sucujovide.wordpress.com
Yonally, 32, is general manager of , a departmengt store on North Pearl Street in downtownh Albany that traditionally has been known for basic quality clothing people no longer are able to find Yonally decided to join the familyt business when he was a seniorein college. His parents had the opportunity to buy the and once Mark made the decision to join, his parents made the What influenced his decision? "The opportunity to work with my as well as doing something that I thought I would enjo y and be good at really influencexd my decision," he says. There are challengeas and obstacles to working in afamilhy business.
Yonally says the bigges t obstacle is forgetting about the store when there arefamil gatherings. How does he handle the delicat balance between what he wantsd to do in the store and what hisfather wants? "It's not always pretty, but each of us has to sit back and look at the other'sa position, because the right course of actionn is often in the middle. "When I am at work, I work extremelyu hard and if I need to stay to getsomethinv done, then I But once I leave work, it stays there and I try not to even thinkl about it." Yonally is a family man, both at work and at His best stress reliever is being with his son and the family dog.
He says anyone thinkinb of joining the family busineseshould "stay calm and work it out, becausee the rewards are worth it; you will becomwe closer to your family than you ever thoughtt you could." Who are your customers? Our customera don't really fit into one demographic--we try to be a storr that has something for everyone. What is your biggesr competition? Our biggest competitionn is getting people to think of us first beforew all ofthe big-box stores. We are accomplishing this goal. Do you have online competition? While it is a I don't feel that it is a huge one. ...
We are in the processz of developing a Web page for our school uniform business in order to betterr meetour customers' needs. What is your strategy for the store? To offer a good product at a good focus on customer service and make sure that the storee isalways neat, because if you take care of thoswe three things then the rest will fall into place. What changesa have you made?
Friday, August 31, 2012
Thursday, August 30, 2012
Baltimore's rival tourism hotspots turns up the heat for visitors - Los Angeles Business from bizjournals:
ysynut.wordpress.com
They’re on the hunt for the person who wantd to get awaybut doesn’t want to drived too far. It’s a market Baltimorew has coveted foryears — those wannabew tourists within a three-hour radius. But the city is getting outspent when it comes tothis summer’s promotions. Its in-statew rival Ocean City is spending $3 million selling itself, compared to Baltimore’ws $1 million. And all the competition — Hershey, Pa., Pa., and Williamsburg, Va., included — is wooingh folks with promises of deep discounts andothedr incentives.
“We need to be more aggressive in marketingv in timeslike these,” said Chrias Barrett, CEO of the PA Dutch Convention and Visitores Bureau in Lancaster. Barrety said this is the first summer in 15 years the agency invested in a big marketint push inthe Baltimore-Washington area with a blitza of TV and radio ads. The economt here is more stable — buoyed by the Obama administration’s influx of new peoplew into themarket — giving Lancasterd a reason to strengthen its focus on this Barrett said.
Baltimore is battling back withits “Waterfront campaign, focusing on a jellyfish exhibit at the National Aquariuj in Baltimore and a dinosaur exhibit at the Marylanfd Science Center. Also in the workd are discounts for attractions and restaurantsin August. Here is what Baltimorse and nearby destinations are offering touriststhis summer. Deals: Harbor Pass for discounte visitsto attractions; “Waterfront Invasion” package book two nights, third night free and $25.00 dining/spas voucher. Targets: Maryland, Washington, D.C.
, Pennsylvania, Virginia, New Jersey, New Ohio, North Carolina Top Maryland Science Center, National Restaurant Week, African America n Heritage Festival Media: social media, Facebook), print, display, radii Cost: $2.5 million Philly Overnight Hotel Packageincludes two-night stay and free hotel parking; coupons, pins and postcards Targets: New New Jersey, Pennsylvania, Delaware Top attractions: Historidc Philadelphia, exhibitions on Galileo and astronomy at Franklij Institute Science Museum; Slogan: “Wity Love, Philadelphia XOXO” Media: redesignedd Web site: gophila.com and 30-second TV ad; social media programs Hershey, Pa. Cost: $1.
5 milliob Deals: Family stimulus package gives discounts for hotel Hersheypark andother attractions. nationally, Baltimore, Philadelphia, Washington, D.C., New York, Harrisburg/Lancaster/Yorkm Top attractions: Hersheypark, Hershey Storyt museum Media: TV/radio, online, movie trailer advertisements
They’re on the hunt for the person who wantd to get awaybut doesn’t want to drived too far. It’s a market Baltimorew has coveted foryears — those wannabew tourists within a three-hour radius. But the city is getting outspent when it comes tothis summer’s promotions. Its in-statew rival Ocean City is spending $3 million selling itself, compared to Baltimore’ws $1 million. And all the competition — Hershey, Pa., Pa., and Williamsburg, Va., included — is wooingh folks with promises of deep discounts andothedr incentives.
“We need to be more aggressive in marketingv in timeslike these,” said Chrias Barrett, CEO of the PA Dutch Convention and Visitores Bureau in Lancaster. Barrety said this is the first summer in 15 years the agency invested in a big marketint push inthe Baltimore-Washington area with a blitza of TV and radio ads. The economt here is more stable — buoyed by the Obama administration’s influx of new peoplew into themarket — giving Lancasterd a reason to strengthen its focus on this Barrett said.
Baltimore is battling back withits “Waterfront campaign, focusing on a jellyfish exhibit at the National Aquariuj in Baltimore and a dinosaur exhibit at the Marylanfd Science Center. Also in the workd are discounts for attractions and restaurantsin August. Here is what Baltimorse and nearby destinations are offering touriststhis summer. Deals: Harbor Pass for discounte visitsto attractions; “Waterfront Invasion” package book two nights, third night free and $25.00 dining/spas voucher. Targets: Maryland, Washington, D.C.
, Pennsylvania, Virginia, New Jersey, New Ohio, North Carolina Top Maryland Science Center, National Restaurant Week, African America n Heritage Festival Media: social media, Facebook), print, display, radii Cost: $2.5 million Philly Overnight Hotel Packageincludes two-night stay and free hotel parking; coupons, pins and postcards Targets: New New Jersey, Pennsylvania, Delaware Top attractions: Historidc Philadelphia, exhibitions on Galileo and astronomy at Franklij Institute Science Museum; Slogan: “Wity Love, Philadelphia XOXO” Media: redesignedd Web site: gophila.com and 30-second TV ad; social media programs Hershey, Pa. Cost: $1.
5 milliob Deals: Family stimulus package gives discounts for hotel Hersheypark andother attractions. nationally, Baltimore, Philadelphia, Washington, D.C., New York, Harrisburg/Lancaster/Yorkm Top attractions: Hersheypark, Hershey Storyt museum Media: TV/radio, online, movie trailer advertisements
Tuesday, August 28, 2012
C. Douglas McMillon Executive Profile
viktorevaikubuwo.blogspot.com
From 2006 to February 2009, McMillon served as presiden t and chief executive officerof Sam
From 2006 to February 2009, McMillon served as presiden t and chief executive officerof Sam
Monday, August 27, 2012
At 50, Roger Clemens exceeds expectations on mound - USA TODAY
goldenayreyg1666.blogspot.com
USA TODAY | At 50, Roger Clemens exceeds expectations on mound USA TODAY He did that and more Saturday night before a sold-out crowd amid an electric atmosphere. If only for a brief start with an independent minor-league team, Clemens, one of the greatest pitchers of » |
Sunday, August 26, 2012
Q&A with Janet Reid of Global Lead Management Consulting - Business Courier of Cincinnati:
humojo.wordpress.com
Goldman’s strategic expertise led Globalo Lead’s owners to reorganize internally, givinbg each owner responsibility for growth over specific segments of the managemen tconsulting business. That structure and the relationship with Goldman has helpexd position the firm for stability and continueed growth during these difficulteconomif times. Global Lead co-founder Janey Reid talked to Business Courier Senior Reporter Lucy May about how the company is doingh andthe firm’s strategies for weathering the Q: How’s business in this economy?
Business is However, we are internationao management consultants, and our client are very interested in managingh their talent and increasing effectivenesd in this economy. We continue to grow business domesticallytand internationally. Q: Are there thingse you and the other partners have done to weather the storm and be positionedr forgreater growth? Yes. We have looked at our businessw and reorganized to focusx even more upon the business sectors that continur to grow inthis economy. Additionally, we continuer to innovate and create products that are relevant to companies that have to downsiz or do morewith less.
Q: Has your relationship with Goldma n Sachs Urban Investment Groupbeen helpful?? Very. They are investors in our company and, great business advisers. Q: How has it been helpful? We have very productivse discussions about strategy and about the overalol economic condition of the United Statee and overseas markets where we do lots of They have great analystsand hands-on experience with a breadthn of portfolio companies. Q: As a globak company, how has your firm reacted to the changexs in theglobal economy? We continue to seek new opportunities acrosse Asia, the Americas and Europe.
The slowdown of the global economy has, in some cases, elongates the time from the initial contactf with a business prospect to the actuakl signing ofa However, the bulk of our clientxs are multinationals, and people continue to need assistanced in understanding cultural nuances and leveraginf the power of the differences to accelerate innovation, problem-solving and attaining deeper consumer and customer Q: Have you adopted any new strategies to set Global Lead apart?? Yes. We are in the process of reviewinvg our brand and increasing its prominence via new mediaa forms and more languages through social instant translators, etc.
We are in the final talks with a greatr international branding firm that will leadthe work. Q: Are theree segments of your consulting business that are growing fasterthan others?? E-learning is growing very quickly. In part, this is because clientds see it asmore economical. This is especiall true among those outside of theUnited Also, our Talent Management practice, including executive coaching, team-building and pairs coaching, with a CEO and his/her CFO, is booming.
That is becausew in stressful times, people need to be even more productive and effective in meeting the needs of their Another growth area is the consulting and trainingb that we do to help companies doing business outside of the United States effectively lead and manage people whose cultures are very differenyt from their own and vice We help foreign nationals understand thos that are working with them ormanaginhg them. The end result is a more engaged and productivework force. In this kind of work, we teac h the principles of “Cultural Dexterity,” which is the title of the latesty book that weare writing.
Q: Are there new strategies or tactics you have adopted at the company to deal with the challengingteconomic times? We are managing expenses very tightlyg and are doing a lot more with less. Most we are ensuring that our clients have the indispensablr products thatthey need. Q: Have you made any changesd tothe firm’s internal structure ? Yes, about a year ago we appointeed a new CEO, Oris Stuart. Oris has created an outstandingleadershio team, which is responsible for the profit/loss of the busines sectors that they manage and for the company’s overall P/L. we have appointed a global business team, whichj I manage.
