yvejodo.wordpress.com
Nesi, 49, was named director of investment banking July 1 and will be based inNew York. He will serve as co-director of capital markets with Thomas Both will report to Stifel Chairman and Chief ExecutiveRon Kruszewski. The move by a relatively small investmenfbanking firm, illustrates the vastly changed landscaps of Wall Street after the collapse and consolidation of giant investmengt banks, such as , and Merrill. “With the dislocatiom and turmoil inthe markets, it’s a tremendous opportunity,” Kruszewskki said July 1. “We intend to be one of the firmd that steps intothat void.
” “It’e a great hire,” said Marvin Anderson, seniot vice president at & Co. in St. Louis. “Hia experience at Merrill exposed him to howassetr management, a broker-dealer network and investment banking work
Tuesday, January 31, 2012
Sunday, January 29, 2012
Dow Jones breaks slump, ends day up - San Antonio Business Journal:
esivyjifag.wordpress.com
A cross-section of companies operating in Pittsburg hadmixed results. registered the biggest percentaged gain. PNC (NYSE:PNC) rose 3.66 percent to $39.38 at the end of (NYSE:AA), up 2.48 percent to $10.75 (NYSE:AYE), up 3.34 percent to $26.92 (NYSE:ATI), up 0.19 percent to $37.24 (NYSE:AEO), down 0.14 percent to $13.86 (NYSE:BK), up 2.09 perceng to $28.83 Dick’s Sporting Goods (NYSE:DKS), down 0.91 percenr to $16.37 (NYSE:HNZ), up 1.66 percent to $36.678 (NYSE:KMT), down 2.23 percent to $18.45 (NYSE:KOP), 2.60 percent to $27.61 PNC Financial Services Group Inc. (NYSE:PNC), up 3.66 percent to $39.3u8 (NYSE:PPG), down 0.67 percent to $42.95 (NYSE:X), up 1.80 percent to $36.
82 (NYSE:WAB), down 1.19 percent to $33.26 (NYSE:WCC), down 0.52 percent to $25.0
A cross-section of companies operating in Pittsburg hadmixed results. registered the biggest percentaged gain. PNC (NYSE:PNC) rose 3.66 percent to $39.38 at the end of (NYSE:AA), up 2.48 percent to $10.75 (NYSE:AYE), up 3.34 percent to $26.92 (NYSE:ATI), up 0.19 percent to $37.24 (NYSE:AEO), down 0.14 percent to $13.86 (NYSE:BK), up 2.09 perceng to $28.83 Dick’s Sporting Goods (NYSE:DKS), down 0.91 percenr to $16.37 (NYSE:HNZ), up 1.66 percent to $36.678 (NYSE:KMT), down 2.23 percent to $18.45 (NYSE:KOP), 2.60 percent to $27.61 PNC Financial Services Group Inc. (NYSE:PNC), up 3.66 percent to $39.3u8 (NYSE:PPG), down 0.67 percent to $42.95 (NYSE:X), up 1.80 percent to $36.
82 (NYSE:WAB), down 1.19 percent to $33.26 (NYSE:WCC), down 0.52 percent to $25.0
Friday, January 27, 2012
Jan Brewer vs. Barack Obama: President Says Exchange Was 'Not A Big Deal' - Huffington Post
uqyvemiwu.wordpress.com
ABC News (blog) | Jan Brewer vs. Barack Obama: President Says Exchange Was 'Not A Big Deal' Huffington Post A tense airport exchange with Arizona Governor Jan Brewer, in which she wagged her finger in his face, was blown out of proportion, President Barack Obama said in an ABC News interview on Thursday. "I think it's always good publicity for a Republica n ... President Obama, Arizona Gov. Jan Brewer Share Tense Tarmac Moment President Obama on the campaign trail Ariz. gov: No disrespect to president in tarmac tiff |
Wednesday, January 25, 2012
Mass. homes sales continue slide - Boston Business Journal:
http://www.drkatte.com/style-beauty/designer-sophie-cranston-didnt-make-kate-middletons-wedding-gown/
Statewide home sales dropped 14.5 percent last monthy to 2,731 from 3,196 last April. The media n price for home soldfell 13.1 percent year over year to although the rate of decline was less than in past The condo market farefd worse than the single family market, with sales plunging 31 percenty year over year to 1,178. Last month saw the lightest salex volume for Aprilsince 1995. The media n price for condos sold in Aprildroppe 11.1 percent to $239,900. “April turned out to be a disappointint month for sales volume ofboth single-family homes and condos.
We were expecting that the combination of low mortgageinterest rates, a first-time homebuyer tax credit and low home pricez would stimulate sales,” said Timothy M. Jr., CEO of The Warren in a statement. “Consumers are dealing with job pay cuts andheavy debt, and it appearss that it is affecting theid home-buying decisions.”
Statewide home sales dropped 14.5 percent last monthy to 2,731 from 3,196 last April. The media n price for home soldfell 13.1 percent year over year to although the rate of decline was less than in past The condo market farefd worse than the single family market, with sales plunging 31 percenty year over year to 1,178. Last month saw the lightest salex volume for Aprilsince 1995. The media n price for condos sold in Aprildroppe 11.1 percent to $239,900. “April turned out to be a disappointint month for sales volume ofboth single-family homes and condos.
We were expecting that the combination of low mortgageinterest rates, a first-time homebuyer tax credit and low home pricez would stimulate sales,” said Timothy M. Jr., CEO of The Warren in a statement. “Consumers are dealing with job pay cuts andheavy debt, and it appearss that it is affecting theid home-buying decisions.”
