enemerose-wisconsini.blogspot.com
The proposal, put forward by House and Senated Democrats, would boost the state’s corporate minimum tax from thecurrenft $10 level to between for companies earning less than $500,000, and $100,000 for companies earninv more than $250 million. “The $10 Oregonj corporate minimum tax has becomed a source of public scrutinyand controversy,” wrotw Steve Holwerda, the group's in a news release.
“We agree that the minimuj tax shouldbe adjusted, but believd the changes must be modestr and reasonable as the minimum taxex all (C-corporations) whether they are profitable or Holwerda, chief operating officer of Portland’s Ferguson Wellman Capital Management, added that the proposal “would be a majorf disincentive to operating a businesds in Oregon and is particularlyu harmful to businesses that are alreadyy losing money.” Holwerda sent a letterf to the group's memberds a day after Democrats have revised a May proposalk that would have charged a minimum between $250 and $60,000.
The group also calledd for the state to use rainygday funds, reserve funds and stimuluse money to help solve Oregon’s $4.2 billion shortfall. The grou further expressed concernabout “what appears to be an ‘anti-business’ in Salem. “For our statwe to be healthy, all sectors need to be successfupl and we need to join together to make that Holwerda said.
Wednesday, December 29, 2010
Monday, December 27, 2010
April construction spending rises - Pittsburgh Business Times:
nadezhdaqedyxos.blogspot.com
percent in April, the biggest one-month increasre since August 2008, and was led by a jump in both privates andresidential construction. A Bloomberg surveh of 45 economists had projected a median dropof 1.5 percent. The repory from the Census Bureau says spendinhg on private construction was at a seasonally adjusted annualk rateof $657.3 billion, up 1.4 percen from the revised March estimate of $648.23 billion. Residential construction rose 0.7 percenyt to a seasonally adjusted annuak rateof $249.2 Nonresidential construction rose 1.8 percent to an annual rate of $408.
2 Total public construction fell in April, although spending on highwayu projects rose nearly 1 percent from the previouz month. A separate report from the Commercee Department last week showed constructionof single-family homes rose 2.8 percengt in April, the secondr consecutive monthly increase. Gainss in single-family construction were overwhelmed by a 46 percenty drop in apartment andcondo buildings, bringingh total housing starts down 13 percent in
percent in April, the biggest one-month increasre since August 2008, and was led by a jump in both privates andresidential construction. A Bloomberg surveh of 45 economists had projected a median dropof 1.5 percent. The repory from the Census Bureau says spendinhg on private construction was at a seasonally adjusted annualk rateof $657.3 billion, up 1.4 percen from the revised March estimate of $648.23 billion. Residential construction rose 0.7 percenyt to a seasonally adjusted annuak rateof $249.2 Nonresidential construction rose 1.8 percent to an annual rate of $408.
2 Total public construction fell in April, although spending on highwayu projects rose nearly 1 percent from the previouz month. A separate report from the Commercee Department last week showed constructionof single-family homes rose 2.8 percengt in April, the secondr consecutive monthly increase. Gainss in single-family construction were overwhelmed by a 46 percenty drop in apartment andcondo buildings, bringingh total housing starts down 13 percent in
Friday, December 24, 2010
Fed e-mails critical of BofA, Lewis - Charlotte Business Journal:
http://plazmasound.com/?p=704
The e-mail messages were entered into the publicd record as partof Thursday’s heariny held by the U.S. House Committee on Oversight andGovernmentg Reform. Lewis testified for aboutg three hours regardingthe government’sa role in BofA’s purchase of saying government pressure to go through with the deal was a factor in his decision. But e-mails from variousx high-ranking Federal Reserve officials suggest regulatorsz thought Lewis was bluffing when he considered backinyg out of theMerrill deal.
“Ken Lewis’ claim that they were surprised by the rapidc growth of thelosses (at Merrill) seemsz somewhat suspect,” Fed senior banking supervisor Tim Claro states an e-mail to other regulators. “It calls into questionb the adequacy of the due diligence procesx BAC has been doing in preparation forthe takeover.” Another e-mail from Fed counsel Scottt Alvarez to Fed Chairman Ben Bernanke says of “Making hard decisions is what he gets paid for ... we shouldn’tf take him off the hook.” One e-mail says Lewia used the threat to call off the Merrillk merger asa “bargaining chip.
” In testimon Thursday, Lewis denied using Merrill as a bargainingf chip. Instead, he says his concerns abouf the dealwere justified, but bank and federal officials agreed proceedingv with the purchase using taxpayert aid was in the best interest of the financial system and Charlotte-baseed BofA (NYSE:BAC).
The e-mail messages were entered into the publicd record as partof Thursday’s heariny held by the U.S. House Committee on Oversight andGovernmentg Reform. Lewis testified for aboutg three hours regardingthe government’sa role in BofA’s purchase of saying government pressure to go through with the deal was a factor in his decision. But e-mails from variousx high-ranking Federal Reserve officials suggest regulatorsz thought Lewis was bluffing when he considered backinyg out of theMerrill deal.
“Ken Lewis’ claim that they were surprised by the rapidc growth of thelosses (at Merrill) seemsz somewhat suspect,” Fed senior banking supervisor Tim Claro states an e-mail to other regulators. “It calls into questionb the adequacy of the due diligence procesx BAC has been doing in preparation forthe takeover.” Another e-mail from Fed counsel Scottt Alvarez to Fed Chairman Ben Bernanke says of “Making hard decisions is what he gets paid for ... we shouldn’tf take him off the hook.” One e-mail says Lewia used the threat to call off the Merrillk merger asa “bargaining chip.
” In testimon Thursday, Lewis denied using Merrill as a bargainingf chip. Instead, he says his concerns abouf the dealwere justified, but bank and federal officials agreed proceedingv with the purchase using taxpayert aid was in the best interest of the financial system and Charlotte-baseed BofA (NYSE:BAC).
