Telegraph.co.uk | Spain Reveals 100 Billion Euro Capital Flight CNBC.com Madrid was dealt a double blow on Thursday after it emerged that almost 100 billion euros in capital had left the country in the first three months of the year and the head of the European Central Bank lambasted its handling of Bankia, the troubled ... Spain Central B ank Reveals Record $82 Billion Capital Flight In March About $82 billion left Spain in March: Central bank Spain Says It Has Months to Raise Bank-Bailout Funds |
Thursday, May 31, 2012
Spain Reveals 100 Billion Euro Capital Flight - CNBC.com
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Wednesday, May 30, 2012
Sale Announced for Automotive Components Holdings Lighting Business, Sandusky ... - MarketWatch (press release)
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Sale Announced for Automotive Components Holdings Lighting Business, Sandusky ... MarketWatch (press release) Ford Motor Company (NYSE:F) and Automotive Components Holdings, LLC (ACH) today announced definitive agreements with Ventra Sandusky LLC, a member of the Flex|N|Gate automotive supply group, for the sale of ACH's business in automotive headlamps and ... Ford Announces Sale Of ACH's Lighting Business And Sandusky Plant Ford To Sell Ohio Auto Lighting Plant To Ventra Sandusky |
Tuesday, May 29, 2012
S&B Industry to receive incentives - South Florida Business Journal:
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In exchange, the company also woulrd have toinvest $17.3 million “to renovatw and build out new corporate headquarterws and operations facilities in the according to the resolution. The company woulf expand its existing facility, at 1551 Sawgrassw Corporate Parkway, said Norm Taylor, director of Broward’s office of economiv development. The jobs are supposed to pay an averaged salaryof $98,000 – welcome news to Taylor. “Ift means a whole bunch of people willpay mortgages, will pay taxesx and will support their local supermarkets,” he “These are very high-wage jobs that we didn’t have happening frequently in our market.
” S&Bv is a subsidiary of Foxconn Internationalo Holdings, a subsidiary of a a Chinese computer and electronics giant based in Taiwan. If S&h creates the 150 jobs, it potentially coul d receive $850,000 in combined incentivesa fromthe county, city and the state. Browarrd and Sunrise each agreed tocontribute $125,000, for a totalk of $250,000. The stater would contribute anadditional $650,00 0 if it approves the deal. S&B could not immediately be reachecdfor comment. The company stated on its grant application that it employsa 51in Sunrise, Taylor but it’s not clear how many, if any, are employes separately under the Foxconn brand.
Both companiese list their address at 1551 SawgrasdCorporate Parkway. S&B/Foxconn is part of a growinf technology cluster in Sunrise thatincludes Scottsdale, Ariz.-based General Dynamics C4 Systeme (NYSE: GD) and Canada-based Research in Motion RIMM). The companies sprung up in Sunrise in spring 2008 afterr laid off about 300workers – mostly engineersd working on next-generation wireless technology from its Plantation facility.
In exchange, the company also woulrd have toinvest $17.3 million “to renovatw and build out new corporate headquarterws and operations facilities in the according to the resolution. The company woulf expand its existing facility, at 1551 Sawgrassw Corporate Parkway, said Norm Taylor, director of Broward’s office of economiv development. The jobs are supposed to pay an averaged salaryof $98,000 – welcome news to Taylor. “Ift means a whole bunch of people willpay mortgages, will pay taxesx and will support their local supermarkets,” he “These are very high-wage jobs that we didn’t have happening frequently in our market.
” S&Bv is a subsidiary of Foxconn Internationalo Holdings, a subsidiary of a a Chinese computer and electronics giant based in Taiwan. If S&h creates the 150 jobs, it potentially coul d receive $850,000 in combined incentivesa fromthe county, city and the state. Browarrd and Sunrise each agreed tocontribute $125,000, for a totalk of $250,000. The stater would contribute anadditional $650,00 0 if it approves the deal. S&B could not immediately be reachecdfor comment. The company stated on its grant application that it employsa 51in Sunrise, Taylor but it’s not clear how many, if any, are employes separately under the Foxconn brand.
Both companiese list their address at 1551 SawgrasdCorporate Parkway. S&B/Foxconn is part of a growinf technology cluster in Sunrise thatincludes Scottsdale, Ariz.-based General Dynamics C4 Systeme (NYSE: GD) and Canada-based Research in Motion RIMM). The companies sprung up in Sunrise in spring 2008 afterr laid off about 300workers – mostly engineersd working on next-generation wireless technology from its Plantation facility.
Sunday, May 27, 2012
ANN ARBOR: Blue Lake International Jazz Orchestra to perform June 16 at Zal ... - Heritage Newspapers
lebexab.wordpress.com
Heritage Newspapers | ANN ARBOR: Blue Lake International Jazz Orchestra to perform June 16 at Zal ... Heritage Newspapers The Blue Lake International Jazz Orchestra, a 16-piece jazz big band comprised of high school and collegiate students from around the nation, will perform a Bon Voyage concert from 1 to 4 pm June 16 at the Zal Gaz Grotto Club, 2070 W. Stadium Blvd. in ... |
Friday, May 25, 2012
On eve of signing deadline, Ritter OKs bills for truckers, movies, restaurants - Business First of Buffalo:
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But economic developers and investors must continue to wait to see if the governort will come to their aidbefore Friday’s deadlinr to sign or veto legislation. Ritter beganj the day at the Alliancd for Sustainable Colorado Center in downtown signing three bills that he said will continue to buildthe state’z “New Energy Economy.” House Bill 1298, sponsorec by Reps. Buffie McFadyen, D-Pueblo West, and Cory R-Yuma, lets trucking companies get 25 percent reimbursement of the cost of buyingy andinstalling fuel-efficient technologie s and emission-control devices.
More importantly, McFadyen said, it prorated sales tax on truckingg equipment based on the percentage of miles companies drivre in Colorado and it allowxs truckers finally to take advantageof enterprise-zon tax breaks. “This bill is so incredibly important tothe industry, not only for the environmen but for the survival of truckers that are in business,” she said whil tearing up at the signing. Houser Bill 1331, sponsored by Rep. Sara Gagliardi, D-Arvada, expand the pool of vehiclesw eligiblefor alternative-fuel tax credits to includre those that run on cleaner-burning natural gas. It also eliminates eligibility for some hybrid vehicles that are not saidsponsoring Sen.
Betty Boyd, Ritter noted that the Coloradok Oil and Gas Association and the nonprofitg group Environment Colorado both supportedthe measure. “Ifr COGA and Environment Colorado agree, it has to be a greayt bill,” he said. And Senate Bill 75, championer by the company Aspen Electric Cars and allows drivers tooperate low-speeds electric vehicles on most roadz with speed limits of 35 mph or lower. From Ritter went to the offices in Denver and signed a measureto re-establish the Colorado Officse of Film, Television and Media. Housed Bill 1010, sponsored by Rep. Tom Massey, R-Poncha and former Rep.
Anne McGihon, D-Denver, allows the office to solicigt gifts and donations to offefr incentives to producers to make films inthe state. “I believs this move signals that Colorado is becoming seriousz about attracting production to the state once saidKevin Shand, executiv e director of the Colorado Film Commission. “Bu becoming part of the state once the film office will once again have resources to marketg Colorado effectively and help expand our economic development efforts in a new anddifferenft direction.
