tatyanagepoji.blogspot.com
is selling millions in stock to pay off debt on localo realestate ventures. Loudermilk sold nearly 1 millionof Aaron’z common shares within the last two generating roughly $28.5 million in proceeds, accordinh to filings. The sales are Loudermilk’sw largest stock transactions in years, the filings show. While Loudermilk still retains a largre controlling interest in the company he foundes through his holdingsof 4.7 milliojn class A shares, the common stockl sales reduced his ownership of class A votingf stock by 6 The common stock sales come as Aaron’e common shares (NYSE: AAN) are flyingf high. The rent-to-own company’s common share s have jumped 66 percentsincw Jan.
1, 2008, from $18.81 per share to well abovwe $31 per share as of press time May 27. Aaron’sa is one of the few Georgia companies whose stoci has appreciated amidst the worst bear market in Loudermilk isn’t alone in selling Aaron’s shares. Duringg the last year, Aaron’es directors and executives executeed 41 transactions involvingcompany stock, according to SEC Forty of those were stock Loudermilk’s share sales are driven by the historicf economic climate, he told .
The newfounx cash is being used exclusively to repa y the outstanding loans on apartment parking lots and other real estatw ventures he ownsthroughout “Every dollar is going into real paying off outstanding debt,” Loudermiljk said. The push to repay the debt, he said, is drivenb by his desire to hold on to what he considers “prime” real estate sites that currently aren’t generating any and — with value s that collapsed along with real estate citywidre — he would be unable to resell at a profit. “I just don’tf like debt,” said Loudermilk, who noted he owns each of hishomesw debt-free.
“I’m not comfortable with it and Ijust don’ know what will happen next, but we believs these properties can be profitable long-term.” Loudermilkl plans to repay two-thirds of the total debt on properties he owns throughout the He did not disclose the precise amount that will be ultimatel y be repaid. One specific properth whose debt will be repaid will be the in Loudermilk said. Loudermilk and his son, Aaron’s CEO Robibn Loudermilk, re-acquired the theater from Holdings LLC in Marcgh 2008for $8 million.
Loudermilik said $3 million will be used to completee the renovations of the and anadditional $8 million to $9 millio n will be used to repay the debt for that site and the adjacenr parking lot, also owned by the Property records indicate Loudermilk has a $6 millio loan maturing in March 2010 on the theater. The neighborin g parking lot and theater are the archetype for what Loudermilk described as “non-income-producing” properties. Initially, Loudermilkm planned to build a 15- to 270-room hotel on the site, after purchasing the site back from Novare Group earlylast year. But thos e plans were scrapped as the economy soured and progress on other nearbydevelopments slowed.
Loudermilk is quickj to defend hisstock sales, saying they are unrelate d to his belief in the short- and long-term succeszs of the company he founded in 1962. “uI know how this looks to outsiders,” he “I wish I couldr keep it all, no question. But I’m not blowin it on boats or new houses or somethinglike I’m putting it into assets.” The debt repaymentg has come with a cost for Though still the largest Aaron’s shareholder, controlling 57 percenyt of the company’s class A common which have voting rights, the stock sale representes a 6 percent dip in Loudermilk’s ownershil of the company. He now controls 4.
7 million sharesx of class A common stock, and 249,00 shares of non-voting common stock. He hasn’t ruled out furthe r sales. “If I own 5 percent of the company’s stock and stil l hold all of the realestats we’ve acquired at the end of this I’d tell you I’d be happy with Loudermilk said.
Friday, November 30, 2012
Wednesday, November 28, 2012
City tweets to curb tourist drop-off - Nashville Business Journal:
zvonkovaleoqim.blogspot.com
Hotel consultant Drew Dimond expects hotels in Greater Nashville to see occupancty plummet 15 percent to 20 percent fromlast year’ levels. But the is battlintg the decline, in hopes of keepinh any occupancy drop-off below 5 percent. Bureau stafr is Twittering, Facebooking and sending out e-blast s to announce free stuffto do, last-minute travel deals, CMA Music Festival updates and attractions specials. “We certainlhy don’t think it’s going to be some great saysButch Spyridon, president of the visitors “If we were flat to last I’d be ecstatic. I expect that we will be down slightly.
” Spyridobn hopes the value of Nashville will draw visitorx because ofthe city’s wealth of live, around-the-clock music. has brought back its free music poolsidse and isoffering “kids eat free” inside the hote for the first time this summer. “Af every touchpoint, we’re creating events, promoting and marketing and addingb extra valuewith events,” Spyridon says, such as offering flight-hotel packages when touted $49 flights to Nashville durint a one-day sale in April.
The Nashville Symphonu has half-price tickets for select shows, the Countr y Music Hall of Fame has been givingout $5 off coupon s through June 7, and Gaylorf is offering four-night hotel and attractions packages at 40 percentg off. Keith Wright, president of the , says attractions are sweetening discountz this summer and focusing onthe drive-i n market. “Regional tourism has become extremely importantto us, and we are marketingh more to that audience,” he says. Nashville’z biggest months for tourismj are Juneand October, mainly becausre of the CMA Music Festival that pumps $25 million into the city every June.
Officials at the would not say how tickett sales are going forthis summer’se festival, which kicks off next October is a popular convention month becaused of the fall weather. Nashville tourism has been hit inreceny months. In April, the average nightly hoteol ratedropped 6.3 percent to $92.86 from $99.05 in the same monthy last year, according to Smith Travel Research in Hendersonville. Hotel occupancgy plunged 15 percent in Aprilto 56.9 down from 67 percent a year ago. Revenuew per available room, a key metrixc for hoteliers, was down 20.5 percent in April. The amoungt of attendees for booked conventions this summer is down abou t 24 percent fromlast year.
Nashville’xs hospitality industry, however, is outperforminy much of the rest of the For the first quarterof Nashville’s average daily rate droppeds 4.5 percent. Only five citiesa did better, and 19 of the top 25 markets did The decline in hotel tax collections is greate than the dropin occupancy, whichy shows tourists are coming but choosinf less expensive hotels, says Walt Baker, executive directod of the . Nashville’s hotel occupancyu dropped 11.6 percent in the first quartert compared to theyear before, a drop that registered eighty best among the top 25. Travell has continued to descend atthe , nearin 2005 levels, says airport spokeswoman Emily Richards.
Passengetr counts were down 9.5 percent in Aprilo as compared to theyear before, and down 9.3 percent in the first four months of the
Hotel consultant Drew Dimond expects hotels in Greater Nashville to see occupancty plummet 15 percent to 20 percent fromlast year’ levels. But the is battlintg the decline, in hopes of keepinh any occupancy drop-off below 5 percent. Bureau stafr is Twittering, Facebooking and sending out e-blast s to announce free stuffto do, last-minute travel deals, CMA Music Festival updates and attractions specials. “We certainlhy don’t think it’s going to be some great saysButch Spyridon, president of the visitors “If we were flat to last I’d be ecstatic. I expect that we will be down slightly.
” Spyridobn hopes the value of Nashville will draw visitorx because ofthe city’s wealth of live, around-the-clock music. has brought back its free music poolsidse and isoffering “kids eat free” inside the hote for the first time this summer. “Af every touchpoint, we’re creating events, promoting and marketing and addingb extra valuewith events,” Spyridon says, such as offering flight-hotel packages when touted $49 flights to Nashville durint a one-day sale in April.
The Nashville Symphonu has half-price tickets for select shows, the Countr y Music Hall of Fame has been givingout $5 off coupon s through June 7, and Gaylorf is offering four-night hotel and attractions packages at 40 percentg off. Keith Wright, president of the , says attractions are sweetening discountz this summer and focusing onthe drive-i n market. “Regional tourism has become extremely importantto us, and we are marketingh more to that audience,” he says. Nashville’z biggest months for tourismj are Juneand October, mainly becausre of the CMA Music Festival that pumps $25 million into the city every June.
Officials at the would not say how tickett sales are going forthis summer’se festival, which kicks off next October is a popular convention month becaused of the fall weather. Nashville tourism has been hit inreceny months. In April, the average nightly hoteol ratedropped 6.3 percent to $92.86 from $99.05 in the same monthy last year, according to Smith Travel Research in Hendersonville. Hotel occupancgy plunged 15 percent in Aprilto 56.9 down from 67 percent a year ago. Revenuew per available room, a key metrixc for hoteliers, was down 20.5 percent in April. The amoungt of attendees for booked conventions this summer is down abou t 24 percent fromlast year.
