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Thursday, June 30, 2011
Monday, June 27, 2011
Community Bankers try variable pay confab - Atlanta Business Chronicle:
tower-tennesseea.blogspot.com
Pay what you can. In a mailing distributed to associationb memberslast week, the trade grouo is asking members to attend its marquee September conventioj in Palm Beach, Fla. But if they can’t pay the full $995 registratio n fee, well, a little less will be alright. The new marketinhg plan for theCommunity Bankers’ Association signature event is both a sign of the industry’ds woes and the association’s efforts to keep pace without canceling its marque event that was once held in far-flunvg locations across the country. The move stand in contrast with theGeorgia Bankers’ Association, the state’sa other main trade group.
Unlik e the Community Bankers’ plan, the Georgia Bankeres cut their convention’s lengtuh this year, and held it in Atlanta, rather than cut registratiohn fees. The Community Bankers Association— which caters more towarr smaller banks outside metroAtlanta — is offeringh the same program, but at a negotiabl e price. “We looked at a variety of approache s forspurring attendance, and we though this was the best approach,” said trade groupp CEO Carolyn Brown, who notef bankers paying a reduced rate woulr be doing so “on the hono r system.” “We’re not going to check behind she said.
“We expect them to be honest about their Theeconomic turmoil, has forced the associationj to throw out any projectionsd on how many will be at this year’s With three months to go before the conference kicks off on 16 at The Breakers beach resort, Brown said the organization’s members are holding off on committing to be therew for the four-day event. “Peoplew are waiting closer to the meetingb dateto commit,” she The event typically attracts as many as 700 communith bankers, spouses and other attendees from the Community Bankers’ Association’s membership But is it for real? How low is too low to attend?? $200? $10?
Brown said the offer is a sincerr one. If bankers’ can’t pay anything this for example, and want to put off paying until 2010, that works. “It is real in my said Brown. “If folks can’t pay the full fee, that’w fine. We’re an association that’s not pursuing profitas with this.” is delaying its 2009 annuapl meeting indefinitely, until the Securitiesa and Exchange Commission finishes its preliminary review ofthe company’xs proxy, according to a June 15 filinfg with the regulatory agency. The Ga.
-based bank holding company is asking shareholder to amend its articles of incorporationn to reduce the number of stock shareholders beloa 600 by issuingnew shares, and relieve the company of publi c company reporting requirements. Until the SEC completes the however, the annual meeting will not “At this time, however, we are unable to provide a reliable estimatd as to when thismay occur,” the filing The plan, if approved, would reduce the numbeer of common stock bank shareholders from 710 to 255, and new classx A stock shares would be owned by 455 Class A shareholders would lose any voting rights by exchanging each sharse of their common stock for the new shares, but receivw 105 percent of whatever dividensd the bank may pay.
Pay what you can. In a mailing distributed to associationb memberslast week, the trade grouo is asking members to attend its marquee September conventioj in Palm Beach, Fla. But if they can’t pay the full $995 registratio n fee, well, a little less will be alright. The new marketinhg plan for theCommunity Bankers’ Association signature event is both a sign of the industry’ds woes and the association’s efforts to keep pace without canceling its marque event that was once held in far-flunvg locations across the country. The move stand in contrast with theGeorgia Bankers’ Association, the state’sa other main trade group.
Unlik e the Community Bankers’ plan, the Georgia Bankeres cut their convention’s lengtuh this year, and held it in Atlanta, rather than cut registratiohn fees. The Community Bankers Association— which caters more towarr smaller banks outside metroAtlanta — is offeringh the same program, but at a negotiabl e price. “We looked at a variety of approache s forspurring attendance, and we though this was the best approach,” said trade groupp CEO Carolyn Brown, who notef bankers paying a reduced rate woulr be doing so “on the hono r system.” “We’re not going to check behind she said.
“We expect them to be honest about their Theeconomic turmoil, has forced the associationj to throw out any projectionsd on how many will be at this year’s With three months to go before the conference kicks off on 16 at The Breakers beach resort, Brown said the organization’s members are holding off on committing to be therew for the four-day event. “Peoplew are waiting closer to the meetingb dateto commit,” she The event typically attracts as many as 700 communith bankers, spouses and other attendees from the Community Bankers’ Association’s membership But is it for real? How low is too low to attend?? $200? $10?
Brown said the offer is a sincerr one. If bankers’ can’t pay anything this for example, and want to put off paying until 2010, that works. “It is real in my said Brown. “If folks can’t pay the full fee, that’w fine. We’re an association that’s not pursuing profitas with this.” is delaying its 2009 annuapl meeting indefinitely, until the Securitiesa and Exchange Commission finishes its preliminary review ofthe company’xs proxy, according to a June 15 filinfg with the regulatory agency. The Ga.
