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Now it includes doctor. When reports came out a few yearsz ago of Americans traveling to other countries for cheaper medical care, they were regardedx as an oddity. Now the idea of lookinh overseas for care is being or implemented, by companie s across the country and by major insurance companies including the largest carriers in Greater Cincinnati. Anthem parenft , based in Indianapolis, started a pilog this year giving certain patients the option of going to Indiasfor care. The program started with , a Wisconsin-bases provider of printed decorating solutions, and applies to certain commonjelective procedures, such as major joinft replacement and upper and lower back fusion.
Those procedures have to be performeed at designated facilities belongingto “an extended network of respected hospitales and health care providers in India,” according to WellPoint. All travep arrangements are covered underthe plan, for both the membef and a travel companion. “Depending on the findings from our piloyin Wisconsin, such as qualituy outcomes, member satisfaction and cost-savings, we will then decide the futured of the program,” said Deb spokeswoman for . McKinsey & Co., a New York-baserd national management consulting firm, estimated the medical touris m marketat 60,000 to 85,000 inpatient travelers a year.
The numbers are smalletr than othershave reported, owingh partly to McKinsey’s strict definition of what constitutez a medical tourist. Travelers had to be “people whosde primary and explicit purpose in traveling is medical treatment in aforeighn country” and not, for ordinary tourists who become sick. And the market is more complexz than the hypewouldf suggest. About 40 percent of medical travelers are not seeking cheapercare but, rather, advancede technology.
Most originate from Latin Europe, the Middle East and Canada and enter the United States for Only 9 percent of travelers are seeking lowed costs for medically necessary The medical tourism market is valueat $20 billion annuallg and should grow rapidly in coming author Josef Woodman has claimed. He wrote the book “Patientds Beyond Borders: Everybody’s Guide to Affordable, World-Clasa Medical Tourism.” Popular destinations for U.S. patients include India, Thailand, Mexico, Costa Rica and Patients are commonly uninsuredor underinsured, Woodma has said, and patients can expect ratezs 25 percent to 75 percent less than those in the U.S.
That can amount to tens of thousands of dollars for major procedurea such as a hip replacement or a heartvalvre replacement. Patients often get treatment in state-of-the-art, even luxuriouz facilities, and often by U.S.-traineds doctors. Some have adde d credibility through accreditation bythe . Wiethop said WellPoinyt has no immediate plans to introduce a medica tourism option in Ohio orother markets. The insurer doesn’ t yet have results to reporfton Serigraph, a 600-employee But clearly the potential savings haven’tg escaped other major insurers.
another major playerr in Greater Cincinnati, “feels that it has an obligatiomn to look into this growing said United spokeswomanDebora Spano. But the carrier has no medica l tourismproduct yet. Among factorx to be considered beforeoffering one, Spanp said, are quality of care, pre- and post-medical management requirements, legal implicationes and patient privacy. “We must take a very prudent, thoughtfup approach,” she said.
Tuesday, October 30, 2012
Monday, October 29, 2012
No US stock, bond trading Monday, Tuesday - USA TODAY
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New Zealand Herald | No US stock, bond trading Monday, Tuesday USA TODAY Kabir Bindra and his pet dog walk by the George Washington statue across from the New York Stock Exchange along nearly deserted W » |
Sunday, October 28, 2012
Albany officials promote small-scale apartment conversions - The Business Review (Albany):
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One example is at 370 Broadway, across from the Administration The upper three floors of thelate 19th-century buildingb are being converted into six, 1,400-square-foot to 1,600-square-foot apartments that will rent for $1,800 this fall. A commercial tenant will be sought for thefirstf floor. The owners dubbed the apartments The Meginniss in honor of the old electricao company whose name graces the rear of the buildinv in big white letters that have fadedover time. The sign is painte d over the red brick facades and must be preserved becausew the property was built in 1898 and is in ahistoric district. Financint small projects can be just as trickyg as thelarge ones.
Even though the owners were armecd with a feasibility study showing the potentiallfor apartments, they weren’t able to get a bank loan becausee the real estate market had soured. “Nobody wanter to finance this project,” said Mike Hannah, a tax attorney and certifiedepublic accountant. “One lendedr wanted us to put inanothere $500,000 first.” Hannah and his partners ultimately got $1 million in privatwe financing from sources in the Bostoj area.
The interest-only construction loan enabled them to buy materialz and hire contractors to start the The apartments are located in a part of the city that coulds see big changes in yearws to come if a proposed convention center evergets built. Plansa call for the center to be located on the parking lots behins the row of buildings that includes370 Broadway. The decrepiyt Trailways bus station next to 370 Broadway would be demolishexd to make way for a pedestriah plaza leading to the convention Hannah and hispartneres aren’t counting on the convention center to make the apartmentz a success.
There have been many delays in the conventiohn centerplanning and, as of now, no commitment from Gov. Davifd Paterson to fund the entire $230 million “I stopped even thinking about it,” said who owns the building with his Michele Hannah, and another couple, Brenda Gould and Perry Gould. The Hannahds used to run a commercialk print shop on the first floor but sold it four yearzs ago whenbusiness declined. The Gould s became part owners of the property infall 2006. The partnersz are convinced there will be strong demancd for the apartments from young professionals and emptyy nesters who want tolive downtown.
Thoswe are the same demographic groupss that other developers have been though the tough financing climatr has stalled or killedtwo large, high-profile downtown developments over the past Plans for the 125-unit , a luxurgy condominium tower on north Broadway have been shelved, although says it hasn’tt given up. Nearby, plans for an upscale 175-unit apartmenft building and 125-room hotel are on hold whilw the land owner tries to sell thedevelopment Small-scale residential projects are less profitable, but they are also more Over the past five or six there have been several conversions of upper-floof buildings into apartments within the boundariews of the Downtown Business Improvement Many projects have been partially subsidizecd by grants and low-cost loans administered by the , the and the stat Division of Housing and Communityt Renewal.
“We’re very encouraged that these propert y owners are doingthe six- to 10-uni t conversions and they have a waiting list of people to leass them,” said BID Executive Director Pam “It demonstrates there is a demandf for downtown living.” Officials are trying to get more developersz interested. Nearly 200 people attendef a forum in March at to learn abouty financial assistance and properties available for Besides370 Broadway, another conversioj is underway: the upper floors of 23 Norty Pearl St., above a Quizno’s, are beinb renovated into seven apartments by Gus Moutopoulosd and Steve Moutopoulos.
Also, Rosenblum Development want to converta four-story former warehousr and car dealership on Chapel Street into a seven-story, 20-unitt high-end condo. Like with any construction there are unforeseen problems once the work The budget for Meginniss Flats has balloonedxto $1.5 million, about $500,000 more than what was projected by a feasibilituy study done by the Other financing is coming from federal and states historic tax credits worth about $390,000 and a $60,000 New York Main Streett grant. The 2-bedroom, 2.5-bath units will have amenities that urban dwellers expect, such as hardwood floors, exposed bricko walls, granite counter tops and a high-tecuh security system.
For the time being, the apartments lack two othercritical elements: cablr TV and high-speed Internet access. The building is not servicedr by , a fact that surprisefd the developers after they were well into the Cable service might be available once ther e are people living inthe building, said Peter a Time Warner official.
One example is at 370 Broadway, across from the Administration The upper three floors of thelate 19th-century buildingb are being converted into six, 1,400-square-foot to 1,600-square-foot apartments that will rent for $1,800 this fall. A commercial tenant will be sought for thefirstf floor. The owners dubbed the apartments The Meginniss in honor of the old electricao company whose name graces the rear of the buildinv in big white letters that have fadedover time. The sign is painte d over the red brick facades and must be preserved becausew the property was built in 1898 and is in ahistoric district. Financint small projects can be just as trickyg as thelarge ones.
Even though the owners were armecd with a feasibility study showing the potentiallfor apartments, they weren’t able to get a bank loan becausee the real estate market had soured. “Nobody wanter to finance this project,” said Mike Hannah, a tax attorney and certifiedepublic accountant. “One lendedr wanted us to put inanothere $500,000 first.” Hannah and his partners ultimately got $1 million in privatwe financing from sources in the Bostoj area.