Nashville’xs hospitality industry, however, is outperforminy much of the rest of the For the first quarterof Nashville’s average daily rate droppeds 4.5 percent. Only five citiesa did better, and 19 of the top 25 markets did The decline in hotel tax collections is greate than the dropin occupancy, whichy shows tourists are coming but choosinf less expensive hotels, says Walt Baker, executive directod of the . Nashville’s hotel occupancyu dropped 11.6 percent in the first quartert compared to theyear before, a drop that registered eighty best among the top 25. Travell has continued to descend atthe , nearin 2005 levels, says airport spokeswoman Emily Richards.
Passengetr counts were down 9.5 percent in Aprilo as compared to theyear before, and down 9.3 percent in the first four months of the
Monday, November 26, 2012
Southwestern Carpets grows business from the ground up - Dallas Business Journal:
sucujovide.wordpress.com
Bill McCaddon has stripped Southwestern Carpetx down and recreated it a couple of times since purchasing it from Don Lynchin 2001. When he bought the floorinhg company, it specialized in removing and replacing carpete in apartments between rental The Lewisville company was producing annual revenueof $5 million, but McCaddoh found the business too impersonal because it was driven by product salee and not on building relationships with customers.
So he decided to switcnh focus to themore relationship-centric business of providing flooring solutions to new home-construction projects, whicgh includes hardwood floors, carpeting, and backsplash and tile The wholesale company saw dramatic growth as a result, with annual revenue of $22 million in 2007. But the growtjh was so rapid and so intensw that managers were losing control of the direction the companhywas heading. So in 2008, he enlistec Don Brush, a consultant with The Renovaa Corp.
, to help bring new energy to his McCaddon’s sense of direction and leadership abilities come from his experience asa manufacturer’xs representative for 18 years at companies like Shaw Carpet Manufacturerf and Aleta Co. He had learneed the importance of building relationshipswith clients. “Myg background was in working withnew homebuilders. The apartment business was non-relationship driven,” said “I didn’t know how to build a busines that wasn’t relational.” McCaddon downsized the company to redirect the focus tothe home-construction industry.
He was met with resistance fromhis “I realized that using the same employeess wasn’t going to work. I was trying to halfwayy do the change,” he said. “Once we made the commitment, we reallgy turned the corner.” He began switching out personnel. The company, whicg had grown annual revenuseto $5 million, saw revenue drop to underd $3 million during the transition. But, once the commitmenty was made, McCaddon noted marked By 2003, revenue had grown by 35%. Betweenh 2004 and 2008, the company went througbh its biggest growth reaching upto $22 million in sales and employint more than 60 workers. But at that time, the storybook growth came to an end.
“Ity was getting to be chaotic becausr of so manynew staff. We were an 8-cylinder enginde working on six orseven We’d lost a sense of teamwork, and everyone was territorial.” That’zs when McCaddon brought in Brush. “For the most I engage them and talk with them in order to buileda relationship. I wanted to find out the strength of the company and what was workinyg and what needed said Brush. “They’ve got the dreams; they’ver got the vision.
It’s just giving them the Brush met with employees to figure out areas that needeed improvement and then created an action He showed the company how to creatd committees to address problems as they come up and then dissolve the committeesd after the problem hasbeen handled. The shif has translated into happier Bill Darling, president and co-owner of Darlinh Homes Inc., has worked with McCaddon since McCaddobn purchased Southwestern Carpets in 2001. “(Wde started working with Southwestern Carpets) becauswe of Bill and his relational approach to workingb with homebuilders as opposed to thetraditionak price-only approach,” said Darling.
“Brush has helped Bill figurew out how to communicatde better so that everyone is going in the same direction as the management and will yield themaximum impact.” For Chris operations manager for Southwestern the change in the corporate culture has been noticeable. “Sometimes you don’tf realize that when one department changes theirf policiesand procedures, it affects others. Now everyone talkws to each other,” McCoppin said. “We’ve empowered them to make We gave them the power to runthe business.
They feel With this new senseof empowerment, as well as an improved use of digitizing software called Measure, Southwesterm Carpets has seen a markedx improvement on the accuracy of the 3,00p work orders entered each month 95% accuracy, up from 77% accuracyh — and has saved about $160,000 in unnecessary costsd for having to fix incorrect work Instead of pursuing potential clients merely for the sake of new McCaddon and his staff focus on gettingt to know potential clients, researchinyg them as much as possible and understanding their needs beforwe they even meet. “We’lo only do business with people who will sit down and have a relationshi pwith us.
Someone is alwaye going to come inlower (priced) than said McCaddon. “We were alwayws chasing people who were focuseeon price. If they say, fax us (a price sheet), we say we can’t work with you. We stay together as a result. If you have the value relationship, they don’r leave.”
Bill McCaddon has stripped Southwestern Carpetx down and recreated it a couple of times since purchasing it from Don Lynchin 2001. When he bought the floorinhg company, it specialized in removing and replacing carpete in apartments between rental The Lewisville company was producing annual revenueof $5 million, but McCaddoh found the business too impersonal because it was driven by product salee and not on building relationships with customers.
So he decided to switcnh focus to themore relationship-centric business of providing flooring solutions to new home-construction projects, whicgh includes hardwood floors, carpeting, and backsplash and tile The wholesale company saw dramatic growth as a result, with annual revenue of $22 million in 2007. But the growtjh was so rapid and so intensw that managers were losing control of the direction the companhywas heading. So in 2008, he enlistec Don Brush, a consultant with The Renovaa Corp.
, to help bring new energy to his McCaddon’s sense of direction and leadership abilities come from his experience asa manufacturer’xs representative for 18 years at companies like Shaw Carpet Manufacturerf and Aleta Co. He had learneed the importance of building relationshipswith clients. “Myg background was in working withnew homebuilders. The apartment business was non-relationship driven,” said “I didn’t know how to build a busines that wasn’t relational.” McCaddon downsized the company to redirect the focus tothe home-construction industry.
He was met with resistance fromhis “I realized that using the same employeess wasn’t going to work. I was trying to halfwayy do the change,” he said. “Once we made the commitment, we reallgy turned the corner.” He began switching out personnel. The company, whicg had grown annual revenuseto $5 million, saw revenue drop to underd $3 million during the transition. But, once the commitmenty was made, McCaddon noted marked By 2003, revenue had grown by 35%. Betweenh 2004 and 2008, the company went througbh its biggest growth reaching upto $22 million in sales and employint more than 60 workers. But at that time, the storybook growth came to an end.
“Ity was getting to be chaotic becausr of so manynew staff. We were an 8-cylinder enginde working on six orseven We’d lost a sense of teamwork, and everyone was territorial.” That’zs when McCaddon brought in Brush. “For the most I engage them and talk with them in order to buileda relationship. I wanted to find out the strength of the company and what was workinyg and what needed said Brush. “They’ve got the dreams; they’ver got the vision.
It’s just giving them the Brush met with employees to figure out areas that needeed improvement and then created an action He showed the company how to creatd committees to address problems as they come up and then dissolve the committeesd after the problem hasbeen handled. The shif has translated into happier Bill Darling, president and co-owner of Darlinh Homes Inc., has worked with McCaddon since McCaddobn purchased Southwestern Carpets in 2001. “(Wde started working with Southwestern Carpets) becauswe of Bill and his relational approach to workingb with homebuilders as opposed to thetraditionak price-only approach,” said Darling.
“Brush has helped Bill figurew out how to communicatde better so that everyone is going in the same direction as the management and will yield themaximum impact.” For Chris operations manager for Southwestern the change in the corporate culture has been noticeable. “Sometimes you don’tf realize that when one department changes theirf policiesand procedures, it affects others. Now everyone talkws to each other,” McCoppin said. “We’ve empowered them to make We gave them the power to runthe business.
They feel With this new senseof empowerment, as well as an improved use of digitizing software called Measure, Southwesterm Carpets has seen a markedx improvement on the accuracy of the 3,00p work orders entered each month 95% accuracy, up from 77% accuracyh — and has saved about $160,000 in unnecessary costsd for having to fix incorrect work Instead of pursuing potential clients merely for the sake of new McCaddon and his staff focus on gettingt to know potential clients, researchinyg them as much as possible and understanding their needs beforwe they even meet. “We’lo only do business with people who will sit down and have a relationshi pwith us.
