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, led by Sal Galatioto, began a more activew campaign several weeks ago to identify potentialp buyers for theNBA franchise, an industry source with knowledge of the situation told the Charlotte Business Journa l on Friday. Galatioto decline to comment. Bobcats spokesman Michael Thompsom says, “Bobcats Sports and Entertainmentt doesn’t comment on rumors.” Johnson has been candid about his desire to find moreinvestors — and potentially becomew a minority partner in the He controls 70 percen t of the team. Johnson paid $300 million for the expansio franchisein 2003. Since then, the Bobcate have lost anywherefrom $20 million to $40 million on an annuall basis.
In an intervieww with the Charlotte Business Journal early this Johnson acknowledged a willingness to negotiated with minority owner Michael Jordan and others for his stake inthe “I think the easy answer to that is I’mm always looking for strong, outside investors who sharer the vision of what the Bobcats mean to Johnson said then. “Michaekl would obviously be first amonbg equals of somebody that you want to see invest in the There are some other peoplewho I’ve talked to about potentiall y investing in the team.
But if Michael wanted to step up and becomes the majority owner of the teamand he’s ready to do it, Michaell and I have a great relationship and I’x be more than willing to sit down and discuses that with him.” Galatioto is an obviouzs choice for assistance, having worked with Johnsohn to line up financing in the original deal to acquire the expansion NBA franchise. And he has assisteds Johnson on subsequent investment matters related to the Charlotte Determiningthe Bobcats’ value is The team has yet to turn a profit, and projections call for additional heavy losses over the next few seasons. Fan and sponsofr responses to the franchiseremain cool.
The Bobcatsw rank in the lowe r depths of the NBAin attendance, corporate sponsorships and locap TV ratings. In theirr most recent attempt to reverswfan apathy, the Bobcats cut ticketf prices for the 2009-10 seasonm by 17 percent, on average. That was the latesty in a series of reductions aimede at boosting attendanceand interest. Forbes magazinwe valued the Bobcatsat $284 million in next-to-last in the 30-team NBA. Some in the sports industruy pointto Charlotte’s consistent population relatively strong corporate sectot and new arena as selling pointx for finding an investor. Those strong suits have been dentefd in recent months with the collapswe of thebanking industry.
Charlotte-based Bank of America (NYSE:BAC) has received $45 billion in federal bailout while Chief Executive Ken Lewis has come under fire for buyingv investment bank MerrillLynch & Co. and otherr moves. The city’s other dominant bank, Wachoviqa Corp., was snapped up by Wells Fargo Co. (NYSE:WFC) at the end of 2008. For the there are signs of Larry Brown took over as coachj last season and revived amoribunde team, narrowly missing the playoffs. Brownj returns for his seconcd season with a roster he revampec throughout the course ofthe 2008-09 The team’s 19,026-seat home, Time Warner Cablwe Arena, opened in 2005 and is considered to be a majoer asset.
It’s publicly but the Bobcats retain all operating rightsz atthe arena, a major plus for any Johnson, who maintains his Washington, D.C, residence, is tired of losingg money on the Bobcatz and also preoccupied with other business venturesw that range from hotels to auto dealerships. The question is whethefr Galatioto can find a buyef and atwhat price. Galatioto Sports Partners is aNew York-basef boutique firm with a roster of well-known clients, includinbg the Tampa Bay Lightning, the New York Jets and Giantsd and the Philadelphia 76ers. Even in a drearyt economy with a franchise known for heavy financial expertssay it’s too soon to writd off a sale for Johnson.
“It’z an NBA team,” says one sports busineszs expert. “There are a limited number of It’s like beachfront property.”
Thursday, May 31, 2012
Tuesday, May 29, 2012
Orange County Register joins Yahoo consortium - Los Angeles Business from bizjournals:
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Sunnyvale-based Yahoo (NASDAQ:YHOO) said that since launching in November 2006 with 176 its partnership with local newspaperx has more than quadrupled in size to 814 accounting for 51 percent of allSunday "The consortium has helped participating newspapers increased their share of online ad spend in the growint local online ad market by leveraging Yahoo!sa advertising platform technology, massive audience reachj and highly engaged community," the company said. The newspapersz also sell Yahoo-targeted ads to their local The consortium initially focused on providingt member newspapers with a recruitment networm throughYahoo HotJobs.
It has since expandedc to include search, content distribution and sales partnerships. The Register and The Gazett e are ownedby Irvine-based . The San Diego Union-Tribun e is owned by Beverly Hills' and The Record and Heralc New s are owned bythe .
Sunnyvale-based Yahoo (NASDAQ:YHOO) said that since launching in November 2006 with 176 its partnership with local newspaperx has more than quadrupled in size to 814 accounting for 51 percent of allSunday "The consortium has helped participating newspapers increased their share of online ad spend in the growint local online ad market by leveraging Yahoo!sa advertising platform technology, massive audience reachj and highly engaged community," the company said. The newspapersz also sell Yahoo-targeted ads to their local The consortium initially focused on providingt member newspapers with a recruitment networm throughYahoo HotJobs.
It has since expandedc to include search, content distribution and sales partnerships. The Register and The Gazett e are ownedby Irvine-based . The San Diego Union-Tribun e is owned by Beverly Hills' and The Record and Heralc New s are owned bythe .
Monday, May 28, 2012
Bangkok: 5 free things to do - The Seattle Times
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Bangkok: 5 free things to do The Seattle Times By JOCELYN GECKER AP BANGKOK â€" Chaos is part of Bangkok's charm. But the savvy traveler quickly learns how to navigate Bangkok's legendary traffic jams and discover its soul, a mix of urban jungle and Buddhist serenity where shopping and eating are ... |
Saturday, May 26, 2012
Honda sales plunge 41% in May - Denver Business Journal:
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’s American sales arm, , reportedr on Tuesday that the automakersold 98,3454 vehicles nationwide in May. A year ago, demand for fuel-efficient vehicles had sent Honda to a recorf month of salesat 167,997 vehicles. That represents a drop of 41 percenf from ayear ago, when prices at the pump were highert and the automobile industry hadn’t yet hit crisis Columbus Business First reports monthly sales unadjusted for the differences in the numbee of selling days year to Honda’s sales in May, taking into accoung one fewer selling day last month, fell 39 Leading the decline in monthly sales for May was the company’sw flagship division, which saw a 42 percen t drop in sales at 88,875 Its luxury Acura division saw sales fall 36 percenf to 9,469 vehicles.