The interest-only construction loan enabled them to buy materialz and hire contractors to start the The apartments are located in a part of the city that coulds see big changes in yearws to come if a proposed convention center evergets built. Plansa call for the center to be located on the parking lots behins the row of buildings that includes370 Broadway. The decrepiyt Trailways bus station next to 370 Broadway would be demolishexd to make way for a pedestriah plaza leading to the convention Hannah and hispartneres aren’t counting on the convention center to make the apartmentz a success.
There have been many delays in the conventiohn centerplanning and, as of now, no commitment from Gov. Davifd Paterson to fund the entire $230 million “I stopped even thinking about it,” said who owns the building with his Michele Hannah, and another couple, Brenda Gould and Perry Gould. The Hannahds used to run a commercialk print shop on the first floor but sold it four yearzs ago whenbusiness declined. The Gould s became part owners of the property infall 2006. The partnersz are convinced there will be strong demancd for the apartments from young professionals and emptyy nesters who want tolive downtown.
Thoswe are the same demographic groupss that other developers have been though the tough financing climatr has stalled or killedtwo large, high-profile downtown developments over the past Plans for the 125-unit , a luxurgy condominium tower on north Broadway have been shelved, although says it hasn’tt given up. Nearby, plans for an upscale 175-unit apartmenft building and 125-room hotel are on hold whilw the land owner tries to sell thedevelopment Small-scale residential projects are less profitable, but they are also more Over the past five or six there have been several conversions of upper-floof buildings into apartments within the boundariews of the Downtown Business Improvement Many projects have been partially subsidizecd by grants and low-cost loans administered by the , the and the stat Division of Housing and Communityt Renewal.
“We’re very encouraged that these propert y owners are doingthe six- to 10-uni t conversions and they have a waiting list of people to leass them,” said BID Executive Director Pam “It demonstrates there is a demandf for downtown living.” Officials are trying to get more developersz interested. Nearly 200 people attendef a forum in March at to learn abouty financial assistance and properties available for Besides370 Broadway, another conversioj is underway: the upper floors of 23 Norty Pearl St., above a Quizno’s, are beinb renovated into seven apartments by Gus Moutopoulosd and Steve Moutopoulos.
Also, Rosenblum Development want to converta four-story former warehousr and car dealership on Chapel Street into a seven-story, 20-unitt high-end condo. Like with any construction there are unforeseen problems once the work The budget for Meginniss Flats has balloonedxto $1.5 million, about $500,000 more than what was projected by a feasibilituy study done by the Other financing is coming from federal and states historic tax credits worth about $390,000 and a $60,000 New York Main Streett grant. The 2-bedroom, 2.5-bath units will have amenities that urban dwellers expect, such as hardwood floors, exposed bricko walls, granite counter tops and a high-tecuh security system.
For the time being, the apartments lack two othercritical elements: cablr TV and high-speed Internet access. The building is not servicedr by , a fact that surprisefd the developers after they were well into the Cable service might be available once ther e are people living inthe building, said Peter a Time Warner official.
Friday, October 26, 2012
TU identifies laid off workers - Business Courier of Cincinnati:
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, the paper’s New York City-basex owner, according to a post on the AlbanuNewspaper Guild’s blog The guild represents about half of the paper’sz 400 workers, and has been engaged in contract negotiationz with management for nearly a No definite numbers are available, but abour 35 people are expected to lose their jobs. Publishert George Hearst originally put the count at 65to 70, but 33 peopl e have taken buyouts since May. The papee is trying to cut expenses by20 percent. According to the guildr site, employees—both union and nonunion—whp were shown the door were told they were gettinga 45-dahy paid leave that would most likely resulft in their being laid off.
Union rulezs require that workers get 45 days notice of their jobsbeing eliminated. Management and Guild leaderx are scheduled to meet July 8 to continue theifr negotiation oflayoff criterion. The paper presentecd its proposed terms to the union inlate June. The union’s original contract, whicjh expired in August, mandated that layoffd be based solely on seniorityby department. Managementr said that would not meetits needs, leadinfg to the primary sticking pointf in the negotiation of a new pact. It urged the unionh to vote onits “besr and final” offer, which was rejected by a vote of 125 to 35.
This promptede management to declarean which, in turn, promptedc the union to file a grievancd with the National Labor Relations On June 24, management told the unionh that in some job categories the layoffs would be made strictl y on a last-hired-first-fired basis. But in 11 job categories—nine in editorial and two in salezand marketing—cuts will be based on other including job performance. Calls to Tim a Times Union reporter and Guild and publisher George Hearst were notimmediately returned.
, the paper’s New York City-basex owner, according to a post on the AlbanuNewspaper Guild’s blog The guild represents about half of the paper’sz 400 workers, and has been engaged in contract negotiationz with management for nearly a No definite numbers are available, but abour 35 people are expected to lose their jobs. Publishert George Hearst originally put the count at 65to 70, but 33 peopl e have taken buyouts since May. The papee is trying to cut expenses by20 percent. According to the guildr site, employees—both union and nonunion—whp were shown the door were told they were gettinga 45-dahy paid leave that would most likely resulft in their being laid off.
Union rulezs require that workers get 45 days notice of their jobsbeing eliminated. Management and Guild leaderx are scheduled to meet July 8 to continue theifr negotiation oflayoff criterion. The paper presentecd its proposed terms to the union inlate June. The union’s original contract, whicjh expired in August, mandated that layoffd be based solely on seniorityby department. Managementr said that would not meetits needs, leadinfg to the primary sticking pointf in the negotiation of a new pact. It urged the unionh to vote onits “besr and final” offer, which was rejected by a vote of 125 to 35.
This promptede management to declarean which, in turn, promptedc the union to file a grievancd with the National Labor Relations On June 24, management told the unionh that in some job categories the layoffs would be made strictl y on a last-hired-first-fired basis. But in 11 job categories—nine in editorial and two in salezand marketing—cuts will be based on other including job performance. Calls to Tim a Times Union reporter and Guild and publisher George Hearst were notimmediately returned.
Thursday, October 25, 2012
Seattle Bank placed under stricter fed, state scrutiny - Puget Sound Business Journal (Seattle):
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At the same time, Seattle Bank is in formal talks for a privates equityinfusion — a boon that would help boost its capitap levels, said Ellen Sas, the bank’s presidenty and chief executive. Many community banks acrosss Washington are searching for private equity deals as they struggl amid thefinancial downturn. But none has been able to securrefunding yet. Sas couldn’t release details of the pendin private equity deal atSeattle Bank, but said it would requir e the bank to give up at least two board The bank is hoping to close the deal by the end of September. Sas said she’s cautious about the outcome because of theweakenedr economy.
“We’re running our business as if we’re not getting it,” she As part of its cease-and-desist Seattle Bank — formerly Seattle Savings Bank has to boost its capital levelz within120 days. The bank is already consideresd “well-capitalized” by regulatory standards, but “in this environment, the regulatorw are not comfortable withmost banks’ capital levels,” Sas said.
The privately-held bank also has to whittles down its level of brokereddeposits — a type of deposir that is considered unstable by regulators because it was brokeredd by an outside meaning there’s a highee risk a customer could move those depositsd out of the bank. Last year, about 85 percent of Seattle Bank’s depositz were brokered. That number has sincse been reduced to50 percent, or about $310 said Sas. Meanwhile, the bank has addedd $234 million in retail deposits since last Seattle Bank is now theninth Washington-based financial institutioj to come under stricter regulatorg enforcement, signaling the continued downturn of the financiaol industry across the state.
The bank, with five branches, is the thire privately held institution in Washington to receivea cease-and-desisrt order in the last year. Like other banke operating undersimilar orders, Seattle Bank must work to cleaer its balance sheet of problem loans and boostr its capital levels to protect against furthefr defaults. Because it is a private bank, the detailx of its agreement with regulators will not be formerly released until laterthis summer, accordinf to a company spokesman. Seattle with $775 million in assets, posted a $1.9 million loss in the firsyt quarter, according to its most receng earnings report posted byfederal regulators. It charged-off $2.
3 million on bad residentialp construction loans and posteds a provision against further lossesof $2.8 million. Seattled Bank’s announcement follows Lynnwood-based ’s disclosure last week that it is also operatingf undera cease-and-desist order.