” Finally, Ritter returnedr to his Capitol office to sign nine separater bills, including measures to help the restaurant and broadband Senate Bill 121, sponsored by Sen. Al R-Hayden, eliminates the sales and use tax restaurants must pay when offerint freeor reduced-price meals to employees. Senate Bill 162, sponsored by Sen. Gail Schwartz, D-Snowmass Village, require s the Office of Information Technology to create a map of wherw broadband technology is available and not available inthe state. Rittee has not announced his intentions on at leasg two bills being watched closely by thebusiness however.
One is Senate Bill 173, whicgh would allow local governments to work with the statde Economic Development Commission to offer incentives to attract andbuilds tourism-generating projects. The bill is considered key to landingv either of twopotential auto-racetrack projectsw east of Aurora. The other is House Bill 1366, whicnh limits the Colorado-source capital gains subtraction to thefirst $100,00 of gains on assets held for five years or If signed, the bill would generatee $15.8 million to help balance the budget.
But economic developers and investors must continue to wait to see if the governort will come to their aidbefore Friday’s deadlinr to sign or veto legislation. Ritter beganj the day at the Alliancd for Sustainable Colorado Center in downtown signing three bills that he said will continue to buildthe state’z “New Energy Economy.” House Bill 1298, sponsorec by Reps. Buffie McFadyen, D-Pueblo West, and Cory R-Yuma, lets trucking companies get 25 percent reimbursement of the cost of buyingy andinstalling fuel-efficient technologie s and emission-control devices.
More importantly, McFadyen said, it prorated sales tax on truckingg equipment based on the percentage of miles companies drivre in Colorado and it allowxs truckers finally to take advantageof enterprise-zon tax breaks. “This bill is so incredibly important tothe industry, not only for the environmen but for the survival of truckers that are in business,” she said whil tearing up at the signing. Houser Bill 1331, sponsored by Rep. Sara Gagliardi, D-Arvada, expand the pool of vehiclesw eligiblefor alternative-fuel tax credits to includre those that run on cleaner-burning natural gas. It also eliminates eligibility for some hybrid vehicles that are not saidsponsoring Sen.
Betty Boyd, Ritter noted that the Coloradok Oil and Gas Association and the nonprofitg group Environment Colorado both supportedthe measure. “Ifr COGA and Environment Colorado agree, it has to be a greayt bill,” he said. And Senate Bill 75, championer by the company Aspen Electric Cars and allows drivers tooperate low-speeds electric vehicles on most roadz with speed limits of 35 mph or lower. From Ritter went to the offices in Denver and signed a measureto re-establish the Colorado Officse of Film, Television and Media. Housed Bill 1010, sponsored by Rep. Tom Massey, R-Poncha and former Rep.
Anne McGihon, D-Denver, allows the office to solicigt gifts and donations to offefr incentives to producers to make films inthe state. “I believs this move signals that Colorado is becoming seriousz about attracting production to the state once saidKevin Shand, executiv e director of the Colorado Film Commission. “Bu becoming part of the state once the film office will once again have resources to marketg Colorado effectively and help expand our economic development efforts in a new anddifferenft direction.
” Finally, Ritter returnedr to his Capitol office to sign nine separater bills, including measures to help the restaurant and broadband Senate Bill 121, sponsored by Sen. Al R-Hayden, eliminates the sales and use tax restaurants must pay when offerint freeor reduced-price meals to employees. Senate Bill 162, sponsored by Sen. Gail Schwartz, D-Snowmass Village, require s the Office of Information Technology to create a map of wherw broadband technology is available and not available inthe state. Rittee has not announced his intentions on at leasg two bills being watched closely by thebusiness however.
One is Senate Bill 173, whicgh would allow local governments to work with the statde Economic Development Commission to offer incentives to attract andbuilds tourism-generating projects. The bill is considered key to landingv either of twopotential auto-racetrack projectsw east of Aurora. The other is House Bill 1366, whicnh limits the Colorado-source capital gains subtraction to thefirst $100,00 of gains on assets held for five years or If signed, the bill would generatee $15.8 million to help balance the budget.
Thursday, May 24, 2012
Termini acquires AM&A's warehouse - Orlando Business Journal:
grigoriynirim.blogspot.com
According to public documents filedc late Thursday in the ErieCounty Clerk’s Office, Termini’s H@Lofts LLC paid $720,000 for the historic building. The building had been owned by New HorizonAcquisitions LLC, a Long Island-based development firm. Terminu is in the early stages of renovatinh theformer warehouse, parts of which date back to the late into a mixed-use development anchoree by 47 market-rate apartments and 15,00p0 square feet of office space. P&B Acquisitions will occupy theofficer space, while Termini said he is compiling a rapidlyy growing list of prospective tenants for the apartments.
Terminki will be investing morethan $11 million in the The building, which is being called the H@Lofts, is expectexd to welcome its first residential tenantse next spring. In the meantime, Termini is talkingh with local and state officials about incentive packages needed before he can acquire theflagship AM&A'sd department store building on Main Stree t from New Horizons. Termini predicted the cost of renovatin g the buildingbetween $80 million and $100 He said it would only be possible with a heav y influx of public sector dollars and support.
The developer said it may take him more than one perhaps as long as18 months, to secure all the necessary public-sectot dollars he needs for the AM&A's department store The former store, which has been closed sinced 1995 -- save for a brief run as Taylor’s Department Storwe -- will likely be used as a mixed-use developmentt project, also anchored by residentiao units.
According to public documents filedc late Thursday in the ErieCounty Clerk’s Office, Termini’s H@Lofts LLC paid $720,000 for the historic building. The building had been owned by New HorizonAcquisitions LLC, a Long Island-based development firm. Terminu is in the early stages of renovatinh theformer warehouse, parts of which date back to the late into a mixed-use development anchoree by 47 market-rate apartments and 15,00p0 square feet of office space. P&B Acquisitions will occupy theofficer space, while Termini said he is compiling a rapidlyy growing list of prospective tenants for the apartments.
Terminki will be investing morethan $11 million in the The building, which is being called the H@Lofts, is expectexd to welcome its first residential tenantse next spring. In the meantime, Termini is talkingh with local and state officials about incentive packages needed before he can acquire theflagship AM&A'sd department store building on Main Stree t from New Horizons. Termini predicted the cost of renovatin g the buildingbetween $80 million and $100 He said it would only be possible with a heav y influx of public sector dollars and support.
The developer said it may take him more than one perhaps as long as18 months, to secure all the necessary public-sectot dollars he needs for the AM&A's department store The former store, which has been closed sinced 1995 -- save for a brief run as Taylor’s Department Storwe -- will likely be used as a mixed-use developmentt project, also anchored by residentiao units.
Tuesday, May 22, 2012
Chase bank hiring 200 in Milwaukee - Business First of Louisville:
amesit.wordpress.com
New employees are workingy at theChase Tower, 111 E. Wisconsin Ave., and are focusefd mainly on negotiating new payment arrangements with homeowner s delinquent ontheir payments, said spokeswoman Christin Holevas. Chase is one of the nation’s largesgt mortgage servicers with a portfolioof $1.5 The bank added billions in mortgagd business with the September 2008 acquisition of Washingtonn Mutual. The new hires include loan specialists, underwriters and supervisors, Holevas said. Many alreaduy have started training. Chase has about 1,400 employeed in greater Milwaukee, and nearly 950 in Milwaukee, Holevasw said.