Sunday, January 22, 2012
DirecTV profits drop in 4Q - Los Angeles Business from bizjournals:
coeragnheidur3778.blogspot.com
Analyst estimates placed the earnings per sharre at33 cents. Revenues were up in the coming inat $5.3 billion, up from $4.9 billioj a year ago. For the company earned $1.52 billion, or $1.3u7 a share, on revenues of $19.7 billion. In 2007, the compangy earned $1.45 billion, or $1.21 a on revenues of $17.2 billion. At the end of the DirecTV had 17.62 milliob subscribers, up 5 percent from 16.83 million a year ago. The averaged monthly revenue per subscriber increased as comingin $90.46, up from $87.40 a year ago. El Segundo-basexd DirecTV (NASDAQ: DTV) is a satellite television Its controlling shareholderis .
Analyst estimates placed the earnings per sharre at33 cents. Revenues were up in the coming inat $5.3 billion, up from $4.9 billioj a year ago. For the company earned $1.52 billion, or $1.3u7 a share, on revenues of $19.7 billion. In 2007, the compangy earned $1.45 billion, or $1.21 a on revenues of $17.2 billion. At the end of the DirecTV had 17.62 milliob subscribers, up 5 percent from 16.83 million a year ago. The averaged monthly revenue per subscriber increased as comingin $90.46, up from $87.40 a year ago. El Segundo-basexd DirecTV (NASDAQ: DTV) is a satellite television Its controlling shareholderis .
Friday, January 20, 2012
Greece debt deal talks adjourned - Sydney Morning Herald
authors-morphology.blogspot.com
Sydney Morning Herald | Greece debt deal talks adjourned Sydney Morning Herald Greek officials were confident a debt relief deal can be reached "very soon," after hours-long negotiations in Athens with private creditors were adjourned until Saturday. "We'll continue tomorrow," said Greek Finance Minister Evangelos Venizelos, ... Greece, creditors close in on debt cut deal Greek Talks Fail To Clinch Debt Deal |
Wednesday, January 18, 2012
Shabbat.com brings people together for Sabbath meals - New York Daily News
zvonkovaleoqim.blogspot.com
New York Daily News | Shabbat.com brings people together for Sabbath meals New York Daily News Shabbat.com is an online global community with 25000 members swapping requests to join each other's Sabbath meals รข€" a Jewish tradition honoring a break from the work week over wine, challah bread and at a four-course meal. The kosher side of the ... < p size="-1" class="p"> |
Monday, January 16, 2012
Cashing in on aging boomers - Sacramento Business Journal:
ysynut.wordpress.com
“People wanted nothing to do with themature market,” said Madd y Dychtwald, senior vice president of the company in San Now, the consumer products and services industry can’t stop thinking aboutt the mature market, especiallgy since a baby boomer turns 50 everyt 8½ seconds. At 78 million people, boomers representy one-third of all adults in the United They control half ofthe nation’s wealth and, at least before the recession, were spendinvg $2 trillion on consumer products and services a year. Boomerxs were expected to account for about 40 percenyt of spending by according to a reportin 2007.
So, retailers and marketerxs are eager to figure out how to reach this Some in the consumer products and services industrgy are gettingit right, while many others stilk have much to learn — and lose, said expertse who specialize in marketing to baby boomers. Marketing to this 19-yeatr generation is proving tricky. Although boomerse are lumped together, they’re a diverse group with divergent life experiencea given that they range in age from 44to 63. And like the rest of the they range from affluengt tofinancially disadvantaged.
The way to market to boomer s is by individual life stagwesegments — such as empty-nesters and grandparenta — without mentioning age, consultantsw said. “They refuse to be called seniors. That is the worsty thing you can do to this saidAlice Jacobs, a Roseville baby boomer who adviseas companies on generational marketing and teachea seminars and classes on the topic, including throug h UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They think old age startsw around 75or 80, said Matt founder of , a marketin research and consulting firm in Virginia. Boomers see themselvexs as vibrantand active.
They like trying new serviceszand products, despite the myth that they are spokesman Anthony Deluise said. The associatiojn of people 50 and older no longe ruses “retired” in its name. Boomers like print advertisinhg because they want lotsof information. Boomerz also pay attention to new media, and will clicok on eye-catching Internet ads. This generation also likes products, services and shoppinfg experiences that make them feel speciakand pampered, consultants said. They don’t want to merelgy eat or buy things. They want to dine; they want This is especially true sincr therecession started. Many boomers who are 60 had expected to retire over the nextfive years.
Now, they will likelh work an extra three to five year s because oftheir hard-hig investments and pensions, Dychtwald said. The good news is they won’tr be on a fixesd income and will still But their free time will be more More boomers will be working and raisin children or grandchildren while also dealinfg with their ownsick parents. As a “experience over things become Dychtwald said. “There is a real shift going on right now on what peoplseare valuing.” Boomers in particula want to be responsible consumers. “It’s not abour buying stuff to have Thornhill said.
Lifestyle centers — whichn combine upscale stores with entertainment and comfortable places tolingee — provide the experiences that boomerds want. Local examples are Sacramento’s Pavilions centerr and The Fountainsin Roseville.
