burwellmitubaes1369.blogspot.com
In a Friday release, the Overland Park-baseds company (Nasdaq: YRCW) said it is ahead of schedule to integrats the national networks byearly spring. “YRC expresses the combined strength of Yellowand Roadway, and represents our integration of networks, services and Greg Reid, YRC Worldwide’s executive vice president and chiedf marketing officer, said in the release. Since October, YRC Worldwidee has opened about 80 sharedf service centers to manage the combinedsYRC network, serving both Roadway and Yellow customers.
A YRC Worldwidde that the Yellow-Roadway consolidation will reduce the number of facilities from 600 to abouft 450by year’s end and reduce the employee counr at affected facilities by an estimated 15 although she didn’t have an estimates count of employees who will be laid off. Customeres whose access was restrictef to Yellow Transportation or Roadway will have access to all theconsolidated facilities. The consolidation also will addabout 21,009 direct service points, she said, meaningv that number of additional routes will start at one poin t and go straight to the destination, without intermediatre stops, improving transportation time and efficiency.
Companyu Chairman and CEO Bill Zollars saidin Friday’ws release that customers “are reacting very positivelt to the integration.” YRC ranks No. 2 on the Kansaes City BusinessJournal ’s list of area public
Wednesday, June 29, 2011
Monday, June 27, 2011
Hawaiian Telcom sees $30M loss - Pacific Business News (Honolulu):
jiqatili.wordpress.com
million and brought in less money in theseconf quarter, the company reported The loss was a slighrt improvement over last year, when it lost $32.1 millionm in the second quarter. Hawaiian Telcojm reported operating revenueof $115.3 million for the secons quarter, down 5 percent from a year ago, primarily becaus e of the loss of traditiona landline customers. The communications company’s operatin g expenses totaled $79.6 million, flat compared to the previous quarteer and the same quarterin 2007. High-speecd internet subscriptions totaled up 2 percent from the same period ayear ago, howevet revenue of $8.8 million from the service remainedd flat compared to second quarter 2007.
Revenue from long-distanc e services was $9.5 million, down 4.7 percent from the same periodlast year. The decrease was due to the decline in customer phon lines as more people switch tocell phones. “Hawaiiab Telcom is celebrating its 125th anniversarythis month, whicg is evidence of its position as one of the leadinfg institutions in Hawaii,” said Eric Yeaman, who was appointed Hawaiianh Telcom’s president and CEO in May, about six weekas before the end of the seconfd quarter.
“We continue to have our challenges, but we have brought in new leadership and made other significant changee across the organization so we canimprove execution, furtherf stabilize the operations and chary a new successful course for the which will be guided by delivering new products, betterd service and increased value to our Yeaman said in a statement. The company will hold a conferencew call Thursday morning to discus s the secondquarter earnings. Hawaiian Telcom is owner by , based in Washington, D.C. The company boughr the assets of Verizo Hawaii in May 2005 and began operating independentlyy with its own systems inAprip 2006.
million and brought in less money in theseconf quarter, the company reported The loss was a slighrt improvement over last year, when it lost $32.1 millionm in the second quarter. Hawaiian Telcojm reported operating revenueof $115.3 million for the secons quarter, down 5 percent from a year ago, primarily becaus e of the loss of traditiona landline customers. The communications company’s operatin g expenses totaled $79.6 million, flat compared to the previous quarteer and the same quarterin 2007. High-speecd internet subscriptions totaled up 2 percent from the same period ayear ago, howevet revenue of $8.8 million from the service remainedd flat compared to second quarter 2007.
Revenue from long-distanc e services was $9.5 million, down 4.7 percent from the same periodlast year. The decrease was due to the decline in customer phon lines as more people switch tocell phones. “Hawaiiab Telcom is celebrating its 125th anniversarythis month, whicg is evidence of its position as one of the leadinfg institutions in Hawaii,” said Eric Yeaman, who was appointed Hawaiianh Telcom’s president and CEO in May, about six weekas before the end of the seconfd quarter.
“We continue to have our challenges, but we have brought in new leadership and made other significant changee across the organization so we canimprove execution, furtherf stabilize the operations and chary a new successful course for the which will be guided by delivering new products, betterd service and increased value to our Yeaman said in a statement. The company will hold a conferencew call Thursday morning to discus s the secondquarter earnings. Hawaiian Telcom is owner by , based in Washington, D.C. The company boughr the assets of Verizo Hawaii in May 2005 and began operating independentlyy with its own systems inAprip 2006.
Saturday, June 25, 2011
Adapx raises $10M - Puget Sound Business Journal (Seattle):
modestofyeyko.blogspot.com
The company's technology allows architects, soldiers and others working in the fielxdto "write" with a digital pen -- for make notes or sketches, or plot pointsz on a map -- and save that informationb to a computer application. The technology allows workers to collect data or make changesa to blueprints andplanw remotely, in real time, and the data can be quicklyu be shared with others. Along with the Adapx (pronounced "adapts) announced it has broughf on Ken Schneider, a local technologyy industry veteran, as its new CEO. Schneideer has put in two stintsaat Redmond-based (NASDAQ: MSFT) and was also presidenr of Bellevue-based Cognisoft Corp.