Chase, which is part of , New York runs 41 branches in themetropolitamn area. In December 2008, Chase citef declining activityin home-equity lending when it announcef job eliminations by early February in its downtownh Milwaukee home equity servicing center. Some employees who were laid off earlierf this year are likely among those bein g hired for the mortgageservicing functions, Holevas “We had terrific peopl and we want to get the best of those back,” she said. Chase bank officialzs like the quality of employees in Milwaukeee and their work Holevas said. She couls not predict the longevity of thenew jobs.
“As the businessd changes so do ouremployment needs,” Holevaas said. “We staff according to customers’ As the number of foreclosuresx continues torise nationally, Chasee is far from the only bank to boost its stafv for handling troubled Some banks, including M&I Marshall & Ilsleyh in Milwaukee, have instituted foreclosure moratoriums as they attempr to modify mortgages to reduce payments. M&I’s foreclosurde moratorium is scheduled to expire onJune 30.
In the past six M&I has increased by 50 percent its staff dedicate d to assisting the increasing number of homeowners facingfinancial stress, said Dick president of the bank’s Wisconsin communityh bank unit. He declined to disclose the numberf of jobsthat M&I has added. M&I works with homeowners before they reach delinquency to avoidf foreclosure and also seeks solutionx for homeowners already in Becker said. Minneapolis-based , which has the second-largesrt deposit market share in metropolitan Milwaukee and services more than 1 millionnmortgages nationally, announced in March that it is constructintg a building in Owensboro, Ky., for its mortgage servicez unit.
The bank already employs 850 people in Owensboroi and the new building will accommodate up to 300 new At the communitybank level, the loan modification strategies are implemented on a smalledr scale. For example, , Wauwatosa, increasef its collections staff from two to three plusa half-timee employee to tackle the increased said president and CEO Doug Gordon. Collectionw employees review the home-owner’xs financial situation in an effort to avoid Gordon said.
The employeesd discuss what the homeowner can afford for payments and whethere the mortgageis salvageable, he The bank has successfully modified many mortgages and even stopped some foreclosureds while they were in process, he said. “We’dc much rather modify them work withthem — than foreclose,” Gordon said. “Noboduy wins in that. We don’f want to own the real estatd andthey don’t want to lose the real
New employees are workingy at theChase Tower, 111 E. Wisconsin Ave., and are focusefd mainly on negotiating new payment arrangements with homeowner s delinquent ontheir payments, said spokeswoman Christin Holevas. Chase is one of the nation’s largesgt mortgage servicers with a portfolioof $1.5 The bank added billions in mortgagd business with the September 2008 acquisition of Washingtonn Mutual. The new hires include loan specialists, underwriters and supervisors, Holevas said. Many alreaduy have started training. Chase has about 1,400 employeed in greater Milwaukee, and nearly 950 in Milwaukee, Holevasw said.
Chase, which is part of , New York runs 41 branches in themetropolitamn area. In December 2008, Chase citef declining activityin home-equity lending when it announcef job eliminations by early February in its downtownh Milwaukee home equity servicing center. Some employees who were laid off earlierf this year are likely among those bein g hired for the mortgageservicing functions, Holevas “We had terrific peopl and we want to get the best of those back,” she said. Chase bank officialzs like the quality of employees in Milwaukeee and their work Holevas said. She couls not predict the longevity of thenew jobs.
“As the businessd changes so do ouremployment needs,” Holevaas said. “We staff according to customers’ As the number of foreclosuresx continues torise nationally, Chasee is far from the only bank to boost its stafv for handling troubled Some banks, including M&I Marshall & Ilsleyh in Milwaukee, have instituted foreclosure moratoriums as they attempr to modify mortgages to reduce payments. M&I’s foreclosurde moratorium is scheduled to expire onJune 30.
In the past six M&I has increased by 50 percent its staff dedicate d to assisting the increasing number of homeowners facingfinancial stress, said Dick president of the bank’s Wisconsin communityh bank unit. He declined to disclose the numberf of jobsthat M&I has added. M&I works with homeowners before they reach delinquency to avoidf foreclosure and also seeks solutionx for homeowners already in Becker said. Minneapolis-based , which has the second-largesrt deposit market share in metropolitan Milwaukee and services more than 1 millionnmortgages nationally, announced in March that it is constructintg a building in Owensboro, Ky., for its mortgage servicez unit.
The bank already employs 850 people in Owensboroi and the new building will accommodate up to 300 new At the communitybank level, the loan modification strategies are implemented on a smalledr scale. For example, , Wauwatosa, increasef its collections staff from two to three plusa half-timee employee to tackle the increased said president and CEO Doug Gordon. Collectionw employees review the home-owner’xs financial situation in an effort to avoid Gordon said.
The employeesd discuss what the homeowner can afford for payments and whethere the mortgageis salvageable, he The bank has successfully modified many mortgages and even stopped some foreclosureds while they were in process, he said. “We’dc much rather modify them work withthem — than foreclose,” Gordon said. “Noboduy wins in that. We don’f want to own the real estatd andthey don’t want to lose the real
Monday, May 21, 2012
Economists more upbeat about job growth, housing - Boston.com
kdrummondbs37.blogspot.com
Economists more upbeat about job growth, housing Boston.com NEW YORK (AP) รข€" A new survey shows economists are growing slightly more optimistic about recovery in the job and housing markets but expect other pillars of the economy to remain weak. The National Association for Business Economists says in a report ... |
Saturday, May 19, 2012
N.C. Cherokees to get $2 million in funds - The Business Journal of the Greater Triad Area:
ejyceh.wordpress.com
The $2 million will fund four separated projects for theCherokere Indians, two to improve drinkint water infrastructure and two to upgradde wastewater systems. In total, 94 wastewater and 64 drinking water priority projectsz have been outlined for tribal territoriex acrossthe country. The funds have been granted from the American Recovery and Reinvestment Act of which President Barack Obama signedin February. According to the the projects are designed to better protect humanj and environmental health in AmericajnIndian lands.
The Eastern Band of Cherokee Indiansw is comprised mostly of descendantse of Cherokee who did not participate in the storied marchh on the Trail of Tearxs tothe Midwest. Today, the Easternn Cherokee Indian Reservation is located acrosxs five counties in westernNorth Carolina: Cherokee, Graham, Jackson and Haywood.
The $2 million will fund four separated projects for theCherokere Indians, two to improve drinkint water infrastructure and two to upgradde wastewater systems. In total, 94 wastewater and 64 drinking water priority projectsz have been outlined for tribal territoriex acrossthe country. The funds have been granted from the American Recovery and Reinvestment Act of which President Barack Obama signedin February. According to the the projects are designed to better protect humanj and environmental health in AmericajnIndian lands.
The Eastern Band of Cherokee Indiansw is comprised mostly of descendantse of Cherokee who did not participate in the storied marchh on the Trail of Tearxs tothe Midwest. Today, the Easternn Cherokee Indian Reservation is located acrosxs five counties in westernNorth Carolina: Cherokee, Graham, Jackson and Haywood.
