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billion and assets of $82.3 The bankruptcy, filed in New lists unsecured claims bythe ($20.7 billion) and the International Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecuredx debt listed in the filinggincludes $22.8 billion serviced by and $4.5 billionn by . Boca Raton-based has a claim for $4.7t million, according to the petition, filed with the U.S. Bankruptcy Courtg of the Southern District ofNew York. Auto retailerzs that survive the bankruptcies of GMand Chrysler, whicj filed in April, hope it helps to pave the way to recoverhy in the industry.
“Today’s action will alloaw GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed statement. “The goal of makinv GM profitable ata 10-million, new-uniyt selling rate will position them for when the industrhy begins to recover later in 2010.” Fort Lauderdale-based the nation's largest auto retailer, has six GM franchises and seven Chrysler franchises on the automakers’ closure Although viewed as inevitable and necessary by Chairman John McEleney said in a news releasre that the filing marks “a historically sad day for American Chrysler is expected to emerge from its Chapter 11 processa soon after shuttering 789 dealerships.
GM also announced plans to close 1,100 dealerships. GM announced April 27 that it anticipates reducinggits U.S. dealer count from 6,246 to 3,605 by the end of 2010. Dealershiop closings already have started. According to Associated GM will rely on moregovernmen assistance: $30 billion of additional financial assistancr from the and $9.5 billion from Canada, on top of about $20 billion it alread y received in low-interest loans. GM’s lead bankruptcg law firm is WeilGotshaw & with attorney Stephen Karotkibn signing the filing. In a news release, the automaketr said it would focus on the following priorities when emergingfrom bankruptcy: Focus on four core branda in the U.S.
– Cadillac, Buick and GMC - with fewetr nameplates and a more competitive level of marketing supportper brand. Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentagr of U.S. sales manufactured domestically. Feature lower costs at a U.S. totall industry volume of approximately 10millionn vehicles, which would be substantially below the 15 million to 17 millionh annual vehicle sales rates recorded between 1995 and 2007.
Achieve lowerd structural costs, in part, by further reducing 2009 salaried employment in Nortyh America toapproximately 27,200, from a year-ened total of 35,100, and continue to improve its balancew sheet by reducing retiree benefit for salaried retirees and non-UAW hourlt retirees. Increase its investment in fuel economyt and advancedpropulsion technologies. Click to read the petition.
Saturday, December 31, 2011
Thursday, December 29, 2011
Most Florida banks swoon; three provide model for growth - Houston Business Journal:
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USAmeriBank went from red to black ink by signingf talented bankers who broughr customerswith them. Acquisitionds boosted the bottom line at CenterStatd Bankof Florida. A merger of related financialo institutions cut expensesat , whilse a stronger balance sheet grew income. Each bank prospere d by using different yet their strategies provide a road map for institutionxs struggling to turn their balancesheets positive. Their profit gains are all the more remarkabled given the difficult economic climate in The said 305 banks and thriftz in Florida reported a combined net lossof $643 millio for the 2009 firs t quarter, compared to net income of $4 milliob for the year-ago period.
Profitabilitty remains weak because banks continue to struggle with bad saidPaula Johannsen, managing director of , an investment banking firm in Tampa. Nonperformin assets don’t bring in interest income, pressuringg margins. The provisions banks take for expected loan losses cut furthe into their income while the legal and managemen expense related to forecloseds propertygoes up. USAmeriBank — which has amasse d $650.8 million in assets in its two years has a cleanbalance sheet, said Joe Chillura, CEO. The bank avoidesd development lending and the loana it does have that are secures by real estate arefor owner-occupier properties, Chillura said.
Only $598,000 in USAmeriBanmk loans, or about one-tenth of 1 percent of the total $528.3 million in loans, were past due as of Marcuh 31, according to a report filec withthe . a former Tampa market presidentfor ), said the bankers he’s hireds have brought their customers, a move that was possibl because bigger banks are distracted by bad loans and shrinkingy capital and aren’t focused on customer service. That’sz allowed USAmeriBank to grow more quicklythan expected, Chilluras said, and post a significanf turnaround, going from a $185,000 loss in the firstt quarter of 2008 to $881,000 in profitf in the just-ended quarter.
CenterState saw firsg quarter 2009 profit swellto $1.2 million, up 68 percentt in one year, after two acquisitions, said John president and CEO. The Winter Haven-basedf lead banking subsidiaryof CSFL) added a correspondent banking unit last fall when it hire the bankers who handled that businessd for the former . The unit sells bonds to roughly 200 othe rcommunity banks, and it is thrivinh because community banks aren’t doing as much lending as they were a year ago and are investinv their cash in bonds. CenterState also bought the faileand $178 million in deposits on Jan. 30.
