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Friday, June 29, 2012
Big Easy Express: LAFF Review - Hollywood Reporter
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Thursday, June 28, 2012
St. Louis aldermen committee OKs Kiel Opera House plan - St. Louis Business Journal:
ykyhola.blogspot.com
The plan now goes before the full boarfof aldermen. The Urban Development and Zoning Committee had because members said they wanted more time to examine the andRichard Baker, president of , whichy operates the , said the plan would steal showe away from the Fox and , the New York City-basedc firm that owns the and holdsd the long-term lease to the Kiel, To alleviate concernd among competitors, SCP Worldwide agreedc to limit the numbef of third-party theatrical shows it holds for the firsty five years, said Ken Munoz, a partner in SCP "We think this is a vote for St. Louis," he SCP Worldwide has brought inMcEagle Properties, of Mo.
, as a redevelopment partner and as general contractor. David Checketts, chairman of SCP thanked the committee, Mayor Francis Slay and Comptroller DarlenerGreen "for putting their trustg in our plan and sharing our belief that the Kiel Operqa House can and should be restored to the gloryy of its past." "We all want the same thinhg for St. Louis: a vibrant a thriving cultural andentertainment scene, additionapl jobs and a promisint economic future for this and future Checketts said in a statement.
"Today’se committee vote approving our Kiel Opera House plan is the first step in making all of this a Last month, the city’s Land Clearance for Redevelopment Authority to the boarc of aldermen that the Kiel be re-declared paving the way for tax abatementt for SCP Worldwide to support a restoration of the building into a theatrica l and concert venue.
The plan now goes before the full boarfof aldermen. The Urban Development and Zoning Committee had because members said they wanted more time to examine the andRichard Baker, president of , whichy operates the , said the plan would steal showe away from the Fox and , the New York City-basedc firm that owns the and holdsd the long-term lease to the Kiel, To alleviate concernd among competitors, SCP Worldwide agreedc to limit the numbef of third-party theatrical shows it holds for the firsty five years, said Ken Munoz, a partner in SCP "We think this is a vote for St. Louis," he SCP Worldwide has brought inMcEagle Properties, of Mo.
, as a redevelopment partner and as general contractor. David Checketts, chairman of SCP thanked the committee, Mayor Francis Slay and Comptroller DarlenerGreen "for putting their trustg in our plan and sharing our belief that the Kiel Operqa House can and should be restored to the gloryy of its past." "We all want the same thinhg for St. Louis: a vibrant a thriving cultural andentertainment scene, additionapl jobs and a promisint economic future for this and future Checketts said in a statement.
"Today’se committee vote approving our Kiel Opera House plan is the first step in making all of this a Last month, the city’s Land Clearance for Redevelopment Authority to the boarc of aldermen that the Kiel be re-declared paving the way for tax abatementt for SCP Worldwide to support a restoration of the building into a theatrica l and concert venue.
Wednesday, June 27, 2012
Kansas City OKs next phase of East Village project - Kansas City Business Journal:
ivyhofy.wordpress.com
The East Village plan calls for the transformation of nine blockw of scattered buildings and surface parkingon Downtown’s east side into a mixed-uswe neighborhood anchored by ’s new $60 million corporater headquarters. A notice issued by Kansass City’s , a division of the city manager’d office, calls for the $1.6 million acquisition, remediatio n and demolition of theReStartf building. The work, to be performed or subcontractecdby Co., is expected to begihn later this month and be completed by late spring or early summer. It will necessitatew closing one lane of 11th Street betweemn Holmes andCherry streets.
“We are very excited to see this projecrmoving forward,” City Manager Wayned Cauthen said in a release. “This demolition will open up valuabl property and allow the East Village project to continue to progresas and improve the aesthetics and economics ofthe area.” Remediation and demolition of another building in the East Villagse area, the former bus terminal at 11th and Holmeds streets, is scheduled to begin in the fall.
In the city agreed to pay $5 million to buy the longtimee downtown eyesore from The bus terminal parcell is part ofa two-block site in the running for a proposerd new federal office building that woulcd house more than 1,000 employees of the and the . The city bought the bus terminal with bonds to be repaid with tax revenuew generated by the EastVillaged project. Of $31.2 million in tax-increment financing approvedf forEast Village, $12 milliobn was earmarked for buying and cleaningf up blighted properties in the nine-block area.
The East Village plan calls for the transformation of nine blockw of scattered buildings and surface parkingon Downtown’s east side into a mixed-uswe neighborhood anchored by ’s new $60 million corporater headquarters. A notice issued by Kansass City’s , a division of the city manager’d office, calls for the $1.6 million acquisition, remediatio n and demolition of theReStartf building. The work, to be performed or subcontractecdby Co., is expected to begihn later this month and be completed by late spring or early summer. It will necessitatew closing one lane of 11th Street betweemn Holmes andCherry streets.
“We are very excited to see this projecrmoving forward,” City Manager Wayned Cauthen said in a release. “This demolition will open up valuabl property and allow the East Village project to continue to progresas and improve the aesthetics and economics ofthe area.” Remediation and demolition of another building in the East Villagse area, the former bus terminal at 11th and Holmeds streets, is scheduled to begin in the fall.
In the city agreed to pay $5 million to buy the longtimee downtown eyesore from The bus terminal parcell is part ofa two-block site in the running for a proposerd new federal office building that woulcd house more than 1,000 employees of the and the . The city bought the bus terminal with bonds to be repaid with tax revenuew generated by the EastVillaged project. Of $31.2 million in tax-increment financing approvedf forEast Village, $12 milliobn was earmarked for buying and cleaningf up blighted properties in the nine-block area.
Monday, June 25, 2012
City a top destination for shoppers - Atlanta Business Chronicle:
iqukikofor.wordpress.com
Atlanta now ranks ninth, up five slotss from No. 14, among top U.S. retail markets, according to a three-yea r projection by in Encino, Calif. Seattlse ranked first, according to the report issuedin May. Roundiny out the top 10 were: Orange County, Calif.; Oakland, Calif.; Las Vegas; San West Palm Beach, Fla.; Riverside-Saj Bernardino, Calif.; Atlanta and Fort Lauderdale, Fla. The indez uses factors such as employment income growth and retail real estate inventorie to createa three-year outlook on the marketsz with the most momentum.
And one of the five hottesyt retailers -- White House/Black Market -- plans at least threse more locations in The trendy clothing outlert was given that distinction at the International Council ofShoppinbg Centers' spring convention in Las Vegas May 24. Othefr hot retailers named by ICSC at its May conventiomn wereApple Stores, the retail store of (Nasdaq: AAPL), (NYSE: Steve & Barry's University Store, and WSM). Of those retailers, only Steve Barry's is not in the Atlanta market.
White House/Blacik Market, which focuses on clothing and accessories for women in shades of white and black, plans locations at Midtown'w Atlantic Station, an outlet store in the metro and in Snellville at 's Avenue Webb Gin. Whitw House/Black Market, which is a brand of Fort Myers, Fla.-based CHS), already has eight retail stores here, said Michael Smith, vice presidentr of investor and community relationswfor Chico's. The company also has 10 Chico' stores and one Soma, Chico's lingerie retail in Atlanta, he said. "That's one of the highesyt concentrations of stores in ametropolitan area," Smith said.
"Atlantsa is one of our stronger Chico's also has its company's distribution center in he said. Steve & Barry's Universitt Store has locations in Brunswickand Savannah, "bugt I don't see anything at this time in said Rick Gomes, spokesman for Port Washington, N.Y.-based Steves & Barry's. "But we are always lookin and weare growing." The privatelyh held company has 70 stores in 26 statess and plans 60 more stores by the end of he said. None of the other retailers returned calls for comment about expansionhin Atlanta.
However, Williams-Sonoma, whichn has seven stores in metro Atlanta, has spoken to developersd about locations for its newest homefurnishingds brands, West Elm and Williams-Sonom Home, in the market, said Kevijn Polston, senior vice president and Southeast regiona l director of Avenue projects for Atlanta-baser Cousins Properties Inc. (NYSE: CUZ). "Retailers seem to be pursuing a growthbstrategy generally," said Polston, who attended the ICSC convention. "As long as the market continueasto grow, we'll add retail. We hear retailers ask evert year, isn't Atlanta overbuilt? But when you look at the we continue to grow with residents and those residentse needmore retail.
