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Nortel, which has around 2,10p0 employees in the made the filing in Delawarde a day before the deadline for the compang to makea $107 million interest payment. The Toronto-base company also filed for bankruptcyu protectionin Canada. The future of the company’as operations in the Triangle area, wheres Nortel (NYSE: NT) has long stoodd as one of the cornerstones of the technology is unclear. For now, companyg spokesman Jay Barta says, business will continue as No local workers have yet been cut as a resul ofthe bankruptcy, thoughh the company is reviewing cost-cutting optionas to reduce costs.
“Wde are moving forward with day-to-day operations without interruptionb and plan to continue to honor ourcustomer commitments, inves t in leading edge R&D, and do everything we normally do for the benefi of our customers and partners,” Barta In its bankruptcy filing, Nortepl lists more than $1 billion in both assetsz and debt. The company'ws large debt load has been one of the key concernss aboutthe company's ability to stay and The Wall Street Journalo reported in December that Nortel had hireed counsel to consider a bankruptcy filing. It's analysts said Wednesday, that Nortel's next step will be to sell largew chunks of its assets in orde toraise cash.
What's less clear is whether that will lead tothe company'e emergence as an independent, but significantly smaller, player or whether Nortel will simply be sold off The (Toronto) Globe and Mail reportex that Nortel is likely to be splift up and sold off to its rivals. The compan y could emerge from bankruptcy, the paper said, but it will be tough because its bankruptcy filing is almos t certain to lead to less Analyst Nikos Thodosopoulos told the Reuters news servic that a bankruptcy filling will let Nortelmake "more logicalo and timely decisions" on asset which might help it survive.
The distinction is an importang onefor RTP, which housees a good amount of work in Nortel'ws unit that sells equipment and services to big business. That unit is doint significantly better than what hasbeen Nortel'a cash cow: sales to telephonre service providers that rely on a technolog called CDMA to builde their networks. If Nortel did emerge as an independentt company, says ABI Researchg analyst Nadine Manjaro, professionaol services and equipment for enterprises woulsd be the crux ofthe company's That could save some jobs in RTP. "Service s and enterprise is where the growthopportunitiexs are," Manjaro says. "It’ll make sense.
" If Nortel can't make that the prospect of RTP keeping many jobs becomewmuch dimmer. Business shifts, accountinhg scandals hurt company That would be an extraordinart turnaroundfor Nortel, which during the technology boom was one of the businesx world’s greatest success storiesa – and one of the largest employerse in RTP. But that boom eventually went bust, and sincew then, Nortel’s fall has been steady. The company lost grounfd to competitors, such as , that sell equipmen t for Internet transmissionsof data, voice and video. The CDMA which provided more than 40 percentof Nortel'ss sales, tanked.
And the company has been rockef by accounting scandals that caused it to restate earningx multiple times this Severaltop executives, including CEO Frank Dunn, were among the casualties. Nortel’s stock, which once traded at $1,200o U.S. on a split- and dividend-adjusted fell below $1 in Shares closed Jan. 13 at 32 cents. The company had nearly 10,000 workers in the Raleigh-Durham area in the late 1990s. That numbedr has fallen steadily since then and now stands ataboutt one-fifth of its peak.
Tuesday, 29 January 2013
Sunday, 13 January 2013
Japan shows the world how to come out of economics of stagnation - Economic Times
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Economic Times | Japan shows the world how to come out of economics of stagnation Economic Times Long before the 2008 financial crisis plunged America and Europe into a deep and prolonged economic slump, Japan held a dress rehearsal in the economics of stagnation. When a burst stock and real estate bubble pushed Japan into recession, the policy ... |
Saturday, 12 January 2013
Five owners leave KZF to form new firm - Business Courier of Cincinnati:
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opened two months ago at the Hamilton Counttybusiness incubator. Its nine employees include five formed ownersat , including formeer CEO Steve Kimball, and threde former members of its executives committee. Kimball said the defection stemmed from a disagreement with other owners aboutthe "long-term view" for KZF, which the Business Courier ranked in June as Cincinnati'ss 11th largest architectural/engineering firm with 23 localk architects, 18 engineers and $13.6 million in annualk local revenue.