“We’ve been putting that moneyt to work in loans and and that’s helped us grow,” Corbett Aggressive planning that began around the end of the firsyt quarter of 2008 kept Florida Bank on the growthh track, said Katie Pemble, president and CEO. Floridaz Bank’s $351,000 in net income for the firsf quarter of 2009 was a 73 percent increase from a year Since December, the Tampa-basec bank has merged with threew sister institutions in Sarasota, Jacksonville and Tallahassee, consolidatingy back-office operations and cutting expenses.
Each of the bankds was above the level regulatorsconsidered well-capitalized, and their capital positiom was further strengthened when they Additionally, executive officers and the board developed a series of 90-da plans focused on strengthening the balance sheeg with an emphasis on capital and on liquidity, or the abilityh to turn its assets into cash A strong balance sheet allowedf Florida Bank to look for the least expensived way to attract funding, a move that boost s net interest margin, or the spread between the interest it pays on deposits and the interest it earne from loans.
Although there are glimmers of CenterState’s Corbett expects more loan writedowns acrosd the industry in the next two tothrewe quarters. The number of institutions on the watcbh list increased in the first threde monthsof 2009, and as of Marcn 31, 30 percent of Florida’s banks were on the compared to 15 percent of the institutions a year ago. Accesse to the capital market marketsis critical, Corbetft said, adding the stress tests the nation’ s biggest banks just underwent have inspired investor confidenc in those institutions.
Since results were released May 7, the banks collectively have raisednearluy $60 billion of the $75 billion in extrz capital regulators said they need. “As investmentsd come back into thebig banks, I thinl over time you’ll see that trickle down to the mid cap and communit banks,” Corbett said.
USAmeriBank went from red to black ink by signingf talented bankers who broughr customerswith them. Acquisitionds boosted the bottom line at CenterStatd Bankof Florida. A merger of related financialo institutions cut expensesat , whilse a stronger balance sheet grew income. Each bank prospere d by using different yet their strategies provide a road map for institutionxs struggling to turn their balancesheets positive. Their profit gains are all the more remarkabled given the difficult economic climate in The said 305 banks and thriftz in Florida reported a combined net lossof $643 millio for the 2009 firs t quarter, compared to net income of $4 milliob for the year-ago period.
Profitabilitty remains weak because banks continue to struggle with bad saidPaula Johannsen, managing director of , an investment banking firm in Tampa. Nonperformin assets don’t bring in interest income, pressuringg margins. The provisions banks take for expected loan losses cut furthe into their income while the legal and managemen expense related to forecloseds propertygoes up. USAmeriBank — which has amasse d $650.8 million in assets in its two years has a cleanbalance sheet, said Joe Chillura, CEO. The bank avoidesd development lending and the loana it does have that are secures by real estate arefor owner-occupier properties, Chillura said.
Only $598,000 in USAmeriBanmk loans, or about one-tenth of 1 percent of the total $528.3 million in loans, were past due as of Marcuh 31, according to a report filec withthe . a former Tampa market presidentfor ), said the bankers he’s hireds have brought their customers, a move that was possibl because bigger banks are distracted by bad loans and shrinkingy capital and aren’t focused on customer service. That’sz allowed USAmeriBank to grow more quicklythan expected, Chilluras said, and post a significanf turnaround, going from a $185,000 loss in the firstt quarter of 2008 to $881,000 in profitf in the just-ended quarter.
CenterState saw firsg quarter 2009 profit swellto $1.2 million, up 68 percentt in one year, after two acquisitions, said John president and CEO. The Winter Haven-basedf lead banking subsidiaryof CSFL) added a correspondent banking unit last fall when it hire the bankers who handled that businessd for the former . The unit sells bonds to roughly 200 othe rcommunity banks, and it is thrivinh because community banks aren’t doing as much lending as they were a year ago and are investinv their cash in bonds. CenterState also bought the faileand $178 million in deposits on Jan. 30.
“We’ve been putting that moneyt to work in loans and and that’s helped us grow,” Corbett Aggressive planning that began around the end of the firsyt quarter of 2008 kept Florida Bank on the growthh track, said Katie Pemble, president and CEO. Floridaz Bank’s $351,000 in net income for the firsf quarter of 2009 was a 73 percent increase from a year Since December, the Tampa-basec bank has merged with threew sister institutions in Sarasota, Jacksonville and Tallahassee, consolidatingy back-office operations and cutting expenses.
Each of the bankds was above the level regulatorsconsidered well-capitalized, and their capital positiom was further strengthened when they Additionally, executive officers and the board developed a series of 90-da plans focused on strengthening the balance sheeg with an emphasis on capital and on liquidity, or the abilityh to turn its assets into cash A strong balance sheet allowedf Florida Bank to look for the least expensived way to attract funding, a move that boost s net interest margin, or the spread between the interest it pays on deposits and the interest it earne from loans.
