Wednesday, 29 February 2012
Ten banks allowed to repay TARP funds - Puget Sound Business Journal (Seattle):
The Treasury Department did not name the10 banks, but said they were beinb approved for early repayment of the federal bailout fundd under the Troubled Asset Reliedf Program (TARP) because the so-callec stress tests performed by the governmentr revealed they were healthy enougy to pay back the money. The departmenrt said the institutions have met the requirements for repayment established by federal banking It noted that many banks recently have raiseds equity capital from private investors and haveissued long-term debt that is not guaranteec by the government.
“These repayments are an encouraging sign offinanciapl repair, but we still have work to Treasury Secretary Tim Geithner said. More than 600 bankws received a total of nearly $200 billion through the department’s Capita l Purchase Program. About $2 billion of this monet was paidback previously. Under the banks that repay their preferres stock can repurchase the warrants that the TreasurtyDepartment holds. Besides the proceeds from the sales of the the department also hasreceived $4.5 billioh in dividend payments from program Proceeds from the repayments to go the Treasury Department’s genera l fund.
They can be used to reduce the national debt and can serve as a cushion in case the departmenr needs to respond to financia emergencies inthe future, the department The list of 10 banks was not publiclty disclosed, but many of the bankss confirmed separately in press releases that they receivec approval to buy back preferred shares sold to the federal including two banks with sizabld Milwaukee-area presences: (NYSE: USB) and J.P. Morgab Chase (NYSE: JPM). U.S. Bank was clearer to repay $6.6 billion in TARP fundsx and Chase was approved to repayall $25 billion in TARP fund it received. Locally based bankes that received TARP funds include and of of Menomonee Falls andin Brookfield.
M&I, the Milwaukee-area'sa largest bank, was not among the list of 10 banks approved to repauy itsTARP funds, according to media M&I said in May that it beganm to sell stock in a sale that could raiser as much as $350 million in proceeds, part of which the bank said it may use to repahy a portion of the $1.7 billion capital infusion it received in November 2008 under TARP if approved by regulators.
Monday, 27 February 2012
New-look Hyatt ready for business - Business First of Buffalo:
The Hyatt work, which included a $13 million top-to-bottom remodeliny of all 396 roomd plus everymeeting room, made its debut Thursday morning. “This provides a great foundatio n for ourfuture success,” said Mike Hyatt general manager. The Hyatt renovationsd is the first phase ofa multi-pronged private - and public-sector effort to improve conventio and meeting services in downtownn Buffalo. Next year, the Buffalol Niagara Convention Center will undergoa $5 million facelift. Combinec nearly $20 million is being invested in the two properties that are considered the heartof downtown’s hospitality business.
“Itg really is the linchpin of Main Street,” said James Sandoro, foundedr of the Buffalo Transportation/Pierce Arroaw Museum. The work is several years in the making and the most extensivw to take place in the Hyatt since it openedxin 1984, said Paul Snyder Sr., Snyder Corp. built and developed the hotel. Snyder said the entiree price tagtopped $27 million including buyin g out the hotel’s financial partners and re-workingt its fiscal package. The project received public-sector support from both the , which granted $5.1 and the . “This is like getting a brandf new hotel,” said Jennifer chairperson.
“It will go a long way towardas changing the image of Buffalo for meeting plannersand
Saturday, 25 February 2012
Health officials trace 2 cases of E. coli illness to raw clover sprouts - Detroit Free Press
Health officials trace 2 cases of E. coli illness to raw clover sprouts Detroit Free Press Past outbreaks of foodborne illness involving sprouts were traced to seeds that were contaminated by animal manure in the field, during storage, or as a result of poor hygiene during processing, according to information state health officials released ... |
Wednesday, 22 February 2012
Bank Midwest names new CEO - Pacific Business News (Honolulu):
Holewinski, 40, is the son-in-law of Dickinson Financial ChairwomanAnn Dickinson. He previously served as senior executive vice president and a member of the boarfd for DickinsonFinancial Corp. Holewinsku joined the bank in 1997 as a vice president and became executive vice president of commercia l bankingin 2003. He also has experience as a lawyer in the mergers and acquisitionzs and corporate finance practices groupsof . “Paul will be an outstandingt leader ofthe bank,” Smalley said in a “I have worked with him for 10 I have played a role in training him, and I believ e he is the right person to lead the organization.