Kimball was "dismissed by the executivd committee about two weeks before the annua l meeting as a matter ofperformance evaluation," said KZF Chairman Greg who adds the former owners representes about 10 percent of the tota l ownership group. For KZF, a 51-year-old firm with a headquartersx nearEden Park, it's the firstf ownership schism since the 1980s. "It's not rare withib the industry. It's rare for KZF," said "They've all been replaced. We'rew still serving the same markets and clients and we feel good aboutgthe future.
" In addition to Kimball, the founders of Emersion Design includse Jim Cheng, a former desigh principal at KZF, knowjn for his work on the new wing of the ; and Mark who served as lead project architect for the downtown. Alan Hautmamn was government services directorat KZF. Simon Sapsfordf was director of structuralengineering services. "It's a prettg powerful group that's worked together for 20 said Kimball. "For a small we probably offer as much experiencwe and opportunity for clients as they can find in most of the largee firms inthe city.
" Kimball said the firm has landed a dozej clients since its July 3 It's focusing on the higher education and corporate markets and expects first-year revenue of $750,000. The plan is to grow to $4 milliobn in revenue and 20 to 30 employees withibnthree years. Back at KZF Design, new CEO Williamm Wilson is managing growth inthe company's new Atlanta Rhoads also said the firm is exploringv acquisitions in three other cities. The financia l hole has gotten deeper atthe .
When UC' audited financial statements are releasedin October, they will show a roughlyg $185 million deficit in unrestricted net The balance-sheet indicator is beingh watched by bond-rating agencies because the deficit has grownn sevenfold since 2001. It represents operating deficitsz that have accumulated at various colleges over the lastseverao years. UC Finance Vice President James Plummer predicted in June that the defici t wouldbe $165 million when the books closex on the 2007 fiscal year, then decline by $30 millionm next year. But in an interview this Plummer said a deficit reduction that was expected from the medicapl campus didnot materialize.
So, the accumulatedx operating deficit will growby $20 million in the 2007 annual report. 's analystr Diane Viacava said she was aware of the setbacok when her agency issued a ratingsreport 4, maintaining UC's debt rating at "A1" with a negativde outlook. "We recognize it's a challenged organization," Viacava "We realize they will face challenges in tryinvg to reversetheir position.
"
opened two months ago at the Hamilton Counttybusiness incubator. Its nine employees include five formed ownersat , including formeer CEO Steve Kimball, and threde former members of its executives committee. Kimball said the defection stemmed from a disagreement with other owners aboutthe "long-term view" for KZF, which the Business Courier ranked in June as Cincinnati'ss 11th largest architectural/engineering firm with 23 localk architects, 18 engineers and $13.6 million in annualk local revenue.
Kimball was "dismissed by the executivd committee about two weeks before the annua l meeting as a matter ofperformance evaluation," said KZF Chairman Greg who adds the former owners representes about 10 percent of the tota l ownership group. For KZF, a 51-year-old firm with a headquartersx nearEden Park, it's the firstf ownership schism since the 1980s. "It's not rare withib the industry. It's rare for KZF," said "They've all been replaced. We'rew still serving the same markets and clients and we feel good aboutgthe future.
" In addition to Kimball, the founders of Emersion Design includse Jim Cheng, a former desigh principal at KZF, knowjn for his work on the new wing of the ; and Mark who served as lead project architect for the downtown. Alan Hautmamn was government services directorat KZF. Simon Sapsfordf was director of structuralengineering services. "It's a prettg powerful group that's worked together for 20 said Kimball. "For a small we probably offer as much experiencwe and opportunity for clients as they can find in most of the largee firms inthe city.
" Kimball said the firm has landed a dozej clients since its July 3 It's focusing on the higher education and corporate markets and expects first-year revenue of $750,000. The plan is to grow to $4 milliobn in revenue and 20 to 30 employees withibnthree years. Back at KZF Design, new CEO Williamm Wilson is managing growth inthe company's new Atlanta Rhoads also said the firm is exploringv acquisitions in three other cities. The financia l hole has gotten deeper atthe .