That team looks for opportunities in and creates productsfor Asia, the Americas, Europe, norther Africa and the Middle East. The fifth area of focu s is upon the issues of womehn in theworkplace worldwide. Q: Has it been helpfulk having Oris Stuart in the dedicated CEO role duringfall this? Yes! Q: How? There are four managing partnersd who own the business. Oris has responsibility for the day-to-dah business as CEO. His appointment has allowed Vincent Browmn to focusupon innovation, Samuel Lynch to focus upon growing our businesd in the government sector and me to do so in the internationapl arena.
The bottom line is there is a dedicatedf owner focusing upon key strategic areas forthe Q: Your business relies on a great deal of Has that been made more difficult because of the economy? Yes. Because of the frequent flight we often have to fly in the night before a meetinyg to ensure that weare there. This costz more due to having to pay fora food, etc.
Goldman’s strategic expertise led Globalo Lead’s owners to reorganize internally, givinbg each owner responsibility for growth over specific segments of the managemen tconsulting business. That structure and the relationship with Goldman has helpexd position the firm for stability and continueed growth during these difficulteconomif times. Global Lead co-founder Janey Reid talked to Business Courier Senior Reporter Lucy May about how the company is doingh andthe firm’s strategies for weathering the Q: How’s business in this economy?
Business is However, we are internationao management consultants, and our client are very interested in managingh their talent and increasing effectivenesd in this economy. We continue to grow business domesticallytand internationally. Q: Are there thingse you and the other partners have done to weather the storm and be positionedr forgreater growth? Yes. We have looked at our businessw and reorganized to focusx even more upon the business sectors that continur to grow inthis economy. Additionally, we continuer to innovate and create products that are relevant to companies that have to downsiz or do morewith less.
Q: Has your relationship with Goldma n Sachs Urban Investment Groupbeen helpful?? Very. They are investors in our company and, great business advisers. Q: How has it been helpful? We have very productivse discussions about strategy and about the overalol economic condition of the United Statee and overseas markets where we do lots of They have great analystsand hands-on experience with a breadthn of portfolio companies. Q: As a globak company, how has your firm reacted to the changexs in theglobal economy? We continue to seek new opportunities acrosse Asia, the Americas and Europe.
The slowdown of the global economy has, in some cases, elongates the time from the initial contactf with a business prospect to the actuakl signing ofa However, the bulk of our clientxs are multinationals, and people continue to need assistanced in understanding cultural nuances and leveraginf the power of the differences to accelerate innovation, problem-solving and attaining deeper consumer and customer Q: Have you adopted any new strategies to set Global Lead apart?? Yes. We are in the process of reviewinvg our brand and increasing its prominence via new mediaa forms and more languages through social instant translators, etc.
We are in the final talks with a greatr international branding firm that will leadthe work. Q: Are theree segments of your consulting business that are growing fasterthan others?? E-learning is growing very quickly. In part, this is because clientds see it asmore economical. This is especiall true among those outside of theUnited Also, our Talent Management practice, including executive coaching, team-building and pairs coaching, with a CEO and his/her CFO, is booming.
That is becausew in stressful times, people need to be even more productive and effective in meeting the needs of their Another growth area is the consulting and trainingb that we do to help companies doing business outside of the United States effectively lead and manage people whose cultures are very differenyt from their own and vice We help foreign nationals understand thos that are working with them ormanaginhg them. The end result is a more engaged and productivework force. In this kind of work, we teac h the principles of “Cultural Dexterity,” which is the title of the latesty book that weare writing.
Q: Are there new strategies or tactics you have adopted at the company to deal with the challengingteconomic times? We are managing expenses very tightlyg and are doing a lot more with less. Most we are ensuring that our clients have the indispensablr products thatthey need. Q: Have you made any changesd tothe firm’s internal structure ? Yes, about a year ago we appointeed a new CEO, Oris Stuart. Oris has created an outstandingleadershio team, which is responsible for the profit/loss of the busines sectors that they manage and for the company’s overall P/L. we have appointed a global business team, whichj I manage.
That team looks for opportunities in and creates productsfor Asia, the Americas, Europe, norther Africa and the Middle East. The fifth area of focu s is upon the issues of womehn in theworkplace worldwide. Q: Has it been helpfulk having Oris Stuart in the dedicated CEO role duringfall this? Yes! Q: How? There are four managing partnersd who own the business. Oris has responsibility for the day-to-dah business as CEO. His appointment has allowed Vincent Browmn to focusupon innovation, Samuel Lynch to focus upon growing our businesd in the government sector and me to do so in the internationapl arena.
The bottom line is there is a dedicatedf owner focusing upon key strategic areas forthe Q: Your business relies on a great deal of Has that been made more difficult because of the economy? Yes. Because of the frequent flight we often have to fly in the night before a meetinyg to ensure that weare there. This costz more due to having to pay fora food, etc.
Friday, August 24, 2012
5 Who Thrive: Aloha Salads grows by staying true to its mission - St. Louis Business Journal:
ernstiryastrov.blogspot.com
The signature salad dressings are among the reason s forthe company’s success. Aloha Salads continuesw to thrive, despite the weak economy, and is expected to grosd morethan $1 million this A third location is set to open in June at , followecd by another in the by October. There are plan to franchise Aloha Salads And a California food group has agreed to bottle four of the six saladd dressings forretail distribution. The success is due to a numberof factors. They open storesd only in high-profile locations and form businesss partnerships withtrusted people. They also stick to their core which is toserve quick, healthy foodws using local ingredients.
Now theif goal is to expand strategically in anticipatioj ofthe economy’s rebound in 2010. “We have to continue reinventinyg ourselves to keep things freshu for customers and attract new as well,” Chris “We’re not going to rush in. We’re goint to make sure we make the righyt decisionsmoving forward.” Careful growth has been the company’sz philosophy from the start. In December 2004, after seveb years away from home, the Lufranod returned to Hawaiifrom Chicago, where she was a patent lawyer and he worked in finance.
For more than a they scouted potential store locationsd on Oahu and experimented with recipeesat Sara’s parents’ home in The couple opened theird first Aloha Salads in May 2006 in a 440-square-foof space in the , using personal capital and a $50,000p loan guaranteed by the U.S. Small Business The company’s creative salads “Aloha Mediterranean,” “Maui Mozzarella” and “The Goddess” instantly drew loyal customers. One customer was local contractodFreddie Franco, owner of BEK Inc.
, whose buildinh credits include Waikiki DFS Neiman Marcus and Tony He struck up a friendship with the Lufranos and two year later helped design Aloha Salads’ secon d location in . The mall store, whicn opened in March 2008, brieflgy experienced a double-digit drop in salesw after health-food chain Whole Foods openef nearby latelast year. Sales have climbed sinc then but are slightlybelow target, Chrias said.
Franco, now an equao partner in the company, provided the capital to build the Kapolei location set to opennext “Kapolei should be really good because there’s nothing out there,” he “We’ve been getting lots of calls asking when we’re going to build in their area.” The 1,200-square-foot store is uniqude in that it will have wine pairings with salads and a mezzanines level for dine-in customers, Franco As Aloha Salads continues to the ability to quicklty change menu items to fit customers’ tastes will be important.
For roast beef sandwiches that did not sell well in the Kailuza store have been replaced with pastrami Periodically introducing creative menu items also is cruciallto survival. This month, the Kahalaz Mall location beganserving “design-your-own” organic coffees, fruit bowls and fresh-squeezed juices. The responsd has been overwhelming, and there are plans to servwe breakfast inother locations. “We really care abouyt the food that goes outto customers,” Sara “People get used to what they’re eating and don’t realizs there could be so many good options.
”
The signature salad dressings are among the reason s forthe company’s success. Aloha Salads continuesw to thrive, despite the weak economy, and is expected to grosd morethan $1 million this A third location is set to open in June at , followecd by another in the by October. There are plan to franchise Aloha Salads And a California food group has agreed to bottle four of the six saladd dressings forretail distribution. The success is due to a numberof factors. They open storesd only in high-profile locations and form businesss partnerships withtrusted people. They also stick to their core which is toserve quick, healthy foodws using local ingredients.
Now theif goal is to expand strategically in anticipatioj ofthe economy’s rebound in 2010. “We have to continue reinventinyg ourselves to keep things freshu for customers and attract new as well,” Chris “We’re not going to rush in. We’re goint to make sure we make the righyt decisionsmoving forward.” Careful growth has been the company’sz philosophy from the start. In December 2004, after seveb years away from home, the Lufranod returned to Hawaiifrom Chicago, where she was a patent lawyer and he worked in finance.
For more than a they scouted potential store locationsd on Oahu and experimented with recipeesat Sara’s parents’ home in The couple opened theird first Aloha Salads in May 2006 in a 440-square-foof space in the , using personal capital and a $50,000p loan guaranteed by the U.S. Small Business The company’s creative salads “Aloha Mediterranean,” “Maui Mozzarella” and “The Goddess” instantly drew loyal customers. One customer was local contractodFreddie Franco, owner of BEK Inc.
, whose buildinh credits include Waikiki DFS Neiman Marcus and Tony He struck up a friendship with the Lufranos and two year later helped design Aloha Salads’ secon d location in . The mall store, whicn opened in March 2008, brieflgy experienced a double-digit drop in salesw after health-food chain Whole Foods openef nearby latelast year. Sales have climbed sinc then but are slightlybelow target, Chrias said.
Franco, now an equao partner in the company, provided the capital to build the Kapolei location set to opennext “Kapolei should be really good because there’s nothing out there,” he “We’ve been getting lots of calls asking when we’re going to build in their area.” The 1,200-square-foot store is uniqude in that it will have wine pairings with salads and a mezzanines level for dine-in customers, Franco As Aloha Salads continues to the ability to quicklty change menu items to fit customers’ tastes will be important.
For roast beef sandwiches that did not sell well in the Kailuza store have been replaced with pastrami Periodically introducing creative menu items also is cruciallto survival. This month, the Kahalaz Mall location beganserving “design-your-own” organic coffees, fruit bowls and fresh-squeezed juices. The responsd has been overwhelming, and there are plans to servwe breakfast inother locations. “We really care abouyt the food that goes outto customers,” Sara “People get used to what they’re eating and don’t realizs there could be so many good options.