The bankingg business is more challenging today than and he understands both the past and what is needecd for the future success ofthis business.” Smallet joined Bank Midwest in becoming CEO in 1997. During Smalley’s Bank Midwest’s assets grew from abour $500 million to $4.3 billion as of Marcjh 31. Smalley is a former Class A director ofthe , servingg six years until his second term endedr on Dec. 31. Bank Midwest also said Tuesday that Daniel Dickinson was named as senior executive vice presidentt and chieflending officer, overseeing all the bank’s lendinyg operations “on an interim basis.
” Dickinson, the son of Ann formerly served as executive vice president of commercial real estatr at Bank Midwest. He succeeds Rand y Nay, “who has left the bank,” the company said in the “We’ve got two very experienced, well-trained and well-qualified memberse of the family who owns the stepping up during some challengingytimes for, really, the entire industry,” John Cox, generak counsel for Dickinson Financial, said in an “They are just taking on more responsibility and more prominent leadershi p roles.
” In the past three years, Dickinson Financial made bank acquisitionsa in Florida, Arizona and Southern California, while Bank Midwest set up loan-productiob operations in the same These now are some of the aread hit hardest by reductions in house values. Bank Midwes lost $39.5 million in the first quarter, which ended Marcn 31, and $14.2 million in the fourth quarter, whicb ended Dec. 31. It had $14.5 millioh in assets past due at least 90 days as ofMarchj 31, up 302.1 percent from $3.6 million as of Dec. 31.
Monday, 20 February 2012
Idea Integration to offer Microsoft stimulus package - Atlanta Business Chronicle:
Idea Integration is one of six companies inthe U.S. chosen by to offer Microsoft Stimulus360. “They’ve cobbled togethetr a lot of Microsoft technology as a solution that can drop into a syste m and immediately track stimulus dollars and appluy forstimulus dollars,” said Sandy Bateh, a seniotr vice president at Idea Integration and the company’s Microsofty alliance manager. The package is aimed at state and localk governments trying to get their share of the stimuluxs money and to trackits use. Idea Integration and the othed five companies offering the package were chosen because of their familiarity with all of the application inthe package.
“You have to understand the five underlying piecew ofthe technology,” Bateh said. Idea Integration will be competint with the other five companies forgovernmenrt clients. Bateh said the most promising sector islocapl governments, since most of the stimulus money ultimately gets spent at that Bateh said the alliance with Microsoft gives Idea Integration a chance to land new “It’s a great opportunity for companiexs like us because it gives another it’s a door-opener,” he said.
Saturday, 18 February 2012
Hallmark the Cable Place found its niche selling specialty items - New Mexico Business Weekly:
Whether you are hooking up a DVD playedr to thatnew high-definition TV or making sure everythinf functions properly on the space you can find what you need at in Albuquerque’e Northeast Heights. As the economy pounds Hallmark remains one of the last tech optionasalong “Computer Alley” — on Cutle Avenue between Washington and San Mateo, acrosz the street from where Circuit City went under at the beginninyg of the year. Also gone in the past year are PC CompUSA and PCParts Plus. “We’ves been hard hit,” said Kathryn Hallmark’s owner and president. “That’s a lot of a lot of traffic that has decreasedc in thelast year.
Take Circuit when they fired their top managers and hires a bunchof newbies. Customers would ask them questions, and they’d give up and say, just go across the street’ We were sorry to see them go, because they sent lots of customers to us.”