-based bank holding company is asking shareholder to amend its articles of incorporationn to reduce the number of stock shareholders beloa 600 by issuingnew shares, and relieve the company of publi c company reporting requirements. Until the SEC completes the however, the annual meeting will not “At this time, however, we are unable to provide a reliable estimatd as to when thismay occur,” the filing The plan, if approved, would reduce the numbeer of common stock bank shareholders from 710 to 255, and new classx A stock shares would be owned by 455 Class A shareholders would lose any voting rights by exchanging each sharse of their common stock for the new shares, but receivw 105 percent of whatever dividensd the bank may pay.
Saturday, June 25, 2011
Education funding still falls short despite federal stimulus infusion - Nashville Business Journal:
vittitowmehigyk1238.blogspot.com
That was the sentiment of an eight-member panel of education, training and governmen experts gathered by the South Florida Business Journalo to examine howthe $787 billionh federal stimulus package is impacting the region’s education and workforcee training sectors. The panelo marked the third in theBusiness Journal’ ongoing stimulus series, aimed at tracking and analyzing the flow of moneh from the American Recovery and Reinvestment Act into South Florida.
Florida’s Legislature was the only one nationally to requesft a federal waiver that allowed it to take money from education and replace it with stimulusd dollars while other states used stimulus dollars to augmengtthe budget. The situation concerned panelisgtstate Sen. Eleanor Sobel. “We are not starting at the startingf line. The school district in Broward Countyu and those throughout the stated are starting behind thestarting line,” Sobel said.
“They have had problema for years and they are all Veteran educatorRobert Parks, a membetr of the Broward County School Board, said, “Many of the larg urban districts in the nation are afraid of one which is basically a bait and switch with those What’s even more worrisome to some experts is that the stimulusw money will eventually run out. “I’m reallyg concerned about in three years; what’sz going to happen?” said José president of ’s North Campus. “Thie is a Band-Aid.” He said the college’ss operating budget was cut $22 milliojn while the stimulus money wasonly $13 million.
Parksw said Broward County’s school system has cut $1.4 billionm from its construction budget in addition to furloughingv 700 teachers and51 administrators. “We’ve closed all of our school offices for the We don’t have summer school anymore,” Parkds said. would have been looking at cutting its budget byabour $30 million without $12 million in stimulud funds, said Dorothy K. the university’s associate VP for financial affairs and budget The university cut 30 positionsand “had we not had the stimuluss dollars it could have been much more severe.” George executive VP and COO of , said the $1.
3 billion in stimulusw funds given to the state relieved pressure on the Legislaturwe to further reduce support for Florida Resident Accesas Grants (FRAG), a key source of moneuy for students, but he pointedf out that the grants used to be $3,000 a year for students and are now The amount is important to students, who find enrollment caps at statw universities and turn to NSU and other private He also said that universitie are working together to apply for federal stimulus NSU has a collaborative proposal with and FAU for a $50 millionn research building with wet labs, business incubatod space and offices for the U.S. Geological Survey, whicn is helping oversee Everglades restoration.
“We have shovel-readuy projects we have submitted to the Governor and in the next 60 days we coulsput 1,000 people to work,” Hanburyy said. The competition for thesre typesof projects, though, is fierce. FAU is gettingh about $12 million in direct infusion from the federalkstimulus package, but the universit y also is seeking money from the for labs and Russell said. April was the month to submitf applications and the results are expectedby September. The strongest flow of money, so far, appears to be for programws that help the jobless asthe state’s unemploymeny rate has hit 10.2 percent.
That was the sentiment of an eight-member panel of education, training and governmen experts gathered by the South Florida Business Journalo to examine howthe $787 billionh federal stimulus package is impacting the region’s education and workforcee training sectors. The panelo marked the third in theBusiness Journal’ ongoing stimulus series, aimed at tracking and analyzing the flow of moneh from the American Recovery and Reinvestment Act into South Florida.
Florida’s Legislature was the only one nationally to requesft a federal waiver that allowed it to take money from education and replace it with stimulusd dollars while other states used stimulus dollars to augmengtthe budget. The situation concerned panelisgtstate Sen. Eleanor Sobel. “We are not starting at the startingf line. The school district in Broward Countyu and those throughout the stated are starting behind thestarting line,” Sobel said.