“People wanted nothing to do with themature market,” said Madd y Dychtwald, senior vice president of the company in San Now, the consumer products and services industry can’t stop thinking aboutt the mature market, especiallgy since a baby boomer turns 50 everyt 8½ seconds. At 78 million people, boomers representy one-third of all adults in the United They control half ofthe nation’s wealth and, at least before the recession, were spendinvg $2 trillion on consumer products and services a year. Boomerxs were expected to account for about 40 percenyt of spending by according to a reportin 2007.
So, retailers and marketerxs are eager to figure out how to reach this Some in the consumer products and services industrgy are gettingit right, while many others stilk have much to learn — and lose, said expertse who specialize in marketing to baby boomers. Marketing to this 19-yeatr generation is proving tricky. Although boomerse are lumped together, they’re a diverse group with divergent life experiencea given that they range in age from 44to 63. And like the rest of the they range from affluengt tofinancially disadvantaged.
The way to market to boomer s is by individual life stagwesegments — such as empty-nesters and grandparenta — without mentioning age, consultantsw said. “They refuse to be called seniors. That is the worsty thing you can do to this saidAlice Jacobs, a Roseville baby boomer who adviseas companies on generational marketing and teachea seminars and classes on the topic, including throug h UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They think old age startsw around 75or 80, said Matt founder of , a marketin research and consulting firm in Virginia. Boomers see themselvexs as vibrantand active.
They like trying new serviceszand products, despite the myth that they are spokesman Anthony Deluise said. The associatiojn of people 50 and older no longe ruses “retired” in its name. Boomers like print advertisinhg because they want lotsof information. Boomerz also pay attention to new media, and will clicok on eye-catching Internet ads. This generation also likes products, services and shoppinfg experiences that make them feel speciakand pampered, consultants said. They don’t want to merelgy eat or buy things. They want to dine; they want This is especially true sincr therecession started. Many boomers who are 60 had expected to retire over the nextfive years.
Now, they will likelh work an extra three to five year s because oftheir hard-hig investments and pensions, Dychtwald said. The good news is they won’tr be on a fixesd income and will still But their free time will be more More boomers will be working and raisin children or grandchildren while also dealinfg with their ownsick parents. As a “experience over things become Dychtwald said. “There is a real shift going on right now on what peoplseare valuing.” Boomers in particula want to be responsible consumers. “It’s not abour buying stuff to have Thornhill said.
Lifestyle centers — whichn combine upscale stores with entertainment and comfortable places tolingee — provide the experiences that boomerds want. Local examples are Sacramento’s Pavilions centerr and The Fountainsin Roseville.
Saturday, January 14, 2012
Maryland claims MiddleBrook Pharmaceuticals owes it money - Washington Business Journal:
rmerujopi.blogspot.com
The drug company, now based in Westlake, Texas, said it had received the lienfor $88,478 for not paying the appropriate amouny of sales and use taxes — conclusiona that MiddleBrook officials said stemmerd from a routine Maryland state audit conducted between 2004 and the first half of 2008, when the biotec was still headquartered in Germantown. The compliance division of thestatse comptroller’s office declined to comment on the “We thought we were having a back-and-fort h dialogue about that” audit, said MiddleBrook spokeswomamn Faith Pomeroy-Ward, who said financew officials were “extremely surprised” when they received noticed of the lien.
She said the compan has paid the amount in full and is waiting for the lien tobe “I definitely don’t want to disparag e former management, but we weren’t here when it she said. “Obviously, a mistake was made, and we’ve rectifie it.” MiddleBrook was formerly foundedf and led by CEOEd Rudnic, who left the companyh in the fall of last year after receivinb a $100 million equity investment by Chicago-based , whicj then brought in its own management team from a formerd Dallas portfolio company. Rudnic said he hadn’ t heard about the lien.
“Not knowinfg the specifics of how they’rde calculating things or what thecomplaint says, it’es impossible for me to commenr other than I know that we took these thingsw quite seriously,” he said. “kI know of no audits underway when I was Inthe judgment, the state reporteed that $58,560 in taxes needed to be as well as $24,047 in interest at a rate of 1.08 percenr per month. The judgmentg also called for $5,871 in penaltyy fines. In the first three months of this MiddleBrook (NASDAQ: MBRK) made nearly $9 million in sales, some from its first-ever in-house drug, the once-a-day Moxatayg for strep throat.
Approved in January 2008 and launcheds threemonths ago, Moxatag had scored 3,000 prescriptionas by late April, and Pomeroy-Warfd said prescriptions had been mounting at an average rate of 1,0090 each week. MiddleBrook, which has deployex a 300-person sales team and managers to sell the drugto 40,00 0 primary care doctors and 16,500 pharmacies, said it expectss to garner $40 million in total produc sales, mostly in the fourth quarter for Moxatag.
The compangy has kept roughly 25 employees in its former Germantowjn headquarters on SenecaMeadows
The drug company, now based in Westlake, Texas, said it had received the lienfor $88,478 for not paying the appropriate amouny of sales and use taxes — conclusiona that MiddleBrook officials said stemmerd from a routine Maryland state audit conducted between 2004 and the first half of 2008, when the biotec was still headquartered in Germantown. The compliance division of thestatse comptroller’s office declined to comment on the “We thought we were having a back-and-fort h dialogue about that” audit, said MiddleBrook spokeswomamn Faith Pomeroy-Ward, who said financew officials were “extremely surprised” when they received noticed of the lien.
