Monday, December 31, 2012
Mark Hogan - Business Courier of Cincinnati:
Hogan and his cohorts at are finding most of their opportunitiexs in international stocksand U.S. stocks with a lot of overseazs operations. "Our economy is definitely slowing, and theree are some troubled areas," Hogan So he's looking to companies that gain from the fast growtjin China, India and South America. The credit cruncn and housing market problems that havestricken U.S. markets have been sourcex of concern, Hogan said. "We don'tr think it's over yet," he said. "It'll probablty be six to nine months before real estatedbottoms out.
" Still, he's finding some financial stocks worth a look, such as Despite the pitfalls that the markert faces, Hogan isn't too down on its Even though earnings are slowing, he still expects high single-digity growth. And stock valuations are as lowas they've been in 10 Consumer staples is an area he Beer and wine maker (DEO) tops that as does (UN), which has a batch of food and personap care brands. In health care, he expects a maker of artificial joints, to post growth of 12 percentg to15 percent. Closer to home, Hogan favorsd local media company E.W. Scripps It's about to splif its Internet and cable TV network businessesz off from itsnewspaper unit.
"Wse think it has tremendous future potential for he said. Hogan joinee RiverPoint in 1999 and has been in the business for22
Friday, December 28, 2012
Bay Area bagels as good as Brooklyn's - San Jose Mercury News
Bay Area bagels as good as Brooklyn's San Jose Mercury News And a former Brooklynite, Deepa Subramanian, and three friends started Schmendricks, which has sold bagels at pop-up sites around San Francisco that recall bagels from the Bagel Hole in Brooklyn. Graf, the son of a Bergen County, N.J., contractor, grew ... |
Thursday, December 27, 2012
Dell seeks return to No. 1 with notebooks - Dallas Business Journal:
Although the laptop market is growing fast, it’s also fragmentingg with new productsand competitors. That could spel trouble for Dell, which now reliees on laptops fornearly one-thirrd of its revenue. The Round Rock-basex company is attacking the laptop market from both ends of the spectrumk by recently introducingthe low-cost and hugely populae netbook products while quietly developing a ultrathin notebook that is reportedly scheduled to be launched next Dell (NASDAQ: DELL) is generating plenty of speculation abougt its notebook strategy after recently marketing a ruggedized laptop developedf by an Austin manufacturer and launching a new line of user-designed notebook covers.
The activity comes at a time when salesa of desktop computers are declining as consumers buy moreportablew devices. The third quarter of 2008 was thetipping point, when shipmenr of notebooks surpassed desktops for the firs time. “The assumption we’vee come to is that when consumera spendtheir hard-earned money they go with notebooks,” said Matthewa Wilkins, an iSuppli analyst. Dell generated 32%, about $4.8 billion, of its revenue from mobilitu products, which include notebooks and netbooks, or mini during the third quarter, which enderd Oct. 31.
Dell spokesman Jeremy Bolen said migration toward laptop devices has been a factor in the companyu updating existing notebooks and developing new notebooksand “We saw a lot of opportunity to be more competitive,” he “We’ve revamped our entire line.” Industrywide, netbookl sales are projected to increase 70% this year comparef with 2008. Meanwhile, notebook sales are projected torise 15%, Wilkine said. Netbooks, which cost $300 to $500, are low-powered versionas of conventional notebooks, enabling users to tradw e-mail messages, browse the Internet and do basicxword processing.
That may initially seem like good news for but the popularity of netbooks and notebooksa has increasedthe competition. Fast-growing companies such as Asia-based , Asutekl Computer Inc. and Ltd. (OTC: are taking market share from Dell, effectively fragmentinvg the playing field. (NYSE: HPQ) is No. 1 in the industry with 19% marketf share. In August, HP purchased Plano-based . In addition to the high and low ends of thelaptopp market, Dell is targeting a niche market. Last year it launches impact-resistant Latitude XFR Series laptops.
Such laptops, commonlhy called ruggedized, are developed for the military and commercial Dell continues to develop laptop products as part of its efforty to supplant HP as king of thePC hill. “They have been No. 1 previously,” Wilkines said, “and they want it
Wednesday, December 26, 2012
Eyesore gets facelift - Perthshire Advertiser
Eyesore gets facelift Perthshire Advertiser A labour of love by Beautiful Perth volunteers has given a Fair City eyesore a much needed facelift. Only last month, a watchdog condemning the shabby appearance of Perth buildings singled out the old tollbooth on Smeaton's Bridge as a disgrace. |
Monday, December 24, 2012
North Korea sees South Korean Christmas tree tower as propaganda - video - The Guardian
The Guardian | North Korea sees South Korean Christmas tree tower as propaganda - video The Guardian South Korea illuminating a Christmas tree tower near the North Korean border. The tower was intended as a message of peace, but North Korea has viewed the action as propaganda warfare. North Korea successfully launched a rocket earlier this month, ... < br /> |
Sunday, December 23, 2012
Middle schools in Southtowns - Business First of Buffalo:
Business First ’s 2009 rankingas of 211 Western New York middle schools included the followingSouthtowns schools. Each is preceded by its rank in theoveralkl standings: • 18. Immaculate Conception Schoo (East Aurora) • 19. St. Pete r & Paul School (Hamburg) • 22. Queen of Heavejn School (West Seneca) • 24. East Aurora MS (East • 26. Orchard Park MS (Orchard Park) • 33. Nativity of Our Lord Schoopl (Orchard Park) • 37. Hamburg MS (Hamburg) 39. Frontier MS (Frontier) • 44. St. Bernadette School (Orcharfd Park) • 45. West MS (Wesf Seneca) • 47. East MS (West • 61. Our Lady of the Sacred Heartr School (West Seneca) • 67.
St. John Vianne School (Orchard Park) • 78. Fourteen Holy Helpers School (West Seneca) • 95. St. Mary’s of the Lake Schoo l (Frontier) • 114. Our Lady of Victory School • 125. Southtowns Catholic School (Frontier) • 143. Trinity Christiab School (West Seneca) • 174. Lackawannw MS (Lackawanna)
Saturday, December 22, 2012
Quiksilver secures $150M term loan, posts 2Q profit - bizjournals:
The Huntington Beach company ZQK) also posted second-quarter earnings of $2.8 million. The five-yeafr term loan with private-equityt firm Rhone was made toimprove Quiksilver's liquidity and solidifyg its banking relationships. As part of the termsx of the loan, Quiksilver will name a pair of Rhons appointees to its board of Quiksilver also refinanced its credit facility with anew three-year, $200 millioh facility led by and . The company is also in discussions with its Frencb banking partners to consolidate its European debtss into anew multi-year facility.
In the company's earnings report, the company swung to profitabilityh in thesecond quarter, posting the earningws of 2 cents a share, which includedx several one-time items. Withougt the items, the earnings per share would have been 5 centdsa share. Analyst estimates placed the earnings at 9 cents a Sales dropped17 percent, cominb in at $494.2 million. In the second quarter a year ago, the companu lost $206.2 million, or $1.59 a share, on saleds of $596.3 million. That quarte r included losses of $244.9 million from discontinue operations. Quiksilver is an apparelo and accessories company. Its core brands are Quiksilver, Roxy and DC.
A renewedx focus on those core brands are the focus ofthe company'ss long-term plan to improve profits.
Wednesday, December 19, 2012
Procter & Gamble not bullish on FY 2010 - Business First of Columbus:
P&G executives provided their 2010 outlook this morning in New York City durinyg a strategic decisions conference hostedfby . The company predicted core earnings per shar eof $3.65 to $3.80 in fiscal 2010, versuxs $3.62 to $3.67 in FY 2009. P&G's fiscak 2010 starts July 1. The $3.665 to $3.80 outlook represents zero to 4 percentg growth over expected fiscal 2009 ofabout $3.65 per share. And it fallsd short of that by analysts surveyed byThomsom Reuters, who projected 2010 earnings per share of P&G expects fiscal 2010 organicv sales growth of 1 percent to 3 percent, mainl y driven by growth in market and net sales of 1 percent to minuse 2 percent, compared with fiscal 2009.
The net salea figures factor in a negative foreign exchange impact of 2 percent to 3 thecompany said. Chief Financial Officer Jon Moelle said in the releasethat P&G plans to invest aggressively in its businesses during fiscal 2010. “We want to positiojn the company strategically and competitively to be even stronged coming out of thisglobal recession,” he said. Sharesw in P&G (NYSE: PG) rose 63 to $52.41, in Thursday afternoon trading. Proctert & Gamble, headquartered in Cincinnati, develops, manufacturee and markets consumer productsand pharmaceuticals.
Tuesday, December 18, 2012
Dow jumps to start June; General Moly leads Colorado gainers - Business First of Louisville:
The Dow Jones Industrial Averaged finished the trading dayat 8,721.44, up 221.11 points (2.6 percent The S&P 500 closed at 942.87, up 23.73 pointes (2.58 percent). The NASDAQ Compositew finishedat 1,828.68, up 54.35 points (3.05 percent). Among actively traded Colorad o stocks, Lakewood-based molybdenum mining company GeneralMoly (GMO) led the day’s up 23.94 percent (51 cents) to close at • (DPTR) — Up 15.5 percenyt (31 cents) to $2.31. (AEZ) — Up 10.53 percent (10 cents) to • (PLD) — Up 9.07 percent (77 cents) to • (AIV) — Up 7.2 percent (68 to $10.13. Among activeluy traded Colorado stocks that declined on the day was ArcaBiopharm Inc.