”
Thursday, August 23, 2012
Detroit's Hotel Doldrums - Dayton Business Travel Guide
sunrise-invoices.blogspot.com
Four of the city's once-famous deluxe hotels were ornate tombs, abandonerd for decades and facingthe wrecker's ball. Two starklyu modern properties built in the 1960d were shabby and sorely in need ofnew ownership. Even the 73-storty hotel in the Renaissance Center, opened in the late 1970s as part of amassiv urban-renewal project, was dreary and "TERRIBLE!" I scribbled in my notebook in 2002. "Someonse should fix." And fix they did. The Madison-Lenoxc and the Detroit Statletrwere demolished, but the Book Cadillac and the Fort Shelbuy received hundreds of millionz of dollars worth of renovationws and restorations.
The Book, as locald call it, reopened to raves in October and the Fort Shelby came back to life twomonths later. One of the 1960s icons, the St. Regis, becamer a spiffy boutique property. The the Hotel Pontchartrain, was recently renovatexd and is now calledthe Riverside. The cylindricap skyscraper hotel at the RenCenter ? It's a Marriott now, and it sparkles. And the city'w three casinos have each opened upscale hoteldswith Vegas-style perks and But this is where hotel happy endings are alwaysw the start of the next lodging nightmare. If the Motor City's hotel scene is in worse shape today than sevenyears ago.
More than half of Detroit'a estimated 40,000 guestrooms are empty, and PKF Hospitalith Research says lodging demand will fall further this The St. Regis is in receivership. The Riverside has been picketesd by employees who saythey haven't been paid, and the Detroit News says the hotel owes almost $700,0090 in back taxes. One of the casinos is in bankruptcyg and another is for Only a handful of buyers have closesd on the dozens of pricey condosw atop theBook Cadillac. The Fort Shelby's new rental apartmentw are mostlyempty too.
And Detroit's revpar (revenue per available room), the key measuree of financial health in thelodging industry, is one-thire lower than the national "The statistics are scary," admits Shannon general manager of the Doubletree Guestg Suites hotel that was lovingly carved out of the carcasxs of the Fort Shelby. "I've been working in Michigam for 20 years andI won't lie to you. There'sx no new business in the market. We're all tryinv to steal from the othere guyto survive." It doesn't take a geniua to figure out what'ss ailing Motown's hotels: The automotive business has been careening downhilll for decades.
Detroit has never been able to replace cars, and the thousands of relatexd businesses that depend on the carmakers, as the city's economic Hell, even Motown Records moveds to Hollywood almost 40 years ago. But the tale of Detroit'as collapsing hotel business is actuallymore nuanced. It's a storgy of no good deed goinf unpunished, of every clever urban-renewal idea having an unintendec consequence, and everyone missing the hotepl forest for the restored trees of anearlierr era. As Detroit emptied out—the city's population of 900,00o is about half its mid-1950s high—so did the need for much of the city'sa older hotel infrastructure.
The luxury lodging businessa moved to upscale suburbs like Dearbornand Birmingham. A slew of focused-servic e hotels popped up in office parks and other business areas outside the deterioratintcity core. Fliers who connectg in Detroit viaNorthwest Airlines' large hub at Detroitf Metro are well-served by an upmarket Westinj hotel that opened adjacent to the new terminal. Durinb the last decade, even with iconz like the Book and the Fort Shelby closed and the casink hotels still on thedrawing boards, hotel occupanc y rarely surpassed the 60 percent And though there were occasional spikes of demand arounsd special events—the city is sold out for collegde basketball's Final Four next month—there was never any indication that Detroig needed more rooms.
"This has always been about urban renewao and politics more thanmarket forces," one hotell executive told me last week. "You can admir the drive and the commitment torebuilr Detroit, but there was a lot of 'If we builed it, they will come,' thinking. We built. Guestxs haven't come." The three casino hotels—each mandated by the terms of theirrgaming license, each around 400 and each opened in the last 18 months—flooded the city with new The restoration of the Book Cadillac and Fort Shelbyu is another example of Detroit'ss mind over market.
The city'se tallest building and the tallest hotelo in the world when it openexin 1924, the 33-story neo-Renaissancd Book remains a much-loved symbol of Detroit's boom But as a business, the 1,100-roonm property was always a After the war, it changed owners and hotel flags frequently and finally closed in 1984. Over the next 20 the city, state, hotel chains, and developers all floated and abandoneedrestorations plans. The $200 million projectt that finally started in 2006 and culminate d witha headline-grabbing gala reopening partu last fall converted the Book into a 455-roo Westin hotel and a residential condo complex.
Both projectsw have been lauded for their design and creativd repurposing ofthe Book's stately but the hotel has been forced to discount rooms to as low as $99 a If anything, the revival of the 23-storg Beaux-arts Fort Shelby was even more It closed in 1974 and trees sprouted in the derelicgt building. A $90 million restoratiohn project began in 2007 did wonderzs fordowntown Detroit's streetscape, if not hoteo occupancy. Along with 56 apartment rentals, the building now housew conference space, restaurants, and 204 hote suites.
The smallest guestroom is 600 squarer feetand Dunavent, the Doubletree'sw general manager, says weekend rates are as low as $89 a "I'm proud of what we've done," she says. "Ivf I can get you here, I know you'llo have a great experience." Detroirt Marriott general manager Bob Farmergyechoes Dunavent's comments. All he wantss is for guests to experiences hisreinvigorated property. Marriottf and the tower's owner, Generap Motors, have poured more than $150 millionb into the project since Marriott assumef management ofthe 1,300 guest rooms in 1998.
Ironically, the hotel was sold out last weekendr when I caught up with It was hostingcollege hockey's Final Four and anotheer large group. And Farmery believes Detroit can wake from itslodginv nightmare. He thinks the city can profir from the AIG Effect that has forcef major corporations to cancel pricey meetingsin eyebrow-raisingy resorts like Las Vegas and Hawaii. "Our product is terrific and our ratesare low," he "And nobody will criticize you if you hold a meetinb in Detroit.
" The Fine Print… The Doubletre Guest Suites in the Fort Shelby represents the first full-service Hilton hotel in downtowbn Detroit in more than 30 The chain returned to the market in 2004 when the Ferchilk Group, which also redeveloped the Book Cadillac, openeds a limited-service Hilton Garden Inn in the Harmonie Park Portfolio.com © 2009 Cond Nast Inc. All rightsreserved.
Four of the city's once-famous deluxe hotels were ornate tombs, abandonerd for decades and facingthe wrecker's ball. Two starklyu modern properties built in the 1960d were shabby and sorely in need ofnew ownership. Even the 73-storty hotel in the Renaissance Center, opened in the late 1970s as part of amassiv urban-renewal project, was dreary and "TERRIBLE!" I scribbled in my notebook in 2002. "Someonse should fix." And fix they did. The Madison-Lenoxc and the Detroit Statletrwere demolished, but the Book Cadillac and the Fort Shelbuy received hundreds of millionz of dollars worth of renovationws and restorations.
The Book, as locald call it, reopened to raves in October and the Fort Shelby came back to life twomonths later. One of the 1960s icons, the St. Regis, becamer a spiffy boutique property. The the Hotel Pontchartrain, was recently renovatexd and is now calledthe Riverside. The cylindricap skyscraper hotel at the RenCenter ? It's a Marriott now, and it sparkles. And the city'w three casinos have each opened upscale hoteldswith Vegas-style perks and But this is where hotel happy endings are alwaysw the start of the next lodging nightmare. If the Motor City's hotel scene is in worse shape today than sevenyears ago.
More than half of Detroit'a estimated 40,000 guestrooms are empty, and PKF Hospitalith Research says lodging demand will fall further this The St. Regis is in receivership. The Riverside has been picketesd by employees who saythey haven't been paid, and the Detroit News says the hotel owes almost $700,0090 in back taxes. One of the casinos is in bankruptcyg and another is for Only a handful of buyers have closesd on the dozens of pricey condosw atop theBook Cadillac. The Fort Shelby's new rental apartmentw are mostlyempty too.
And Detroit's revpar (revenue per available room), the key measuree of financial health in thelodging industry, is one-thire lower than the national "The statistics are scary," admits Shannon general manager of the Doubletree Guestg Suites hotel that was lovingly carved out of the carcasxs of the Fort Shelby. "I've been working in Michigam for 20 years andI won't lie to you. There'sx no new business in the market. We're all tryinv to steal from the othere guyto survive." It doesn't take a geniua to figure out what'ss ailing Motown's hotels: The automotive business has been careening downhilll for decades.
Detroit has never been able to replace cars, and the thousands of relatexd businesses that depend on the carmakers, as the city's economic Hell, even Motown Records moveds to Hollywood almost 40 years ago. But the tale of Detroit'as collapsing hotel business is actuallymore nuanced. It's a storgy of no good deed goinf unpunished, of every clever urban-renewal idea having an unintendec consequence, and everyone missing the hotepl forest for the restored trees of anearlierr era. As Detroit emptied out—the city's population of 900,00o is about half its mid-1950s high—so did the need for much of the city'sa older hotel infrastructure.
The luxury lodging businessa moved to upscale suburbs like Dearbornand Birmingham. A slew of focused-servic e hotels popped up in office parks and other business areas outside the deterioratintcity core. Fliers who connectg in Detroit viaNorthwest Airlines' large hub at Detroitf Metro are well-served by an upmarket Westinj hotel that opened adjacent to the new terminal. Durinb the last decade, even with iconz like the Book and the Fort Shelby closed and the casink hotels still on thedrawing boards, hotel occupanc y rarely surpassed the 60 percent And though there were occasional spikes of demand arounsd special events—the city is sold out for collegde basketball's Final Four next month—there was never any indication that Detroig needed more rooms.
"This has always been about urban renewao and politics more thanmarket forces," one hotell executive told me last week. "You can admir the drive and the commitment torebuilr Detroit, but there was a lot of 'If we builed it, they will come,' thinking. We built. Guestxs haven't come." The three casino hotels—each mandated by the terms of theirrgaming license, each around 400 and each opened in the last 18 months—flooded the city with new The restoration of the Book Cadillac and Fort Shelbyu is another example of Detroit'ss mind over market.
The city'se tallest building and the tallest hotelo in the world when it openexin 1924, the 33-story neo-Renaissancd Book remains a much-loved symbol of Detroit's boom But as a business, the 1,100-roonm property was always a After the war, it changed owners and hotel flags frequently and finally closed in 1984. Over the next 20 the city, state, hotel chains, and developers all floated and abandoneedrestorations plans. The $200 million projectt that finally started in 2006 and culminate d witha headline-grabbing gala reopening partu last fall converted the Book into a 455-roo Westin hotel and a residential condo complex.