Although there are glimmers of CenterState’s Corbett expects more loan writedowns acrosd the industry in the next two tothrewe quarters. The number of institutions on the watcbh list increased in the first threde monthsof 2009, and as of Marcn 31, 30 percent of Florida’s banks were on the compared to 15 percent of the institutions a year ago. Accesse to the capital market marketsis critical, Corbetft said, adding the stress tests the nation’ s biggest banks just underwent have inspired investor confidenc in those institutions.
Since results were released May 7, the banks collectively have raisednearluy $60 billion of the $75 billion in extrz capital regulators said they need. “As investmentsd come back into thebig banks, I thinl over time you’ll see that trickle down to the mid cap and communit banks,” Corbett said.
Monday, December 26, 2011
Wounded 'Skins Fall Prey to Lifeless Vikings - Afro American
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Afro American | Wounded 'Skins Fall Prey to Lifeless Vikings Afro American by Stephen D. Riley Minnesota Vikings wide receiver Percy Harvin (12) dives for a touchdown as Washington Redskins inside linebacker London Fletcher (59) and cornerback Josh Wilson (26) chase him into the end zone during the second half of an NFL ...
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Saturday, December 24, 2011
UGA inks blockbuster media deal - Atlanta Business Chronicle:
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million media rights and marketinh deal that puts Georgia in the upper echelon ofcollege contracts. The new deal, worthj $11.6 million annually, would be the most lucrativew annual rights agreement incollege football, according to data from Streef & Smith’s SportsBusiness Journal, a sister publicationn of Atlanta Business Chronicle. The deal tops the $11 milliohn annual deal recently reacheddwith . The total payout would rank No. 5 in the above every Southeastern Conference institution exceptythe . The deal will help Georgisa stay at amongthe .
The Bulldogxs generated the second-highest revenu e in college football and rankedf in the top 15 overal l in sports incomein 2007-2008, according to a reporr June 15 in SportsBusiness Journal. Georgia’s previous deal was wortyh between $8.2 million and $8.3 milliomn annually, according to SportsBusiness Journal. "We are extremely pleased to partnerr with ISP Sports to deliver Georgia Bulldog programminvg to the Bulldog Nation and UGA Athletics Director Damon Evans said ina statement.
"Thisw agreement will provide the infrastructure to deliver our conteng and message through various mediums that will continue to make the Universituy of Georgia a leader inintercollegiatde athletics." The deal also appears to be the largest for Winston-Salem, N.C.-based ISP, according to the SportsBusiness "We are elated to extend our relationshiop with an outstanding university and one of America's trulg elite athletic programs," said Ben Sutton, ISP chairman and CEO, in a statement.
"We have enjoyed an excellent relationship with Damon and his remarkablwe team of administrators and coaches and look forwards to an even greater partnership in the yearxsto come. We appreciate the university's confidencs in ISP and are committed to providing the Bulldog Nation with the finest in corporate marketing, sales and service.” ISP is the curreng manager of the Bulldogs’ sponsorship and marketingg rights. Under the new ISP adds radio broadcastingand coaches’ televisionj show rights. and its WSB-AM 750 affiliate previously heldthose properties.
The radil station has broadcast gamessince 1939, and held the radio networj and coaches’ show rights since 1995. In a separat deal with Cox Radio, WSB will remain the flagship station for the nexteight years. "I’m especially pleased that WSB News/Talk 750 will continue to be ourflagship station," Evans "We have a long history and traditiomn with WSB which is one of the country’as premier radio stations.
That relationship will continude providing the very best coverage for Georgiasports
million media rights and marketinh deal that puts Georgia in the upper echelon ofcollege contracts. The new deal, worthj $11.6 million annually, would be the most lucrativew annual rights agreement incollege football, according to data from Streef & Smith’s SportsBusiness Journal, a sister publicationn of Atlanta Business Chronicle. The deal tops the $11 milliohn annual deal recently reacheddwith . The total payout would rank No. 5 in the above every Southeastern Conference institution exceptythe . The deal will help Georgisa stay at amongthe .
The Bulldogxs generated the second-highest revenu e in college football and rankedf in the top 15 overal l in sports incomein 2007-2008, according to a reporr June 15 in SportsBusiness Journal. Georgia’s previous deal was wortyh between $8.2 million and $8.3 milliomn annually, according to SportsBusiness Journal. "We are extremely pleased to partnerr with ISP Sports to deliver Georgia Bulldog programminvg to the Bulldog Nation and UGA Athletics Director Damon Evans said ina statement.
"Thisw agreement will provide the infrastructure to deliver our conteng and message through various mediums that will continue to make the Universituy of Georgia a leader inintercollegiatde athletics." The deal also appears to be the largest for Winston-Salem, N.C.-based ISP, according to the SportsBusiness "We are elated to extend our relationshiop with an outstanding university and one of America's trulg elite athletic programs," said Ben Sutton, ISP chairman and CEO, in a statement.
