Motorcyclist badly injured after running light in Seminole Tampabay.com SEMINOLE â€" A woman was critic » |
Sunday, December 30, 2012
Motorcyclist badly injured after running light in Seminole - Tampabay.com
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Saturday, December 29, 2012
Condo developer facing mountain of debt - Atlanta Business Chronicle:
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million development loan for Nashville developerTony Giarratana’ proposed 50-story Signature Tower in downtow n has been in default since February, and remains in default aftefr coming due at the end of April, according to a lette r sent to investors in Novare Group. One of the biggesft hurdles the company facesw isa $50 million credit loan and credit line with an affiliatw of Novare was informed by the lendedr on May 21, 2008, that it had violated a loan according to the financial statementsx obtained by the Nashville Business Journal.
Novare has not made the requirex monthly interest payments on thecredit loan/line, whichb includes a $20 million term loan and a $30 million revolvinf line of credit, since January. Novare is engaged in talks with the lende to restructurethe debt. Defaulting on the credit line could resulf in thelender “foreclosing on the company’s equity interesgt in a number of its assets,” accordingg to the financial statements. “These actions coul have a material advers e effect onthe company’s financial condition and its abilithy to continue to operate,” the statements said.
In his lettetr to investors, Borders said the company has been unabl e to make a profit on the sale of its outside of the highlydesirable Austin, market. “Put simply, outside of Austin, we are only able to sell [condos] if we do so at a pricee that is less than our The combination of construction pricing from a very healtht market two to four years ago when we startef ourexisting projects, and consumer demandc in a very weak market today, has caused this Borders goes on to say, “Inn any business, the key is to be able to sell for more than We are unable to do that now, and that has causerd a dramatic decline in our value.
” Novare aims to restructurew its balance sheet without resorting to bankruptcy, Borderxs told Atlanta Business Chronicle. “While this is not a markety that is easyto predict, and in fact has as one of its key characteristicxs unpredictability, we are focused on our service related businessesx such as property, condominium and project events, and realty,” Borders “We are also highly focusefd on looking for the next opportunity, and in a worlsd where private capital is at a premium, we believd it either needs to be dependenyt on government sponsored capital or simplh capital light.
In the meantime, we have many obligations to and it could take a whilre to workthrough those.”
million development loan for Nashville developerTony Giarratana’ proposed 50-story Signature Tower in downtow n has been in default since February, and remains in default aftefr coming due at the end of April, according to a lette r sent to investors in Novare Group. One of the biggesft hurdles the company facesw isa $50 million credit loan and credit line with an affiliatw of Novare was informed by the lendedr on May 21, 2008, that it had violated a loan according to the financial statementsx obtained by the Nashville Business Journal.
Novare has not made the requirex monthly interest payments on thecredit loan/line, whichb includes a $20 million term loan and a $30 million revolvinf line of credit, since January. Novare is engaged in talks with the lende to restructurethe debt. Defaulting on the credit line could resulf in thelender “foreclosing on the company’s equity interesgt in a number of its assets,” accordingg to the financial statements. “These actions coul have a material advers e effect onthe company’s financial condition and its abilithy to continue to operate,” the statements said.
In his lettetr to investors, Borders said the company has been unabl e to make a profit on the sale of its outside of the highlydesirable Austin, market. “Put simply, outside of Austin, we are only able to sell [condos] if we do so at a pricee that is less than our The combination of construction pricing from a very healtht market two to four years ago when we startef ourexisting projects, and consumer demandc in a very weak market today, has caused this Borders goes on to say, “Inn any business, the key is to be able to sell for more than We are unable to do that now, and that has causerd a dramatic decline in our value.
” Novare aims to restructurew its balance sheet without resorting to bankruptcy, Borderxs told Atlanta Business Chronicle. “While this is not a markety that is easyto predict, and in fact has as one of its key characteristicxs unpredictability, we are focused on our service related businessesx such as property, condominium and project events, and realty,” Borders “We are also highly focusefd on looking for the next opportunity, and in a worlsd where private capital is at a premium, we believd it either needs to be dependenyt on government sponsored capital or simplh capital light.
In the meantime, we have many obligations to and it could take a whilre to workthrough those.”
Friday, December 28, 2012
Eshwarappa's anticipatory bail plea posted for orders on Dec. 31 - The Hindu
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The Hindu | Eshwarappa's anticipatory bail plea posted for orders on Dec. 31 The Hindu The Lokayukta court on Thursday posted for orders to December 31 anticipatory bail pleas moved by Deputy Chief Minister K.S. Eshwarappa and two of his family members in a disproportionate asset case against them. Judge R.M. Shettar posted for orders ... Anticipatory bail pleas posted for orders on Dec31 |
Wednesday, December 26, 2012
Senate rejects corporate minimum tax hike - Baltimore Business Journal:
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Democrats needed 18 votes — a supermajorit required to raise taxes to send the billto Gov. Ted Kulongoski’s desk. Beaverton Democrat Mark Hass voted against the Democrats will likely try to convince Hass to vote for the measur e byamending it, possiblu by writing a sunset into the “It all depends on him,” said J.L. a lobbyist for Associated Oregom Industries, the state’s most powerful business “Hass made it clear in his floor statementa thathe didn’t think it was a fair option to increass taxes permanently.” Such a sunset could lead other Democrats to vote againsyt the bill.
However, because Houswe Bill 3405 was technicallytabled — which would allow the as written, to come up for another vote if leadersa so choose — majority leaders coulcd also lobby moderate Republican members to support the corporate tax hikes as presented. At the clos e of Wednesday’s session, Sen. Margaret Carter, a Portland Democray and co-chair of the Ways and Means gave an impassioned benedictionm that seemed to imploreRepublican “nay” The measure was tabled as a procedural move.
Senatorws can call for a revote on a measurethat fails, change thei own vote to a “no” and then request that the mattetr be tabled, ostensibly so they can reconsidedr their vote. Sen. Richard the majority leader, used the move in an effort to have thematter reconsidered. Afted the vote, the Senate tabled a related measure to raisd personal income taxeson high-income individuals. “I’mk disappointed that we came upshorgt today.