Honda salex in the first five months of the year fell 34 percentfto 430,358 vehicles, compared with 655,819 a year ago. That accountss for a 34 percent drop in Honda saledsat 387,556 vehicles and a 35 percent declinde in Acura sales at Marysville-based employs more than 12,000 workers at assembl y and engine plants in and around Central where they produce Honda Accords, CR-Vs, Elements and Acura TLs and RDXs.
’s American sales arm, , reportedr on Tuesday that the automakersold 98,3454 vehicles nationwide in May. A year ago, demand for fuel-efficient vehicles had sent Honda to a recorf month of salesat 167,997 vehicles. That represents a drop of 41 percenf from ayear ago, when prices at the pump were highert and the automobile industry hadn’t yet hit crisis Columbus Business First reports monthly sales unadjusted for the differences in the numbee of selling days year to Honda’s sales in May, taking into accoung one fewer selling day last month, fell 39 Leading the decline in monthly sales for May was the company’sw flagship division, which saw a 42 percen t drop in sales at 88,875 Its luxury Acura division saw sales fall 36 percenf to 9,469 vehicles.
Honda salex in the first five months of the year fell 34 percentfto 430,358 vehicles, compared with 655,819 a year ago. That accountss for a 34 percent drop in Honda saledsat 387,556 vehicles and a 35 percent declinde in Acura sales at Marysville-based employs more than 12,000 workers at assembl y and engine plants in and around Central where they produce Honda Accords, CR-Vs, Elements and Acura TLs and RDXs.
Friday, May 25, 2012
With lawsuits on the rise, directors and officers premiums see first increases in years - Business First of Louisville:
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According to industry data and local insurance rates for directors and officers policiesd are on the rise for the firs t time inseveral years, in tandem with a rise in investor lawsuitw and failing banks. During the past year, 46 banks had failexd as of April 14, compareed with only five during the two years prio rto that, according to the Those paired with the rise in unemployment, layoffs and corporate led to the highest rate of legao complaints against directors and boards of directors since when the Sarbanes-Oxley Act was introduced, accordinf to the As a result, some insurers that offer directors and officers, or policies are raising premiums and limiting the amount of coverage offerex to some clients.
Sandra Carroll, senior vice presidenrt and FINPRO client adviserfor ’d Louisville office, noted that financial institutionds and public companies have been most affecte d by the rising prices. And, she said, some insurancer underwriters are limiting the amoun t of coverage theywill provide. Carroll, who writes policiew primarily for a mixtureof for-profits and public and privatde companies, said large, publiclyg traded companies already pay several million dollarsa in premium coverage annually, as they have exposure to security litigation, whicj is more costly to defend. And that cost is risingt quickly.
“For example, for the first quartedr of this year, we have seen averags rate increases of 34 percent for large financial institutions,” she said. “For thos e with substantial subprime andcredit exposures, their rate are substantially higher than this average. “Outside of the challenging we are seeing on average a five to 10percenr increase,” she added. Overall, D&i premiums nationwide rose 3.15 percent durinvg the fourth quarter of2008 — the first increase in premiumws in recent years, according to informationm from Aon Risk Services. (For more on see related item at left.
) Bill a senior account executivewith Louisville-basec insurance broker , said the pricing he has seen “ha s continued to go down slightlg for private companies and nonprofits with good loss However, “due to the ugly volatilitgy of the stock market, public companies have seen materiaol increases in premiums,” he added. “Ww suspect that there will continue to be upwared rate pressurethrough 2009,” Carroll Both Carroll and Parris said they still recommensd D&O coverage for their business and nonprofit clientd to protect their boardx of directors and officers from personal liability for allegedx wrongdoing or mistakes.
They noted that coverage is availablse for just aboutany organization, ranging in size from a smalp homeowner’s association to a large, for-profit company. Fran Goins, director of the Kentucky Departmentof Insurance’as Property and Casualty division, said D&l insurance has grown in prevalence since the 1960sd and is readily available throughout the statew for those seeking coverage. Ther are 95 insurance carriers that have filed tooffer D&Oi in the state, he said. John central services coordinatorfor Inc., said the nonprofit agencyg held D&O insurance on its board and stafvf members long before he arrived six years ago.
The current annual premium is about $3,600 for $1 million in coverage. Metro United Way obtained its policywith , througgh , a Louisville agency with $250.3 million in total premiums in 2007, accordinf to Business First research. So far, Sands said, there have been no claims made onthe organization’s “It’s basically to kind of protect our directors and officers if there’s a lawsuit filefd against Metro United Way,” Sandxs said. “It’s also so we can protecgt Metro United Way from suits related toemploymenf practices.
”
According to industry data and local insurance rates for directors and officers policiesd are on the rise for the firs t time inseveral years, in tandem with a rise in investor lawsuitw and failing banks. During the past year, 46 banks had failexd as of April 14, compareed with only five during the two years prio rto that, according to the Those paired with the rise in unemployment, layoffs and corporate led to the highest rate of legao complaints against directors and boards of directors since when the Sarbanes-Oxley Act was introduced, accordinf to the As a result, some insurers that offer directors and officers, or policies are raising premiums and limiting the amount of coverage offerex to some clients.
Sandra Carroll, senior vice presidenrt and FINPRO client adviserfor ’d Louisville office, noted that financial institutionds and public companies have been most affecte d by the rising prices. And, she said, some insurancer underwriters are limiting the amoun t of coverage theywill provide. Carroll, who writes policiew primarily for a mixtureof for-profits and public and privatde companies, said large, publiclyg traded companies already pay several million dollarsa in premium coverage annually, as they have exposure to security litigation, whicj is more costly to defend. And that cost is risingt quickly.
“For example, for the first quartedr of this year, we have seen averags rate increases of 34 percent for large financial institutions,” she said. “For thos e with substantial subprime andcredit exposures, their rate are substantially higher than this average. “Outside of the challenging we are seeing on average a five to 10percenr increase,” she added. Overall, D&i premiums nationwide rose 3.15 percent durinvg the fourth quarter of2008 — the first increase in premiumws in recent years, according to informationm from Aon Risk Services. (For more on see related item at left.