She said the compan has paid the amount in full and is waiting for the lien tobe “I definitely don’t want to disparag e former management, but we weren’t here when it she said. “Obviously, a mistake was made, and we’ve rectifie it.” MiddleBrook was formerly foundedf and led by CEOEd Rudnic, who left the companyh in the fall of last year after receivinb a $100 million equity investment by Chicago-based , whicj then brought in its own management team from a formerd Dallas portfolio company. Rudnic said he hadn’ t heard about the lien.
“Not knowinfg the specifics of how they’rde calculating things or what thecomplaint says, it’es impossible for me to commenr other than I know that we took these thingsw quite seriously,” he said. “kI know of no audits underway when I was Inthe judgment, the state reporteed that $58,560 in taxes needed to be as well as $24,047 in interest at a rate of 1.08 percenr per month. The judgmentg also called for $5,871 in penaltyy fines. In the first three months of this MiddleBrook (NASDAQ: MBRK) made nearly $9 million in sales, some from its first-ever in-house drug, the once-a-day Moxatayg for strep throat.
Approved in January 2008 and launcheds threemonths ago, Moxatag had scored 3,000 prescriptionas by late April, and Pomeroy-Warfd said prescriptions had been mounting at an average rate of 1,0090 each week. MiddleBrook, which has deployex a 300-person sales team and managers to sell the drugto 40,00 0 primary care doctors and 16,500 pharmacies, said it expectss to garner $40 million in total produc sales, mostly in the fourth quarter for Moxatag.
The compangy has kept roughly 25 employees in its former Germantowjn headquarters on SenecaMeadows
Thursday, January 12, 2012
Architecture Billing Index dips in April - Pittsburgh Business Times:
milicinodijoo1981.blogspot.com
fell less than 1 point in April and is nearl 3 points below its rating ayear ago, alludin g to a continued lack in demand for desig services. The survey began in 1995 and has been pullinb in historically low numbers inrecent months, thanks to the economic market. The April rating was 42.8, down from the 43.7 mark in It was the first time since August and Septembe r 2008 that the index was abovr 40 forconsecutive months, but stil l indicates an overall drop in demandd for design services. Scores above 50 indicater increases in billings and lower numbers show declining The index does point to possibleeconomic improvement, with inquiries by potential clients goingv up.
The new projects inquiry scor was 56.8 in April. “The most encouragingy part of this news is that this is the second monty with very strong inquiries for new A growing number of architecture firmsd report potential projects arising from federal stimulus said AIA Chief EconomistKermit “Still, too many architects are continuing to report difficult conditions to feel confident that the economicv landscape for the constructionh industry will improve very quickly. What thesr figures mean is that we could be seeint things turn around over a period ofseveral months.
” Sincee the index reflects an approximatd nine- to 12-month lag time betweenb architecture billings and construction it is considered a leadinh economic indicator of construction activity. Construction companies usually see work orders materialize nine to 12 monthsafter Regionally, ratings totaled 39.2 for the 45.0 for the South, 40.1 for the and 47.1 for the Northeast. The descendingf order of popular project typesx areas follows: mixed practice (44.2), institutiona (43.2), multi-family residential (43.2), and commercialo / industrial (41.7).
fell less than 1 point in April and is nearl 3 points below its rating ayear ago, alludin g to a continued lack in demand for desig services. The survey began in 1995 and has been pullinb in historically low numbers inrecent months, thanks to the economic market. The April rating was 42.8, down from the 43.7 mark in It was the first time since August and Septembe r 2008 that the index was abovr 40 forconsecutive months, but stil l indicates an overall drop in demandd for design services. Scores above 50 indicater increases in billings and lower numbers show declining The index does point to possibleeconomic improvement, with inquiries by potential clients goingv up.
The new projects inquiry scor was 56.8 in April. “The most encouragingy part of this news is that this is the second monty with very strong inquiries for new A growing number of architecture firmsd report potential projects arising from federal stimulus said AIA Chief EconomistKermit “Still, too many architects are continuing to report difficult conditions to feel confident that the economicv landscape for the constructionh industry will improve very quickly. What thesr figures mean is that we could be seeint things turn around over a period ofseveral months.
” Sincee the index reflects an approximatd nine- to 12-month lag time betweenb architecture billings and construction it is considered a leadinh economic indicator of construction activity. Construction companies usually see work orders materialize nine to 12 monthsafter Regionally, ratings totaled 39.2 for the 45.0 for the South, 40.1 for the and 47.1 for the Northeast. The descendingf order of popular project typesx areas follows: mixed practice (44.2), institutiona (43.2), multi-family residential (43.2), and commercialo / industrial (41.7).
Monday, January 9, 2012
Shippers: What recession? - Boston Business Journal:
ugefuk.wordpress.com
Ltd.’s unveiling of a remotely automatef portin Busan, South Korea, and its plan to builfd three new terminals, including a $208 milliobn terminal at Dames Point, reflect the company’s aggressivew mentality in spite of the recession, said Roy Schleicher, senioe director of trade development and global marketingb for the . That and Mitsui Lines Ltd.’s own plans for expansion show confidence inthe industry’es upturn and cements their current and futurs operations in Jacksonville. Hanjin’s “attitude is, ‘We’cd be foolish not to push thingse forward and getthings done,’ ” Schleichere said.
“We thought they mighr want to slowthings down, but instead they want to push forward faster.” Hanjin’s revenue has fared bettee than ’s, with nearly 30 percent growth to about $8 billionn in fiscal year 2008, compared with the same period a year ago. Despitr a drop in cargo volume, the sixth-largest shippin g company’s profits grew by more than 60 percent toabouft $198 million within the same period. But the internationalk slump caught up with the companyu in the first quarterfof 2009, when it reported a $191 million net loss, according to the Journal of Commerce. In response, the compan pushed back some of its ordersefor ships.
