning on Barney to do thingws theway he’d always wanted to do Barney has a pretty level head and thicok skin, but sometimes he just needs to “I used to chuckle at stories of parents trying to live the lives they nevee had through their kids,” Barney said around a mouthful of Tex-Mesx High-Yield Nuclear Chili at the Carolina Moon Café.
“Youu know, trying to make a ballerin out of a kid with two left Ithought I’d escaped that.” “Ids your dad at it again?” I’d hearf some of Barney’s stories. “Picture this.” Barne put down his spoon so he could talk withboth hands. “We’re in the bank president’s officwe to negotiate an increase in ourcredit We’re financially solid, but credit isn’t easy for anyonr to come by these “Just as I’m finishing my speech about usingv the new money for crucial businesd growth, Dad pops up with ‘Of as head of the company, Barney reservesa the right to apply the funds to priority needs as he and I see That’s what being CEO is all about.
’ The bank presidentf had his own idea of what being CEO is all We were lucky to get everythinfg signed and get out of there.” “Doc probably shouldn’tr be involved in such discussions,” I “He’s my father,” Barney said. “What am I gonna do? Anyway, I get a call a couples of weeks ago from a business reporter down atthe newspaper, and she wants to know how we’red doing on acquiring our biggesyt competitor.
I tell her I don’t know what she’as talking about, and she ‘I have a tip from someonwe very close to the head of your companyg that the financing is almost locked AndI say, ‘I’m the head of this and I’m telling you we don’tf have any plans …’ Then the light goes “Your dad?” I asked. “Why would he startt a rumor like that?” “That’s the question I asked him about 15second later. ‘Barney,’ he said to me, ‘you have to keep your name in the headlinesw so people willknow you’re alive and Stir the pot, let ‘em speculate.’” Barnety shook his head. “Sheesh!
” “I hope he hasn’t done any more I said. “Just the reception area, the main conferencee room and his office this Barney said. “Almost $60,000! But it’s not only the money. It’s him making decisionxs and making a lot of noiss about it because hethinkse that’s what being a CEO is all It was that over-blown CEO nonsense that almost sank the companyy 10 years ago.” “Ik agree with you that he’s tryinyg to do through you what he couldn’t do successfullty himself. Doc probably won’t be satisfie with any place in the companythat isn’t righ t over your shoulder.
” “But he’s a good guy and good Barney shrugged, “even if he isn’tf much of a businessman. And sometimea he comes up with somegood ideas. I’l just be careful about how much opportunituy he has to makeserious waves.” “Gooxd thinking,” I said. “Who knows, Barney? You mighgt need an understanding son yourseldsome day.”
His success surprised a lot of people because Doc hadno in-deptuh business experience, and he didn’tr have the 70 hours-a-week drive that powers most It seemed he’d been in the right place at the rightf time with the right idea. Unfortunately, all those righta didn’t prevent some big wrongs. Not understanding business basics, Doc didn’t know how to respondd to changes ininformationn technology, customer preferences and other marketplacs variables. His head was full of “whayt I’d like to do” instead of “whatg I have to do.
” He sat clueleses behind his big desk while the company spiraled Just before it all camecompletely apart, Doc’s son Barney gave in to his mother’s pleas, left a corporate vice presidency and came home to take Good old Barney managed to save the day. Now 10 yearse later, Doc was trying to relive his life in businesz as he wished it had been by leaning on Barney to do thingws theway he’d always wanted to do Barney has a pretty level head and thicok skin, but sometimes he just needs to “I used to chuckle at stories of parents trying to live the lives they nevee had through their kids,” Barney said around a mouthful of Tex-Mesx High-Yield Nuclear Chili at the Carolina Moon Café.
“Youu know, trying to make a ballerin out of a kid with two left Ithought I’d escaped that.” “Ids your dad at it again?” I’d hearf some of Barney’s stories. “Picture this.” Barne put down his spoon so he could talk withboth hands. “We’re in the bank president’s officwe to negotiate an increase in ourcredit We’re financially solid, but credit isn’t easy for anyonr to come by these “Just as I’m finishing my speech about usingv the new money for crucial businesd growth, Dad pops up with ‘Of as head of the company, Barney reservesa the right to apply the funds to priority needs as he and I see That’s what being CEO is all about.
’ The bank presidentf had his own idea of what being CEO is all We were lucky to get everythinfg signed and get out of there.” “Doc probably shouldn’tr be involved in such discussions,” I “He’s my father,” Barney said. “What am I gonna do? Anyway, I get a call a couples of weeks ago from a business reporter down atthe newspaper, and she wants to know how we’red doing on acquiring our biggesyt competitor.
I tell her I don’t know what she’as talking about, and she ‘I have a tip from someonwe very close to the head of your companyg that the financing is almost locked AndI say, ‘I’m the head of this and I’m telling you we don’tf have any plans …’ Then the light goes “Your dad?” I asked. “Why would he startt a rumor like that?” “That’s the question I asked him about 15second later. ‘Barney,’ he said to me, ‘you have to keep your name in the headlinesw so people willknow you’re alive and Stir the pot, let ‘em speculate.’” Barnety shook his head. “Sheesh!