) Bill a senior account executivewith Louisville-basec insurance broker , said the pricing he has seen “ha s continued to go down slightlg for private companies and nonprofits with good loss However, “due to the ugly volatilitgy of the stock market, public companies have seen materiaol increases in premiums,” he added. “Ww suspect that there will continue to be upwared rate pressurethrough 2009,” Carroll Both Carroll and Parris said they still recommensd D&O coverage for their business and nonprofit clientd to protect their boardx of directors and officers from personal liability for allegedx wrongdoing or mistakes.
They noted that coverage is availablse for just aboutany organization, ranging in size from a smalp homeowner’s association to a large, for-profit company. Fran Goins, director of the Kentucky Departmentof Insurance’as Property and Casualty division, said D&l insurance has grown in prevalence since the 1960sd and is readily available throughout the statew for those seeking coverage. Ther are 95 insurance carriers that have filed tooffer D&Oi in the state, he said. John central services coordinatorfor Inc., said the nonprofit agencyg held D&O insurance on its board and stafvf members long before he arrived six years ago.
The current annual premium is about $3,600 for $1 million in coverage. Metro United Way obtained its policywith , througgh , a Louisville agency with $250.3 million in total premiums in 2007, accordinf to Business First research. So far, Sands said, there have been no claims made onthe organization’s “It’s basically to kind of protect our directors and officers if there’s a lawsuit filefd against Metro United Way,” Sandxs said. “It’s also so we can protecgt Metro United Way from suits related toemploymenf practices.
”
Wednesday, May 23, 2012
Agennix signs $6 million deal with Japanese drug company - Houston Business Journal:
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Agennix will also receive royalties on net sales when product sales begin, which could be in abouft three years. Santen Pharmaceutical Co. will buy recombinanyt lactoferrinfrom Agennix. The company received a patent last August on the productioj ofrecombinant lactoferrin, a natura protein used in the development of anti-inflammatory products. Santenn plans to use the therapeutic agent for the treatmenfof dry-eye disease. Current therapy for the diseased only supplies or preserves watere on the surface ofthe eye. Agennix'a product is expected to go beyondx treating the symptoms to therapeuticallytreating dry-eye disease and cornea l disorders.
Dry-eye disease causes eye irritatiob andimpaired vision. The disease affects abou 22 millionpeople worldwide, and that number is expectedx to increase as the population ages. This is Agennix's firs t major licensing agreement. The six-year-old biotechnologh company did sign a licensinvg deal three years ago with a Dutcu company that is manufacturing the Denis Headon, president and CEO of Agennix, says he has been talkin with Santen about this arrangemenft for two years. Agennix signed a confidentialitu agreement so he cannot disclose the possible value of the royalty portion ofthe "It adds considerably to the deal," Headon "It will be very significant.
" Santen was founded in 1890 and specializezs in the fields of eye and rheumati diseases. The Osaka, Japan-based company has 2,000 employees worldwide and severakl technology partnerships in theUnited States. "It's a very significanrt licensing arrangementfor us," Headojn says. "They bring enormous skills to the Agennix has several patents covering theDNA sequences, and uses of human lactoferrin. The product has a variety of and deals are in the works to sign licensing agreements in areaas otherthan ophthalmology, Headon says. Agennix is now in advancec clinical trials for gastrointestinal and dermatological applications forthe product.
The companuy outsources much of its so only seven people are onthe payroll, Headoj says. The privately held Agennix does not discloserrevenue figures, but Headon acknowledges that the firm is still operating in the red. "We expecgt to be profitable by 2001," he says. The next step has been take n tobring 's productf to market in the United Schering-Plough Corp. announced last week that it has exercised its right to beginj manufacturing theVasomax product, which is used for the treatment of male erectild dysfunction. In November of the Madison, N.J.-based pharmaceutical companty paidZonagen $10 million for the worldwidse marketing rights to the drug.
Zonagen said at the time that the entirr agreement had a potential valueof $57.5t million.
Agennix will also receive royalties on net sales when product sales begin, which could be in abouft three years. Santen Pharmaceutical Co. will buy recombinanyt lactoferrinfrom Agennix. The company received a patent last August on the productioj ofrecombinant lactoferrin, a natura protein used in the development of anti-inflammatory products. Santenn plans to use the therapeutic agent for the treatmenfof dry-eye disease. Current therapy for the diseased only supplies or preserves watere on the surface ofthe eye. Agennix'a product is expected to go beyondx treating the symptoms to therapeuticallytreating dry-eye disease and cornea l disorders.
Dry-eye disease causes eye irritatiob andimpaired vision. The disease affects abou 22 millionpeople worldwide, and that number is expectedx to increase as the population ages. This is Agennix's firs t major licensing agreement. The six-year-old biotechnologh company did sign a licensinvg deal three years ago with a Dutcu company that is manufacturing the Denis Headon, president and CEO of Agennix, says he has been talkin with Santen about this arrangemenft for two years. Agennix signed a confidentialitu agreement so he cannot disclose the possible value of the royalty portion ofthe "It adds considerably to the deal," Headon "It will be very significant.
" Santen was founded in 1890 and specializezs in the fields of eye and rheumati diseases. The Osaka, Japan-based company has 2,000 employees worldwide and severakl technology partnerships in theUnited States. "It's a very significanrt licensing arrangementfor us," Headojn says. "They bring enormous skills to the Agennix has several patents covering theDNA sequences, and uses of human lactoferrin. The product has a variety of and deals are in the works to sign licensing agreements in areaas otherthan ophthalmology, Headon says. Agennix is now in advancec clinical trials for gastrointestinal and dermatological applications forthe product.
The companuy outsources much of its so only seven people are onthe payroll, Headoj says. The privately held Agennix does not discloserrevenue figures, but Headon acknowledges that the firm is still operating in the red. "We expecgt to be profitable by 2001," he says. The next step has been take n tobring 's productf to market in the United Schering-Plough Corp. announced last week that it has exercised its right to beginj manufacturing theVasomax product, which is used for the treatment of male erectild dysfunction. In November of the Madison, N.J.-based pharmaceutical companty paidZonagen $10 million for the worldwidse marketing rights to the drug.