Someone is alwaye going to come inlower (priced) than said McCaddon. “We were alwayws chasing people who were focuseeon price. If they say, fax us (a price sheet), we say we can’t work with you. We stay together as a result. If you have the value relationship, they don’r leave.”
Saturday, November 24, 2012
Hot Leads: Startups, expansions, moves, and new products and services - Tampa Bay Business Journal:
efimtsovavadan.blogspot.com
• will open a 25,000-square-foot storee at 3929 Tampa Road, Oldsmar. It will carryh furniture, household items and more than 80,000o pieces of clothing. The stores also will feature a drive-through donation lane. For more information call 792-6092. • Anthony’s Coal Fired Pizzza opened at 2532 McMullenBooth Road, It is the company’s second locatio in the Tampa Bay area. The restaurant bakess its pizzaswith coal-burning ovens. For more information call (727) 797-0929. • relocated its office to the ComCentere facility at 9040 TownCenter Parkway, Suit 101, Lakewood Ranch.
The new facility has multiplreconference rooms, training rooms, and front desk and telephone An open house is scheduled for June 24. For more informatiobn call (941) 358-7065.
• will open a 25,000-square-foot storee at 3929 Tampa Road, Oldsmar. It will carryh furniture, household items and more than 80,000o pieces of clothing. The stores also will feature a drive-through donation lane. For more information call 792-6092. • Anthony’s Coal Fired Pizzza opened at 2532 McMullenBooth Road, It is the company’s second locatio in the Tampa Bay area. The restaurant bakess its pizzaswith coal-burning ovens. For more information call (727) 797-0929. • relocated its office to the ComCentere facility at 9040 TownCenter Parkway, Suit 101, Lakewood Ranch.
The new facility has multiplreconference rooms, training rooms, and front desk and telephone An open house is scheduled for June 24. For more informatiobn call (941) 358-7065.
Friday, November 23, 2012
Jacksonville
moffaiqohegesa1490.blogspot.com
The recession helped push morethan 3,0000 trucking companies out of business nationwid in 2008, and the most expensive diesel priceds in history — as high as $4.75 per gallon didn’t help, either. Increased profits from hauling Florida’s summerr produce could give companiessome relief, but companies that drop their existing customers for the more profitabl e produce hauls risk being said Ike Sherlock, The Grimeas Cos. vice president. The prospect of earning $3.5p0 per mile hauling produce instead of thesteady $1 per mile loadss can be tempting. “It’s like jumping for the pretthy girl and leavingyour standby,” Sherlocj said.
“But many times your old lady won’t take you back.” Larger truckinvg companies suchas Grimes, and said they will be OK becausee they can pass on the majority of their increasee fuel costs to customers through fuel surcharges. Most of the cost the companiews have to eat are for travellintg done whendrivers aren’t hauling goods but are heading to and from home or to theirf next assignment.
Some small truckingh companies’ lack of a fuel surchargwe system in their contracts hurts even more since crediyt is so tight for some that they have to pay cash at the Sherlock fears that many companiezs will cut costs by putting off repairs and thus making the roadwaysmore dangerous. By buying fuel in Raven Transport generally can save up to five to six centsaper gallon, said Executive Vice President David Still, it’s a gamble sincs sometimes gas stations sell diesel for a cent or two less than what Raven’x South Carolina facility bought it for. 65 mph.
Billy the company’s CEO and said fuel is burnt exponentially faster when drivingb faster thanthat speed, and with stopds and starts, the best a truck can averag is 60 mph. The compan y also offers drivers bonuses if they shut the enginr off while waiting and find shelter inan air-conditionesd warehouse instead of in the truck. “I’d ratherd pay the driver than the guy selling Hart said. Raven Transpor t uses auxiliary power units that run the truckmwhen it’s idling and consume less fuel. The unit runs the idledf engine ata quarter-gallon to half a gallo per hour, compared with about a gallobn per hour used when the engin idles.
Plus, the unit saves the engine wear and Teichert said the company has also changed its routexs over the past year and a half to reduce the mileager drivers have to travel to theier homes inbetween assignments. Over the past couple of yearsthe company’a fuel efficiency has risen from 5.8 milese per gallon to 6.2 miles per Grimes is having its five Penske truckds tweaked by their manufacturerf so they’re 5 percent more Sean Kelly, a Penskr branch manager, said he is working to reducre how fast the trucksa can go and their idle times, and bettee control shifting patterns.
The recession helped push morethan 3,0000 trucking companies out of business nationwid in 2008, and the most expensive diesel priceds in history — as high as $4.75 per gallon didn’t help, either. Increased profits from hauling Florida’s summerr produce could give companiessome relief, but companies that drop their existing customers for the more profitabl e produce hauls risk being said Ike Sherlock, The Grimeas Cos. vice president. The prospect of earning $3.5p0 per mile hauling produce instead of thesteady $1 per mile loadss can be tempting. “It’s like jumping for the pretthy girl and leavingyour standby,” Sherlocj said.
“But many times your old lady won’t take you back.” Larger truckinvg companies suchas Grimes, and said they will be OK becausee they can pass on the majority of their increasee fuel costs to customers through fuel surcharges. Most of the cost the companiews have to eat are for travellintg done whendrivers aren’t hauling goods but are heading to and from home or to theirf next assignment.
Some small truckingh companies’ lack of a fuel surchargwe system in their contracts hurts even more since crediyt is so tight for some that they have to pay cash at the Sherlock fears that many companiezs will cut costs by putting off repairs and thus making the roadwaysmore dangerous. By buying fuel in Raven Transport generally can save up to five to six centsaper gallon, said Executive Vice President David Still, it’s a gamble sincs sometimes gas stations sell diesel for a cent or two less than what Raven’x South Carolina facility bought it for. 65 mph.
Billy the company’s CEO and said fuel is burnt exponentially faster when drivingb faster thanthat speed, and with stopds and starts, the best a truck can averag is 60 mph. The compan y also offers drivers bonuses if they shut the enginr off while waiting and find shelter inan air-conditionesd warehouse instead of in the truck. “I’d ratherd pay the driver than the guy selling Hart said. Raven Transpor t uses auxiliary power units that run the truckmwhen it’s idling and consume less fuel. The unit runs the idledf engine ata quarter-gallon to half a gallo per hour, compared with about a gallobn per hour used when the engin idles.
Plus, the unit saves the engine wear and Teichert said the company has also changed its routexs over the past year and a half to reduce the mileager drivers have to travel to theier homes inbetween assignments. Over the past couple of yearsthe company’a fuel efficiency has risen from 5.8 milese per gallon to 6.2 miles per Grimes is having its five Penske truckds tweaked by their manufacturerf so they’re 5 percent more Sean Kelly, a Penskr branch manager, said he is working to reducre how fast the trucksa can go and their idle times, and bettee control shifting patterns.
Tuesday, November 20, 2012
In Cambodia, Obama Hails 'Constructive' US-China Relationship - ABC News (blog)
sucujovide.wordpress.com
ABC News (blog) | In Cambodia, Obama Hails 'Constructive' US-China Relationship ABC News (blog) Obama is paying the first visit by an American president to Cambodia, a country trying to emerge from its violent and repressive past. The president arrived Monday night and went straight to what has been described as a “tense†meeting with Prime ... China St » |
Saturday, November 17, 2012
Ten banks allowed to repay TARP funds - Portland Business Journal:
lebexab.wordpress.com
The Treasury Department did not name the 10 but said they were being approved for earlt repayment of the federal bailout funds unde the Troubled Asset ReliefProgram (TARP) because the so-called stress testd performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirement for repayment established by federal banking supervisors. It noted that many banksw recently have raised equity capitap from private investors and haveissued long-terk debt that is not guaranteed by the “These repayments are an encouragingg sign of financial repair, but we still have work to Treasury Secretary Tim Geithner said.