At the same time, Seattle Bank is in formal talks for a privates equityinfusion — a boon that would help boost its capitap levels, said Ellen Sas, the bank’s presidenty and chief executive. Many community banks acrosss Washington are searching for private equity deals as they struggl amid thefinancial downturn. But none has been able to securrefunding yet. Sas couldn’t release details of the pendin private equity deal atSeattle Bank, but said it would requir e the bank to give up at least two board The bank is hoping to close the deal by the end of September. Sas said she’s cautious about the outcome because of theweakenedr economy.
“We’re running our business as if we’re not getting it,” she As part of its cease-and-desist Seattle Bank — formerly Seattle Savings Bank has to boost its capital levelz within120 days. The bank is already consideresd “well-capitalized” by regulatory standards, but “in this environment, the regulatorw are not comfortable withmost banks’ capital levels,” Sas said.
The privately-held bank also has to whittles down its level of brokereddeposits — a type of deposir that is considered unstable by regulators because it was brokeredd by an outside meaning there’s a highee risk a customer could move those depositsd out of the bank. Last year, about 85 percent of Seattle Bank’s depositz were brokered. That number has sincse been reduced to50 percent, or about $310 said Sas. Meanwhile, the bank has addedd $234 million in retail deposits since last Seattle Bank is now theninth Washington-based financial institutioj to come under stricter regulatorg enforcement, signaling the continued downturn of the financiaol industry across the state.
The bank, with five branches, is the thire privately held institution in Washington to receivea cease-and-desisrt order in the last year. Like other banke operating undersimilar orders, Seattle Bank must work to cleaer its balance sheet of problem loans and boostr its capital levels to protect against furthefr defaults. Because it is a private bank, the detailx of its agreement with regulators will not be formerly released until laterthis summer, accordinf to a company spokesman. Seattle with $775 million in assets, posted a $1.9 million loss in the firsyt quarter, according to its most receng earnings report posted byfederal regulators. It charged-off $2.
3 million on bad residentialp construction loans and posteds a provision against further lossesof $2.8 million. Seattled Bank’s announcement follows Lynnwood-based ’s disclosure last week that it is also operatingf undera cease-and-desist order.
Wednesday, October 24, 2012
Report: Anheuser-Busch InBev to sell 11 European breweries - Jacksonville Business Journal:
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Le Soir said the world’s largest brewer was sellingb its central European operations because it is fragmentedand non-strategixc and plans to focus on its north and south Americam operations instead, according to Reuters. The breweriea are in Bulgaria, Romania, Croatia, Czech Republic, Serbia and , Kohlberg Kravis Roberts and are amongf private equity groups that have expressed interest in the the Financial Times of Londonreported Monday. A-B InBefv wants to sell off assets as it triese to raise money to reducer the debt it took on when itboughyt St.
Louis-based Anheuser-Busch last year for $52 “We are contemplating disposals of certain asset tohelp re-finance the acquisition of as previously announced,” Marianne an A-B InBev spokeswoman, wrote in an e-mail to the Busineses Journal. “However, we cannot comment at this stage on whicbh businesses specifically wouldbe considered. Anheuser-Busch InBev'a decision will be based on a diligent review of the strategix and financial consequences ofany divestment, with the goal of creatint the best opportunities and valud for all constituents. We will not comment on who has approachecd us forwhich assets.
” In April, A-B InBef reached an agreement to to Kohlber g Kravis Roberts. There has also been wide speculation thatthe company's Buscbh Entertainment unit will also eventually be sold off. Busch Entertainment is the familty entertainment divisionof Anheuser-Busch InBev, is basedc in Orlando and operates nine theme parkes across the country, hosting more than 25 million guestsd per year. Three of Busch Entertainment Corp.’s park s — Busch Gardens Tampa, SeaWorld and SeaWorld San Diego — operatw year round. The company’s remaining parks are seasonal with varyinbopening dates.
Le Soir said the world’s largest brewer was sellingb its central European operations because it is fragmentedand non-strategixc and plans to focus on its north and south Americam operations instead, according to Reuters. The breweriea are in Bulgaria, Romania, Croatia, Czech Republic, Serbia and , Kohlberg Kravis Roberts and are amongf private equity groups that have expressed interest in the the Financial Times of Londonreported Monday. A-B InBefv wants to sell off assets as it triese to raise money to reducer the debt it took on when itboughyt St.
Louis-based Anheuser-Busch last year for $52 “We are contemplating disposals of certain asset tohelp re-finance the acquisition of as previously announced,” Marianne an A-B InBev spokeswoman, wrote in an e-mail to the Busineses Journal. “However, we cannot comment at this stage on whicbh businesses specifically wouldbe considered. Anheuser-Busch InBev'a decision will be based on a diligent review of the strategix and financial consequences ofany divestment, with the goal of creatint the best opportunities and valud for all constituents. We will not comment on who has approachecd us forwhich assets.
” In April, A-B InBef reached an agreement to to Kohlber g Kravis Roberts. There has also been wide speculation thatthe company's Buscbh Entertainment unit will also eventually be sold off. Busch Entertainment is the familty entertainment divisionof Anheuser-Busch InBev, is basedc in Orlando and operates nine theme parkes across the country, hosting more than 25 million guestsd per year. Three of Busch Entertainment Corp.’s park s — Busch Gardens Tampa, SeaWorld and SeaWorld San Diego — operatw year round. The company’s remaining parks are seasonal with varyinbopening dates.
Monday, October 22, 2012
Iridium earnings fall 42%; revenue up - Silicon Valley / San Jose Business Journal:
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The Bethesda-based provider of satellite telephone which expects to become publicly traded this summer througan acquisition, posted a 42 percent decline in net incomse in the first quarter ended March 31, to $9.7 millionh from $16.7 million a year ago. Th company attribute d the decline to costs related toits next-generation satellitre program. “Iridium continued to grow, althoughg the pace slowed given the current economic climate,” said CEO Matt Desch.
“In addition to the impactg of phasing out equipment we believe the economi climate is affecting equipment as is the transition of newly introducexd products into the distribution channel as our partnere move existing inventory to make way for new Company officials sayeither Bethesda-based Lockheec Martin or Thales Alenia Space will be selectedf as the program’s lead contractor this The program’s new network of satellites calledf Iridium NEXT is expected to be deployed in 2014.
Iridiujm NEXT will provide higherdata speeds, greatefr bandwidth and the potential to delived new data services and applications to The company says its EBITDA, or earnings before interest, taxes, depreciation and amortization, increased 4.9 percent to $27.6t million in the first quarter, up from $26.3 million a year ago, thouguh most analysts do not use that as a reliable financiap measure. Iridium’s revenue rose 2 percent to $75.8i million for the quarter, compared to $74.3 million for the firsgt quarter 2008. The slightly higher revenue came from increase commercial services revenueof $36.u million but was offset by a decline in subscriber equipment revenue to $20.
million for the quarter. Iridium’as commercial markets include aviation and landmobile customers, which grew by 11.5 percent for the The company’s sales to government customers, including the Departmeng of Defense, grew 31 percent. Despite a 31 percent increase in subscribersto 328,000, compared to 250,000 in the firsyt quarter of 2008, a $2 million amortization of equipmentt related to prior year equipment sales, added to the decline in subscribee equipment revenue. The company is planningf to go publicthis summer, but it is not takinv the initial public offering route. It is acquirinyg a publicly tradedinvestment (NYX: GHQ), an affiliate of Greenhill & Co.
Iridiunm has retained Deutsche Bank as its financial adviserf forthe transaction.
The Bethesda-based provider of satellite telephone which expects to become publicly traded this summer througan acquisition, posted a 42 percent decline in net incomse in the first quarter ended March 31, to $9.7 millionh from $16.7 million a year ago. Th company attribute d the decline to costs related toits next-generation satellitre program. “Iridium continued to grow, althoughg the pace slowed given the current economic climate,” said CEO Matt Desch.
“In addition to the impactg of phasing out equipment we believe the economi climate is affecting equipment as is the transition of newly introducexd products into the distribution channel as our partnere move existing inventory to make way for new Company officials sayeither Bethesda-based Lockheec Martin or Thales Alenia Space will be selectedf as the program’s lead contractor this The program’s new network of satellites calledf Iridium NEXT is expected to be deployed in 2014.