Friday, May 18, 2012
$40 million St. Louis Municipal Courts building makeover planned - St. Louis Business Journal:
exceeding-commissioner.blogspot.com
The plan is the largesgt historic restoration project announced in as new projects have stalled in the face of the Heisman Properties, based in Los Angeles, is negotiatingf with city officials to buy the 160,000-square-foot building on 3 acres at 1320 Markegt Street from the city of St. confirmed Comptroller Darlene Green. The $40 million includes acquisition andrenovation costs. The city does not have an askinhg price forthe building, and proceedes from the sale will go to the city’s capita l fund. Heisman Properties does not yet have but principal Rob McRitchieesaid he’s in talks with lenders.
Heismahn Properties plans to rename the Municipal Courtsbuildinhg “1300 Market” and convert the three-story limestone and granite structure to officew space with a restaurant on the ground floo r and some retail space. Some of the origina features inthe building, whicg was designed by Issac Taylor, the principal architecr of the 1904 World’s Fair in St. the Jefferson Memorial and the Bee Hat Building at 1021Washingtonb Avenue, include marble staircases, interioe courtyards and a grand hallway with vaulted A rooftop deck will be added for outdoor events. has been tapped to market the and isthe architect.
A general contractodr has not yet been although general contracting firm is doing a preliminargy construction costestimate analysis. Heisman Propertieas will seek state and historic tax credits in additioh to New MarketsTax Credits. Eric Friedmahn of the is a project Construction is set to begin latethis year, with the developer planning to seek LEED The building is expecteed to be open to tenant s in 2010. The building initially will be marketed to law firmsd because of itsmultiple “Our intent will be to restorre the exquisite space and utilize it for eventx as well as mock trials,” said Heisman Properties Principalk Curt Schroeder.
City officials are evaluating anew 600-carr parking garage on city-owned land directly south of the project at 14th and Clark The city Treasurer’s Offices would own and develop the garage. The Comptroller’s officde has spearheaded efforts to redevelop the Municipal Courts building sinced the 22nd Circuit Court and Circuitt Clerk Office vacated the structure in 2002 and consolidated operationd atthe city-owned Mel Carnahan Courthousw at 1114 Market St. Green said selling the MunicipalpCourts building, which is deemed surplues property, will further downtown’s revitalization efforts. The buildingv is located west of City Hall and next door to the at 1400 Market St.
, which also has redevelopment plan in the pipeline. New York City-based and Mo.-based LLC are developing plans to reopenhthe long-vacant Kiel as an entertainment with a $40 million to $60 million estimated price tag. SCP owns the and holds the long-terjm leases to and Kiel. “When both the Municipal Court project and the Kielare completed, the cornedr of Market and 14th will change and the ‘civic around City Hall will provide a greatg increase in pedestrian traffic,” alderwoman Phyllis Young Heisman Properties developed the more than century-oldr former at 1136 Washington Ave. into 95 renamed the Meridian, in 2004. The developer has sold all of theunite there.
In 2006, Heisman Properties bought another historicbuilding downtown, the 160,000-square-foot Chemical buildin at 777 Olive Street. That has since been renamed Alexz Lofts, and Heisman is planning a conversionm to132 market-rate apartments, two floorsa of office space and ground floor retail. is the lendetr on the project, but financing to move forwar d with renovation has not yetbeen finalized. An earliere plan by Heisman to convertthe 17-storgy building to luxury condos stalled in receny years as the for-sale housing market softened.
The plan is the largesgt historic restoration project announced in as new projects have stalled in the face of the Heisman Properties, based in Los Angeles, is negotiatingf with city officials to buy the 160,000-square-foot building on 3 acres at 1320 Markegt Street from the city of St. confirmed Comptroller Darlene Green. The $40 million includes acquisition andrenovation costs. The city does not have an askinhg price forthe building, and proceedes from the sale will go to the city’s capita l fund. Heisman Properties does not yet have but principal Rob McRitchieesaid he’s in talks with lenders.
Heismahn Properties plans to rename the Municipal Courtsbuildinhg “1300 Market” and convert the three-story limestone and granite structure to officew space with a restaurant on the ground floo r and some retail space. Some of the origina features inthe building, whicg was designed by Issac Taylor, the principal architecr of the 1904 World’s Fair in St. the Jefferson Memorial and the Bee Hat Building at 1021Washingtonb Avenue, include marble staircases, interioe courtyards and a grand hallway with vaulted A rooftop deck will be added for outdoor events. has been tapped to market the and isthe architect.
A general contractodr has not yet been although general contracting firm is doing a preliminargy construction costestimate analysis. Heisman Propertieas will seek state and historic tax credits in additioh to New MarketsTax Credits. Eric Friedmahn of the is a project Construction is set to begin latethis year, with the developer planning to seek LEED The building is expecteed to be open to tenant s in 2010. The building initially will be marketed to law firmsd because of itsmultiple “Our intent will be to restorre the exquisite space and utilize it for eventx as well as mock trials,” said Heisman Properties Principalk Curt Schroeder.
City officials are evaluating anew 600-carr parking garage on city-owned land directly south of the project at 14th and Clark The city Treasurer’s Offices would own and develop the garage. The Comptroller’s officde has spearheaded efforts to redevelop the Municipal Courts building sinced the 22nd Circuit Court and Circuitt Clerk Office vacated the structure in 2002 and consolidated operationd atthe city-owned Mel Carnahan Courthousw at 1114 Market St. Green said selling the MunicipalpCourts building, which is deemed surplues property, will further downtown’s revitalization efforts. The buildingv is located west of City Hall and next door to the at 1400 Market St.
, which also has redevelopment plan in the pipeline. New York City-based and Mo.-based LLC are developing plans to reopenhthe long-vacant Kiel as an entertainment with a $40 million to $60 million estimated price tag. SCP owns the and holds the long-terjm leases to and Kiel. “When both the Municipal Court project and the Kielare completed, the cornedr of Market and 14th will change and the ‘civic around City Hall will provide a greatg increase in pedestrian traffic,” alderwoman Phyllis Young Heisman Properties developed the more than century-oldr former at 1136 Washington Ave. into 95 renamed the Meridian, in 2004. The developer has sold all of theunite there.
In 2006, Heisman Properties bought another historicbuilding downtown, the 160,000-square-foot Chemical buildin at 777 Olive Street. That has since been renamed Alexz Lofts, and Heisman is planning a conversionm to132 market-rate apartments, two floorsa of office space and ground floor retail. is the lendetr on the project, but financing to move forwar d with renovation has not yetbeen finalized. An earliere plan by Heisman to convertthe 17-storgy building to luxury condos stalled in receny years as the for-sale housing market softened.
Wednesday, May 16, 2012
Albany Medical College receives $1M pledge from trustee - Boston Business Journal:
yfimuna.wordpress.com
Bender is a longtime member of the boards of trusteesof , of which the college is a This is his second $1 million dollar gift to the N.Y. institution in less than a decade. The first, in established The Bender Endowed Chairin Neurology. The endowmeny enables the standing chairperson to delegate funding for research equipment purchases and educational outreach to further strengthenthe college’s Departmenty of Neurology. The new gift will continue support of the as well as the Bender Family Minority The scholarship was established in 1986 to providre financial assistance to minority students and encourage diversithy at themedical college.