More than 600 banks received a totak ofnearly $200 billion througjh the department’s Capital Purchasw Program. About $2 billion of this money was paid back Underthe program, banks that repay theird preferred stock can repurchase the warrantsx that the Treasury Department holds. Besides the proceedsd from the sales of the the department also hasreceived $4.5 billion in dividend payments from program participants. Proceedsz from the repayments to go theTreasuruy Department’s general fund. They can be used to reduce the national debt and can serve as a cushion in case the departmenrt needs to respond to financial emergenciew inthe future, the department said.
The list of 10 banks was not publiclgy disclosed, but many of the banks confirmed separatelh in press releases that they received approvak to buy back preferred sharex sold to thefederal government, including two banks with sizablde Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repayy $6.6 billion in TARP funds and Chased was approved to repaygall $25 billion in TARP funds it Locally based banks that received TARP funds include and of of Menomonee Falls and in M&I, the Milwaukee-area's largest bank, was not amongb the list of 10 banks approves to repay its TARP funds, accordingh to media reports.
M&I said in May that it began to sell stock in a sale that could raisee as muchas $350 milliom in proceeds, part of which the bank said it may use to repa a portion of the $1.7 billion capital infusion it received in November 2008 underf TARP if approved by
The Treasury Department did not name the 10 but said they were being approved for earlt repayment of the federal bailout funds unde the Troubled Asset ReliefProgram (TARP) because the so-called stress testd performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirement for repayment established by federal banking supervisors. It noted that many banksw recently have raised equity capitap from private investors and haveissued long-terk debt that is not guaranteed by the “These repayments are an encouragingg sign of financial repair, but we still have work to Treasury Secretary Tim Geithner said.
More than 600 banks received a totak ofnearly $200 billion througjh the department’s Capital Purchasw Program. About $2 billion of this money was paid back Underthe program, banks that repay theird preferred stock can repurchase the warrantsx that the Treasury Department holds. Besides the proceedsd from the sales of the the department also hasreceived $4.5 billion in dividend payments from program participants. Proceedsz from the repayments to go theTreasuruy Department’s general fund. They can be used to reduce the national debt and can serve as a cushion in case the departmenrt needs to respond to financial emergenciew inthe future, the department said.
The list of 10 banks was not publiclgy disclosed, but many of the banks confirmed separatelh in press releases that they received approvak to buy back preferred sharex sold to thefederal government, including two banks with sizablde Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repayy $6.6 billion in TARP funds and Chased was approved to repaygall $25 billion in TARP funds it Locally based banks that received TARP funds include and of of Menomonee Falls and in M&I, the Milwaukee-area's largest bank, was not amongb the list of 10 banks approves to repay its TARP funds, accordingh to media reports.
M&I said in May that it began to sell stock in a sale that could raisee as muchas $350 milliom in proceeds, part of which the bank said it may use to repa a portion of the $1.7 billion capital infusion it received in November 2008 underf TARP if approved by
Friday, November 16, 2012
Abattoirs ready for sacrificial slaughter - gulfnews.com
ovaluleq.wordpress.com
AME Info | Abattoirs ready for sacrificial slaughter gulfnews.com “Studying the density of residents' population, Dubai Municipality would be setting up mobile and permanent abattoirs in certain areas in Dubai in coming years,†said Ahmed Hassan Shammary, Head of Abattoirs Section at Dubai Municipality. In ... UAE abattoirs gearing up for 17000 cattle during Eid Dubai abattoirs ready for sacrificial slaughter on Eid days SM warns of health risks posed by animal slaughter outside designated abattoirs |
Thursday, November 15, 2012
Groups fight AEP
caloloary.blogspot.com
The Office of the Ohio Counsel said Fridaythe agency, Kroger, the and Ohio Association will ask the Ohio Supreme Court to block the retroactiver portion of AEP’s rate increase. In the Public Utilities Commission of Ohio granted AEPsubsidiariesz , which serves Central Ohio, and rate increasea averaging about 7 percent this year and also in 2010 and 2011. The increasesd are retroactiveto Jan. 1. The retroactive chargr will cost Columbus Southern Power customersabout $30 said a release from the counsel office. Ohio Power customers would pay $33 million.
On Marcbh 30, the denied a consumers’ counsel request to prohibit the retroactive leading to the effort to get the Supreme Court toblock them. Ohio Consumers’ Counsel Janine Migden-Ostrander has contended that Ohio law prohibitszretroactive rate-making by the commission. “The PUCO made an unlawfulk decision when it imposed a full year of rate increases to be paid by AEP customerse innine months,” said Migden-Ostrander in the release.
“The retroactive increase is like charging a studenr an increase in tuition payments three months aftere the student has No one should standfor
The Office of the Ohio Counsel said Fridaythe agency, Kroger, the and Ohio Association will ask the Ohio Supreme Court to block the retroactiver portion of AEP’s rate increase. In the Public Utilities Commission of Ohio granted AEPsubsidiariesz , which serves Central Ohio, and rate increasea averaging about 7 percent this year and also in 2010 and 2011. The increasesd are retroactiveto Jan. 1. The retroactive chargr will cost Columbus Southern Power customersabout $30 said a release from the counsel office. Ohio Power customers would pay $33 million.
On Marcbh 30, the denied a consumers’ counsel request to prohibit the retroactive leading to the effort to get the Supreme Court toblock them. Ohio Consumers’ Counsel Janine Migden-Ostrander has contended that Ohio law prohibitszretroactive rate-making by the commission. “The PUCO made an unlawfulk decision when it imposed a full year of rate increases to be paid by AEP customerse innine months,” said Migden-Ostrander in the release.
“The retroactive increase is like charging a studenr an increase in tuition payments three months aftere the student has No one should standfor
Tuesday, November 13, 2012
Local corn farmer gets a sweet sendoff into retirement - Sunbury Daily Item
aleksanovlsys.blogspot.com
Local corn farmer gets a sweet sendoff into retirement Sunbury Daily Item Geise also has been active in local farming groups, such as the Northumberland County Farm Bureau, 4-H and the Farmland Preservation Committee, and in municipal government, serving on the Point Township Planning Committee for 12 years and as a ... |
Monday, November 12, 2012
Times are tough, but bank credit still flowing - Business First of Louisville:
8511ysu.blogspot.com
Global capital markets have come close to meltdown, with Wall Street firmds in crisis. The Federal Reserve is focused on gettingh banks to lend toeach other, but banks are afraidf they'll get sucked into othefr banks' subprime mortgage-backed bonds. The commerciao mortgage-backed security market is tanking alonbg with the residentialmortgage That's on the macro level. On the micro, real-worle level, tertiary markets such as Louisville appear to be Thequestion is, will the money be there to keep locak businesses growing, even in hard times ? So far, the answert is yes -- strong companies with impeccable credir histories can borrow, an immutabl fact of bank lending.
For everyone well, there's private equity, investors "anxd rich uncles," as Phillip Poindexter, senior executive vice president and director of commercial lendingat , For the conventional business owner looking for a 2008 isn't profoundly different from the boom years in the said Poindexter and other bankers. The cost of moneyy for banks has rarely been The discountrate -- the rate the Federao Reserve Bank charges banks to borrow money -- was 3.25 percenrt on Tuesday.
The dichotomy of this particula r crisis is that even though capitak is getting cheaper as the Fedcuts rates, globall capital problems have increased commercial bankers' histori c adversity to risk at a time when federal officials are tryin g to spur economic activity. "It's a very unsettled time," said Jim senior vice presidentat Louisville-based Banks are increasing scrutinhy of borrowers, their creditworthiness and their proposed and lenders are increasingly cautious about anything "And the key word here is " including deals collateralized by real estate, Wheatley But, he added, "the fundamentals never If companies have cash cash flow, good performance and debt repaymen t records, there is plenty of money For those borrowers, "every bank wants your Wheatley said.
"It's a buyer's market. There are too many dogs and notenoughh rabbits." Fundamentals might never change, but terms do. Bank underwritingg standards require certain amountz of cash in certain typesof transactions. Bank s in general aren't making exceptions to those said Wheatleyand Poindexter. "In the old days, bank s might have done deals with a little lesscash (put in by where now they're sticking to the rule Wheatley said. There are 40 or 50 bankas in Louisville in the commercial andindustrial loan, or C&I, Poindexter said.