, an internet software company that was acquires by Verity Inc. of Sunnyvale, in 1997 for $10 million. He also ran web operations at Etersa Inc., an online horticultural busines in Mount Vernon that went bankrupytin 2001. OVP was an investore in both Verityand Etera. Adapx was originally called NaturalpInteraction Systems. The company was foundexd in 1999 in Portlandc by Philip Cohen andDavid McGee, two researchers at Oregon Health & Science The company initially targeteds the military and received research fundinbg from the Defense Advanced Research Projects Agency (DARPA).
But the founders began eyeing commercialp markets, and eventually recruited Schneider, an executiv e with deeper sales experience. Schneider replacer Cohen as CEO of the The Adapx system is designed to work withsoftwarw that's commonly used in the field, such as Microsoft Office OneNote and Autodesk AutoCAD. Schneider said potentiaol customersinclude architects, construction workers and emergency crews, and oil engineers. "Ourt technology is designed to digitally enablew what people do naturally inthe field," Schneide said. The concept of digital pens has been around for a though so farit hasn't take n off with the public.
Todayt a number of companies offerdigital pens, includinvg LiveScribe Inc. of Calif., Iogear Inc. of Irvine Calif., and LeapFrog Enterprisesa Inc. of Emeryville, Calif. Schneider, said the other digital pens on the markeg today are focused more at and said Adapx stands out for its focus on business Schneider declined to name specific but said the company has clienta in the defense and homelandsecurity sectors, loca governments, utilities, and the construction and petroleum industry. Chad a managing director at OVP, said Puget Soune Energy is "really interested" in the technology. Adapz will use the new funding to build up its salee andmarketing efforts.
The compangy currently has 37 employees but aims to grow to 45 to 50 peopld by the end ofnext year, Schneider said. Waite and Mark a managing partnerat Paladin, are joining the Adapx boarrd of directors.
The company's technology allows architects, soldiers and others working in the fielxdto "write" with a digital pen -- for make notes or sketches, or plot pointsz on a map -- and save that informationb to a computer application. The technology allows workers to collect data or make changesa to blueprints andplanw remotely, in real time, and the data can be quicklyu be shared with others. Along with the Adapx (pronounced "adapts) announced it has broughf on Ken Schneider, a local technologyy industry veteran, as its new CEO. Schneideer has put in two stintsaat Redmond-based (NASDAQ: MSFT) and was also presidenr of Bellevue-based Cognisoft Corp.
, an internet software company that was acquires by Verity Inc. of Sunnyvale, in 1997 for $10 million. He also ran web operations at Etersa Inc., an online horticultural busines in Mount Vernon that went bankrupytin 2001. OVP was an investore in both Verityand Etera. Adapx was originally called NaturalpInteraction Systems. The company was foundexd in 1999 in Portlandc by Philip Cohen andDavid McGee, two researchers at Oregon Health & Science The company initially targeteds the military and received research fundinbg from the Defense Advanced Research Projects Agency (DARPA).
But the founders began eyeing commercialp markets, and eventually recruited Schneider, an executiv e with deeper sales experience. Schneider replacer Cohen as CEO of the The Adapx system is designed to work withsoftwarw that's commonly used in the field, such as Microsoft Office OneNote and Autodesk AutoCAD. Schneider said potentiaol customersinclude architects, construction workers and emergency crews, and oil engineers. "Ourt technology is designed to digitally enablew what people do naturally inthe field," Schneide said. The concept of digital pens has been around for a though so farit hasn't take n off with the public.
Todayt a number of companies offerdigital pens, includinvg LiveScribe Inc. of Calif., Iogear Inc. of Irvine Calif., and LeapFrog Enterprisesa Inc. of Emeryville, Calif. Schneider, said the other digital pens on the markeg today are focused more at and said Adapx stands out for its focus on business Schneider declined to name specific but said the company has clienta in the defense and homelandsecurity sectors, loca governments, utilities, and the construction and petroleum industry. Chad a managing director at OVP, said Puget Soune Energy is "really interested" in the technology. Adapz will use the new funding to build up its salee andmarketing efforts.
The compangy currently has 37 employees but aims to grow to 45 to 50 peopld by the end ofnext year, Schneider said. Waite and Mark a managing partnerat Paladin, are joining the Adapx boarrd of directors.
Wednesday, June 22, 2011
CEO Ellison says Oracle might make netbooks - The Business Review (Albany):
vezasid.wordpress.com
His comments came at a Sun conferencr for users of Java softwarr which he also said could be usedon netbooks. Oracls (NASDAQ:ORCL) earlier this year agreed to acquire Sun for $7 billion. "Io don't see why some of thoser devices shouldn't come from Sun," Reuterss quoted Ellison as saying. "There will be computers that are fundamentall basedon Java." Netbooks are inexpensive laptopo computers designed to connect wirelessly and are used primarily for checking email and browsing the Web. The market for them is expectec to grow to between 20 million and 30 milliob unitsthis year, up from the 11.7 millio n sold last year when their sales took off.
Most PC maker now have a netbook model and if Oracld does get into the market it will go up againsgthe . (NASDAQ:HPQ) (NASDAQ:DELL) and , whichy either make netbooks or develop softwarefor them. Acer said Tuesdah it will make a laptop runningon ’s (NASDAQ:GOOG) Androidr operating system instead of Microsoft Windows, whicjh most makers now use.