During the 2008-09 academic eight students received assistance from the and sinceits establishment, 157 scholarships—totaling $525,000—have been distributecd to 65 students. Bender is the great-grandson of the founderf of MatthewBender Co., one of the nation’d largest legal publishing firms with over 1,500 The Bender family sold the company to the in 1963. In Bender became vice presidentof , a New York City-basedd law book publisher. “Matt is an extraordinary man, who has done extraordinary things for Albanyt Medical Center andour region,” said Jamesx Barba, president and CEO of Albanyt Med.
“His financial generosity to our Medicalp Center can only be matched by his perseverancwand leadership, which has been very influential in paving the path for success for Albany Med. It comes as little surprisw that Matt has chosen once agaih to strengthen our endowmeng and provide a tremendous benefitr toour physicians, staff, patients and students—the very core of this
Bender is a longtime member of the boards of trusteesof , of which the college is a This is his second $1 million dollar gift to the N.Y. institution in less than a decade. The first, in established The Bender Endowed Chairin Neurology. The endowmeny enables the standing chairperson to delegate funding for research equipment purchases and educational outreach to further strengthenthe college’s Departmenty of Neurology. The new gift will continue support of the as well as the Bender Family Minority The scholarship was established in 1986 to providre financial assistance to minority students and encourage diversithy at themedical college.
During the 2008-09 academic eight students received assistance from the and sinceits establishment, 157 scholarships—totaling $525,000—have been distributecd to 65 students. Bender is the great-grandson of the founderf of MatthewBender Co., one of the nation’d largest legal publishing firms with over 1,500 The Bender family sold the company to the in 1963. In Bender became vice presidentof , a New York City-basedd law book publisher. “Matt is an extraordinary man, who has done extraordinary things for Albanyt Medical Center andour region,” said Jamesx Barba, president and CEO of Albanyt Med.
“His financial generosity to our Medicalp Center can only be matched by his perseverancwand leadership, which has been very influential in paving the path for success for Albany Med. It comes as little surprisw that Matt has chosen once agaih to strengthen our endowmeng and provide a tremendous benefitr toour physicians, staff, patients and students—the very core of this
Tuesday, May 15, 2012
Energy firm raises $3.2M for renewables - The Business Journal of the Greater Triad Area:
gonyzyf.wordpress.com
million in debt and othef financing, according to a securities filing. An officiao from the Eden Prairiefirm couldn’t be reached for comment on the rounrd of funding before presds time. Otoka’s chairman and chief technologuy officer isRob Broin, who co-founded ethanolk giant POET Energy, in Sioux S.D. Otoka has 26 plants across seven Michael Muston, a former partnef at Cargill Ventures, the venture-capital arm of Wayzata-based agribusinesas giant , also is leading the company. Otokaw is focusing on two according to itsWeb site: convertinv a byproduct of the ethanol-making process into natura l gas, and converting forestry waste into gas or electricity.
The companuy plans to build a plantr that converts wood waste into electricitynear Edmonton, according to Canadian news reports. Company officials told Biomassa Magazine that they expec construction of the plant to beginn this year and hope to have the facilitty runningby 2012. The facility woulf ultimately also produceliquid fuels. which announced plans for the project in has lined up partners to build the includingEnergy Products, a renewable-energy technology company basedc in Couer d’Alene, and engineering firm , of Kansas City, Mo.
Otoka is not yet generatinvg revenue, and hopes to ultimately raise $5 milliob in financing, according to the securities
million in debt and othef financing, according to a securities filing. An officiao from the Eden Prairiefirm couldn’t be reached for comment on the rounrd of funding before presds time. Otoka’s chairman and chief technologuy officer isRob Broin, who co-founded ethanolk giant POET Energy, in Sioux S.D. Otoka has 26 plants across seven Michael Muston, a former partnef at Cargill Ventures, the venture-capital arm of Wayzata-based agribusinesas giant , also is leading the company. Otokaw is focusing on two according to itsWeb site: convertinv a byproduct of the ethanol-making process into natura l gas, and converting forestry waste into gas or electricity.
The companuy plans to build a plantr that converts wood waste into electricitynear Edmonton, according to Canadian news reports. Company officials told Biomassa Magazine that they expec construction of the plant to beginn this year and hope to have the facilitty runningby 2012. The facility woulf ultimately also produceliquid fuels. which announced plans for the project in has lined up partners to build the includingEnergy Products, a renewable-energy technology company basedc in Couer d’Alene, and engineering firm , of Kansas City, Mo.
Otoka is not yet generatinvg revenue, and hopes to ultimately raise $5 milliob in financing, according to the securities
Sunday, May 13, 2012
Social conservatives claim Obama's gay marriage endorsement could unite right - Fox News
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USA TODAY | Social conservatives claim Obama's gay marriage endorsement could unite right Fox News Prominent social conservatives are claiming that President Obama's endorsement of gay marriage could be the fuel Mitt Romney needs to unite the right in November. Rick Santorum, the former Republican presidential candidate, is on record urging Romney ... Black churches conflicted on Obama's gay marriage decision Gay-Marriage Cases Pose Legal Tests for Administration |
Saturday, May 12, 2012
Real estate firm takeover still rumored - New Mexico Business Weekly:
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Grubb & Ellis, said earlier this montjh that it had terminated talks withan "unrelated thirsd party." Officials at CBRE's corporate office in Los Angeles wouls neither confirm nor deny the negotiations, fuelinhg speculation that Grubb & Ellis' vagu e reference to a "third meant a suitor other than CBRE. Grubb & Ellis CEO Barryy Barovick indicated thatprice wasn't the issue that dividesd it and the third party, rather differences in "vision regarding the industry in general, and our integratedd business model in particular.
" Barovick added that it had became "increasingly apparent that there were significant overlaps of personnel and which led us to believe that too many of our all of whom we greatly would not be retained." Barovick told GlobeSt.com's John Salustro that "Grubb & Ellis is not for In fact, it was nevetr up for sale. The potential mergefr partner camein unsolicited. But if there was anotherd unsolicited offer, we would have the fiduciaryg responsibility to our shareholders toconsider it.
" Salustri "no one at Grubb & Elliw would state for the record what insiders have confirme -- that it was indeed CB Richard Elliw who had the firm in its acquisition John Lewinger, co-owner of the Albuquerque Grubb & Ellizs office, confirmed that the companuy has made no secre of its interest in a purchase and that it has been in othee talks with at least three potential buyers in the past Sixty-seven percent of the firm is owned by an investment company that has held the investmentg for several years and thoser investors might be interested in a said Lewinger. He added that his business has receivede purchase offers in the past fromnationalo firms.
During all of the receng innuendo about a potential deal with twonational firms, which he didn't want to called him. "They thought we mightg be interested in an associationh with them if the merger took Lewinger said. He admits that there are a numbed of nationalcompanies he'd consider if he were put in the positionj of having to decide what to do shouls Grubb & Ellis merge with a competito who already had an Albuquerque The national affiliation with Grubb Ellis, said Lewinger, providea his firm with educational networking and access to national Based on market size and the client activity the national affiliation might bring his firm, Lewinger said he pays an annuaol fee to the corporate headquarters for that Nationally, Grubb & Ellis reported a first quarter 2002 net loss of $5.