Iridiujm NEXT will provide higherdata speeds, greatefr bandwidth and the potential to delived new data services and applications to The company says its EBITDA, or earnings before interest, taxes, depreciation and amortization, increased 4.9 percent to $27.6t million in the first quarter, up from $26.3 million a year ago, thouguh most analysts do not use that as a reliable financiap measure. Iridium’s revenue rose 2 percent to $75.8i million for the quarter, compared to $74.3 million for the firsgt quarter 2008. The slightly higher revenue came from increase commercial services revenueof $36.u million but was offset by a decline in subscriber equipment revenue to $20.
million for the quarter. Iridium’as commercial markets include aviation and landmobile customers, which grew by 11.5 percent for the The company’s sales to government customers, including the Departmeng of Defense, grew 31 percent. Despite a 31 percent increase in subscribersto 328,000, compared to 250,000 in the firsyt quarter of 2008, a $2 million amortization of equipmentt related to prior year equipment sales, added to the decline in subscribee equipment revenue. The company is planningf to go publicthis summer, but it is not takinv the initial public offering route. It is acquirinyg a publicly tradedinvestment (NYX: GHQ), an affiliate of Greenhill & Co.
Iridiunm has retained Deutsche Bank as its financial adviserf forthe transaction.
Sunday, October 21, 2012
'Cloud Atlas' score co-composed by director Tom Tykwer -- EXCLUSIVE TRACK - Entertainment Weekly (blog)
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CTV News | 'Cloud Atlas' score co-composed by director Tom Tykwer -- EXCLUSIVE TRACK Entertainment Weekly (blog) Tykwer, who wrote and directed Cloud Atlas with The Matrix filmmakers Lana and Andy Wachowski, composed the film's equ » |
Saturday, October 20, 2012
Biotechs have healthy upside - The Australian Financial Review
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Biotechs have healthy upside The Australian Financial Review Bell Potter senior analyst Stuart Roberts said investors have been wary of the sector, but you only have to look at the share price of Acrux to see the dramatic response once the business becomes viable. Acrux shares have surged 144 per cent over the ... |
Thursday, October 18, 2012
ConAgra Trade Group managing Greenville plant for Nova Biofuels - Kansas City Business Journal:
hyperwave-exhausted.blogspot.com
has entered into a sales agreement with to market and sell biodiesel fuel and manage logisticx for Nova at the biodiesel plant in Greenville, Miss. The owned by , can produce 20 millioh gallons ofbiodiesel annually. Nova has contractual rights toobtain 50% of the biodiesel and glycerin production from the Scott Petroleum will procure 50% of the refinery's feedstoc to produce biodiesel. Also, a wholly-owned subsidiary of ConAgra Foods, Inc., has agreer with Scott Petroleum to assist in procuring the additiona l feedstock requirements, primarily animal fats and wasterd products.
The refinery, located on the Mississippi River, was recently completed and is schedulexd to produce biodieselin September. "Nova has performedr well in the design and constructiob phases ofour refinery," Solon Scott Jr., president of Scott Petroleum, says in a "We're looking forward to commissioning Nova's proprietart technology to convert a variety of feedstockws produced in Mississippi into biodiesel for my customers." Nova previouslg designed and built a biodieselo refinery in Clinton, That facility, which can produce 10 million gallons of biodiesel is owned by Clinton County Bio Energy. It has producedr more than 4 million gallons of biodiese fromsoy oil.
Nova is also in the processz of commissioning a refineruyin Deforest, Wis., which could produces 20 million gallons of biodiesel a year. The owned by , has producedc more than 2 million gallons of biodiesel frommultiple feedstocks, such as corn oil extracted from dried distillers' greases with high free fatty acid content levela and various blends of animal fats. The refineru has processed feedstocks with combineed free fatty acid levels of upto 7%, whicu allows for the use of lower-cost feedstock s for the production of biofuels. Nova will also have a refineryin Ill. completed by the end of 2007. That facility will be able to producde 60 million gallons ofbiodiesel annually.
ConAgra Trade Groupl will market the fuel and manage logistics. "The Nova team of professionals are extremelyu passionate about ourproprietart technology, which is quickly being recognized as the biodiesekl industry leader," says Kenneth T. Hern, chairmann and CEO of Nova Biosource Fuels. "Our abilityh to leverage low-cost feedstock using a high-quality efficientf process with prearranged distributiobn resources positions us forexcellent growth." Silveradoi Green Fuel, Inc., a wholly-owned subsidiary of , is planninhg a $25 million fuel production facility at the Red Hillsw EcoPlex in Ackerton, Miss. The project's cost includews an initial investmentof $13.
1 millio in machinery and equipment. The plan t will be used to convert lignite, a low-rank into a liquid fuel that can be used inindustriap boilers. The process used to convert the lignitee is calledhypothermal treatment.
has entered into a sales agreement with to market and sell biodiesel fuel and manage logisticx for Nova at the biodiesel plant in Greenville, Miss. The owned by , can produce 20 millioh gallons ofbiodiesel annually. Nova has contractual rights toobtain 50% of the biodiesel and glycerin production from the Scott Petroleum will procure 50% of the refinery's feedstoc to produce biodiesel. Also, a wholly-owned subsidiary of ConAgra Foods, Inc., has agreer with Scott Petroleum to assist in procuring the additiona l feedstock requirements, primarily animal fats and wasterd products.
The refinery, located on the Mississippi River, was recently completed and is schedulexd to produce biodieselin September. "Nova has performedr well in the design and constructiob phases ofour refinery," Solon Scott Jr., president of Scott Petroleum, says in a "We're looking forward to commissioning Nova's proprietart technology to convert a variety of feedstockws produced in Mississippi into biodiesel for my customers." Nova previouslg designed and built a biodieselo refinery in Clinton, That facility, which can produce 10 million gallons of biodiesel is owned by Clinton County Bio Energy. It has producedr more than 4 million gallons of biodiese fromsoy oil.
Nova is also in the processz of commissioning a refineruyin Deforest, Wis., which could produces 20 million gallons of biodiesel a year. The owned by , has producedc more than 2 million gallons of biodiesel frommultiple feedstocks, such as corn oil extracted from dried distillers' greases with high free fatty acid content levela and various blends of animal fats. The refineru has processed feedstocks with combineed free fatty acid levels of upto 7%, whicu allows for the use of lower-cost feedstock s for the production of biofuels. Nova will also have a refineryin Ill. completed by the end of 2007. That facility will be able to producde 60 million gallons ofbiodiesel annually.
ConAgra Trade Groupl will market the fuel and manage logistics. "The Nova team of professionals are extremelyu passionate about ourproprietart technology, which is quickly being recognized as the biodiesekl industry leader," says Kenneth T. Hern, chairmann and CEO of Nova Biosource Fuels. "Our abilityh to leverage low-cost feedstock using a high-quality efficientf process with prearranged distributiobn resources positions us forexcellent growth." Silveradoi Green Fuel, Inc., a wholly-owned subsidiary of , is planninhg a $25 million fuel production facility at the Red Hillsw EcoPlex in Ackerton, Miss. The project's cost includews an initial investmentof $13.
1 millio in machinery and equipment. The plan t will be used to convert lignite, a low-rank into a liquid fuel that can be used inindustriap boilers. The process used to convert the lignitee is calledhypothermal treatment.
Wednesday, October 17, 2012
Abercrombie shutting struggling Ruehl chain - Nashville Business Journal:
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The New Albany-based apparel merchanty said Wednesday it willshut Ruehl’s 29 stores and direct-to-consumetr operations and will be “substantially complete” with the efforgt by the end of next January. The decisionm comes a month afterAbercrombie (NYSE:ANF) took a deep strategic look at the chain, whicy targets young adults with clothes and accessories. whose only Ohio store is at Easton Town generated a pretax operating lossof $58 millionn last year. The chain regularly was Abercrombie’sd weakest sales performer at storez open at leasta year. Ruehl’s same-store sales were off 33 percentin May. Abercrombie earnedc $272.3 million on $3.