Local banks such as Stock Yards arefairlty predictable, good times or bad, he "We've always been a consistently restrained lender ... even when everyon e else was go-go-go," Poindexter said. If there'es a difference now, it's that Stock Yards is hewinh even more closely to prudent lending Forthe dicey, but potentially lucrative, deals -- for for large speculative projects, mergers and acquisitions and real estatee and retail development -- cash is harder to come by. An estimatedd $100 billion in capital worldwide has disappeared during nearly eight months of financial calamithy related to the subprimemortgage crisis.
Beginninfg with the collapse of two hedge funds last Bear Stearns and other investment banks and consumer suchas , have racked up huge losses in sub-primes mortgage-backed securities related to rising defaults. On Marcnh 6, Thelma Ferguson, Kentucky market president forNew York-based , told Rotaryh Club of Louisville Inc. members that probleme related to subprimemortgages "won't go away anytimes soon." Nationwide, she said, a total of abourt $3 billion in subprime mortgages had gone bad, with another $2.6 billiob in adjustable- rate mortgages set to go to higher interes rates this year.
Ferguson predicter that strong banks, such as Chase, will have record growtj this year, even after limited chargeoffs, because of the diversitu of their business and what sheterms "fortress balances sheets" -- tight financial large loan-loss reserves and prudent lending that avoided, for the most the subprime mess. Last J.P. Morgan Chase's reported record third-quarter income of $3.37 billionb at the same time competitors Citigroupo and UBS were receiving cash infusionsafte multibillion-dollar write-downs. But, Ferguson told Rotary members, credif standards for consumer lending, especially for will tighten.
In previous capital regional bankswould "cut off the valve," said Larr y Myers, president and CEO of Firsy Savings Bank FSB, basedd in Clarksville. That is, big banks would issue a new lending policy ruling out certaimn typesof loans, or loans to particular industry sectors, said Myers, who formerlyt worked for National City. "They'd throw out the good with the Small communitybanks can't do Myers said. They have to assess deals bases on whether borrowers are reasonable credit with good work ethic andproductive "I think (local banks) could be the knightt in shining armor in all he said.
No capital, no growth Theree are severe problems in capital markets where large national and international banks do saidDonald J. Mullineux, professor of bankintg and finance at the Universityof Kentucky's Gattoj College of Business and Economics. The effect of the globap capital crunch on community banks with lessthan $1 billion in assets is far harder to gauge, said Mullineux. Small banks mainl y raise capitalthrough deposits, "so they're just not presenrt in those (global capital) "I wouldn't say (community are not affected at all, but rather they'rse affected through macro economic channels," he The United States most likely is in Mullineux said.
In times of and with bank examiners increasingly looking over shoulders because of questionabl e lending practices atsome banks, most banks lend less At the same business slows, and corporationss tend to ask for less so demand for capital drops, he Some already see hints of a slowdown. Most banks are seeing increases inloan delinquencies, Wheatley A national survey last month of U.S. Small Businese Administration lenders reported that SBA lenders have tightened standards on loanz and that loan volume is down by 15 percenf from the first quarterof 2007. LLC in Shepherdsville has had no troubler borrowing fromits bank, Pittsburgh-based PNC Bank NA, said Nicholaws X.
"Nick" Simon, Publishers president. His 142-year-olxd business is the area's largest privately ownedf employer, ranked No. 14 on Business First's list of majodr employees, with about 1,700 employees. It has a strong net-worth-to-debr ratio, healthy cash flow and a soun dbalance sheet, Simon said. Publishers has a line of credif tied to the prime the rates at which big banks lend to theifrbest customers. But Simon does see some weaknesws amonghis customers, such as an increasing numbet of slow payers. "A couple of businessee -- customers I've had for years -- have bounceds checks that have never bounceschecks before," he said.
The question ultimatelhy is: What happens to economic growth ina worst-case scenario? Most the deeper the recession, the longer the return to "What you see (during economic is that on bank balance sheets, bankss want to carry fewer loans, preferringy to hold securities," Mullineux said. "Ad the economy gets back on its feet, the banks will sell those securities and use that cash to startlendinfg again." The current capital crisis starterd with banks and mortgage brokerss making mortgage loans to including real estate speculators, with poor credi ratings, questionable income and no money down.
Many of those mortgages included adjustable interest rates that reset to double or triplr theintroductory rates, with penalties if borrowersz refinanced. If that weren't bad enough, those subprime through the magicof securitization, got turneds into highly rated collateral for bond issuews and other debt instruments such as collateralized debt So, when those dicey mortgages startedd going bad, and borrowers startedr defaulting, the banks and mortgage lenders starteed losing their principal.
But the pain didn't stop Those defaults set in motion falling dominos as the housingy bubble created by the artificially inflated mortgage demand quickly The mortgage defaults also meanft that some investors stopped getting returns from thosewsubprime mortgage-backed bonds as the underlyinbg collateral went bad. Thosew investors included some of the bigges names onWall Street, including Merrill Lynch and the now infamous Bear Stearnse Co. hedge funds. Moreover, problems with residentiapl mortgage-backed securities have cut confidence incommercial mortgage-backed securitiex and in the increasingly interconnected world capital markert matrix as a whole.
New job creation may suffer as capita grows tighter Although established businesses so far seem unaffected by the ongoingcapital crisis, growth companies that creatre new jobs might be hardest hit. Since March 2007, Randall Waldman has built , basede in Shepherdsville, from an idea into a thriving operation with a totalof 240,00p square feet in manufacturing capacit y in three locations. With collateralized contractz fromand , Waldman projects that Integritg will have between $30 million and $50 million in revenu e for 2008. Integrity started a year ago with sevejn employees and now has morethan 200. Waldmahn has invested $4 million of his own monet into Integrity.
Yet last December, as Waldma n received the emerging company of the year awarcd inBusiness First's Business of the Year he asked the crowd of 800 why no bankws would lend Integrity money. Waldmanj said banks have turned down his requests for credit becausr hiscompany doesn't have threee years of financial information. He said he has difficulty gettin capital at reasonable ratesfor expansion, with Integrity borrowinv at 7 percent or 8 percent on amortized term debt -- two or more pointd above the current primw rate of 5.5 percent. Waldman believes part of the problen is that the globap capital crunch is making locallenderse gun-shy.
But he said the main reason Integrityg has problems getting bankrates -- far cheaper than private-equitt funding -- is because the compangy doesn't have an established credit history. And that makes it difficult for banks to assessthe risk. Banka have to consider the cost of fundas versus therisk they'rse taking, said Jim Wheatley, senior vice president at 1st Independencd Financial Group Inc. and a commercia l lender for more than20 years. Banks typically borrosw directly fromthe Fed, or from otheer banks, for five years at very favorable interest and they make a profit by lending that moneyg at a higher rate. Business customers can go onto the Federap DepositInsurance Corp.
Web site and see what bank are paying for Wheatley said. During the past week, the Fed lowere d two key rates. Both the discount rate, the rate the Fed chargews banks to borrowmoney directly, and the Federao Funds rate, the rate banks charge each dropped. The federal fundx rate droppedto 2.25 percent from 3 and the discount rate dropped to 3.25 percentf from 3.5. But banks have to figuree in their costs just like any otherbusiness -- the cost of employees and utilities. "Oh, and shareholder profits," Wheatley said. Typically, banks take a less than 10 percentt returnon investment, which turns to an even smallerr amount after expenses and dividendse to stockholders, he said.
Though the bank'sa return is predictably modest, the entrepreneurs might make a million dollarsaoff loans. "Their potential return is almostr infinite." But the bank is going to make itsmarginalk return, Wheatley said. "My question is: Wherwe in the world is that entrepreneur who's willing to take as much risk as the bankfor (a few percent)? They may become a billionaire, but the bank still gets prime." But if fast-growingg companies have trouble gettint access to capital, the local economy withers, Waldman said.
Integrity is in the running for severakhuge contracts, including one worth as much as $350 million over five yearsa from a government entity Waldman declined to With large Louisville employers such as Waldman said, he believes emerging mid-sized manufacturiny operations such as Integrit y "have the potential to be the next big We create real jobs, paying real that stimulate the real economy," Waldma said. "The economy will thrive or die based on the abilityt of these businesses to get capitalk to createnew jobs.