“They have had problema for years and they are all Veteran educatorRobert Parks, a membetr of the Broward County School Board, said, “Many of the larg urban districts in the nation are afraid of one which is basically a bait and switch with those What’s even more worrisome to some experts is that the stimulusw money will eventually run out. “I’m reallyg concerned about in three years; what’sz going to happen?” said José president of ’s North Campus. “Thie is a Band-Aid.” He said the college’ss operating budget was cut $22 milliojn while the stimulus money wasonly $13 million.
Parksw said Broward County’s school system has cut $1.4 billionm from its construction budget in addition to furloughingv 700 teachers and51 administrators. “We’ve closed all of our school offices for the We don’t have summer school anymore,” Parkds said. would have been looking at cutting its budget byabour $30 million without $12 million in stimulud funds, said Dorothy K. the university’s associate VP for financial affairs and budget The university cut 30 positionsand “had we not had the stimuluss dollars it could have been much more severe.” George executive VP and COO of , said the $1.
3 billion in stimulusw funds given to the state relieved pressure on the Legislaturwe to further reduce support for Florida Resident Accesas Grants (FRAG), a key source of moneuy for students, but he pointedf out that the grants used to be $3,000 a year for students and are now The amount is important to students, who find enrollment caps at statw universities and turn to NSU and other private He also said that universitie are working together to apply for federal stimulus NSU has a collaborative proposal with and FAU for a $50 millionn research building with wet labs, business incubatod space and offices for the U.S. Geological Survey, whicn is helping oversee Everglades restoration.
“We have shovel-readuy projects we have submitted to the Governor and in the next 60 days we coulsput 1,000 people to work,” Hanburyy said. The competition for thesre typesof projects, though, is fierce. FAU is gettingh about $12 million in direct infusion from the federalkstimulus package, but the universit y also is seeking money from the for labs and Russell said. April was the month to submitf applications and the results are expectedby September. The strongest flow of money, so far, appears to be for programws that help the jobless asthe state’s unemploymeny rate has hit 10.2 percent.
Thursday, June 23, 2011
Shuttered Chrysler dealerships create more vacant space - Washington Business Journal:
iwegasely.wordpress.com
As the last cars roll off thosr lots, dealers and their local governmentzs will have to decide what to do with a sea of underusedf andundervalued land. The challenges will be made even more difficulrt by a devastating real estatew economy that has sucked much of the value out of the one asset that can’t be cleared off the lot in a weekend sales blitz. “It’s not like peopld are lining up to take showroom spacewoff anybody’s hands,” said Steve Silverman, the new economic development director for Montgomery County. “The bottom line is, you’re going to see a lot of vacangt dealerships around the region that willremain vacant.
That’s not an image any jurisdictiomn wantsto project, and there’s not a short-termn solution to it.” The fate of one Dodgs dealership in a tiny bedroom community near Chicago may offers a glimpses of what lies in stor for the thousands of acres of real estate involved.
As the last cars roll off thosr lots, dealers and their local governmentzs will have to decide what to do with a sea of underusedf andundervalued land. The challenges will be made even more difficulrt by a devastating real estatew economy that has sucked much of the value out of the one asset that can’t be cleared off the lot in a weekend sales blitz. “It’s not like peopld are lining up to take showroom spacewoff anybody’s hands,” said Steve Silverman, the new economic development director for Montgomery County. “The bottom line is, you’re going to see a lot of vacangt dealerships around the region that willremain vacant.
That’s not an image any jurisdictiomn wantsto project, and there’s not a short-termn solution to it.” The fate of one Dodgs dealership in a tiny bedroom community near Chicago may offers a glimpses of what lies in stor for the thousands of acres of real estate involved.
Tuesday, June 21, 2011
BofA raises almost all of $33.9B buffer - Business First of Louisville:
a-ee85aqa.blogspot.com
billion. Last month, BofA sold $13.45 billion in common The bankissued 1.25 billion shares at an averagee price of $10.77 per share. BofA also sold a 5.7 perceng stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billioj in preferred shares for 704 million shares of commonn stock. BofA expects to garner $1.3 billion from reduced dividendd on thepreferred shares. The exchange doesn’t applyu to preferred shares held by the federal So far, BofA has boostede its Tier 1 common capital by $2.1 billiomn by reducing a deferresd tax-asset deduction. And the bank says it has gainesd anadditional $2 billion from the disposition of assets.
As part of the company’s capital plan, it could issue up to an additiona l 296 millioncommon shares. “Ws are pleased to have nearly reached our goalthis quickly,” said Joe Price, chiecf financial officer. The government said BofA had toraisw $33.9 billion after conductinh “stress tests” on the country’sa 19 largest banks. The testa were designed to assess the ability to survive if economic conditions worsen more than expected duriny the nexttwo years. BofA has received a total of $45 billiomn in taxpayer aid under thefederal government’s Troubleed Asset Relief Program, which is designed to thaw the credift markets and boost the economy.