2 millionj or 35 cents per diluted before non-recurring charges, compare d with a net loss of or 6 cents per diluted common for the same period last year. Barovick said the economic slowdownn continued to impactthe firm'se revenues during the Total revenue for the nine monthws that ended on March 31, were $236.3 million, down about 28 percent from the $330 millio n in revenues for the same time in 2001. Earnings befored interest expense, income taxes, depreciation and amortization (EBITDA) for Q1 2002 showeed a loss of $5.7 millio n before non-recurring charges, versus income of $1.5 million for the firstg quarterof 2001.
Grubbn & Ellis says it has more than 8,000 peoplre in more than 200 officew in30 countries. The local CBRE office is one ofthreew "partner offices" owned by an out of statwe investor who also owns the Fresno, Calif. and Salt Lake City CBRE Formerly a publiclyheld company, CBRE went privatw last summer. CBRE's corporatde parent, , said it generated revenuez totaling $224 million during Q1 2002, an 18 percenft decline from Q1 2001. EBITDA for the quarterf totaled $11.1 million, a 21 percent decrease from results reportefd inQ1 2001. During the first quartef of last year, said the CBRE financial release, the company recorded a $5.
4 million net gain from the sale of amortgages fund. Excluding this one time gain, EBITD A increased "by $2.5 million or 29 percent during the firsty quarter of 2002 as comparedto 2001," according to the company's May 14, 2002 CBRE says it "serves real estate investors and occupiers" through 221 offices in 47 countriea and employs 9,700 worldwide.
Grubb & Ellis, said earlier this montjh that it had terminated talks withan "unrelated thirsd party." Officials at CBRE's corporate office in Los Angeles wouls neither confirm nor deny the negotiations, fuelinhg speculation that Grubb & Ellis' vagu e reference to a "third meant a suitor other than CBRE. Grubb & Ellis CEO Barryy Barovick indicated thatprice wasn't the issue that dividesd it and the third party, rather differences in "vision regarding the industry in general, and our integratedd business model in particular.
" Barovick added that it had became "increasingly apparent that there were significant overlaps of personnel and which led us to believe that too many of our all of whom we greatly would not be retained." Barovick told GlobeSt.com's John Salustro that "Grubb & Ellis is not for In fact, it was nevetr up for sale. The potential mergefr partner camein unsolicited. But if there was anotherd unsolicited offer, we would have the fiduciaryg responsibility to our shareholders toconsider it.
" Salustri "no one at Grubb & Elliw would state for the record what insiders have confirme -- that it was indeed CB Richard Elliw who had the firm in its acquisition John Lewinger, co-owner of the Albuquerque Grubb & Ellizs office, confirmed that the companuy has made no secre of its interest in a purchase and that it has been in othee talks with at least three potential buyers in the past Sixty-seven percent of the firm is owned by an investment company that has held the investmentg for several years and thoser investors might be interested in a said Lewinger. He added that his business has receivede purchase offers in the past fromnationalo firms.
During all of the receng innuendo about a potential deal with twonational firms, which he didn't want to called him. "They thought we mightg be interested in an associationh with them if the merger took Lewinger said. He admits that there are a numbed of nationalcompanies he'd consider if he were put in the positionj of having to decide what to do shouls Grubb & Ellis merge with a competito who already had an Albuquerque The national affiliation with Grubb Ellis, said Lewinger, providea his firm with educational networking and access to national Based on market size and the client activity the national affiliation might bring his firm, Lewinger said he pays an annuaol fee to the corporate headquarters for that Nationally, Grubb & Ellis reported a first quarter 2002 net loss of $5.
2 millionj or 35 cents per diluted before non-recurring charges, compare d with a net loss of or 6 cents per diluted common for the same period last year. Barovick said the economic slowdownn continued to impactthe firm'se revenues during the Total revenue for the nine monthws that ended on March 31, were $236.3 million, down about 28 percent from the $330 millio n in revenues for the same time in 2001. Earnings befored interest expense, income taxes, depreciation and amortization (EBITDA) for Q1 2002 showeed a loss of $5.7 millio n before non-recurring charges, versus income of $1.5 million for the firstg quarterof 2001.
Grubbn & Ellis says it has more than 8,000 peoplre in more than 200 officew in30 countries. The local CBRE office is one ofthreew "partner offices" owned by an out of statwe investor who also owns the Fresno, Calif. and Salt Lake City CBRE Formerly a publiclyheld company, CBRE went privatw last summer. CBRE's corporatde parent, , said it generated revenuez totaling $224 million during Q1 2002, an 18 percenft decline from Q1 2001. EBITDA for the quarterf totaled $11.1 million, a 21 percent decrease from results reportefd inQ1 2001. During the first quartef of last year, said the CBRE financial release, the company recorded a $5.
4 million net gain from the sale of amortgages fund. Excluding this one time gain, EBITD A increased "by $2.5 million or 29 percent during the firsty quarter of 2002 as comparedto 2001," according to the company's May 14, 2002 CBRE says it "serves real estate investors and occupiers" through 221 offices in 47 countriea and employs 9,700 worldwide.
Thursday, May 10, 2012
Grand Lacuna golf course hit with foreclosure - South Florida Business Journal:
shemwellmygalej1291.blogspot.com
This marks the second golf coursr in Palm Beach County with a pending foreclosure actionagainsty it. A different lender is suing the 110-acre Emerald Dunes Golf Course in Royal Palm OnMay 29, R.I.-based filed a foreclosure actiohn against and managing member Kenneth W. Brown, accordingg to records. The lawsuit was basedr on a mortgage last modifiedat $2.7 million in 2004 the same year Grand Lacuna Grouo bought the golf course for $3.5 million. An official at the Grand Lacuna golf course said he woul d forward a messageto Brown, who did not immediatelyt return the call. According to county propert y records, Grand Lacuna has 7,320 square feet of facilitiez onthe 115.
4-acre site, at 6400 Grandf Lacuna Blvd., in Lake Worth – near the southwes t corner of Lantana Road and Florida’s Turnpike. The par-71 course was developed in thelate 1980s. Tampa-based attorney Mark J. Wolfson, who represent Textron in the lawsuit, did not immediatelgy return a callseeking comment.
This marks the second golf coursr in Palm Beach County with a pending foreclosure actionagainsty it. A different lender is suing the 110-acre Emerald Dunes Golf Course in Royal Palm OnMay 29, R.I.-based filed a foreclosure actiohn against and managing member Kenneth W. Brown, accordingg to records. The lawsuit was basedr on a mortgage last modifiedat $2.7 million in 2004 the same year Grand Lacuna Grouo bought the golf course for $3.5 million. An official at the Grand Lacuna golf course said he woul d forward a messageto Brown, who did not immediatelyt return the call. According to county propert y records, Grand Lacuna has 7,320 square feet of facilitiez onthe 115.
4-acre site, at 6400 Grandf Lacuna Blvd., in Lake Worth – near the southwes t corner of Lantana Road and Florida’s Turnpike. The par-71 course was developed in thelate 1980s. Tampa-based attorney Mark J. Wolfson, who represent Textron in the lawsuit, did not immediatelgy return a callseeking comment.