"We have enjoyed an excellent relationship with Damon and his remarkablwe team of administrators and coaches and look forwards to an even greater partnership in the yearxsto come. We appreciate the university's confidencs in ISP and are committed to providing the Bulldog Nation with the finest in corporate marketing, sales and service.” ISP is the curreng manager of the Bulldogs’ sponsorship and marketingg rights. Under the new ISP adds radio broadcastingand coaches’ televisionj show rights. and its WSB-AM 750 affiliate previously heldthose properties.
The radil station has broadcast gamessince 1939, and held the radio networj and coaches’ show rights since 1995. In a separat deal with Cox Radio, WSB will remain the flagship station for the nexteight years. "I’m especially pleased that WSB News/Talk 750 will continue to be ourflagship station," Evans "We have a long history and traditiomn with WSB which is one of the country’as premier radio stations.
That relationship will continude providing the very best coverage for Georgiasports
Thursday, December 22, 2011
Boulders Resort getting misty on the golf course - Phoenix Business Journal:
eragywaqer.wordpress.com
"We know it can get pretty warm in Arizonaq during thesummer time," said Tom McCahan, director of golf for the There's an understatement. The mistinhg system was installed and leasefdthrough , a Tempe company. The misters are put undert the car's basket behind the seat and come equippedwith on/ofrf switches for both passenger and The tank holds over five gallonas of water, enough for at leasty 18 holes of golf. "We are excited to have such a high-calibed golf resort as The Boulders use ourmistinb systems," said Ari Peterson, president of Cool Carts.
According to depending on the temperature and relative the misters can cool the air in and around the carts by up to30 degrees. In another move to keep golfers happy, the resort distributes iced towels and has attache new ice chests to the carts tostorse drinks. Scottsdale's Southwest Jet Aviation has added thred jet aircraft to its charter bringing the total number to The company isa full-service aviation firm offering chartefr service, aircraft management, maintenance, salesw and hangar services. It's grownn from just two aircrafy ayear ago. The new planes are a Cessna Citatiojn X, Cessna Citation III and a RaytheonBeechjet 400.
The company now owns three Citation X the fastest businessjet It's also now certified to operate thesde jets in air spacees that will reduce flighrt times dramatically when traveling to Europe, Hawaiij and Japan. "We are one of only a handfuo of operators in the countryg that havethis capability," said Jeffreyg Schlueter, vice president of salezs and marketing. A new high-ene events coordination company has opened in Simply Starr is the name of the compan founded byStarr Allumbaugh, who served as corporate special events director for Nordstrom departmeny stores for six years. In that Allumbaugh oversaw the production of fashion shows andcelebritt events.
"Any business can claim superior custome service and attentionto detail," Allumbaugh "But I spent years immersed in the Nordstrom I am not satisfied with a professional assignment until I know my client is ecstatic with the end product." Simply Starr is at 17212 N. Scottsdal Road, Ste. 2397, Scottsdale. The telephones is 480-699-4527 and e-mail is (starrallumbaugh@mindspring.com). Restaurateur Sami the name behind Sammy's Californisa Woodfired Pizza in Scottsdale, is jumpin g into the hospitality industry in California with a boutiquwe property that opensthis month. And Ladeki's said he'd conside opening a similar property here.
Ladeki is renovating the historic, 20,000-square-foot Hotekl Parisi in La Jolla, and transforming it into 20 private guest suites. Construction on the $2 millionm project is slated to be completethis month. The with its slight name changeto HotelParisi, is part of a new, boutique-style hotel phenomenon, Ladeki said.
"We know it can get pretty warm in Arizonaq during thesummer time," said Tom McCahan, director of golf for the There's an understatement. The mistinhg system was installed and leasefdthrough , a Tempe company. The misters are put undert the car's basket behind the seat and come equippedwith on/ofrf switches for both passenger and The tank holds over five gallonas of water, enough for at leasty 18 holes of golf. "We are excited to have such a high-calibed golf resort as The Boulders use ourmistinb systems," said Ari Peterson, president of Cool Carts.
According to depending on the temperature and relative the misters can cool the air in and around the carts by up to30 degrees. In another move to keep golfers happy, the resort distributes iced towels and has attache new ice chests to the carts tostorse drinks. Scottsdale's Southwest Jet Aviation has added thred jet aircraft to its charter bringing the total number to The company isa full-service aviation firm offering chartefr service, aircraft management, maintenance, salesw and hangar services. It's grownn from just two aircrafy ayear ago. The new planes are a Cessna Citatiojn X, Cessna Citation III and a RaytheonBeechjet 400.
The company now owns three Citation X the fastest businessjet It's also now certified to operate thesde jets in air spacees that will reduce flighrt times dramatically when traveling to Europe, Hawaiij and Japan. "We are one of only a handfuo of operators in the countryg that havethis capability," said Jeffreyg Schlueter, vice president of salezs and marketing. A new high-ene events coordination company has opened in Simply Starr is the name of the compan founded byStarr Allumbaugh, who served as corporate special events director for Nordstrom departmeny stores for six years. In that Allumbaugh oversaw the production of fashion shows andcelebritt events.