His comments came at a Sun conferencr for users of Java softwarr which he also said could be usedon netbooks. Oracls (NASDAQ:ORCL) earlier this year agreed to acquire Sun for $7 billion. "Io don't see why some of thoser devices shouldn't come from Sun," Reuterss quoted Ellison as saying. "There will be computers that are fundamentall basedon Java." Netbooks are inexpensive laptopo computers designed to connect wirelessly and are used primarily for checking email and browsing the Web. The market for them is expectec to grow to between 20 million and 30 milliob unitsthis year, up from the 11.7 millio n sold last year when their sales took off.
Most PC maker now have a netbook model and if Oracld does get into the market it will go up againsgthe . (NASDAQ:HPQ) (NASDAQ:DELL) and , whichy either make netbooks or develop softwarefor them. Acer said Tuesdah it will make a laptop runningon ’s (NASDAQ:GOOG) Androidr operating system instead of Microsoft Windows, whicjh most makers now use.
Monday, June 20, 2011
Deloitte: Consumer spending still down - Portland Business Journal:
ramoledef.blogspot.com
The index fell to 1.35 percentf from an downwardly revised gainof 1.44 percenf in April. Deloitte said the indexd analyzestax burden, initial unemployment claims, real wages and real home prices to try to tracm consumer cash flow as an indicator of future consumeer spending. "The year over year pace of declin in real consumer spending appears tohave however, recovery is being delayes by a sharp increase in consumer savings, which has risen to 5.7 percent from zero a year said Carl Steidtmann, chief economist with Deloittse Research and author of the monthl y index, in a statement.
"However, the weakness in the indez was driven almost entirel y by fallinghome prices, which are down nearly 14 percentr over the past undermining small gains in real a declining tax burdenm and current stabilization in new unemployment claims." The reportr noted the tax burden continuess to drop with the weakening of the economy. It is at a leveo only seen on a few occasionxs over the past 50 years during brief periods following tax Continued declineis expected. Also real wage growth continues to post smalp gains due to falling price sfor energy. Real wages are up 4.
3 percenf from a year ago and on an annualized basisx are up 8 percent over the last nine monthzs as energy prices have givejn a big boost to consumetpurchasing power, the index said.
The index fell to 1.35 percentf from an downwardly revised gainof 1.44 percenf in April. Deloitte said the indexd analyzestax burden, initial unemployment claims, real wages and real home prices to try to tracm consumer cash flow as an indicator of future consumeer spending. "The year over year pace of declin in real consumer spending appears tohave however, recovery is being delayes by a sharp increase in consumer savings, which has risen to 5.7 percent from zero a year said Carl Steidtmann, chief economist with Deloittse Research and author of the monthl y index, in a statement.
"However, the weakness in the indez was driven almost entirel y by fallinghome prices, which are down nearly 14 percentr over the past undermining small gains in real a declining tax burdenm and current stabilization in new unemployment claims." The reportr noted the tax burden continuess to drop with the weakening of the economy. It is at a leveo only seen on a few occasionxs over the past 50 years during brief periods following tax Continued declineis expected. Also real wage growth continues to post smalp gains due to falling price sfor energy. Real wages are up 4.
3 percenf from a year ago and on an annualized basisx are up 8 percent over the last nine monthzs as energy prices have givejn a big boost to consumetpurchasing power, the index said.
Saturday, June 18, 2011
Cheryl Tipped For Rival X-Factor Judging Role - Sky News
http://websitedesignantwerpen.com/websitedesign.php
Los Angeles Times | Cheryl Tipped For Rival X-Factor Judging Role Sky News It differs fom The X Factor in that auditionees are judged on their voice alone - without seeing the singer, each judge must decide whether the wannabe's singing is good enough for their team. The show is already a hit in the US and on Friday the BBC ... Cheryl Cole to make a comeback on BBC talent show The Voice â€" as rival to X Factor Will Cheryl make her comeback on The Voice? Cheryl doesn't need 'The X Factor': Phillips |
Thursday, June 16, 2011
ofycagvezi.blogspot.com
If that’s the case, then your furry friend woulxd likely appreciate the pampered climes of in The company’s Web site calls it “q sophisticated resort for discriminating pets.” The $1.3 millioh facility opened at 1436 Wolf River Blvd. in March. The 7,000-square-fooyt facility looks like a ski lodg and sitson 3.2 acres. Pets don’t stay in cages. They’r either in Club Suites or Lodge Rooms wher e theyget one-on-one attention from attendantss and twice-a-day room service. The resort can “lodge” 150 animalw at one time and itoffers daycare, training, one indoor and two outdoor play yards.
Aftert a 15-minute session of ball or Frisbee catch and a dip in the wading tuckered dogs are tucked in witha “business healthy snack and a bedtime story or soothingt music. Basic lodging begins at $23 per Activity packages for grooming, play and tuck-ins star t at $15. St. Jude competews in facebook fundraisier Want your kids to raisr moneyfor St. Jude? Tell them to get on And the morethe better. Seriously. is giving away $3 milliobn to 10 charities on Facebook.com, the ever-more ubiquitouas social networking site. Facebook members vote for theit favorite charity and the more votesthey get, the largef the donation. Members can vote for througy May 25.
The dollard and votes will be updated in real time on the Targetr Facebook page throughout the course ofthe contest. Site visitorsx can vote once a day, ever day. The contest, called Bullseye Gives, is Target’s first-ever givinfg campaign on Facebook. If Griz get No. 1 Fans get $1 tickets fans in Memphis have had a roughnthree years, to say the least, and their pain has extendecd to consecutive draft lotteriesz to add insult to injury. This year’s draft lottery could have some sort of a silveer liningfor fans, regardless of the thanks to the team’s Pick Pay promotion.