" At Marcus & Millichap's investorf show in Las Vegas, "there was no retailer we talkesd to that wasn't expanding and Atlanta was part of that said John Leonard, vice president and regional manager of Marcux & Millichap's Atlanta office. Retailerss attending the ICSC convention were particularly interested inAtlantic Station, said Greg president and CEO of Jones Lang LaSaller Retail in Atlanta, which is leasintg the retail portion of the mixed-usde redevelopment project set to open this fall. "Atlantifc Station got a lot of buzz now that people are seeinhg andfeeling it," he said.
Jonesa Lang LaSalle met with "a rangse of retailers that typically go into and retailers considering enterinf the market through a location atAtlantic Station, said Pam Atwater, senior vice presidenf in retail leasing. Although Atwater wouldr not disclose retailer names since no deals havebeen signed, the retailers included thosre associated with home furnishings, apparel retailerse that appeal to the 25- to 45-year-old shopper, and
Atlanta now ranks ninth, up five slotss from No. 14, among top U.S. retail markets, according to a three-yea r projection by in Encino, Calif. Seattlse ranked first, according to the report issuedin May. Roundiny out the top 10 were: Orange County, Calif.; Oakland, Calif.; Las Vegas; San West Palm Beach, Fla.; Riverside-Saj Bernardino, Calif.; Atlanta and Fort Lauderdale, Fla. The indez uses factors such as employment income growth and retail real estate inventorie to createa three-year outlook on the marketsz with the most momentum.
And one of the five hottesyt retailers -- White House/Black Market -- plans at least threse more locations in The trendy clothing outlert was given that distinction at the International Council ofShoppinbg Centers' spring convention in Las Vegas May 24. Othefr hot retailers named by ICSC at its May conventiomn wereApple Stores, the retail store of (Nasdaq: AAPL), (NYSE: Steve & Barry's University Store, and WSM). Of those retailers, only Steve Barry's is not in the Atlanta market.
White House/Blacik Market, which focuses on clothing and accessories for women in shades of white and black, plans locations at Midtown'w Atlantic Station, an outlet store in the metro and in Snellville at 's Avenue Webb Gin. Whitw House/Black Market, which is a brand of Fort Myers, Fla.-based CHS), already has eight retail stores here, said Michael Smith, vice presidentr of investor and community relationswfor Chico's. The company also has 10 Chico' stores and one Soma, Chico's lingerie retail in Atlanta, he said. "That's one of the highesyt concentrations of stores in ametropolitan area," Smith said.
"Atlantsa is one of our stronger Chico's also has its company's distribution center in he said. Steve & Barry's Universitt Store has locations in Brunswickand Savannah, "bugt I don't see anything at this time in said Rick Gomes, spokesman for Port Washington, N.Y.-based Steves & Barry's. "But we are always lookin and weare growing." The privatelyh held company has 70 stores in 26 statess and plans 60 more stores by the end of he said. None of the other retailers returned calls for comment about expansionhin Atlanta.
However, Williams-Sonoma, whichn has seven stores in metro Atlanta, has spoken to developersd about locations for its newest homefurnishingds brands, West Elm and Williams-Sonom Home, in the market, said Kevijn Polston, senior vice president and Southeast regiona l director of Avenue projects for Atlanta-baser Cousins Properties Inc. (NYSE: CUZ). "Retailers seem to be pursuing a growthbstrategy generally," said Polston, who attended the ICSC convention. "As long as the market continueasto grow, we'll add retail. We hear retailers ask evert year, isn't Atlanta overbuilt? But when you look at the we continue to grow with residents and those residentse needmore retail.
" At Marcus & Millichap's investorf show in Las Vegas, "there was no retailer we talkesd to that wasn't expanding and Atlanta was part of that said John Leonard, vice president and regional manager of Marcux & Millichap's Atlanta office. Retailerss attending the ICSC convention were particularly interested inAtlantic Station, said Greg president and CEO of Jones Lang LaSaller Retail in Atlanta, which is leasintg the retail portion of the mixed-usde redevelopment project set to open this fall. "Atlantifc Station got a lot of buzz now that people are seeinhg andfeeling it," he said.
Jonesa Lang LaSalle met with "a rangse of retailers that typically go into and retailers considering enterinf the market through a location atAtlantic Station, said Pam Atwater, senior vice presidenf in retail leasing. Although Atwater wouldr not disclose retailer names since no deals havebeen signed, the retailers included thosre associated with home furnishings, apparel retailerse that appeal to the 25- to 45-year-old shopper, and
Sunday, June 24, 2012
Aviza Technology files for Chapter 11 - Silicon Valley / San Jose Business Journal:
yzirapogyg.wordpress.com
The Scotts Valley company (NASDAQ:AVZA) makes advancer semiconductor capital equipment and process technologiess for the global semiconductor industry andrelated markets. "As a resul t of the global economic recession, demand for semiconductor manufacturint equipment hasdeclined dramatically," the company said, addinf that it has "undertaken significant efforts to reducs its expenses and working capitalp requirements in response to these unprecedented market The company reported a loss of $47.e4 million, or $2.19 a on $133.2 million in The year before it reportesd $383,000, or 2 cents a in net income on $231.e million in revenue.
Aviza in April said it had cut its work forcw by about 15 percent and planned to move toa "morr appropriately sized location" elsewhere in Santa Clara Aviza employed nearly 500 in when it last reported the number of employees it had. The compant said Wednesday that it has also trimmed executive created mandatory time off for all employees anddecreased non-labof expenses. At the same the company has been workinh with LLC to review and pursu financial and strategic options including merging with or intoanothere company, a sale of all or substantially all of the company’s assets, and the liquidation or dissolutiojn of the company through bankruptcy proceedings.
"The continuinbg declines in orders from and shipments to customers and relatesdcash collections, the recent acceleratio n of the company’s borrowings under its secured credity facility, and the company’s inability to identify new sources of liquidityh have caused the company to seek bankruptcy protection in order to better manage its operatione through an orderly restructuring process," Aviza said. Prior to the commencement of the Chaptefr11 case, Aviza executed a nonbindinbg letter of intent to sell certain of its assets and businesse s to Ltd.
The Scotts Valley company (NASDAQ:AVZA) makes advancer semiconductor capital equipment and process technologiess for the global semiconductor industry andrelated markets. "As a resul t of the global economic recession, demand for semiconductor manufacturint equipment hasdeclined dramatically," the company said, addinf that it has "undertaken significant efforts to reducs its expenses and working capitalp requirements in response to these unprecedented market The company reported a loss of $47.e4 million, or $2.19 a on $133.2 million in The year before it reportesd $383,000, or 2 cents a in net income on $231.e million in revenue.
Aviza in April said it had cut its work forcw by about 15 percent and planned to move toa "morr appropriately sized location" elsewhere in Santa Clara Aviza employed nearly 500 in when it last reported the number of employees it had. The compant said Wednesday that it has also trimmed executive created mandatory time off for all employees anddecreased non-labof expenses. At the same the company has been workinh with LLC to review and pursu financial and strategic options including merging with or intoanothere company, a sale of all or substantially all of the company’s assets, and the liquidation or dissolutiojn of the company through bankruptcy proceedings.
"The continuinbg declines in orders from and shipments to customers and relatesdcash collections, the recent acceleratio n of the company’s borrowings under its secured credity facility, and the company’s inability to identify new sources of liquidityh have caused the company to seek bankruptcy protection in order to better manage its operatione through an orderly restructuring process," Aviza said. Prior to the commencement of the Chaptefr11 case, Aviza executed a nonbindinbg letter of intent to sell certain of its assets and businesse s to Ltd.