Zonagen said at the time that the entirr agreement had a potential valueof $57.5t million.
Tuesday, May 22, 2012
Dan Snyder would stay at Six Flags under reorganization - Dallas Business Journal:
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and senior management would stay in place under a bankruptcy reorganizatio n plan filed withregulators Monday. Six Flagsw is also seeking a $600 milliobn loan, secured by its assets, and $150 million in a new revolvinvcredit line. Six Flagzs operates Six Flags Over Texas and Hurricane Harborein Arlington. The company’s executivwe retention plan would keep Snyder as boar memberand chairman. CEO Mark CFO Jeffrey Speed and several other top management would also stay on inexecutive roles. Six Flags, which announced its Chapter 11 bankruptcu filing overthe weekend, listed $2.4 billion in debt and $3 billion in assets. It hopes to cut debt by $1.
8 billionb and wipe out more than $300 milliobn in preferred stock. Snydef and his management team, who took contropl of the theme park operator three and a halfyearss ago, have not been able to return the company to profitability, despite increasing attendance and sellint several parks to raise capital last year. The company reportefd a $146 million first-quarter loss. Six Flags has said its reorganizatiomn will not affect park and its vendors and employees will continue tobe
and senior management would stay in place under a bankruptcy reorganizatio n plan filed withregulators Monday. Six Flagsw is also seeking a $600 milliobn loan, secured by its assets, and $150 million in a new revolvinvcredit line. Six Flagzs operates Six Flags Over Texas and Hurricane Harborein Arlington. The company’s executivwe retention plan would keep Snyder as boar memberand chairman. CEO Mark CFO Jeffrey Speed and several other top management would also stay on inexecutive roles. Six Flags, which announced its Chapter 11 bankruptcu filing overthe weekend, listed $2.4 billion in debt and $3 billion in assets. It hopes to cut debt by $1.
8 billionb and wipe out more than $300 milliobn in preferred stock. Snydef and his management team, who took contropl of the theme park operator three and a halfyearss ago, have not been able to return the company to profitability, despite increasing attendance and sellint several parks to raise capital last year. The company reportefd a $146 million first-quarter loss. Six Flags has said its reorganizatiomn will not affect park and its vendors and employees will continue tobe
Sunday, May 20, 2012
Tourism group honors best of tourism promos - San Francisco Business Times:
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The Tourism Industry AssociationRecognition Awards, or TIARw Awards, highlight excellence and creative accomplishment in travel marketingt and promotion. The Farmington Convention and Visitors which hosted theTANM conference, took home the awar d for best brochure. The village of Chama won an honorables mention for itsvisitors guide. The best Web site honot went to the Chocolate TurtleBed & Breakfast in Corrales. Buffalo Thunder Resort & Casino received honorable mention. Buffalo Thunder took top honords for best print advertising and for outstandinh new event for its grand openintglast year.
The Rio Ranchoi Convention and Visitor’s Bureau “Pork & Brew” was named top outstandingb recurring event. Roswell’s UFO Festival earned an honorablee mention inthat category. The most innovative promotion awardc went to the Albuquerque Convention and Visitors BureauHolidah Video, “Life of a Brown Paper Bag.” The awar for most successful public relations effort was divided into three Bishop’s Lodge Ranch Resort & Spa won the privatd sector category for its 90th anniversary celebration.
The Albuquerque Conventioh and Visitors Bureau earned top kudoas for itsmedia kit, with the town of Taos takingg honorable mention for its annual publicc relations campaign. And the top award for press tours went tothe state’s North Central Tourism Region. Next year’s Governor’s Conferencr on Tourism, co-sponsored by TANM and the New MexiclTourism Department, will be at Buffaloo Thunder Resort & Casinpo in Santa Fe, April 19-21.
The Tourism Industry AssociationRecognition Awards, or TIARw Awards, highlight excellence and creative accomplishment in travel marketingt and promotion. The Farmington Convention and Visitors which hosted theTANM conference, took home the awar d for best brochure. The village of Chama won an honorables mention for itsvisitors guide. The best Web site honot went to the Chocolate TurtleBed & Breakfast in Corrales. Buffalo Thunder Resort & Casino received honorable mention. Buffalo Thunder took top honords for best print advertising and for outstandinh new event for its grand openintglast year.
The Rio Ranchoi Convention and Visitor’s Bureau “Pork & Brew” was named top outstandingb recurring event. Roswell’s UFO Festival earned an honorablee mention inthat category. The most innovative promotion awardc went to the Albuquerque Convention and Visitors BureauHolidah Video, “Life of a Brown Paper Bag.” The awar for most successful public relations effort was divided into three Bishop’s Lodge Ranch Resort & Spa won the privatd sector category for its 90th anniversary celebration.
The Albuquerque Conventioh and Visitors Bureau earned top kudoas for itsmedia kit, with the town of Taos takingg honorable mention for its annual publicc relations campaign. And the top award for press tours went tothe state’s North Central Tourism Region. Next year’s Governor’s Conferencr on Tourism, co-sponsored by TANM and the New MexiclTourism Department, will be at Buffaloo Thunder Resort & Casinpo in Santa Fe, April 19-21.
Saturday, May 19, 2012
Berkeley
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The projects are part of Berkeley’zs move toward creating density, said Michael Berkeley’s economic development director. While residents ponder issuesd like global climate change andpopulationh growth, developers are moving forward to bring more housing near transportation centers and into its downtown “I can’t think of a time when we’vs had so much construction going on,” Caplan said. “We’rd seeing a number of genuinelyurban mixed-used projects that can help activate districts and bring in more residents.
” Amonvg the new projects, Hudson McDonald, a Berkeley-based developer, has crewds working on a 148-unitg apartment complex that will include a Trader Joe’s on its grouns floor. The project, called the Old Grove, is at 1885 University Ave., near the core of Berkeley’s downtowb area and close to SNK Realty’ds Arpeggio, a 143-unit condominium tower compriseds of nine stories that is alsounderf construction.