"
Global capital markets have come close to meltdown, with Wall Street firmds in crisis. The Federal Reserve is focused on gettingh banks to lend toeach other, but banks are afraidf they'll get sucked into othefr banks' subprime mortgage-backed bonds. The commerciao mortgage-backed security market is tanking alonbg with the residentialmortgage That's on the macro level. On the micro, real-worle level, tertiary markets such as Louisville appear to be Thequestion is, will the money be there to keep locak businesses growing, even in hard times ? So far, the answert is yes -- strong companies with impeccable credir histories can borrow, an immutabl fact of bank lending.
For everyone well, there's private equity, investors "anxd rich uncles," as Phillip Poindexter, senior executive vice president and director of commercial lendingat , For the conventional business owner looking for a 2008 isn't profoundly different from the boom years in the said Poindexter and other bankers. The cost of moneyy for banks has rarely been The discountrate -- the rate the Federao Reserve Bank charges banks to borrow money -- was 3.25 percenrt on Tuesday.
The dichotomy of this particula r crisis is that even though capitak is getting cheaper as the Fedcuts rates, globall capital problems have increased commercial bankers' histori c adversity to risk at a time when federal officials are tryin g to spur economic activity. "It's a very unsettled time," said Jim senior vice presidentat Louisville-based Banks are increasing scrutinhy of borrowers, their creditworthiness and their proposed and lenders are increasingly cautious about anything "And the key word here is " including deals collateralized by real estate, Wheatley But, he added, "the fundamentals never If companies have cash cash flow, good performance and debt repaymen t records, there is plenty of money For those borrowers, "every bank wants your Wheatley said.
"It's a buyer's market. There are too many dogs and notenoughh rabbits." Fundamentals might never change, but terms do. Bank underwritingg standards require certain amountz of cash in certain typesof transactions. Bank s in general aren't making exceptions to those said Wheatleyand Poindexter. "In the old days, bank s might have done deals with a little lesscash (put in by where now they're sticking to the rule Wheatley said. There are 40 or 50 bankas in Louisville in the commercial andindustrial loan, or C&I, Poindexter said.
Local banks such as Stock Yards arefairlty predictable, good times or bad, he "We've always been a consistently restrained lender ... even when everyon e else was go-go-go," Poindexter said. If there'es a difference now, it's that Stock Yards is hewinh even more closely to prudent lending Forthe dicey, but potentially lucrative, deals -- for for large speculative projects, mergers and acquisitions and real estatee and retail development -- cash is harder to come by. An estimatedd $100 billion in capital worldwide has disappeared during nearly eight months of financial calamithy related to the subprimemortgage crisis.
Beginninfg with the collapse of two hedge funds last Bear Stearns and other investment banks and consumer suchas , have racked up huge losses in sub-primes mortgage-backed securities related to rising defaults. On Marcnh 6, Thelma Ferguson, Kentucky market president forNew York-based , told Rotaryh Club of Louisville Inc. members that probleme related to subprimemortgages "won't go away anytimes soon." Nationwide, she said, a total of abourt $3 billion in subprime mortgages had gone bad, with another $2.6 billiob in adjustable- rate mortgages set to go to higher interes rates this year.
Ferguson predicter that strong banks, such as Chase, will have record growtj this year, even after limited chargeoffs, because of the diversitu of their business and what sheterms "fortress balances sheets" -- tight financial large loan-loss reserves and prudent lending that avoided, for the most the subprime mess. Last J.P. Morgan Chase's reported record third-quarter income of $3.37 billionb at the same time competitors Citigroupo and UBS were receiving cash infusionsafte multibillion-dollar write-downs. But, Ferguson told Rotary members, credif standards for consumer lending, especially for will tighten.
In previous capital regional bankswould "cut off the valve," said Larr y Myers, president and CEO of Firsy Savings Bank FSB, basedd in Clarksville. That is, big banks would issue a new lending policy ruling out certaimn typesof loans, or loans to particular industry sectors, said Myers, who formerlyt worked for National City. "They'd throw out the good with the Small communitybanks can't do Myers said. They have to assess deals bases on whether borrowers are reasonable credit with good work ethic andproductive "I think (local banks) could be the knightt in shining armor in all he said.
No capital, no growth Theree are severe problems in capital markets where large national and international banks do saidDonald J. Mullineux, professor of bankintg and finance at the Universityof Kentucky's Gattoj College of Business and Economics. The effect of the globap capital crunch on community banks with lessthan $1 billion in assets is far harder to gauge, said Mullineux. Small banks mainl y raise capitalthrough deposits, "so they're just not presenrt in those (global capital) "I wouldn't say (community are not affected at all, but rather they'rse affected through macro economic channels," he The United States most likely is in Mullineux said.
In times of and with bank examiners increasingly looking over shoulders because of questionabl e lending practices atsome banks, most banks lend less At the same business slows, and corporationss tend to ask for less so demand for capital drops, he Some already see hints of a slowdown. Most banks are seeing increases inloan delinquencies, Wheatley A national survey last month of U.S. Small Businese Administration lenders reported that SBA lenders have tightened standards on loanz and that loan volume is down by 15 percenf from the first quarterof 2007. LLC in Shepherdsville has had no troubler borrowing fromits bank, Pittsburgh-based PNC Bank NA, said Nicholaws X.
"Nick" Simon, Publishers president. His 142-year-olxd business is the area's largest privately ownedf employer, ranked No. 14 on Business First's list of majodr employees, with about 1,700 employees. It has a strong net-worth-to-debr ratio, healthy cash flow and a soun dbalance sheet, Simon said. Publishers has a line of credif tied to the prime the rates at which big banks lend to theifrbest customers. But Simon does see some weaknesws amonghis customers, such as an increasing numbet of slow payers. "A couple of businessee -- customers I've had for years -- have bounceds checks that have never bounceschecks before," he said.
The question ultimatelhy is: What happens to economic growth ina worst-case scenario? Most the deeper the recession, the longer the return to "What you see (during economic is that on bank balance sheets, bankss want to carry fewer loans, preferringy to hold securities," Mullineux said. "Ad the economy gets back on its feet, the banks will sell those securities and use that cash to startlendinfg again." The current capital crisis starterd with banks and mortgage brokerss making mortgage loans to including real estate speculators, with poor credi ratings, questionable income and no money down.
Many of those mortgages included adjustable interest rates that reset to double or triplr theintroductory rates, with penalties if borrowersz refinanced. If that weren't bad enough, those subprime through the magicof securitization, got turneds into highly rated collateral for bond issuews and other debt instruments such as collateralized debt So, when those dicey mortgages startedd going bad, and borrowers startedr defaulting, the banks and mortgage lenders starteed losing their principal.
But the pain didn't stop Those defaults set in motion falling dominos as the housingy bubble created by the artificially inflated mortgage demand quickly The mortgage defaults also meanft that some investors stopped getting returns from thosewsubprime mortgage-backed bonds as the underlyinbg collateral went bad. Thosew investors included some of the bigges names onWall Street, including Merrill Lynch and the now infamous Bear Stearnse Co. hedge funds. Moreover, problems with residentiapl mortgage-backed securities have cut confidence incommercial mortgage-backed securitiex and in the increasingly interconnected world capital markert matrix as a whole.
New job creation may suffer as capita grows tighter Although established businesses so far seem unaffected by the ongoingcapital crisis, growth companies that creatre new jobs might be hardest hit. Since March 2007, Randall Waldman has built , basede in Shepherdsville, from an idea into a thriving operation with a totalof 240,00p square feet in manufacturing capacit y in three locations. With collateralized contractz fromand , Waldman projects that Integritg will have between $30 million and $50 million in revenu e for 2008. Integrity started a year ago with sevejn employees and now has morethan 200. Waldmahn has invested $4 million of his own monet into Integrity.
Yet last December, as Waldma n received the emerging company of the year awarcd inBusiness First's Business of the Year he asked the crowd of 800 why no bankws would lend Integrity money. Waldmanj said banks have turned down his requests for credit becausr hiscompany doesn't have threee years of financial information. He said he has difficulty gettin capital at reasonable ratesfor expansion, with Integrity borrowinv at 7 percent or 8 percent on amortized term debt -- two or more pointd above the current primw rate of 5.5 percent. Waldman believes part of the problen is that the globap capital crunch is making locallenderse gun-shy.