Wednesday, December 22, 2010
GM trying to strong-arm Florida dealers, McCollum says - Houston Business Journal:
http://guilinhotelpro.com/about-us.htm
The objection was filed with the ’s Southern Districrt of New York, where General Motors GMGMQ) filed for Chaptet 11 bankruptcy protection earlierthis month. In the McCollum said that General Motorshas “misused [its] bankruptcy-enhancedx bargaining power and forced automotive dealers to waive the very state laws that were designe to protect them from such overreaching conduct.” The problem stems from GM asking dealerws to agree to waive several protections undere Florida law before they can be considered a dealer through the new General Motors organization, McCollum GM also wants disputes over the agreements to play out in New York despite laws that give Florida jurisdiction in such McCollum is asking the court to “affirm that the relationshilp between New GM and its Florida dealer s will be governed by Floridq law” and order any new agreemenr that does not follows Florida law to be “invalid and unenforceable.
” “I n the event the court approves the sale it should clarify that such approval does not validats the attempt to evade Florida law by amending the dealedr franchise agreements,” McCollum said. The new agreements create an ultimatumj along the lineof “take it or leave McCollum said, meaning dealers either have to lose the protectionws of Florida law or lose theidr business. The New GM could have some problems doiny business if such stipulations in agreementd with dealerswould remain, McColluk said.
The new company would have to appl y for a new license to operatsein Florida, and it could have that applicatio denied if state officials feel the compan y is working to circumvent state law.
The objection was filed with the ’s Southern Districrt of New York, where General Motors GMGMQ) filed for Chaptet 11 bankruptcy protection earlierthis month. In the McCollum said that General Motorshas “misused [its] bankruptcy-enhancedx bargaining power and forced automotive dealers to waive the very state laws that were designe to protect them from such overreaching conduct.” The problem stems from GM asking dealerws to agree to waive several protections undere Florida law before they can be considered a dealer through the new General Motors organization, McCollum GM also wants disputes over the agreements to play out in New York despite laws that give Florida jurisdiction in such McCollum is asking the court to “affirm that the relationshilp between New GM and its Florida dealer s will be governed by Floridq law” and order any new agreemenr that does not follows Florida law to be “invalid and unenforceable.
” “I n the event the court approves the sale it should clarify that such approval does not validats the attempt to evade Florida law by amending the dealedr franchise agreements,” McCollum said. The new agreements create an ultimatumj along the lineof “take it or leave McCollum said, meaning dealers either have to lose the protectionws of Florida law or lose theidr business. The New GM could have some problems doiny business if such stipulations in agreementd with dealerswould remain, McColluk said.
The new company would have to appl y for a new license to operatsein Florida, and it could have that applicatio denied if state officials feel the compan y is working to circumvent state law.
Sunday, December 19, 2010
Solar Array, Gen. Mills detail expansions - Sacramento Business Journal:
http://rhce-linux.net/bbl0001.html
broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturinyfacility here, Keith Bone, general manager of the locap facility, told members of . AED held its quarterlu meeting Thursdayat . Joe Hudgins, president and CEO of Solarf Array Ventures, outlined his company’z plan to build a massivw solar manufacturing plant onthe city’s General Mills’ expansion should be completed by Bone said. The cereal manufacturer will hire 60 additional bringing additional payroll to the areaof $3.5 The expansion also brings $30 million in spendinh to New Mexico.
The Albuquerque City Council approvecda $100 million industrial revenued bond deal for the companyh in February. BE&K Corp. from North Carolinqa landed the design/build contract to buildx the expansion, but Bone said 80 percengt of the firm’s spending and employeex will be local. The precast panels being used in the constructiobn are manufacturedin Belen. General Millxs has been in Albuquerquesince 1991. Its currenty facility is located near Paseoo del Norte and Edity and has 190 with an annual payrollof $12 million, said Bone. The 275,000-square-foo t plant produces about 135 million pounds annually of 35different cereals.
The facility also has a lab on-site where the instructions for bakingb General Mills products at high altitudes are The company has givenabougt $5 million to area nonprofits sincd 1998 and $519,000 in Bone added. Don Power, chairman of AED, said the cerea company’s donations illustrate one of the thingx the organization looks for inrecruitintg companies: community involvement. Hudginz said Solar Array plans to break ground by the third quarter of this year ona 225,000-square-footg thin-film photovoltaic manufacturing plan t in the Cordero Mesa business west of the mattress factory.
The company plans to add three more buildings of that size asit grows, he with each facility employing about 225. Its annual payroll in the firstt phase wouldbe $14 million. Abourt five percent of the jobs would pay 45 percent wouldpay $70,000 and half of the jobs woulx pay $45,000. The capital investment for the firsr phase willbe $170 million and the compan would spend $40 millioj annually for raw materials. The firstt phase is expected to have a capacity of 75 but that would grow to 300 mw with the full The plant also will have a space that will servee as a community andeducational center. Solar Array is seeking $175 million in industrial revenue bonds fromBernalillo County.
The company is working to rais $210 million in debt and equity, Hudgins said. Hudginsw said New Mexico beat out two othe states forthe plant, despite the fact that it did not offetr the largest incentives. But the coordination among locap and state government officials and otheer parties made New Mexico far more efficientt in establishing a planning frameworo that the company could then use to plan a budgeg forthe plant, he said “That was a majodr issue for us,” Hudgins said. He also praised the labor forcw here and theeducational institutions.
The facility is being designex byPageSoutherlandPage LLP, which has Texas offices in Dallas and Houston, as well as Denver, Washington, D.C. and U.K. Hoffman Construction, based in Portland, Ore., is buildintg the facility.
broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturinyfacility here, Keith Bone, general manager of the locap facility, told members of . AED held its quarterlu meeting Thursdayat . Joe Hudgins, president and CEO of Solarf Array Ventures, outlined his company’z plan to build a massivw solar manufacturing plant onthe city’s General Mills’ expansion should be completed by Bone said. The cereal manufacturer will hire 60 additional bringing additional payroll to the areaof $3.5 The expansion also brings $30 million in spendinh to New Mexico.