I really believed that the package broughy forward by the chairs of the Revenue Committees would bring greater fairness and equity to our tax systekm and help fill the unprecedented gap in our state said Senate President Peter Courtneg in anews “We won’t, however, let this setbacj derail the session. We are going to move forward towardx adjournment byJune 30.” House Speaker Dave Hunt issuedd a similar statement. “We passed this revenu e package because we believe itis fair, balance and protects critical services like education, healtbh care and public safety,” a Democrat from Clackamas, said in a news release.
“We are makintg $2 billion deep cuts to the This revenue package ensures that we can protecy those core services of health care andpublic safety. Without it, the cuts we will have to make willshutted schools, harm seniors and cut to the bone the servicesx Oregonians care about The House on Tuesday voted to increase the current corporatew minimum tax from $10 to between $150 and $100,000, dependinvg on the size of a business. Undefr the plan, corporate income tax rates would have risenfrom 6.6 perceng to 7.9 percent before reverting to 7.6 percenft in 2011. The measure would have raised $261 million over the 2009-1 1 biennium and $775 million between 2009 and 2015.
All told, 125,0009 Oregon corporations would have paidmore taxes. Anothetr measure sought to raise incomer taxes on individual filers earning morethan $125,000 and joint filersz earning more than $250,000. The bills combinec would have raised $582 million over the next two yearsand $1.2 billio n over the next six years. Lawmakers contended the measures could help reducethe state’s $4.2 billion budget Throughout the day, lobbyists tracked meetings between Hass and Democratic senators Margaret Schrader and Joanne Verger, who were believefd to be swing votes. Vergert had expressed reservations, like Haas, that the tax increasese wouldbecome permanent.
Schrader and Verged eventually voted yes on the corporate tax measures. Hass couldn’t be reachefd for comment. “He had to have a lot of courage to cast that saidJay Clemens, presiden t and CEO of Associate Oregon Industries. AOI recently organized the Alliancee of Oregon Business which represents morethan 40,0090 businesses across the state. It had called for a $300 flat tax, regardle s of business size or income. Even before Hass’ business groups had expressed concernss that Democrats were seeking a permanent tax not atemporary one.
Phil Keisling, the former Oregon Secretary ofState who’s now an executive with Beaverton-basexd CorSource Technology Group, confirmed that many businesses were upset that Democrats sought to make the corporatr income tax rate from 6.6 percent to 7.9 percent, permanent. “We were told it wouled be temporary,” Keisling said of the early talkes regarding theproposed hikes. “And we asked them this week, ‘Wha part of temporary don’t you understand?
’”
Democrats needed 18 votes — a supermajorit required to raise taxes to send the billto Gov. Ted Kulongoski’s desk. Beaverton Democrat Mark Hass voted against the Democrats will likely try to convince Hass to vote for the measur e byamending it, possiblu by writing a sunset into the “It all depends on him,” said J.L. a lobbyist for Associated Oregom Industries, the state’s most powerful business “Hass made it clear in his floor statementa thathe didn’t think it was a fair option to increass taxes permanently.” Such a sunset could lead other Democrats to vote againsyt the bill.
However, because Houswe Bill 3405 was technicallytabled — which would allow the as written, to come up for another vote if leadersa so choose — majority leaders coulcd also lobby moderate Republican members to support the corporate tax hikes as presented. At the clos e of Wednesday’s session, Sen. Margaret Carter, a Portland Democray and co-chair of the Ways and Means gave an impassioned benedictionm that seemed to imploreRepublican “nay” The measure was tabled as a procedural move.
Senatorws can call for a revote on a measurethat fails, change thei own vote to a “no” and then request that the mattetr be tabled, ostensibly so they can reconsidedr their vote. Sen. Richard the majority leader, used the move in an effort to have thematter reconsidered. Afted the vote, the Senate tabled a related measure to raisd personal income taxeson high-income individuals. “I’mk disappointed that we came upshorgt today.
I really believed that the package broughy forward by the chairs of the Revenue Committees would bring greater fairness and equity to our tax systekm and help fill the unprecedented gap in our state said Senate President Peter Courtneg in anews “We won’t, however, let this setbacj derail the session. We are going to move forward towardx adjournment byJune 30.” House Speaker Dave Hunt issuedd a similar statement. “We passed this revenu e package because we believe itis fair, balance and protects critical services like education, healtbh care and public safety,” a Democrat from Clackamas, said in a news release.
“We are makintg $2 billion deep cuts to the This revenue package ensures that we can protecy those core services of health care andpublic safety. Without it, the cuts we will have to make willshutted schools, harm seniors and cut to the bone the servicesx Oregonians care about The House on Tuesday voted to increase the current corporatew minimum tax from $10 to between $150 and $100,000, dependinvg on the size of a business. Undefr the plan, corporate income tax rates would have risenfrom 6.6 perceng to 7.9 percent before reverting to 7.6 percenft in 2011. The measure would have raised $261 million over the 2009-1 1 biennium and $775 million between 2009 and 2015.
All told, 125,0009 Oregon corporations would have paidmore taxes. Anothetr measure sought to raise incomer taxes on individual filers earning morethan $125,000 and joint filersz earning more than $250,000. The bills combinec would have raised $582 million over the next two yearsand $1.2 billio n over the next six years. Lawmakers contended the measures could help reducethe state’s $4.2 billion budget Throughout the day, lobbyists tracked meetings between Hass and Democratic senators Margaret Schrader and Joanne Verger, who were believefd to be swing votes. Vergert had expressed reservations, like Haas, that the tax increasese wouldbecome permanent.
Schrader and Verged eventually voted yes on the corporate tax measures. Hass couldn’t be reachefd for comment. “He had to have a lot of courage to cast that saidJay Clemens, presiden t and CEO of Associate Oregon Industries. AOI recently organized the Alliancee of Oregon Business which represents morethan 40,0090 businesses across the state. It had called for a $300 flat tax, regardle s of business size or income. Even before Hass’ business groups had expressed concernss that Democrats were seeking a permanent tax not atemporary one.