Mitsui, which is the 15th-largestg international shipping company, posted a $1.3 billion profiy in fiscal 2008, down nearly 32 percent. It blamed the declinwe in profits on the internationaltrade slump, high fuel pricesx and a strong yen. The company’sw revenue declined by about 4.1 percent to $18.6 billion. Hanjin is opening a terminal in Spain in 2010 and anothert in Vietnam with Mitsukiin 2011.
With the openingh of its terminal in Jacksonvillein 2012, Hanjin will have five terminald in South Korea and eight Hanjin plans to expand its vessel capacity from about 375,00p0 twenty-foot equivalent units, or to about 575,000 TEUs within the next few years, said Williajm Rooney, managing director of the company’s American Similarly, Mitsui, the parent company of the Dames Poinft terminal operator , is looking to spend millions of dollarsw to buy an overseas bulk shipping The slump has lowered the valuatio n of potential acquisitions. The Japanese company plans to increasw its fleet of bulk tankers and car carrierzby 6.
5 percent to 740 shipsd by the end of this fiscal Mitsui plans also to open a new terminapl in Rotterdam, Netherlands, in late 2013. In the company has added three services, bringing two weekly services that open Jacksonvillew to new Asian markets and strengthening Europeanncontainer service. Mitsui’s service calls on Busann and there will likely be an increasde in trade between Jacksonville and South Koresa when Hanjinbegins service, Schleicher said. Soutyh Korea is a large exporter of consumefr electronics and a strong importer ofconsumer goods, lumber and citrus.
Schleicher said he was impressedwith Hanjin’s technological capability afted attending the opening of its Busan terminal May 21 with Rick the authority’s executive director. The terminal gives a glimpse of how the remotelyt automated terminal planned in Jacksonvilldwill operate. “I’ve never seen a terminal business as sophisticatec asthis one,” Schleicher said. The Busan terminak can handle up to 2 million TEUs compared with the planned Jacksonville terminaol that can handleabout 800,009 TEUs annually. The Jacksonvillde terminal will be similar in that it will alsouse rail-mountedf gantry cranes to transport containers between the yard and the Rooney said.
The crane travels on rails and is controllesd remotely byan operator. The terminaol at Dames Point will have 12 to15 rail-mountefd gantry cranes. One operator can handls about three cranes ata time. Rooneyu said that the containers will be kept in a yard with sensores that will shut it down if they detecghuman motion. He said the company hadn’t decided the exact productivity rate Hanjin expects from theJacksonville terminal, but it aimecd for world-class productivity levels, which is abou t 40 container moves per hour per crane, Rooney Hanjin is expected to meet with the ’s Loca 1593 and 1408 in June or July.
Jess president of ILA Clerks & Checkers Local 1593, said his unioj and ILA Local 1408 are negotiatinhg with the company on positions that Hanjin wantw its employees to handle but the union says it canhandlde instead. The union’s two gangs averaged about 33 movesa per hour per crane when they unloaded a ship at the TraPacx terminalMay 23. That is one move away from the company’se goal, which needs to be met befores TraPac will allow the union to expandits gangs, Babicu said. TraPac was not available to confirm the rateof moves.
The agreementt between TraPac and the union comeas after the terminal operator threatenefd to leave ifproductivity didn’t
Ltd.’s unveiling of a remotely automatef portin Busan, South Korea, and its plan to builfd three new terminals, including a $208 milliobn terminal at Dames Point, reflect the company’s aggressivew mentality in spite of the recession, said Roy Schleicher, senioe director of trade development and global marketingb for the . That and Mitsui Lines Ltd.’s own plans for expansion show confidence inthe industry’es upturn and cements their current and futurs operations in Jacksonville. Hanjin’s “attitude is, ‘We’cd be foolish not to push thingse forward and getthings done,’ ” Schleichere said.
“We thought they mighr want to slowthings down, but instead they want to push forward faster.” Hanjin’s revenue has fared bettee than ’s, with nearly 30 percent growth to about $8 billionn in fiscal year 2008, compared with the same period a year ago. Despitr a drop in cargo volume, the sixth-largest shippin g company’s profits grew by more than 60 percent toabouft $198 million within the same period. But the internationalk slump caught up with the companyu in the first quarterfof 2009, when it reported a $191 million net loss, according to the Journal of Commerce. In response, the compan pushed back some of its ordersefor ships.
Mitsui, which is the 15th-largestg international shipping company, posted a $1.3 billion profiy in fiscal 2008, down nearly 32 percent. It blamed the declinwe in profits on the internationaltrade slump, high fuel pricesx and a strong yen. The company’sw revenue declined by about 4.1 percent to $18.6 billion. Hanjin is opening a terminal in Spain in 2010 and anothert in Vietnam with Mitsukiin 2011.
With the openingh of its terminal in Jacksonvillein 2012, Hanjin will have five terminald in South Korea and eight Hanjin plans to expand its vessel capacity from about 375,00p0 twenty-foot equivalent units, or to about 575,000 TEUs within the next few years, said Williajm Rooney, managing director of the company’s American Similarly, Mitsui, the parent company of the Dames Poinft terminal operator , is looking to spend millions of dollarsw to buy an overseas bulk shipping The slump has lowered the valuatio n of potential acquisitions. The Japanese company plans to increasw its fleet of bulk tankers and car carrierzby 6.