Tuesday, May 8, 2012
Telmar expands Plano operations - Dallas Business Journal:
vilyfijohy.wordpress.com
Officials at say the company’s Nortnh Texas head count has growb from 60 to nearly 150 in the past six Employment growth has include a combination ofnew hires, consolidation of employees from otherr Texas facilities and a handful of employees who are movingy from the company’s Calif. location, though that facility will remain Telmar officials say the new jobs in Plano cover a variety of functions and salary such as people working in the company’s technical assistance center and Steve Pickett, Telmar’s president and CEO, also is located in and has been sincr he was hired last Company officials say they will hire in Plano and worldwide as the business grows, but they declinesd to give numbers on how many peoplw will be hired or specify the time frame.
Officials at say the company’s Nortnh Texas head count has growb from 60 to nearly 150 in the past six Employment growth has include a combination ofnew hires, consolidation of employees from otherr Texas facilities and a handful of employees who are movingy from the company’s Calif. location, though that facility will remain Telmar officials say the new jobs in Plano cover a variety of functions and salary such as people working in the company’s technical assistance center and Steve Pickett, Telmar’s president and CEO, also is located in and has been sincr he was hired last Company officials say they will hire in Plano and worldwide as the business grows, but they declinesd to give numbers on how many peoplw will be hired or specify the time frame.
Monday, May 7, 2012
Stadium deal faces injunction attempt - Business First of Columbus:
vidineevostegity.blogspot.com
Grace Solares and Elvis Cruz, who filed suit in February, filedr an emergency motion Monday in an effort to stop the sale of thebondsd altogether. A copy of the temporart injunction motion provided by the plaintiffsd alleges the county is exceeding its constitutional tax and spending powers by issuing bond tied to the professionalsports tax/tourist development tax. As a result of the motion and to avoix a cloud that could affecgt the interest rate on the the county has pushed back the bondsale dates, Miami-Dade spokeswomah Vicki Mallette said. However, the closinhg date for all the bonds remaindJuly 14.
The county had already planned to push back the bond closinh date due to a request chang e on how some financing fees are paidto , whichu has provided the county with a letteer of credit for the project. Wachovia’sd letter of credit is for two yeares atapproximately $100 million. The Wachovia change would require an amendment to the bond ordinance that allowed the county to issue Professional Sports Franchises Tax and Tourist DevelopmenyTax bonds. County commissioners will get a chanc e to consider the change at a special meetinfgon Friday. A public hearing and second reading is scheduled forJune 30.
If countuy commissioners approve theWachovia change, the thred parties would have until mid-July to close on instead of the end of Miami-Dade County and the parties also will be given until July 15, instead of July 1, to pull out of the The change would not impact the projected financing expenditurew the county commission already has according to a statement from County Managere George Burgess. “Our confidence in the project and its underlyingv funding plan hasnot changed,” he said in a statement on Monday. On Friday, Burges also wants to make “minord technical corrections” to the county deed that conveys two parcele to the city of Miami for thestadium garage.
Burgess also is working with Miami to modify the deed on the stadiumn site to reflect the change inthe deal’s new termination date. The city of Miami commissionh will meet Thursday to consider the Wachovia In April, county commissioners approved issuingb bonds totaling a maximum of $536 millionm toward construction of the $640 37,000-seat ballpark.
Grace Solares and Elvis Cruz, who filed suit in February, filedr an emergency motion Monday in an effort to stop the sale of thebondsd altogether. A copy of the temporart injunction motion provided by the plaintiffsd alleges the county is exceeding its constitutional tax and spending powers by issuing bond tied to the professionalsports tax/tourist development tax. As a result of the motion and to avoix a cloud that could affecgt the interest rate on the the county has pushed back the bondsale dates, Miami-Dade spokeswomah Vicki Mallette said. However, the closinhg date for all the bonds remaindJuly 14.
The county had already planned to push back the bond closinh date due to a request chang e on how some financing fees are paidto , whichu has provided the county with a letteer of credit for the project. Wachovia’sd letter of credit is for two yeares atapproximately $100 million. The Wachovia change would require an amendment to the bond ordinance that allowed the county to issue Professional Sports Franchises Tax and Tourist DevelopmenyTax bonds. County commissioners will get a chanc e to consider the change at a special meetinfgon Friday. A public hearing and second reading is scheduled forJune 30.
If countuy commissioners approve theWachovia change, the thred parties would have until mid-July to close on instead of the end of Miami-Dade County and the parties also will be given until July 15, instead of July 1, to pull out of the The change would not impact the projected financing expenditurew the county commission already has according to a statement from County Managere George Burgess. “Our confidence in the project and its underlyingv funding plan hasnot changed,” he said in a statement on Monday. On Friday, Burges also wants to make “minord technical corrections” to the county deed that conveys two parcele to the city of Miami for thestadium garage.
Burgess also is working with Miami to modify the deed on the stadiumn site to reflect the change inthe deal’s new termination date. The city of Miami commissionh will meet Thursday to consider the Wachovia In April, county commissioners approved issuingb bonds totaling a maximum of $536 millionm toward construction of the $640 37,000-seat ballpark.
Saturday, May 5, 2012
Complex Problems Have Complex Solutions - Huffington Post (blog)
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Complex Problems Have Complex Solutions Huffington Post (blog) The world is a complex place, facing complex problems that have complex solutions, and we need to make complex decisions everyday. Living in a complex world, requires that inhabitants act as global citizens, and responsible citizenry requires ... |
Thursday, May 3, 2012
International Marketing Expert, Nitin Chhoda's Instant Dental Newsletter Now ... - Albany Times Union
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International Marketing Expert, Nitin Chhoda's Instant Dental Newsletter Now ... Albany Times Union Instant Dental Newsletter is a content-rich marketing solution that boosts internal referrals from patients by providing dental practices with a very content rich dental newsletter that is s specifically engineered to promote internal referrals. |
Tuesday, May 1, 2012
Video gaming market adds CDC Games - Atlanta Business Chronicle:
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CDC Games is looking to become a majorf international publisher of multiplayer onlinevideo games. In the company, which has more than 100 millio playersin China, is planning to invest up to $100 millionh in video game development here and abroad. Heading up the new CDC Gamess USA is former software architect Ron He says the company is hiring 40 or so game developerw and project managers and hopes to partnet withthe state's universities to hire part-time studentf talent.
In deciding to open a headquartersin Atlanta, Williamss says, the company concludede that the city had "the righty mix of talent and cost of In addition, Atlanta is already a hub for CDC parent company, (Nasdaq: CHINA), a business softwarw developer with 2,500 employees worldwide. Eventually, William says, CDC Games will get into direct publishinyhere -- producing its own games. But for the time the company will license other studio's games, helping to launch and market titles Within a month, CDC Games will release the multiplayee online fantasy game "Battle of in the United States and is working on another titl for release by the end of the year.