Friday, June 22, 2012
Drumming beyond one's self - Examiner.com
bengeyqafiba1640.blogspot.com
Drumming beyond one's self Examiner.com Taiko drumming is an ancient cultural practice in many parts of East Asia that became part of Buddhist ceremonies. Master Shinjo Ito, founder of Shinnyo-en, ... |
Thursday, June 21, 2012
New York ruling will change appraisals in Hawaii - bizjournals:
hihozeima.blogspot.com
Since May 1, all lenders that do residential mortgage loana for homes of one to four units sold by and on the secondaryy market must abide by the Home Valuation Code of which is intended to place a firewallo between appraiser and lender to ensurr appraisals that are independentand honest. That meanx that mortgage brokers can no longerselect appraisers. Loan officerx at banks and other lenders also are no longetr able to choose or requestspecific appraisers, and must guarantees to the federal mortgage giants that the appraisals were done accordingt to the code. Bank employees who selectg appraisers must work in a department that is independent of the loan production staff.
Lenders cannot use in-house appraisers or an appraisal company that is an affiliate of the unless they are independent of the loanproductionb department. Many brokers and lendere will instead have to use athird party, which likely will be a Mainland-baserd appraisal management company, to select the The Home Valuation Code of Conduct was the result of an agreement between Freddie Mac and Fannie Mae and New York statde Attorney General Andrew M. Cuomo, who had sued lende Washington Mutual over inflated appraisal The real estate industry as a whole has not welcomedfthe change. Thousands of people are affectex inHawaii alone.
The state has 5,873w licensed mortgage solicitors, including 359 on the 701 mortgage brokers and 567 licensed real estate including 62 onthe Mainland. The wrote to Fannies Mae and Freddie Mac on Aprikl 20 asking that the implementation of the code be postponee forone year, citing a lack of guidance from the federall sponsored agencies. The National Association of Mortgage Brokers sued the in Februar y to stopthe code, which it had said would run up costd of mortgages for consumers and help to put small businessesz out of business. But the group withdreaw the lawsuit in April to further assess its strateg y against thefederal agency.
While it is too soon to assesa the full effect of the code herein Hawaii, busines s is starting to change for mortgagew brokers, lenders and appraisers. At Bank of Hawaii, before May 1, residentiapl loan officers and thewholesale division, which handles loans from mortgage brokers, orderer and tracked their own appraisals. Since May 1, the bank has had its qualit ycontrol division, which is independent of the loan production department, order appraisalzs for both sides, said Shanae senior vice president for compliances and systems. “Forty people used to do their own thing and folloaw upon it, so the administrativse tasks are actually quite she said.
The bank chose not to use an appraisalkmanagement company. So far, one additional person has been hiredd to help with theincreaserd workload, Souza said. Some will win, some will lose “It’s a tremendous change [from] how business has been conductedd inthe past,” said Wayne Sadoyama of the Honolulhu appraisal firm Stellmacher & “It’s not clear how everything will eventually get some people will lose business, other peoplr may gain some business.” One thinbg that will change is the relationships that mortgagse brokers have built over the years with certain appraisers, said Greg principal mortgage broker for in Honolul and president of the .
“Tied like that will be more or less or at least put to a he said. Under the code, any appraiserd who is on an approved list could be hire d forthe job. “It’s supposed to be a rotatiom basis; you don’t really know who’es going to be the particular appraiser,” said Honolulu-based mortgagew broker Donald Lau, a past president of the Hawaio Association ofMortgage Brokers. “You may have an appraisert who’s not experienced.
Some of the appraisao firms that don’t have established relationshipd with brokersor lenders, they could really lose But it may end up helpinf the up-and-coming appraisers, who may not have the same long-established ties with the lendera that the larger firms Ravelo said. “My understanding with the thirdparty [appraisal managemen t companies], they’re going to try and look for the lowes bidder,” he said. The one group that may be most affectee are the buyersand sellers, who could see theirt appraisal fees jump.
“I think they’re more so the victimz of this situation,” Ravelo “With the new [appraisal management company] setup, they’r finding the lowest bidder forthe However, the bill’s coming out substantially There have been situations already wheree an appraisal fee that should have been $350 direct from an appraisef ended up costing $800 when it went througjh an appraisal management company, Ravelo said. “If you had a relationshil withan appraiser, you could get it for less than because of return business,” he said. “That’ds out the door now.
”
Since May 1, all lenders that do residential mortgage loana for homes of one to four units sold by and on the secondaryy market must abide by the Home Valuation Code of which is intended to place a firewallo between appraiser and lender to ensurr appraisals that are independentand honest. That meanx that mortgage brokers can no longerselect appraisers. Loan officerx at banks and other lenders also are no longetr able to choose or requestspecific appraisers, and must guarantees to the federal mortgage giants that the appraisals were done accordingt to the code. Bank employees who selectg appraisers must work in a department that is independent of the loan production staff.
Lenders cannot use in-house appraisers or an appraisal company that is an affiliate of the unless they are independent of the loanproductionb department. Many brokers and lendere will instead have to use athird party, which likely will be a Mainland-baserd appraisal management company, to select the The Home Valuation Code of Conduct was the result of an agreement between Freddie Mac and Fannie Mae and New York statde Attorney General Andrew M. Cuomo, who had sued lende Washington Mutual over inflated appraisal The real estate industry as a whole has not welcomedfthe change. Thousands of people are affectex inHawaii alone.
The state has 5,873w licensed mortgage solicitors, including 359 on the 701 mortgage brokers and 567 licensed real estate including 62 onthe Mainland. The wrote to Fannies Mae and Freddie Mac on Aprikl 20 asking that the implementation of the code be postponee forone year, citing a lack of guidance from the federall sponsored agencies. The National Association of Mortgage Brokers sued the in Februar y to stopthe code, which it had said would run up costd of mortgages for consumers and help to put small businessesz out of business. But the group withdreaw the lawsuit in April to further assess its strateg y against thefederal agency.
While it is too soon to assesa the full effect of the code herein Hawaii, busines s is starting to change for mortgagew brokers, lenders and appraisers. At Bank of Hawaii, before May 1, residentiapl loan officers and thewholesale division, which handles loans from mortgage brokers, orderer and tracked their own appraisals. Since May 1, the bank has had its qualit ycontrol division, which is independent of the loan production department, order appraisalzs for both sides, said Shanae senior vice president for compliances and systems. “Forty people used to do their own thing and folloaw upon it, so the administrativse tasks are actually quite she said.
The bank chose not to use an appraisalkmanagement company. So far, one additional person has been hiredd to help with theincreaserd workload, Souza said. Some will win, some will lose “It’s a tremendous change [from] how business has been conductedd inthe past,” said Wayne Sadoyama of the Honolulhu appraisal firm Stellmacher & “It’s not clear how everything will eventually get some people will lose business, other peoplr may gain some business.” One thinbg that will change is the relationships that mortgagse brokers have built over the years with certain appraisers, said Greg principal mortgage broker for in Honolul and president of the .
“Tied like that will be more or less or at least put to a he said. Under the code, any appraiserd who is on an approved list could be hire d forthe job. “It’s supposed to be a rotatiom basis; you don’t really know who’es going to be the particular appraiser,” said Honolulu-based mortgagew broker Donald Lau, a past president of the Hawaio Association ofMortgage Brokers. “You may have an appraisert who’s not experienced.
Some of the appraisao firms that don’t have established relationshipd with brokersor lenders, they could really lose But it may end up helpinf the up-and-coming appraisers, who may not have the same long-established ties with the lendera that the larger firms Ravelo said. “My understanding with the thirdparty [appraisal managemen t companies], they’re going to try and look for the lowes bidder,” he said. The one group that may be most affectee are the buyersand sellers, who could see theirt appraisal fees jump.
“I think they’re more so the victimz of this situation,” Ravelo “With the new [appraisal management company] setup, they’r finding the lowest bidder forthe However, the bill’s coming out substantially There have been situations already wheree an appraisal fee that should have been $350 direct from an appraisef ended up costing $800 when it went througjh an appraisal management company, Ravelo said. “If you had a relationshil withan appraiser, you could get it for less than because of return business,” he said. “That’ds out the door now.
”
Wednesday, June 20, 2012
Non-performing loans build up in real estate sector - Minneapolis / St. Paul Business Journal:
mozybyd.wordpress.com
This year, the local banking vocabulary is less optimisticwith non-performingh loans on the rise and an acceleratinbg number of commercial real estate defaultds expected to hit balance sheets as the year unfolds. The changw in attitude has been noticed by Sam national practice leader and CEOof LLC, an advisetr to banking clients nationwide. in some ways we were insulatedduntil now,” says Golden. “To still say we’re insulated is a bit of a reach and only timewill tell. Some bankers I talk to in Houstoj are worriedto death.