(ABIO), down 44.78 percent ($4.16) to close at $5.13. The Broomfield-base biotech said the Food and Drug Administration want it to conduct more clinica testson Gencaro, its experimental heart-failuree drug that Arca wants the FDA to • (NEM) — Down 1.8 percent (88 cents) to • (Q) — Down 0.69 percent (3 cents) to • (ALTH) — Down 0.69 percent (5 to $7.23. Dow Jones & Co. said Monda it is adding and Travelers Cos. to the Dow Jones Industria l Average and dropping General Motor sand , effective June 8.
Sunday, December 16, 2012
Batavia Downs seeks more slots - Business First of Buffalo:
, which operates the track and ‘racino,’ hopees to land state approval for at least 150 more videoslot machines. The renovation work will run the gamurt from installing a new fire sprinkler system to expanding its meetinygspace and, possibly, adding a hotel. The work is considered essentiap and comes as the racino has experienced a dramatic spikerin attendance. During a four-week period that ended on May 23, Bataviaa Downs took in $3.2 million in slot-machine an 18.11 percent increase from the same periofin 2008. The harness track has 604 slot the smallest allotment of any racin o inNew York.
“We’re at capacity,” said Martin Western Regional Off-Track Betting Corp. director of marketing. “We’rwe actually approaching the point where we aremaxee out.” Biniasz said Western Regional OTB hopee to secure state approvalk for the additional slot machines in the cominf months. No time frame has been established by Batavia Downs has anestimated $60 million economifc impact on the region between Buffalo and In the meantime, work is beingh mapped out to prepare for the expanded numbeer of video slot machines. The work includes transformint a first floor meeting room in the main grandstanr into newmeeting space.
Some oldedr paddocks and barns may be demolishexd to make way for a proposed The hotel will be on the last phases of therenovatiohn work, Biniasz said. “There’s a lot of other, more basic work that needs tohappe first,” he said. By comparison, ’s two slot-machine operationsz also reportedrevenue growth. Fairgrounds Raceway in Hamburg tookin $4.5 million in an 8.4 percent while the Finger Lakes slot machines operation reported $8.7 millioh in revenues, a 5.3 percenyt hike.
“We’re delighted that people in the Buffalko and Rochester markets continue to see our venues as greaft entertainment options closeto home,” said William president of Delaware North Companies Gaming & Entertainment.
Saturday, December 15, 2012
Woodland mall loses manager, regional director - Sacramento Business Journal:
That’s no problem, mall owner Raymondx Arjmand insistedthis week. Manager turnover is normal in the he said. Besides, he added, the mall manager is just an administrativse personwith “very limited authority.” The he said, with the regional directod job, even though a year ago the man who held that job said he oversaew real estate, management and marketinv for all of Arjmand’s properties. Gone are Jeff DiJulius, the regionao director who started at County Fair a year ago and left in and AnneKennedy Lynch, the most recent general managedr and also DiJulius’ wife. Lynch was hireed in the spring andleft Nov. 5. now in Cleveland, would not discuss why he departed.
Larrt Quartuccio, general manager before Lynch, left after about six He replaced Debbie Kennedy who left after years withthe mall, 7½ of them as genera manager. Arjmand, a Southern California investor, owns malls in several states and abroad. Arjmand, who bought the Woodland mall in 2005for $15.11 million, said he and his staff in Calabasaas can oversee operations in Woodlaned through phone calls and periodifc visits. He said he anticipates hiring a replacement generaol manager in afew weeks. The mall’sd secretary is acting as assistanytmall manager, he said. Othed malls in the region, meanwhile, have managers who leave only for a few hours a day during theChristmae rush.
The mall also faces what some expertsx suspect will be a dismal nationalo shopping season with one of its four anchor stores dark andanothedr liquidating. will begin operating from the formerd Target store earlynext year. , meanwhile, is liquidatingt after the chain called it That leaves and to anchor thealmost 400,000-square-footf shopping center for the As for anchors, Arjmand enthusiastically notedx that Burlington Coat Factory will invest significantlyu in a remodel of the space it will He said Mervyn’s hasn’t officiallyu notified him of its pending closure at the When the retailer Arjmand said he’ll quicklh be able to land another anchor.
He expressed confidence despitr a national retailmarket that’s been hammerede by almost non-existent consumer a credit crisis, retailerss shuttering numerous stores and a string of retailp bankruptcies. Arjmand said he didn’t have occupancy numbers for the mallreadily available. County Fair has been battlin high vacanciesfor years. Tenants and communitg members had finally started to express optimism afteer Arjmandinvested $20 million in a renovatiohn since he took over the mall and new tenantw signed on. Several tenants in the mall declinedd to speak about themall management.
Friday, December 14, 2012
Special ratings: Student access - Business First of Buffalo:
Among them is student access. Aim: Identif districts where students have the best access to teacherx andother educators. Formula: Each districrt is graded on three (1) pupils per teacher, (2) pupils per teacher’s and (3) pupils per student-service provider, a group that includes nurses, librariand and guidance counselors. The best scores go to districtw with low ratios in allthree Rankings: Districts are ranked on a five-sta scale from most accessible (whicn receive five stars) to least accessible (one Each district’s student access rating is includec in its profile in the printed versio n of Business First’s 2009-2010 Guide to Western New York Leader: Wyoming has one instructort for every seven students, far and away the best pupil-teacherf ratio in the Its teacher’s aide ratio (19.
2 studentsw per aide) is also the best. • 1. Wyominvg • 2. Clymer • 3. Dunkirmk • 4. West Valley • 5. Batavi • 6. Friendship • 7. Ripleyt • 8. Brocton • 9. Canaseragza • 10. Chautauqua Lake 11. Pavilion • 12. Genesee Valley • 13. Perry
Wednesday, December 12, 2012
Resolute Games launching new iPhone app - Phoenix Business Journal:
Seven Deaths is a fighting game that followsw the lives of eight characters through one night in Nagamach i through a battle for control inthe city. The game includees full stories of the characters and detailed The game will also eventually include updatesfor Wi-Fi multiplayer and social media. Resolute Games has also createsd otheriPhone applications, including “ThumStruck,” and “Elvis Mobile.” And Resolute gamersa will now have new, faster devices to play on.
At its Worldwide Developers Conference inSan Francisco, announced the next generation of which will download content three times faster than the current brand and will includwe a 3-megapixel autofocus It also has voice-control features and a built-in The 3GS also has improver battery life with up to nine hoursd on WiFi, 10 hours while watching video, 30 hour s using audio, 12 hours using 2G talk and five houre using 3G talk. The new iPhone will be availabl in black and white onJune 19. It will sell for $199 for a 16GB modekl and $299 for 32GB.
Monday, December 10, 2012
Huntington prices stock offering - San Francisco Business Times:
Columbus-based Huntington said it priced an offering of 90 millionb sharesat $3.60 a share, whicnh would raise $324 million. The bank took orderz for the stock Wednesday and expects to finis h allocating shares to investors byJune 9, said Jay who leads Huntington’s investor relations. Huntington announcex the offering, originally set for only $300 on Wednesday after suspending a prograj launched in late May that resulted in the saleof $76 milliohn in stock. Under the new offering, underwriters have a 30-dat option to buy up 13.5 million more which would raise $48.6 million.
If underwriterzs take the over-allotment option, that will brintg the capital raised from the suspended program and new offering to acombinecd $448.6 million. The stock sale is part of a larger Huntington plan to build a cushiohn against a deeper economic downturnm and eventuallyrepay $1.4 billion in government bailout funds. The bank is lookinvg to sell $75 million in preferred securities and togeneratee $250 million from balance sheeft adjustments and the adoption of new accountinb standards. Huntington (NASDAQ:HBAN) last month sold $120 million of stocjk and said it expects most ofthe capital-raising actions to wrap up beforew June 30.
CEO Stephen Steinou r said in a release Thursday thatthe higher-than-expectedf proceeds from the stock sale “reflect well on the increasing investorr confidence we sense in the marketplace regarding Huntington’s futurre prospects.” “The depth of interest reflected both existing shareholderw wanting to increase theirr ownership, as well as indications of interest by a numbe of high-quality, long-term-oriented investors,” Steinouer said. Huntington is Central Ohio’s largest bank, with 69 area brancheas $8.
84 billion in regional deposits as ofJune 30, according to the
Saturday, December 8, 2012
Six Flags, former Elitch Gardens owner, files for Chapter 11 - Denver Business Journal:
The board of Six Flages (OTCBB: SIXF) voted last week to begih reorganization proceedingsin U.S. Bankruptcy Court for the District of The company listed assetsof $3.0e billion and debts of $2.36 billionb in its filing. Cascade Investments, the investmenrt firm for Microsoft founder Bill owns 11.1 percent of the voting securitiesa in New York-based Six Flags, the largest share, bankruptcy documentsd show. Six Flags has 97.7 million shares of common stockand 1.1 million shares of preferred "The current management team inherited a $2.
4 billiobn debt load that cannot be sustained, particularly in these challenginy financial markets," said Mark Shapiro, president and CEO of Six in a statement. "As a result, we are cleaning up the past and positioning the compan y for futuregrowth ... Following a record year of performanceein 2008, which completed the three-year turnaround of our system-wides park operation, this action to clean up the balancs sheet paves the way for a full revival of the Shapiro said. Elitch Gardens had operatedf for more than a centuryh at a northwest Denver The old Elitch Gardens shut down in and a new version of the amusement park opened a year lated indowntown Denver.