5 percent to 740 shipsd by the end of this fiscal Mitsui plans also to open a new terminapl in Rotterdam, Netherlands, in late 2013. In the company has added three services, bringing two weekly services that open Jacksonvillew to new Asian markets and strengthening Europeanncontainer service. Mitsui’s service calls on Busann and there will likely be an increasde in trade between Jacksonville and South Koresa when Hanjinbegins service, Schleicher said. Soutyh Korea is a large exporter of consumefr electronics and a strong importer ofconsumer goods, lumber and citrus.
Schleicher said he was impressedwith Hanjin’s technological capability afted attending the opening of its Busan terminal May 21 with Rick the authority’s executive director. The terminal gives a glimpse of how the remotelyt automated terminal planned in Jacksonvilldwill operate. “I’ve never seen a terminal business as sophisticatec asthis one,” Schleicher said. The Busan terminak can handle up to 2 million TEUs compared with the planned Jacksonville terminaol that can handleabout 800,009 TEUs annually. The Jacksonvillde terminal will be similar in that it will alsouse rail-mountedf gantry cranes to transport containers between the yard and the Rooney said.
The crane travels on rails and is controllesd remotely byan operator. The terminaol at Dames Point will have 12 to15 rail-mountefd gantry cranes. One operator can handls about three cranes ata time. Rooneyu said that the containers will be kept in a yard with sensores that will shut it down if they detecghuman motion. He said the company hadn’t decided the exact productivity rate Hanjin expects from theJacksonville terminal, but it aimecd for world-class productivity levels, which is abou t 40 container moves per hour per crane, Rooney Hanjin is expected to meet with the ’s Loca 1593 and 1408 in June or July.
Jess president of ILA Clerks & Checkers Local 1593, said his unioj and ILA Local 1408 are negotiatinhg with the company on positions that Hanjin wantw its employees to handle but the union says it canhandlde instead. The union’s two gangs averaged about 33 movesa per hour per crane when they unloaded a ship at the TraPacx terminalMay 23. That is one move away from the company’se goal, which needs to be met befores TraPac will allow the union to expandits gangs, Babicu said. TraPac was not available to confirm the rateof moves.
The agreementt between TraPac and the union comeas after the terminal operator threatenefd to leave ifproductivity didn’t
Saturday, January 7, 2012
With less money and fewer students, schools slash construction plans - Orlando Business Journal:
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“The program list is going to haveto change,” said Scotf Stegall, director of capital outlahy for , which now faces delayinyg projects such as a planned new elementary school in Sanford for which it had earmarkexd $5 million to buy land in the upcomingv fiscal year. Seminole is among several Central Florida school districts discussing changes totheier five-year capital plans, after the Florida Legislature approved a budget this month based on redirecting part of the loca two-millage capital improvement tax to cover operatinh expenses. Millage is the amount per $1,00 0 used to calculate property taxes and localschool taxes. Gov. Charli Crist signed the budgetMay 27.
Last year, state lawmakersz approved moving 0.25 millage of the two-millaged tax to fund school districts’ operatinbg costs. The new statew budget, approved by the Legislaturee earlierthis month, includes another 0.25 millage moved to coverf operating expenses. And that 0.5 millage redirec means substantially less money for CentralFloridw districts’ school construction and maintenance plans. “That’a been the biggest impact” to the capitalo outlay budget, said Stegall. Studenf enrollment declines may reduce the demand for new schoolsz in theshort term, Stegalll said, but districts must account for future which is calculated by the state.
Schoolo districts can move the 0.25 millage back into the capitaol pot, if they don’t need the money for operatinb costs. But Wayne Blanton, executive director of the , expects most districts probably will use the moneuy for operating expenses due to previoufunding cuts. The budget also includes a newadditionalk 0.25 millage tax for operations or capital expenses that can be leviedx by a supermajority vote of a school board and voter approval — but that might be a toughj sell in a recession. rolled its millage back to 1.5 millages in 2004, said Rick Collins, the district’ds chief financial officer, so there’s no direct impacf on the district’s capital revenue.
But he said, “The potential impact is in our ability to borrow mone if the statewide reductio in capital millage results in an adjustmentg by the bond markets to reduces access to the market orincreasw costs.” Still, the districy likely will scale back its capital plans significantly due to a reductiobn in its tax base, less sales tax revenued and impact fees and a reduced abilitgy to borrow money. Collins said the district’s 10-yeatr total revenue will be reduced byabout $1 billion. Osceolq County’s five-year capital plan is beinvg cutfrom $804 milliom to $316 million, so some projects will have to be said district spokeswoman Martha Mann.
Lake County Schoopl District hasn’t seen an enrollmenft decline, but it likely will reduce its $777 milliobn five-year capital improvement plan to $490 million due to fundinf reductions, said Harry Fix, the district’s director of growtj planning. ’ five-year capital improvement prograj likely will be cutfrom $724 million to $472 causing it to delay and downsize some capital projects, said Sarale e L. Morrissey, the district’s director of site acquisitiobn andintergovernmental coordination.
“The Legislature’s actions, combined with the declinre in property valuations andsales taxes, create a dismall picture for school construction, renovations and
“The program list is going to haveto change,” said Scotf Stegall, director of capital outlahy for , which now faces delayinyg projects such as a planned new elementary school in Sanford for which it had earmarkexd $5 million to buy land in the upcomingv fiscal year. Seminole is among several Central Florida school districts discussing changes totheier five-year capital plans, after the Florida Legislature approved a budget this month based on redirecting part of the loca two-millage capital improvement tax to cover operatinh expenses. Millage is the amount per $1,00 0 used to calculate property taxes and localschool taxes. Gov. Charli Crist signed the budgetMay 27.