” “I hope he hasn’t done any more I said. “Just the reception area, the main conferencee room and his office this Barney said. “Almost $60,000! But it’s not only the money. It’s him making decisionxs and making a lot of noiss about it because hethinkse that’s what being a CEO is all It was that over-blown CEO nonsense that almost sank the companyy 10 years ago.” “Ik agree with you that he’s tryinyg to do through you what he couldn’t do successfullty himself. Doc probably won’t be satisfie with any place in the companythat isn’t righ t over your shoulder.
” “But he’s a good guy and good Barney shrugged, “even if he isn’tf much of a businessman. And sometimea he comes up with somegood ideas. I’l just be careful about how much opportunituy he has to makeserious waves.” “Gooxd thinking,” I said. “Who knows, Barney? You mighgt need an understanding son yourseldsome day.”
Tuesday, October 16, 2012
Clear lanes to shut down at Hartsfield-Jackson - Dallas Business Journal:
fixyruw.wordpress.com
New York-based , the operatod of registered travelservice CLEAR, said the paid securitgy lanes at its member airports woulrd cease operations because the company “has been unable to negotiatd an agreement with its seniodr creditor to continue operations,” according to a statement postedd on the company’s Web site, Last March, the company said it had 20,000 registered travelers in metroo Atlanta. As of last year, the company had more than 200,00p CLEAR members, who paid up to $199 for an annualk membership for access to designated security lanes at participatingairports nationwide.
Members provided biometric data, which was encodexd on a card, for the promise of a speediee and convenient trip throughairport security. The service targeted business traveleres who routinely travelby air. The company was founded by founder Steve Brill. CLEAR lanes opened at the airport about the same time as an expansion of the main securitu lanesat Hartsfield-Jackson. The new additions included lanes designed specifically forexperienced travelers. Airport officialse have said the added lanes have kept securitg wait times below 10 minutes on which might have made CLEAR lanes less advantageousato consumers.
New York-based , the operatod of registered travelservice CLEAR, said the paid securitgy lanes at its member airports woulrd cease operations because the company “has been unable to negotiatd an agreement with its seniodr creditor to continue operations,” according to a statement postedd on the company’s Web site, Last March, the company said it had 20,000 registered travelers in metroo Atlanta. As of last year, the company had more than 200,00p CLEAR members, who paid up to $199 for an annualk membership for access to designated security lanes at participatingairports nationwide.
Members provided biometric data, which was encodexd on a card, for the promise of a speediee and convenient trip throughairport security. The service targeted business traveleres who routinely travelby air. The company was founded by founder Steve Brill. CLEAR lanes opened at the airport about the same time as an expansion of the main securitu lanesat Hartsfield-Jackson. The new additions included lanes designed specifically forexperienced travelers. Airport officialse have said the added lanes have kept securitg wait times below 10 minutes on which might have made CLEAR lanes less advantageousato consumers.
Sunday, October 14, 2012
State tax collections off $86M in Feb. - Boston Business Journal:
ejoxot.wordpress.com
Tax revenue for the month totaled $955 million, a year-over-year drop of 16 due largely to a decline in persona lwithholding taxes. DOR said withholding paymentas were lower becauseof timing-relatedx changes between the 2008 and 2009 fiscapl year, as well as rising unemploymengt and declining bonus income. “Whil it is possible that some ofthe timing-relatec withholding decline will be reversed in March, we will not know whethere such a reversal will occur untilo the end of the month.
February’s collections reflect the downwarc pressure caused by the ongoingeconomiv recession, and we will continue to monitor revenue closely as we head into bigger tax collection said Commissioner of Revenue Navjeet K. Bal in a Income tax collectionsdeclinexd 6.4 percent year-over-year to $498 million, which was $52 million below the state’s Sales tax collections fell 7.8 percent to $278 or $9 million below forecast. Corporat and business taxes plummeted 73.6 percenr in February to $42 million on declinin g corporate profits, although collections came in $17 million below The Department of Revenue tax collections forecasts are used by state leaders to craftspending plans.
If revenues come in below the state must make up the difference in higher taxes or decreasede spending to balanceits budget. Or the statre could draw down reserves. For fiscak year 2009 to total tax collections aredown 5.4 percent to $11. billion. Collections are $62 million below its benchmark
Tax revenue for the month totaled $955 million, a year-over-year drop of 16 due largely to a decline in persona lwithholding taxes. DOR said withholding paymentas were lower becauseof timing-relatedx changes between the 2008 and 2009 fiscapl year, as well as rising unemploymengt and declining bonus income. “Whil it is possible that some ofthe timing-relatec withholding decline will be reversed in March, we will not know whethere such a reversal will occur untilo the end of the month.
February’s collections reflect the downwarc pressure caused by the ongoingeconomiv recession, and we will continue to monitor revenue closely as we head into bigger tax collection said Commissioner of Revenue Navjeet K. Bal in a Income tax collectionsdeclinexd 6.4 percent year-over-year to $498 million, which was $52 million below the state’s Sales tax collections fell 7.8 percent to $278 or $9 million below forecast. Corporat and business taxes plummeted 73.6 percenr in February to $42 million on declinin g corporate profits, although collections came in $17 million below The Department of Revenue tax collections forecasts are used by state leaders to craftspending plans.
If revenues come in below the state must make up the difference in higher taxes or decreasede spending to balanceits budget. Or the statre could draw down reserves. For fiscak year 2009 to total tax collections aredown 5.4 percent to $11. billion. Collections are $62 million below its benchmark
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