The locakl Gurtler family and its financial partnerds sold the new park to PremierParks Inc. in 1996 for $65 It became Six Flags Elitch Gardens two years when Premier acquired SixFlags Inc. and changeed its corporate name toSix Flags. Six Flags sold off Elitch'sw and other properties in 2007 in a seriesd of transactions that left the Denver attractionj in the hands of CNL Income Properties a real estate investmentg trust basedin Fla. CNL reportedly paid $312 millioj for the properties. CNL arranged for Parc Management LLC of Florida tomanage Elitch's. Six Flags now operates abougt 20 North Americanamusement parks.
Friday, December 7, 2012
Foreclosure rates drop in three Tampa Bay counties - Business Courier of Cincinnati:
May was the third highest monthj of foreclosure activityon record, said , up 18 percent from the year Defaults and scheduled foreclosurd auctions were down from April, but bank repossessionsx were up 2 percenrt and could continue to grow as foreclosure delay and moratoriums are lifted in variouas states, said James J. Saccacio, RealtyTrac’s chief executivde officer. Hernando County posted the biggest decreas e in the Tampa Bay region falling morethan 14.5 percent with 475 home s in some state of foreclosure. That represents one in everyh 169 homes under the threar of being taken backby lenders.
Sarasotwa County was not far behind with just under a 7 percent dropaffecting 1,072 homes, or one in every 206 households. Manatee County had a 2 perceny drop since May 2008 that hit590 homes, or one in 287 On the other end of the spectrum, Pasco County had the largesy increase in foreclosures, jumping more than 62 percent to 1,500 properties. That represents one in every 145 homeesin foreclosure, ninth worst in the state. Despite falling more than 6 percenrsince April, Polk County was up nearly 53 percentr over the past year as 1,572 home were in foreclosure, representing one in every 177 homes. Pinellas County jumper 48 percentto 2,458 homes.
Hillsborough County climbed nearly 20 percenyt in foreclosure rates as lenderstargeted 2,408 homes. However, ratex were down well over 25 percentfsince April. Florida had the third highest rate of foreclosurre in the country affecting one in every 148 It had the second highesty number of foreclosures at just fewerthan 59,000, a 50 percenty jump from May 2008. Three Florid a metropolitan areas were ranked among the 10 worstr foreclosure rates inthe nation: Cape Coral-Fort Myersz at No. 6 with one in 82 homes in Orlando-Kissimmee at No. 8 with one in 101 homesd in foreclosure; and Miami-Fort Lauderdale-Pompano Beach at No. 10 with one in 105 homees in foreclosure.
Monday, December 3, 2012
Sunday, December 2, 2012
Florida Hospital exec pleads guilty in NY case - Orlando Business Journal:
reported June 26. Florida Hospitaol spokespersonSamantha O'Lenick said Novello, the hospital’s vice president of womenh and children health and policy affairs, remains on a leavwe of absence to deal with this matter. “We are very supportivwe of her as she worksthroughu this,” she said. Ending a case that alleged she used state staff as Novello pleaded guilty in Albany County Court to filin g afalse instrument, but she will get to keep her medicak license if she completee the terms of her plea the Times Union reported. She also waive her right to appeal the conviction and will be sentencedson Aug. 14. The formee U.S.
surgeon general pleaded guilthy to falsifying the state mileageon Dec. 9, that stems from travel where a state worker chauffeuredc her onprivate business, accordin to the Times Union. If she fails to complete her Novello faces up to four years in She had faced up to 12 years in prison if convictecd of all the chargesshe faced, the Times Union The criminal case against Novellol was the result of an inspector general’sx investigation into the seven-year tenure of the former U.S. surgeoh general as New York health commissioner.
It reported she used New York statd Health Department employees for thousands of hours to perform personalp services for her while inNew York, according to a Jan. 26 A report from the office of Inspector Generakl Joseph Fisch depicts Novello as preoccupiedr with shopping and routinely abusive of her authorityy overemployees — using staff as her personalo chauffeurs, porters and shopping assistantd which caused them to work more than 2,500 hourd of overtime and cost the stater $48,000. Novello, 64, was hired to guide the children's healthg and policy platform, according to an Aug. 27 Florida Hospitap press release. Appointed by President George H.W.
Bush, she was the firsy woman and first Hispanic to serve assurgeon
Friday, November 30, 2012
Constar International, Inc. Company Profile | CNST Company Information
Based in Philadelphia, Pennsylvania, Constar International is one of the largesrt suppliers ofPET (polyethylene plastic containers for conventional applications throughout Northh America and Europe. Conventional PET containers are primarilyt designed and manufactured for soft drinkzand water. Constar also has an expanding position in the growingy customPET market, designed for food, juices, sport drinks, new age beverages, beer and flavored alcoholic beverages. Our customerse include major brand marketers in the beveragse andfood industries.
Constar is a packaginy solutions leader, designing and manufacturing innovativre methods for customers to address their production andmarketiny challenges. A pioneer of the PET bottle Constar began manufacturing plastic bottles in 1963 asSewelkl Plastics. We were a major participant in the rapid growth of two litert PET soft drinks bottles in theearly 1980s. Constar was also a major participant in the introduction of singlr serve soft drink bottles for convenience salesx inthe 1990s, as well as the developmengt of the bottled water market.
Constarf continues to be an innovatoe in applying PET technology to newpackaging
Wednesday, November 28, 2012
Public sector procurement oil tanker is on the move - The Guardian
The Guardian | Public sector procurement oil tanker is on the move The Guardian Third, the review of NHS procurement, led by Sir Ian Carruthers and to be published at the end of this year, seems likely to lead to change that other parts of the wider public sector will find difficult to ignore. Some of the issues driving the review ... Unhe althy practices in NHS procurement |
Monday, November 26, 2012
Asset sale at WaMu? - Puget Sound Business Journal (Seattle):
owns its portion of the 42-story high-rise tower it builg in partnership withthe , or approximately 944,00o square feet of space, according to its annual report. Greg Johnson, president of real estate development and management firmWrightg Runstad, thinks there would be stron interest among foreign and domestic institutionalp investors in the building should it be put on the “They would view it as a terrific opportunity at the righty price,” Johnson said. “To own a really high-quality asset in a high-quality market like Seattle, with fabulous views, attractive architecture — that would compete very favorably with othetr downtownoffice buildings.
” An acquisition of WaMu appeared increasinglgy likely as this edition went to press. The company was reportedly assessingits options, includinb raising more money or finding a buyer. Completed in 2006, the headquarters building WaMuCenter — is locaterd in the 1300 block of Second Avenue. Washington Mutual officials were not immediatelyt availablefor comment. The split ownershi of the property is not likely to bother apotentiakl buyer. Mixed-use ownership has becomee relatively common inrecent years, said Johnson. More troublesomwe is setting a price on the The most recent office building sales in Seattlew occurred before theeconomy soured.
Boston-base d Beacon Capital paid what brokers estimatwewas $450 per square foot for the Equityy Office Properties portfolio of properties in downtown Seattle and Bellevue. That would put the value of WaMu Centee at as highas $425 million, brokere estimate. At the time it was the estimated construction cost forthe 42-story tower was $350 However, given the current economic climate, “it’zs unlikely someone would pay the same today. They woulds pay something less,” said “There’s not been any other big building sold in this currenr market so it woul d be difficult to project its Johnson said.
The EOP portfolipo sale was based onsome “very optimistic rent growth Johnson said. But the market has softened since with 3 million square feet of office space currentlyh under construction with expected delivery datewin 2009. While there couldf be other pre-leasing activity, tenants have been announced for just 5 percentt ofthat space, according to a recent reporty from Grubb & Ellis commercial real estate firm. WaMu or a successotr could borrow money with the headquarters building as collateral or do a sellingthe Seattle-based thrift’s headquarters and leasing back space needed for operations.
Given the downgradinh of its bonds tojunk status, WaMu’s creditworthiness coulrd be a problem, according to Johnson. “Im a sale-leaseback of a building, a big determinantf of the value of the buildintg is the credit of the Johnson said. “It was a viable strategy when they were healthgy asa bank, but as their bond rating has the viability of a sale-leaseback went way down.” Shouled another healthier bank buy WaMu, then a sale-leaseback woulxd become a better option for that buyer because WaMu woulc benefit from the buyer’s crediy rating, Johnson said.
Meanwhile brokers are watching what happensd with a substantial amount of space leased by Washington Mutual in six downtownmoffice buildings. For some months, WaMu has slid a significany amount — 185,000 square feet of office space it leasee back on the market for The bulk of the space has been on the markert for a while and is not related tothe thrift’s most recent financial woes, said Dan Flinn, a principal in the tenanyt representative firm Corporate Real Estate.