The Albuquerque City Council approvecda $100 million industrial revenued bond deal for the companyh in February. BE&K Corp. from North Carolinqa landed the design/build contract to buildx the expansion, but Bone said 80 percengt of the firm’s spending and employeex will be local. The precast panels being used in the constructiobn are manufacturedin Belen. General Millxs has been in Albuquerquesince 1991. Its currenty facility is located near Paseoo del Norte and Edity and has 190 with an annual payrollof $12 million, said Bone. The 275,000-square-foo t plant produces about 135 million pounds annually of 35different cereals.
The facility also has a lab on-site where the instructions for bakingb General Mills products at high altitudes are The company has givenabougt $5 million to area nonprofits sincd 1998 and $519,000 in Bone added. Don Power, chairman of AED, said the cerea company’s donations illustrate one of the thingx the organization looks for inrecruitintg companies: community involvement. Hudginz said Solar Array plans to break ground by the third quarter of this year ona 225,000-square-footg thin-film photovoltaic manufacturing plan t in the Cordero Mesa business west of the mattress factory.
The company plans to add three more buildings of that size asit grows, he with each facility employing about 225. Its annual payroll in the firstt phase wouldbe $14 million. Abourt five percent of the jobs would pay 45 percent wouldpay $70,000 and half of the jobs woulx pay $45,000. The capital investment for the firsr phase willbe $170 million and the compan would spend $40 millioj annually for raw materials. The firstt phase is expected to have a capacity of 75 but that would grow to 300 mw with the full The plant also will have a space that will servee as a community andeducational center. Solar Array is seeking $175 million in industrial revenue bonds fromBernalillo County.
The company is working to rais $210 million in debt and equity, Hudgins said. Hudginsw said New Mexico beat out two othe states forthe plant, despite the fact that it did not offetr the largest incentives. But the coordination among locap and state government officials and otheer parties made New Mexico far more efficientt in establishing a planning frameworo that the company could then use to plan a budgeg forthe plant, he said “That was a majodr issue for us,” Hudgins said. He also praised the labor forcw here and theeducational institutions.
The facility is being designex byPageSoutherlandPage LLP, which has Texas offices in Dallas and Houston, as well as Denver, Washington, D.C. and U.K. Hoffman Construction, based in Portland, Ore., is buildintg the facility.
Friday, December 17, 2010
Lumiere stops recognizing warring union, affecting 750 workers - St. Louis Business Journal:
onoeuqedol1902.blogspot.com
Lawyers representing managementat -owned Lumierre sent letters Thursday to representatives of Local 74 and its spinoff, , announcinvg a withdrawal of recognition of Local 74. “The union has evincedd a lack of continuity of altering the identity of the bargaining representative and establishingt a fundamental change in the bargaining DLA Piper lawyers representing Lumiers wrote to Dave Morton of Unite HERE Locak 74 and Noel Beasley ofWorkers United.
Lumiere starteds receiving competing claims about which unioh was representing its kitchen andhousekeeping workers, creatin g confusion about the official unioj representation, said Todd George, general manager and vice president at “Our hope was that the unions would be able to work this out amongstg themselves,” he said. “We’re trying to stay out of the middlwe of thesecompeting unions.
” He said Lumiere notified workersx Thursday of the company’s decision to not recognize the As a result, Local 74 filed unfair labor practice charges with the National Labor Relations said Morton, the organizing director for Local 74, who calleds Pinnacle's actions "unlawful" and “This has been nothing more than an attempg by (Pinnacle Chairman and CEO) Dan Lee and the headzs of Pinnacle Entertainment to be anti-union,” he said. Mortojn said the union would considerf picketingbut hasn't made any decisions yet.
When asked aboutf the possibility of a strike or other George said: “We would hope that would not be the especially in this type of That’s not the way we would like to If there is a strike, Lumiere has a right to replacw any workers who walk off the job, accordingy to Mack Bradley, a Lumier e spokesman. Unite HERE was formed in 2004 when a garmentworkers union, and Hoteol Employees and Restaurant Employeesa Union joined forces. But the marriagde wasn’t a happy one, with garmentr workers claiming that the newleadership didn’tt care about their leading to a lot of disgruntledx workers nationwide.
So in March, some workers defected to createWorkers United, whichu has been competing with Unit HERE to represent workers nationwidr ever since. Local 74 voted in March to leavr Unite HERE to become a part ofWorkersd United, Morton said. Workers Unitedx is now affiliated withlabor giant, . Pinnacle Entertainment Inc. (NYSE: PNK) is based in Las
Lawyers representing managementat -owned Lumierre sent letters Thursday to representatives of Local 74 and its spinoff, , announcinvg a withdrawal of recognition of Local 74. “The union has evincedd a lack of continuity of altering the identity of the bargaining representative and establishingt a fundamental change in the bargaining DLA Piper lawyers representing Lumiers wrote to Dave Morton of Unite HERE Locak 74 and Noel Beasley ofWorkers United.
Lumiere starteds receiving competing claims about which unioh was representing its kitchen andhousekeeping workers, creatin g confusion about the official unioj representation, said Todd George, general manager and vice president at “Our hope was that the unions would be able to work this out amongstg themselves,” he said. “We’re trying to stay out of the middlwe of thesecompeting unions.
” He said Lumiere notified workersx Thursday of the company’s decision to not recognize the As a result, Local 74 filed unfair labor practice charges with the National Labor Relations said Morton, the organizing director for Local 74, who calleds Pinnacle's actions "unlawful" and “This has been nothing more than an attempg by (Pinnacle Chairman and CEO) Dan Lee and the headzs of Pinnacle Entertainment to be anti-union,” he said. Mortojn said the union would considerf picketingbut hasn't made any decisions yet.
When asked aboutf the possibility of a strike or other George said: “We would hope that would not be the especially in this type of That’s not the way we would like to If there is a strike, Lumiere has a right to replacw any workers who walk off the job, accordingy to Mack Bradley, a Lumier e spokesman. Unite HERE was formed in 2004 when a garmentworkers union, and Hoteol Employees and Restaurant Employeesa Union joined forces. But the marriagde wasn’t a happy one, with garmentr workers claiming that the newleadership didn’tt care about their leading to a lot of disgruntledx workers nationwide.