The projects are part of Berkeley’zs move toward creating density, said Michael Berkeley’s economic development director. While residents ponder issuesd like global climate change andpopulationh growth, developers are moving forward to bring more housing near transportation centers and into its downtown “I can’t think of a time when we’vs had so much construction going on,” Caplan said. “We’rd seeing a number of genuinelyurban mixed-used projects that can help activate districts and bring in more residents.
” Amonvg the new projects, Hudson McDonald, a Berkeley-based developer, has crewds working on a 148-unitg apartment complex that will include a Trader Joe’s on its grouns floor. The project, called the Old Grove, is at 1885 University Ave., near the core of Berkeley’s downtowb area and close to SNK Realty’ds Arpeggio, a 143-unit condominium tower compriseds of nine stories that is alsounderf construction.
Thursday, May 17, 2012
Mortgage banking boosts Republic Bank profit - Tampa Bay Business Journal:
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million, or 33 cents a share, for the secon d quarter of 2009, compared to net incomwe of $6.4 million, or 31 cents a for the same period ayear earlier. For the six months endedf June 30, the bank said net incomse was $32.6 million, or $1.57 a share, comparexd to net income of $28.5 or $1.38 a share, in the year-ago period. The six-montnh gain was driven largely by an increase in home loan origination s and mortgagebanking income, a release from the bankinvg company said. The gain occurred despite a $1.8 milliojn increase in the bank’s other real estater owned expense related to two properties in Floridwawhere Louisville, Ky.
-based Republic Bancorp (NASDAQ: has a subsidiary, , which has five officesa in the Tampa Bay area. One of the propertiea was sold during the second quarter of 2009, a release said. Republic also citedc extra expense from a special assessment imposedx on all banks nationwide by the effectiveJune 30, the releas said. The special insurance assessment wasabout $1.4 million for Republixc and was in additionn to the increase of $1.2 million the compangy already had experienced in its usual insurance premium during the firsf six months of the In the second half of Republic Bancorp, which has $3.
1 billion in assets, said it hopes to capitalize on current market conditionxs by expanding its presence in Floridaa and possibly Ohio, where the Republic Bank subsidiary also has a presence. Another Republic Bank & Trust Co. has bank officeds throughout Kentucky.
million, or 33 cents a share, for the secon d quarter of 2009, compared to net incomwe of $6.4 million, or 31 cents a for the same period ayear earlier. For the six months endedf June 30, the bank said net incomse was $32.6 million, or $1.57 a share, comparexd to net income of $28.5 or $1.38 a share, in the year-ago period. The six-montnh gain was driven largely by an increase in home loan origination s and mortgagebanking income, a release from the bankinvg company said. The gain occurred despite a $1.8 milliojn increase in the bank’s other real estater owned expense related to two properties in Floridwawhere Louisville, Ky.
-based Republic Bancorp (NASDAQ: has a subsidiary, , which has five officesa in the Tampa Bay area. One of the propertiea was sold during the second quarter of 2009, a release said. Republic also citedc extra expense from a special assessment imposedx on all banks nationwide by the effectiveJune 30, the releas said. The special insurance assessment wasabout $1.4 million for Republixc and was in additionn to the increase of $1.2 million the compangy already had experienced in its usual insurance premium during the firsf six months of the In the second half of Republic Bancorp, which has $3.
1 billion in assets, said it hopes to capitalize on current market conditionxs by expanding its presence in Floridaa and possibly Ohio, where the Republic Bank subsidiary also has a presence. Another Republic Bank & Trust Co. has bank officeds throughout Kentucky.
Tuesday, May 15, 2012
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The SBA's Office of Inspector General outlined its concerns in a memo that said agency actiomn is overdue on 10 recommendations it made in the past to addresz weaknesses in lender oversight andagency contracting. The Office of Managemenf and Budget has directed agencies to address problems disclosed by prior audits in programs that will receive funding through the Americab Recovery andReinvestment Act. Lender oversight is particularluy important because the bill temporarily increasee the government guaranty onthe SBA's 7(a) busines s loans to 90 percent.
"Because the highef guaranties reducelender risk, which may lead to poor a greater potential will exist for losses and fraud," wrotse Debra Ritt, the SBA's assistant inspectorf general. That's why it's important for the SBA to do onsiter reviews for all SBA lenderswith high-risk ratinge that have more than $4 million in guaranteed loan the memo stated. The agenc has agreed that's needed but hasn't done it yet.
The SBA also hasn'y implemented comprehensive policies and procedures that define acceptable lenderf performance and risktolerancre levels, or what enforcement actions will be takem when risk tolerance limits are The SBA also needs to do a betterd job of collecting impropetr payments of loan guaranties to lenderw who didn't follow prudentg lending practices or failed to complu with SBA regulations, according to the inspector general's office. More than $4 milliob in improper payments identifie d by previous audits have not been theoffice found.
"Increases in loan volumes and reducedc lender risk under the Recovery Act are expected to lead to higheer levels ofimproper payments," the memo The bill also provided $30 millioj in additional funding for the Microloa program, which makes small loans to aspiring entrepreneurs throughu nonprofit organizations that also provides technical assistance. The SBA needs to develop standardd operating procedures forthis program, and collecrt information on whether the businesseas that received these loans became successful, according to the SBA spokesman Jonathan Swain said the agency "is workinf on a number of fronts" to implement the recommendationz cited in the memo.
"We do take them very seriously, " he said. The agency particularly is focused on lender oversight and risk management as it rolls outnew stimulus-relatef programs. Its new $35,000 America's Recovery Capital loans, for are designed to be "a riskier loan progra m than the SBA hasever offered," he said, because they're an effort to help businesses that temporarilt are having problems making loan payments. The SBA is lookinhg at ways to mitigate that risk as much as he said.
The SBA's Office of Inspector General outlined its concerns in a memo that said agency actiomn is overdue on 10 recommendations it made in the past to addresz weaknesses in lender oversight andagency contracting. The Office of Managemenf and Budget has directed agencies to address problems disclosed by prior audits in programs that will receive funding through the Americab Recovery andReinvestment Act. Lender oversight is particularluy important because the bill temporarily increasee the government guaranty onthe SBA's 7(a) busines s loans to 90 percent.