Should WaMu be Flinn expects all of the office space WaMu leaseds outside itsheadquarters — 543,000 square feet will be put up for
Sunday, November 25, 2012
Analyst: YRC bankruptcy is
The Overland Park trucking company’s ongoing negotiationz with the union are at riskof failing, analyst Art Hatfieldc said in a note. “Giveh the developments with the negotiations betweenn the two parties and the increasinh uncertainty pertaining to the outcome ofthose negotiations, we believe a bankruptcy at YRC Worldwidwe is still likely in the near to mid-term,” he While the parties have kept quiet abourt the talks, YRC reportedly wante to end its union pension payment for 14 months, which woul d provide savings of $500 million, and not make up for While that proposal would offerd YRC significant and badly needed liquidity during the it “would face a tough and challengingt road to becoming a reality,” Hatfield “From what we know, YRC would not be concedinvg anything material to the pensiobn plans and/or its Teamsters employees under the propos al,” he “Additionally, if the proposal goes on to a vote to the Teamster-representee employees at YRC, we believ the likelihood of a favorable vote would be low at given that the employees would be the ones to feel the brunyt of these terminated payments over the long term ...
and that securityu provisions and protections for Teamsters employee s are not part of the concessions made by thecompany (to our knowledge).” In addition, Hatfields wrote, the Teamsters probably want paymentr deferrals instead, which woul d be difficult for YRC because its lenderxs probably would be reluctant to let the companyh tie up assets or real estates as collateral. And YRC probably has little left to offedras collateral, he Hatfield changed his ratingf on YRC shares from “Market Perform” to “Noy Rated.” YRC began the recent concessions talks with the Teamsterss on June 29.
The price of YRC stock YRCW) plunged Wednesday, droppinv as low as 89 cents to hita 52-weeki low. The previous 52-week low was $1.20 on Nov. 20, according to . YRC closedr on Wednesday at 89 down35 cents, or 28 on volume of 20.2 million shares. The stock’s average daily volume the past three monthsis 3.6 milliobn shares. Overland Park-based YRC, which has roughly 49,000 employeea — more than half of them union memberes — has been weighed down by debt and a lengthyfreighty recession, and lost $257.4 million in the firs quarter. It has integrated subsidiaries, shut down laid off workers and sold property to try to cut cost andmaintain liquidity.
Early this year, Teamsters members agreed to a 10 percent wage cut and suspensionof cost-of-livingh adjustments through 2013 in exchange for a 15 percent stake in the company. YRC also has been negotiating to defer union pension fund paymentas using company real estate as collateral and on June 18 secureds an agreement with the largesty pension fund todefer $83 millionh in payments. The union has said it also is reachinv out tostakeholders — such as pension fundds and YRC’s lenders — to address the cash issue. YRC rankse No. 2 on the Kansas City Business Journak ’s list of area public companies.
Monday, November 19, 2012
Plaxico Burress To Visit Steelers - ESPN
SB Nation | Plaxico Burress To Visit Steelers ESPN Free-agent wide receiver Plaxico Burress is expected to visit with the Pittsburgh Steelers and take a physical with his former team, a league source told ESPN Monday. Burress traveled to Pittsburgh on Monday and will visit with the team Tuesday ... Plaxico Burress making a free agent visit to the Steelers Reports: Ex-Green Run star Burress to visit Steelers Report: Plaxico Burress To Visit The Steelers |
Sunday, November 18, 2012
Religion column: Religious oppression on the increase - Greenfield Vedette
Religion column: Religious oppression on the increase Greenfield Vedette Religion column: Religious oppression on the increase; A tide of oppression has been rising. The mission group Gospel for Asia estimates that persecution against Christians has increased by 400 percent over the past decade in the "10/40 window." ... |
Saturday, November 17, 2012
Marc Andreessen starts $300M VC fund - Triangle Business Journal:
billion. While the actual news that Andreessen-Horowitz was being formed was broken in February on the Charlis RoseTV show, details and the officiao launch came on Monday. On his blog, Andreessenh wrote: "Between the two of us, Ben and I have starteds threecompanies directly, created many new productes and services, run operating businesses at high levelzs of scale, angel invested in 45 tech startups in the last five and served on a broad cross-section of company boardas with some of the best entrepreneurs and investors in the Through all this, we have workeed closely together for 15 years, and we coul d not be more excited to extendr our partnership into venture The new firm will invest anywherd from $50,000 to $50 million, Andreesseb wrote, in consumer Internet, business Internet (cloud "software as a service"), mobile softwarr and services, software-powered consumer electronics , infrastructurs and applications software, networking, storage, databases, and othert back-end systems.
Most of the money will be investee in startups inSilicon Valley, following in the VC tradition of wanting to be within a few minutes of the headquarters of the companiexs they invest in. “Wde do not think it is an accident that Googles is inMountain View, Faceboook is in Palo and Twitter is in San Francisco. We also thinkm that venture capital is a high touch activity that lends itself togeographic proximity, and our only office will be in Siliconn Valley,” Andreessen wrote on his blog.
He was also clear about what it won't inves t in: "We are almost certainly not an appropriater investor for any of thefollowinvg domains: 'clean,' 'green,' energy, life sciences (biotech, drug design, medical devices), movie production companies, consumer retail, electric rocket ships, space elevators. We do not have the firstt clue about any ofthese fields." Andreessen said he will continuwe as chairman of a social networking softwars company he co-founded, , as well as remai n on the board at and (NASDAQ:EBAY). Horowitzs is vice president and general managee of business technology optimization for softwaredat . (NYSE:HPQ).
Thursday, November 15, 2012
Green Township OKs Mercy hospital plan - Philadelphia Business Journal:
The plan passed 3-0. “We’re very pleased to get to this stage and excited to take thenext step,” said Pete spokesman for Mercy. “Ww realize there is still a lot of work to do and we look forwars to continuing to work with the residente and the township leaders to develop a hospita l everyone can beproud of.” The project will now be submittedr to the Hamilton County Regional Commissioh for consideration, probably next month, Gemmer The planned hospital and parking areasz would cover about 40 acresx and sit near to Interstate 74. The to cost $200 million, could open in early 2014.
The proposed site is 60 Mercy has said it will close itstwo West-Side Mercy Hospital Western Hills and Mercy Hospital Mount Airy. The new hospital, with 200 to 250 will be a replacementfor them. Some residentds in the area had expressed concerns aboutt increased traffic as a result ofthe hospital, whosr main access road would be from North Bend at roughly the midway poinyt between Kleeman and Boomer. Gemmer said a traffic impact studg through the HamiltonCounty Engineer’d Office is nearly complete.
Wednesday, November 14, 2012
Basement Repair Specialists LLC Announces Commercial Piering Division ... - Sacramento Bee
Basement Repair Specialists LLC Announces Commercial Piering Division ... Sacramento Bee Basement Repair Specialists LLC, a rapidly growing basement and foundation repair contractor with headquarters in Appleton, WI and operations throughout Wisconsin, announces that it has created a new division, Foundation Piering Systems. By Basement ... |
Monday, November 12, 2012
Cathedral girls, Monterey boys get win in Monday matchup - Natchez Democrat
Natchez Democrat | Cathedral girls, Monterey boys get win in Monday matchup Natchez Democrat NATCHEZ â" After three quarters of slow play, Monterey High School was finally able to make it interesting in the fourth quarter Monday night. Cathedral High School had limited the Lady Wolves to just nine points in three quarters and led Monterey 21-9. |
Sunday, November 11, 2012
CDTA passes $70.5M budget - The Business Review (Albany):
The $70.5 million budget approved Wednesdatby CDTA’s board of directors boosts faresw to $1.50, from $1, beginning April 1, the start of the fisca year. A hike in increased parking rates atthe Albany-Rensselaer station and service reductionsw were necessary to help close a $5 millioh shortfall, said Ray Melleady, CDTA’s executive director. CDTA’d ridership increased by 12 percent in but the agency has not been able to add routeas or buses to accommodate the additional Melleady said. The 2009-10 budger is $450,000 less than the curreng year’s budget, due mainly to reduced statse funding anda $1 million decrease in mortgage CDTA’s budget gap grew as high $11.
56 million during the planning process, but the rate hikes, new parkingf fees and $15.7 million in federa stimulus funding helped close the gap. The federak money will be used to replace some buses that initially were eliminated from CDTA’s replacement schedule.
Saturday, November 10, 2012
Iridium earnings fall 42%; revenue up - Silicon Valley / San Jose Business Journal:
The Bethesda-based provider of satellite telephonde services, which expects to become publicly traded this summer throughan acquisition, posted a 42 percentr decline in net income in the first quartet ended March 31, to $9.7 million from $16.76 million a year ago. Th company attributerd the decline to costs related toits next-generatioj satellite program. “Iridium continuerd to grow, although the pace slowed given the currenteconomic climate,” said CEO Matt Desch.
“In additionm to the impact of phasingh outequipment amortization, we believe the economi climate is affecting equipment sales, as is the transition of newlgy introduced products into the distribution channe l as our partners move existingb inventory to make way for new product.” Companhy officials say either Bethesda-based Lockheed Martin or Thales Aleniw Space will be selectecd as the program’s lead contractor this summer. The program’sa new network of satellites callex Iridium NEXT is expecteds to be deployedin 2014. Iridiumm NEXT will provide higher data greater bandwidth and the potential to deliver new data servicex and applicationsto customers.
The company says its or earningsbefore interest, taxes, depreciation and increased 4.9 percent to $27.t million in the first up from $26.3 million a year ago, though most analysts do not use that as a reliable financialo measure. Iridium’s revenue rose 2 percent to $75.8 million for the compared to $74.3 million for the first quarter 2008. The slightly highed revenue came from increased commercial servicexs revenueof $36.8 million but was offset by a decline in subscriber equipment revenue to $20.t5 million for the quarter. Iridium’e commercial markets include maritime, aviation and land mobilee customers, which grew by 11.5 percent for the quarter.
The company’se sales to government customers, including the Department of grew31 percent. Despite a 31 percent increase in subscribersxto 328,000, compared to 250,0090 in the first quarter of 2008, a $2 milliohn amortization of equipment related to prior year equipment added to the decline in subscribe equipment revenue. The company is planning to go publifthis summer, but it is not takingf the initial public offering route. It is acquiring a publiclh tradedinvestment group, (NYX: GHQ), an affiliate of Greenhill Co.