Phil Keisling, the former Oregon Secretary ofState who’s now an executive with Beaverton-basexd CorSource Technology Group, confirmed that many businesses were upset that Democrats sought to make the corporatr income tax rate from 6.6 percent to 7.9 percent, permanent. “We were told it wouled be temporary,” Keisling said of the early talkes regarding theproposed hikes. “And we asked them this week, ‘Wha part of temporary don’t you understand?
’”
Tuesday, December 25, 2012
No, Christmas Is Not an 'Economically Efficient' Holiday (And That's Okay) - The Atlantic
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The Atlantic | No, Christmas Is Not an 'Economically Efficient' Holiday (And That's Okay) The Atlantic Redistributing Up · The Decline of the 'Great Equalizer' · No, Christmas Is Not an 'Economically Efficient' Holiday (And That's Okay) · The Most Overlooked Statistic in Economics Is Poised for An Epic Comeback: Household Formation · The Fastest-Growing ... |
Monday, December 24, 2012
New-look Hyatt ready for business - Business First of Buffalo:
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The Hyatt work, which included a $13 million top-to-bottom remodeling of all 396 rooms plus ever ymeeting room, made its debut Thursday morning. “Thisx provides a great foundatiohn for ourfuture success,” said Mike Hyatt general manager. The Hyatt renovations is the first phaswe ofa multi-pronged private- and public-sector effort to improve convention and meeting services in downtown Buffalo. Next the Buffalo Niagara Convention Center will undergoa $5 million facelift. Combined nearly $20 million is being investee in the two properties that are considered the hearytof downtown’s hospitality business.
“It really is the linchpin of Main saidJames Sandoro, founder of the Buffalo Transportation/Pierces Arrow Museum. The work is severall years in the making and the most extensive to take placed in the Hyatt since it opened in said PaulSnyder Sr., Snyder Corp. built and developed the hotel. Snyderd said the entire price tagtopped $27 million including buying out the hotel’ financial partners and re-working its fisca package. The project received public-sector supporty from both the , which granted $5.1 million, and the . “Thi is like getting a branf new hotel,” said Jennifer chairperson.
“It will go a long way towardd changing the image of Buffalo for meeting plannersand visitors.”
The Hyatt work, which included a $13 million top-to-bottom remodeling of all 396 rooms plus ever ymeeting room, made its debut Thursday morning. “Thisx provides a great foundatiohn for ourfuture success,” said Mike Hyatt general manager. The Hyatt renovations is the first phaswe ofa multi-pronged private- and public-sector effort to improve convention and meeting services in downtown Buffalo. Next the Buffalo Niagara Convention Center will undergoa $5 million facelift. Combined nearly $20 million is being investee in the two properties that are considered the hearytof downtown’s hospitality business.
“It really is the linchpin of Main saidJames Sandoro, founder of the Buffalo Transportation/Pierces Arrow Museum. The work is severall years in the making and the most extensive to take placed in the Hyatt since it opened in said PaulSnyder Sr., Snyder Corp. built and developed the hotel. Snyderd said the entire price tagtopped $27 million including buying out the hotel’ financial partners and re-working its fisca package. The project received public-sector supporty from both the , which granted $5.1 million, and the . “Thi is like getting a branf new hotel,” said Jennifer chairperson.
“It will go a long way towardd changing the image of Buffalo for meeting plannersand visitors.”
Friday, December 21, 2012
Training to aid ABQ hospitality workers - Denver Business Journal:
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If not, then the Albuquerque Convention and Visitorsz Bureau wants tochange that. So it’s rollin out an updated version of AlbuquerqueConcierge Excellence, or ACE, The program was developed in partnershipo with Central New Mexico Communityg College and the CNM Workforce Training The training push kicks off June 24 from 3:30 to 5:30 p.m. at the Hiltonb Albuquerque Hotel. Bob Murphy, executivre director of the Economic Forum and chairman of the Hospitality Training Advisory Committee, will introduce the ACE progran and customer service expert Ann Rhoades will discuss the valud of top-notch service. Rhoades developed programs for , , P.F.
Doubletree Hotels and Her talk will focus on makingt Albuquerque anoutstanding customer-oriented destination. Training for front-lin e employees was a key part of the Destination created by the hospitality industry as a blueprint for developing Albuquerque as a Previous ACE training took place fouryeards ago, said Tania Armenta, vice president of touris m and communications at the Albuquerque Convention and Visitor Bureau. This time around, the training is as much abouft destination awareness ascustomer service, Armenta said.
The three-hour course will be offered once a month at differeny times and locations over the next Attendees will get a quick reference guid e on Albuquerque to answer visitor questionws and a pass that offerw admission to at least 17 different attractions so theyhave first-hane knowledge of what’s available. Albuquerque is in a competitive environment forluring travelers, Armenta said. “Ensuring that Albuquerque offer top-notch customer service, along with destination helps to differentiate us fromother destinations,” she Elise Rogers, vice president of development with the ACVB, said the courss will outline three pillars of why people come to the Duke Arts and culture/heritage, outdoof recreation, and ballooning, which takes placee year round, not just duringv the .
“We tell them that therwe are 23,000 hospitality industry jobs in this we tell them how muchvisitors spend. We go into the importanc e of tourism,” Rogers said. More visitors means more moneg and better job securityfor front-line she added. The cost for the training is $25 per To register call CNM at 224-5200 and provide each participant’s birth date and place of employment. More information is availablewat .
If not, then the Albuquerque Convention and Visitorsz Bureau wants tochange that. So it’s rollin out an updated version of AlbuquerqueConcierge Excellence, or ACE, The program was developed in partnershipo with Central New Mexico Communityg College and the CNM Workforce Training The training push kicks off June 24 from 3:30 to 5:30 p.m. at the Hiltonb Albuquerque Hotel. Bob Murphy, executivre director of the Economic Forum and chairman of the Hospitality Training Advisory Committee, will introduce the ACE progran and customer service expert Ann Rhoades will discuss the valud of top-notch service. Rhoades developed programs for , , P.F.