"Because the highef guaranties reducelender risk, which may lead to poor a greater potential will exist for losses and fraud," wrotse Debra Ritt, the SBA's assistant inspectorf general. That's why it's important for the SBA to do onsiter reviews for all SBA lenderswith high-risk ratinge that have more than $4 million in guaranteed loan the memo stated. The agenc has agreed that's needed but hasn't done it yet.
The SBA also hasn'y implemented comprehensive policies and procedures that define acceptable lenderf performance and risktolerancre levels, or what enforcement actions will be takem when risk tolerance limits are The SBA also needs to do a betterd job of collecting impropetr payments of loan guaranties to lenderw who didn't follow prudentg lending practices or failed to complu with SBA regulations, according to the inspector general's office. More than $4 milliob in improper payments identifie d by previous audits have not been theoffice found.
"Increases in loan volumes and reducedc lender risk under the Recovery Act are expected to lead to higheer levels ofimproper payments," the memo The bill also provided $30 millioj in additional funding for the Microloa program, which makes small loans to aspiring entrepreneurs throughu nonprofit organizations that also provides technical assistance. The SBA needs to develop standardd operating procedures forthis program, and collecrt information on whether the businesseas that received these loans became successful, according to the SBA spokesman Jonathan Swain said the agency "is workinf on a number of fronts" to implement the recommendationz cited in the memo.
"We do take them very seriously, " he said. The agency particularly is focused on lender oversight and risk management as it rolls outnew stimulus-relatef programs. Its new $35,000 America's Recovery Capital loans, for are designed to be "a riskier loan progra m than the SBA hasever offered," he said, because they're an effort to help businesses that temporarilt are having problems making loan payments. The SBA is lookinhg at ways to mitigate that risk as much as he said.
Monday, May 14, 2012
Developer of Ashley Glen in Pasco County files for bankruptcy - Business First of Buffalo:
hyperwave-exhausted.blogspot.com
Ashley Glen and another developmentf entity, — both owned by Clearwater-based and Chief Executive Officee DouglasWeiland — filed Chapter 11 petitionw on Thursday in , Middle District of Florida. Al the Tampa attorney representingboth entities, cites the economicx downturn, lack of home site sales and tight lending marketsx for both companies’ financial problems, records Ashley Glen will be worth $800 million afterr completion and is expecteds to bring 14,000 jobs to the area, yet JES Propertiews is at risk of losing the property to , whichb is seeking to foreclose on a $21.5 milliom loan for missed payments. The land, entitlerd for 450,000-square-foot of retail, 1.
8 million square feet of officre and780 multi-family units, was appraised at $37.6 millionj in May, records state. The quadrant at S.R. 54 and Suncoasr Parkway, also known as the Veterans Parkway on theHillsborougb side, is considered the gatewau to Pasco. In addition, Ashlegy Glen is a mile west of the plannedcorporat headquarters. Weiland has a $8.9 million contract to sell 43 of the 260 acreas to national apartmentdeveloper , also knownn as . But Ashley Glen lacks the $600,00 0 required to grade the property for sale of thefirsrt phase, which should close by Dec. 31. Nearly 1,00o homes are planned for 520 of the 637 acresz at Riverwood insouthwest Pasco, owned by JES records state.
At buildout, the development will include 350,00o0 square feet of retai space. Mercantile Bank has a $2 milliojn loan on that property. Debt on Riverwood includes $21 million in communitt developmentdistrict bonds, $2.7 million owed to and about $1.4 millionn owed to Joseph Asbel, recordz state.
Ashley Glen and another developmentf entity, — both owned by Clearwater-based and Chief Executive Officee DouglasWeiland — filed Chapter 11 petitionw on Thursday in , Middle District of Florida. Al the Tampa attorney representingboth entities, cites the economicx downturn, lack of home site sales and tight lending marketsx for both companies’ financial problems, records Ashley Glen will be worth $800 million afterr completion and is expecteds to bring 14,000 jobs to the area, yet JES Propertiews is at risk of losing the property to , whichb is seeking to foreclose on a $21.5 milliom loan for missed payments. The land, entitlerd for 450,000-square-foot of retail, 1.
8 million square feet of officre and780 multi-family units, was appraised at $37.6 millionj in May, records state. The quadrant at S.R. 54 and Suncoasr Parkway, also known as the Veterans Parkway on theHillsborougb side, is considered the gatewau to Pasco. In addition, Ashlegy Glen is a mile west of the plannedcorporat headquarters. Weiland has a $8.9 million contract to sell 43 of the 260 acreas to national apartmentdeveloper , also knownn as . But Ashley Glen lacks the $600,00 0 required to grade the property for sale of thefirsrt phase, which should close by Dec. 31. Nearly 1,00o homes are planned for 520 of the 637 acresz at Riverwood insouthwest Pasco, owned by JES records state.
At buildout, the development will include 350,00o0 square feet of retai space. Mercantile Bank has a $2 milliojn loan on that property. Debt on Riverwood includes $21 million in communitt developmentdistrict bonds, $2.7 million owed to and about $1.4 millionn owed to Joseph Asbel, recordz state.
Saturday, May 12, 2012
Scientists discuss rover's upcoming mountain climb on Mars - Los Angeles Times
utyziluz.wordpress.com
Los Angeles Times | Scientists discuss rover's upcoming mountain climb on Mars Los Angeles Times Ken Edgett: If you're interested in these questions about water and lakes and life and all of that, go to Eberswalde [a crater containing a delta]. If you want to know about Mars and its history, go to Gale, because nowhere else do you get 5 kilometers ... |
Friday, May 11, 2012
Nathan Littauer plans $3.1M ER renovation; fed funding possible - Houston Business Journal:
adamovaichive.blogspot.com
The Gloversville hospital filed a certificate of need applicatio with the state Health Department earliedr this month seeking approval forthe $3.1 million plan. At about the same time, U.S. Rep. Paul Tonkoi and Sen. Charles Schumer introducesd appropriations bills in their respective housesseeking $1 million to help financde the project. Laurence Kelly, CEO of Nathan Littauer, said the projecg does not hinge on thefederal funding—the hospitalk recently completed a $4 millionj capital campaign—but “it would be nice.” The plan calls for the ER to be renovatexd and enlarged, from 5,000 square feet to aboutf 10,000 square feet.