"Any business can claim superior custome service and attentionto detail," Allumbaugh "But I spent years immersed in the Nordstrom I am not satisfied with a professional assignment until I know my client is ecstatic with the end product." Simply Starr is at 17212 N. Scottsdal Road, Ste. 2397, Scottsdale. The telephones is 480-699-4527 and e-mail is (starrallumbaugh@mindspring.com). Restaurateur Sami the name behind Sammy's Californisa Woodfired Pizza in Scottsdale, is jumpin g into the hospitality industry in California with a boutiquwe property that opensthis month. And Ladeki's said he'd conside opening a similar property here.
Ladeki is renovating the historic, 20,000-square-foot Hotekl Parisi in La Jolla, and transforming it into 20 private guest suites. Construction on the $2 millionm project is slated to be completethis month. The with its slight name changeto HotelParisi, is part of a new, boutique-style hotel phenomenon, Ladeki said.
Tuesday, December 20, 2011
The Bon-Ton Stores, Inc. Announces New Long-Term Private Label Credit Card ... - MarketWatch (press release)
viningocouqyl1601.blogspot.com
The Bon-Ton Stores, Inc. Announces New Long-Term Private Label Credit Card ... MarketWatch (press release) Under the terms of the agreement, Alliance Data, through its bank subsidiary, will provide end-to-end proprietary credit card services from account acquisition to multi-channel marketing and customer service. Bon-Ton's current proprietary credit card ... |
Sunday, December 18, 2011
Petugas selamatkan 33 imigran akibat kapal tenggelam - BBCIndonesia.com
lamoreuuceses1724.blogspot.com
Detikcom | Petugas selamatkan 33 imigran akibat kapal tenggelam BBCIndonesia.com Petugas penyelamat telah berhasil menyelamatkan 33 orang pencari suaka yang mengalami kecelakaan kapal di perairan Prigi, Watu Limo, Trenggalek, Jawa Timur. "Sementara hingga pagi ini (18/12) kami berhasil menyelamatkan 33 orang," kata Kepala Badan ... Tim SAR Kembali Selamatkan Lima Korban Baru |
Friday, December 16, 2011
Friendly Fire - National Journal
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ABC News | Friendly Fire National Journal Republicans are attacking each other with such gusto that it may be impossible to close the wounds. AP Photo/Charlie Neiberg » |
Tuesday, December 13, 2011
Survey: CEOs still foresee negative conditions - Silicon Valley / San Jose Business Journal:
ignatiywulyxura.blogspot.com
“This quarter’s results reflect a continuing weak set ofeconomixc conditions,” said Ivan Seidenberg, chairman of Business Roundtablee and chairman and CEO of “Conditions — whilw still negative — appear to have begunh to stabilize.” The Washington-based associatiohn of CEOs represents a combined work force of nearly 10 millionn employees and more than $5 trillion in annual sales. When askedf how they anticipate their sales to fluctuate in the next six 34 percent said saleswill increase, and 46 percent predicted a That is a sunnier forecast than the first-quarter outlook when 24 percent predicted higher sales. Fifty-one perceng said their U.S.
capital spending will fall in thesecondd quarter, and 12 percent said it will Forty-nine percent expect theitr U.S. employment to decrease in the next six up fromthe first-quarter outlook when 71 percent predicted a drop in Six percent anticipate their employee base to Member CEOs estimated that the nation’s real grosds domestic product will drop by 2.1 percen in 2009, compared with the first-quarter estimate of a 1.9 percent decline. The outlook inded — which combines member CEO projectionsfor sales, capitapl spending and employment in the six monthxs ahead — expanded to 18.5 in the seconc quarter, up from -5 in the first quarter.
An indedx reading of 50 or lower is consistent with overallkeconomic contraction, and a reading of 50 or higher is consisteng with expansion.
“This quarter’s results reflect a continuing weak set ofeconomixc conditions,” said Ivan Seidenberg, chairman of Business Roundtablee and chairman and CEO of “Conditions — whilw still negative — appear to have begunh to stabilize.” The Washington-based associatiohn of CEOs represents a combined work force of nearly 10 millionn employees and more than $5 trillion in annual sales. When askedf how they anticipate their sales to fluctuate in the next six 34 percent said saleswill increase, and 46 percent predicted a That is a sunnier forecast than the first-quarter outlook when 24 percent predicted higher sales. Fifty-one perceng said their U.S.
capital spending will fall in thesecondd quarter, and 12 percent said it will Forty-nine percent expect theitr U.S. employment to decrease in the next six up fromthe first-quarter outlook when 71 percent predicted a drop in Six percent anticipate their employee base to Member CEOs estimated that the nation’s real grosds domestic product will drop by 2.1 percen in 2009, compared with the first-quarter estimate of a 1.9 percent decline. The outlook inded — which combines member CEO projectionsfor sales, capitapl spending and employment in the six monthxs ahead — expanded to 18.5 in the seconc quarter, up from -5 in the first quarter.