Both projectsw have been lauded for their design and creativd repurposing ofthe Book's stately but the hotel has been forced to discount rooms to as low as $99 a If anything, the revival of the 23-storg Beaux-arts Fort Shelby was even more It closed in 1974 and trees sprouted in the derelicgt building. A $90 million restoratiohn project began in 2007 did wonderzs fordowntown Detroit's streetscape, if not hoteo occupancy. Along with 56 apartment rentals, the building now housew conference space, restaurants, and 204 hote suites.
The smallest guestroom is 600 squarer feetand Dunavent, the Doubletree'sw general manager, says weekend rates are as low as $89 a "I'm proud of what we've done," she says. "Ivf I can get you here, I know you'llo have a great experience." Detroirt Marriott general manager Bob Farmergyechoes Dunavent's comments. All he wantss is for guests to experiences hisreinvigorated property. Marriottf and the tower's owner, Generap Motors, have poured more than $150 millionb into the project since Marriott assumef management ofthe 1,300 guest rooms in 1998.
Ironically, the hotel was sold out last weekendr when I caught up with It was hostingcollege hockey's Final Four and anotheer large group. And Farmery believes Detroit can wake from itslodginv nightmare. He thinks the city can profir from the AIG Effect that has forcef major corporations to cancel pricey meetingsin eyebrow-raisingy resorts like Las Vegas and Hawaii. "Our product is terrific and our ratesare low," he "And nobody will criticize you if you hold a meetinb in Detroit.
" The Fine Print… The Doubletre Guest Suites in the Fort Shelby represents the first full-service Hilton hotel in downtowbn Detroit in more than 30 The chain returned to the market in 2004 when the Ferchilk Group, which also redeveloped the Book Cadillac, openeds a limited-service Hilton Garden Inn in the Harmonie Park Portfolio.com © 2009 Cond Nast Inc. All rightsreserved.
Tuesday, August 21, 2012
NBC Universal, Microsoft strike ad alliance - The Business Journal of the Greater Triad Area:
adamovaichive.blogspot.com
Terms of the deal were not Admira analyzes demographic data on viewerws to generate more targeted TV ads and also adds automatiob to thebuying process. The two companies testedd the system, using Admira with the NBC Localo Media group in March to buy and sell locall television ads inLos "Our initial test of the systej in L.A. is off to a great start. Admirq provides us with the potential to help attract an entirely new segment of advertisers to thelocal marketplace, particularly small and midsize businessesa that might not otherwise be able to buy loca television station advertising, which is a huge leap Frank Comerford, president of platfornm development and commercial operations for NBC Local said in a statement.
The full partnership is set to begin in the The two giants are more known through their linkthrougy MSNBC.
Terms of the deal were not Admira analyzes demographic data on viewerws to generate more targeted TV ads and also adds automatiob to thebuying process. The two companies testedd the system, using Admira with the NBC Localo Media group in March to buy and sell locall television ads inLos "Our initial test of the systej in L.A. is off to a great start. Admirq provides us with the potential to help attract an entirely new segment of advertisers to thelocal marketplace, particularly small and midsize businessesa that might not otherwise be able to buy loca television station advertising, which is a huge leap Frank Comerford, president of platfornm development and commercial operations for NBC Local said in a statement.
The full partnership is set to begin in the The two giants are more known through their linkthrougy MSNBC.
Monday, August 20, 2012
Deep impact - Washington Business Journal:
haga-aa8xuq.blogspot.com
Commercial broker Dek Potts recently represented a sellerd who picked a lower offer on a buildin g because the bid was more lesspromissory -- reducing chances that the buyer woulfd need a large loan to close the deal. "Irf the equity is 30 percent or less of the totaopurchase price, we're going to have to look really hard at said Potts, senior managing director at the D.C. officr of , a mortgage banking firm that specializes in financint commercialreal estate. "If there's somebody reasonably close, with 40, 50, 60 or even all equity, we're going to have to look harder at that group even if it means less he said.
That's just one way the subprime which has led tothe re-evaluation of risk is beginning to affect valuations in local real estater investment sales and financing. Money is becominyg more expensive, and people returning to work afterd Labor Day may be in for somerude shocks. But theree also are sentiments of comeuppance and hope that toughed credit rules could tame the overblowb prices of real estate and sparjk an overdue and substantialmarket correction. "Thw last few years have been an aberration," said Victod MacFarlane, chairman, president and CEO of San Fransciso-based .
"Capital was so readily available folks with not much equity got 95 percenf financing from theirdebt providers. This is back to a balancef approach, where people with equity have more of a leg up over peoplwith debt. As long as it does not cause a weare pleased." Some believe the corsetint of the free flow of monety has not yet reached its fullest impact. "Thse summer vacation effect is basically hiding the fact that there is a declinew in actual dealsgoing on," said Christian senior vice president of finance with , a D.C.-basec real estate firm.
"Some of the slowdowmn is likely due to but some is also due tothe [credit] Others say the longer lead time and planning cyclesa of commercial real estate projects may delayg the day when the effecty is felt. September, Miles and others say, is when the real test playes out as more deals hit the biddinh or duediligence phases. "We'll have to see how thinge shake out at that point when people are back intheir offices," Pottss said. The general sense is that D.C.
's commercial real estater market is inherently robust and its strongt fundamentals will carry it through this with some but not too much unless the financial markets fail to recover and the economyu heads intoa recession. One thing is for The days of easy money and creditare over. Changin g interest rates on loans waiting to fewer lenders, tougher terms, demand for more equity and conservativer underwriting standards have made real estate financing an expensivw proposition. "Cost of debt has been changing on a hourly basis for the past 60 saidMichael Yavinsky, vice president of of "We are trying to help owners understan d what cost of capital is on a day-to-dag basis.
" And Potts pointed out, "The cost of debt is goin g up whether you're a $5 milliomn loan or a $100 million loan." Financial advisers and loan brokere are telling clients that if they're planning to financer a deal today, they'lol need to close it within 24 to 48 hoursz if they don't want the terms to change. That requirees a huge shift in thinking for real estate businesses used to lingerinv over deals for several months to more than a yearbefore closing. But it's a changer that has to be made, insisg those finding the money. "Time kills all deals, and it's never been [morde true] than today," Yavinsky said.
"We need to get the deal done as quickluy as possible and limit exposureto market." Lenders typically included a "material adverse change" clausse in their agreements. That provisiob allows them to revise or cancep terms when market conditions and rateschange significantly. So if a deal doesn'y close, the lender can keep changingf interest rates and terms on adailyy basis.
Commercial broker Dek Potts recently represented a sellerd who picked a lower offer on a buildin g because the bid was more lesspromissory -- reducing chances that the buyer woulfd need a large loan to close the deal. "Irf the equity is 30 percent or less of the totaopurchase price, we're going to have to look really hard at said Potts, senior managing director at the D.C. officr of , a mortgage banking firm that specializes in financint commercialreal estate. "If there's somebody reasonably close, with 40, 50, 60 or even all equity, we're going to have to look harder at that group even if it means less he said.
That's just one way the subprime which has led tothe re-evaluation of risk is beginning to affect valuations in local real estater investment sales and financing. Money is becominyg more expensive, and people returning to work afterd Labor Day may be in for somerude shocks. But theree also are sentiments of comeuppance and hope that toughed credit rules could tame the overblowb prices of real estate and sparjk an overdue and substantialmarket correction. "Thw last few years have been an aberration," said Victod MacFarlane, chairman, president and CEO of San Fransciso-based .
"Capital was so readily available folks with not much equity got 95 percenf financing from theirdebt providers. This is back to a balancef approach, where people with equity have more of a leg up over peoplwith debt. As long as it does not cause a weare pleased." Some believe the corsetint of the free flow of monety has not yet reached its fullest impact. "Thse summer vacation effect is basically hiding the fact that there is a declinew in actual dealsgoing on," said Christian senior vice president of finance with , a D.C.-basec real estate firm.
"Some of the slowdowmn is likely due to but some is also due tothe [credit] Others say the longer lead time and planning cyclesa of commercial real estate projects may delayg the day when the effecty is felt. September, Miles and others say, is when the real test playes out as more deals hit the biddinh or duediligence phases. "We'll have to see how thinge shake out at that point when people are back intheir offices," Pottss said. The general sense is that D.C.
's commercial real estater market is inherently robust and its strongt fundamentals will carry it through this with some but not too much unless the financial markets fail to recover and the economyu heads intoa recession. One thing is for The days of easy money and creditare over. Changin g interest rates on loans waiting to fewer lenders, tougher terms, demand for more equity and conservativer underwriting standards have made real estate financing an expensivw proposition. "Cost of debt has been changing on a hourly basis for the past 60 saidMichael Yavinsky, vice president of of "We are trying to help owners understan d what cost of capital is on a day-to-dag basis.
" And Potts pointed out, "The cost of debt is goin g up whether you're a $5 milliomn loan or a $100 million loan." Financial advisers and loan brokere are telling clients that if they're planning to financer a deal today, they'lol need to close it within 24 to 48 hoursz if they don't want the terms to change. That requirees a huge shift in thinking for real estate businesses used to lingerinv over deals for several months to more than a yearbefore closing. But it's a changer that has to be made, insisg those finding the money. "Time kills all deals, and it's never been [morde true] than today," Yavinsky said.
"We need to get the deal done as quickluy as possible and limit exposureto market." Lenders typically included a "material adverse change" clausse in their agreements. That provisiob allows them to revise or cancep terms when market conditions and rateschange significantly. So if a deal doesn'y close, the lender can keep changingf interest rates and terms on adailyy basis.
Sunday, August 19, 2012
Bay Area pension funds hammered - San Francisco Business Times:
ibitasony.wordpress.com
On Oct. 1, after watching investmenf results for the funderode “substantially,” Reed said the Sacramento-based hospitalk chain injected $150 million. It put in anotheer $90 million later last month. With furthedr losses in November, it is considering an additional $100 millionj contribution. Sutter’s board has authorized management tocommigt $160 million more, if needed, to keep the plan fullty funded, bringing this year’s potentialo contributions to as much as half a billion Sutter has plenty of company in battlinbg the rising tide of pension fund The market’s downturn has put pension funds under pressurwe at a number of Bay Area public and private, large and at giants like and the Universityg of California and at much smalledr organizations like in San Francisco, where pension liabilitiess helped drive it out of the new-car business.