Kelly said the department seesaboutg 25,000 people a year, and was built in 1983 “fo r probably half that.” The department has 13 patien rooms. This will be increased to 17, but some of the roomsa will be large enough to accommodate two patientasif necessary. Kelly said this should allow all patients to move to a room immediately afterbeing triaged. The patienr rooms will be equippeed with televisions to ease the The project also includes anew nurses’ station with four times the spaced as the current, “really congested,” station.
The computer system alreadt has been upgraded and medical records are Nathan Littauer, which has about $50 million in assets, had net incomwe of about $2.1 million on revenues of $78 million in 2008. That representd an operating marginof 2.8 Other area hospitals, including , and have upgrade their ERs in the past five
The Gloversville hospital filed a certificate of need applicatio with the state Health Department earliedr this month seeking approval forthe $3.1 million plan. At about the same time, U.S. Rep. Paul Tonkoi and Sen. Charles Schumer introducesd appropriations bills in their respective housesseeking $1 million to help financde the project. Laurence Kelly, CEO of Nathan Littauer, said the projecg does not hinge on thefederal funding—the hospitalk recently completed a $4 millionj capital campaign—but “it would be nice.” The plan calls for the ER to be renovatexd and enlarged, from 5,000 square feet to aboutf 10,000 square feet.
Kelly said the department seesaboutg 25,000 people a year, and was built in 1983 “fo r probably half that.” The department has 13 patien rooms. This will be increased to 17, but some of the roomsa will be large enough to accommodate two patientasif necessary. Kelly said this should allow all patients to move to a room immediately afterbeing triaged. The patienr rooms will be equippeed with televisions to ease the The project also includes anew nurses’ station with four times the spaced as the current, “really congested,” station.
The computer system alreadt has been upgraded and medical records are Nathan Littauer, which has about $50 million in assets, had net incomwe of about $2.1 million on revenues of $78 million in 2008. That representd an operating marginof 2.8 Other area hospitals, including , and have upgrade their ERs in the past five
Wednesday, May 9, 2012
Monday, May 7, 2012
Nosbusch: Government aid needed to improve U.S. manufacturing - The Business Journal of Milwaukee:
burwellmitubaes1369.blogspot.com
Nosbusch, speaking at The National a gathering hosted by the Detroigt Economic Club to promotw actions toimprove America’s manufacturing competitiveness in the global said such "smart factories" are the best way to createe higher-paying, long-term manufacturing jobs in the Unitedf States. “The public and private sectors need to investt in advanced technology that will lower increase productivity, and make U.S. manufacturint competitive globally,” said Nosbusch. “This investmenf is the best way tocreater enduring, higher-wage manufacturing jobs that can competd against other economies with lower costs of doing business.
” Nosbusch also called for a renewed U.S. industriapl policy that includes federal stimuluxs and research and development on industrialp automation andinformation technology, to keep U.S. manufacturing competitive globally. Most Americanz responding to a recent surveh say the government should offer incentivesz for companies to invest inadvanced “A $50 billion investment in retooling factoriesw would create 250,000 direct manufacturinhg jobs in the U.S.
, suppor an additional 725,000 indirect jobs, and generat e up to $120 billion in revenue resulting from increasef demand for products,” said Nosbusch, citing a study by the , a business-labor coalition focused on job Nosbusch called for the Obama administration to doublew research and development for manufacturing innovation to bring it back to 1970’ss funding levels. “If you really want to investt in long-term, high-quality job you have to investin innovation,” he said.
Nosbuschu said that improved educationin science, engineering and mathematics is necessary to trainb workers to operate in the smart Milwaukee-based Rockwell Automation (NYSE: ROK) is a global manufacturer of industriap automation systems and controls.
Nosbusch, speaking at The National a gathering hosted by the Detroigt Economic Club to promotw actions toimprove America’s manufacturing competitiveness in the global said such "smart factories" are the best way to createe higher-paying, long-term manufacturing jobs in the Unitedf States. “The public and private sectors need to investt in advanced technology that will lower increase productivity, and make U.S. manufacturint competitive globally,” said Nosbusch. “This investmenf is the best way tocreater enduring, higher-wage manufacturing jobs that can competd against other economies with lower costs of doing business.
” Nosbusch also called for a renewed U.S. industriapl policy that includes federal stimuluxs and research and development on industrialp automation andinformation technology, to keep U.S. manufacturing competitive globally. Most Americanz responding to a recent surveh say the government should offer incentivesz for companies to invest inadvanced “A $50 billion investment in retooling factoriesw would create 250,000 direct manufacturinhg jobs in the U.S.
, suppor an additional 725,000 indirect jobs, and generat e up to $120 billion in revenue resulting from increasef demand for products,” said Nosbusch, citing a study by the , a business-labor coalition focused on job Nosbusch called for the Obama administration to doublew research and development for manufacturing innovation to bring it back to 1970’ss funding levels. “If you really want to investt in long-term, high-quality job you have to investin innovation,” he said.
Nosbuschu said that improved educationin science, engineering and mathematics is necessary to trainb workers to operate in the smart Milwaukee-based Rockwell Automation (NYSE: ROK) is a global manufacturer of industriap automation systems and controls.
Sunday, May 6, 2012
Gov. Rendell: Alternative energy to aid recovery - Austin Business Journal:
aaekipolo.blogspot.com
“I believe that over the next five years, the developmentf of the green-energy economy can drive this nation’s comeback,” the Democrativc governor said at the generao session of PV which is being held at the Pennsylvania Conventiobn Center in Philadelphiathrough Wednesday. The conferencd is the first by the to focus solelhy on photovoltaicsolar energy, which comes from photovoltaic panelws that convert sunlight into It’s being held in conjunction with the IEEE’s 34th Photovoltaic Specialists Conference at the Philadelphiwa Marriott Downtown, which is adjacen to the convention center, from Sunda y through Friday.
(IEEE used to stand for , but the nonprofiyt now just refers to itself by its acronym because it has so many members from othereengineering fields.) About 3,000 peoplr are attending the conferences, the SEIA and IEEE said. Part of Rendell’z message was similar to the messag e delivered by SEIA President and CEO Rhonre Resch later inthe session: When they go the people at the conference should promote solafr energy’s virtues to everyone from their neighbors to thei municipal, state and federal electee officials. “You have to roll up your sleevese andbe advocates,” Rendell said.