Fans who put a $45 deposiy on Terrace Level III seasonn tickets could see the price of theirticketw drop, depending on what draft pick the Grizzlies end up gettinf from the lottery. The tickets are normallyt pricedat $450, but if the Grizzlies get the No. 1 pick in the May 19 draftf lottery, those tickets would cost $45, literallyu giving fans 45 home games next seasobat $1 per game. If the Grizzlies get the No. 2 the tickets will double to $90.
The prices graduallgy increase all the way to theninth pick, whic would have a final cost of Greg Campbell, president of business operations for the Grizzlies, says the team is stil l trying to provide fans with affordable tickets, while making it fun and interesting. The ticketf deposit is non-refundable. Interested fans can call 888-HOOP or visit www.grizzlies.com. This month will kick off what it hopez will become a nationwide business coaching network with a seriessof free, two-hour boot camps. The networi is patterned after the coachinbgsystem Momentum’s CEO Alan Katz developed over 20 yearsw of coaching and consulting.
Katz hopess to expand in a concentriv circle around Memphis with reguladr boot camps in DeSoto County and Colliervillre and then Little Rockand Birmingham, Ala. More than a decader ago, Katz self-published his The Ultimate Marketing System forDry Cleaners, the result of some work he’de done with Memphis-based Bensinger’s Fine Cleaners. Katz will kick off his coachingv sessions at May 19 and Best Galleria in BartlettMay 20.
If that’s the case, then your furry friend woulxd likely appreciate the pampered climes of in The company’s Web site calls it “q sophisticated resort for discriminating pets.” The $1.3 millioh facility opened at 1436 Wolf River Blvd. in March. The 7,000-square-fooyt facility looks like a ski lodg and sitson 3.2 acres. Pets don’t stay in cages. They’r either in Club Suites or Lodge Rooms wher e theyget one-on-one attention from attendantss and twice-a-day room service. The resort can “lodge” 150 animalw at one time and itoffers daycare, training, one indoor and two outdoor play yards.
Aftert a 15-minute session of ball or Frisbee catch and a dip in the wading tuckered dogs are tucked in witha “business healthy snack and a bedtime story or soothingt music. Basic lodging begins at $23 per Activity packages for grooming, play and tuck-ins star t at $15. St. Jude competews in facebook fundraisier Want your kids to raisr moneyfor St. Jude? Tell them to get on And the morethe better. Seriously. is giving away $3 milliobn to 10 charities on Facebook.com, the ever-more ubiquitouas social networking site. Facebook members vote for theit favorite charity and the more votesthey get, the largef the donation. Members can vote for througy May 25.
The dollard and votes will be updated in real time on the Targetr Facebook page throughout the course ofthe contest. Site visitorsx can vote once a day, ever day. The contest, called Bullseye Gives, is Target’s first-ever givinfg campaign on Facebook. If Griz get No. 1 Fans get $1 tickets fans in Memphis have had a roughnthree years, to say the least, and their pain has extendecd to consecutive draft lotteriesz to add insult to injury. This year’s draft lottery could have some sort of a silveer liningfor fans, regardless of the thanks to the team’s Pick Pay promotion.
Fans who put a $45 deposiy on Terrace Level III seasonn tickets could see the price of theirticketw drop, depending on what draft pick the Grizzlies end up gettinf from the lottery. The tickets are normallyt pricedat $450, but if the Grizzlies get the No. 1 pick in the May 19 draftf lottery, those tickets would cost $45, literallyu giving fans 45 home games next seasobat $1 per game. If the Grizzlies get the No. 2 the tickets will double to $90.
The prices graduallgy increase all the way to theninth pick, whic would have a final cost of Greg Campbell, president of business operations for the Grizzlies, says the team is stil l trying to provide fans with affordable tickets, while making it fun and interesting. The ticketf deposit is non-refundable. Interested fans can call 888-HOOP or visit www.grizzlies.com. This month will kick off what it hopez will become a nationwide business coaching network with a seriessof free, two-hour boot camps. The networi is patterned after the coachinbgsystem Momentum’s CEO Alan Katz developed over 20 yearsw of coaching and consulting.
Katz hopess to expand in a concentriv circle around Memphis with reguladr boot camps in DeSoto County and Colliervillre and then Little Rockand Birmingham, Ala. More than a decader ago, Katz self-published his The Ultimate Marketing System forDry Cleaners, the result of some work he’de done with Memphis-based Bensinger’s Fine Cleaners. Katz will kick off his coachingv sessions at May 19 and Best Galleria in BartlettMay 20.
Monday, June 13, 2011
California court rules for BofA - Puget Sound Business Journal (Seattle):
lihung-associations.blogspot.com
The class-action case centered on BofA’s collecting check overdraff and other fees by taking moneyfrom direct-deposit accounts set up to receive Social Securityu benefits. In 2004, a jury found BofA’s actions violates California banking laws that prohibit banks from taking Sociakl Security benefits to recovecustomer debts. But in 2006, the 1st Districft Court of Appeal in San Franciscoo ruledBofA (NYSE:BAC) didn’tr breach state banking laws. The appeales court said the lawsuit misapplied a 1974 California Suprem e Court decision that prohibits banks from using publifc funds deposited into an account to pay thebank customer’w separate credit-card account.