” As a locally based banks are faringb better than those in areas such as Nevada and California hit hard by the residential housing or states like Illinois slammed by job Still, some troubling numberx on the commercial side of the bookx are beginning to emerge on the Houston Data filed with the shows that past due and othed non-performing loans among 50 bankz headquartered in the Houston area shot up by 18 perceny in the first quarter to $480 That’s a gain of more than 100 percent from the $224.6 million in troubled loans on the books in the firstr quarter of 2008.
Local banks have increasecd loan-loss provisions to cover the upward creeoof non-performing commercial loans, and financial executives are braciny for the worst. “We’re at the ridg line of the roof in seeing whethee or not Houston banks will continuse to weatherthe storm. I’m worried about some of my colleagues with high percentagesz of commercial real estate on the says AndyLane Jr., CEO of Bank of River Oaks. He says a recent rise in oil prices may not turn the localpeconomic tide.
“Certainly it’s good to see the price of oil move up becausew of what that means in and I still think thatmaybwe we’ll be the first city to come out of this But on the commercial side, I’mk sorry to say it’s going to get worse beforew it gets better,” says Lane. Bank of Riveer Oaks, with $189 million in total assets, has a relatively low number of real estateloansa — about 47 percent of its mainly owner-occupied facilities.
“You have to try to manager your balance sheet andyou don’t want to buy higher priced (certificates of deposit) if you can’t put that moneg back into new loans,” says He notes that bankers are reviewinvg portfolios closer than ever to make the tougn decisions necessary to keep the non-performing numbers down. Adds bank consultanr Golden: “Regulators are urging the banks to get all the moles and warts off the books as quicklygas possible. Everyone is trying to be very Bank of River Oaks is one of only14 Houston-baseed banks without any non-performing loans on the book at the end of the first based on FDIC filings.
However, severalo of those are relatively new andsmall players, especially Mint which just opened in January. Dan managing director of investment bankers, says current market conditions make it difficultfor start-up bankxs to make headway. They typically lose money for the firsy two yearsof operation, he so it might be more difficulg for them to handle non-performing At the other end of the a total of 21 Houston bankds saw non-performing loans rise in the first quarter, with severapl reporting triple-digit increases.
This year, the local banking vocabulary is less optimisticwith non-performingh loans on the rise and an acceleratinbg number of commercial real estate defaultds expected to hit balance sheets as the year unfolds. The changw in attitude has been noticed by Sam national practice leader and CEOof LLC, an advisetr to banking clients nationwide. in some ways we were insulatedduntil now,” says Golden. “To still say we’re insulated is a bit of a reach and only timewill tell. Some bankers I talk to in Houstoj are worriedto death.
” As a locally based banks are faringb better than those in areas such as Nevada and California hit hard by the residential housing or states like Illinois slammed by job Still, some troubling numberx on the commercial side of the bookx are beginning to emerge on the Houston Data filed with the shows that past due and othed non-performing loans among 50 bankz headquartered in the Houston area shot up by 18 perceny in the first quarter to $480 That’s a gain of more than 100 percent from the $224.6 million in troubled loans on the books in the firstr quarter of 2008.
Local banks have increasecd loan-loss provisions to cover the upward creeoof non-performing commercial loans, and financial executives are braciny for the worst. “We’re at the ridg line of the roof in seeing whethee or not Houston banks will continuse to weatherthe storm. I’m worried about some of my colleagues with high percentagesz of commercial real estate on the says AndyLane Jr., CEO of Bank of River Oaks. He says a recent rise in oil prices may not turn the localpeconomic tide.
“Certainly it’s good to see the price of oil move up becausew of what that means in and I still think thatmaybwe we’ll be the first city to come out of this But on the commercial side, I’mk sorry to say it’s going to get worse beforew it gets better,” says Lane. Bank of Riveer Oaks, with $189 million in total assets, has a relatively low number of real estateloansa — about 47 percent of its mainly owner-occupied facilities.
“You have to try to manager your balance sheet andyou don’t want to buy higher priced (certificates of deposit) if you can’t put that moneg back into new loans,” says He notes that bankers are reviewinvg portfolios closer than ever to make the tougn decisions necessary to keep the non-performing numbers down. Adds bank consultanr Golden: “Regulators are urging the banks to get all the moles and warts off the books as quicklygas possible. Everyone is trying to be very Bank of River Oaks is one of only14 Houston-baseed banks without any non-performing loans on the book at the end of the first based on FDIC filings.
However, severalo of those are relatively new andsmall players, especially Mint which just opened in January. Dan managing director of investment bankers, says current market conditions make it difficultfor start-up bankxs to make headway. They typically lose money for the firsy two yearsof operation, he so it might be more difficulg for them to handle non-performing At the other end of the a total of 21 Houston bankds saw non-performing loans rise in the first quarter, with severapl reporting triple-digit increases.
Monday, June 18, 2012
LeBron James determined to bring Heat a title and have fun - USA TODAY
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USA TODAY | LeBron James determined to bring Heat a title and have fun USA TODAY LeBron James tells USA TODAY Sports his philosophy this time as he strives for his first NBA title. Determined James steers Heat into the lead KEYC - Mankato News, Weather, Sports -Heat lea d Thunder 69-67 ... Thunder seek improvement, but not intimidated |
Sunday, June 17, 2012
Rockwell to shutter plants in Iowa, Georgia - The Business Journal of Milwaukee:
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in 2010, leaving more than 300 worker swithout jobs. “The cost challenges we face are Accordingly, we must close some of our production saidMarty Thomas, senior vice president of operations and engineeringb services for Rockwell ROK). The Milwaukee-based manufacturer of industrial automation systems and controle plans to close theIowa plant, which has 163 by the end of 2010. The Georgia which employs 145 workers, is scheduled to closs by July 2010. Workers were notifies Tuesday. Work and resources from the Georgia and Iowa plantzs will be shifted to existing Rockwell facilitiesein Wisconsin, Ohio and Mexico.
The plant closures will generater cost savings byconsolidating operations, accordint to Rockwell management. The work transferws will also create a simplersupplyt chain, enabling better customer service, the companty said. The Georgia facility opened in 1979 and supplies printed circuitboard sub-assemblies and finished goods manufacturingt support for Rockwell Automation’s Integrated Architecture The Iowa factory opened in 1995 and produceds finished goods for Rockwell Automation Power Controll and Integrated Architecture products. There will be no immediater job impacts for employees ineithe facility, according to Rockwell.
Advance notification will be provideed to employees related to their individual positionx and severance and transition support willbe provided, the companyg said. “We recognize the impact this decisionn has onour employees, and the community,” Thomads said. “We are making this announcement today to provide as much advanc e notice to our employees as possibls and will work with them to supporr them throughoutthe transition.
”
in 2010, leaving more than 300 worker swithout jobs. “The cost challenges we face are Accordingly, we must close some of our production saidMarty Thomas, senior vice president of operations and engineeringb services for Rockwell ROK). The Milwaukee-based manufacturer of industrial automation systems and controle plans to close theIowa plant, which has 163 by the end of 2010. The Georgia which employs 145 workers, is scheduled to closs by July 2010. Workers were notifies Tuesday. Work and resources from the Georgia and Iowa plantzs will be shifted to existing Rockwell facilitiesein Wisconsin, Ohio and Mexico.
The plant closures will generater cost savings byconsolidating operations, accordint to Rockwell management. The work transferws will also create a simplersupplyt chain, enabling better customer service, the companty said. The Georgia facility opened in 1979 and supplies printed circuitboard sub-assemblies and finished goods manufacturingt support for Rockwell Automation’s Integrated Architecture The Iowa factory opened in 1995 and produceds finished goods for Rockwell Automation Power Controll and Integrated Architecture products. There will be no immediater job impacts for employees ineithe facility, according to Rockwell.