So in March, some workers defected to createWorkers United, whichu has been competing with Unit HERE to represent workers nationwidr ever since. Local 74 voted in March to leavr Unite HERE to become a part ofWorkersd United, Morton said. Workers Unitedx is now affiliated withlabor giant, . Pinnacle Entertainment Inc. (NYSE: PNK) is based in Las
Tuesday, December 14, 2010
'The Proposal' wins at weekend box office - Philadelphia Business Journal:
designs-finances.blogspot.com
The movie starring Sandra Bullock and Ryan Reynolds broughft in anestimated $34,114,000 in its openiny weekend. It knocked off the reigning champion, ' "Thew Hangover," which brought in an estimated $26,855,000 during the "The Proposal" was shown on about 4,10 screens at 3,056 sites, accordint to a report on the site. Disney / 's "Up" continued its strong showing, cominhg in third over the weekenc with anestimated $21,336,000. The animatesd film is currently in second placebehinrd Paramount's "Star Trek," for second-largest movie of the summer.
Anothert new release, ' "Year brought in an estimatedd $20,200,000 in its first weekend, placing it fourt h on the list. Another Sony Pictures "The Taking of Pelham 1 2 rounded out thetop five, bringing in an estimated
The movie starring Sandra Bullock and Ryan Reynolds broughft in anestimated $34,114,000 in its openiny weekend. It knocked off the reigning champion, ' "Thew Hangover," which brought in an estimated $26,855,000 during the "The Proposal" was shown on about 4,10 screens at 3,056 sites, accordint to a report on the site. Disney / 's "Up" continued its strong showing, cominhg in third over the weekenc with anestimated $21,336,000. The animatesd film is currently in second placebehinrd Paramount's "Star Trek," for second-largest movie of the summer.
Anothert new release, ' "Year brought in an estimatedd $20,200,000 in its first weekend, placing it fourt h on the list. Another Sony Pictures "The Taking of Pelham 1 2 rounded out thetop five, bringing in an estimated
Sunday, December 12, 2010
Grads look to mundane sectors as finance withers - Boston Business Journal:
nazariomuibepu1687.blogspot.com
But Gosalia’s first job after graduating earlier thismonth won’t be at UBS or Fidelity Instead, he’s spending $385,000 in savings and a loan from his parentw to open a frozen-yogur t store near Symphony Hall in “The reason I wantede to go into this is because it’z a really poor economy and there’sa not a lot of job securitg right now,” said Gosalia, who hopes to open the state’ s first Red Mango franchisre this summer. Gosalia, 22, is not the only recengt graduate pursuing an unexpected career path as the job market for studentsx specializing in areas of businessa hasrapidly contracted.
Officials and students at Wellesley-based Babsonh and Waltham-based , both schools specializinbg in business, said many students are strugglingy tofind jobs, and those who have found jobs are oftebn finding them outside the once-dominant fielsd of financial services. “It’s definitely a more difficult year for saidLen Morrison, executivs director of corporate relationsz at Bentley. When accounting for students with jobs or pursuingvgraduate degrees, Bentley’s placementr rates were 69 percent at graduatioj and 93 percent six months aftefr graduation last year. This year, both ratex will be below those Morrison said.
“I’d be delighted if it’s 85 six months out, he Babson expects its placement rate to be righ t around92 percent, which is what it reached in 2002. That’es still below the 97 percent to 98percent it’z averaged in the years since, said Megan director at the center for career development at Babson. A formerr intern with New York-based Steel Point Capital Partnersx LP, Gosalia said he’s attracted to the Red Mangpo concept as a rare chance to workfor himself. But he also concededf the move is the result of a profound decline in financialsector jobs.
Other students are butting up against thesame wall, Morrison and Houlker Houlker said one-third of Babson graduates entered the sectodr in previous years. This year it will represent about a quartere will enterthe sector. Many student s are looking into other, less sexy areas of the such as retail, defense and insurance, Morrison Others are “leapfrogging” by accepting internshipd to bettertheir resumes. Still more are headingh back tograduate school. At Bentleuy the number of students entering graduate school straighg after finishing their undergraduatew degrees has risen by20 percent, Morrisoj said.
That’s a move Aaron Hartman, a 21-year old recent graduater of Bentley, is trying to avoid. He had planned to go into the hospitalitu industry butwas “disheartened” by the lack of Now, Hartman is trying to find a job in the admissionz office of a college. He’s also looking at part-timwe jobs, like being a to pay his If he doesn’t find a job withi a year, he’ll likely head to graduated school. “I’m just trying to hold out as long as I he said.
But Gosalia’s first job after graduating earlier thismonth won’t be at UBS or Fidelity Instead, he’s spending $385,000 in savings and a loan from his parentw to open a frozen-yogur t store near Symphony Hall in “The reason I wantede to go into this is because it’z a really poor economy and there’sa not a lot of job securitg right now,” said Gosalia, who hopes to open the state’ s first Red Mango franchisre this summer. Gosalia, 22, is not the only recengt graduate pursuing an unexpected career path as the job market for studentsx specializing in areas of businessa hasrapidly contracted.
Officials and students at Wellesley-based Babsonh and Waltham-based , both schools specializinbg in business, said many students are strugglingy tofind jobs, and those who have found jobs are oftebn finding them outside the once-dominant fielsd of financial services. “It’s definitely a more difficult year for saidLen Morrison, executivs director of corporate relationsz at Bentley. When accounting for students with jobs or pursuingvgraduate degrees, Bentley’s placementr rates were 69 percent at graduatioj and 93 percent six months aftefr graduation last year. This year, both ratex will be below those Morrison said.
“I’d be delighted if it’s 85 six months out, he Babson expects its placement rate to be righ t around92 percent, which is what it reached in 2002. That’es still below the 97 percent to 98percent it’z averaged in the years since, said Megan director at the center for career development at Babson. A formerr intern with New York-based Steel Point Capital Partnersx LP, Gosalia said he’s attracted to the Red Mangpo concept as a rare chance to workfor himself. But he also concededf the move is the result of a profound decline in financialsector jobs.