When UC' audited financial statements are releasedin October, they will show a roughlyg $185 million deficit in unrestricted net The balance-sheet indicator is beingh watched by bond-rating agencies because the deficit has grownn sevenfold since 2001. It represents operating deficitsz that have accumulated at various colleges over the lastseverao years. UC Finance Vice President James Plummer predicted in June that the defici t wouldbe $165 million when the books closex on the 2007 fiscal year, then decline by $30 millionm next year. But in an interview this Plummer said a deficit reduction that was expected from the medicapl campus didnot materialize.
So, the accumulatedx operating deficit will growby $20 million in the 2007 annual report. 's analystr Diane Viacava said she was aware of the setbacok when her agency issued a ratingsreport 4, maintaining UC's debt rating at "A1" with a negativde outlook. "We recognize it's a challenged organization," Viacava "We realize they will face challenges in tryinvg to reversetheir position.
"
Friday, 11 January 2013
Debating Unemployment Benefits' Role in Long-Term Joblessness - Wall Street Journal (blog)
tatyanagepoji.blogspot.com
Wall Street Journal (blog) | Debating Unemployment Benefits' Role in Long-Term Joblessness Wall Street Journal (blog) One of the more contentious arguments in economic circles in recent years has surrounded the role extended unemployment benefits have played in the nation's persistently high rate of joblessness. Now in a twist on that argument, some eco nomists ... |
Thursday, 10 January 2013
Eagle Geophysical, subsidiary file for Chapter 11 - Houston Business Journal:
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Houston-based Eagle (Pinksheets: EAGG) was formed in 1993 to provid e geophysical services to upstream oilfieldservice companies. In the voluntaru petition filed with the Unitede States Bankruptcy Court for the Southerb Districtof Texas, the company listede assets of more than $1 million and liabilities of more than $10 A company filing also showed that it terminated the employmen of seven of its top executives includinf Robert Wood, president and chieff operating officer, and John chief financial officer. The four others were listerd as directors, and one was a vice president. A. John Knapop Jr. remains the company’s chairmajn and H. Malcolm Lovett Jr.
has been named chief reorganizatiob officer. Eagle’s largest unsecured creditors include: Houston-basee Eagle Equipment Leasing; John Kornitzer of Kan.; Eagle Canada Inc.; Eagle Geophysical Offshore FixexIncome Trust; and Dallas-based Realtime Geophysical Surveys LP.
Houston-based Eagle (Pinksheets: EAGG) was formed in 1993 to provid e geophysical services to upstream oilfieldservice companies. In the voluntaru petition filed with the Unitede States Bankruptcy Court for the Southerb Districtof Texas, the company listede assets of more than $1 million and liabilities of more than $10 A company filing also showed that it terminated the employmen of seven of its top executives includinf Robert Wood, president and chieff operating officer, and John chief financial officer. The four others were listerd as directors, and one was a vice president. A. John Knapop Jr. remains the company’s chairmajn and H. Malcolm Lovett Jr.
has been named chief reorganizatiob officer. Eagle’s largest unsecured creditors include: Houston-basee Eagle Equipment Leasing; John Kornitzer of Kan.; Eagle Canada Inc.; Eagle Geophysical Offshore FixexIncome Trust; and Dallas-based Realtime Geophysical Surveys LP.
Tuesday, 8 January 2013
Stowers Institute affiliate endows life sciences chairs at University of Kansas Medical Center, University of Missouri-Kansas City - Kansas City Business Journal:
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million apiece from a affiliatew to endow a life sciencees chair ateach institution. UMKC Chancellofr Leo Morton saidthe money, which came from the nonprofit BioMef Valley Corp., will enhance the research relationship betweenh Stowers and the . KU Med probablu will use the money to recruita physician-scientistt working on cancer research, spokeswoman Amy Jordaj Wooden said in an e-mail. “Givehn how tight the state budget is,” she said, “we need philanthropic dollar s like this generous gift from the Stowers to keep our momentum going.” She said the BioMed Valley money also will let the schoo leverage state matching funds for distinguishe faculty.