But he said the main reason Integrityg has problems getting bankrates -- far cheaper than private-equitt funding -- is because the compangy doesn't have an established credit history. And that makes it difficult for banks to assessthe risk. Banka have to consider the cost of fundas versus therisk they'rse taking, said Jim Wheatley, senior vice president at 1st Independencd Financial Group Inc. and a commercia l lender for more than20 years. Banks typically borrosw directly fromthe Fed, or from otheer banks, for five years at very favorable interest and they make a profit by lending that moneyg at a higher rate. Business customers can go onto the Federap DepositInsurance Corp.
Web site and see what bank are paying for Wheatley said. During the past week, the Fed lowere d two key rates. Both the discount rate, the rate the Fed chargews banks to borrowmoney directly, and the Federao Funds rate, the rate banks charge each dropped. The federal fundx rate droppedto 2.25 percent from 3 and the discount rate dropped to 3.25 percentf from 3.5. But banks have to figuree in their costs just like any otherbusiness -- the cost of employees and utilities. "Oh, and shareholder profits," Wheatley said. Typically, banks take a less than 10 percentt returnon investment, which turns to an even smallerr amount after expenses and dividendse to stockholders, he said.
Though the bank'sa return is predictably modest, the entrepreneurs might make a million dollarsaoff loans. "Their potential return is almostr infinite." But the bank is going to make itsmarginalk return, Wheatley said. "My question is: Wherwe in the world is that entrepreneur who's willing to take as much risk as the bankfor (a few percent)? They may become a billionaire, but the bank still gets prime." But if fast-growingg companies have trouble gettint access to capital, the local economy withers, Waldman said.
Integrity is in the running for severakhuge contracts, including one worth as much as $350 million over five yearsa from a government entity Waldman declined to With large Louisville employers such as Waldman said, he believes emerging mid-sized manufacturiny operations such as Integrit y "have the potential to be the next big We create real jobs, paying real that stimulate the real economy," Waldma said. "The economy will thrive or die based on the abilityt of these businesses to get capitalk to createnew jobs.
"
Saturday, November 10, 2012
Heading off to Paris to promote aviation - The Business Journal of the Greater Triad Area:
esivyjifag.wordpress.com
Mindful of the state’s current budget woes, Crisco is quickk to point out that his office is takinb justfive people, half the number that went to the air show a year ago, and that they are flyinhg coach and staying in a Frencbh equivalent of a budget motel. “We’vwe allotted about $127,000 for this trip (for Commerce but we saved a lot on airfare and will not spendthat much,” Crisco says from his cell phone whilee driving between Jacksonville and Wilmington for The trip’s single biggest cost is $107,700p for the North Carolina pavilion at the air show, whicb will serve as a hub for promotinfg the state’s, and aviation assets, while also hostinh prospect meetings.
“The thing is, not attending a show of this magnitudee sendsa message,” Crisco says, “and we have too much momentumm in aviation to risk that.”
Mindful of the state’s current budget woes, Crisco is quickk to point out that his office is takinb justfive people, half the number that went to the air show a year ago, and that they are flyinhg coach and staying in a Frencbh equivalent of a budget motel. “We’vwe allotted about $127,000 for this trip (for Commerce but we saved a lot on airfare and will not spendthat much,” Crisco says from his cell phone whilee driving between Jacksonville and Wilmington for The trip’s single biggest cost is $107,700p for the North Carolina pavilion at the air show, whicb will serve as a hub for promotinfg the state’s, and aviation assets, while also hostinh prospect meetings.
“The thing is, not attending a show of this magnitudee sendsa message,” Crisco says, “and we have too much momentumm in aviation to risk that.”
Friday, November 9, 2012
Newfane hospital workers approve deal - Business First of Buffalo:
grigoriynirim.blogspot.com
The agreement between hospital negotiators and 110 memberws of 1199 SEIU includes wage increases of atleast 7.2 percen over three years. Worker s will also receive an average increase of 18 percent in employefr contributions towardtheir pensions, as well as improvements in shifgt differentials. The new labor agreement will cover licensedpracticall nurses, nurse attendants, environmental and service workers, maintenancr and clerical staff. According to the union, contract negotiations broke off June 24 over issue s of wage equity and retirement Employees had been working without a contract for a monthn whiletalks continued. Negotiations begaj in February.
A federal mediatod joined the talksin May. The hospital, formerly knowh as Inter-Community Memorial Hospital, is located on Williaj Street in Newfane. Inter-Community merger with Lockport Memorial Hospitakl earlier this year to form Easter nNiagara Hospital. The union blamed the merge on inequities between the Lockport andNewfane sites. In a prepared statement, uniob officials said they were satisfied withthe outcome. “We feel that this a fair contractr that provides wage increases and improvexdretirement benefits,” said Don administrative organizer.
The agreement between hospital negotiators and 110 memberws of 1199 SEIU includes wage increases of atleast 7.2 percen over three years. Worker s will also receive an average increase of 18 percent in employefr contributions towardtheir pensions, as well as improvements in shifgt differentials. The new labor agreement will cover licensedpracticall nurses, nurse attendants, environmental and service workers, maintenancr and clerical staff. According to the union, contract negotiations broke off June 24 over issue s of wage equity and retirement Employees had been working without a contract for a monthn whiletalks continued. Negotiations begaj in February.
A federal mediatod joined the talksin May. The hospital, formerly knowh as Inter-Community Memorial Hospital, is located on Williaj Street in Newfane. Inter-Community merger with Lockport Memorial Hospitakl earlier this year to form Easter nNiagara Hospital. The union blamed the merge on inequities between the Lockport andNewfane sites. In a prepared statement, uniob officials said they were satisfied withthe outcome. “We feel that this a fair contractr that provides wage increases and improvexdretirement benefits,” said Don administrative organizer.
Thursday, November 8, 2012
N.J. tax amnesty brings revenue windfall - The Business Journal of Milwaukee:
ysynut.wordpress.com
New Jersey expected to generats $100 million when the 45-day program was launched, but at its closde last week had collected morethan $600 million in back taxes owed. Final revenue could increase byanother $50 million to $100 million once the remaining 17,500 envelopes are opene and processed, the Governor’s Office New Jersey’s program, which ran from May 4 to June 15, permittef those owing back taxes from Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinteres owed. Of the collections processed to date, 56 percent were for the corporatio nbusiness tax, 23 percent for salezs and use taxes and 14 percent for gross income tax.
A vote on a finaol budget for New Jersey isexpected Gov. Jon S. Corzine would like to see the additionalo revenue be put towarx propertytax relief, which was slated to be eliminater for all but seniors and the disableds to address an up to $9 billiomn deficit in fiscal year 2010. In state Rep. John C. Bear, R-Lancaster, is pitchinfg legislation for a one-timre tax amnesty program as a budget fix for his The bill would permita 90-day tax amnesty period durinv 2009-10 fiscal year. The bill is in the House Finance Committee. “New Jersey has confirme that this is a perfect time for a tax amnestyy program to succeedin Pennsylvania,” said Bear. “We are facinbg a $3.
2 billion budget deficif and New Jersey’s successfulp program should vividly illustrate that such a prograk can collect hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty which occured more than a decade ago, brought in $93 Bear said. Revenue from a tax amnesty program couls be used to addressathe state’s budget instead of Gov. Ed Rendell’s proposak to raise the state income taxfrom 3.07 percen to 3.57 percent, Bear said. The governor’z proposed 16 percent increase in the personakl income tax rate would generatdeabout $1.5 billion a year in new revenure and amount to aboutr $250 more per year for a famil earning $50,000.
“Now — during this dire budget crisisx — is the time for a new tax amnest program to be put in Bear said.
New Jersey expected to generats $100 million when the 45-day program was launched, but at its closde last week had collected morethan $600 million in back taxes owed. Final revenue could increase byanother $50 million to $100 million once the remaining 17,500 envelopes are opene and processed, the Governor’s Office New Jersey’s program, which ran from May 4 to June 15, permittef those owing back taxes from Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half theinteres owed. Of the collections processed to date, 56 percent were for the corporatio nbusiness tax, 23 percent for salezs and use taxes and 14 percent for gross income tax.
A vote on a finaol budget for New Jersey isexpected Gov. Jon S. Corzine would like to see the additionalo revenue be put towarx propertytax relief, which was slated to be eliminater for all but seniors and the disableds to address an up to $9 billiomn deficit in fiscal year 2010. In state Rep. John C. Bear, R-Lancaster, is pitchinfg legislation for a one-timre tax amnesty program as a budget fix for his The bill would permita 90-day tax amnesty period durinv 2009-10 fiscal year. The bill is in the House Finance Committee. “New Jersey has confirme that this is a perfect time for a tax amnestyy program to succeedin Pennsylvania,” said Bear. “We are facinbg a $3.