In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billiobn in five-year notes on May 8 and $2.5 billion in 10-year notes on May 28 withoutr guarantees.
billion. Last month, BofA sold $13.45 billion in common The bankissued 1.25 billion shares at an averagee price of $10.77 per share. BofA also sold a 5.7 perceng stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billioj in preferred shares for 704 million shares of commonn stock. BofA expects to garner $1.3 billion from reduced dividendd on thepreferred shares. The exchange doesn’t applyu to preferred shares held by the federal So far, BofA has boostede its Tier 1 common capital by $2.1 billiomn by reducing a deferresd tax-asset deduction. And the bank says it has gainesd anadditional $2 billion from the disposition of assets.
As part of the company’s capital plan, it could issue up to an additiona l 296 millioncommon shares. “Ws are pleased to have nearly reached our goalthis quickly,” said Joe Price, chiecf financial officer. The government said BofA had toraisw $33.9 billion after conductinh “stress tests” on the country’sa 19 largest banks. The testa were designed to assess the ability to survive if economic conditions worsen more than expected duriny the nexttwo years. BofA has received a total of $45 billiomn in taxpayer aid under thefederal government’s Troubleed Asset Relief Program, which is designed to thaw the credift markets and boost the economy.
In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billiobn in five-year notes on May 8 and $2.5 billion in 10-year notes on May 28 withoutr guarantees.
Saturday, June 18, 2011
Central Valley bank earnings fall to $1.7M - San Francisco Business Times:
http://websitedesignantwerpen.com/websitedesign.php
million in the firsy half of the year, down from earnings of $2.6 milliohn the year earlier period. The bank holding company of earnefd $464,000 in the second down from $1.3 million the year earlie r period. “While we remained profitable, the disappointing earnings in the seconf quarter is a reflection of the increased provisioj for credit losses in the light of the overallp weak economy and the potentialp impact it many have on our borrowinh customers during this economic cycle and the significany increase in the FDIC insurance premiumss from both the increase in regular assessmenty rates as well as the special assessmengt rate placed on all FDIC insurex institutions insecond quarter,” said Dan Doyle, president of the bank holdingh company.
The bank has 15 branches in the Central Valley from the Fresnp areato Sacramento. The bank companyy got $7 million in Capital Purchase Progran money from the Department of Treasuryg earlierthis year. It acquires the Stockton, Lodi and Tracy branches of Servicre 1st Bancorpin November.
million in the firsy half of the year, down from earnings of $2.6 milliohn the year earlier period. The bank holding company of earnefd $464,000 in the second down from $1.3 million the year earlie r period. “While we remained profitable, the disappointing earnings in the seconf quarter is a reflection of the increased provisioj for credit losses in the light of the overallp weak economy and the potentialp impact it many have on our borrowinh customers during this economic cycle and the significany increase in the FDIC insurance premiumss from both the increase in regular assessmenty rates as well as the special assessmengt rate placed on all FDIC insurex institutions insecond quarter,” said Dan Doyle, president of the bank holdingh company.
The bank has 15 branches in the Central Valley from the Fresnp areato Sacramento. The bank companyy got $7 million in Capital Purchase Progran money from the Department of Treasuryg earlierthis year. It acquires the Stockton, Lodi and Tracy branches of Servicre 1st Bancorpin November.
Thursday, June 16, 2011
Kauffman Stadium upgrades steam toward opening day - Philadelphia Business Journal:
http://websitedesignantwerpen.com/websitedesign.php
The Royals offered a tour of the busy constructioj site to members of the media on Thursday The tour made it apparent that by the time the projecyis completed, fans re-entering the stadium this seasonm will hardly recognize the place. “It’s really a complete new ballpark being built around theseatint bowl,” said Bob Rice, Royals vice president of ballparko operations. “We think fans are going to love it. There will be a lot more to doand see. Therw will be a lot more activitieeand entertainment.
” Concourses throughout the stadium will be completelyt new, filled with new restaurantsa and concession stands, all run by The outfield walkways offedr the most new activities, everythinv from a barbecue restaurant to an entertainmengt stage to a new Littl K and carousel for the kids. “We triex to make sure we offered somethingfor everyone,” Rice “We’ve got activities and entertainment for families, young adults and older adults.” The most challengingy part of the project from a construction standpoint is the installatiobn of new suites and press boxes behind home plate.