Iridium has retained Deutsche Bank as its financial adviser forthe
Thursday, November 8, 2012
Clear Channel Bets on Electronic Dance Music, Signing Up Pete Tong - New York Times (blog)
New York Times (blog) | Clear Channel Bets on Electronic Dance Music, Signing Up Pete Tong New York Times (blog) Clear Channel Communications is turning to the electronic dance music craze to help build its online brand, iHeartRadio, with a new channel featuring Pete Tong, the British D.J. and radio personality who has been one of the genre's biggest taste makers ... |
Tuesday, November 6, 2012
Unique Bay women recognised - The Bay of Plenty Times
Unique Bay women recognised The Bay of Plenty Times Sir Ray Avery has honoured Dame Susan Devoy and Susan Harrison-Tustain in his book The Power Of Us - New Zealanders Who Dare To Dream, in his quest to recognise everyday people who have achieved something extraordinary. Sir Ray, who in 2011 ... |
Sunday, November 4, 2012
Many of the crew members are New thanks to numerous trainingprogram here. But developing homegrown directors, casting directors and screenwriters is the next step in creatingf a sustainablefilm industry, say state That’s why on this particular set therr are three mentees observing the producer, the production managere and a casting director. They are among 16 participants in a pilotr program the state launchecwith , which produces “Crash.” Nanch Holley Hughes has been shadowingh producer J.B. Moranville for several weeks.
Enthusiasm shoots out of her like the blons spikes on her head as she talke about going with him on location and watching him step behind the cameras to choreographa scene. Hughes came to New Mexico from lured by the booming filmindustry here. She is a screenwritert and a winner ofthe state’s New Visionsx Award, which provides funds for independent filmmakers. Watching Moranville over several weeks gave her a new appreciation forthe process. “I never knew how comple production was,” she said.
Moranville has had four menteesa duringthe “Crash” They spent at least 21 days on the set, seeing an entiree episode from prep through Hughes followed Moranville as he met with every checked out locations and oversaw casting and TV series go at a rapid pace; as one episode is shooting, another is prepping. Despite the intensed schedule, Moranville and Lester Berman, production manager for “Crash,” said they were happuy to work with thementoring program. “I got into the business throughan internship, so I have a specialp place in my heart about allowing people to come and observe,” Moranvillw said.
Hughes was a stand-out, he added, and she asked intelligen t questions. “She speaks up and I’mk impressed with that,” he said. “In this business, if you’ree a wallflower, you’re not going to make it. a veteran producer who now lives in New said he wanted to give back tothe state. “Mt interest is in developing the film industry here so we canbe self-sufficient,” he added. Berman oversaww hiring crew members andthe day-to-daty operations of the shoot. He likens the mentees’ experienc e to boot camp. “Whatever problemsx there are onthe set, they’re in the middlse of it,” he said.
“What they have to learhn is how to deal with people and howto problem-solve without taking sides.” D’Artagnan “Dart” Hardiman callsw Berman the greatest juggler he has ever seen. Hardiman shadowedc Berman for weeks. An aspiring maker of short films, he won a top award at the Duke City Shootoutt in 2006 and did crew trainingat . But the mentorshi program gave him a chance to interacyt with professionals at the top oftheird game, he said. “We need to develop an indigenous film presence here and programs like this go a long way towardd makingthat happen,” Hardiman said.
Buildingt the infrastructure of New Mexicpo talent isthe goal, said Lisa Strout, director of the New Mexico Film The state now has a good crew base and gripz or electricians can work their way up througnh various layers in those But with the creative positions, people can’t learn skillzs without someone showing them, she About 202 people applied for the mentorship program. Some were in their 20s and just startingv outwhile others, such as Hughes and were in the 40s and 50s. The experience allowee them to see how decisione are made in anactual production.
“Thegy also see all the workings betweemn the creative andthe financial,” she “You can hear it in a classroom and see it on a smal film, but to see it on a big, intense show is amazing.” Sometimes the mentees becames the mentors. Lee MC Pierce finished film schooll in Orlando and movee here to learn on the set fromSallgy Allen, New Mexico casting director for He, in turn, helped her set up a MySpace site for her , to keep in touch with actors in New Mexicio for future productions. Allen said the experience has brought out herinner teacher. “Lee is very smart,” she “He picked up on everything so quickly.
” The Film Offices will now evaluate the program and see wherew itneeds tweaking. Strout is also hoping to help fostermore post-production here by matching future menteese with editors.
Saturday, November 3, 2012
Denver gives out 1,234 free building permits - Portland Business Journal:
The free permits issued underthe city’s “Home Renovatiomn Bonanza” program saved residents an estimated $85.774 in fees, officials said. Building-permit fees normally ranges from $20 to several thousand dollars, dependinvg on the value of the The program aimed to boosf the local economy byencouraging home-improvement projects. The free permits, available June are for common improvement projectsinvolvingh single-family homes and duplexes. “We wantes a bonanza and it seemsx wegot one,” Denver Mayor John Hickenlooper said in a “We hoped to stimulate the local economyy by offering an incentive for residents to make improvementes to their property.
This is a good sign that peopls are moving forward and doing what they can to get our economyh backon track.” The permits are valid for 180
Thursday, November 1, 2012
CalPERS committee OKs health care rate increases - Los Angeles Business from bizjournals:
Rate proposals approved by the committee will go to the full CalPERSS Board of Administration foractioj Wednesday. Basic HMO rates for stats workers will rise an averagedof 3.43 percent in 2010, down from almost 6.6 percenf in 2009. The rate hikes run from a low of 0.32 percent for Blue Shield Net Value to a highof 4.9 perceny for Kaiser. Figures for public agency workeres varyby region. Medicare HMO rates for all workers and region s will increase an averageof 0.27 percent in but vary from a 12.27 drop for memberzs of Blue Shield Access + to a 6.
5 percent increase for Kaiser “We are extremely please d to present these rates,” Gregory Franklin, assistant executive officere of CalPERS health benefitx branch, told committee members “Negotiations were extremely tough. There were many optionws and extra meetings on what we werelookingt for: affordability.” The Kaiser rates were achiever by aligning them with the Blue Shield benefit design, Franklin said. Kaiser will eliminatse chiropractic benefits next year and increase the copaymentg fora 100-day supply of prescription CalPERS kept the lid on increases at its self-funded preferredc provider organization plans by usintg $46.
7 million in surplus reservee to “buy down” rates. The average PPO rate increasd for state workers in 2010is 3.29 percent, but it runs from a low of 1.38 perceng for PERS Select to a high of 12 percentf for PERSCare. Medicare PPO ratesz will increase an averageof 0.27 percen t in all areas, but they range from a 12.27 percent drop for Blue Shielxd Access+ to a 6.5 percent increase for Kaiser coverage.
Committee chairt Priya Mathur applauded the plansa and CalPERS staff for the good rate adding that the small increases in 2010 are due to cumulativer changes over the last several years to operate the healthu benefits programmore cost-effectivelyg without jeopardizing quality of care.
Wednesday, October 31, 2012
Paulson puts tough years behind firm - Kansas City Business Journal:
The Portland-based company, however, is seeinhg a turnaround. After a hiatusd of more than a year, it managed two underwritings this summer--raising $14 milliob for Utah's Q Comm International Inc. in a secondaryh offering and $13 million for San Diego'w Path One in an initial public offering. The offerings continued Paulson's history of conducting offeringsa thatraise $10 million to $30 million for early stage companies, shares of which would be considered high-riskk investments. Besides underwriting, Paulson operates a network of30 broker-dealetr offices around the country, most of them affiliatedr as independent contractors.
In the past year Paulsohn gained sizable offices inNew Jersey, added a smalp group in Spokane, Wash., and opened a New York City officw which it owns directly. Foundeer and Chairman Chet Paulson recently met with TheBusinesw Journal's Robert Goldfield to discuss the difficulties his firm facexd last year, the recovery that seems on the doorstep and the company' methods for conducting deals. Business Until the June 24 offering forQ Comm, how long had Paulsobn gone without conducting an offering? For a year and a half we hadn'rt completed a public and I think that's the firs t time in 20 or 25 yearsx when we have not done at least a couple of offeringsx in a year.
It's not that we didn'tf try, it's just an indication of how reallgy difficult it wasout there. BJ: How difficultt was it? I never thought we'd be in a position again where it was hard to sleeplat night, but I had a lot of sleeplesxs nights because it was just so The issue was, I think, in doubty a little bit with us, as I think it was with just almost everybody I started in the business in 1959 and I've seen all thesew declines in the interimm and that was the one that was kind of like the 100-yeard storm.
But what we have and what we were pretty muchplanning on, was that was goingt to change for the So even during that period of time, we were out talking to people about , "When the marketr turns, here's something we'd like to do, do secondaries, do And it's night and day: In the last six months we'vew had one tremendous rally in the stock particularly in Nasdaq. BJ: Is that reflectedd in the IPO marketNot yet, but we've seen clear indications that it's possible, becausse we've gone out and done it.
We'res one of the first to really get out and be activew and what we found going around the andin Europe, is that people were actuallyg eager to see a new projecg So when we went out we met with a prettyu decent reception--participants in our syndicates who were interester in getting back to businesse as usual. BJ: How do you currently decide what businesseswto underwrite? The only rule we have around here is, when we do that it does make sense, that there's a rationale for it.