An indedx reading of 50 or lower is consistent with overallkeconomic contraction, and a reading of 50 or higher is consisteng with expansion.
Sunday, December 11, 2011
MySpace slashes international staff - Denver Business Journal:
nadezhdaqedyxos.blogspot.com
The move to reduce international employment by 150 comesz on the heels of the announcemengt that MySpace is cuttingits U.S. jobs by 30 or about 420 jobs. MySpace last monthy was passed in global market share byPalo Alto-based , but stilpl leads in the number of uniquer visitors to its Web site in the U.S. MySpac e CEO Owen Van Natta was hirede in April to try to revive the socianetworking site. The division that includes MySpace posted an $89 million loss in the most recentt quarter. "As we conducted our revie w ofthe company, it was cleatr that internationally, just as in the U.S.
, MySpace's staffing had becomer too big and cumbersome to be sustainabl in current market conditions," Van Natta said in a statemen Tuesday. After the jobs cuts, MySpace will have about 1,150 workers, compared to Facebook's globa work force of about 850.
The move to reduce international employment by 150 comesz on the heels of the announcemengt that MySpace is cuttingits U.S. jobs by 30 or about 420 jobs. MySpace last monthy was passed in global market share byPalo Alto-based , but stilpl leads in the number of uniquer visitors to its Web site in the U.S. MySpac e CEO Owen Van Natta was hirede in April to try to revive the socianetworking site. The division that includes MySpace posted an $89 million loss in the most recentt quarter. "As we conducted our revie w ofthe company, it was cleatr that internationally, just as in the U.S.
, MySpace's staffing had becomer too big and cumbersome to be sustainabl in current market conditions," Van Natta said in a statemen Tuesday. After the jobs cuts, MySpace will have about 1,150 workers, compared to Facebook's globa work force of about 850.
Friday, December 9, 2011
Catalyst Connection introduces loan program for manufacturers - Pittsburgh Business Times:
artemchuksykitas.blogspot.com
“This new fund is intended to provide the stimulus that manufacturersw in Allegheny County need to helpthem compete, but can’ft get from other sources,” Art Tintori, Catalysrt Connection director of financial services said in a Companies may apply online at www.catalystconnection.org/finance-programs-for-manufacturing. Catalyst Connection is a nonprofi t organization basedin Pittsburgh'ws South Oakland neighborhood dedicated to helping small and midsize manufacturers improve thei competitiveness. Bridgeway Capital, certified as a Communithy Development Financial Institution bythe U.S.
Treasur Department, provides capital and educatiom opportunities to entrepreneurs and smalpl businesses inwestern
“This new fund is intended to provide the stimulus that manufacturersw in Allegheny County need to helpthem compete, but can’ft get from other sources,” Art Tintori, Catalysrt Connection director of financial services said in a Companies may apply online at www.catalystconnection.org/finance-programs-for-manufacturing. Catalyst Connection is a nonprofi t organization basedin Pittsburgh'ws South Oakland neighborhood dedicated to helping small and midsize manufacturers improve thei competitiveness. Bridgeway Capital, certified as a Communithy Development Financial Institution bythe U.S.
Treasur Department, provides capital and educatiom opportunities to entrepreneurs and smalpl businesses inwestern
Wednesday, December 7, 2011
Higgins wants more NYPA funds in WNY - Business First of Buffalo:
tenamup.wordpress.com
The Buffalo Democrat, a frequent critif of the , which oversees the has asked the state to turn over 36 percenyt of net revenue for economic development and tourisjm effortsin Erie, Niagara, Chautauqua and Orleans That would amount to some $65 million per Higgins said, and could create 14,000 jobs in five year time. "This community must stansd up and claim what isnaturally ours,” he said. “Liked Florida profits from its sunshine and California profits from itsPacifid surf, Western new York must demandd our right to benefit from our lake that feeda our river, which generates the powerr produced by Niagara falls.
” According to Higgins, in 2008 NYPA had a surplusa of $309 million, over 75 percen t that was directly attributable to the Niagara Powedr Project in Lewiston. He added, the state agency’sa own study found that only 14 percentg of the economic benefit derived from that plant remains in Western New In a letter toboth Gov. Davird Paterson and NYPA President and CEO Richard Higgins outlinedhis plan. Among the projects noted is developmentof Buffalo’es waterfront, including the Inner Harbor area, as well as the Darwi Martin House, Albright-Knox Art Gallery and Buffalo Zoo.
The Buffalo Democrat, a frequent critif of the , which oversees the has asked the state to turn over 36 percenyt of net revenue for economic development and tourisjm effortsin Erie, Niagara, Chautauqua and Orleans That would amount to some $65 million per Higgins said, and could create 14,000 jobs in five year time. "This community must stansd up and claim what isnaturally ours,” he said. “Liked Florida profits from its sunshine and California profits from itsPacifid surf, Western new York must demandd our right to benefit from our lake that feeda our river, which generates the powerr produced by Niagara falls.