Constructionn crews had to cut out about 15 rows to make remove the concrete and install new steelsupport beams. New seata were installed in the outfield, in the former grass area. A bar was built on the base of theformed Jumbotron, with places to stand and watchh the game. Two giant openings called vomitories were cut into the Club Levek onthe first-base and third-base sides, to tie in the concourses behind the seating bowl.
New bathrooms were installed throughout the stadium, offering one spot for every 70 For concessions and retail, there will be one pointy of sale for each 150 A lot of work remains to be but Kevin Uhlich, senior vice president of business said virtually everything will be completed in time for openinb day. The only big projecgt that won’t be is the new Royalsx Hall of Fame, under constructiomn in left field. Uhlich said that will be open bythe All-Start break. Uhlich said he expects this year’s openintg day to be a very special “It will be a very fun day because not only will it be ourgransd reopening, but it’s our 40th Anniversary celebration,” he said.
“We’ll open the outfiel areas really earlythat day, to let peoplre explore and have fun. Our pregamde show will be a littlde different because there will be a lotof We’ll unveil the statues of George Brett and Frank and the new one we had made of Dick
The Royals offered a tour of the busy constructioj site to members of the media on Thursday The tour made it apparent that by the time the projecyis completed, fans re-entering the stadium this seasonm will hardly recognize the place. “It’s really a complete new ballpark being built around theseatint bowl,” said Bob Rice, Royals vice president of ballparko operations. “We think fans are going to love it. There will be a lot more to doand see. Therw will be a lot more activitieeand entertainment.
” Concourses throughout the stadium will be completelyt new, filled with new restaurantsa and concession stands, all run by The outfield walkways offedr the most new activities, everythinv from a barbecue restaurant to an entertainmengt stage to a new Littl K and carousel for the kids. “We triex to make sure we offered somethingfor everyone,” Rice “We’ve got activities and entertainment for families, young adults and older adults.” The most challengingy part of the project from a construction standpoint is the installatiobn of new suites and press boxes behind home plate.
Constructionn crews had to cut out about 15 rows to make remove the concrete and install new steelsupport beams. New seata were installed in the outfield, in the former grass area. A bar was built on the base of theformed Jumbotron, with places to stand and watchh the game. Two giant openings called vomitories were cut into the Club Levek onthe first-base and third-base sides, to tie in the concourses behind the seating bowl.
New bathrooms were installed throughout the stadium, offering one spot for every 70 For concessions and retail, there will be one pointy of sale for each 150 A lot of work remains to be but Kevin Uhlich, senior vice president of business said virtually everything will be completed in time for openinb day. The only big projecgt that won’t be is the new Royalsx Hall of Fame, under constructiomn in left field. Uhlich said that will be open bythe All-Start break. Uhlich said he expects this year’s openintg day to be a very special “It will be a very fun day because not only will it be ourgransd reopening, but it’s our 40th Anniversary celebration,” he said.
“We’ll open the outfiel areas really earlythat day, to let peoplre explore and have fun. Our pregamde show will be a littlde different because there will be a lotof We’ll unveil the statues of George Brett and Frank and the new one we had made of Dick
Tuesday, June 14, 2011
Skyrocketing food prices leave poor moms hungry - Westport-News
ywyjihu.wordpress.com
Skyrocketing food prices leave poor moms hungry Westport-News Pork and beef prices skyrocketed during the 2008 food crisis, and they have only gone higher during the latest round of hikes. The UN Food and Agriculture Organization said global food prices hit an all-time high in February and dropped off only ... |
Saturday, June 11, 2011
GM files bankruptcy - Minneapolis / St. Paul Business Journal:
vanbeekdulejos1771.blogspot.com
billion and assets of $82. 3 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.6 billion) and the Internationaol Union of Electronic, Electrical, Salaried, Machine and Furniturs Workers/Communication Workers ($2.7 billion). Other unsecurecd debt listed in the filingincludes $22.8 billiobn serviced by and $4.5 billion by . Boca Raton-based has a claim for $4.75 million, according to the filed with the U.S.
Bankruptcy Court of the Southernn District of New Auto retailers that survive the bankruptcies of GMand Chrysler, whicuh filed in April, hope it helpz to pave the way to recovery in the “Today’s action will allow GM to move forwarfd and be competitive in the marketplace,” spokesman Marc Cannon said Monday in an e-mailed statement. “The goal of making GM profitablse ata 10-million, new-unit sellingv rate will position them for when the industry begine to recover later in Fort Lauderdale-based AutoNation, the nation'd largest auto retailer, has six GM franchises and seven Chryslef franchises on the closure lists.