Monday’s unanimous rulintg upheld that decision. Charlotte-based BofA told the news agenc y it was pleased with the which it saidrejected “a challenge to account-balancing practices followed by every bank in California and acrossw the nation.”
The class-action case centered on BofA’s collecting check overdraff and other fees by taking moneyfrom direct-deposit accounts set up to receive Social Securityu benefits. In 2004, a jury found BofA’s actions violates California banking laws that prohibit banks from taking Sociakl Security benefits to recovecustomer debts. But in 2006, the 1st Districft Court of Appeal in San Franciscoo ruledBofA (NYSE:BAC) didn’tr breach state banking laws. The appeales court said the lawsuit misapplied a 1974 California Suprem e Court decision that prohibits banks from using publifc funds deposited into an account to pay thebank customer’w separate credit-card account.
Monday’s unanimous rulintg upheld that decision. Charlotte-based BofA told the news agenc y it was pleased with the which it saidrejected “a challenge to account-balancing practices followed by every bank in California and acrossw the nation.”
Saturday, June 11, 2011
'Allegations that Ramdev is an RSS prop arise from BJP-RSS phobia' - The Hindu
coeragnheidur3778.blogspot.com
'Allegations that Ramdev is an RSS prop arise from BJP-RSS phobia' The Hindu PTI The Congress' charge that Ramdev is an RSS prop was nothing but a manifestation of a “BJP-RSS phobia†within the party, and it has resorted to this labelling since preâ€"Emergency days, whenever its government is cornered, the BJP said. ... |
Thursday, June 9, 2011
St. Louis bank numbers paint ugly picture - Pittsburgh Business Times:
youngmanmeledero1636.blogspot.com
Bad loans continue to pile up as homebuilders continuee to fail and homeowners endure increasingjob losses, pay cuts and Just this week, , the area’s third-largest homebuilder, ceased operationsw and announced plans to liquidate, though its primary lender is , not one of the 78 bankz chartered in the region. “The task facing all of thesse financial institutions, large and small, is to increase earningsz while cleaning upproblem loans,” said Dan Hogan, a banking consultant and former examiner.
“Once they are cleanedf up, you will have charges againstg your reserves for bad debt that can only be replenishede by retained earnings or new You have to make money or you have to raise it.” Statistics compiled by the show the 78 commercial banksd chartered in the St. Louis region racked up a combine $99.7 million in losses in the first comparedwith $61.6 million in profits for 80 bankas in the same quarter last Officials with the Fed said they look at the groupo as a whole as a general gauge of the health of bankx in the region.
“The first quarter does not look good,” said Julir Stackhouse, senior vice president of the BankSupervisioj & Regulation Division of the Federall Reserve Bank of St. The main problem, she said, is an excesz inventory in housing after banks made a lot ofconstruction loans, many of which proved unsound. However, Stackhousr said that overall, the banks here are The Fed ranked 80 percent of them in its examinations of about 70 banks conductefd last year throughout the Eighth FederalReservw District, which includes a larger region than St. Louisx alone. Call Report figures filed withthe St.
Louis Fed by the banks (the lists do not include thrifts, such as and ) indicates that 62 of the 78 banks recorderd a profit for the quarter endedMarch 31. Among the 78 those reporting the biggest profitzs in the quarterwere Southwest, $7.8 million, comparede with $12.8 million a year earlier; , $4.5 compared with $4.4 million; & Trust Co., $2.5 compared with $2.8 million; and Midwest BankCentre, $2 flat with the same quarter last according to the latest Call Reports, whicuh the Fed uses for its summary.
The reportws are a quarterly accounting of income and condition required by regulatorh agencies and published by the FDIC on its Web site The numbers are sometimes adjusted after independenft internal audits at the Among the 16 bankspostin losses, many were big residentialo real estate development lenders that ended up with largr piles of troubled loans, including and . “Ourd non-performing credits continue to be in residentia and certain commercial realestatd segments, and those areas remain stressed,” said Steve Enterprise Bank chairman and chief executive. The bankes in the St. Louis Fed’sz group vary widely in size.
Firstf Banks and Enterprise Bank are two of the three so it’s not surprising that their problems were a drag on the groul as a whole, pushing it into the red. First Banks, with $10.2 billion in assets, had a loss of $85.7u million, compared with a profirt of $839,000 in the first quarter last year, and Enterprise Bank & Trust, with assetw of $2.2 billion, had a loss of $49.6 million in the firsy quarter, compared with a profigt of $4.3 million a year The second-largest bank on the list is ownedby , with $6.5 billionh in assets.
First Banks also is the most far with 212 locations infive states, including the hard-hit real estatee markets of California and Florida, as well as Illinois and Texas. Still, the $85.7 million first-quarter loss is an improvemenr over itsreported $202.3 million fourth-quarter “We continued to build loan loss reserves in the firsty quarter of 2009, primarily due to ongoinv weak economic conditions throughout our primary market areas,” Terry McCarthy, presidenft and CEO of First Banks, said. “While our net loan charge-offs decrease 45 percent from thepriorf quarter, we added additional reserves to bring loan reservesa up to 3.