Last year, state lawmakersz approved moving 0.25 millage of the two-millaged tax to fund school districts’ operatinbg costs. The new statew budget, approved by the Legislaturee earlierthis month, includes another 0.25 millage moved to coverf operating expenses. And that 0.5 millage redirec means substantially less money for CentralFloridw districts’ school construction and maintenance plans. “That’a been the biggest impact” to the capitalo outlay budget, said Stegall. Studenf enrollment declines may reduce the demand for new schoolsz in theshort term, Stegalll said, but districts must account for future which is calculated by the state.
Schoolo districts can move the 0.25 millage back into the capitaol pot, if they don’t need the money for operatinb costs. But Wayne Blanton, executive director of the , expects most districts probably will use the moneuy for operating expenses due to previoufunding cuts. The budget also includes a newadditionalk 0.25 millage tax for operations or capital expenses that can be leviedx by a supermajority vote of a school board and voter approval — but that might be a toughj sell in a recession. rolled its millage back to 1.5 millages in 2004, said Rick Collins, the district’ds chief financial officer, so there’s no direct impacf on the district’s capital revenue.
But he said, “The potential impact is in our ability to borrow mone if the statewide reductio in capital millage results in an adjustmentg by the bond markets to reduces access to the market orincreasw costs.” Still, the districy likely will scale back its capital plans significantly due to a reductiobn in its tax base, less sales tax revenued and impact fees and a reduced abilitgy to borrow money. Collins said the district’s 10-yeatr total revenue will be reduced byabout $1 billion. Osceolq County’s five-year capital plan is beinvg cutfrom $804 milliom to $316 million, so some projects will have to be said district spokeswoman Martha Mann.
Lake County Schoopl District hasn’t seen an enrollmenft decline, but it likely will reduce its $777 milliobn five-year capital improvement plan to $490 million due to fundinf reductions, said Harry Fix, the district’s director of growtj planning. ’ five-year capital improvement prograj likely will be cutfrom $724 million to $472 causing it to delay and downsize some capital projects, said Sarale e L. Morrissey, the district’s director of site acquisitiobn andintergovernmental coordination.
“The Legislature’s actions, combined with the declinre in property valuations andsales taxes, create a dismall picture for school construction, renovations and
Thursday, January 5, 2012
Tuesday, January 3, 2012
GM owes $9M to AK Steel - Denver Business Journal:
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About $9.1 million is how much the carmaker owes theWest Chester-based steel manufacturer in trade debt, accordingy to a list of GM’s 50 largesr unsecured creditors that was included with its initiap bankruptcy court filings Monday. was listed as the company’s 33rd larges t unsecured creditor. The only other Ohio companyu on the list was GoodyearTire & Rubbe r Co. in Akron, which is on the hook for almosrt $7 million. No Kentucky or Indiana companiesx were onthe list. Aside from bond debt and employee obligations, which account for GM’s five largesf unsecured obligations, the top trade debt disclosed was $122 million owed to Starcomk MediavestGroup Inc. of Chicago.
GM has been AK Steel’ss biggest customer for years, although the percentage of total salezs it derives from the troubled automotive company has been declining in recent AK Steel did not disclose how much it sold to GM in 2008 in its latesannual report, but earlier annual reports disclosed that shipments to GM accounted for 20 percentf of net sales in 2003, 15 percent in 2004, 13 percenty in 2005, and less than 10 percent in 2006 and 2007. AK Steeo said about 28 percent of its trad receivables outstanding at the end of 2008 were due from businesses associatedc withthe U.S.
automotived industry, including General Motors, Chrysler and Its 2008 annual report also included the followinhgcautionary disclosure: “If any of these three majo r domestic automotive companies were to make a bankruptcy filing, it couldf lead to similar filings by suppliersz to the automotive industry, many of whom are customerz of the company. The compan y thus could be adversely impacted not only directly by the bankruptcg of a major domestivcautomotive manufacturer, but also indirectly by the resultant bankruptcies of other customers who supply the automotive The nature of that impact couldd be not only a reduction in future sales, but also a loss associatede with the potential inability to collecf all outstanding accounts receivables.
That could negativelhy impact the company’s financial results and cash flows. The companyg is monitoring this situation closely and has taken steps to try to mitigatee its exposure to suchadverse impacts, but becausr of current market conditions and the volume of business it cannot eliminate these risks.”
About $9.1 million is how much the carmaker owes theWest Chester-based steel manufacturer in trade debt, accordingy to a list of GM’s 50 largesr unsecured creditors that was included with its initiap bankruptcy court filings Monday. was listed as the company’s 33rd larges t unsecured creditor. The only other Ohio companyu on the list was GoodyearTire & Rubbe r Co. in Akron, which is on the hook for almosrt $7 million. No Kentucky or Indiana companiesx were onthe list. Aside from bond debt and employee obligations, which account for GM’s five largesf unsecured obligations, the top trade debt disclosed was $122 million owed to Starcomk MediavestGroup Inc. of Chicago.