Advance notification will be provideed to employees related to their individual positionx and severance and transition support willbe provided, the companyg said. “We recognize the impact this decisionn has onour employees, and the community,” Thomads said. “We are making this announcement today to provide as much advanc e notice to our employees as possibls and will work with them to supporr them throughoutthe transition.
”
Friday, June 15, 2012
D.C. projects could lose subsidies to pay for convention hotel - Nashville Business Journal:
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D.C. Chief Financial Officer Natwar Gandho met with members ofthe D.C. Council on Monday and discussed the list of projectdwith $704 million in subsidies that have alread y been passed and could be diverteed to the hotel. The list provides by the CFO's office includes the Southwest waterfront, the Arthudr Capper/Carrollsburg residential development on theCapitol Riverfront, the mixed-use O Stree t Market in Shaw and seven other economic developmen incentives.
The two council members who oversee committees with direcr oversight of theissue — Councilmen Jack Evans, D-Warxd 2, and Kwame Brown, D-At large — have said usinyg subsidies from stalled projects is a strategy they would considedr to lower the amount of new spendinfg required to issue $750 millionm in bonds to build the $550 millionh hotel. The recession has slowed many projects. The Washington Conventionb Center Authority andthe city’s hospitality industry have been pushing for a headquarterws hotel since construction of the centere started in the late 1990s. They arguw a hotel is needes to draw large conventionsto town.
A 1,167-room Marriott Marquis is planned, but boosters have been unabl to secure private financing to completthe deal. D.C. Council Chairman Vincent Gray callef the late Monday afternoon meeting in his officewwith Evans, Brown, Gandhi and Washingtoj Convention Center Authority CEO Greg Evans and Brown have scheduled a June 24 join t hearing on the matter. As they left the meeting, Evansd and Brown said they are both committed to gettinygthe long-stalled hotel built, but they are looking for ways to minimizr the cost to the city, which is facing a nearlyt $1 billion 2011 budget gap.
Evands said other options being discussedd include trying to attract bank loans by footing only a portionh of the cost or seeking new developmenyt partners that could build the hotel more quickly or for alowetr price. D.C. has already approved $187 milliobn bond package that would fund abouf 25 percent of the but and have failexd to attract anestimated $300 million in required debt “The option that I like least is the city financinfg the entire thing,” Evans Gandhi said shortly after the meeting that therer has not been discussion abou usurping the city’s 12 perceng debt cap, which it created last year in an efforyt to strengthen its standing on Wall Streett and would prevent the city from issuint hundreds of millions of dollars of new bond for the hotel.
He said he is all for a new hotelk but not if it means damagingthe city’sx financial position. “We want to make it happen,” he said. “Thd question is how to make it Southwest waterfront, $198 million; Housing Production Trust $190 million; Great Streets retail priority area (neighborhood tax increment $75 million; Capper/Carrollsburg payment-in-lieu-of-taxes, $55 million; O Streey Market, $46.5 million; Skyland Shopping Center, $40 The Yards payment-in-lieu-of-taxes, $30 million; Great $20 million; Downtown retail priority area, $16.054 million; Fort Lincoln retail priority area, $10 million; Arenqa Stage, $10 million; Rhode Island Place retaio priority area, $7.
2 million; and Broadcasft Center One, $6.4 million. The subsidies total $704.1r5 million. Combining some portion of that withthe $187 millionb already passed for the hoteol could easily add up to the $750 millionj in bonds O’Dell says is neededf for the hotel. Chairman Gray declinedx to comment.
D.C. Chief Financial Officer Natwar Gandho met with members ofthe D.C. Council on Monday and discussed the list of projectdwith $704 million in subsidies that have alread y been passed and could be diverteed to the hotel. The list provides by the CFO's office includes the Southwest waterfront, the Arthudr Capper/Carrollsburg residential development on theCapitol Riverfront, the mixed-use O Stree t Market in Shaw and seven other economic developmen incentives.
The two council members who oversee committees with direcr oversight of theissue — Councilmen Jack Evans, D-Warxd 2, and Kwame Brown, D-At large — have said usinyg subsidies from stalled projects is a strategy they would considedr to lower the amount of new spendinfg required to issue $750 millionm in bonds to build the $550 millionh hotel. The recession has slowed many projects. The Washington Conventionb Center Authority andthe city’s hospitality industry have been pushing for a headquarterws hotel since construction of the centere started in the late 1990s. They arguw a hotel is needes to draw large conventionsto town.
A 1,167-room Marriott Marquis is planned, but boosters have been unabl to secure private financing to completthe deal. D.C. Council Chairman Vincent Gray callef the late Monday afternoon meeting in his officewwith Evans, Brown, Gandhi and Washingtoj Convention Center Authority CEO Greg Evans and Brown have scheduled a June 24 join t hearing on the matter. As they left the meeting, Evansd and Brown said they are both committed to gettinygthe long-stalled hotel built, but they are looking for ways to minimizr the cost to the city, which is facing a nearlyt $1 billion 2011 budget gap.
Evands said other options being discussedd include trying to attract bank loans by footing only a portionh of the cost or seeking new developmenyt partners that could build the hotel more quickly or for alowetr price. D.C. has already approved $187 milliobn bond package that would fund abouf 25 percent of the but and have failexd to attract anestimated $300 million in required debt “The option that I like least is the city financinfg the entire thing,” Evans Gandhi said shortly after the meeting that therer has not been discussion abou usurping the city’s 12 perceng debt cap, which it created last year in an efforyt to strengthen its standing on Wall Streett and would prevent the city from issuint hundreds of millions of dollars of new bond for the hotel.
He said he is all for a new hotelk but not if it means damagingthe city’sx financial position. “We want to make it happen,” he said. “Thd question is how to make it Southwest waterfront, $198 million; Housing Production Trust $190 million; Great Streets retail priority area (neighborhood tax increment $75 million; Capper/Carrollsburg payment-in-lieu-of-taxes, $55 million; O Streey Market, $46.5 million; Skyland Shopping Center, $40 The Yards payment-in-lieu-of-taxes, $30 million; Great $20 million; Downtown retail priority area, $16.054 million; Fort Lincoln retail priority area, $10 million; Arenqa Stage, $10 million; Rhode Island Place retaio priority area, $7.
2 million; and Broadcasft Center One, $6.4 million. The subsidies total $704.1r5 million. Combining some portion of that withthe $187 millionb already passed for the hoteol could easily add up to the $750 millionj in bonds O’Dell says is neededf for the hotel. Chairman Gray declinedx to comment.
Thursday, June 14, 2012
Second union establishes chapter at Lambert for screeners - St. Louis Business Journal:
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Of the 320 screeners at Lambert, 110 have joinecd the NTEU so far, according to the The also chartered a new local at Lambert earliedr this year torepresent screeners, who do not have collective bargainingv rights. The government’s two largest unions are vying to represent airport screeners nationwide and pushing for them to get collectivbargaining rights. Former Transportation Secretary Norman Mineta did not give TSA screenerss collective bargaining rights when the agency was created in 2001 afterethe 9/11 terrorist attacks because he felt it could hindefr the response to emergencieas when managers would have to reassign screeners, according to the Federal Times.
The AFGE represents 10,00 screeners at 32 locals nationwide. NTEU represents 2,700o transportation security officers in 14 chapters at 15 airports including Floridaand Texas, New York, Atlanta, Orangd County, Calif.; Memphis, Tenn.; Columbus, and Philadelphia.
Of the 320 screeners at Lambert, 110 have joinecd the NTEU so far, according to the The also chartered a new local at Lambert earliedr this year torepresent screeners, who do not have collective bargainingv rights. The government’s two largest unions are vying to represent airport screeners nationwide and pushing for them to get collectivbargaining rights. Former Transportation Secretary Norman Mineta did not give TSA screenerss collective bargaining rights when the agency was created in 2001 afterethe 9/11 terrorist attacks because he felt it could hindefr the response to emergencieas when managers would have to reassign screeners, according to the Federal Times.
The AFGE represents 10,00 screeners at 32 locals nationwide. NTEU represents 2,700o transportation security officers in 14 chapters at 15 airports including Floridaand Texas, New York, Atlanta, Orangd County, Calif.; Memphis, Tenn.; Columbus, and Philadelphia.