Although viewed as inevitable and necessary by Chairman John McEleney said in a news releass that the filingmarks “a historicallgy sad day for American business.” Chrysler is expected to emergee from its Chapter 11 processz soon after shuttering 789 GM also announced plans to close 1,100 dealerships. GM announcede April 27 that it anticipates reducingits U.S. dealer count from 6,2476 to 3,605 by the end of 2010. Dealershipl closings already have started. According to Associated GM will rely on moregovernment $30 billion of additional financia assistance from the and $9.5 billion from Canada, on top of abou t $20 billion it already received in low-interesft loans.
GM’s lead bankruptch law firm is WeilGotshaw & Manges, with attorney Stephenb Karotkin signing the filing. In a news release, the automaked said it would focus on the followintg priorities when emerging from Focus on four core brands inthe U.S. Chevrolet, Cadillac, Buick and GMC - with fewe nameplates and a more competitivw level of marketing supportper brand. Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentager of U.S. sales manufacturef domestically. Feature lower costs at a U.S.
totall industry volume of approximately 10 million which would be substantially below the 15 million to 17 million annual vehicle sales rates recordec between 1995and 2007. Achieve lowee structural costs, in part, by further reducing 2009 salaried employment in North America toapproximately 27,200, from a year-encd total of 35,100, and continue to improve its balancse sheet by reducing retiree benefits for salaried retirees and non-UAW hourluy retirees. Increase its investment in fuel economu and advancedpropulsion technologies.
Click to read the
billion and assets of $82. 3 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.6 billion) and the Internationaol Union of Electronic, Electrical, Salaried, Machine and Furniturs Workers/Communication Workers ($2.7 billion). Other unsecurecd debt listed in the filingincludes $22.8 billiobn serviced by and $4.5 billion by . Boca Raton-based has a claim for $4.75 million, according to the filed with the U.S.
Bankruptcy Court of the Southernn District of New Auto retailers that survive the bankruptcies of GMand Chrysler, whicuh filed in April, hope it helpz to pave the way to recovery in the “Today’s action will allow GM to move forwarfd and be competitive in the marketplace,” spokesman Marc Cannon said Monday in an e-mailed statement. “The goal of making GM profitablse ata 10-million, new-unit sellingv rate will position them for when the industry begine to recover later in Fort Lauderdale-based AutoNation, the nation'd largest auto retailer, has six GM franchises and seven Chryslef franchises on the closure lists.
Although viewed as inevitable and necessary by Chairman John McEleney said in a news releass that the filingmarks “a historicallgy sad day for American business.” Chrysler is expected to emergee from its Chapter 11 processz soon after shuttering 789 GM also announced plans to close 1,100 dealerships. GM announcede April 27 that it anticipates reducingits U.S. dealer count from 6,2476 to 3,605 by the end of 2010. Dealershipl closings already have started. According to Associated GM will rely on moregovernment $30 billion of additional financia assistance from the and $9.5 billion from Canada, on top of abou t $20 billion it already received in low-interesft loans.
GM’s lead bankruptch law firm is WeilGotshaw & Manges, with attorney Stephenb Karotkin signing the filing. In a news release, the automaked said it would focus on the followintg priorities when emerging from Focus on four core brands inthe U.S. Chevrolet, Cadillac, Buick and GMC - with fewe nameplates and a more competitivw level of marketing supportper brand. Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentager of U.S. sales manufacturef domestically. Feature lower costs at a U.S.
totall industry volume of approximately 10 million which would be substantially below the 15 million to 17 million annual vehicle sales rates recordec between 1995and 2007. Achieve lowee structural costs, in part, by further reducing 2009 salaried employment in North America toapproximately 27,200, from a year-encd total of 35,100, and continue to improve its balancse sheet by reducing retiree benefits for salaried retirees and non-UAW hourluy retirees. Increase its investment in fuel economu and advancedpropulsion technologies.
Click to read the
Thursday, June 9, 2011
Mercy system to buy Jewish Hospital - Business First of Buffalo:
xiwyxucupewox.blogspot.com
The two entities will begin exclusive negotiations to come to a definitivdepurchase agreement, according to a news release. The proceszs is expected to take four to six and is also subject to variousregulatory approvals. Mercuy Health Partners partners operatesfive hospitals, in Western Hills, Mount Airy, Anderson Township and Clermont County, alont with outpatient and othert health care-related facilities. The purchasde of Jewish, located in Kenwood, will give the systek a presence in the northeasternCincinnati suburbs. "Wes are always working to provide high-quality care.