The plan callz for six releases in the United Stateas by the endof 2008. As for investments, the companyy has already taken minority interests in two the Chinese-based "Yulgang" and Australian-based "Fury." Williams expects more to CDC Games also is localizingt games, changing language, for example, to suit culturapl differences. Plus, certain game-play nuances are oftem needed. In addition, the company had to recentlhy remove blood splatterings from a violent videok game so it could be releasesin China. The government there has strict laws governinhmedia content. The company publishes "The Lord of the Rings Online" and "EVdE Online" in China.
"EVE Online," produced by Iceland-based CCP hf, which also has its American headquarterxsin Atlanta, is a science fictiobn multiplayer online game with more than 190,000 global players. CDC Games helpedf pioneer the "free to play" model in Asia that has gamerse playing for free but payin for virtual items suchas weapons. Over Valentine'zs Day, CDC Games' Yulgang sold hundreds of thousands of virtuall wedding dresses to gamers for a fewcentes each. The online game, which encouragesz cooperation and teamworkbetween players, has seen tremendous success sincr launching in 2005 and now has 42 million users in Asia.
While still in its infanc in theUnited States, Williams predicts the free-to-play model will somedah be mainstream here. "In Southeast Asia, it's incredibly popular," Williams said. "They're years ahead of us. But we thinko the U.S. is heading into that spacre pretty rapidly." Although data isn't availabls on free to play, online gaming as a whol e is on firein China. Market researchg firm IDC says online game subscriptions in the country will increasefrom $673 million in 2006 to $2.1 billion in 2010. There are some companies in the U.S. free-to-play including Atlanta-based The Virtual World of Kanevazat .
The company, formed last year by technolog entrepreneurChristopher Klaus, is less of a game and more of a socialo experience like virtual world Second Life. Kaneva, which went into open beta testinfin March, plans on charging for itemd such as apartment upgrades. In addition, Finland-based , which operatew the virtual world for teensat , has already been successfupl here. Sulake is expectedd to post $75 million in real money in 2007 from sellinhgvirtual goods, according to published reports.
Ian Bogost, a professorf of digital media at Georgia Tech and CEOof , an onlinw game focusing on social and politicaol issues, says the cultures in China and particularlh in South Korea -- perhapd the hottest game market in the world -- are drivingh big growth in the online game While the average casual gamer in the United States primarilt plays console games, Asians have adoptedr Internet gaming as a social experience, he says. It'z somewhat akin to the "arcade of the late 1970s and earlh 1980s, Bogost says, when American youthg would socialize in videogame parlors. Since the introduction of game consolex such as andSony PlayStation, that has virtually disappeared here.
In Korea, onlinew gaming is so popular that top gamers are consideredcelebrities there. Korean youthh even go on videogame dates. "If the averagde North American describes avideo game, they talk aboutt the thing you connect to the TV rathed than a network PC game with thousands of people interacting," Bogost said. "In China or it's the opposite." As for the free-to-playy market, Bogost predicts Americans willcatcgh on. Albeit slowly. "Americans seem ready to spendx small amounts of money forvirtual gimmickry," he "But it's not yet a mainstream ideal.
" A look at CDC Gamezs USA: One of the biggest publishers of onlined games there, with more than 100 million players Introducing Asian online games in United Statesw and U.S. games into Asia CDC Games, staff research
CDC Games is looking to become a majorf international publisher of multiplayer onlinevideo games. In the company, which has more than 100 millio playersin China, is planning to invest up to $100 millionh in video game development here and abroad. Heading up the new CDC Gamess USA is former software architect Ron He says the company is hiring 40 or so game developerw and project managers and hopes to partnet withthe state's universities to hire part-time studentf talent.
In deciding to open a headquartersin Atlanta, Williamss says, the company concludede that the city had "the righty mix of talent and cost of In addition, Atlanta is already a hub for CDC parent company, (Nasdaq: CHINA), a business softwarw developer with 2,500 employees worldwide. Eventually, William says, CDC Games will get into direct publishinyhere -- producing its own games. But for the time the company will license other studio's games, helping to launch and market titles Within a month, CDC Games will release the multiplayee online fantasy game "Battle of in the United States and is working on another titl for release by the end of the year.
The plan callz for six releases in the United Stateas by the endof 2008. As for investments, the companyy has already taken minority interests in two the Chinese-based "Yulgang" and Australian-based "Fury." Williams expects more to CDC Games also is localizingt games, changing language, for example, to suit culturapl differences. Plus, certain game-play nuances are oftem needed. In addition, the company had to recentlhy remove blood splatterings from a violent videok game so it could be releasesin China. The government there has strict laws governinhmedia content. The company publishes "The Lord of the Rings Online" and "EVdE Online" in China.
"EVE Online," produced by Iceland-based CCP hf, which also has its American headquarterxsin Atlanta, is a science fictiobn multiplayer online game with more than 190,000 global players. CDC Games helpedf pioneer the "free to play" model in Asia that has gamerse playing for free but payin for virtual items suchas weapons. Over Valentine'zs Day, CDC Games' Yulgang sold hundreds of thousands of virtuall wedding dresses to gamers for a fewcentes each. The online game, which encouragesz cooperation and teamworkbetween players, has seen tremendous success sincr launching in 2005 and now has 42 million users in Asia.
While still in its infanc in theUnited States, Williams predicts the free-to-play model will somedah be mainstream here. "In Southeast Asia, it's incredibly popular," Williams said. "They're years ahead of us. But we thinko the U.S. is heading into that spacre pretty rapidly." Although data isn't availabls on free to play, online gaming as a whol e is on firein China. Market researchg firm IDC says online game subscriptions in the country will increasefrom $673 million in 2006 to $2.1 billion in 2010. There are some companies in the U.S. free-to-play including Atlanta-based The Virtual World of Kanevazat .
The company, formed last year by technolog entrepreneurChristopher Klaus, is less of a game and more of a socialo experience like virtual world Second Life. Kaneva, which went into open beta testinfin March, plans on charging for itemd such as apartment upgrades. In addition, Finland-based , which operatew the virtual world for teensat , has already been successfupl here. Sulake is expectedd to post $75 million in real money in 2007 from sellinhgvirtual goods, according to published reports.
Ian Bogost, a professorf of digital media at Georgia Tech and CEOof , an onlinw game focusing on social and politicaol issues, says the cultures in China and particularlh in South Korea -- perhapd the hottest game market in the world -- are drivingh big growth in the online game While the average casual gamer in the United States primarilt plays console games, Asians have adoptedr Internet gaming as a social experience, he says. It'z somewhat akin to the "arcade of the late 1970s and earlh 1980s, Bogost says, when American youthg would socialize in videogame parlors. Since the introduction of game consolex such as andSony PlayStation, that has virtually disappeared here.
In Korea, onlinew gaming is so popular that top gamers are consideredcelebrities there. Korean youthh even go on videogame dates. "If the averagde North American describes avideo game, they talk aboutt the thing you connect to the TV rathed than a network PC game with thousands of people interacting," Bogost said. "In China or it's the opposite." As for the free-to-playy market, Bogost predicts Americans willcatcgh on. Albeit slowly. "Americans seem ready to spendx small amounts of money forvirtual gimmickry," he "But it's not yet a mainstream ideal.
" A look at CDC Gamezs USA: One of the biggest publishers of onlined games there, with more than 100 million players Introducing Asian online games in United Statesw and U.S. games into Asia CDC Games, staff research
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