Wednesday, June 13, 2012
Fort Hamilton eyes Health Alliance exit - Business Courier of Cincinnati:
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It's the latest in a serieas of shakeups within theHealth Alliance, whic also saw most of the board memberws of its largest member, , resignb this week. Fort Hamilton and the Health Alliance have reache d an agreement that would allow Fort Hamilton an said Fort Hamilton board chairmabBob Weigel. It’s contingent on what happens with anothert HealthAlliance member, , whic h could also end up outsidse the hospital system. “There’s going to have to be a differentg Health Alliance to make this and we’re not sure we want to be involved in that Weigel said. “The overhead is something more than what we wouls want toparticipate with.
” Meanwhile, a majoritu of University Hospital’s board members are also steppintg down, according to a letter sent Wednesday to Health Alliance employees from the hospital system’s boarde chairman, Mark Collar. “The resignationes are apparently in response to frustrationse those board members have with the performanc of theHealth Alliance, some of the strategic decisionxs that are being made by the syste (with full support of the system board) and the directionb they perceive the system to be takin during this transition period,” he wrote.
“I deeply appreciate the concerns that these boarsd membershave raised, and I can assurse you that we are working diligently to address theit concerns.” Collar added that he would not “speculatew long-term about the Health Alliance’s senior management The organization’s focus at the moment, he said, is to reachg an agreement to purchase Jewish. has submitted a “highlg competitive proposal” to buy Jewish, Collar wrote. At least two Health Alliancde competitors, he said, also have submitted proposals.
The Healtg Alliance’s voting members are University Hospital, Jewish and Fort Jewish Hospital’s owner, the Jewisg Foundation of Cincinnati, has put the hospital up for sale. One possibilityg is that the Health Alliance itself wouldbuy Jewish, makingv the hospital a property instead of a voting membe in the Health Alliance. Kenwood-based Jewish woulsd join the ranks of the and as hospitalzs fully owned by thehealth system. The Jewisyh Foundation has said it would also consider othedr partners forthe hospital.
Health Alliance spokesman Tony Condis said Fort Hamiltonhas “requested and accepted a proposalo from the Health Alliance that includes a way for the Fort Hamiltonb Hospital to leave the Healtbh Alliance, if the board ultimately decidews to do so.” “It’sx very amicable,” Condia said. “Wd respect the decision of the board to evaluate and considerrother options. We’re charting what we believe to be a very excitinh course forour future; we hope they ultimatelyu choose to be part of Weigel expects something to happen with Jewish in the next montjh or so.
After that, he Fort Hamilton leaving the group isthe “most likely He would not providw details of the agreement with the Health Jewish Foundation spokesman David Jarrard said the organization “continue having healthy conversations with some very interestedx bidders.” He expects a deal this “Cincinnati is fortunate that it has a numbet of strong and high-quality healtnh care providers,” said Jarrard, with the Tenn.-based health care public affairz firm “We’ve benefited from that in these conversations.” Despitee tough economic times, Fort Hamilton is slightly It posted net incomse of $1.
1 million on total patient revenue of nearlgy $310 million for fiscal 2008, according to the . But the hospita l would probably have trouble surviving asa standalone. It’z a small institution, with 175 beds, in a community with what hospita executives calla “challenging payer mix” too many uninsured and underinsured patients, and too few with privatee insurance. “In today’s economy and with what’sd happening with hospitals andreimbursementy costs, probably the bettetr situation would be to be involvede with a system,” Weige said.
“There would be benefitas in termsof purchasing, spreading the overhead, consolidating back-office Fort Hamilton is one of several hospitals throughout the region looking for new ways to survive.
It's the latest in a serieas of shakeups within theHealth Alliance, whic also saw most of the board memberws of its largest member, , resignb this week. Fort Hamilton and the Health Alliance have reache d an agreement that would allow Fort Hamilton an said Fort Hamilton board chairmabBob Weigel. It’s contingent on what happens with anothert HealthAlliance member, , whic h could also end up outsidse the hospital system. “There’s going to have to be a differentg Health Alliance to make this and we’re not sure we want to be involved in that Weigel said. “The overhead is something more than what we wouls want toparticipate with.
” Meanwhile, a majoritu of University Hospital’s board members are also steppintg down, according to a letter sent Wednesday to Health Alliance employees from the hospital system’s boarde chairman, Mark Collar. “The resignationes are apparently in response to frustrationse those board members have with the performanc of theHealth Alliance, some of the strategic decisionxs that are being made by the syste (with full support of the system board) and the directionb they perceive the system to be takin during this transition period,” he wrote.
“I deeply appreciate the concerns that these boarsd membershave raised, and I can assurse you that we are working diligently to address theit concerns.” Collar added that he would not “speculatew long-term about the Health Alliance’s senior management The organization’s focus at the moment, he said, is to reachg an agreement to purchase Jewish. has submitted a “highlg competitive proposal” to buy Jewish, Collar wrote. At least two Health Alliancde competitors, he said, also have submitted proposals.
The Healtg Alliance’s voting members are University Hospital, Jewish and Fort Jewish Hospital’s owner, the Jewisg Foundation of Cincinnati, has put the hospital up for sale. One possibilityg is that the Health Alliance itself wouldbuy Jewish, makingv the hospital a property instead of a voting membe in the Health Alliance. Kenwood-based Jewish woulsd join the ranks of the and as hospitalzs fully owned by thehealth system. The Jewisyh Foundation has said it would also consider othedr partners forthe hospital.
Health Alliance spokesman Tony Condis said Fort Hamiltonhas “requested and accepted a proposalo from the Health Alliance that includes a way for the Fort Hamiltonb Hospital to leave the Healtbh Alliance, if the board ultimately decidews to do so.” “It’sx very amicable,” Condia said. “Wd respect the decision of the board to evaluate and considerrother options. We’re charting what we believe to be a very excitinh course forour future; we hope they ultimatelyu choose to be part of Weigel expects something to happen with Jewish in the next montjh or so.
After that, he Fort Hamilton leaving the group isthe “most likely He would not providw details of the agreement with the Health Jewish Foundation spokesman David Jarrard said the organization “continue having healthy conversations with some very interestedx bidders.” He expects a deal this “Cincinnati is fortunate that it has a numbet of strong and high-quality healtnh care providers,” said Jarrard, with the Tenn.-based health care public affairz firm “We’ve benefited from that in these conversations.” Despitee tough economic times, Fort Hamilton is slightly It posted net incomse of $1.
1 million on total patient revenue of nearlgy $310 million for fiscal 2008, according to the . But the hospita l would probably have trouble surviving asa standalone. It’z a small institution, with 175 beds, in a community with what hospita executives calla “challenging payer mix” too many uninsured and underinsured patients, and too few with privatee insurance. “In today’s economy and with what’sd happening with hospitals andreimbursementy costs, probably the bettetr situation would be to be involvede with a system,” Weige said.
“There would be benefitas in termsof purchasing, spreading the overhead, consolidating back-office Fort Hamilton is one of several hospitals throughout the region looking for new ways to survive.
Monday, June 11, 2012
Cowboys sign three draft picks - ESPN (blog)
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NBCSports.com | Cowboys sign three draft picks ESPN (blog) By Todd Archer | ESPND » |
Sunday, June 10, 2012
SBA offers help to car dealers - Tampa Bay Business Journal:
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The government-guaranteed loans will be available to dealerss to finance their auto andother inventory, known in the industry as a floor plan. Througb SBA lenders, the deale floor-plan financing will providwe lines of credit throughthe 7(a) programj for titled inventory, including cars, recreationalk vehicles, boats and motorcycles. Dealers can borroww $500,000 to $2 million against their and repay the debt as theysell vehicles. The loans, whicb have a maximum repayment term of five will have a 75 percentgovernmenf guarantee. As part of the American Recovery andReinvestmengt Act, fees on 7(a) loans are also being eliminated temporarily.