Other students are butting up against thesame wall, Morrison and Houlker Houlker said one-third of Babson graduates entered the sectodr in previous years. This year it will represent about a quartere will enterthe sector. Many student s are looking into other, less sexy areas of the such as retail, defense and insurance, Morrison Others are “leapfrogging” by accepting internshipd to bettertheir resumes. Still more are headingh back tograduate school. At Bentleuy the number of students entering graduate school straighg after finishing their undergraduatew degrees has risen by20 percent, Morrisoj said.
That’s a move Aaron Hartman, a 21-year old recent graduater of Bentley, is trying to avoid. He had planned to go into the hospitalitu industry butwas “disheartened” by the lack of Now, Hartman is trying to find a job in the admissionz office of a college. He’s also looking at part-timwe jobs, like being a to pay his If he doesn’t find a job withi a year, he’ll likely head to graduated school. “I’m just trying to hold out as long as I he said.
Thursday, December 9, 2010
Clarcor's Q2 earnings drop more than 30% - Silicon Valley / San Jose Business Journal:
http://pro-software.biz/2008/10/29/
percent in the seconde quarter, compared to the same perio d ayear ago. Franklin-basex Clarcor (NYSE: CLC) reported income of or $0.50 cents per diluted in the quarter endedMay 30, comparefd to $40,783, or $0.80 cents per diluted in the year-ago period. Revenue came in at $229,39 5 for the quarter, down 14.1 percentf from the previous year’sz quarter, when revenue came in at $267,137. on average, estimated earnings of 38 cents per sharw on revenueof $243.1 million, according to Reuters Estimates.
“As we had this year’s second quarter was difficult, though operating results were much stronger than in our firsrfiscal quarter,” says Norm Johnson, Clarcor’s chairman and CEO, in a “Our order rates, overall, have stabilized, and we are beginning to see indications of increased product demand in selected markets.” Clarcor makes mobile, industrial and environmental filtratiom products and consumer and industrial packaging products sold to domestidc and international markets.
Johnson notes that more than 80 percen t of its filter sales are generatee from the replacementfilter aftermarket, so even if new building and equipment continues to falter, maintenance of existinf equipment and facilities will continue. Sharesd of Clarcor closed up or 3.66 percent to $30.57 at the bell The 52-week range is $23.05 to $44.13.
percent in the seconde quarter, compared to the same perio d ayear ago. Franklin-basex Clarcor (NYSE: CLC) reported income of or $0.50 cents per diluted in the quarter endedMay 30, comparefd to $40,783, or $0.80 cents per diluted in the year-ago period. Revenue came in at $229,39 5 for the quarter, down 14.1 percentf from the previous year’sz quarter, when revenue came in at $267,137. on average, estimated earnings of 38 cents per sharw on revenueof $243.1 million, according to Reuters Estimates.
“As we had this year’s second quarter was difficult, though operating results were much stronger than in our firsrfiscal quarter,” says Norm Johnson, Clarcor’s chairman and CEO, in a “Our order rates, overall, have stabilized, and we are beginning to see indications of increased product demand in selected markets.” Clarcor makes mobile, industrial and environmental filtratiom products and consumer and industrial packaging products sold to domestidc and international markets.
Johnson notes that more than 80 percen t of its filter sales are generatee from the replacementfilter aftermarket, so even if new building and equipment continues to falter, maintenance of existinf equipment and facilities will continue. Sharesd of Clarcor closed up or 3.66 percent to $30.57 at the bell The 52-week range is $23.05 to $44.13.
Tuesday, December 7, 2010
Guaranty Bank: FDIC assistance needed for survival - Boston Business Journal:
http://auto-site.biz/?f=2
Guaranty’s parent company, , stated that it is in discussiones with the FDIC and itsprimarh regulator, the , for a plan wher the FDIC would absorb a portion of the bank’s losseds while private investors provide a “significant equitgy capital infusion.” Guaranty’s largest shareholders are Dallas billionaire Robert Rowling and activist investor Carl who control 20% and just more than 17% of the bank's common stock, respectively. Guaranty is the fourth-largestt independent banking institution basecin Texas. It has 162 officex in Texas and Californiaand $11.
6 billion in according to the latest data "Guaranty Bank continues to work closel y with its regulators to find a way said bank spokesman John Wessman in a written "We believe strongly that open bank assistancr is in the best interestf of our depositors, and that it meeta the standard of being the least costl y alternative for government regulators.” Bank representatives declined to commeng further. It's not clear when the regulators will respond or reactrto Guaranty's proposal. At $14.4 billion in assets, Guarantgy Bank is bigger than the largestf bank that has failed so far this a distinction now held by FSB ofCoral Gables, Fla. The bank had $12.
8u billion in assets when it failed, accordinv to the FDIC. The bulk of BankUnited’s good assets were sold in May to a privatre equity investment group ledby W.L. Ross & Co. and . Beforse that, BankUnited had proposed an open assistancd planto regulators, but word of that plan didn’t becomed public until after BankUnited failed. In layinhg out its options before shareholders and the publivc in a Securities and ExchangCommission filing, Guaranty’s executives are showing what they’re doint to keep the bank afloat, said Dan Bass, a bankingy analyst with “They’re putting all their cards on the table,” he Guaranty is suggesting a rare option — one the FDIC wouldc only use if it’s the least costly way for the FDIC’ws deposit insurance fund to resolve Guaranty’s issues, according to the Guaranty is officially based in Austin, but Presidenf Kevin Hanigan, CFO Ronald Murff and Treasurer Stephebn Raffaele work from its Dallas business banking officed in Preston Center.
More than bad loans, Guaranty invester heavily in mortgage-backed securities, whichg today are worth much less than what the bank IfGuaranty doesn’t receive FDIC assistance, it will have to mark down the value of its securities portfolio and related itemws by more than $1.7 billion, the bank said in its regulatory That would give the company a $2.2 billionm annual loss in 2008 and less capita than it needs to continue in In early April regulators ordered Guaranty to raisse additional capital by May 21. That deadlinr has passed. For 21 years, Guaranty was been a subsidiaruyof , a maker of cardboard boxes and timbert building supplies.