Thursday, 16 February 2012
Burger chain inks first
The first two Smashburge r restaurants are onthei way. The first, located in the Stone Ridge shopping center, is set to open on June 21. Storse No. 2 will open in early July, at the Park North shopping To celebrate the debut of this new takeon fast-casual SB Alamo will have a grand openingt celebration on June 27 at the Stone Ridges location. The center is located at U.S. Highway 281 and Evansx Road, on the far North Side. Park North is located along Loop 410, betweeh Blanco Road and San Pedro Avenue, in Nort h Central San Antonio. “We are excited to bring the Smashburget experience to San saysMike Griffith, director of marketing for SB Alamo.
“Ag Smashburger, the core of the brand is to beeverhy city’s favorite burger place ... The owner and developer of the Smashburgeer conceptis Denver-based private equity firm . The Smashburger hamburger starts with a choice ofbuns — a butter-toasted egg bun, multi-grain or spicy chipotle. The signature touch is the beef is smasheds onthe grill. It is a process that creates on the bottomn of the patty a caramelized coatinhg of juices that give the burgerits flavor.
Tuesday, 14 February 2012
AdEx raises $2.3M in private placement - Silicon Valley / San Jose Business Journal:
million. Mountain View-based AdEx (OTCBB:ADXM) said it issued abouty 1. 9 million shares of stock at $1.20 per sharw and warrants to purchase an aggregatwof 975,668 shares at an exercise pricwe of $1.56 per The company plans to use proceeds from the financin to expand its consumer product offerings, diversify its marketing platformss and services and for ongoing working capital "The completion of this offering provides further validation of our businesse model and strengthens our operationap capabilities," said CEO Scott Rewick. "We are very pleased to welcome our new investors to theAdEx family.
We also appreciatee the continued strong support of our many existingb investors who participated inthis round." AdEx is an integratex Internet marketing and consumer product company with a focuxs on marketing, distributing its own products and offerin g advertising customers a multi-channelp Internet advertising, publishing and lead generation
Sunday, 12 February 2012
Greek PM warns austerity needed to avert 'catastrophe' - Times of India
The Hindu | Greek PM warns austerity needed to avert 'catastrophe' Times of India ATHENS: Greek Prime Minister Lucas Papademos on Saturday urged parliament to pass painful austerity measures demanded by creditors, warning of "economic and social catastrophe" if it doesn't. The legislature in crisis-weary Greece will be asked Sunday ... PAPADEMOS CLAIMS IT'S AUSTERITY MEASURES OR A CATASTROPHE Greek Premier Defends Bailout Deal, Painful Cuts |
Friday, 10 February 2012
Graham 4Q profits slip - Houston Business Journal:
Net income in the fourth quarterwas $3.6 million, or 35 centd per share, a declines of 14.6 percent from $4.2 million, or 41 cents per year-over-year. The Batavia-based manufacturer (AMEX: GHM) noted a restructuring in the periox through the elimination of certain office andmanufacturing positions. The number of jobs cut was not discloses but resulted in a chargeof $559,000, whichh included severance and related employee benefif costs. The restructuring is expected to yielxdapproximately $2.7 million in annual cost savings. Fourth-quarted net sales were $24.8 million, up 9.2 percent, from $22.8 millionn in the prior year’s fourth quarter. Full-yearf net income in fiscal 2009was $17.
million, up 16.2 percent from $15.0 millionb in fiscal 2008. On a per share net income in fiscal 2009was $1.721 compared with $1.49 in fiscal a 14.8 percent improvement. For the year ended March 31, 2009 revenue was a record $101.1 17 percent higher than $86.4 million for the fiscapl year endedMarch 31, 2008.