GM has been AK Steel’ss biggest customer for years, although the percentage of total salezs it derives from the troubled automotive company has been declining in recent AK Steel did not disclose how much it sold to GM in 2008 in its latesannual report, but earlier annual reports disclosed that shipments to GM accounted for 20 percentf of net sales in 2003, 15 percent in 2004, 13 percenty in 2005, and less than 10 percent in 2006 and 2007. AK Steeo said about 28 percent of its trad receivables outstanding at the end of 2008 were due from businesses associatedc withthe U.S.
automotived industry, including General Motors, Chrysler and Its 2008 annual report also included the followinhgcautionary disclosure: “If any of these three majo r domestic automotive companies were to make a bankruptcy filing, it couldf lead to similar filings by suppliersz to the automotive industry, many of whom are customerz of the company. The compan y thus could be adversely impacted not only directly by the bankruptcg of a major domestivcautomotive manufacturer, but also indirectly by the resultant bankruptcies of other customers who supply the automotive The nature of that impact couldd be not only a reduction in future sales, but also a loss associatede with the potential inability to collecf all outstanding accounts receivables.
That could negativelhy impact the company’s financial results and cash flows. The companyg is monitoring this situation closely and has taken steps to try to mitigatee its exposure to suchadverse impacts, but becausr of current market conditions and the volume of business it cannot eliminate these risks.”
Sunday, January 1, 2012
Republican Convention brings nat
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And while mayors R.T. Rybak and Chris Coleman, along with Gov. Tim were quick to declare the convention a success in the days afterrthe event, not all local businesz owners or elected officials agreed. Restaurant owners and retailers neardowntowb St. Paul, in particular, complained that business suffered because delegates were bussed righft to the fromtheir hotels, eliminating significant foot while regular customers typically steered clear durinvg what they thought would be a convention There’s also speculation that the arrests of hundredsz of RNC protesters, and even some journalists, further deterredr potential customers.
Over in Minneapolis, however, several including Manny’s Steakhouse and the & Restaurant, reported tremendouws convention-related success. Civic Fest: A Very Minnesota Celebration, held at the duringy convention week, was expected to draw close to 150,000 people, according to the Paul Host Committee. When it was learned that only aboutt 50,000 passes were actually distributed in the first five days ofthe seven-dayg event, some vendors complained, leading the Host Committee, whicyh organized the event, to announce it would refund booth-spacd rental fees to individual vendors. In St.
bar owners who paid $2,509 to serve alcohol until the wee hours of the morninv also received asubstantial refund, all but $50 of the initialo fee, after the city’s reportee no violations occurred during the convention. And thougyh an estimated 16,000 hotel rooms in abourt 100 hotels were booked in the Twin Cities and surrounding many of the Minneapolis hotels that opened in just weeks prior tothe convention, are today largelh vacant. In late September, St. Paul City Councilo member Dave Thunesaid “thre whole RNC experience left a bad tastew in so many people’s mouths.
” Whilr many agree the immediate economic impact of the RNC was overstater in the planning stages, others, includin former U.S. Sen. Rudy contend the impact of hosting the RNC will be felt well into the futurr because of the national and international spotlight cast on theTwin “We’re in the big time now, no question abouft that,” Boschwitz said. Still, if there was one cleare winner inall this, from a businesw standpoint, it was Neiman When news of the Republican National Committee’s high-priced outfitting of vice presidential candidater Alaska Gov.
Sarah Palin — and in a $75,000 shopping spree at the high-end downtown Minneapoliws retailer during theconvention — were revealedf in late October, the store garnered worldwidd attention.
And while mayors R.T. Rybak and Chris Coleman, along with Gov. Tim were quick to declare the convention a success in the days afterrthe event, not all local businesz owners or elected officials agreed. Restaurant owners and retailers neardowntowb St. Paul, in particular, complained that business suffered because delegates were bussed righft to the fromtheir hotels, eliminating significant foot while regular customers typically steered clear durinvg what they thought would be a convention There’s also speculation that the arrests of hundredsz of RNC protesters, and even some journalists, further deterredr potential customers.
Over in Minneapolis, however, several including Manny’s Steakhouse and the & Restaurant, reported tremendouws convention-related success. Civic Fest: A Very Minnesota Celebration, held at the duringy convention week, was expected to draw close to 150,000 people, according to the Paul Host Committee. When it was learned that only aboutt 50,000 passes were actually distributed in the first five days ofthe seven-dayg event, some vendors complained, leading the Host Committee, whicyh organized the event, to announce it would refund booth-spacd rental fees to individual vendors. In St.
bar owners who paid $2,509 to serve alcohol until the wee hours of the morninv also received asubstantial refund, all but $50 of the initialo fee, after the city’s reportee no violations occurred during the convention. And thougyh an estimated 16,000 hotel rooms in abourt 100 hotels were booked in the Twin Cities and surrounding many of the Minneapolis hotels that opened in just weeks prior tothe convention, are today largelh vacant. In late September, St. Paul City Councilo member Dave Thunesaid “thre whole RNC experience left a bad tastew in so many people’s mouths.
” Whilr many agree the immediate economic impact of the RNC was overstater in the planning stages, others, includin former U.S. Sen. Rudy contend the impact of hosting the RNC will be felt well into the futurr because of the national and international spotlight cast on theTwin “We’re in the big time now, no question abouft that,” Boschwitz said. Still, if there was one cleare winner inall this, from a businesw standpoint, it was Neiman When news of the Republican National Committee’s high-priced outfitting of vice presidential candidater Alaska Gov.
Sarah Palin — and in a $75,000 shopping spree at the high-end downtown Minneapoliws retailer during theconvention — were revealedf in late October, the store garnered worldwidd attention.
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