Doubletree Hotels and Her talk will focus on makingt Albuquerque anoutstanding customer-oriented destination. Training for front-lin e employees was a key part of the Destination created by the hospitality industry as a blueprint for developing Albuquerque as a Previous ACE training took place fouryeards ago, said Tania Armenta, vice president of touris m and communications at the Albuquerque Convention and Visitor Bureau. This time around, the training is as much abouft destination awareness ascustomer service, Armenta said.
The three-hour course will be offered once a month at differeny times and locations over the next Attendees will get a quick reference guid e on Albuquerque to answer visitor questionws and a pass that offerw admission to at least 17 different attractions so theyhave first-hane knowledge of what’s available. Albuquerque is in a competitive environment forluring travelers, Armenta said. “Ensuring that Albuquerque offer top-notch customer service, along with destination helps to differentiate us fromother destinations,” she Elise Rogers, vice president of development with the ACVB, said the courss will outline three pillars of why people come to the Duke Arts and culture/heritage, outdoof recreation, and ballooning, which takes placee year round, not just duringv the .
“We tell them that therwe are 23,000 hospitality industry jobs in this we tell them how muchvisitors spend. We go into the importanc e of tourism,” Rogers said. More visitors means more moneg and better job securityfor front-line she added. The cost for the training is $25 per To register call CNM at 224-5200 and provide each participant’s birth date and place of employment. More information is availablewat .
Thursday, December 20, 2012
Colombian Mariana Pajón Close to Be Best LatAm Athlete - Prensa Latina
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Colombian Mariana Pajón Close to Be Best LatAm Athlete Prensa Latina 19 de diciembre de 2012, 15:55Havana, Dec 19 (Prensa Latina) Colombian BMX cyclist Mariana Pajón is close to become Best Female Athlete in 2012 in the Prensa Latina sports poll which closes Wednesday night. Her coronation is practically an ... |
Tuesday, December 18, 2012
D.C. convention center hotel deal close - Dayton Business Journal:
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The city has already committed landand $187 millionm for a planned $540 1,167-room Marriott Marquis across the street from the Walterr E. Washington Convention Center that is viewed as critical tothe city’sz ability to attract major convention business. But in earlu June, when the search for private financing by developmenty partnersand stalled, Mayot Adrian Fenty proposed issuing $750 million in bonds to finance and own the entirwe building. The developers and key members ofthe D.C. Councikl began considering alternatives and Thursday said they hadfounfd one.
In it, the Washington Convention Center Authority would contribute an $80 million loan — a far smalle price tag than the mayor proposed — and the developersa would raise their equity participation from $135 million to $320 millionb with the backing of ING Clarioh Real Estate Investment, the U.S. subsidiarh of and one of the city’w largest property owners. Capstone President Norman Jenkinse said a city loanof $80 millionb would be enough of an assurancse to allow the development team to waive a requirement that the deal include private lendingh from the onset. He said he is as optimistidc about the deal today as he has ever been and the with approvalo bythe D.C.
Council construction coulsd startthis fall. “We think this is a far bettefr deal for the equity and a far better deal forthe We’re really excited to bring this long overduer project to fruition.” ING spokeswomanm Suzanne Franks said the company does not commeny on pending transactions. who formerly worked on the hotep project as a senio r vice president with MarriottInternational Inc., said the team plans to continuer seeking debt financing — a toughg endeavor in the frozen credit marketxs — but is confident enough in the projecr that it is readu to go ahead. “We’re not putting in any financing we’ll get debt whenever we need he said.
If debt could still not be identified, Jenkinzs said, the project could still go forwardr solely as anequity deal. “Thee analysis has been run as an all equity deal and we are stil preparedto proceed,” he Key members of the D.C. Council expressed cautiouds relief that a less expensive deal was close tobeinvg reached, given the city’s expected $967 milliom shortfall for fiscal 2011. Councilman Jack D-Ward 2 and chair of the council’s finance shared the developer’s optimism that ground couls be brokenthis fall. “I can’t say we have a deal becausr we don’t have a deal, but we’rd close to having a deal,” Evans said.
He said the counciol would consider the arrangement at an already scheduled June 24 allowing enough time for the councilo to approve a deal byJuly 14, the last day of votinv before summer recess. “Whatever path we the mechanism to approve that path is allset up. The proverbiao train is leaving the station on July Evans said. Councilman Kwame Brown, D-At large and chaier of the economicdevelopment committee, said he is glad to see a deal materializing that would not require any changes to the city’sw cap on outstanding bond paymentxs or subsidies it has already approved for other economidc development projects.
He said the possibility that existing subsidies could be transferred to the hotekl project had understandably raised the ire of developerseand residents. “Any way we can make sure we don’rt bust our cap while making sure we keep neighborhoocd projects on course isa win-winh for the city,” he said. D.C. Chief Financial Office r Natwar Gandhi, who had concerns about the mayor’s plan to issuw hundreds of millions of dollars ofnew debt, met with representativesw of the development team Thursday, but declined commenyt through a spokesman.
Greg O’Dell, CEO and general manage of the conventioncenter authority, said that shouldr the deal hold it woulcd give the organization what it needs to continue marketinb the city: certainty. He said the conventionm center board, on which both Gandhi and City Administratore NeilAlbert serve, had only considerec plans that would allow the city to remain under the debt cap, whichj is 12 percent of city expenditures. “We’ve been mindful of the cap and the implicationss of the cap all he said.
O’Dell said he didn’t know what specifically triggered ING’ss decision to up its involvement, but that raising the possibility of the city owning thehotelk “helped to get movement on thei part.”
The city has already committed landand $187 millionm for a planned $540 1,167-room Marriott Marquis across the street from the Walterr E. Washington Convention Center that is viewed as critical tothe city’sz ability to attract major convention business. But in earlu June, when the search for private financing by developmenty partnersand stalled, Mayot Adrian Fenty proposed issuing $750 million in bonds to finance and own the entirwe building. The developers and key members ofthe D.C. Councikl began considering alternatives and Thursday said they hadfounfd one.