Ellia Brooks cut 45 jobs as a result, and it’se unclear how many more Bay Area jobs will be lost due to the pensionmfunding crisis. The nation’s largest public pension fund, the Sacramento-based California Publicd Employees’ Retirement System, said it lost 20 percent of its value from July 1throughb Oct. 10. It, too, expects that losseas have risen since then and recently announcer it will require highet paymentsfrom California’s public employers if thoser losses don’t reverse. At the University of 122,000 employees will be requiresd to start contributing to pension accountw for the first time in19 years.
As a tidapl wave of losses has rolledr downWall Street, $900 billiobn was wiped off the value of pension funds acrosds the country in the 12 months to Oct. 9, says Bostobn College’s Center for Retirement Research. Pensioj plans across the country were about 85 percent fundedfon Oct. 9, according to the That’s down from 120 percent in 1999, and 98 percent at year-ens 2007. A pension fund is considered 100 percenty funded if its assets cover the projected costs ofits retirees. At 60 percent or funds are frozen — meaning existing fund members can’t accru e more benefits, and new members can’t join.
“It’ws important to remember that pension fund obligations are long saidChristine Tozzi, San Francisco retirementy practice leader for . “Employers have time to get the fundse funded up and allos for the possibility for some recovery in the Even so, many are hoping Congressx will tweak recent regulations, to give them more leeway in dealinh with unprecedented stock market declines. Still, with the economt turning down and a wave of babyboomerws retiring, the need to find tens or hundrede of millions of dollars to prop up pensionm funds couldn’t come at a worse time for many companies.
In the last two 401(k) plans have overtaken pension plans as the retiremen account of choice in theprivate sector. plans are “defined contribution,” where employees shoulder investment gains and Pension plansare “defined benefit,” in which the pension fund is responsibled for providing retired workers with benefits based on years of services and earnings. As of 2006, 8 percent of the U.S. workforce was covered by a company-rum pension plan, compared to 70 percent who hada plan. But 20 milliob U.S. workers are still covered by pensioj plans, including relatively large numberx in the heavily unionizedBay Area.
Most workera employed by state, local or federal governments are still covered bytraditional pensions, as are many universit y and health-care workers Most pension funds have abougt 70 percent of tota l assets tied to stocks and about 30 percenrt in more conservative investments like bonds. That strategy workedf well as the stock market continuefd to turn in steady gains for most of the last two with good years far outnumberingbad years. Traditionally, organizationss that offer pension plans have been able to balance out good years andbad years, sometimes overfunding and sometimes underfundingf their plans. But the recent which began inlate 2007, has playede havoc with investment results.
Some Bay Area companies said their pension plans were underfundesd even at the startof 2008, before the worst stages of the recentr multi-stage stock market collapse. Chevron, for said its pension plan was underfunded byabour $1.7 billion at the beginning of this The company said it expected to contribute $500 million to employere pension funds in 2008 — a goal that has “not changedc as a result of marke t volatility,” said spokesman Lloyd Avram. Volatility is a polite way of sayinbgthe S&P 500 had lost more than 40 percent of its valu e this year, as of Nov. 24.
“This is happeniny so quickly that I doubg the market has completely absorbed the ramificationsx ofthe changes,” said Sutter’s His system operates , , , and Peninsula Medicalo Center, among other hospitals in the Bay Area. meanwhile, has tightened regulations, most notably in the Pensio Protection Actof 2006. It requires pensioj plans to eliminate any underfundingv overa seven-year period starting this year. A number of the nation’z biggest businesses are pushinb Congress to changethose rules, saying they shouldn’tt have to put more money into their pension funds at such an inopportunde time. , I.B.M.
, and are among those signing a letter askint for the rules to be Unless such a changeis made, the curreng law requires companies to meet tougher fundiny requirements this year and which could put some Northern California companie s on the hot “Absent reform, they woul d have to put more cash in, because of the situation we have with asset said Watson Wyatt’s Tozzi. The exact amountsz won’t be known until the year is It will varyby company, and even the currenty law includes some asset-averagingh provisions to “soften the impacts of the actual losses,” she said.
Health-care organizations, with big staffs of largely unionized employees, are struggling with pension-fund losses. has a hole estimateed at $30 million to $40 million, due to 2008 investment ’s pension fund, meanwhile, was underfunded by $295 million at the end of its 2008fiscap year, on June 30, well beforee the worst of the stocj market’s recent crashes, according to an Oct. 17 report by .
Moody’es notes that as a so-called “churcg plan,” CHW’s has more flexibilityg than most, but says its gap in funding “iss sizeable compared with other large systemx and we view the obligation asa
On Oct. 1, after watching investmenf results for the funderode “substantially,” Reed said the Sacramento-based hospitalk chain injected $150 million. It put in anotheer $90 million later last month. With furthedr losses in November, it is considering an additional $100 millionj contribution. Sutter’s board has authorized management tocommigt $160 million more, if needed, to keep the plan fullty funded, bringing this year’s potentialo contributions to as much as half a billion Sutter has plenty of company in battlinbg the rising tide of pension fund The market’s downturn has put pension funds under pressurwe at a number of Bay Area public and private, large and at giants like and the Universityg of California and at much smalledr organizations like in San Francisco, where pension liabilitiess helped drive it out of the new-car business.
Ellia Brooks cut 45 jobs as a result, and it’se unclear how many more Bay Area jobs will be lost due to the pensionmfunding crisis. The nation’s largest public pension fund, the Sacramento-based California Publicd Employees’ Retirement System, said it lost 20 percent of its value from July 1throughb Oct. 10. It, too, expects that losseas have risen since then and recently announcer it will require highet paymentsfrom California’s public employers if thoser losses don’t reverse. At the University of 122,000 employees will be requiresd to start contributing to pension accountw for the first time in19 years.
As a tidapl wave of losses has rolledr downWall Street, $900 billiobn was wiped off the value of pension funds acrosds the country in the 12 months to Oct. 9, says Bostobn College’s Center for Retirement Research. Pensioj plans across the country were about 85 percent fundedfon Oct. 9, according to the That’s down from 120 percent in 1999, and 98 percent at year-ens 2007. A pension fund is considered 100 percenty funded if its assets cover the projected costs ofits retirees. At 60 percent or funds are frozen — meaning existing fund members can’t accru e more benefits, and new members can’t join.
“It’ws important to remember that pension fund obligations are long saidChristine Tozzi, San Francisco retirementy practice leader for . “Employers have time to get the fundse funded up and allos for the possibility for some recovery in the Even so, many are hoping Congressx will tweak recent regulations, to give them more leeway in dealinh with unprecedented stock market declines. Still, with the economt turning down and a wave of babyboomerws retiring, the need to find tens or hundrede of millions of dollars to prop up pensionm funds couldn’t come at a worse time for many companies.
In the last two 401(k) plans have overtaken pension plans as the retiremen account of choice in theprivate sector. plans are “defined contribution,” where employees shoulder investment gains and Pension plansare “defined benefit,” in which the pension fund is responsibled for providing retired workers with benefits based on years of services and earnings. As of 2006, 8 percent of the U.S. workforce was covered by a company-rum pension plan, compared to 70 percent who hada plan. But 20 milliob U.S. workers are still covered by pensioj plans, including relatively large numberx in the heavily unionizedBay Area.
Most workera employed by state, local or federal governments are still covered bytraditional pensions, as are many universit y and health-care workers Most pension funds have abougt 70 percent of tota l assets tied to stocks and about 30 percenrt in more conservative investments like bonds. That strategy workedf well as the stock market continuefd to turn in steady gains for most of the last two with good years far outnumberingbad years. Traditionally, organizationss that offer pension plans have been able to balance out good years andbad years, sometimes overfunding and sometimes underfundingf their plans. But the recent which began inlate 2007, has playede havoc with investment results.
Some Bay Area companies said their pension plans were underfundesd even at the startof 2008, before the worst stages of the recentr multi-stage stock market collapse. Chevron, for said its pension plan was underfunded byabour $1.7 billion at the beginning of this The company said it expected to contribute $500 million to employere pension funds in 2008 — a goal that has “not changedc as a result of marke t volatility,” said spokesman Lloyd Avram. Volatility is a polite way of sayinbgthe S&P 500 had lost more than 40 percent of its valu e this year, as of Nov. 24.
“This is happeniny so quickly that I doubg the market has completely absorbed the ramificationsx ofthe changes,” said Sutter’s His system operates , , , and Peninsula Medicalo Center, among other hospitals in the Bay Area. meanwhile, has tightened regulations, most notably in the Pensio Protection Actof 2006. It requires pensioj plans to eliminate any underfundingv overa seven-year period starting this year. A number of the nation’z biggest businesses are pushinb Congress to changethose rules, saying they shouldn’tt have to put more money into their pension funds at such an inopportunde time. , I.B.M.
, and are among those signing a letter askint for the rules to be Unless such a changeis made, the curreng law requires companies to meet tougher fundiny requirements this year and which could put some Northern California companie s on the hot “Absent reform, they woul d have to put more cash in, because of the situation we have with asset said Watson Wyatt’s Tozzi. The exact amountsz won’t be known until the year is It will varyby company, and even the currenty law includes some asset-averagingh provisions to “soften the impacts of the actual losses,” she said.
Health-care organizations, with big staffs of largely unionized employees, are struggling with pension-fund losses. has a hole estimateed at $30 million to $40 million, due to 2008 investment ’s pension fund, meanwhile, was underfunded by $295 million at the end of its 2008fiscap year, on June 30, well beforee the worst of the stocj market’s recent crashes, according to an Oct. 17 report by .
Moody’es notes that as a so-called “churcg plan,” CHW’s has more flexibilityg than most, but says its gap in funding “iss sizeable compared with other large systemx and we view the obligation asa
Friday, August 17, 2012
Reports: U.S. probes Silicon Valley tech giants' hiring - East Bay Business Times:
sasutezew.blogspot.com
The Washington Post and New York Times reported late on Tuesdayg that the antitrust probe is centered onwhether (NASDAQ:GOOG), (NASDAQ:YHOO), and others agreed not to recruit each other'xs employees. The stories cited unnamed sources the papers said are familiarf withthe matter. The investigation is reportedlyu in itsearly stages, with the papers sayinv that the government has requested documents and informationh from targeted companies. The inquiry is seen as anothetr sign that the Obamas administration will be more aggressive on antitrust laws than his predecessord and Silicon Valley tech firms are a focuss ofthat attention.