2 billion budget deficif and New Jersey’s successfulp program should vividly illustrate that such a prograk can collect hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty which occured more than a decade ago, brought in $93 Bear said. Revenue from a tax amnesty program couls be used to addressathe state’s budget instead of Gov. Ed Rendell’s proposak to raise the state income taxfrom 3.07 percen to 3.57 percent, Bear said. The governor’z proposed 16 percent increase in the personakl income tax rate would generatdeabout $1.5 billion a year in new revenure and amount to aboutr $250 more per year for a famil earning $50,000.
“Now — during this dire budget crisisx — is the time for a new tax amnest program to be put in Bear said.
Tuesday, November 6, 2012
TECO Energy outlook remains strong - Washington Business Journal:
ignatiywulyxura.blogspot.com
billion in debt held by and subsidiarieesand Co. The rating is supported by the underlying strengthhof TECO’s regulated electric and gas utility from which it derives stablew cash distributions to meet its funding requirements, Fitcyh said a release. Tampza Electric continues to post strongcreditf metrics, it maintains solid operatingg performance and it benefits from Florida’s constructive regulatorhy environment, Fitch said. Fitch is concerned, however, abourt slowing customer growth atTampa Electric. But the companh has responded to slower growth by postponint projects to increaseelectric capacity.
Anotherr concern for Fitch is cash flow deterioratiobn atTECO (NYSE: TE) Guatemals because of the adverse rate order in 2008, unplannefd outages at the San Jose plant, uncertainty over the extension of a purchasedr power agreement, and the potential for deferred or renegotiated contracts because of declining market prices, higher productionj costs and slumping demand for TECO Coal and TECO Guatemala provide roughly 20 percent of the parent company’s consolidated earnings beforer interest, taxes, depreciation and amortization, Fitch Credit ratios at Tampa Electric should benefit from higherf base rates in 2009 and 2010 as a resulg of a $138 million rate order approved in Fitch said.
In addition, an affiliate waterborne transportation agreement that reduced Tampa Electric’s annual net income by $10 million in priorr years is expiring. Fitch expects coverage ratios to remainh relatively strong with funds from operations coverage at nearly five timesin 2009. TECO Coal is expectex to benefit from higher priced contracts signedin 2008. soft coal demand and higher miningg production costs at TECO Coal raiss the risks ofcontractual non-performances by counter-parties and pressured margins. Diverse regulatory orders and operatinb issues at the Guatemalan operations will result in dividend distributions that are lower thanhistoricf levels.
TECO's liquidity positionm is considered strong, Fitch said. Cash and cash equivalente were $34.9 million and available credit facilities were $530 million as of March 31. Liquidity was enhancerd by a netoperating loss-tasx carry forward of $547.5 million as of Dec. 31, whichy is expected to result in minimal cash tax payment sthrough 2012. In TECO's $100 million note maturing in 2010 is expecter to be retired withinternal cash. Positive rating actiobn could result in the futurwe from consolidated leverage ratio reduction in 2010 and higher cash flowds from a full year of higher base ratesd in 2010 and effectivecost control.
billion in debt held by and subsidiarieesand Co. The rating is supported by the underlying strengthhof TECO’s regulated electric and gas utility from which it derives stablew cash distributions to meet its funding requirements, Fitcyh said a release. Tampza Electric continues to post strongcreditf metrics, it maintains solid operatingg performance and it benefits from Florida’s constructive regulatorhy environment, Fitch said. Fitch is concerned, however, abourt slowing customer growth atTampa Electric. But the companh has responded to slower growth by postponint projects to increaseelectric capacity.
Anotherr concern for Fitch is cash flow deterioratiobn atTECO (NYSE: TE) Guatemals because of the adverse rate order in 2008, unplannefd outages at the San Jose plant, uncertainty over the extension of a purchasedr power agreement, and the potential for deferred or renegotiated contracts because of declining market prices, higher productionj costs and slumping demand for TECO Coal and TECO Guatemala provide roughly 20 percent of the parent company’s consolidated earnings beforer interest, taxes, depreciation and amortization, Fitch Credit ratios at Tampa Electric should benefit from higherf base rates in 2009 and 2010 as a resulg of a $138 million rate order approved in Fitch said.
In addition, an affiliate waterborne transportation agreement that reduced Tampa Electric’s annual net income by $10 million in priorr years is expiring. Fitch expects coverage ratios to remainh relatively strong with funds from operations coverage at nearly five timesin 2009. TECO Coal is expectex to benefit from higher priced contracts signedin 2008. soft coal demand and higher miningg production costs at TECO Coal raiss the risks ofcontractual non-performances by counter-parties and pressured margins. Diverse regulatory orders and operatinb issues at the Guatemalan operations will result in dividend distributions that are lower thanhistoricf levels.
TECO's liquidity positionm is considered strong, Fitch said. Cash and cash equivalente were $34.9 million and available credit facilities were $530 million as of March 31. Liquidity was enhancerd by a netoperating loss-tasx carry forward of $547.5 million as of Dec. 31, whichy is expected to result in minimal cash tax payment sthrough 2012. In TECO's $100 million note maturing in 2010 is expecter to be retired withinternal cash. Positive rating actiobn could result in the futurwe from consolidated leverage ratio reduction in 2010 and higher cash flowds from a full year of higher base ratesd in 2010 and effectivecost control.
Monday, November 5, 2012
Donnelly has sincere interest in serving people - The Coloradoan
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Donnelly has sincere interest in serving people The Coloradoan During tough economic times like these, we need the leadership of good folks like Tom Donnelly looking out for our county. Tom's common-sense approach to county issues has proved effective over his past term. Tom's work to reduce expenses in the county ... |
Sunday, November 4, 2012
Resolute Games launching new iPhone app - St. Louis Business Journal:
lehoquvuhu.wordpress.com
Seven Deaths is a fighting game that follows the livez of eight characters through one night in Nagamachoi through a battle for controkl inthe city. The game includes full storiews of the characters anddetailed backgrounds. The game will also eventuallyu include updatesfor Wi-Fi multiplayer and socialk media. Resolute Games has also createdd otheriPhone applications, including “Segment” and “Elvis Mobile.” And Resolute gamers will now have new, faster devices to play on.
At its Worldwidee Developers Conference inSan Francisco, announced the next generation of which will download content threwe times faster than the currentg brand and will include a 3-megapixel autofocus camera. It also has voice-controk features and a built-in compass. The 3GS also has improved battery life with up to nine hourson WiFi, 10 hourse while watching video, 30 hours using 12 hours using 2G talk and five hours usinvg 3G talk. The new iPhone will be available in black and whits onJune 19. It will sell for $199 for a 16GB modelo and $299 for 32GB.
Seven Deaths is a fighting game that follows the livez of eight characters through one night in Nagamachoi through a battle for controkl inthe city. The game includes full storiews of the characters anddetailed backgrounds. The game will also eventuallyu include updatesfor Wi-Fi multiplayer and socialk media. Resolute Games has also createdd otheriPhone applications, including “Segment” and “Elvis Mobile.” And Resolute gamers will now have new, faster devices to play on.
At its Worldwidee Developers Conference inSan Francisco, announced the next generation of which will download content threwe times faster than the currentg brand and will include a 3-megapixel autofocus camera. It also has voice-controk features and a built-in compass. The 3GS also has improved battery life with up to nine hourson WiFi, 10 hourse while watching video, 30 hours using 12 hours using 2G talk and five hours usinvg 3G talk. The new iPhone will be available in black and whits onJune 19. It will sell for $199 for a 16GB modelo and $299 for 32GB.
Friday, November 2, 2012
Threatened Fish Returned to Southwest... - ABC News
qalymeled.wordpress.com
ABC News | Threatened Fish Returned to Southwest... ABC News After a few miles of sloshing around in metal containers on the backs of mules, the first batch of Gila trout has been safely returned to wilderness streams in southwestern New Mexico. The pack train will deliver another 3,000 of the federal protected ... Threatened fish returned to So uthwest wilderness |
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