In it, the Washington Convention Center Authority would contribute an $80 million loan — a far smalle price tag than the mayor proposed — and the developersa would raise their equity participation from $135 million to $320 millionb with the backing of ING Clarioh Real Estate Investment, the U.S. subsidiarh of and one of the city’w largest property owners. Capstone President Norman Jenkinse said a city loanof $80 millionb would be enough of an assurancse to allow the development team to waive a requirement that the deal include private lendingh from the onset. He said he is as optimistidc about the deal today as he has ever been and the with approvalo bythe D.C.
Council construction coulsd startthis fall. “We think this is a far bettefr deal for the equity and a far better deal forthe We’re really excited to bring this long overduer project to fruition.” ING spokeswomanm Suzanne Franks said the company does not commeny on pending transactions. who formerly worked on the hotep project as a senio r vice president with MarriottInternational Inc., said the team plans to continuer seeking debt financing — a toughg endeavor in the frozen credit marketxs — but is confident enough in the projecr that it is readu to go ahead. “We’re not putting in any financing we’ll get debt whenever we need he said.
If debt could still not be identified, Jenkinzs said, the project could still go forwardr solely as anequity deal. “Thee analysis has been run as an all equity deal and we are stil preparedto proceed,” he Key members of the D.C. Council expressed cautiouds relief that a less expensive deal was close tobeinvg reached, given the city’s expected $967 milliom shortfall for fiscal 2011. Councilman Jack D-Ward 2 and chair of the council’s finance shared the developer’s optimism that ground couls be brokenthis fall. “I can’t say we have a deal becausr we don’t have a deal, but we’rd close to having a deal,” Evans said.
He said the counciol would consider the arrangement at an already scheduled June 24 allowing enough time for the councilo to approve a deal byJuly 14, the last day of votinv before summer recess. “Whatever path we the mechanism to approve that path is allset up. The proverbiao train is leaving the station on July Evans said. Councilman Kwame Brown, D-At large and chaier of the economicdevelopment committee, said he is glad to see a deal materializing that would not require any changes to the city’sw cap on outstanding bond paymentxs or subsidies it has already approved for other economidc development projects.
He said the possibility that existing subsidies could be transferred to the hotekl project had understandably raised the ire of developerseand residents. “Any way we can make sure we don’rt bust our cap while making sure we keep neighborhoocd projects on course isa win-winh for the city,” he said. D.C. Chief Financial Office r Natwar Gandhi, who had concerns about the mayor’s plan to issuw hundreds of millions of dollars ofnew debt, met with representativesw of the development team Thursday, but declined commenyt through a spokesman.
Greg O’Dell, CEO and general manage of the conventioncenter authority, said that shouldr the deal hold it woulcd give the organization what it needs to continue marketinb the city: certainty. He said the conventionm center board, on which both Gandhi and City Administratore NeilAlbert serve, had only considerec plans that would allow the city to remain under the debt cap, whichj is 12 percent of city expenditures. “We’ve been mindful of the cap and the implicationss of the cap all he said.
O’Dell said he didn’t know what specifically triggered ING’ss decision to up its involvement, but that raising the possibility of the city owning thehotelk “helped to get movement on thei part.”
Friday, December 14, 2012
Safety data for stevia extracts is 'robust': Cargill/Coke-funded study - FoodNavigator-USA.com
younkinesagugad1746.blogspot.com
FoodNavigator-USA.com | Safety data for stevia extracts is 'robust': Cargill/Coke-funded study FoodNavigator-USA.com All stevia glycosides are safe with respect to their genotoxic/carcinogenic potential, says a new review that seeks to silence doubts once and for all about the ingredient's potential in food and beverage products. |
Wednesday, December 12, 2012
Wal-Mart announces 22,000 jobs on eve of shareholder meeting - Kansas City Business Journal:
geqopimozaqyxyh.blogspot.com
Positions will include store pharmacists, human resources managers, customer servicew associates, cashiers and sales associates, accordinv to the Bentonville, Ark., chain Last October, Wal-Mart announcedc plans to open 142 to 157 new and expanded stores during the currentfisca year, which ends Jan. 31, 2010. Other statesa expected to gain morethan 1,000 jobs include California, Florida, New Jersey, Southh Carolina, Virginia and Utah. Its newes Arizona store opened in Mayin Maricopa. Walmartr operates more than 7,90o retail outlets and employ 2.1 million people in 15 countries. Unlikwe many retailers, Wal-Mart has fared well amid the recessiom as consumers keep a rein onpurchase dollars.
Last montj the chain reported first-quarteer earnings of $3 billion, or 77 cents a share, a penny more than the same periocd ayear ago. Revenue slipped a smidge to $93.5 billion from $94.0 billion. “During this difficult economic we’re proud to be able to creatwe quality jobs for thousands of Americans this saidEduardo Castro-Wright, vice chairman of Wal-Mart Stores Inc. The jobs announcemengt comes a day before the retail gianft holds its annual stockholders meeting in Bud Walton Arena at the Universityof Arkansas. In addition to electionn of directors and othetroutine business, six shareholder proposals are on the Creation of a gender identity nondiscrimination policy.
Adoptiom of a pay for superior performance Giving shareholders the right to an advisory vote onexecutivre compensation. Requiring a semi-annual report disclosing Wal-Mart’a political contributions. Giving major shareholders the power to callspecial meetings. Requiring incentive pay to come in the form ofstoclk options. The Wal-Mart board is opposing all theshareholder proposals. Lee Scott Jr., who served as CEO of the company until his retirementf at the end of January received a total compensation packagweof $30.2 million last year.
Positions will include store pharmacists, human resources managers, customer servicew associates, cashiers and sales associates, accordinv to the Bentonville, Ark., chain Last October, Wal-Mart announcedc plans to open 142 to 157 new and expanded stores during the currentfisca year, which ends Jan. 31, 2010. Other statesa expected to gain morethan 1,000 jobs include California, Florida, New Jersey, Southh Carolina, Virginia and Utah. Its newes Arizona store opened in Mayin Maricopa. Walmartr operates more than 7,90o retail outlets and employ 2.1 million people in 15 countries. Unlikwe many retailers, Wal-Mart has fared well amid the recessiom as consumers keep a rein onpurchase dollars.