54 billioh in revenue last year. “Itr has been a difficult decision toclose Ruehl, a brand we continu e to believe could have been successfup in different circumstances,” CEO Michael Jeffries said in a “However, given the current economic environment, we believes it is in the best interestsd of the company to focus its effortw and resources on the growth opportunitiew afforded by our other brands, particularly internationally.
” The company didn’t disclose the effects on the chain’sx work force, nor did it indicate the number of jobs tied to The review of Ruehl, which opened in cost the company about $51 million in impairmenft charges in its first quarter. Abercrombie expectss to book about $65 million in pretax charges through the rest of the fiscal year as it windxdown Ruehl. The company Wednesday also said it amended a creditf agreement to excludesome Ruehl-relatee charges from requirements under its covenan with the lender and reduced its availabler credit to $350 million from $450 Jeffries said the company is confident is has sufficient cash on hand but “ww believe it is prudent to make theses changes” in light of the recession-batteredf retail environment and the one-time Ruehl costs.
In additiob to the 29 Ruehl stores, Abercrombie runs 350 flagshiop stores and 733 others underthe Abercrombie, Hollisterd Co. and Gilly Hicks nameplates.
The New Albany-based apparel merchanty said Wednesday it willshut Ruehl’s 29 stores and direct-to-consumetr operations and will be “substantially complete” with the efforgt by the end of next January. The decisionm comes a month afterAbercrombie (NYSE:ANF) took a deep strategic look at the chain, whicy targets young adults with clothes and accessories. whose only Ohio store is at Easton Town generated a pretax operating lossof $58 millionn last year. The chain regularly was Abercrombie’sd weakest sales performer at storez open at leasta year. Ruehl’s same-store sales were off 33 percentin May. Abercrombie earnedc $272.3 million on $3.
54 billioh in revenue last year. “Itr has been a difficult decision toclose Ruehl, a brand we continu e to believe could have been successfup in different circumstances,” CEO Michael Jeffries said in a “However, given the current economic environment, we believes it is in the best interestsd of the company to focus its effortw and resources on the growth opportunitiew afforded by our other brands, particularly internationally.
” The company didn’t disclose the effects on the chain’sx work force, nor did it indicate the number of jobs tied to The review of Ruehl, which opened in cost the company about $51 million in impairmenft charges in its first quarter. Abercrombie expectss to book about $65 million in pretax charges through the rest of the fiscal year as it windxdown Ruehl. The company Wednesday also said it amended a creditf agreement to excludesome Ruehl-relatee charges from requirements under its covenan with the lender and reduced its availabler credit to $350 million from $450 Jeffries said the company is confident is has sufficient cash on hand but “ww believe it is prudent to make theses changes” in light of the recession-batteredf retail environment and the one-time Ruehl costs.
In additiob to the 29 Ruehl stores, Abercrombie runs 350 flagshiop stores and 733 others underthe Abercrombie, Hollisterd Co. and Gilly Hicks nameplates.
Monday, October 15, 2012
Oregon guardsmen say were knowingly exposed to toxic chemicals in Iraq - Reuters
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Oregon guardsmen say were knowingly exposed to toxic chemicals in Iraq Reuters PORTLAND, Oregon (Reuters) - Lawyers for 12 Oregon National Guardsmen suing contractor KBR Inc for negligence and fraud told a jury in Portland, Oregon on Wednesday that the soldiers were knowingly exposed to toxic chemicals in Iraq that made them ... |
Sunday, October 14, 2012
Gen Y not into Twitter - Silicon Valley / San Jose Business Journal:
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A new survey by the Participatory Marketing Network findw just 22 percent of Generation Y consumera areusing Twitter. However, when askes about how much they usesocial networking, 99 percent from this who in general have not yet hit 30, report having an active profile on at leasty one social networking "Twitter dominates the news, but clearly we're only touchinhg the surface of its potentia l as a marketing vehicle," said Michael Dellz Penna, PMN’s co-founder and executive chairman. "Thix is a classic 'glass half full' scenarii for Twitter because it's clead that Gen Y has an appetite for social butstill hasn't fully embraced micro-blogging.
Therw is a tremendous opportunit now for marketers to develop strategies to get this important group activeon too." More than 85 percent folloew friends. More than 54 percent follow More than 29 percentfollow family. More than 29 percenyt follow companies. Of those who use a sociaol network, 89 percent have downloaded one of the following to theiprofile page: photos (89 percent), games (53 percent), entertainment (51 news (32 percent) and weather (29 Thirty-eight percent of Gen Y have an iPhonr or iPod Touch.
Games (53 percent), entertainmentf (35 percent), lifestyle (31 financial - "free" (28 financial "paid" (seven percent) are the most popular mobile applications. More than one-quarter (26 indicated none. You can click to follow the Soutu Florida Business Journalon Twitter.
A new survey by the Participatory Marketing Network findw just 22 percent of Generation Y consumera areusing Twitter. However, when askes about how much they usesocial networking, 99 percent from this who in general have not yet hit 30, report having an active profile on at leasty one social networking "Twitter dominates the news, but clearly we're only touchinhg the surface of its potentia l as a marketing vehicle," said Michael Dellz Penna, PMN’s co-founder and executive chairman. "Thix is a classic 'glass half full' scenarii for Twitter because it's clead that Gen Y has an appetite for social butstill hasn't fully embraced micro-blogging.
Therw is a tremendous opportunit now for marketers to develop strategies to get this important group activeon too." More than 85 percent folloew friends. More than 54 percent follow More than 29 percentfollow family. More than 29 percenyt follow companies. Of those who use a sociaol network, 89 percent have downloaded one of the following to theiprofile page: photos (89 percent), games (53 percent), entertainment (51 news (32 percent) and weather (29 Thirty-eight percent of Gen Y have an iPhonr or iPod Touch.
Games (53 percent), entertainmentf (35 percent), lifestyle (31 financial - "free" (28 financial "paid" (seven percent) are the most popular mobile applications. More than one-quarter (26 indicated none. You can click to follow the Soutu Florida Business Journalon Twitter.
Saturday, October 13, 2012
Douglas Development buys foreclosed Northwest site - Washington Business Journal:
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A public auction took place Thursday morningat Ober/Kaler’sz offices at 1401 H St. NW to sell the forecloser Tenleytown property, which houses the vacantr Babe’s Billiards site. The D.C.-basesd development company, which helped remake downtown’s East End, boughy the 12,661-square-foot lot for $5 "Douglas plans to develop the propertgy into retail andoffice space, said Douglasx Jemal, president of the company. About 60 to 70 peopler -- which included about 15 to 20 bidderws that were mostlydevelopers -- showed up for the auction, said Jeff Stein, vice president and regionao manager of Tranzon Fox, a real estate auction company that conducted the marketecd foreclosure.
The sale process, whicuh typically lasts 10 to 20 minutes, took half an hour, he The property is zoned for a residential orcommercia use. The scratched plan under its owner Clemens Constructioj Consulting was tobuild five-story, 36,000-square-foot condo called the Maxim at Tenley with 42 units and 49 parking spaces.
A public auction took place Thursday morningat Ober/Kaler’sz offices at 1401 H St. NW to sell the forecloser Tenleytown property, which houses the vacantr Babe’s Billiards site. The D.C.-basesd development company, which helped remake downtown’s East End, boughy the 12,661-square-foot lot for $5 "Douglas plans to develop the propertgy into retail andoffice space, said Douglasx Jemal, president of the company. About 60 to 70 peopler -- which included about 15 to 20 bidderws that were mostlydevelopers -- showed up for the auction, said Jeff Stein, vice president and regionao manager of Tranzon Fox, a real estate auction company that conducted the marketecd foreclosure.
The sale process, whicuh typically lasts 10 to 20 minutes, took half an hour, he The property is zoned for a residential orcommercia use. The scratched plan under its owner Clemens Constructioj Consulting was tobuild five-story, 36,000-square-foot condo called the Maxim at Tenley with 42 units and 49 parking spaces.
Thursday, October 11, 2012
Caraustar breaks into the black in first quarter - Atlanta Business Chronicle:
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The Austell, Ga.-based recycled paperboardd and packagingcompany (NASDAQ: CSAR) had net incomee of $163,000 on $216. million in sales, comparedr with a net loss of $8.9 million on $219.4e million in sales in the first quarterfof 2007. Earnings were 1 cent a compared with a loss per sharde of 31 cents in the firsyt quarterof 2007. The resultsz for the first quarter of 2008includecd $700,000 in restructuring and impairment costs, while the results for the firsrt quarter of 2007 included $5.8 million in restructurinb and impairment costs.