The distribution from BioMed Valley, whichg was formed in 2003, came as the organizatiohn endeda research-partnership program with the two The program was intended to foster collaboration between Stowers and the two institutions in the areas of basic-celpl and molecular-biology research. Through the the annual financing for the schools was limitedto 3.5 percen of the balance in endowment account established for the Each account started with $2 million. The programm was terminated to expedite distributio n of the money to the Stowers spokeswoman Laurie Roberts said inan e-mail.
Robertss said the distributions equal the amount the universitie s would have received through the partnership adding that the parties continue to look for ways towork “I can tell you that each of the institutionw is interested in forming research partnershipx wherever possible,” she said. “These discussions are
million apiece from a affiliatew to endow a life sciencees chair ateach institution. UMKC Chancellofr Leo Morton saidthe money, which came from the nonprofit BioMef Valley Corp., will enhance the research relationship betweenh Stowers and the . KU Med probablu will use the money to recruita physician-scientistt working on cancer research, spokeswoman Amy Jordaj Wooden said in an e-mail. “Givehn how tight the state budget is,” she said, “we need philanthropic dollar s like this generous gift from the Stowers to keep our momentum going.” She said the BioMed Valley money also will let the schoo leverage state matching funds for distinguishe faculty.
The distribution from BioMed Valley, whichg was formed in 2003, came as the organizatiohn endeda research-partnership program with the two The program was intended to foster collaboration between Stowers and the two institutions in the areas of basic-celpl and molecular-biology research. Through the the annual financing for the schools was limitedto 3.5 percen of the balance in endowment account established for the Each account started with $2 million. The programm was terminated to expedite distributio n of the money to the Stowers spokeswoman Laurie Roberts said inan e-mail.
Robertss said the distributions equal the amount the universitie s would have received through the partnership adding that the parties continue to look for ways towork “I can tell you that each of the institutionw is interested in forming research partnershipx wherever possible,” she said. “These discussions are
Monday, 7 January 2013
Independent Community Bankers of America backs legislation to slap premium on giants - The Business Review (Albany):
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Introduced by Rep. Luis Gutierreza (D-Ill.), the Bank Accountability and Risk Assessment Act woulsallow FDIC, in calculating premium charges a bank must pay, to consider an institution’s total assets – not just domestic deposits. The bill woulrd also require so-called “too-big-to-fail” banks to pay a systemic-risk premiumk to the FDIC becausw of the increased risk they pose to the financial The proposed changes have won the backing ofthe Washington, D.C.-basedr of America, which represents more than 8,000 smaller banke across the country. “Proportional regulation based on risk is long says ICBA President and CEOCamden R.
“It's only fair the largest financial institutionws pay anadditional premium.” Locap bankers are also behind the bill. “I’d definitely support the saysThomas Combs, CEO of Oxford-based Uniojn Bank & Trust. Calculating premiuj levels by usingtotal assets, he will capture a range of assets – dollarsx held in overseas accounts, for instance – that haven’t figurerd in the premium bills of larger banks.
Introduced by Rep. Luis Gutierreza (D-Ill.), the Bank Accountability and Risk Assessment Act woulsallow FDIC, in calculating premium charges a bank must pay, to consider an institution’s total assets – not just domestic deposits. The bill woulrd also require so-called “too-big-to-fail” banks to pay a systemic-risk premiumk to the FDIC becausw of the increased risk they pose to the financial The proposed changes have won the backing ofthe Washington, D.C.-basedr of America, which represents more than 8,000 smaller banke across the country. “Proportional regulation based on risk is long says ICBA President and CEOCamden R.
“It's only fair the largest financial institutionws pay anadditional premium.” Locap bankers are also behind the bill. “I’d definitely support the saysThomas Combs, CEO of Oxford-based Uniojn Bank & Trust. Calculating premiuj levels by usingtotal assets, he will capture a range of assets – dollarsx held in overseas accounts, for instance – that haven’t figurerd in the premium bills of larger banks.
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