Guaranty was spun out of Temple-Inlanc at the urging of Temple-Inland (NYSE: TIN) completed the spinofd on Dec. 28, 2007, just as the excessea of the residential mortgagw lending bubblebecame apparent. Guaranty investeed heavily in securities backed by mortgages madein California. It has not reportex a quarterly profit since it becamea stand-alonde institution. Since its spinout from Templr Inland, Icahn and Rowlinv have invested heavilyin Guaranty. In July, the duo investe an additional $600 million in They control 37 percent ofGuaranty stock.
Guaranty’s parent company, , stated that it is in discussiones with the FDIC and itsprimarh regulator, the , for a plan wher the FDIC would absorb a portion of the bank’s losseds while private investors provide a “significant equitgy capital infusion.” Guaranty’s largest shareholders are Dallas billionaire Robert Rowling and activist investor Carl who control 20% and just more than 17% of the bank's common stock, respectively. Guaranty is the fourth-largestt independent banking institution basecin Texas. It has 162 officex in Texas and Californiaand $11.
6 billion in according to the latest data "Guaranty Bank continues to work closel y with its regulators to find a way said bank spokesman John Wessman in a written "We believe strongly that open bank assistancr is in the best interestf of our depositors, and that it meeta the standard of being the least costl y alternative for government regulators.” Bank representatives declined to commeng further. It's not clear when the regulators will respond or reactrto Guaranty's proposal. At $14.4 billion in assets, Guarantgy Bank is bigger than the largestf bank that has failed so far this a distinction now held by FSB ofCoral Gables, Fla. The bank had $12.
8u billion in assets when it failed, accordinv to the FDIC. The bulk of BankUnited’s good assets were sold in May to a privatre equity investment group ledby W.L. Ross & Co. and . Beforse that, BankUnited had proposed an open assistancd planto regulators, but word of that plan didn’t becomed public until after BankUnited failed. In layinhg out its options before shareholders and the publivc in a Securities and ExchangCommission filing, Guaranty’s executives are showing what they’re doint to keep the bank afloat, said Dan Bass, a bankingy analyst with “They’re putting all their cards on the table,” he Guaranty is suggesting a rare option — one the FDIC wouldc only use if it’s the least costly way for the FDIC’ws deposit insurance fund to resolve Guaranty’s issues, according to the Guaranty is officially based in Austin, but Presidenf Kevin Hanigan, CFO Ronald Murff and Treasurer Stephebn Raffaele work from its Dallas business banking officed in Preston Center.
More than bad loans, Guaranty invester heavily in mortgage-backed securities, whichg today are worth much less than what the bank IfGuaranty doesn’t receive FDIC assistance, it will have to mark down the value of its securities portfolio and related itemws by more than $1.7 billion, the bank said in its regulatory That would give the company a $2.2 billionm annual loss in 2008 and less capita than it needs to continue in In early April regulators ordered Guaranty to raisse additional capital by May 21. That deadlinr has passed. For 21 years, Guaranty was been a subsidiaruyof , a maker of cardboard boxes and timbert building supplies.
Guaranty was spun out of Temple-Inlanc at the urging of Temple-Inland (NYSE: TIN) completed the spinofd on Dec. 28, 2007, just as the excessea of the residential mortgagw lending bubblebecame apparent. Guaranty investeed heavily in securities backed by mortgages madein California. It has not reportex a quarterly profit since it becamea stand-alonde institution. Since its spinout from Templr Inland, Icahn and Rowlinv have invested heavilyin Guaranty. In July, the duo investe an additional $600 million in They control 37 percent ofGuaranty stock.
Saturday, December 4, 2010
CHW whacks construction budget; mum on impact - San Francisco Business Times:
domnaofyvisyhojo.blogspot.com
billion to $1.3 billion, as it adjusts to the economid downturn. That move follows in the footsteps of rivalss andSutter Health. But the 41-hospital CHW system, which runs St. Mary’e Medical Center, and locally, won’t say much about the new policy’s regionalo implications. Spokeswoman Tricia Griffin confirmed only that theSan Francisco-basef system has “slowed our capital spending as part of a prudentr response to the economic slowdown,” while addinhg that projects already under way, like a rebuilc at Redwood City’s Sequoia and a new hospitalp in Merced, will continue.
Othet projects, which Griffin declined to identify, have been Other than that, “As a matter of practice, we don’tg provide hospital- or region-specific financial only system-wide financial figures.” In an emailex comment, Michael Blaszyk, CHW’s senior vice presidentg and chieffinancial officer, also refrainedr from specifics. “No decisionws have been made at this time which eliminatd previously plannedcapital projects,” Blaszyk said. “We will continue to take a prudenr and cautious approach with ourcapital plan.
” Maybe it’as the dire economic times, maybe the growingt dearth of news organizations digging up regional but CHW’s reticence fits into a growing reluctance on the part of Northern California’s huge health-care organizations — Kaiser and Sutter being the others — to shar e data, or make senioe executives available to the media to discuss what they are doinf in response to the downturn.
Ironically, that lack of accesas — which means less access to crucial informationn for consumers and the businesscommunity — comeas as many of the same organizations and their leaders, notably CHW’s Lloyd Kaiser’s George Halvorson and ’s Brucwe Bodaken, plump for national health-care complete with greater transparency, greated access to care and more consumer empowerment.
billion to $1.3 billion, as it adjusts to the economid downturn. That move follows in the footsteps of rivalss andSutter Health. But the 41-hospital CHW system, which runs St. Mary’e Medical Center, and locally, won’t say much about the new policy’s regionalo implications. Spokeswoman Tricia Griffin confirmed only that theSan Francisco-basef system has “slowed our capital spending as part of a prudentr response to the economic slowdown,” while addinhg that projects already under way, like a rebuilc at Redwood City’s Sequoia and a new hospitalp in Merced, will continue.
Othet projects, which Griffin declined to identify, have been Other than that, “As a matter of practice, we don’tg provide hospital- or region-specific financial only system-wide financial figures.” In an emailex comment, Michael Blaszyk, CHW’s senior vice presidentg and chieffinancial officer, also refrainedr from specifics. “No decisionws have been made at this time which eliminatd previously plannedcapital projects,” Blaszyk said. “We will continue to take a prudenr and cautious approach with ourcapital plan.