Last montj the chain reported first-quarteer earnings of $3 billion, or 77 cents a share, a penny more than the same periocd ayear ago. Revenue slipped a smidge to $93.5 billion from $94.0 billion. “During this difficult economic we’re proud to be able to creatwe quality jobs for thousands of Americans this saidEduardo Castro-Wright, vice chairman of Wal-Mart Stores Inc. The jobs announcemengt comes a day before the retail gianft holds its annual stockholders meeting in Bud Walton Arena at the Universityof Arkansas. In addition to electionn of directors and othetroutine business, six shareholder proposals are on the Creation of a gender identity nondiscrimination policy.
Adoptiom of a pay for superior performance Giving shareholders the right to an advisory vote onexecutivre compensation. Requiring a semi-annual report disclosing Wal-Mart’a political contributions. Giving major shareholders the power to callspecial meetings. Requiring incentive pay to come in the form ofstoclk options. The Wal-Mart board is opposing all theshareholder proposals. Lee Scott Jr., who served as CEO of the company until his retirementf at the end of January received a total compensation packagweof $30.2 million last year.
Tuesday, December 11, 2012
Defector: Assad Will Use Chem. Weapons - ABC News
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International Business Times | Defector: Assad Will Use Chem. Weapons ABC News A former top general in Syria's chemical weapons program says he doesn't doubt for a moment that President Bashar al-Assad will deploy his chemical weapons arsenal as he tries to hold onto power and crush the uprising that started almost two years ago. Syria , Chemical Weapons, and Possible US Military Action Obama Moves "Red Line" On Syria's Chemical Weapons Syria, Chemical Weapons And The Collapse of Deterrence |
Sunday, December 9, 2012
American Beverage parent says earnings may be off by $14M - Birmingham Business Journal:
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Royal Wessanen NV, American Beverage’s Netherlands-basex owner of 20 years, is lookingb to exit its North American operations and recentlyy retained a Wall Street investmeny bank to find a buyer forthe Verona-basedd juice and cocktail mix maker. However, the Dutch parengt company says it has found inAmerican Beverage’s financial reporting. Royal Wessanen said the businessa unit’s earnings from 2006 to 2008 may be overstated bynearly $14 million after taxes. Mergeer and acquisition professionals said the problem could detepotential buyers, and Royal Wessanen acknowledged that an acquisition will take longer than originally anticipated.
“Royal Wessane n NV initiated an investigation by its external auditor intopotentialp irregularities,” the company said in a statement. “The preliminary results of the investigation indicater that the financial results of ABC were misstatecd over a numberof years, gointg back to 2006.” Adriaan Robertson, Royal Wessanenn vice president of treasuryh and investor relations, said it does not have a specifix timeline for the investigation, which is in the early He said the company expects to provide an update alony with its second-quarter results at the end of Robertson would not say when or how the misstatementsz were discovered but said problems “mah even go back to prior periods.
” Royal Wessanen continued to work with the investment bank, whicgh Robertson would not identify, to shop Americanh Beverage but said the investigation “will probablyy lead to a delay in the wholew process.” Robertson said it was “possible, but I don’t considerf it to be likely,” that Royal Wessane n would call off the sale and continure to run American Beverage. The company has not givehn a deadline forthe sale. It is businessz as usual at theVerona plant, abou eight miles northeast of Pittsburgh, which has 530 loca l employees and annually churns out 1.5 million cases of cocktail mixes.
The company, which begab as Daily’s Juice a door-to-door distributor in 1960, is the nation’a third-largest producer of noncarbonated juice drinks including the popular juicwe jugsHugs — but its core business is cocktail mixers and bar sold to retailers and to upscald chains including Ruth’s Chris Steakhousw and Hyatt Hotels. “We’re trying to see that the investigation has minimapl impact on the operations process at Robertson said. American Beverage’s top management left separatelythis spring. CEO Tony Battagli a left “on this own accord” in Aprill to take a job with an unidentified food compangy in thenortheastern U.S.
, and CFO Pete Chiappo “was askec to step down,” said Robertson, who declined further American Beverage is being led by executives at Royal Wessanen’ws North American division, which includes the distributiobn business Tree of Life North America in St. Augustine, and PANOS Brands and Liberty Richter, both of Saddlee Brook, N.J. Professionals in the local M&A sectoe agreed the disclosure of financiall misstatements will impact thesale process. “It’se a pretty significant numbed when you look at the size of the saidCraig Wolfanger, president of Downtowmn investment banking firm Raptoer LLC.
“It doesn’t mean it can stop a but people are going to take a lot more time to lookat it, and thered will be downward value pressure s because they’ll be concerned about overpaying,” The severityh depends on specifics of the financial misstatements and the size of the potentiall buyers, Wolfanger said. A very large company is more likelh to acquire product lines and not a lot of he said, while a smaller buye r might look to operate the company as is. “I t depends how far up the incomde statement these irregularities occur as to who gets Wolfanger said.
“The bigger guy is concerned if it relatew to gross margins on the smaller potential buyers will have problems trying to sortto what’ s happened and what’s the true profitabilit of the product. To the extent it’s irregular to a vendo sourcing agreement orsomething misstated, everyone’s going to have a Buyers are actively looking for manufacturing which have been in shory supply since the recession hit because owners are holdiny out for higher prices when the economy rebounds, said Jefferuy Peters, a director of Downtown law firm Cohen & Grigsbyg PC who specializes in M&A.
He said many privatw equity firms have raised funds that they must deploh within a set period of time or elserepauy investors. “A private equity firm is going to be lookingg at pricing free cash orEBITDA (earnings before interest, taxes, depreciation and amortization have been subtracted), so if earnings have been it’s going to result in a significantly lowe r purchase price,” Peters said. For strategic buyers other companies looking to increase marketr share or branch into relaterdbusinesses — “this is a wonderfulo time for buying companies with prices that are he said, providing that they have the cash and don’t have to arrange financing.