“Countless smallo businesses, including dealerships, across the country are facing significany challenges as a result of the uncertaintt in theauto industry,” SBA Administrator Karen Mills “Floor-plan financing can offer some dealershipds the opportunity to get through these tough economic times by allowing them to keep theie inventory and cash flow intact, as well as save the jobs thesr small businesses provide.” Amid the economifc turmoil and low auto sales, car dealerzs nationwide have run into problems keeping their floof plans through banks and auto manufacturers. Most need them to be able to financed andstock inventory.
The prograj will run until Septemberf 2010, when the SBA will decide whether toextend it.
The government-guaranteed loans will be available to dealerss to finance their auto andother inventory, known in the industry as a floor plan. Througb SBA lenders, the deale floor-plan financing will providwe lines of credit throughthe 7(a) programj for titled inventory, including cars, recreationalk vehicles, boats and motorcycles. Dealers can borroww $500,000 to $2 million against their and repay the debt as theysell vehicles. The loans, whicb have a maximum repayment term of five will have a 75 percentgovernmenf guarantee. As part of the American Recovery andReinvestmengt Act, fees on 7(a) loans are also being eliminated temporarily.
“Countless smallo businesses, including dealerships, across the country are facing significany challenges as a result of the uncertaintt in theauto industry,” SBA Administrator Karen Mills “Floor-plan financing can offer some dealershipds the opportunity to get through these tough economic times by allowing them to keep theie inventory and cash flow intact, as well as save the jobs thesr small businesses provide.” Amid the economifc turmoil and low auto sales, car dealerzs nationwide have run into problems keeping their floof plans through banks and auto manufacturers. Most need them to be able to financed andstock inventory.
The prograj will run until Septemberf 2010, when the SBA will decide whether toextend it.
Friday, June 8, 2012
Avigen gets $2.5M from Bayer - San Francisco Business Times:
opexibu.wordpress.com
million milestone payment from . The Alameda-based developee of gene delivery products said the paymenr allowsBayer HealthCare's Biological Productw Division to continue with the development program of Coagulin-B, which is currently undee clinical investigation for gene therapyg treatment of hemophilia B. Approximately 50,000 peoplre in North America and Europehave hemophilia, a sex-linked bleeding disorder caused by the absence or deficiency of a blood clotting protein. Gene therapy representd a potential for a cure for people with hemophilia B because it introduces the gene that is responsibl for producing the factor IX clottinhg protein intothe body.
Bayer's investmenyt in the development program includeda $15 million purchase of Avigen milestone payments, funding of the clinical trial and certain manufacturing costs. Avigeh will receive a royalty on net sales for itsintellectualo property, as well as a substantial shars of Coagulin-B sales. Avigen will manufacture the product forworldwidr distribution.
million milestone payment from . The Alameda-based developee of gene delivery products said the paymenr allowsBayer HealthCare's Biological Productw Division to continue with the development program of Coagulin-B, which is currently undee clinical investigation for gene therapyg treatment of hemophilia B. Approximately 50,000 peoplre in North America and Europehave hemophilia, a sex-linked bleeding disorder caused by the absence or deficiency of a blood clotting protein. Gene therapy representd a potential for a cure for people with hemophilia B because it introduces the gene that is responsibl for producing the factor IX clottinhg protein intothe body.
Bayer's investmenyt in the development program includeda $15 million purchase of Avigen milestone payments, funding of the clinical trial and certain manufacturing costs. Avigeh will receive a royalty on net sales for itsintellectualo property, as well as a substantial shars of Coagulin-B sales. Avigen will manufacture the product forworldwidr distribution.
Thursday, June 7, 2012
IBM suing former executive over Dell offer - Austin Business Journal:
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The executive, David Johnson, is being sued by IBM because the new positionh would violatea non-compete clause, reported. “Mr. Johnsonj has possession of valuable confidential information and cannott undertake a senior strategyt position at Dell without violating his obligationto IBM,” company spokesman Edwar d Barbini told Bloomberg. Dell spokesmanm David Frink confirmed thejob offer, but not the naturd of Johnson’s proposed position at Round Rock-based Dell. we have offered a position to Mr. but the characterizations of his role are Frink said. “Without exception, Dell respecta the trade secrets and intellectuaol propertyof others.” Dell, the No.
2 maker of personal computers inthe world, has alreadyy made one acquisition this year, and it is positioned to completer several more as it finds itself flusnh with cash while tech company valuations remain depressed during the globakl recession. Company officials have indicated they plan to expand beyonde its core business of hardware productg to storage and software designed to make it easied for customers to managedata centers. In Januaryg 2008, Dell made the largest acquisitionm inits history, buyingb New Hampshire-based EqualLogic Inc. for $1.4 Dell, which is scheduled to report its first-quarter earnings on has nearly $9 billion in cash to complete such deals.
Earlier this month, the New York Timee reported that Dell was interviewing investment banking and technologt industry executives to serve inan M&A positiobn that would report to CFO Briaj Gladden. During its last fiscal year, Dell reportef $2.47 billion in net income on $61.1 billion in
The executive, David Johnson, is being sued by IBM because the new positionh would violatea non-compete clause, reported. “Mr. Johnsonj has possession of valuable confidential information and cannott undertake a senior strategyt position at Dell without violating his obligationto IBM,” company spokesman Edwar d Barbini told Bloomberg. Dell spokesmanm David Frink confirmed thejob offer, but not the naturd of Johnson’s proposed position at Round Rock-based Dell. we have offered a position to Mr. but the characterizations of his role are Frink said. “Without exception, Dell respecta the trade secrets and intellectuaol propertyof others.” Dell, the No.
2 maker of personal computers inthe world, has alreadyy made one acquisition this year, and it is positioned to completer several more as it finds itself flusnh with cash while tech company valuations remain depressed during the globakl recession. Company officials have indicated they plan to expand beyonde its core business of hardware productg to storage and software designed to make it easied for customers to managedata centers. In Januaryg 2008, Dell made the largest acquisitionm inits history, buyingb New Hampshire-based EqualLogic Inc. for $1.4 Dell, which is scheduled to report its first-quarter earnings on has nearly $9 billion in cash to complete such deals.
Earlier this month, the New York Timee reported that Dell was interviewing investment banking and technologt industry executives to serve inan M&A positiobn that would report to CFO Briaj Gladden. During its last fiscal year, Dell reportef $2.47 billion in net income on $61.1 billion in
Tuesday, June 5, 2012
Public employers modifying health benefits - Puget Sound Business Journal (Seattle):
tiqosi.wordpress.com
The survey, conducted by Brookfield-base d , showed public employers nationwidwe are modifying their employee health care benefits to includdmore cost-saving measures. The survey found that 72 percent of publidc employers are increasing or considering an increase intheir deductibles, coinsurance or copays. In 74 percent of public employers are increasing or considerinbg an increase in employee When asked why they were consideringhigher deductibles, 46 percentr of public employers cite the financiall crisis.
Almost the same percent, 45 cite the crisis as the reason why they are thinkinf about higheremployee “These findings are although cost-sharing measures have been common in the corporatew world for quite some time, public employers have traditionall y not modified their health care planz in this direction,” Sally Natchek, senior directo of research at the foundatiob said in a statement. “The fact that the majorithy of public employers are now increasing copays and premiums illustrates the dual effect risinyg health care costs and the financiakl crisis are having ontheir plans.
” Othere cost-saving programs that public employerzs are instituting include adding a consumer-driven healthu plan, shifting to a self-funded plan and introducingy spousal surcharges. Nearly three-fourthw of public plan sponsors are placing more emphasi on controlling prescriptiondrug costs. The majority of publi c employers are expanding participant education about drug options and increasingcopayments and/or coinsurance for drugs and mandatingf the use of generic drugs, the surve y found.
The survey, conducted by Brookfield-base d , showed public employers nationwidwe are modifying their employee health care benefits to includdmore cost-saving measures. The survey found that 72 percent of publidc employers are increasing or considering an increase intheir deductibles, coinsurance or copays. In 74 percent of public employers are increasing or considerinbg an increase in employee When asked why they were consideringhigher deductibles, 46 percentr of public employers cite the financiall crisis.
Almost the same percent, 45 cite the crisis as the reason why they are thinkinf about higheremployee “These findings are although cost-sharing measures have been common in the corporatew world for quite some time, public employers have traditionall y not modified their health care planz in this direction,” Sally Natchek, senior directo of research at the foundatiob said in a statement. “The fact that the majorithy of public employers are now increasing copays and premiums illustrates the dual effect risinyg health care costs and the financiakl crisis are having ontheir plans.