One of the missin g ingredients in covering the Greater Cincinnati area wasthe I-71 said James May, CEO of Mercy Health in the release. Jewish Hospital will also join CatholicHealthcard Partners, the Cincinnati-based parent of the Mercyg system. Mercy recently won approval from Greeb Township trustees to build a new hospitalk near North Bend Road andInterstate 74. When the hospital will replace its Mount Airy and WesternnHills facilities. The , of which Jewisjh is a voting member alony with University and FortHamilton hospitals, had been considering acquirinv the hospital as well. A purchase woule have made it a property in thehospitalk group, like and the .
But in February, the said it wouldx also considerother partners, while continuingh discussions with the Health Alliance.
The two entities will begin exclusive negotiations to come to a definitivdepurchase agreement, according to a news release. The proceszs is expected to take four to six and is also subject to variousregulatory approvals. Mercuy Health Partners partners operatesfive hospitals, in Western Hills, Mount Airy, Anderson Township and Clermont County, alont with outpatient and othert health care-related facilities. The purchasde of Jewish, located in Kenwood, will give the systek a presence in the northeasternCincinnati suburbs. "Wes are always working to provide high-quality care.
One of the missin g ingredients in covering the Greater Cincinnati area wasthe I-71 said James May, CEO of Mercy Health in the release. Jewish Hospital will also join CatholicHealthcard Partners, the Cincinnati-based parent of the Mercyg system. Mercy recently won approval from Greeb Township trustees to build a new hospitalk near North Bend Road andInterstate 74. When the hospital will replace its Mount Airy and WesternnHills facilities. The , of which Jewisjh is a voting member alony with University and FortHamilton hospitals, had been considering acquirinv the hospital as well. A purchase woule have made it a property in thehospitalk group, like and the .
But in February, the said it wouldx also considerother partners, while continuingh discussions with the Health Alliance.
Tuesday, June 7, 2011
Dr. Dre settles lawsuit over 'Chronic' sales - CBS News
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KOMO News | Dr. Dre settles lawsuit over 'Chronic' sales CBS News (AP) LOS ANGELES (AP) รข€" Dr. Dre has settled a lawsuit against the new incarnation of Death Row Records over damages he's owed from unauthorized online sales of his album "The Chronic." Attorneys for the rap superstar informed a judge that the case had ... Dr. Dre settles lawsuit over 'Chronic' sales Dr. Dre settles lawsuit over 'Chronic' sales Dr. Dre settles case on eve of trial to decide damages from online sales of ... |
Saturday, June 4, 2011
FDIC: Banks rebound to $7.6B Q1 profit - Pittsburgh Business Times:
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billion profit in the first quarterof 2009, down $11.y billion, or 60.8 percent, from the $19.3 billion that the industry earned in the firsyt quarter of 2008. However, the first-quarterd performance marks an improvement over therecord $26.2 billioh loss in the fourth quarteer of 2008. Higher loan-loss provisions, increased goodwill write-downs, and reduced incomee from securitization activities all contributed tothe year-over-year earninges decline in the first quarter of 2009.
Threw out of five insured institutions reportedf lower net income in the first quarter and one in fivewas "The first quarter results are tellingf us that the banking industry still faces tremendouz challenges, and that going asset quality remains a majod concern," said FDIC Chairman Sheila C. Bair in an "Banks are making good effortss to deal with thechallenges they're facing, but today'ws report says that we're not out of the woodds yet." To that point, 21 FDIC-insured institutions failed during the first quarter -- the largest number sincre the fourth quarter in 1992.
And the FDIC's "Problem grew during the quarter from 252 to 305 and total assets of problem institutions increasedfrom $159 billionh to $220 billion. Insured institutions set asider $60.9 billion in provisions for loan losses in the first quarter -- up $23.7 billion, or 63.6 over the first quarter of 2008. Expenses for goodwill impairment and other intangible asset expensestotaled $7.2 billion, compared with $2.8 billionn a year earlier. These negative factorsz outweighed the positive effects of increased noninteresgincome (up $7.8 billion, or 12.8 higher net interest income (up $4.4 billion, or 4.7 and higher realized gains on securitiex and other assets (up $1.
9 Insured institutions charged off $37.8 billionh in bad loans in the first almost twice the $19.6 billion of a year "Troubled loans continue to accumulate, and the costs associated with impairedf assets are weighing heavilt on the industry's performance," Bair noted. compared to a year ago, we see some Net interest incomeis higher, and noninterest revenud is up at larger banks, particularl y trading revenues." Tier 1 capital reached a recorx high of almost $70 billion, the largest quarterlyu increase ever reported by the industry. However, much of the increasd occurred at institutions that receivexd capital fromthe 's Troubled Assegt Relief Program (TARP).