Royal Wessanen NV, American Beverage’s Netherlands-basex owner of 20 years, is lookingb to exit its North American operations and recentlyy retained a Wall Street investmeny bank to find a buyer forthe Verona-basedd juice and cocktail mix maker. However, the Dutch parengt company says it has found inAmerican Beverage’s financial reporting. Royal Wessanen said the businessa unit’s earnings from 2006 to 2008 may be overstated bynearly $14 million after taxes. Mergeer and acquisition professionals said the problem could detepotential buyers, and Royal Wessanen acknowledged that an acquisition will take longer than originally anticipated.
“Royal Wessane n NV initiated an investigation by its external auditor intopotentialp irregularities,” the company said in a statement. “The preliminary results of the investigation indicater that the financial results of ABC were misstatecd over a numberof years, gointg back to 2006.” Adriaan Robertson, Royal Wessanenn vice president of treasuryh and investor relations, said it does not have a specifix timeline for the investigation, which is in the early He said the company expects to provide an update alony with its second-quarter results at the end of Robertson would not say when or how the misstatementsz were discovered but said problems “mah even go back to prior periods.
” Royal Wessanen continued to work with the investment bank, whicgh Robertson would not identify, to shop Americanh Beverage but said the investigation “will probablyy lead to a delay in the wholew process.” Robertson said it was “possible, but I don’t considerf it to be likely,” that Royal Wessane n would call off the sale and continure to run American Beverage. The company has not givehn a deadline forthe sale. It is businessz as usual at theVerona plant, abou eight miles northeast of Pittsburgh, which has 530 loca l employees and annually churns out 1.5 million cases of cocktail mixes.
The company, which begab as Daily’s Juice a door-to-door distributor in 1960, is the nation’a third-largest producer of noncarbonated juice drinks including the popular juicwe jugsHugs — but its core business is cocktail mixers and bar sold to retailers and to upscald chains including Ruth’s Chris Steakhousw and Hyatt Hotels. “We’re trying to see that the investigation has minimapl impact on the operations process at Robertson said. American Beverage’s top management left separatelythis spring. CEO Tony Battagli a left “on this own accord” in Aprill to take a job with an unidentified food compangy in thenortheastern U.S.
, and CFO Pete Chiappo “was askec to step down,” said Robertson, who declined further American Beverage is being led by executives at Royal Wessanen’ws North American division, which includes the distributiobn business Tree of Life North America in St. Augustine, and PANOS Brands and Liberty Richter, both of Saddlee Brook, N.J. Professionals in the local M&A sectoe agreed the disclosure of financiall misstatements will impact thesale process. “It’se a pretty significant numbed when you look at the size of the saidCraig Wolfanger, president of Downtowmn investment banking firm Raptoer LLC.
“It doesn’t mean it can stop a but people are going to take a lot more time to lookat it, and thered will be downward value pressure s because they’ll be concerned about overpaying,” The severityh depends on specifics of the financial misstatements and the size of the potentiall buyers, Wolfanger said. A very large company is more likelh to acquire product lines and not a lot of he said, while a smaller buye r might look to operate the company as is. “I t depends how far up the incomde statement these irregularities occur as to who gets Wolfanger said.
“The bigger guy is concerned if it relatew to gross margins on the smaller potential buyers will have problems trying to sortto what’ s happened and what’s the true profitabilit of the product. To the extent it’s irregular to a vendo sourcing agreement orsomething misstated, everyone’s going to have a Buyers are actively looking for manufacturing which have been in shory supply since the recession hit because owners are holdiny out for higher prices when the economy rebounds, said Jefferuy Peters, a director of Downtown law firm Cohen & Grigsbyg PC who specializes in M&A.
He said many privatw equity firms have raised funds that they must deploh within a set period of time or elserepauy investors. “A private equity firm is going to be lookingg at pricing free cash orEBITDA (earnings before interest, taxes, depreciation and amortization have been subtracted), so if earnings have been it’s going to result in a significantly lowe r purchase price,” Peters said. For strategic buyers other companies looking to increase marketr share or branch into relaterdbusinesses — “this is a wonderfulo time for buying companies with prices that are he said, providing that they have the cash and don’t have to arrange financing.
Friday, December 7, 2012
Ocwen Financial Corporation Company Profile | OCN Company Information
ogarawo.wordpress.com
Effective June 30, 2005, the Bank voluntarily terminatesd its status as a federaplsavings bank. This process, whicbh we referred to as "debanking," was approved by the Office of ThriftSupervision (OTS) and resultee in the divestiture to Marathonh National Bank of New York (Marathon) of the Bank's deposit liabilities and the assignment of the Bank'sw remaining assets and liabilities to Ocwen Loan Servicing, LLC (OLS). We continuexd the Bank's non-depository businesses, includingt its residential mortgageservicinyg business, under OLS, which is a licensed servicer in all 50 states, the District of Columbia and Puerto Rico. On June 6, 2007, we acquired NCI Holdings, Inc.
for $57,000 in cash, includint $2,000 of closing adjustments. NCI, through its operatintg subsidiary, Nationwide Credit, Inc., is ranked as one of the top 10 U.S. companiex in the accounts receivablemanagement ...
Effective June 30, 2005, the Bank voluntarily terminatesd its status as a federaplsavings bank. This process, whicbh we referred to as "debanking," was approved by the Office of ThriftSupervision (OTS) and resultee in the divestiture to Marathonh National Bank of New York (Marathon) of the Bank's deposit liabilities and the assignment of the Bank'sw remaining assets and liabilities to Ocwen Loan Servicing, LLC (OLS). We continuexd the Bank's non-depository businesses, includingt its residential mortgageservicinyg business, under OLS, which is a licensed servicer in all 50 states, the District of Columbia and Puerto Rico. On June 6, 2007, we acquired NCI Holdings, Inc.
for $57,000 in cash, includint $2,000 of closing adjustments. NCI, through its operatintg subsidiary, Nationwide Credit, Inc., is ranked as one of the top 10 U.S. companiex in the accounts receivablemanagement ...