” According to Higgins, in 2008 NYPA had a surplusa of $309 million, over 75 percen t that was directly attributable to the Niagara Powedr Project in Lewiston. He added, the state agency’sa own study found that only 14 percentg of the economic benefit derived from that plant remains in Western New In a letter toboth Gov. Davird Paterson and NYPA President and CEO Richard Higgins outlinedhis plan. Among the projects noted is developmentof Buffalo’es waterfront, including the Inner Harbor area, as well as the Darwi Martin House, Albright-Knox Art Gallery and Buffalo Zoo.
Monday, December 5, 2011
Ohio Medicaid program gets $676K in drug firm settlement - Denver Business Journal:
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Paris-based reached a $182.8 million settlement with all 50 stateasand Washington, D.C., after attorneys generalk nationwide mounted an investigationj into the company's alleged overbilling for an anti-nausea drug typically used in chemotherapgy treatments. Ohio Attorney General Marc Dann and othe r officials claim the company inflateed average wholesale prices for the drug betweenj June 1997 andSeptember 2004.
Michelle Gatchell, a spokeswoman for Dann's office, said about 165,000 Anzemer prescriptions were filled in Ohio duringthat "My office will continue to look into the pharmaceuticalp industry to make sure no other company is takingy advantage of the system or Ohioans," Dann said in a Dann is involved in similar lawsuits pendinhg against Columbus-based , Abbotyt Park, Ill.-based (NYSE: ABT), Peapack, N.J.-based and Nev.-based The federal government's Medicarw program is receiving $160.11 million of the Aventis settlement, while the rest will be funnelerd to state Medicaid programs. Officialxs at the company, now named (NYSE: couldn't be reached immediatelu for comment.
Ohio's Medicaid program, startedf in 1968, assists 1.7 million Ohioans a mont on average, and abougt 2.2 million throughout the year. The $13.3 billionn program, which takes up about a quarter ofthe state's annual budget, serve s children and adults in low-incomer Ohio families.
Paris-based reached a $182.8 million settlement with all 50 stateasand Washington, D.C., after attorneys generalk nationwide mounted an investigationj into the company's alleged overbilling for an anti-nausea drug typically used in chemotherapgy treatments. Ohio Attorney General Marc Dann and othe r officials claim the company inflateed average wholesale prices for the drug betweenj June 1997 andSeptember 2004.
Michelle Gatchell, a spokeswoman for Dann's office, said about 165,000 Anzemer prescriptions were filled in Ohio duringthat "My office will continue to look into the pharmaceuticalp industry to make sure no other company is takingy advantage of the system or Ohioans," Dann said in a Dann is involved in similar lawsuits pendinhg against Columbus-based , Abbotyt Park, Ill.-based (NYSE: ABT), Peapack, N.J.-based and Nev.-based The federal government's Medicarw program is receiving $160.11 million of the Aventis settlement, while the rest will be funnelerd to state Medicaid programs. Officialxs at the company, now named (NYSE: couldn't be reached immediatelu for comment.
Ohio's Medicaid program, startedf in 1968, assists 1.7 million Ohioans a mont on average, and abougt 2.2 million throughout the year. The $13.3 billionn program, which takes up about a quarter ofthe state's annual budget, serve s children and adults in low-incomer Ohio families.
Saturday, December 3, 2011
Garage Ventures adds personnel in ongoing hunt for big hit - Silicon Valley / San Jose Business Journal:
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"The market is coming back, the entrepreneursa are coming back, the opportunities are says managing directorBill Reichert. "We'vee got a lot of momentum and we wantexd to bolsterthe team, as well as builf out Garage." Palo Alto-basedd Garage started as an investment bank in 1997, raising nearl $400 million for companies. It was founded by thre e partners including Guy a former Apple executive and authoer of bookson entrepreneurship. The firm earneed name recognition byhosting well-attended events and conferenceds for entrepreneurs.
In 2002, followin the bust, Garage changed its business model to direcg investing as a venture butit wasn't until 2006 that it was able to convert some legacy assets from the investmeng bank over to the venture fund. That freed up about $5 millio more in capital to be Now Garage has added Joyce a founding partner of Cardinal Venture asmanaging director, and Henry co founder of Diamond Technologyh Ventures, as a venture partner, to capitalized on what it sees as opportunitie s in the early stage market. "It's really become a little bit of a gap in the says Chung.
"A lot of existing funds are movinbg a little bit upstream to later stage orlarger rounds, which by definition aren' addressing the seed stage specifically. I felt like there was an opportunit to really fill a void in the market and work with entrepreneur s really early in the process and focuss onemerging tech, which is prettyh broad." The firm's first $20 million fund raised in Garage California Entrepreneurs is not fully vested. But so far it has dealy CalPERS, the state pension fund requireed to publish its investing a 9.3 percent internal rate of return on its $10 milliobn investment.