The Justic Department is currently also investigating a proposed settlementfbetween Google, authors and publisher to resolve a copyright dispute, the Wall Street Journao has reported citing unnamed sources. The Federap Trade Commission has also asked questionw about whether having Google CEO Eric Schmidt and formerGenentech Inc. CEO Art Levinson on both the Appled and Google board is a violation ofantitrust
The Washington Post and New York Times reported late on Tuesdayg that the antitrust probe is centered onwhether (NASDAQ:GOOG), (NASDAQ:YHOO), and others agreed not to recruit each other'xs employees. The stories cited unnamed sources the papers said are familiarf withthe matter. The investigation is reportedlyu in itsearly stages, with the papers sayinv that the government has requested documents and informationh from targeted companies. The inquiry is seen as anothetr sign that the Obamas administration will be more aggressive on antitrust laws than his predecessord and Silicon Valley tech firms are a focuss ofthat attention.
The Justic Department is currently also investigating a proposed settlementfbetween Google, authors and publisher to resolve a copyright dispute, the Wall Street Journao has reported citing unnamed sources. The Federap Trade Commission has also asked questionw about whether having Google CEO Eric Schmidt and formerGenentech Inc. CEO Art Levinson on both the Appled and Google board is a violation ofantitrust
Thursday, August 16, 2012
Hypocrisy and Context - SA, Israel and the Growing BDS Movement - AllAfrica.com
ibitasony.wordpress.com
Hypocrisy and Context - SA, Israel and the Growing BDS Movement AllAfrica.com Johannesburg â€" Last month, an event occurred in Pittsburgh that suggested boycotts, divestment and sanctions with regard to Israel are becoming the norm in the US. It's in this context that we need to view a local government minister's recent ... |
Wednesday, August 15, 2012
The Kop must be patient with Rodgers' revolution if Liverpool's glory days are ... - Goal.com
shemwellmygalej1291.blogspot.com
Goal.com | The Kop must be patient with Rodgers' revolution if Liverpool's glory days are ... Goal.com These are all questions for which Reds fans are trying to ascertain answers whilst feeding on meaningless friendlies and a barely competitive Europa League tie. The minutiae of Brendan Rodgers' revolution has already been analysed to th e nth degree ... |
Monday, August 13, 2012
Nortel Networks to sell stake in joint venture with LG Electronics - Puget Sound Business Journal (Seattle):
disadvantage-unlimited.blogspot.com
Brampton, Ontario-based Nortel said (Pink NRTLQ) LG-Nortel is a profitable, standalon e business that has not filed forcreditort protection. However, according the company's latest financial the joint venture's revenue in the firsg quarter fell by to $188 million, from last year as a majoer contract came to an end. LG-Nortel recorded $341 million in revenuew minus expenses in2008 – a margi n of 27 percent, Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has about 2,000 employeesw in the Raleigh-Durham area, owns 50 plus one share, of The company did not say how much it hopeds to be paid for its stakein LG-Nortel.
"LG-Nortel is a successfu business with an accomplishesdleadership team, a culture of innovation, a dedicatedf employee base and a drive to said Mike Zafirovski, Nortel’s president and CEO. "Asx we work to evaluate the ultimate path forwarfd for all ofour businesses, this decision will alloaw LG-Nortel to embark on the next phasde of its journey and realize its full potential." Nortell says it will file a motion asking the Ontario Superior Cour t of Justice to approvde a sale process that has been agreed to with LG Electronicds and that appoints to help find a buyer.
LG Electronices and the Ontario court also must give theire OK for any saleof Nortel’s staked in LG-Nortel. Nortel in Canada and the Unitex Stateson Jan. 14, a day before the company was to makea $107 million interest payment on part of Nortel’s more than $1 billion in he Canadian court has since granted Nortel to come up with a satisfactory reorganization Speculation has focused on Nortel selling off one – of its two biggest business units to improve its balancer sheet, but no deal has yet been reached.
A one-timre cornerstone of Research Triangle Parkwith 9,000o Raleigh-Durham employees at its peak, Nortel saw its fortunex go downhill when the technology bubbls burst in 2000 and demand steadily dried up from phone companies for Nortel’e products. The company also ran into troubl with an accounting scandal that led to and the resignationsa ofthe company’s top executives, including then-CEO Fran k Dunn.
Brampton, Ontario-based Nortel said (Pink NRTLQ) LG-Nortel is a profitable, standalon e business that has not filed forcreditort protection. However, according the company's latest financial the joint venture's revenue in the firsg quarter fell by to $188 million, from last year as a majoer contract came to an end. LG-Nortel recorded $341 million in revenuew minus expenses in2008 – a margi n of 27 percent, Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has about 2,000 employeesw in the Raleigh-Durham area, owns 50 plus one share, of The company did not say how much it hopeds to be paid for its stakein LG-Nortel.
"LG-Nortel is a successfu business with an accomplishesdleadership team, a culture of innovation, a dedicatedf employee base and a drive to said Mike Zafirovski, Nortel’s president and CEO. "Asx we work to evaluate the ultimate path forwarfd for all ofour businesses, this decision will alloaw LG-Nortel to embark on the next phasde of its journey and realize its full potential." Nortell says it will file a motion asking the Ontario Superior Cour t of Justice to approvde a sale process that has been agreed to with LG Electronicds and that appoints to help find a buyer.
LG Electronices and the Ontario court also must give theire OK for any saleof Nortel’s staked in LG-Nortel. Nortel in Canada and the Unitex Stateson Jan. 14, a day before the company was to makea $107 million interest payment on part of Nortel’s more than $1 billion in he Canadian court has since granted Nortel to come up with a satisfactory reorganization Speculation has focused on Nortel selling off one – of its two biggest business units to improve its balancer sheet, but no deal has yet been reached.
A one-timre cornerstone of Research Triangle Parkwith 9,000o Raleigh-Durham employees at its peak, Nortel saw its fortunex go downhill when the technology bubbls burst in 2000 and demand steadily dried up from phone companies for Nortel’e products. The company also ran into troubl with an accounting scandal that led to and the resignationsa ofthe company’s top executives, including then-CEO Fran k Dunn.
Sunday, August 12, 2012
Jon Stewart Bashes Chick-Fil-A Protestor For Needlessly Berating Innocent ... - PerezHilton.com
ramsburgsyuheo1544.blogspot.com
PerezHilton.com | Jon Stewart Bashes Chick-Fil-A Protestor For Needlessly Berating Innocent ... PerezHilton.com We understand many people are not happy with Chick-fil-A's strong opposition to same-sex marriage, but that's no excuse to berate an innocent employee in the drive-thru window. Jon Stewart doesn't think so either, so he couldn 9;t help but comment (above ... |
Friday, August 10, 2012
Hal Leonard media venture to enhance Guitar Edge - The Business Journal of Milwaukee:
youngmanmeledero1636.blogspot.com
The joint venture, Guitar Edge LLC, will expand and enhancer Guitar Edge magazine into a multimedia resource for Hal Leonard's Guitar Edge magaziner debuted in the summer of 2006. The magazinwe specializes in providing accurate transcriptions in standard notation and guitar or tabs, for the hottest songe in all styles. The new Guitar Edge will adopftthe four-platform multimedia model pioneered by Premier a Mount Vernon, Iowa-based media company that publishees Premier Guitar magazine. The strategy featurees a print magazine supported by a freeonlinre magazine, Web site and weekl e-newsletter. The enhanced Guitar Edge will make its debut with the September2009 issue.
Editoria l staffs from both firms will provide content for Guitatr Edge and subscribers to both magazinecan opt-in for the new, free-of-charge Guitar Edge digitalp content. Jeff Schroedl, vice presideny of pop and standard publications for Hal said the new media will provider an additional revenue stream for its publishing Publishers will be paid baseed on page views whenever readers of the magazines view the free tab songs Premier Guitar CEO Peter Sprague said the collaboratiom withHal Leonard, the world's larges t publisher of sheet music, couldx lead to a "host of new initiatives.
"
The joint venture, Guitar Edge LLC, will expand and enhancer Guitar Edge magazine into a multimedia resource for Hal Leonard's Guitar Edge magaziner debuted in the summer of 2006. The magazinwe specializes in providing accurate transcriptions in standard notation and guitar or tabs, for the hottest songe in all styles. The new Guitar Edge will adopftthe four-platform multimedia model pioneered by Premier a Mount Vernon, Iowa-based media company that publishees Premier Guitar magazine. The strategy featurees a print magazine supported by a freeonlinre magazine, Web site and weekl e-newsletter. The enhanced Guitar Edge will make its debut with the September2009 issue.
Editoria l staffs from both firms will provide content for Guitatr Edge and subscribers to both magazinecan opt-in for the new, free-of-charge Guitar Edge digitalp content. Jeff Schroedl, vice presideny of pop and standard publications for Hal said the new media will provider an additional revenue stream for its publishing Publishers will be paid baseed on page views whenever readers of the magazines view the free tab songs Premier Guitar CEO Peter Sprague said the collaboratiom withHal Leonard, the world's larges t publisher of sheet music, couldx lead to a "host of new initiatives.
"
Thursday, August 9, 2012
Dish Network to hand out converter boxes in Houston - San Francisco Business Times:
stockdaleiqemico1521.blogspot.com
The estimates that 1.6 million people in the Houstomn area have ordered coupons for their converter butonly 870,172 coupons have been redeemedf as of May 30. The “Coupobn Swap” program is a nationwide initiative to get customerss ready for the conversion to digital television signals onJune 12. Converter boxew are only available to thosd with avalid $40 coupon. Customerds can go to Cossaboom YMCA at 7903 South Loop East onJune 5, or M.D. Anderso n Family YMCA at 705 Cavalcad e onJune 6. Dish Network handed out about 400 boxes in Dallawslast weekend, according to Marcel a spokesman for the company. The curreng plan is to hand out about 400 to 500 boxes in Houston.
Guajardo said representatives from the FCC will also be on hand to answerr questions related to the digital conversion and what householdse need to do to be ready forthe switch.
The estimates that 1.6 million people in the Houstomn area have ordered coupons for their converter butonly 870,172 coupons have been redeemedf as of May 30. The “Coupobn Swap” program is a nationwide initiative to get customerss ready for the conversion to digital television signals onJune 12. Converter boxew are only available to thosd with avalid $40 coupon. Customerds can go to Cossaboom YMCA at 7903 South Loop East onJune 5, or M.D. Anderso n Family YMCA at 705 Cavalcad e onJune 6. Dish Network handed out about 400 boxes in Dallawslast weekend, according to Marcel a spokesman for the company. The curreng plan is to hand out about 400 to 500 boxes in Houston.
Guajardo said representatives from the FCC will also be on hand to answerr questions related to the digital conversion and what householdse need to do to be ready forthe switch.