Tuesday, December 4, 2012
Mol, CEZ Halt Gas-Fired Plant Project in Slovakia on Gas Prices - Businessweek
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Mol, CEZ Halt Gas-Fired Plant Project in Slovakia on Gas Prices Businessweek A venture of CEZ AS (CEZ) and Mol Nyrt. put on hold a project to build a gas-fired plant in Slovakia because of high gas prices. “We haven't completely abandoned the project, but put it on hold,†Slovnaft's spokesman Anton Molnar said in a phone ... |
Monday, December 3, 2012
49ers' Santa Clara stadium financing clears hurdle - Charlotte Business Journal:
ogarawo.wordpress.com
City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissenterse in the audience who opposed any public subsiduy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftedra two-and-a-half-hour presentation and length y public comments that includer concerns raised by the owner of California's Great America, Cedar Fair of Sandusky, has been negotiating to sell the sprawlinfg thrill-ride park which is next to the proposed stadiujm site to the 49ers. An attorney representing the park owners, John A. Hickegy of Hoge, Fenton, Jones Appel Inc., asked for a delayy on the decision.
"We want to reach an agreementy (to sell the but while you have been working on the term sheertfor months, we and members of the publi c have only had two business days to read this complecx document." Hickey said he was surprised at earlier commentsx made by Jennifer Santa Clara's City Manager, that he regarded as overly optimistidc about the closeness of an agreement between Cedaer Fair and the 49ers to sell the park.
Jed York, presidenft of the 49ers, praised Santw Clara officials forcreating "the best infrastructure in the Bay Area" and told city official and a crowd of more than 150 onlookersx that the proposed 68,500-seat stadium to be builtg on an overflow parkinvg lot at the amusement park would not only host up to 10 NFL gameds annually, but possibly a variety of glamorous events, including the World Cup soccer tournament, in the future. Stadium proponentas also view it as a likelh venue formajor concerts, college football bowl gamea and even the Super Bowl. "I feel the excitement in this city abouytthe stadium," York said.
"Thisw (stadium) deal will make Santa Clara a better placeto live, work and play in the future." As part of a 40-yeadr agreement with the 49ers, city officials agreed to contributwe $79 million to the project, including $42 million in redevelopment agencyg funds, $20 million from the city-owned utilithy district to relocate an electrical substation near the site and $17 millio n to build a parking That figure is well below the $222 million city officials proposed spendingg on the project when it was first proposeds two years ago, as they cited the poor economy and shrinking city revenu as reasons for a much-reduceds contribution.
Another $35 million would be raised by a tax on guestd staying at any one of eight hotels inthe city'z North Bayshore redevelopment area surrounding Great City officials stress no General Fund monety -- which pays for city servicees such as police, fire, parks and libraries — will be used to pay for stadiu construction or operations. A Stadium Authority, a jointf powers governing body comprised of city andteam officials, alon g with the 49ers and the NFL woulcd be responsible for $825 million in stadium constructiob costs under the agreement.
City Councilors Will Kennedy and Jamie McLeod were the only ones to side with the dissenterse in the audience who opposed any public subsiduy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftedra two-and-a-half-hour presentation and length y public comments that includer concerns raised by the owner of California's Great America, Cedar Fair of Sandusky, has been negotiating to sell the sprawlinfg thrill-ride park which is next to the proposed stadiujm site to the 49ers. An attorney representing the park owners, John A. Hickegy of Hoge, Fenton, Jones Appel Inc., asked for a delayy on the decision.
"We want to reach an agreementy (to sell the but while you have been working on the term sheertfor months, we and members of the publi c have only had two business days to read this complecx document." Hickey said he was surprised at earlier commentsx made by Jennifer Santa Clara's City Manager, that he regarded as overly optimistidc about the closeness of an agreement between Cedaer Fair and the 49ers to sell the park.
Jed York, presidenft of the 49ers, praised Santw Clara officials forcreating "the best infrastructure in the Bay Area" and told city official and a crowd of more than 150 onlookersx that the proposed 68,500-seat stadium to be builtg on an overflow parkinvg lot at the amusement park would not only host up to 10 NFL gameds annually, but possibly a variety of glamorous events, including the World Cup soccer tournament, in the future. Stadium proponentas also view it as a likelh venue formajor concerts, college football bowl gamea and even the Super Bowl. "I feel the excitement in this city abouytthe stadium," York said.
"Thisw (stadium) deal will make Santa Clara a better placeto live, work and play in the future." As part of a 40-yeadr agreement with the 49ers, city officials agreed to contributwe $79 million to the project, including $42 million in redevelopment agencyg funds, $20 million from the city-owned utilithy district to relocate an electrical substation near the site and $17 millio n to build a parking That figure is well below the $222 million city officials proposed spendingg on the project when it was first proposeds two years ago, as they cited the poor economy and shrinking city revenu as reasons for a much-reduceds contribution.
Another $35 million would be raised by a tax on guestd staying at any one of eight hotels inthe city'z North Bayshore redevelopment area surrounding Great City officials stress no General Fund monety -- which pays for city servicees such as police, fire, parks and libraries — will be used to pay for stadiu construction or operations. A Stadium Authority, a jointf powers governing body comprised of city andteam officials, alon g with the 49ers and the NFL woulcd be responsible for $825 million in stadium constructiob costs under the agreement.
Saturday, December 1, 2012
Ayala Corp Energy Unit Finalizes Deal to Build 135-MW Power Plant - Fox Business
deeshu-tatum.blogspot.com
Ayala Corp Energy Unit Finalizes Deal to Build 135-MW Power Plant Fox Business In a statement to the stock exchange, Ayala said AC Energy has signed a shareholders' agreement with other principal shareholders of Palm Concepcion Power Corp., or PCPC, for the development and operation of a 135-megawatt coal-fired power plant at ... Ayala, teams up with A. Brown, Rebisco group on Iloilo power project Ayala, A.Brown, Rebisco's Ng groups in P12.5-B power plant deal |
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