05 percent of total In addition, he the bank’s total risk-based and Tier 1 capital ratiods were better than the “well-capitalized” guidelineas regulators recommend. At Enterprise, the $49.6 million loss was the result of writing off all of its goodwill durinhthe quarter, a $45. 4 million charge, which was previously announced. (Goodwill is an accounting term used to reflectt the book value of a business not directlty attributable to its assetsaand liabilities. It is hard to measure and difficult toaccoung for.
) Peter Benoist, president and chief executives of parent company , said the write-down was prudeng “given the uncertainty about banking assey valuations generally.” Others among the 78 recording sizable first-quarter losses were: & Trust Co., $6.1 million; , $1.6 million; Trust, $1.5 million; , $800,000; , and , $397,000. Don Thompson, chairma n of Peoples Bank & Trust, said the loss at his bank was largelyh due to soured commercial realestater loans.
“We put monety in loan loss reserves, and we thin we’ve got it taken care of,” he Champion, WestBridge, Concord and Truman have undergonee management changes at the top withi n thelast year, and Concord and Truman have been undef regulatory orders to shapde up operations. In the first quarterd last year, only seven bankas in the St. Louis Metropolita Statistical Area (MSA) reported losses, according to the Call They were relatively modest and at relativelytsmall banks, ranging from $612,00 0 at to $22,000 at . The list of bankzs in the St.
Louie MSA is not identical year over year becauswof consolidations, such as the acquisition of Commercialk State Bank of Waterloo by , and the additioj of , which launched in Aprill 2008. As a group, the St. Louids MSA commercial banks had total assetsof $41.3 billion at the end of the compared with $38 billion a year earlier.
Bad loans continue to pile up as homebuilders continuee to fail and homeowners endure increasingjob losses, pay cuts and Just this week, , the area’s third-largest homebuilder, ceased operationsw and announced plans to liquidate, though its primary lender is , not one of the 78 bankz chartered in the region. “The task facing all of thesse financial institutions, large and small, is to increase earningsz while cleaning upproblem loans,” said Dan Hogan, a banking consultant and former examiner.
“Once they are cleanedf up, you will have charges againstg your reserves for bad debt that can only be replenishede by retained earnings or new You have to make money or you have to raise it.” Statistics compiled by the show the 78 commercial banksd chartered in the St. Louis region racked up a combine $99.7 million in losses in the first comparedwith $61.6 million in profits for 80 bankas in the same quarter last Officials with the Fed said they look at the groupo as a whole as a general gauge of the health of bankx in the region.
“The first quarter does not look good,” said Julir Stackhouse, senior vice president of the BankSupervisioj & Regulation Division of the Federall Reserve Bank of St. The main problem, she said, is an excesz inventory in housing after banks made a lot ofconstruction loans, many of which proved unsound. However, Stackhousr said that overall, the banks here are The Fed ranked 80 percent of them in its examinations of about 70 banks conductefd last year throughout the Eighth FederalReservw District, which includes a larger region than St. Louisx alone. Call Report figures filed withthe St.
Louis Fed by the banks (the lists do not include thrifts, such as and ) indicates that 62 of the 78 banks recorderd a profit for the quarter endedMarch 31. Among the 78 those reporting the biggest profitzs in the quarterwere Southwest, $7.8 million, comparede with $12.8 million a year earlier; , $4.5 compared with $4.4 million; & Trust Co., $2.5 compared with $2.8 million; and Midwest BankCentre, $2 flat with the same quarter last according to the latest Call Reports, whicuh the Fed uses for its summary.
The reportws are a quarterly accounting of income and condition required by regulatorh agencies and published by the FDIC on its Web site The numbers are sometimes adjusted after independenft internal audits at the Among the 16 bankspostin losses, many were big residentialo real estate development lenders that ended up with largr piles of troubled loans, including and . “Ourd non-performing credits continue to be in residentia and certain commercial realestatd segments, and those areas remain stressed,” said Steve Enterprise Bank chairman and chief executive. The bankes in the St. Louis Fed’sz group vary widely in size.
Firstf Banks and Enterprise Bank are two of the three so it’s not surprising that their problems were a drag on the groul as a whole, pushing it into the red. First Banks, with $10.2 billion in assets, had a loss of $85.7u million, compared with a profirt of $839,000 in the first quarter last year, and Enterprise Bank & Trust, with assetw of $2.2 billion, had a loss of $49.6 million in the firsy quarter, compared with a profigt of $4.3 million a year The second-largest bank on the list is ownedby , with $6.5 billionh in assets.
First Banks also is the most far with 212 locations infive states, including the hard-hit real estatee markets of California and Florida, as well as Illinois and Texas. Still, the $85.7 million first-quarter loss is an improvemenr over itsreported $202.3 million fourth-quarter “We continued to build loan loss reserves in the firsty quarter of 2009, primarily due to ongoinv weak economic conditions throughout our primary market areas,” Terry McCarthy, presidenft and CEO of First Banks, said. “While our net loan charge-offs decrease 45 percent from thepriorf quarter, we added additional reserves to bring loan reservesa up to 3.
05 percent of total In addition, he the bank’s total risk-based and Tier 1 capital ratiods were better than the “well-capitalized” guidelineas regulators recommend. At Enterprise, the $49.6 million loss was the result of writing off all of its goodwill durinhthe quarter, a $45. 4 million charge, which was previously announced. (Goodwill is an accounting term used to reflectt the book value of a business not directlty attributable to its assetsaand liabilities. It is hard to measure and difficult toaccoung for.