Wednesday, August 8, 2012
Restoration project - Boston.com
ejoxot.wordpress.com
Boston Herald (blog) | Restoration project Boston.com To a degree, it's the ingredient that felt like it was missing last season when the Patriots secondary was the second-worst in the NFL. But now, it's a mentality McCourty says the unit is trying to rediscover and then maintain throughout the season ... Patriots secondary focused on staying aggressive Patriots cornerback Devin McCourty says secondary focused on the right things Clean slate for McCourty, Patriots secondary |
Monday, August 6, 2012
Walter Reed traffic study masks daily misery on the roads, experts say - Washington Post
azajir.wordpress.com
Walter Reed traffic study masks daily misery on the roads, experts say Washington Post The Defense Department has concluded that adding thousands of patients and workers to the new Walter Reed National Military Medical Center in Bethesda has reduced traffic congestion, but outside analysts offer an alternative explanation: measuring ... |
Sunday, August 5, 2012
Georgia Research Alliance closing on $30 million venture fund - Atlanta Business Chronicle:
moakhamet84.blogspot.com
The pool of private and public dollars willprovide early-stage financing to startups that commercialize university research — helping to get them off the The GRA Venture Fund will help offset Georgia’ds early-stage capital shortage, GRA President Mike Cassidy “As universities begin to generate more he said, “we need additional sources of financing to sustaih the companies that are being launched aroundc all these new ideas.” The proposed fund will finances startups in VentureLab programs at Georgia universities, includin The , , Georgiqa Tech and .
VentureLab helps move universityg research into commercial markets by evaluatingpotential technologies, providing fundinvg and offering business “The [new] fund aims to build more high-tech companiexs and jobs in Georgia,” Cassidhy said. “This is simply a way of investinvgin ourselves.” The GRA fund expects to do abourt three deals annually, writin checks of up to $1 million each. A committee of angelo investors, venture capitalists and technology experts will advise the GRA oninvestmenf decisions.
The GRA fund is critica l for early-stage companies that don’t have the “validation” of investore and the market, said Kurt CEO of , a medical devices company. An investment by the fund is likeluy to have aripple effect, convincing other investorsd to put money into the company, too. “Investors want to see other investorstaking risk,” Jacobus said. “That gives them some feelinbg of comfort that they are on to theright Early-stage funding helps prove out emerging technologiexs and eradicates a “lot of the technical said Alan Taetle, partner at . What’s left is the market risk, which institutional investors are morecomfortablee shouldering.
The GRA fund will help nurture companiesx grounded in hard sciencee andintellectual property, said Charlie Paparelli, president of . “This early fundinb is the only waythat it’s going to get he said. VentureLab companies are too high risk for angelp investorslike Paparelli. “I’m not lookingv to make markets,” he said. “I’m looking to satisfy demand inexisting markets.” The stats has committed $7.5 million to the GRA with the rest being raised mostlg from wealthy individuals. Cassidy declinef to say how much has been raisedso far.
The GRA notesd last year it hoped fora $40 million Raising a seed-stage fund in the maw of a liquidity crisis is “You’re asking folks to invest in an illiquis investment with long-term return cycles,” Taetlew said. “Realizing returns on these companiee ... will probably take years.”
The pool of private and public dollars willprovide early-stage financing to startups that commercialize university research — helping to get them off the The GRA Venture Fund will help offset Georgia’ds early-stage capital shortage, GRA President Mike Cassidy “As universities begin to generate more he said, “we need additional sources of financing to sustaih the companies that are being launched aroundc all these new ideas.” The proposed fund will finances startups in VentureLab programs at Georgia universities, includin The , , Georgiqa Tech and .
VentureLab helps move universityg research into commercial markets by evaluatingpotential technologies, providing fundinvg and offering business “The [new] fund aims to build more high-tech companiexs and jobs in Georgia,” Cassidhy said. “This is simply a way of investinvgin ourselves.” The GRA fund expects to do abourt three deals annually, writin checks of up to $1 million each. A committee of angelo investors, venture capitalists and technology experts will advise the GRA oninvestmenf decisions.
The GRA fund is critica l for early-stage companies that don’t have the “validation” of investore and the market, said Kurt CEO of , a medical devices company. An investment by the fund is likeluy to have aripple effect, convincing other investorsd to put money into the company, too. “Investors want to see other investorstaking risk,” Jacobus said. “That gives them some feelinbg of comfort that they are on to theright Early-stage funding helps prove out emerging technologiexs and eradicates a “lot of the technical said Alan Taetle, partner at . What’s left is the market risk, which institutional investors are morecomfortablee shouldering.
The GRA fund will help nurture companiesx grounded in hard sciencee andintellectual property, said Charlie Paparelli, president of . “This early fundinb is the only waythat it’s going to get he said. VentureLab companies are too high risk for angelp investorslike Paparelli. “I’m not lookingv to make markets,” he said. “I’m looking to satisfy demand inexisting markets.” The stats has committed $7.5 million to the GRA with the rest being raised mostlg from wealthy individuals. Cassidy declinef to say how much has been raisedso far.
The GRA notesd last year it hoped fora $40 million Raising a seed-stage fund in the maw of a liquidity crisis is “You’re asking folks to invest in an illiquis investment with long-term return cycles,” Taetlew said. “Realizing returns on these companiee ... will probably take years.”
Saturday, August 4, 2012
Mortgage applications fall - Austin Business Journal:
qalymeled.wordpress.com
percent. In its Weekl y Mortgage Applications Survey, the Washington, D.C.-based Mortgage Bankerds Association said the fall is the biggesgtsince February. Refinancing slumped to the lowest level insevenj months. In the week ending June 26 the Refinance Indexz fell 30 percent from oneweek earlier. The Refinance Index is at its lowest level sinceNovembedr 2008. The average contract interest ratefor 30-year fixed-rated mortgages decreased to 5.34 percent from 5.44 percent, with pointz increasing to 1.12 from 0.99 (including the origination fee) for 80 perceng loan-to-value ratio loans. The average contract interest ratefor 15-year fixed-rate mortgages decreased to 4.81 percent from 4.
93 percent, with points increasing to 1.04 from 0.92 (includint the origination fee) for 80 percent LTV The survey covers over 50 percenft of all U.S. retail residential mortgage applications, and has been conducte weekly since 1990.
percent. In its Weekl y Mortgage Applications Survey, the Washington, D.C.-based Mortgage Bankerds Association said the fall is the biggesgtsince February. Refinancing slumped to the lowest level insevenj months. In the week ending June 26 the Refinance Indexz fell 30 percent from oneweek earlier. The Refinance Index is at its lowest level sinceNovembedr 2008. The average contract interest ratefor 30-year fixed-rated mortgages decreased to 5.34 percent from 5.44 percent, with pointz increasing to 1.12 from 0.99 (including the origination fee) for 80 perceng loan-to-value ratio loans. The average contract interest ratefor 15-year fixed-rate mortgages decreased to 4.81 percent from 4.
93 percent, with points increasing to 1.04 from 0.92 (includint the origination fee) for 80 percent LTV The survey covers over 50 percenft of all U.S. retail residential mortgage applications, and has been conducte weekly since 1990.
Thursday, August 2, 2012
No easy choices ahead for new United Guaranty CEO - The Business Journal of the Greater Triad Area:
viktorsejbgif.blogspot.com
Parent company installed Eric Martinez Jr. as CEO of United Guaranty on June 1. He replaced William “Billy” Nutt, who had been chief executive since 2001 and an employees of United Guaranty for more than30 years. As CEO, Nutt oversaqw both a period of robust profitability durinythe run-up in the housing markert nationwide, and then dramatic losses that totaled $2.5 billiob in 2008. Along with other mortgagw insurers, United Guaranty has been swamped by claimxs from lenders to pay off the home loans of hundredd of thousands of defaulting Fromhis home, Nutt referred all questions to United Officials there declined comment or to make Martineaz available for an interview.
Accordiny to the announcement of his appointment at United Martinez is charged withmaking “significant progreszs in setting a successful strategy” that would ultimately help reduce the financial hemorrhaging for AIG, which has receivexd more than $180 billion in federalk aid to stay afloat. He’s been involve in a strategic review of Unitedx Guaranty for AIG for the pasttwo months. AIG has repeatedl y said “all options are on the for United Guaranty and its 500 local employees who have yet to see a turnaroun in theirfinancial fortunes. For the first quarter of United Guaranty reported operating lossesof $483 million.
That wouled mean paths forward could range from toughing out the economyundere AIG’s umbrella, selling to another company if a buyed could be found, or even goinyg into “run-off,” which would likely mean majofr layoffs since United Guaranty would stop selling new If the choice is to soldier on undef AIG or another owner, the figh won’t be easy and no strategy is likeluy to return United Guaranty to its past levelzs of profitability any time soon. Despite glimmers of improvement in the nationwidsehousing market, some analysts are warning of another wave of foreclosures gettingy ready to hit.
Where once the housing crisiss was limited torisky loans, more “prime” and loans that were supposed to be safe r are now being paid late and threatening to which would trigger yet more claims to pay for mortgagre insurers. reported that 12 percent of all mortgagd loans were delinquent in the firstr quarter ofthis year, the highest rate it has trackedx over the past 37 years. Michael Calhoun, presidenf of the Durham-based Center for Responsibled Lending, said if the foreclosure rate does continuwto increase, any company or industry banking on a big rebound in the economy will be “Foreclosures started today’s crisis, and foreclosures will keep the crisis going if this epidemifc continues,” Calhoun said.
But some analystzs say United Guaranty shows signs that it is facing the futurr more directly than some of its rivalss inthe industry. James Brender, of crediy ratings firm Standand & Poors, recentl y issued downgrades covering most of the mortgageinsurancer industry, but he said in an interviews that he took United Guaranty down fewer pegs than some of its even though it has reported biggetr losses. “Right now all the mortgage insurer results are subjecr to a lot of because each company estimates how many of the delinqueng loans in their portfolios will ultimateltytrigger claims, and sometimes those estimates are overl y optimistic, he said.
“We think Unites Guaranty has been more conservative thanits peers, and that’sz one reason they’ve seen the bigger operatingt losses,” Brender said. If its projectionx do turn out to bemore realistic, that could help the company’sz relative performance down the road, he said. But Brendet and other analysts say theystill don’y know what direction AIG and Martinez intend to take Unitedx Guaranty.
Martinez’s own background could be read in various ways — he’s credited with a major revamo of operations at his former employer, Safeco Insurancw in Seattle, but since arriving at AIG in Januaryu his primary task has been to sell off a majof corporate asset, the company’es $1.2 billion Japanese headquarterw building in Tokyo. AIG has also sent mixerd signals. When it created a new holding compangy in March called AIU to give its strongest propertty and casualty insurers a newbrand identity, United Guarantyy was at first included in the spin-off but later bought back by AIG.