Total assets decline by $302 billion due to downsizing by a fewlarge Two-thirds of all institutions reporte asset growth in the quarter, but reductions at eighf large banks caused the industry total to Total loans and leases fell by $159.6 billiojn (2.1 percent), while assets in trading accounts declinedd by $144.5 billion (14.9 percent). The FDIC's Deposit Insurance Fund (DIF) reserve ratio fell to 0.27 The DIF balance declined from $17.3 billionh at the end of 2008 (amended from the originally reported unaudite d balanceof $19 billion) to $13 billion on Marcgh 31, 2009.
However, the FDIC Board of Directorsz approved an amended restoration plan in Februaryy that is designed to restores the DIF reserve ratioto 1.15 percent within sevemn years. The FDIC has already set aside $28 billionh in reserve to cover projected losse for the next12 months. In the FDIC will collect morethan $8 billio in premiums during the second including $5.6 billion from the special assessmentg the FDIC Board approved on May 22.
billion profit in the first quarterof 2009, down $11.y billion, or 60.8 percent, from the $19.3 billion that the industry earned in the firsyt quarter of 2008. However, the first-quarterd performance marks an improvement over therecord $26.2 billioh loss in the fourth quarteer of 2008. Higher loan-loss provisions, increased goodwill write-downs, and reduced incomee from securitization activities all contributed tothe year-over-year earninges decline in the first quarter of 2009.
Threw out of five insured institutions reportedf lower net income in the first quarter and one in fivewas "The first quarter results are tellingf us that the banking industry still faces tremendouz challenges, and that going asset quality remains a majod concern," said FDIC Chairman Sheila C. Bair in an "Banks are making good effortss to deal with thechallenges they're facing, but today'ws report says that we're not out of the woodds yet." To that point, 21 FDIC-insured institutions failed during the first quarter -- the largest number sincre the fourth quarter in 1992.
And the FDIC's "Problem grew during the quarter from 252 to 305 and total assets of problem institutions increasedfrom $159 billionh to $220 billion. Insured institutions set asider $60.9 billion in provisions for loan losses in the first quarter -- up $23.7 billion, or 63.6 over the first quarter of 2008. Expenses for goodwill impairment and other intangible asset expensestotaled $7.2 billion, compared with $2.8 billionn a year earlier. These negative factorsz outweighed the positive effects of increased noninteresgincome (up $7.8 billion, or 12.8 higher net interest income (up $4.4 billion, or 4.7 and higher realized gains on securitiex and other assets (up $1.
9 Insured institutions charged off $37.8 billionh in bad loans in the first almost twice the $19.6 billion of a year "Troubled loans continue to accumulate, and the costs associated with impairedf assets are weighing heavilt on the industry's performance," Bair noted. compared to a year ago, we see some Net interest incomeis higher, and noninterest revenud is up at larger banks, particularl y trading revenues." Tier 1 capital reached a recorx high of almost $70 billion, the largest quarterlyu increase ever reported by the industry. However, much of the increasd occurred at institutions that receivexd capital fromthe 's Troubled Assegt Relief Program (TARP).
Total assets decline by $302 billion due to downsizing by a fewlarge Two-thirds of all institutions reporte asset growth in the quarter, but reductions at eighf large banks caused the industry total to Total loans and leases fell by $159.6 billiojn (2.1 percent), while assets in trading accounts declinedd by $144.5 billion (14.9 percent). The FDIC's Deposit Insurance Fund (DIF) reserve ratio fell to 0.27 The DIF balance declined from $17.3 billionh at the end of 2008 (amended from the originally reported unaudite d balanceof $19 billion) to $13 billion on Marcgh 31, 2009.
However, the FDIC Board of Directorsz approved an amended restoration plan in Februaryy that is designed to restores the DIF reserve ratioto 1.15 percent within sevemn years. The FDIC has already set aside $28 billionh in reserve to cover projected losse for the next12 months. In the FDIC will collect morethan $8 billio in premiums during the second including $5.6 billion from the special assessmentg the FDIC Board approved on May 22.
Thursday, June 2, 2011
Reading with a few rewards: Summer reading clubs to begin - The Herald-Mail
yvejodo.wordpress.com
Newnan Times-Herald | Reading with a few rewards: Summer reading clubs to begin The Herald-Mail Summer is the perfect time to relax with a book or enjoy reading on a family vacation. This summer, the Washington County Free Library will be offering reading club programs for » |
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