Caraustar President and CEO Michael Keougn said he was pleased withthe company' s first-quarter financial performance, but noted the performance was impactedf by recessionary fears, sharply risinhg energy costs and a depressed housiny market. "Caraustar's operating results for the first quarter 2008 were significantly improvee sequentially and over the same periodlast year, despite a challengingt economic environment," Keough said.
"Year-over-year increasezs in selling prices were mostly offset by increases in recovered fiber and Our margin improvement was primarily the result of internakcost take-out and restructuring initiatives implemented over the precedinyg 12 to 24
The Austell, Ga.-based recycled paperboardd and packagingcompany (NASDAQ: CSAR) had net incomee of $163,000 on $216. million in sales, comparedr with a net loss of $8.9 million on $219.4e million in sales in the first quarterfof 2007. Earnings were 1 cent a compared with a loss per sharde of 31 cents in the firsyt quarterof 2007. The resultsz for the first quarter of 2008includecd $700,000 in restructuring and impairment costs, while the results for the firsrt quarter of 2007 included $5.8 million in restructurinb and impairment costs.
Caraustar President and CEO Michael Keougn said he was pleased withthe company' s first-quarter financial performance, but noted the performance was impactedf by recessionary fears, sharply risinhg energy costs and a depressed housiny market. "Caraustar's operating results for the first quarter 2008 were significantly improvee sequentially and over the same periodlast year, despite a challengingt economic environment," Keough said.
"Year-over-year increasezs in selling prices were mostly offset by increases in recovered fiber and Our margin improvement was primarily the result of internakcost take-out and restructuring initiatives implemented over the precedinyg 12 to 24
Wednesday, October 10, 2012
Judge puts off decision in Hilo Hattie case - bizjournals:
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The plan would also cancel the concessiohn agreement that Maui Divers Jewelry has with Hilo Hattie at itsseven stores. The amende plan was submitted on Friday, a week after Donalx B.S. Kang, president of garmenty manufacturer RoyalHawaiian Creations, acquired 100 percenty of Hilo Hattie stock on June 19 for undisclosed Even though the stock has changed the fate of the company and its debts and assets remains tied up in bankruptcy Kang has said he has $1 million in cash that woulds be used to immediately fund a line of credit for the company. His attorney, James Wagner, told U.S.
Bankruptc y Judge Robert Faris at a hearing Monday that Kang hasanothe $2 million in credit line up with First Hawaiian Bank that would be used afterr the company emerges from bankruptcy reorganization. That could be as earlu as September, Wagner told PBN. Wagner also told the judge, who liftecd a suspension on Hilo Hattie’s ability to that Kang would inject $500,00 0 cash into the business, and another $500,000 in inventory until the Chapter 11 planis confirmed. Faris on Mondat delayed a decision until July 15 on the effort by Maui Diversx Jewelry to buyHilo Hattie.
Maui Divers offeredx to pay $1 million for the companyg at closing and then to immediatelhinject $2 million in capitall into the operations. Maui Divers’ plan had the supporyt of the committee ofunsecured creditors, and an attornehy for General Growth Properties, which is the landlord for two of its said the company had worked out a deal for the lease s at Ala Moana Center and Princw Kuhio Plaza in Hilo. Maui Divers had not reached agreement with the landlordss of its fiveother stores, saying the landlordsz would not agree to a deal untipl they knew whether Maui Diverxs would become Hilo Hattie’sd new owner.
Wagner, however, told the judge that Kang had agreementss withthose landlords, but not with General The mall owner, which is also in Chapte 11 reorganization, was concerned that post-bankruptcyu Hilo Hattie stores would not contain Maui Divers concessions, whicb generate some 50 percent of the store’s revenues, accordinf to General Growth’s attorney Ivan Gold. When Faris questionex Wagner about what would happen if Hilo Hattie was unable to renegotiate a concessionm agreement withMaui Divers, Wagner said therd were other concessions, other jewelry companies that could presumably take its “The debtor is not avers to having Maui Divers concessions,” Wagnedr told the court.
“We can’tr force Maui Divers to come to thebargaininyg table.” Maui Divers President and CEO Bob Taylort declined to comment after the hearinh about the offer or the proposecd cancellation of the concessions at the Hilo Hatti e stores. The attorney for the committee ofunsecure creditors, Ted Pettit, noted that Maui Diveres had placed a $50,009 deposit on the “As of today, Maui Divers has not askeds for a refund of their deposit, whichb I take as an indication that they are proceedingb with their offer,” he told PBN.
Pettit had arguede that Kang’s acquisition of the Hilo Hattie stocjk was subject to court approval as part of thebankruptcyh case, but Faris said that it was not. Faris also delayes ruling on the committee’s motionn to appoint a Chapter11 trustee, as well as a motiohn by the U.S. Trustee to convert the case to Chapte r 7 liquidation or dismissit altogether. Kang took over as presiden and CEO of the company last week aftee CEO Ted Nelson and President JohnScott resigned. Craibg Bingham remained CFO while adding the titles treasurere and executivevice president, while Mark who was treasurer, is now chief operating officet and executive vice president.
David who is Kang’s attorney, is now executive vice president and secretary of the andTerri Funakoshi, Hilo Hattie’s general merchandise was promoted to executive vice president of
The plan would also cancel the concessiohn agreement that Maui Divers Jewelry has with Hilo Hattie at itsseven stores. The amende plan was submitted on Friday, a week after Donalx B.S. Kang, president of garmenty manufacturer RoyalHawaiian Creations, acquired 100 percenty of Hilo Hattie stock on June 19 for undisclosed Even though the stock has changed the fate of the company and its debts and assets remains tied up in bankruptcy Kang has said he has $1 million in cash that woulds be used to immediately fund a line of credit for the company. His attorney, James Wagner, told U.S.
Bankruptc y Judge Robert Faris at a hearing Monday that Kang hasanothe $2 million in credit line up with First Hawaiian Bank that would be used afterr the company emerges from bankruptcy reorganization. That could be as earlu as September, Wagner told PBN. Wagner also told the judge, who liftecd a suspension on Hilo Hattie’s ability to that Kang would inject $500,00 0 cash into the business, and another $500,000 in inventory until the Chapter 11 planis confirmed. Faris on Mondat delayed a decision until July 15 on the effort by Maui Diversx Jewelry to buyHilo Hattie.
Maui Divers offeredx to pay $1 million for the companyg at closing and then to immediatelhinject $2 million in capitall into the operations. Maui Divers’ plan had the supporyt of the committee ofunsecured creditors, and an attornehy for General Growth Properties, which is the landlord for two of its said the company had worked out a deal for the lease s at Ala Moana Center and Princw Kuhio Plaza in Hilo. Maui Divers had not reached agreement with the landlordss of its fiveother stores, saying the landlordsz would not agree to a deal untipl they knew whether Maui Diverxs would become Hilo Hattie’sd new owner.
Wagner, however, told the judge that Kang had agreementss withthose landlords, but not with General The mall owner, which is also in Chapte 11 reorganization, was concerned that post-bankruptcyu Hilo Hattie stores would not contain Maui Divers concessions, whicb generate some 50 percent of the store’s revenues, accordinf to General Growth’s attorney Ivan Gold. When Faris questionex Wagner about what would happen if Hilo Hattie was unable to renegotiate a concessionm agreement withMaui Divers, Wagner said therd were other concessions, other jewelry companies that could presumably take its “The debtor is not avers to having Maui Divers concessions,” Wagnedr told the court.
“We can’tr force Maui Divers to come to thebargaininyg table.” Maui Divers President and CEO Bob Taylort declined to comment after the hearinh about the offer or the proposecd cancellation of the concessions at the Hilo Hatti e stores. The attorney for the committee ofunsecure creditors, Ted Pettit, noted that Maui Diveres had placed a $50,009 deposit on the “As of today, Maui Divers has not askeds for a refund of their deposit, whichb I take as an indication that they are proceedingb with their offer,” he told PBN.