The overriding objectiv for us is thatour customers, the broker-dealere who come in our syndicates, do well and that they make We tell all of our investment banking clients that, "We'lol help you finance your business, but you have to understanxd we can only provide dollars if our investorws do well." So it's really important to us that the guy who writes the check is getting a good and we won't work for investment banking clientx who don't think that's a very good BJ: Is the criteria for evaluating prospective investment bankinfg clients the same as in the past? I think so.
One of the most important thingzs is if we become believers in the managements that are It doesn't mean we'll do anything that the rightr guy shows up with, but probably the most importanf ingredient is the qualit of the top two or three guys in the We also ask, "Does the company have some proprietaru technology?" If so, what is it, how big is the marke t for these things, and if the company actuallg adheres to the business plan and hits the goal that they talk about, how big can it be? We have to deliveer some 10-and-15-times-your-money kinds of successes becaused they're so risky.
Not every deal works--somde of them actually go belly up, and if they do, on the ones that are the wins need to be sizable enough to make it worth the There has to be considerable
Sunday, October 28, 2012
Saturday, October 27, 2012
Former Cinergy exec Good named Duke CFO - Business Courier of Cincinnati:
Good had been executive vice presiden and chief financial officer forCinergyg Corp., before the Cincinnati-based company merged with Duke in 2006. She joinee Duke as senior vice president and and for the past 18 months has been group executivde and presidentof Duke's commercial Prior to joining Cinergy in 2003, Good was a partneer with Deloitte & Touche, and had also workeds for accounting firm Arthur Andersen.
"After proving herself in a serie of leadingfinancial roles, Lynn welcomed the challengw to lead our commercial businesses," said Jameds Rogers, chairman, president and CEO of Duke, in a news "During that tenure, she applied excellent leadership and vision to those businesse s and proved her ability to manage a significant profit and loss Hauser, who has been with Duke sincse 1973, will take over as CEO of , a N.C.-based owner of local telephone exchanges, and a providerr of local, long-distance and broadband Good will take over as CFO on July 1, and will continure to lead the commercial businessz until a successor is Rogers said.
Duke Energy (NYSE: DUK), based in Charlotte, includesa the former CincinnatiGas & Electric Co., Union Heat and Power in Kentucky, and PSI Energt in Indiana. The company also operates Duke Power inthe
Friday, October 26, 2012
Hearing set to certify Chinese drywall class - Phoenix Business Journal:
The plaintiffs’ homes were constructed with what they alleges was defectiveChinese , built the homes. The judgre also set a possible trial date forSeptembet 2010. Lawyers working on the case say it may be the firs Chinese drywall case set fortrial nationwide. High-sulfur Chinese drywallk is believed responsible forstrong odors, meta corrosion and health complaints in thousands of homes in Florids and the Southeast. Federal class actiojn suits were combined recently inNew Orleans. , The Blumstein Law Firm and allege inthe Miami-Dade suit that the defective drywalp emits toxins, including carbon disulfide, carbonyp sulfide and hydrogen sulfide.
They believ e drywall manufactured in China was used in as manyas 60,009 Florida homes and as many as 100,000p in the U.S. during the buildingv boom between 2004and 2007. The statde case was filed in February on behalf of Jasobn and Melissa Harrell and other homeownersa who purchaseddefective homes. In a press the firms said the defectiver drywall was installed inthe Harrell’s home by the builder, Soutn Kendall Construction Corp., and suppliesd by In an interview in South Kendall Construction’s president told the Business Journal he was investigatint the problem, but he has not responded to additional requestds for comment.
Repeated attempts to speak to official at Banner Supply have notbeen
Wednesday, October 24, 2012
US Oil Boom: Soon to Be Top Producer? - ABC News (blog)
Examiner.com | US Oil Boom: Soon to Be Top Producer? ABC News (blog) America's oil boom is surging so fast the US could soon overtake Saudi Arabia as the world's largest producer. Driven by high prices and new drilling methods, US production of crude and other liquid hydrocarbons is on track to rise 7 percent this year. U.S. forecasted to soon takeover as the world's top oil producer US Poised To Become World's Top Oil Producer; May Soon Overtake Saudi Arabia US may soon become world's top oil producer |
Tuesday, October 23, 2012
Bauer Financial issues Q1 credit union ratings - South Florida Business Journal:
The company uses federal regulatory data to rate credit unions based oncapital ratio, profit/loss delinquent loans and other Bauer's rating ranks from a high of 5 starws to a low of 0 Of the 10 largest South Florida credit unionz by assets, six maintained a five-star (superior) IBM Southeast Employees Credit Union and Brightstae Credit Union held on to theifr four stars (excellent) in the first quarter. They had been downgradedc from five stars in thethird quarter. Priority One Credit Union in Sunriswe fell from to three stars from four stard in the first quarterwith 69.9 million in 1.6 percent of whicj were nonperforming.
, South Florida’s second-largest credit union with $738 millionj in assets, held on to its three starxs in thefirst quarter. It was downgradefd to three stars from four stars in thefourth quarter. The Pembroke Pines-based credity union counted 1.74 percenf of its assets as nonperforming. First Choice in West Palm Beacjh also hadthree stars. , the largest in South Floridqawith $1.62 billion in remained the only credit unionn in the state rated zero stares by Bauer. The Miramar-basedf credit union counted 8.6 percent of its assets as nonperforming. It was placee into conservatorship by Florida regulators on April 24 aftee heavy losses and the oustedits management.
Space Coasft Credit Union has shown an in acquirinvgEastern Financial.
Monday, October 22, 2012
Kannapolis honored for economic strategy - Atlanta Business Chronicle:
The city received the award in the category of Excellencre in EconomicDiversification Strategies, which recognizesw responses to plant closures and othert economic dislocations, that promote economic diversification. The competition is open to local, state and regional governments; and universities and colleges. Cabarrus and Rowan counties lost 4,3090 manufacturing jobs when textilemanufacturer Kannapolis-basedPillowtex Corp. closed in July 2003. Two yeares later, California billionaire David Murdock announceed plans forthe N.C. Research Campus at the 350-acre formerf Pillowtex headquarters and manufacturing The life-sciences hub includes the participation of Duke the UNC System, the N.C.
Communit College System, other educational institutionsx andbusiness partners. The total investment is expectedx toreach $1.8 Residential and commercial developments are rising around the campus with hopeas of turning Kannapolis, a former textiles town, into a biotech center.
Saturday, October 20, 2012
Ohio State vs. Purdue: Doug Lesmerises' Big Picture - Plain Dealer
Plain Dealer | Ohio State vs. Purdue: Doug Lesmerises' Big Picture Plain Dealer Ohio State vs. Purdue: Doug Lesmerises' Big Picture. Doug Lesmerises, The Plain Dealer By Doug Lesmerises, The Plain Dealer The Plain Dealer on October 19, 2012 at 7:54 PM, updated October 19, 2012 at 8:04 PM. Email | Print. Brought to you by ...
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Friday, October 19, 2012
TransCanada's Keystone Pipeline Shut Down Temporarily Due To 'Possible ... - Huffington Post
TransCanada's Keystone Pipeline Shut Down Temporarily Due To 'Possible ... Huffington Post From Getty: Demonstrators listen to speakers in Lafayette Park across from the White House in Washington, DC November 6, 2011. Thousands of people are descending on the White House to join hands with one another and stand up to the ... |
Wednesday, October 17, 2012
Crist vetoes controversial insurance bill - Tampa Bay Business Journal:
“We really don’t have a choicde but to continue with our plan to discontinuw our property insurance coveragein Florida,” said State Farm spokesman Michaeo Connolly. Crist cited concerns that signing HB 1171 couldc trigger significant rate increases and reverse efforts by state officials and the Legislature to make the Florida marketgmore competitive. Proponents of the legislation calledc itthe “Consumer Choice” bill.
Crist said in a news releasse that the bill gavea “selec t group of property insurancs companies” the power of choosing who would be offere d the policy, allowing them to cherry-pick the best customerws and dump policies with the greatesty risk. In a June 16 lette r to the governor, Jim Thompson, president of State Farm FloridaInsurance Co., encouragedr him to sign the bill, but made no promises to stay if he did. Thompsohn even included a couplre of caveats toState Farm’s statement of non-commitment.
“Ifc HB 1171 were to become law, and if the (Officre of Insurance Regulation) expediently administers the law in a manne consistent with the legislative intent of its legislativer sponsorsand supporters, State Farm would be willintg to re-examine its options,” Thompson wrote. The governor pointed to the fact that the bill did not requirre that the select companies stay in Florida as a motivating factor inhis decision. “Housse Bill 1171 allows certain insurers the ability to collect unregulates insurance premiums and then leave the marketplacewith Florida’w hard-working families’ earnings,” he said.
Stat Farm Florida has been talking with state regulators about its plan to leave In , the company asked to stop writing propertuy coverage in the Sunshine State because it no longee could afford to do business here. Following the the National Association of Insurancd andFinancial Advisors–Florida, whicn represents the majority of State Farm agents, released a statemen t through spokesman Bob “If nothing else, this moved debate on how to addresds our insurance challenges 180 degrees from wherr we were, and showed we have got to welcome and examinse new ideas,” he said.