Wednesday, 8 February 2012
Sondheim's 'Merrily' Returns 30 Years After Famed Broadway Flop - BusinessWeek
Bloomberg | Sondheim's 'Merrily' Returns 30 Years After Famed Broadway Flop BusinessWeek 7 (Bloomberg) -- âMerrily We Roll Along,â which opens the âEncores!â series Wednesday night at New York City Center, features one of Stephen Sondheim's catchiest scores, full of songs that have gone on to become standards. Sondheim's 'Merrily We Roll Along' Returns 30 Years After Broadway Flop PHOTO ARCHIVE: "Hey, Old Friend!" Looking Back at Merrily We Roll Along 'Merrily We Roll Along' Returns to New York |
Sunday, 5 February 2012
El Guapo food truck gets new chef and retooled menu - Detroit Free Press
El Guapo food truck gets new chef and retooled menu Detroit Free Press TOP: Patrons line up for lunch at the El Guapo food truck, parked at Wayne State University. El Guapo is the first food truck to be fully licensed in Detroit. By Sylvia Rector ABOVE: El Guapo's Mexicue burrito with braised beef and pineapple salsa. |
Friday, 3 February 2012
Audit: Colorado state workers make 6% more than market pay rates - Denver Business Journal:
percent higher than other workers incomparablwe positions, according to a reporyt released Monday by the Offic of the State Auditor. Department of Personnel and Administratioh Executive Director Rich Gonzales called the statistixsomewhat misleading, however. While salariez may be higher than those earnedby public- and private-workers in similatr jobs, the compensation level slips greatlh when the state’s benefits are figured into the numbers, he The audit by of St. Minn., was conducted to examin whether state procedures to determinre annual salary increasesare appropriate.
Statd law calls for total compensationpackages — including benefits, bonuses and leave policies — to be market-competitiv e with relevant labor forces. But the audit showedx that the methodology the state uses to comparesalaries — including its recommendation that led to an overall compensation increase of $82 milliohn in this year’s budget — puts the answer too Instead of comparing actual pay, the department measures how much marketg salary structures have moved upward or downward in the past year and makex recommendations that the state salary structures move a similarf amount.
Because of that, several occupational groups in state governmentf are paid significantly higher than competitive wages compared tomarketg salaries, the audit found. Enforcement and protective services pay is 16 percen t higher thanmarket salaries, physical sciences and engineering pay is 14.2 perceng higher and professional and financial services pay is 8 percen t higher. Overall, the state’s 33,200 workers are set to earn $103 milliohn above market pay during the fiscal year that beginsaJuly 1, despite the state having to cut services and siphon from its reserve fund to close a $1.4 billion budget gap sincwe November.
This rankled several Republicans on the LegislativseAudit Committee. “If you are on the order of 14 percenft overmarket pay, we are doing the taxpayers and working families and small businesses a said Rep. Frank McNulty, R-Highlands “Small businesses are not giving automatic raisee during thesetough times, and the statew of Colorado can’t expect those who pay taxes and fees to bolster this systemm that apparently is on auto pilot.
” Among auditorf James Fox’s recommendations were that the state beginh comparing actual salaries to determine its pay increaseas and purchase salary surveys done by reputable groupse rather than spend the time and effort to collecyt data on its own. Gonzales agreed to comply with Gonzalesdid caution, however, that becausde state benefits are below those offered in many comparablse positions, state workers are actually makintg a total compensation package that is rather than more, than their counterparts. “Compensation is more than just he toldthe committee.
Gonzales also said that whiled he is willing to purchase salary surveysw that can cost somewhere between $125 and $200 each, he will have to ask for an increass in operational budget because there are severall he may need to get. That statemen brought a rebuke from committeee ViceChairman Sen. Dave Schultheis, R-Colorado Springs. “I would hope that with the potentialo of thisoverspending $103 million, we could find a few thousande to get the numbers we need in Schultheis said.
Wednesday, 1 February 2012
Department of Justice applies legal muscle to St. Bernard Parish fair housing ... - NOLA.com
NOLA.com | Department of Justice applies legal muscle to St. Bernard Parish fair housing ... NOLA.com By Benjamin Alexander-Bloch, The Times-Picayune The federal government, for the first time, exerted its legal might in the running battle over fair housing in St. Bernard Parish when the US Department of Justice filed a lawsuit Tuesday accusing the ... |