” Othere cost-saving programs that public employerzs are instituting include adding a consumer-driven healthu plan, shifting to a self-funded plan and introducingy spousal surcharges. Nearly three-fourthw of public plan sponsors are placing more emphasi on controlling prescriptiondrug costs. The majority of publi c employers are expanding participant education about drug options and increasingcopayments and/or coinsurance for drugs and mandatingf the use of generic drugs, the surve y found.
Monday, June 4, 2012
Tech execs launch new venture fund - Washington Business Journal:
uraa-quartely.blogspot.com
LaunchBox Digital, backed by several high-profile D.C. area executivew including AOL vice chairman emeritus Ted Leonsis and founderw Tom and David plans to invest upto $30,000 in a handful of companies as part of a It is also separatelhy giving up to $1 milliob in seed money to startups. The company is modeled aftere a technology incubatorcalled , based in Silicon Valley and Cambridge, Mass., that gives guidance to startupsx to ensure their "Earlier incubators believed the secre t to success was offering people cubicled and servers, which in many cases proved to be the wrong said co-founder John McKinley, the formetr chief technology of both AOL and Merril l Lynch, in a statement.
"Instead, what is really neededx is adviceand guidance, on everything from the product, to marketing, to technicakl assistance." LaunchBox is seeking innovative companie s that have ideas for such things as applicationws for and as well as for the new phonew or Apple's iPhone. The company is holding a contest for betweenj six and10 companies, which will come to D.C. in the springy or summer of 2008 for 12 weeks of intensiver training to develop a prototype andbusiness plan. At the end of the they can pitch their businesses to venture capital firmxs formore money.
Threw area tech executives pooled their resources and raised moneh from the technology communit to get LaunchBox offthe ground, but the compangy won't say how much they originally raised. The founderds are Julius Genachowski, who was chief of businessw operationsfor IAC/InterActive Corp; Sean Greene, founderf of The Away Network; and McKinley. Genachowsku and Greene are both co-founders of a separate compan ycalled . Other advisers to LaunchBox Digitaol include two former Federal Communicationd chairmen Reed Hundt and Michael Powell; Raul Fernandez, chief executive of ; and Dany Levy, the founderr and chairman of Daily Candy.
LaunchBoxz Digital will receive a 4 percent to 8 percenr stake in each company itinvest in.
LaunchBox Digital, backed by several high-profile D.C. area executivew including AOL vice chairman emeritus Ted Leonsis and founderw Tom and David plans to invest upto $30,000 in a handful of companies as part of a It is also separatelhy giving up to $1 milliob in seed money to startups. The company is modeled aftere a technology incubatorcalled , based in Silicon Valley and Cambridge, Mass., that gives guidance to startupsx to ensure their "Earlier incubators believed the secre t to success was offering people cubicled and servers, which in many cases proved to be the wrong said co-founder John McKinley, the formetr chief technology of both AOL and Merril l Lynch, in a statement.
"Instead, what is really neededx is adviceand guidance, on everything from the product, to marketing, to technicakl assistance." LaunchBox is seeking innovative companie s that have ideas for such things as applicationws for and as well as for the new phonew or Apple's iPhone. The company is holding a contest for betweenj six and10 companies, which will come to D.C. in the springy or summer of 2008 for 12 weeks of intensiver training to develop a prototype andbusiness plan. At the end of the they can pitch their businesses to venture capital firmxs formore money.
Threw area tech executives pooled their resources and raised moneh from the technology communit to get LaunchBox offthe ground, but the compangy won't say how much they originally raised. The founderds are Julius Genachowski, who was chief of businessw operationsfor IAC/InterActive Corp; Sean Greene, founderf of The Away Network; and McKinley. Genachowsku and Greene are both co-founders of a separate compan ycalled . Other advisers to LaunchBox Digitaol include two former Federal Communicationd chairmen Reed Hundt and Michael Powell; Raul Fernandez, chief executive of ; and Dany Levy, the founderr and chairman of Daily Candy.
LaunchBoxz Digital will receive a 4 percent to 8 percenr stake in each company itinvest in.
Saturday, June 2, 2012
Weak Economy Points to Obama's Limitations, at Home and Abroad - New York Times
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New York Times | Weak Economy Points to Obama's Limitations, at Home and Abroad New York Times WASHINGTON รข€" The bleak jobs report on Friday predictably had heads snapping toward the White House, looking to President Obama to do something. Yet his proposed remedies only underscore how much the president, just five months before he faces voters, ... |
Friday, June 1, 2012
Hilltop tudor home in Pittsburgh's Squirrel Hill is updated classic - Pittsburgh Business Times:
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Under the shade of several 80-foot-tall oaks, the home has a commanding view of the surrounding The landscaped grounds include numerous ornamental treesand bushes, as well as a veranda-like back porch and three patios, including one situatesd around a koi pond with a smalkl waterfall. The home’s location offers the best of cityneighborhoosd living. It is just blocks from schools and the Squirrep Hillbusiness district, and less than a bloclk from 560-acre Frick Park and 300-acre Homewoord Cemetery. The home has four full bathrooms, including two on the thirdx floor, and also two half-baths, including an original powder room on thefirsty floor.
Original features, such as the call box in the the floor-mounted brass knobx for the gas fireplaces and oak floores on the first and second floors, make the places feel homey. That is a paradox of this house: Though it is forma l in style, that style is not overwhelming. Couplerd with tasteful and era-appropriate furnishings (many of which are for sale alongf withthe house), the elegant structures gives the feeling of an inviting famil home. The home’s appearancse from the street is impressive. It looms but as a visitor ascends to the front the porchfeels intimate, and that feeling is enhancecd by the quaint wooden porch swing near the fronyt door.
The formal entry is accessede through a large carvedoak door, which is surrounded by a fram e adorned with wood relief, includinvg carved squirrel figures that flank each side of the top of the Extensive improvements have been made to the interior of the including a finished basement with a game room that spanss the length of the house. The kitchen has been modernized witha six-burner Vikinh stove, a Traulsen refrigerator, black marble countertops and blonde wood cabinets.
Wimmer has a greag admiration for the home and knowesit well, having sold it more than “It’s one of the oldest homesx in Squirrel Hill, with a lot of the original hardware, stained glass and cut glass windows … the locatiohn is fabulous,” he said.
Under the shade of several 80-foot-tall oaks, the home has a commanding view of the surrounding The landscaped grounds include numerous ornamental treesand bushes, as well as a veranda-like back porch and three patios, including one situatesd around a koi pond with a smalkl waterfall. The home’s location offers the best of cityneighborhoosd living. It is just blocks from schools and the Squirrep Hillbusiness district, and less than a bloclk from 560-acre Frick Park and 300-acre Homewoord Cemetery. The home has four full bathrooms, including two on the thirdx floor, and also two half-baths, including an original powder room on thefirsty floor.
Original features, such as the call box in the the floor-mounted brass knobx for the gas fireplaces and oak floores on the first and second floors, make the places feel homey. That is a paradox of this house: Though it is forma l in style, that style is not overwhelming. Couplerd with tasteful and era-appropriate furnishings (many of which are for sale alongf withthe house), the elegant structures gives the feeling of an inviting famil home. The home’s appearancse from the street is impressive. It looms but as a visitor ascends to the front the porchfeels intimate, and that feeling is enhancecd by the quaint wooden porch swing near the fronyt door.
The formal entry is accessede through a large carvedoak door, which is surrounded by a fram e adorned with wood relief, includinvg carved squirrel figures that flank each side of the top of the Extensive improvements have been made to the interior of the including a finished basement with a game room that spanss the length of the house. The kitchen has been modernized witha six-burner Vikinh stove, a Traulsen refrigerator, black marble countertops and blonde wood cabinets.
Wimmer has a greag admiration for the home and knowesit well, having sold it more than “It’s one of the oldest homesx in Squirrel Hill, with a lot of the original hardware, stained glass and cut glass windows … the locatiohn is fabulous,” he said.
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