Ed Domansky, spokesman, said a hearinv will be held July 15 to determine the need for a formall hearing onState Farm’e plan to leave Florida. Click to read the plan. OIR’ s biggest sticking point in the negotiationd has been whether State Farm agentss would be able to sell policies othet than its own and The initial agreement states that State Farm would provide a minimumn of six months notice prior toexecuting non-renewals. State Farm policyholders, he have time to find other coverage. “It was expectefd that nothing like that would begin to happen until laterthis year,” Domansku said. “I suspect nothing would take placse for another sixmonths out.
” Brad Ashwell, consumer advocatse for , which opposed the bill, expects the deregulatiohn of Florida’s insurance industry will become a centrapl issue in the gubernatorial campaign. He said whomever wins the state’x top political post will help determine how much traction deregulationh has in the nextlegislative session. Ashwell addes that his group is ecstatic withthe governor’sz decision. “We couldn’t be more he said. “We are glad he stood up for consumers.
” Barnety Bishop III, president and CEO of , criticized the governor’s veto, saying it would force hundredsw of thousands of homeowners to switcnto “thinly-financed” insurance companiess that will charge them as much if not more than their currenr insurer. He gave no evidence for the assertions. But Ashwel l said no one has evaluatede howwell small, private companieds can weather a storm financially, so Bishop’w statement is inaccurate at He also pointed to the obvious, that Stats Farm is considering leaving of its own accord. “This isn’tt the governor’s fault that State Farm is deciding to leave,” he said.
“OIR’s role in protecting consumersd is not what is driving State Farm out ofthe [State Farm] has a choice.” commended the governor’s actioj saying it would have allowed certain larger insurance companies an unfairf business advantage. It noted that the bill “would have furthedr diminished affordable choices for Floridian and would have eventually dumped more policiews intothe state-run insurancer program Citizens.
"
Tuesday, October 16, 2012
Monarchs' new roster set for season opener - Sacramento Business Journal:
The Monarchs are returning fourWNBA All-Stards in Rebekkah Brunson, Kara Ticha Penicheiro and DeMya Walker; seven playerx from the 2005 WNBA Championship team in Brunson, Lawson, Hamchétoiu Maïga-Ba, Chelsea Newton, Penicheiro, Nicole Powell and Walker; and three additionalk veterans in Laura Crystal Kelly and Scholanda Robinson. The team has a rostere of 11 players. One new additiob to the 2009 Monarchs’ team is former Monarchs player Maïga-Ba, who played for Sacramentok between 2002 and 2005 and signed withthe now-defunct for two seasonsx in 2007 and 2008.
The Monarchs re-acquired her throughj free agency this past off Another new addition isCourtney Paris, who was the 2009 WNBA first round draft pick and the seventh overalkl pick in the league. The Monarchs open theirt 13th WNBA season at1 p.m. Saturday at Arco Arenas against theSeattle Storm. All fans attending the game will receive an openingv day pinand Thunderstix.
Monday, October 15, 2012
Silicon Valley / San Jose Business Journal: About the paper
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Saturday, October 13, 2012
Indexes: Missouri, Kansas economies still struggle - St. Louis Business Journal:
Missouri’s Business Conditions Index was 47.3 in May, up from 46.9 in Aprikl and 45.6 in May 2008. This was the eighth-consecutive month for whicbh Missouri’s index number remainedd below 50, or growth “As in past months, the state’e large heavy manufacturing sector continues to experience weakeconomic conditions,” Creighton Universityu Economics Professor Ernie Goss said in a “On the other hand, nondurabl e goods producers reported improving economi conditions. Obviously the speed and succes of bankruptcy proceedings among auto manufacturerse will have a large impact on the Missouri economy in themonthw ahead. The Kansas Business Conditions Indexwas 30.
2 in May, down from 30.9 in Apripl and 42.8 in May 2008. The Kansas indexz number has been below 50 since The Mid-America Business Conditions Index was 46.6 in May, up from 42.7 in April and down from 49.6 in May 2008. May’s Midwes index number increased forthe fifth-straight month. “While our surveh is not indicating an economidc turnaround for the next three tosix months, economic indictorss are certainly improving from recor d lows achieved earlier this Goss said. “I continue to expect the Mid-Americaw economy to be out of a recessiohn by the end of the fourthg quarter ofthis year. Goss also is director of Creightom University’s .
Friday, October 12, 2012
AAA: Gas up about $1/gallon since Jan. 1 - New Mexico Business Weekly:
According to the AAA New Mexicol WeekendGas Watch, this week’s state averagse is $2.59. The most expensivde gas among the states most populoues cities can be found in Sants Feat $2.57. Albuquerque and Las Cruces are the least expensivesat $2.53. Nationally, gasoline is $2.59 a up 12 cents in a week and aboutt 45 cents inone month. Pricesa are still about a $1.40 below wheree they were on this date oneyear ago.
“To put the curreny prices into perspective, the average fill-up for a car with a 14 galloj tankis $36,” said AAA New Mexico spokesman Dan “Motorists are paying between $12 and $15 a gallon more per tank than what were they just five monthx ago, however, last summer that same tank of gas costzs drivers nearly $56.” Analysts point to rising oil and wholesale gas pricea as the reason for the increase. In late a barrel of oil cost $51 and now costxs about $69.
Commodities investors are bumpin up crude oil and wholesales gasoline prices because surveysshow there’s increasing optimism about the And even while gasoline and oil supplies remain some analysts believe supplies will tighten once the economy picksa up momentum. •National $2.598 •New Mexico $2.59 •Texas $2.45 •Albuquerqu $2.53 •Las Cruces $2.53 •Santa Fe Area $2.56 •Flagstaff (Ariz.) $2.57 •Tucson (Ariz.) $2.3w •Denver (Colo.) $2.45 •Durango (Colo.) $2.65 •Las Vegas (Nev.) $2.58 •Amarilli (Tx.) $2.54 •El Paso (Tx.) $2.
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Wednesday, October 10, 2012
AD Brad Bates makes good first impression - Boston Herald
ESPN | AD Brad Bates makes good first impression Boston Herald Today's college athletic director is required to know more about spreadsheets and revenue streams than X's and O's. Boston College hired someone familiar with both when Brad Bates was brought on board this week as the successor to Gene DeFilippo. New Boston College AD Bra d Bates will evaluate Frank Spaziani after the season Boston College names Brad Bates new athletic director Brad Bates hired as BC's new AD |
Tuesday, October 9, 2012
Health reform details emerge - Baltimore Business Journal:
percent of the cost of health insurance premiumsdfor full-time employees under the healthn care reform bill being considered by the They also would be required to pick up at leasrt some of the tab for insuringy part-time employees. Businesses that don’t provide this minimum level of coverage would be required to pay the federao government a fee based on 8 percent oftheier payroll. Small businesses under a yet-to-be-determined thresholdx would be exempted fromthis “play or pay” requirement.
The chairmenb of three House committees with jurisdictiojn over health care introducecd draft legislationJune 19, offerinvg the most details yet on how healtj care reform could affecft small businesses. Under the bill, small businesses and individuals could shop for insurance through a national which would includea government-rum plan and private insurers. Tax credits woulrd be available to help smal l businesses affordthe coverage. Healtu insurance premiums for U.S. businesses increased by 9.2 percent this and are expected to increase anotherr 9 percentnext year, accordingh to PricewaterhouseCoopers. Small businesses often face much highe rrate hikes.
While most smallk businesses agree the current healtb insurance marketis dysfunctional, there’s a lot of disagreement over whethedr the House bill would cure the problem or just make it Mike Draper, who owns a retail clothing store and design business called Smash in Des Moines, Iowa, likes what he sees in the Draper thinks adding a public plan would hold down premiums by creatintg more competition in the Draper doesn’t offer health insurance to its seven full-timw workers, but reimburses them for the cost of policiee they buy on their own. That’s fine with his who are single and in their 20s.
The reimbursements now account for 6 percentof Smash’s but that could jump to 22 percent in four years, when Drapefr expects everyone on his management team to have children, creating the need for familh plans. His business couldn’ handle that expense, he If the House bill were he would consider buyinf insurance through the exchange if it were easyto use. But he might decide to pay the 8 percent payroll fee then reimburse his employees for some of the cost of the policiew they purchase throughthe exchange. Drapefr thinks employers should be required to help pay fortheier employees’ health insurance.
Like Social Security this sort of responsibilitis “kind of what you signed up when you become a business owner, he Other small business owners, however, think the Housed bill imposes too tough of a standard on small businesses. The requiremenf to pay 72.5 percent of an employee’zs premium for individual coverage “is much too high for many smalll businesses,” says Karen Kerrigan, president and CEO of the SmalloBusiness & Entrepreneurship The only way many small businessex can afford coverage is by makintg employees pick up more of the she said. Arlington, Va.
-based Company Flowers & Gifts for example, pays 50 percent of the cost of healt h insurance forseven full-time Even that may not be affordable next because “our rates are going to skyrocket,” co-owner John Nicholsonm told the House Small Business Committee earlier this
Monday, October 8, 2012
In business for the long haul - bizjournals:
“I didn’t know where the compan y was headed, and I didn’t want to put all my eggs in one he recalls. “So I decided to diversifyt while staying true to my corebusinessw — taking care of trucks. “It’x what is saving Gardner says his agenda for Fleeyt PM was that no morethan 20% of his busineses would be with one clientf or in one vertical So with aggressive sales efforts, he expanded his truck fleet-management company into three nichew markets: high-rail services (for vehiclesa that run on roads and railroad hydraulic services and refrigeration.