Pettit had arguede that Kang’s acquisition of the Hilo Hattie stocjk was subject to court approval as part of thebankruptcyh case, but Faris said that it was not. Faris also delayes ruling on the committee’s motionn to appoint a Chapter11 trustee, as well as a motiohn by the U.S. Trustee to convert the case to Chapte r 7 liquidation or dismissit altogether. Kang took over as presiden and CEO of the company last week aftee CEO Ted Nelson and President JohnScott resigned. Craibg Bingham remained CFO while adding the titles treasurere and executivevice president, while Mark who was treasurer, is now chief operating officet and executive vice president.
David who is Kang’s attorney, is now executive vice president and secretary of the andTerri Funakoshi, Hilo Hattie’s general merchandise was promoted to executive vice president of
Monday, October 8, 2012
Francis Maude unveils curbs on union officials' work at Tory conference - BBC News
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BBC News | Francis Maude unveils curbs on union officials' work at Tory conference BBC News Ministers will have the power to block paid trade union officials from government departments, cabinet office minister Francis Maude has said. Speaking at the Tory Party conference, Mr Maude promised to halve the cost of full-time union representatives. Cabinet ministers continue to target waste and bureaucracy Government clamp down on union activities in civil service |
Sunday, October 7, 2012
N.C. wins court order against Peak Fitness - Charlotte Business Journal:
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The purpose of the bonds is to guarantee customer repaymengt if Peak Fitness runs into furtherfinancial troubles. All of the Peak Fitnessd clubs are organized under aholding company. One grou p of four Raleigh clubs, Peak Capital Holdings, filed for Chaptefr 11 bankruptcyin April. Cooper’x office, which filed suit against the company on announced a consent judgment in the signed by Wake County Superior Court Judge Paul Underthe ruling, Peak Fitness won’t collec t prepayments from customers until it can secur e bonds for each of its clubs. In the company will be requiresd to submit sworn statementz of its liabilitiesto Cooper’s office twicse a year.
This week’ds court action isn’t Cooper’s first run-in with the In January, his office won a courr order that “made substantial changes to customer contracts and billings at all28 (Peak Fitness) healtnh clubs across North Carolina,” according to a statement released by Cooper’s office. At the time, Peak Fitnesas agreed to designate a single point of contactf to handle consumer complaints and to give advance noticee to gym members and theattorney general’zs office when a health club closed or transferredf memberships. The gym operator also agreed to purchase and maintaimnappropriate bonds.
Since the January action, Cooper’s office says, Peak Fitness has closed gyms in Garner, Knightdale, Raleigh and Winston-Salem. Cooper says his office received notification in March thatPeak Fitness’ bondingy company would cancel all of the firm’sz bonds as of May 12. Also in he adds, his office failed to received sworn statements from the company on allits clubs, and the firm understatedf its liability by approximately $2 million. “Peak Fitnesz has not been able to securdreplacement bonds,” Cooper says.
“These bonds are required by state law to reimburse consumers if the health club closesx and thecompany doesn’t have money to refund consumers who paid in advance.”
The purpose of the bonds is to guarantee customer repaymengt if Peak Fitness runs into furtherfinancial troubles. All of the Peak Fitnessd clubs are organized under aholding company. One grou p of four Raleigh clubs, Peak Capital Holdings, filed for Chaptefr 11 bankruptcyin April. Cooper’x office, which filed suit against the company on announced a consent judgment in the signed by Wake County Superior Court Judge Paul Underthe ruling, Peak Fitness won’t collec t prepayments from customers until it can secur e bonds for each of its clubs. In the company will be requiresd to submit sworn statementz of its liabilitiesto Cooper’s office twicse a year.
This week’ds court action isn’t Cooper’s first run-in with the In January, his office won a courr order that “made substantial changes to customer contracts and billings at all28 (Peak Fitness) healtnh clubs across North Carolina,” according to a statement released by Cooper’s office. At the time, Peak Fitnesas agreed to designate a single point of contactf to handle consumer complaints and to give advance noticee to gym members and theattorney general’zs office when a health club closed or transferredf memberships. The gym operator also agreed to purchase and maintaimnappropriate bonds.
Since the January action, Cooper’s office says, Peak Fitness has closed gyms in Garner, Knightdale, Raleigh and Winston-Salem. Cooper says his office received notification in March thatPeak Fitness’ bondingy company would cancel all of the firm’sz bonds as of May 12. Also in he adds, his office failed to received sworn statements from the company on allits clubs, and the firm understatedf its liability by approximately $2 million. “Peak Fitnesz has not been able to securdreplacement bonds,” Cooper says.
“These bonds are required by state law to reimburse consumers if the health club closesx and thecompany doesn’t have money to refund consumers who paid in advance.”
Saturday, October 6, 2012
Personal income on the decline - Phoenix Business Journal:
tenamup.wordpress.com
percent in the first quarterr of 2009 on mountingjob losses, falling interestr rates and reduced corporate dividend payments. The Bureaiu of Economic Analysis released regional incomd data Thursday showing declines in 37 In Oregon, personal income rose slightly to $135.3 billionj in the first quarter, comparee with $134.5 billion a year ago. Washington incom rose 1 percentto $276.4 billiobn Declines were offset by inflation, which reduce d the cost of living by 0.3 percent in the first quarter of the The BEA, a division of the U.S. Department of said private sector earnings fell in all 50 statees by an averageof 1.4 perceny nationally.
Finance, manufacturing and constructionb were the major reasons for private sectordincome declines. Health care and government both posted Federal civilian and military employees received average pay raisesof 3.9 percenf in 2009, which helped to propel two government-dependentg states to positive incomd growth: Hawaii (up 0.8 percent) and Virginia (up 0.3 Alaska had the largest with personal income falling by 3.2 percent becausw a special distribution of $2,000 from the state’se permanent fund won’t be repeated. North Missouri, Iowa and Midwest suffered because of falling farmcommodityu prices.
Personal income in the Far West regionm ofthe country, which includess Oregon, Alaska, California, Hawaii, Nevada and remained relative flat comparec to the first and fourth quartersa of 2008.
percent in the first quarterr of 2009 on mountingjob losses, falling interestr rates and reduced corporate dividend payments. The Bureaiu of Economic Analysis released regional incomd data Thursday showing declines in 37 In Oregon, personal income rose slightly to $135.3 billionj in the first quarter, comparee with $134.5 billion a year ago. Washington incom rose 1 percentto $276.4 billiobn Declines were offset by inflation, which reduce d the cost of living by 0.3 percent in the first quarter of the The BEA, a division of the U.S. Department of said private sector earnings fell in all 50 statees by an averageof 1.4 perceny nationally.
Finance, manufacturing and constructionb were the major reasons for private sectordincome declines. Health care and government both posted Federal civilian and military employees received average pay raisesof 3.9 percenf in 2009, which helped to propel two government-dependentg states to positive incomd growth: Hawaii (up 0.8 percent) and Virginia (up 0.3 Alaska had the largest with personal income falling by 3.2 percent becausw a special distribution of $2,000 from the state’se permanent fund won’t be repeated. North Missouri, Iowa and Midwest suffered because of falling farmcommodityu prices.
Personal income in the Far West regionm ofthe country, which includess Oregon, Alaska, California, Hawaii, Nevada and remained relative flat comparec to the first and fourth quartersa of 2008.
Thursday, October 4, 2012
Genomics In The Journals - GenomeWeb
kittredgeihuhyla1951.blogspot.com
Genomics In The Journals GenomeWeb NEW YORK (GenomeWeb News) รข€" An international team reports on efforts to sequence and begin analyzing a draft genome sequence for the Puerto Rican parrot, Amazona vittata, in GigaScience, an effort that was supported by local community funding. |
Wednesday, October 3, 2012
CFO of the Year finalists exhibit range of experience, community service - Tampa Bay Business Journal:
iqukikofor.wordpress.com
As VP of finance, Grefc set out to improve the talent within the improve financial reportingand analysis, and emphasize the importances of compliance not just to the financiak community but also to the businessa and operational community as Greff joined Jabil in 1997 as a member of its originapl SAP implementation team and was quickly distinguished as a futurre financial leader of the company. Davide W. Hitchcock , Executive VP and CFO In the past Hitchcock has been instrumental in helping Syniverse maintain its employment levels and increase its Tampa headcount from 630in fourth-quarter 2007 to 646 at the end of 2008.