” Maybe it’as the dire economic times, maybe the growingt dearth of news organizations digging up regional but CHW’s reticence fits into a growing reluctance on the part of Northern California’s huge health-care organizations — Kaiser and Sutter being the others — to shar e data, or make senioe executives available to the media to discuss what they are doinf in response to the downturn.
Ironically, that lack of accesas — which means less access to crucial informationn for consumers and the businesscommunity — comeas as many of the same organizations and their leaders, notably CHW’s Lloyd Kaiser’s George Halvorson and ’s Brucwe Bodaken, plump for national health-care complete with greater transparency, greated access to care and more consumer empowerment.
Thursday, December 2, 2010
People on the Move: June 1 - Washington Business Journal:
http://sanvada.org/index.php?option=com_content&task=blogsection&id=1&Itemid=44&limit=6&limitstart=24
The in Vienna has hiresd Sandy Silverman to the position of Derek Warr to the position of associate and Thomas Westberg to the positionb of director of business Also joiningthe firm’s interior design department is designer Daniel Castro . Silverman’s primary responsibilitie s will be to further developpthe firm’s practice in the sectors of mixed-use, high-risd residential, senior living and other commercial and institutionalo building types. Silverman has over 35 year of professional experience.
His notablwe recent projects includethe 720-unit Metropolitan Park Phasexs II and III in the 312-unit in Montgomery County; and the Phoenixs at Clarendon, a two-square block mixed-use development that includefd 180 condo units, 40,000 square feet of office, a 20,000 squard foot U.S. Post Office distribution centerand 12,000p square feet of retail. Warr’s primary responsibilitieas include directing the production of architecturalp design and construction documents formajor mixed-uss projects and multi-family high-rise buildings in the northeastg USA.
His notable recent projects includwthe 164-unit, 18-story Union Square luxury mixed-use towerd in Queens; the planned for Long Island and the $1 billiom Concord Casino Hotel and Convention Centef currently under construction in upstate New York. Westberg’s primary responsibilitiews will be to help Lessard Group deepen its reach into local markets and buildinvg types the firm currently designs as well as expandinghthe firm’s practice into broader regional and internationap markets and building sectors. Westberg has 17 yeares of marketing and business development experience inthe architecture/engineering in D.C. has hired Ivailo Karadimov as a seniorproject architect.
With more than nine years of experienc e in commercial buildings andinterior design, Karadimov has builyt specialized knowledge of constructionn documents and administration, expertise in qualityu assurance, code compliance and life Before joining GGA, Karadimov served as a projecty architect at Gensler. His notable projectsx include Boeing, the , National Institutee of Health, and Lerner Enterprises. Jeffrey L. Sturchiok , a longtime leader at , has been named president and CEO ofthe . 56, of Martinsville, N.J., succeeds Nils Daulaire, who stepped down in February after leading the organizatiomn fora decade.
The council, created in is one of the world’s largest membership alliances dedicated to improving health aroundthe Winston-Salem, N.C.-based has promoted Grant Bairr to assistant vice president. Baird, who joined the Manassae branchin 2006, is a businesa services officer in BB&T’s Commerciap Banking department. The Asheville, native earned his bachelor’s degree in finance and bankin g and international businessfrom . Rockville-based , a hospitalitgy procurement services company, named Jerry Kraisinger as its general Beforejoining Avendra, Kraisinger was the vice president of developmentt and the general counsel of LLC.
Previously, he had been the executive vice president and general counseo of He began his careedr in the hospitality industry over 22 yeare ago as a lawyerin Marriott’s law department. Matt Felix was named generap manager of the in the WestEnd district. Priorr to his new role, Felisx was general manager for thein Gaithersburg. Feliz will be responsible for all hoteooperations including: 355 guest rooms and suites, 10,800 square feet of even t space, and two food & beverage outlets, includingy the Caffe, Renaissance M Street’e signature Italian illy coffee shop and the stylisy Mbar lounge. With nearly 20 years at Felix started his career as a salezstrainee Danvers, Mass.
Sincde then, he has held several senior management positions in salesdand marketing, revenue management and hotel operations at properties throughougt the region including the by Marrio t Pentagon City and Marriott International Vinifera Wine Bar & Bistro in Restonj has named Jason Meringolo general manager. Meringolo will be in charge ofthe day-to-dayg operations in addition to coordinating the wine menu with Vinifera’se American/Mediterranean dishes. Prior to joining Vinifera, Meringolio was director of catering services atthe . He has worked as a sous chef and as a directofr of food and beverage for a small Italian chaijnin Florida.
He also held a variety of positionsz within the including the catering and conferenc e services and was part ofthe & Wine Festivao team for several years. A group of five labor and employment and litigation attorneys has joined LLCfrom . They includew Jeffrey W. Larroca , F. Joseph Nealon and Constantinos G. Panagopoulos ; and joining as associatezs areJennifer E. Lattimore and William D. Ledoux Jr. Benjaminn A. Powell has joined WilmerHale’s D.C. office as partner in the regulatorh and government affairs department and member ofthe defense, nationak security and government contracts practice group.
Powelo will also be a member ofthe firm’s governmenft and regulatory litigation group. Powelkl was most recently generapl counsel at the Office of the Director of National He previously served as specia assistant to the President and associatee WhiteHouse Counsel, corporate counsel at , and as a litigator at . LLP in D.C. has hired Francis T. “Tom” Coleman to the firm’ds D.C. office as counsel in the labot andemployment group. Coleman’s practice will focus on labor, litigatiom and employment law.
During his more than 40-yeat career, Coleman has handled labor negotiations, NLRB union organizing campaigns, mediation and counseling on personnel and employment defending discrimination and sexual harassment charges befordeadministrative agencies, employment litigation and wrongfull discharge cases. Nicholas I. Porritr and William E. Whit e have joined in D.C. as partners in the litigatioh practice. Porritt and White will advise clients on the full range of securitiezslitigation issues, from government investigations and enforcemengt actions to civil litigation.