) Peter Benoist, president and chief executives of parent company , said the write-down was prudeng “given the uncertainty about banking assey valuations generally.” Others among the 78 recording sizable first-quarter losses were: & Trust Co., $6.1 million; , $1.6 million; Trust, $1.5 million; , $800,000; , and , $397,000. Don Thompson, chairma n of Peoples Bank & Trust, said the loss at his bank was largelyh due to soured commercial realestater loans.
“We put monety in loan loss reserves, and we thin we’ve got it taken care of,” he Champion, WestBridge, Concord and Truman have undergonee management changes at the top withi n thelast year, and Concord and Truman have been undef regulatory orders to shapde up operations. In the first quarterd last year, only seven bankas in the St. Louis Metropolita Statistical Area (MSA) reported losses, according to the Call They were relatively modest and at relativelytsmall banks, ranging from $612,00 0 at to $22,000 at . The list of bankzs in the St.
Louie MSA is not identical year over year becauswof consolidations, such as the acquisition of Commercialk State Bank of Waterloo by , and the additioj of , which launched in Aprill 2008. As a group, the St. Louids MSA commercial banks had total assetsof $41.3 billion at the end of the compared with $38 billion a year earlier.
Monday, June 6, 2011
Dallas home prices fall 5.6% - Dallas Business Journal:
http://corydonfiberfestival.com/pb/wp_0b3ae93c/wp_0b3ae93c.html
percent in the first quarter of 2009 when compared to the same periodc ayear earlier, according to the latest Standard & Poor’s/Case-Shiller Home Price Indices. The evaluatexs home prices in various U.S. metropolitan areas and develops data sketchews by evaluating changes withinj individual cities and within larger portfolios made up ofvariouss cities. The S&P/Case-Shiller 10-city compositew index shows home pricesfalling 18.6 percent in the first quarter as comparesd to the year before, while the report’s 20-city composite indecx shows home prices falling 18.
7 Despite home price values dropping in Dallas as well, the Nortjh Texas area, along with Denver and Boston, continu e to fare better with theirr price declines landing at the lowe end of the spectrum, the S&P/Case-Shiller report said. The same cannot be said for the rest of the according to the datareported Tuesday. “Declinez in residential real estate continuedr at a steady pace into saidDavid Blitzer, chairman of the Index Committee at Standarc & Poor’s. “All 20 metro areas are stilk showing negative annual rates of change in average home prices with nine of the metro area having recordannual declines.
”
percent in the first quarter of 2009 when compared to the same periodc ayear earlier, according to the latest Standard & Poor’s/Case-Shiller Home Price Indices. The evaluatexs home prices in various U.S. metropolitan areas and develops data sketchews by evaluating changes withinj individual cities and within larger portfolios made up ofvariouss cities. The S&P/Case-Shiller 10-city compositew index shows home pricesfalling 18.6 percent in the first quarter as comparesd to the year before, while the report’s 20-city composite indecx shows home prices falling 18.
7 Despite home price values dropping in Dallas as well, the Nortjh Texas area, along with Denver and Boston, continu e to fare better with theirr price declines landing at the lowe end of the spectrum, the S&P/Case-Shiller report said. The same cannot be said for the rest of the according to the datareported Tuesday. “Declinez in residential real estate continuedr at a steady pace into saidDavid Blitzer, chairman of the Index Committee at Standarc & Poor’s. “All 20 metro areas are stilk showing negative annual rates of change in average home prices with nine of the metro area having recordannual declines.
”
Saturday, June 4, 2011
Civic Progress, RBC unite to back $910 million bridge - St. Louis Business Journal:
ykyhola.blogspot.com
A new bridge has been in the planninyg stagessince 2000, but the projectt has stalled for more than a year and a half becauswe of disagreements over how to pay for it. Illinois officialsd are backinga four-lane coupler bridge next to the Martin Luther King Bridge that woul d not use tolls; Illinois has offered to provide enougy funding that Missouri would not have to provide any. officialzs have proposed paying $261 millionm for the coupler option, adding it to $239 million in federalo funds earmarked for a bridge in the most recenttransportation bill. officials, on the othee hand, have backed the use of tolls to help fund a new bridgr ina public/private partnership.
Under this option, Illinoias would be required to pay upto $460 million to pay for connectore roads leading to the new bridge. The debatwe over tolls has led to an Now St. Louis business leaders say they are unitinv to publicly throw their supporg behind building anew six-laned bridge for the long-term economic development needs of the The timing is prompter by the risk of losing the federall funding if the money isn't used by 2008 and to steet the momentum from further efforts to pursue the coupler bridge.
Member of Civic Progress and the RegionaBusiness Council, top executives from companieds in the region, plan to open up dialogue with leaderws from both states to take anothet look at tolls. The two organizations want to propose a commuter toll rateof $1.50 and a trucjk toll of up to $6. Tom Irwinb is executive director ofCivic Progress, and L.B. Eckelkam p heads the RBC. It's still feasible to open a new bridge to trafficcby 2014, the two groupa contend. Bruce Holland, president and chier executiveof Swansea, Ill.-based and chairman of the , said he is optimisticc about new approaches to funding the bridgd but said tolls will be a tougu sell.
"I do believe that Missouri is going to need to come up with somemoneyh someplace," he said. "They can't expect Illinois to come up with theird share of the money and for Missouri to expect to get theid share of the funding from tollin gIllinois commuters."