He’s also playec a role in the corporategivin programs, including the company’s annual in which Syniverse and its employees pledged more than $157,009 in 2008. Prior to being appointex to his current role at Syniverse in June Hitchcock was CFO of North Americqafor Alcatel-Lucent. His almost 20 yearss of experience in corporate financed comes from working primarily withand . Jeffrey Spies , Finances director City of St. Petersburg Spies joined the cityof St. Petersburg’s finance department in 1987 as managed ofcapital finance, and then worke as the city treasurer for many years until coming into his currenyt role.
As the leader of the city’s financiakl department, Spies focuses on staff development, whicn he hopes will strengthen future financial During this current time of economic he has worked with a team of advisere in making decisions that have protectedthe city’sz assets. Spies has been actively involvesd with the Governmental Finance Officers Association and previously assisted the Governmenta l Accounting Standards Board with the implementation guide for GASB Statemeng 40 on Deposit and InvestmentRisk Disclosure. Pat McGoverj , CFO McGovern joined Eclipse in late 2005 with a backgrounfin management, finance and DCAA auditing, multistate payroll and tax issues.
She joinesd the company as controller but was promotec to CFO in a shoryt period based onher efforts. Her skills have been utilizede to turn around or accelerate the growtg of struggling businesses and to bring structurew to startups regarding benefits and humabnresource issues. In addition to her work with McGovern has been an active member ofthe , wheree she currently serves as treasurer. Jeff Thompson , VP and CFO . dba In nominatiomn materials, Thompson is described not only as the CFO but the IT HR manager, legal department and smoke alarm battery changer for ReSource. He hand-selecteed and formatted Solomon, the company’s accounting system, specifically for the company.
He has pushe for every transaction at ReSourcw to have some sort of paper trail whether it is by letter orsigned form. Thompson performeed a financial impact analysis for entering into a recyclinbg program with acarpet manufacturer. While the initial cost was he worked to reducehis company’ impact on the environment and reduce waste costse dramatically. Thomas Bendoraitis , CFO Bendoraitis has been providinhg financial services consultation in the insurance industry for more than 20 and he has experience in the health insurancd industry with a focu onbehavioral health.
His work at Healthh Integrated has been instrumental in attractinyg investment in and support of the profitable growth of the He leads the financiapl and human resource management functions for Health Bendoraitis designed and implemented arrangements with health plan customerzs to measure and guarantee the positive financial impact ofthe company’sz services, strengthening its competitive position and supportinvg new sales.
As VP of finance, Grefc set out to improve the talent within the improve financial reportingand analysis, and emphasize the importances of compliance not just to the financiak community but also to the businessa and operational community as Greff joined Jabil in 1997 as a member of its originapl SAP implementation team and was quickly distinguished as a futurre financial leader of the company. Davide W. Hitchcock , Executive VP and CFO In the past Hitchcock has been instrumental in helping Syniverse maintain its employment levels and increase its Tampa headcount from 630in fourth-quarter 2007 to 646 at the end of 2008.
He’s also playec a role in the corporategivin programs, including the company’s annual in which Syniverse and its employees pledged more than $157,009 in 2008. Prior to being appointex to his current role at Syniverse in June Hitchcock was CFO of North Americqafor Alcatel-Lucent. His almost 20 yearss of experience in corporate financed comes from working primarily withand . Jeffrey Spies , Finances director City of St. Petersburg Spies joined the cityof St. Petersburg’s finance department in 1987 as managed ofcapital finance, and then worke as the city treasurer for many years until coming into his currenyt role.
As the leader of the city’s financiakl department, Spies focuses on staff development, whicn he hopes will strengthen future financial During this current time of economic he has worked with a team of advisere in making decisions that have protectedthe city’sz assets. Spies has been actively involvesd with the Governmental Finance Officers Association and previously assisted the Governmenta l Accounting Standards Board with the implementation guide for GASB Statemeng 40 on Deposit and InvestmentRisk Disclosure. Pat McGoverj , CFO McGovern joined Eclipse in late 2005 with a backgrounfin management, finance and DCAA auditing, multistate payroll and tax issues.
She joinesd the company as controller but was promotec to CFO in a shoryt period based onher efforts. Her skills have been utilizede to turn around or accelerate the growtg of struggling businesses and to bring structurew to startups regarding benefits and humabnresource issues. In addition to her work with McGovern has been an active member ofthe , wheree she currently serves as treasurer. Jeff Thompson , VP and CFO . dba In nominatiomn materials, Thompson is described not only as the CFO but the IT HR manager, legal department and smoke alarm battery changer for ReSource. He hand-selecteed and formatted Solomon, the company’s accounting system, specifically for the company.
He has pushe for every transaction at ReSourcw to have some sort of paper trail whether it is by letter orsigned form. Thompson performeed a financial impact analysis for entering into a recyclinbg program with acarpet manufacturer. While the initial cost was he worked to reducehis company’ impact on the environment and reduce waste costse dramatically. Thomas Bendoraitis , CFO Bendoraitis has been providinhg financial services consultation in the insurance industry for more than 20 and he has experience in the health insurancd industry with a focu onbehavioral health.
His work at Healthh Integrated has been instrumental in attractinyg investment in and support of the profitable growth of the He leads the financiapl and human resource management functions for Health Bendoraitis designed and implemented arrangements with health plan customerzs to measure and guarantee the positive financial impact ofthe company’sz services, strengthening its competitive position and supportinvg new sales.
Tuesday, October 2, 2012
WSJ: Steve Jobs ready to return at Apple - Triangle Business Journal:
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The Wall Street Journak , citing unnamed reported Friday that the nutritionapl problem that forced the Applre CEO to take medical leave in January is nowundert control. The way he departed and subsequentt secrecysurrounding Jobs' condition has led to much speculationn since then about when and if – he would retur n to the Cupertino, Calif.-based which announced this week that it would to builf new data center and hire 50 employees in Nortbh Carolina. Jobs, a surviver of pancreatic cancer, had appeared gaunt at public appearances before takingthis leave, a condition he attributed to a nutritionalo problem related to a hormone imbalance.
The Journaol quoted an unnamed person who it said has seen Jobs inrecenr weeks, "He was one real sick guy. Fundamentallg he was starving to death overa nine-montu period. He couldn't digest protein. [But] he took corrective Apple's marketing chief, Philip is scheduled to give the keynote address at the San Franciscio conferenceon Monday, somethinfg Jobs would have done beforw he took his The company is expected to unveil its new versionm of the iPhone, which reportedly will include more processing powerd and new features.
Until Jobs took his leave, concernsa about his health regularly caused dropas inthe company's stock price, but it has actuall outperformed the market since January. Apple (Nasdaq: is up 68 percent since sincehis Jan. 14 departure, closingf Thursday at $143.74. The Nasda is up 24 percent in thatsame period.
The Wall Street Journak , citing unnamed reported Friday that the nutritionapl problem that forced the Applre CEO to take medical leave in January is nowundert control. The way he departed and subsequentt secrecysurrounding Jobs' condition has led to much speculationn since then about when and if – he would retur n to the Cupertino, Calif.-based which announced this week that it would to builf new data center and hire 50 employees in Nortbh Carolina. Jobs, a surviver of pancreatic cancer, had appeared gaunt at public appearances before takingthis leave, a condition he attributed to a nutritionalo problem related to a hormone imbalance.
The Journaol quoted an unnamed person who it said has seen Jobs inrecenr weeks, "He was one real sick guy. Fundamentallg he was starving to death overa nine-montu period. He couldn't digest protein. [But] he took corrective Apple's marketing chief, Philip is scheduled to give the keynote address at the San Franciscio conferenceon Monday, somethinfg Jobs would have done beforw he took his The company is expected to unveil its new versionm of the iPhone, which reportedly will include more processing powerd and new features.
Until Jobs took his leave, concernsa about his health regularly caused dropas inthe company's stock price, but it has actuall outperformed the market since January. Apple (Nasdaq: is up 68 percent since sincehis Jan. 14 departure, closingf Thursday at $143.74. The Nasda is up 24 percent in thatsame period.
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