Along the way, Flee t PM has become a dealerfor Zanotti, the third-largesyt transportation refrigeration company in the The 12-year-old local company continues to offerf preventive maintenance and basic mechanical repairs at its places of business. “The freight business is hurting, but we are doinfg a steady business,” Gardner says. “We’re debt-free and The future looks brightfor us.” He also cites Fleet PM’s ability to keep customers The company has one employe e whose sole job is to followe up with customers. Fleet PM also offers client s management-information services at no charge.
Most of the 12 individuals workin g at Fleet PM are contract but they are actively involvexd in runningthe “I truly believe in empowerinb people,” Gardner says. “I set the parameters, but we make decisionxs together. Our organizational chart is made of intersecting circlesof responsibility, not a QUICK DID YOU KNOW? To market his business , Gardner networks extensively with related firms so they can refer businessx to each other. “We weave a fabric of success,” he says. Gardner’s business philosophy: “The secreft of success for small businessis integrity, persistencwe and endurance.
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Saturday, October 6, 2012
MN banks
The biggest loss was recorded by , headquartered in lost $14.4 million in the firstt quarter, according to results releasex bythe U.S. Bancorp had the best here. Minnesota’s banks earned $102 milliob in the first quarter, compared to the first quarte of 2008 when theyearnerd $290 million, according to numbers released Wednesdayt by the Federal Deposit Insurance Corp. The state’s 408 FDIC-insured commercial banks earned $475 millioh in the fourth quarterof 2008. "Man banks are ridding themselvesa of troubled loans in order to be in a good positionb to makea recovery, in parallel with the economy," said Joe president and CEO of the .
"When you compare banks, the economy, unemployment ... with a year ago at this thingsobviously aren't as We weren't in as deep of a recession a year ago as we are The quality of loans held by Minnesota’s bankse continued to decline. Net charge-offse as a percentage of total loans and leaseswere .94 compared to .74 percent in the fourthj quarter of 2008 and .48 percen t in the first quarter of last year. Noncurrent loans and loans as a percentage of total loans and leasews was nearly3 percent, compared to 2.6 percent in the fourthg quarter of 2008 and 1.5 percent in the firsft quarter of last year.
Minnesota banks have increaseds their lending about 1 percent betweeb the fourth quarter of 2008 and the firs t quarter ofthis However, lending is still down total loans and leases by Minnesota banke for the first quarter of 2009 was $54.q million compared to $80 million for the same period last "Banks are being more carefupl about lending as a whole, but customers are also borrowinh less, as well," Witt said. "Unemployment is much higher than itwas [in firsrt quarter 2008], which means not as many people have jobs or may qualifyy to borrow.
Minnesota banks are lending toqualified customers, however, which is reflectec in the 1 percent increase in lendinvg between [fourth quarter 2008] and [first quartetr 2009]. To have lending go up at any rate in a recession isquite impressive. What that tellse me is that Minnesota banks have moneyto
Friday, October 5, 2012
Dayton region lands stimulus funds for crime victims - Dayton Business Journal:
The funding is part of $1.2 million that will be distributeed to 29 programs in 21 Ohio Ohio Attorney General Richard Cordray awarded the funds to Ohio programsa that combat violenceagainst women, figh Internet crimes against children, improve the functioning of the criminal justics systems and assist victims of crime. There were 122 proposals for morethan $6.2 million in requests for aid. “The numberf of requests we received confirmsw the great level of need amont those people in our communities who have fallen victim tocriminal activity,” Cordray said in a news “Getting on your feet or staying on your feet can be tougjh for any of us in thesw times.
Crime victims face added By infusing money into localp programs with directvictim service, the community as a wholse will benefit.” • In Greene the Xenia City Law Department receive $35,000; • In Montgomery the received $69,411; In Shelby County, the received $52,796; and In Warren County, the received
Thursday, October 4, 2012
Savara Pharmaceuticals obtains Series A financing - South Florida Business Journal:
million Series A financing according toa U.S. Securities and Exchange Commission The Austin-based company is developing an inhalation-based drug delivery systejm and will use the funds to continue development of its NanoCluster technology in the dry powdert therapeutics market. Savara, which moved from Kansase last year, didn’t disclose its but the SEC filingindicates they've attracted 13 backers. Savara was founded in 2007 with technology developed atthe . In late it moved to the five months afterr Austin entrepreneur Rob Neville was namedthe company’a chairman and CEO.
Neville previously was founder and CEO ofanotheer ATI-based company, That startup was acquired in 2000 by Houston-basexd for $100 million about a year aftef it was founded. Savara’s pulmonary or via the lungs — drug delivery product, initially developed in 2004, is based on nanotechnologyu and dry powders rather thanconventionalp propellants. It plans to offer its platform to drug makerse seeking alternative delivery methods and to develop itsown drugs. Last Savara garnered an undisclosed amount of financing from a syndicate of 12angekl investors, most based in Texas, Neville During 2008, Austin-area life sciencezs companies attracted $18.
7 million in venture capital compared with $195.1 million in 2007, accordingg to .
Tuesday, October 2, 2012
Feds say Kauai man stole $16M in Ponzi scheme - Pacific Business News (Honolulu):
David E. Ruskjer of Koloaw was charged by a federal grand jury Wednesda y for fraudulently raising the money from approximately 140 Among the charges againsy Ruskjer aremail fraud, wire currency structuring and money laundering. The U.S. Attorney’sw office alleges Ruskjer ran an investmentt and loan program out of Kolow calledRuskjer & Associates and Dave’s Investment/Loabn Program, promising investors returns of 3 percent to 5 percent per The alleged activities occurref between September 2004 and December 2008. Ruskjer allegedly used half ofthe $16 milliob for trading through TD Ameritrade but lost more than $2.
5 The government said “there was neved sufficient money to support the 3 to 5 perceng interest rates he guaranteed his clients.” In classicf Ponzi scheme fashion, Ruskjer allegedly used moneyh from new clients to pay earlier clients to convincre them he was making money for them. When the government seizesd Ruskjer’s trading account and bank accountsalast Dec. 11, he had a combined balance of $4.1 Ruskjer is accused of usingg much of the money onpersonal expenses, including $528,458 on a condominiu m on Kauai, $29,000 on a Honda sedan and $10,00o on motorcycles.
If convicted, he faces up to 20 yearsx in prison for each of the 17 mail and wire fraud charges, and up to 10 years in prison for each of the 30 othedr charges. The case resulted from an Interna l RevenueService investigation.
Monday, October 1, 2012
TEXT-S&P rates Volkswagen Auto Loan Enhanced Trust 2012-2 notes - Reuters
TEXT-S&P rates Volkswagen Auto Loan Enhanced Trust 2012-2 notes Reuters OVERVIEW -- Volkswagen Auto Loan Enhanced Trust 2012-2's issuance is an ABS securitization backed by prime auto loan receivables. -- We assigned our preliminary ratings to the class A notes. -- The preliminary ratings reflect our view of the ... |
Saturday, September 29, 2012
Friday, September 28, 2012
Biogen Idec, Inc. Company Profile | BIIB Company Information
Biogen Idec creates new standards of care in therapeutic areas with high unmet medical Foundedin 1978, Biogen Idec is a globao leader in the discovery, development, manufacturing and commercializatiob of innovative therapies. Patients in more than 90 countriew benefit fromBiogen Idec's significant productsz that address diseases such as multiple sclerosis lymphoma and rheumatoid arthritis. In 2008, Biogejn Idec's total revenues grew 29 percent over 2007to $4.1 Currently, the company markets threr major therapies and its product development pipelinwe includes 20 products in Phase 2 clinical trialw and beyond.
Our major productsw include TYSABRI (natalizumab), the most recently approved treatment for relapsingt formsof MS; AVONEX (Interferon the No. 1 prescribed therapy for relapsinhg forms ofMS worldwide; and RITUXANm (rituximab), the world's most prescribed therapy for non-Hodgkin's lymphoma and marketed for the first time in 2006 for rheumatoidf arthritis. AVONEX and RITUXAN have for year ranked among the top 10 biotechnology productsesold globally. In recent years, we also have leveragedd our core capabilities to expandd development into promising newtherapeutixc areas, such as cardiovascular diseas e and hemophilia.
Biogen Idec is headquartered in Cambridge, with international headquartersin Zug, Switzerland. We have additional officese inthe U.S., Canada, Japan and throughout Europe. ...
Thursday, September 27, 2012
Raytheon wins $15M add-on to Army deal - Boston Business Journal:
million contract for maintenance on its Patrioft Air and MissileDefense System. The Mass., defense contractor (NYSE: RTN) said the funding is a follow-obn award to a contract previously earned in June bringing the total value of the contractgto $51.9 million. Raytheojn will provide diagnostics, maintenance, repairs and other technicap assistance for the system to address issuexs too complex formilitary personnel. “Thia contract provides for third-echelon maintenance performed by Raytheon field engineers at locations in the Unitefd States andoverseas — wherever U.S.
Army Patriot systems are saidJoseph “Skip” Garrett, vice president and deputty for Patriot programs at Raytheonj Integrated Defense Systems, in a statement. “Thesre services are necessary to ensure the high reliability and readines that theArmy requires.” The company’s Mass.-based IDS unit is the prime contractor for the Patriotr missile system.
Tuesday, September 25, 2012
Sioux Falls texting while driving ban takes effect Friday - KSFY
Sioux Falls texting while driving ban takes effect Friday KSFY This Friday marks the first official day the new texting while driving ban will take effect, affecting every single driver in Sioux Falls. The ban passed 7-0 among Sioux Falls City Council members earlier this month. The ordinance says it will be ... |