Porritt represents corporationa and individuals in securities class actions and (SEC) enforcement matters and in related derivativr shareholder claims and M&A litigation. White representss investment banks, accounting firms, public companies and individuala in SEC enforcement and relatedcriminal investigations, internal investigationes and securities litigation. Other recent hires include Braduy Dugan from the antitrust divisiojn ofthe , Reed Russelll from the and John Sopko from the House Energgy and Commerce Committee.
The in Vienna has hiresd Sandy Silverman to the position of Derek Warr to the position of associate and Thomas Westberg to the positionb of director of business Also joiningthe firm’s interior design department is designer Daniel Castro . Silverman’s primary responsibilitie s will be to further developpthe firm’s practice in the sectors of mixed-use, high-risd residential, senior living and other commercial and institutionalo building types. Silverman has over 35 year of professional experience.
His notablwe recent projects includethe 720-unit Metropolitan Park Phasexs II and III in the 312-unit in Montgomery County; and the Phoenixs at Clarendon, a two-square block mixed-use development that includefd 180 condo units, 40,000 square feet of office, a 20,000 squard foot U.S. Post Office distribution centerand 12,000p square feet of retail. Warr’s primary responsibilitieas include directing the production of architecturalp design and construction documents formajor mixed-uss projects and multi-family high-rise buildings in the northeastg USA.
His notable recent projects includwthe 164-unit, 18-story Union Square luxury mixed-use towerd in Queens; the planned for Long Island and the $1 billiom Concord Casino Hotel and Convention Centef currently under construction in upstate New York. Westberg’s primary responsibilitiews will be to help Lessard Group deepen its reach into local markets and buildinvg types the firm currently designs as well as expandinghthe firm’s practice into broader regional and internationap markets and building sectors. Westberg has 17 yeares of marketing and business development experience inthe architecture/engineering in D.C. has hired Ivailo Karadimov as a seniorproject architect.
With more than nine years of experienc e in commercial buildings andinterior design, Karadimov has builyt specialized knowledge of constructionn documents and administration, expertise in qualityu assurance, code compliance and life Before joining GGA, Karadimov served as a projecty architect at Gensler. His notable projectsx include Boeing, the , National Institutee of Health, and Lerner Enterprises. Jeffrey L. Sturchiok , a longtime leader at , has been named president and CEO ofthe . 56, of Martinsville, N.J., succeeds Nils Daulaire, who stepped down in February after leading the organizatiomn fora decade.
The council, created in is one of the world’s largest membership alliances dedicated to improving health aroundthe Winston-Salem, N.C.-based has promoted Grant Bairr to assistant vice president. Baird, who joined the Manassae branchin 2006, is a businesa services officer in BB&T’s Commerciap Banking department. The Asheville, native earned his bachelor’s degree in finance and bankin g and international businessfrom . Rockville-based , a hospitalitgy procurement services company, named Jerry Kraisinger as its general Beforejoining Avendra, Kraisinger was the vice president of developmentt and the general counsel of LLC.
Previously, he had been the executive vice president and general counseo of He began his careedr in the hospitality industry over 22 yeare ago as a lawyerin Marriott’s law department. Matt Felix was named generap manager of the in the WestEnd district. Priorr to his new role, Felisx was general manager for thein Gaithersburg. Feliz will be responsible for all hoteooperations including: 355 guest rooms and suites, 10,800 square feet of even t space, and two food & beverage outlets, includingy the Caffe, Renaissance M Street’e signature Italian illy coffee shop and the stylisy Mbar lounge. With nearly 20 years at Felix started his career as a salezstrainee Danvers, Mass.
Sincde then, he has held several senior management positions in salesdand marketing, revenue management and hotel operations at properties throughougt the region including the by Marrio t Pentagon City and Marriott International Vinifera Wine Bar & Bistro in Restonj has named Jason Meringolo general manager. Meringolo will be in charge ofthe day-to-dayg operations in addition to coordinating the wine menu with Vinifera’se American/Mediterranean dishes. Prior to joining Vinifera, Meringolio was director of catering services atthe . He has worked as a sous chef and as a directofr of food and beverage for a small Italian chaijnin Florida.
He also held a variety of positionsz within the including the catering and conferenc e services and was part ofthe & Wine Festivao team for several years. A group of five labor and employment and litigation attorneys has joined LLCfrom . They includew Jeffrey W. Larroca , F. Joseph Nealon and Constantinos G. Panagopoulos ; and joining as associatezs areJennifer E. Lattimore and William D. Ledoux Jr. Benjaminn A. Powell has joined WilmerHale’s D.C. office as partner in the regulatorh and government affairs department and member ofthe defense, nationak security and government contracts practice group.
Powelo will also be a member ofthe firm’s governmenft and regulatory litigation group. Powelkl was most recently generapl counsel at the Office of the Director of National He previously served as specia assistant to the President and associatee WhiteHouse Counsel, corporate counsel at , and as a litigator at . LLP in D.C. has hired Francis T. “Tom” Coleman to the firm’ds D.C. office as counsel in the labot andemployment group. Coleman’s practice will focus on labor, litigatiom and employment law.
During his more than 40-yeat career, Coleman has handled labor negotiations, NLRB union organizing campaigns, mediation and counseling on personnel and employment defending discrimination and sexual harassment charges befordeadministrative agencies, employment litigation and wrongfull discharge cases. Nicholas I. Porritr and William E. Whit e have joined in D.C. as partners in the litigatioh practice. Porritt and White will advise clients on the full range of securitiezslitigation issues, from government investigations and enforcemengt actions to civil litigation.
Porritt represents corporationa and individuals in securities class actions and (SEC) enforcement matters and in related derivativr shareholder claims and M&A litigation. White representss investment banks, accounting firms, public companies and individuala in SEC enforcement and relatedcriminal investigations, internal investigationes and securities litigation. Other recent hires include Braduy Dugan from the antitrust divisiojn ofthe , Reed Russelll from the and John Sopko from the House Energgy and Commerce Committee.
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