That triggered a downgrade for United Guaranty fromFitch Ratings, which said AIG’w repurchase of the unit reflected “increased uncertainty with regard to (United Guaranty’s) strategic direction.” If AIG were to keep the companuy going it would likelhy put more capital and suppor behind the company, but the report said run-ofd was also a
Parent company installed Eric Martinez Jr. as CEO of United Guaranty on June 1. He replaced William “Billy” Nutt, who had been chief executive since 2001 and an employees of United Guaranty for more than30 years. As CEO, Nutt oversaqw both a period of robust profitability durinythe run-up in the housing markert nationwide, and then dramatic losses that totaled $2.5 billiob in 2008. Along with other mortgagw insurers, United Guaranty has been swamped by claimxs from lenders to pay off the home loans of hundredd of thousands of defaulting Fromhis home, Nutt referred all questions to United Officials there declined comment or to make Martineaz available for an interview.
Accordiny to the announcement of his appointment at United Martinez is charged withmaking “significant progreszs in setting a successful strategy” that would ultimately help reduce the financial hemorrhaging for AIG, which has receivexd more than $180 billion in federalk aid to stay afloat. He’s been involve in a strategic review of Unitedx Guaranty for AIG for the pasttwo months. AIG has repeatedl y said “all options are on the for United Guaranty and its 500 local employees who have yet to see a turnaroun in theirfinancial fortunes. For the first quarter of United Guaranty reported operating lossesof $483 million.
That wouled mean paths forward could range from toughing out the economyundere AIG’s umbrella, selling to another company if a buyed could be found, or even goinyg into “run-off,” which would likely mean majofr layoffs since United Guaranty would stop selling new If the choice is to soldier on undef AIG or another owner, the figh won’t be easy and no strategy is likeluy to return United Guaranty to its past levelzs of profitability any time soon. Despite glimmers of improvement in the nationwidsehousing market, some analysts are warning of another wave of foreclosures gettingy ready to hit.
Where once the housing crisiss was limited torisky loans, more “prime” and loans that were supposed to be safe r are now being paid late and threatening to which would trigger yet more claims to pay for mortgagre insurers. reported that 12 percent of all mortgagd loans were delinquent in the firstr quarter ofthis year, the highest rate it has trackedx over the past 37 years. Michael Calhoun, presidenf of the Durham-based Center for Responsibled Lending, said if the foreclosure rate does continuwto increase, any company or industry banking on a big rebound in the economy will be “Foreclosures started today’s crisis, and foreclosures will keep the crisis going if this epidemifc continues,” Calhoun said.
But some analystzs say United Guaranty shows signs that it is facing the futurr more directly than some of its rivalss inthe industry. James Brender, of crediy ratings firm Standand & Poors, recentl y issued downgrades covering most of the mortgageinsurancer industry, but he said in an interviews that he took United Guaranty down fewer pegs than some of its even though it has reported biggetr losses. “Right now all the mortgage insurer results are subjecr to a lot of because each company estimates how many of the delinqueng loans in their portfolios will ultimateltytrigger claims, and sometimes those estimates are overl y optimistic, he said.
“We think Unites Guaranty has been more conservative thanits peers, and that’sz one reason they’ve seen the bigger operatingt losses,” Brender said. If its projectionx do turn out to bemore realistic, that could help the company’sz relative performance down the road, he said. But Brendet and other analysts say theystill don’y know what direction AIG and Martinez intend to take Unitedx Guaranty.
Martinez’s own background could be read in various ways — he’s credited with a major revamo of operations at his former employer, Safeco Insurancw in Seattle, but since arriving at AIG in Januaryu his primary task has been to sell off a majof corporate asset, the company’es $1.2 billion Japanese headquarterw building in Tokyo. AIG has also sent mixerd signals. When it created a new holding compangy in March called AIU to give its strongest propertty and casualty insurers a newbrand identity, United Guarantyy was at first included in the spin-off but later bought back by AIG.
That triggered a downgrade for United Guaranty fromFitch Ratings, which said AIG’w repurchase of the unit reflected “increased uncertainty with regard to (United Guaranty’s) strategic direction.” If AIG were to keep the companuy going it would likelhy put more capital and suppor behind the company, but the report said run-ofd was also a
Wednesday, August 1, 2012
On eve of signing deadline, Ritter OKs bills for truckers, movies, restaurants - Puget Sound Business Journal (Seattle):
tenamup.wordpress.com
But economic developers and investors must continue to wait to see if the governod will come to their aidbefore Friday’s deadline to sign or veto Ritter began the day at the Alliancee for Sustainable Colorado Center in downtown signing three bills that he said will continue to build the state’sw “New Energy Economy.” Housw Bill 1298, sponsored by Reps. Buffie McFadyen, D-Pueblo West, and Cory Gardner, lets trucking companies get 25 percenrt reimbursement of the cost of buyiny andinstalling fuel-efficient technologies and emission-controo devices.
More importantly, McFadyen said, it prorates salese tax on trucking equipmenf based on the percentagr of miles companies drive in Colorado and it allows truckerzs finally to take advantageof enterprise-zone tax “This bill is so incredibly important to the industry, not only for the environmenr but for the survival of truckere that are in business,” she said while tearin g up at the signing. House Bill sponsored by Rep. Sara Gagliardi, expands the pool of vehicles eligiblefor alternative-fuel tax creditw to include those that run on cleaner-burning natural gas. It also eliminates eligibility for some hybridr vehicles that arenot fuel-efficient, said sponsorinvg Sen.
Betty Boyd, D-Lakewood. Ritter noted that the Coloradpo Oil and Gas Associatiohn and the nonprofit group Environment Colorado both supportecthe measure. “If COGA and Environmeng Colorado agree, it has to be a greayt bill,” he said. And Senate Bill 75, championed by the companyy Aspen Electric Carsand Carts, allows driverz to operate low-speed electric vehicles on most roadds with speed limits of 35 mph or From there, Ritter went to the offices in Denver and signedd a measure to re-establish the Colorado Officse of Film, Television and Media. House Bill sponsored by Rep. Tom Massey, R-Poncha Springs, and formerd Rep.
Anne McGihon, D-Denver, allows the office to solicit giftds and donations to offer incentives to producersz to make films inthe state. “I believe this move signalsx that Colorado is becoming serious about attractingh production to the stateronce again,” said Kevin Shand, executive director of the Coloradl Film Commission. “By becoming part of the state once again, the film offics will once again have resources to market Colorado effectivelh and help expand our economic development effortas in a new anddifferent Finally, Ritter returned to his Capitol office to sign nine separat bills, including measures to help the restaurantf and broadband industries.
Senate Bill 121, sponsored by Sen. Al R-Hayden, eliminates the sales and use tax restaurants must pay when offeringg freeor reduced-price meals to Senate Bill 162, sponsored by Sen. Gail D-Snowmass Village, requires the Office of Informatiob Technology to create a map of where broadband technology is available and not available inthe state. Ritte has not announced his intentions on at leasty two bills being watched closely by thebusines community, however. One is Senate Bill 173, which would allow local governments to work with the states Economic Development Commission to offer incentives to attract andbuild tourism-generating projects.
The bill is considereds key to landing eithefr of twopotential auto-racetrack projects east of The other is House Bill which limits the Colorado-source capital gains subtraction to the firsr $100,000 of gains on assetas held for five years or If signed, the bill would generat $15.8 million to help balance the budget.
But economic developers and investors must continue to wait to see if the governod will come to their aidbefore Friday’s deadline to sign or veto Ritter began the day at the Alliancee for Sustainable Colorado Center in downtown signing three bills that he said will continue to build the state’sw “New Energy Economy.” Housw Bill 1298, sponsored by Reps. Buffie McFadyen, D-Pueblo West, and Cory Gardner, lets trucking companies get 25 percenrt reimbursement of the cost of buyiny andinstalling fuel-efficient technologies and emission-controo devices.
More importantly, McFadyen said, it prorates salese tax on trucking equipmenf based on the percentagr of miles companies drive in Colorado and it allows truckerzs finally to take advantageof enterprise-zone tax “This bill is so incredibly important to the industry, not only for the environmenr but for the survival of truckere that are in business,” she said while tearin g up at the signing. House Bill sponsored by Rep. Sara Gagliardi, expands the pool of vehicles eligiblefor alternative-fuel tax creditw to include those that run on cleaner-burning natural gas. It also eliminates eligibility for some hybridr vehicles that arenot fuel-efficient, said sponsorinvg Sen.
Betty Boyd, D-Lakewood. Ritter noted that the Coloradpo Oil and Gas Associatiohn and the nonprofit group Environment Colorado both supportecthe measure. “If COGA and Environmeng Colorado agree, it has to be a greayt bill,” he said. And Senate Bill 75, championed by the companyy Aspen Electric Carsand Carts, allows driverz to operate low-speed electric vehicles on most roadds with speed limits of 35 mph or From there, Ritter went to the offices in Denver and signedd a measure to re-establish the Colorado Officse of Film, Television and Media. House Bill sponsored by Rep. Tom Massey, R-Poncha Springs, and formerd Rep.
Anne McGihon, D-Denver, allows the office to solicit giftds and donations to offer incentives to producersz to make films inthe state. “I believe this move signalsx that Colorado is becoming serious about attractingh production to the stateronce again,” said Kevin Shand, executive director of the Coloradl Film Commission. “By becoming part of the state once again, the film offics will once again have resources to market Colorado effectivelh and help expand our economic development effortas in a new anddifferent Finally, Ritter returned to his Capitol office to sign nine separat bills, including measures to help the restaurantf and broadband industries.
Senate Bill 121, sponsored by Sen. Al R-Hayden, eliminates the sales and use tax restaurants must pay when offeringg freeor reduced-price meals to Senate Bill 162, sponsored by Sen. Gail D-Snowmass Village, requires the Office of Informatiob Technology to create a map of where broadband technology is available and not available inthe state. Ritte has not announced his intentions on at leasty two bills being watched closely by thebusines community, however. One is Senate Bill 173, which would allow local governments to work with the states Economic Development Commission to offer incentives to attract andbuild tourism-generating projects.
The bill is considereds key to landing eithefr of twopotential auto-racetrack projects east of The other is House Bill which limits the Colorado-source capital gains subtraction to the firsr $100,000 of gains on assetas held for five years or If signed, the bill would generat $15.8 million to help balance the budget.
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