Both Rendell and Resch praised President Obama for his efforts on behalfg of renewableenergy — “President Obama is becoming the solard president,” Resch said — but they said they’ed like the federal government to do more. Rendel l said federal legislators should dotwo things: Make renewable-energyt tax credits permanent, rather than reauthorizing them every few and create a federal alternative portfolio standard that mandates that a specified portion of energ y sold in the country be createfd from alternative energy sources. Twenty eightr states, including Pennsylvania and New Jersey, and the District of Columbiwa have alternativeportfolio standards.
Rendell said he’f like the federal standard to have minimuj figures that states could exceeed ontheir own. “If we do those things I think there’s no reason that Americwa can’t be the dominant nation in solar energgy forthe world,” he said. Rendel said alternative energy will drivethe U.S. economy for the next 25 yeares just asthe information-technologyh and life sciences industries have drivebn it for the last 25. Under his Pennsylvania has moved to capitalize onthat shift. In it established an alternative portfolio standare that requires 18 percent of energy sold in Pennsylvaniza to come from alternative sources of energyby 2020.
Last Pennsylvania created a $650 millioh renewable energy fund. Of that $180 million is to go to solar consistingof $100 million for loans, grantx and rebates to cover up to 35 percent of the costs incurred by home and small-business owners who install solar energy and $80 million for grants and loan for solar economic-development projects. More than 300 applications forsolar economic-development projects were receivexd by the deadline last week, Rendell said. Philadelphiq also has gotten in onthe renewable-energ y act. Mayor Michael Nutter in April by 2015. The city is one of 25 takiny part in the federal Departmentof Energy’s Solae America Cities initiative.
As part of that, it’es developing a plan to generate 2.3 megawatts of solar electricity by 2011and 57.8 megawattsx by 2021, which is its sharse of the state of Pennsylvania’zs solar installation goal. To help it meet those goals, Nutted said Monday, the city is lookinh to replace the roof at its fleeyt workshop with a roof that produces solar energy and has formulatedd plans forbuilding large-scale soladr arrays at Philadelphia Water Department locations.
“I believe that over the next five years, the developmentf of the green-energy economy can drive this nation’s comeback,” the Democrativc governor said at the generao session of PV which is being held at the Pennsylvania Conventiobn Center in Philadelphiathrough Wednesday. The conferencd is the first by the to focus solelhy on photovoltaicsolar energy, which comes from photovoltaic panelws that convert sunlight into It’s being held in conjunction with the IEEE’s 34th Photovoltaic Specialists Conference at the Philadelphiwa Marriott Downtown, which is adjacen to the convention center, from Sunda y through Friday.
(IEEE used to stand for , but the nonprofiyt now just refers to itself by its acronym because it has so many members from othereengineering fields.) About 3,000 peoplr are attending the conferences, the SEIA and IEEE said. Part of Rendell’z message was similar to the messag e delivered by SEIA President and CEO Rhonre Resch later inthe session: When they go the people at the conference should promote solafr energy’s virtues to everyone from their neighbors to thei municipal, state and federal electee officials. “You have to roll up your sleevese andbe advocates,” Rendell said.
Both Rendell and Resch praised President Obama for his efforts on behalfg of renewableenergy — “President Obama is becoming the solard president,” Resch said — but they said they’ed like the federal government to do more. Rendel l said federal legislators should dotwo things: Make renewable-energyt tax credits permanent, rather than reauthorizing them every few and create a federal alternative portfolio standard that mandates that a specified portion of energ y sold in the country be createfd from alternative energy sources. Twenty eightr states, including Pennsylvania and New Jersey, and the District of Columbiwa have alternativeportfolio standards.
Rendell said he’f like the federal standard to have minimuj figures that states could exceeed ontheir own. “If we do those things I think there’s no reason that Americwa can’t be the dominant nation in solar energgy forthe world,” he said. Rendel said alternative energy will drivethe U.S. economy for the next 25 yeares just asthe information-technologyh and life sciences industries have drivebn it for the last 25. Under his Pennsylvania has moved to capitalize onthat shift. In it established an alternative portfolio standare that requires 18 percent of energy sold in Pennsylvaniza to come from alternative sources of energyby 2020.
Last Pennsylvania created a $650 millioh renewable energy fund. Of that $180 million is to go to solar consistingof $100 million for loans, grantx and rebates to cover up to 35 percent of the costs incurred by home and small-business owners who install solar energy and $80 million for grants and loan for solar economic-development projects. More than 300 applications forsolar economic-development projects were receivexd by the deadline last week, Rendell said. Philadelphiq also has gotten in onthe renewable-energ y act. Mayor Michael Nutter in April by 2015. The city is one of 25 takiny part in the federal Departmentof Energy’s Solae America Cities initiative.
As part of that, it’es developing a plan to generate 2.3 megawatts of solar electricity by 2011and 57.8 megawattsx by 2021, which is its sharse of the state of Pennsylvania’zs solar installation goal. To help it meet those goals, Nutted said Monday, the city is lookinh to replace the roof at its fleeyt workshop with a roof that produces solar energy and has formulatedd plans forbuilding large-scale soladr arrays at Philadelphia Water Department locations.
Friday, May 4, 2012
Airman Surprises Children With Early Return - KKTV 11 News
sucujovide.wordpress.com
Airman Surprises Children With Early Return KKTV 11 News We will review any reported comments promptly. by Jason Location: Security on May 4, 2012 at 12:05 AM @protocol, Yes it is correct to call an Air Force MSgt an Airman. KKTV was not addressing him by rank, in the Air Force we are Airman as soldiers are ... |
Wednesday, May 2, 2012
AIIM and Industry Thought Leaders Articulate the Impact of Consumerization of ... - MarketWatch (press release)
ihituvofy.wordpress.com
AIIM and Industry Thought Leaders Articulate the Impact of Consumerization of ... MarketWatch (press release) SILVER SPRING, MD, May 02, 2012 (MARKETWIRE via COMTEX) -- AIIM, the global community of information professionals, today announced the formation of the new Executive Leadership Council to examine the consumerization of IT from the vantage point of the ... |
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