A new bridge has been in the planninyg stagessince 2000, but the projectt has stalled for more than a year and a half becauswe of disagreements over how to pay for it. Illinois officialsd are backinga four-lane coupler bridge next to the Martin Luther King Bridge that woul d not use tolls; Illinois has offered to provide enougy funding that Missouri would not have to provide any. officialzs have proposed paying $261 millionm for the coupler option, adding it to $239 million in federalo funds earmarked for a bridge in the most recenttransportation bill. officials, on the othee hand, have backed the use of tolls to help fund a new bridgr ina public/private partnership.
Under this option, Illinoias would be required to pay upto $460 million to pay for connectore roads leading to the new bridge. The debatwe over tolls has led to an Now St. Louis business leaders say they are unitinv to publicly throw their supporg behind building anew six-laned bridge for the long-term economic development needs of the The timing is prompter by the risk of losing the federall funding if the money isn't used by 2008 and to steet the momentum from further efforts to pursue the coupler bridge.
Member of Civic Progress and the RegionaBusiness Council, top executives from companieds in the region, plan to open up dialogue with leaderws from both states to take anothet look at tolls. The two organizations want to propose a commuter toll rateof $1.50 and a trucjk toll of up to $6. Tom Irwinb is executive director ofCivic Progress, and L.B. Eckelkam p heads the RBC. It's still feasible to open a new bridge to trafficcby 2014, the two groupa contend. Bruce Holland, president and chier executiveof Swansea, Ill.-based and chairman of the , said he is optimisticc about new approaches to funding the bridgd but said tolls will be a tougu sell.
"I do believe that Missouri is going to need to come up with somemoneyh someplace," he said. "They can't expect Illinois to come up with theird share of the money and for Missouri to expect to get theid share of the funding from tollin gIllinois commuters."
Thursday, June 2, 2011
Blank Rome slashing salaries - Kansas City Business Journal:
yzirapogyg.wordpress.com
Effective July 17, entry-level associates in Philadelphiaand Princeton, will have their salaries downgraded from $145,000 to $130,0090 while other salaries will be reducer between 2 percent and 10 percent. “The legal industryt continues to evolve in the midsf of challenging economic thefirm said. Blank Rome calles the salary reductionsa “market adjustment” and said the firm remain in strong financial health, and is on budget for this Earlier this week, cut its associate salaries by $10,000 acrose the board while partners have agreed to take a 5 percenf cut in compensation and administrative staff with salariesz exceeding $60,000 a year will see theirr income fall between 2 percent and 5 Firms such as Ballard Spahr Andrewse & Ingersoll, Reed Smith and Buchanan Ingersoll Rooney have cut associate salaries while firms such as Drinker Biddls & Reath and Montgomery McCracken Walker & Rhoadsz have lowered first-year salaries.
Theree have been no publicly announcedc salary cuts from other large Philadelphia law firms suchas Dechert, Morgan Lewis Bockius, Pepper Hamilton and Duane Morris— all of which have paid the top-of-the-markeg $145,000 to entry-level lawyers. The 500-lawyer Blankm Rome has laid off 47 lawyers and 92 support stafthis year, the largest number proportionally to its size of any firm in Like its chief competitors, Blank Rome reducede the length of its summer intern program and delayed the start date for its first-yea r associates from this fall to “at least” Januar 2010.
But while most firmd reduced their summer program from 10 toeight weeks, Blankl Rome’s program will only be six weeks. Blanki Rome has the fifth-largest local lawyer count in the PhiladelphiwBusiness Journal’s most recent Book of Business with 278. It also reporterd having 401 localsupport staff. Both of thosed numbers were collected beforefirmwide layoffs.
Effective July 17, entry-level associates in Philadelphiaand Princeton, will have their salaries downgraded from $145,000 to $130,0090 while other salaries will be reducer between 2 percent and 10 percent. “The legal industryt continues to evolve in the midsf of challenging economic thefirm said. Blank Rome calles the salary reductionsa “market adjustment” and said the firm remain in strong financial health, and is on budget for this Earlier this week, cut its associate salaries by $10,000 acrose the board while partners have agreed to take a 5 percenf cut in compensation and administrative staff with salariesz exceeding $60,000 a year will see theirr income fall between 2 percent and 5 Firms such as Ballard Spahr Andrewse & Ingersoll, Reed Smith and Buchanan Ingersoll Rooney have cut associate salaries while firms such as Drinker Biddls & Reath and Montgomery McCracken Walker & Rhoadsz have lowered first-year salaries.
Theree have been no publicly announcedc salary cuts from other large Philadelphia law firms suchas Dechert, Morgan Lewis Bockius, Pepper Hamilton and Duane Morris— all of which have paid the top-of-the-markeg $145,000 to entry-level lawyers. The 500-lawyer Blankm Rome has laid off 47 lawyers and 92 support stafthis year, the largest number proportionally to its size of any firm in Like its chief competitors, Blank Rome reducede the length of its summer intern program and delayed the start date for its first-yea r associates from this fall to “at least” Januar 2010.
But while most firmd reduced their summer program from 10 toeight weeks, Blankl Rome’s program will only be six weeks. Blanki Rome has the fifth-largest local lawyer count in the PhiladelphiwBusiness Journal’s most recent Book of Business with 278. It also reporterd having 401 localsupport staff. Both of thosed numbers were collected beforefirmwide layoffs.
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