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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.
Wednesday, December 12, 2012
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
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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:
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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
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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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