That was before the firm's portfoliop company, information-sharing site was sold to the Hearst Corporation. "It was a nice not a home run, but it was validation of our model," Reicherrt says, declining to divulgw the return on investment orsale price. Some reportx indicated Hearst paidbetween $30 millionj and $40 million. Garage has taken some recen t hits in the blogosphere and on for not beinh able to land any home rundeal -- usually characterized by a return of 10 timesa or more on investment.
Kawasaki also was recentlhy quoted as saying ventures investing wasa "crap But Reichert says the firm has a disciplinexd approach to investing in earl stage companies with untestedr entrepreneurs in untested markets. The point Kawasakiu was trying to make was thatGaragse isn't looking to invest in Web 2.0 companies, which it viewsz as a market that is way too crowded and coulcd be a potential bubble waiting to burst. "We decidee we're not going to chasde popular, faddish Web 2.0 deals," Reicherrt says. "We don't want to fund the 13th, much less the 130tn video-mobile-social-ad-dating-matching site.
" Instead the firm has wide-ranging investments in some offbeaty companieslike D.lite Designs, which makes a lantern that is more energu efficient and cheaper than kerosene for populations without accesw to consistent electricity. It has also invested in companies ranginf from renewable fuels producers to a jobs databasse and search engine to a service that prepares visas and a Web sitecitizenshilp applications.
Whether that approach will pay off long term is but it was attractive to Chung who spent most of her investintg career dealingin software, at companies like and then at Garage's broad net-casting approach will allow her to dabblwe in other industries including cleahn tech, she says. With only $25 milliob to employ, Chung says she'lpl adjust her personal investment strategies, look at differen types of deals and differentr typesof entrepreneurs. Chung says the firm mitigates risk by working extensivelyy with companies before investingin them.
"The market is coming back, the entrepreneursa are coming back, the opportunities are says managing directorBill Reichert. "We'vee got a lot of momentum and we wantexd to bolsterthe team, as well as builf out Garage." Palo Alto-basedd Garage started as an investment bank in 1997, raising nearl $400 million for companies. It was founded by thre e partners including Guy a former Apple executive and authoer of bookson entrepreneurship. The firm earneed name recognition byhosting well-attended events and conferenceds for entrepreneurs.
In 2002, followin the bust, Garage changed its business model to direcg investing as a venture butit wasn't until 2006 that it was able to convert some legacy assets from the investmeng bank over to the venture fund. That freed up about $5 millio more in capital to be Now Garage has added Joyce a founding partner of Cardinal Venture asmanaging director, and Henry co founder of Diamond Technologyh Ventures, as a venture partner, to capitalized on what it sees as opportunitie s in the early stage market. "It's really become a little bit of a gap in the says Chung.
"A lot of existing funds are movinbg a little bit upstream to later stage orlarger rounds, which by definition aren' addressing the seed stage specifically. I felt like there was an opportunit to really fill a void in the market and work with entrepreneur s really early in the process and focuss onemerging tech, which is prettyh broad." The firm's first $20 million fund raised in Garage California Entrepreneurs is not fully vested. But so far it has dealy CalPERS, the state pension fund requireed to publish its investing a 9.3 percent internal rate of return on its $10 milliobn investment.
That was before the firm's portfoliop company, information-sharing site was sold to the Hearst Corporation. "It was a nice not a home run, but it was validation of our model," Reicherrt says, declining to divulgw the return on investment orsale price. Some reportx indicated Hearst paidbetween $30 millionj and $40 million. Garage has taken some recen t hits in the blogosphere and on for not beinh able to land any home rundeal -- usually characterized by a return of 10 timesa or more on investment.
Kawasaki also was recentlhy quoted as saying ventures investing wasa "crap But Reichert says the firm has a disciplinexd approach to investing in earl stage companies with untestedr entrepreneurs in untested markets. The point Kawasakiu was trying to make was thatGaragse isn't looking to invest in Web 2.0 companies, which it viewsz as a market that is way too crowded and coulcd be a potential bubble waiting to burst. "We decidee we're not going to chasde popular, faddish Web 2.0 deals," Reicherrt says. "We don't want to fund the 13th, much less the 130tn video-mobile-social-ad-dating-matching site.
" Instead the firm has wide-ranging investments in some offbeaty companieslike D.lite Designs, which makes a lantern that is more energu efficient and cheaper than kerosene for populations without accesw to consistent electricity. It has also invested in companies ranginf from renewable fuels producers to a jobs databasse and search engine to a service that prepares visas and a Web sitecitizenshilp applications.
Whether that approach will pay off long term is but it was attractive to Chung who spent most of her investintg career dealingin software, at companies like and then at Garage's broad net-casting approach will allow her to dabblwe in other industries including cleahn tech, she says. With only $25 milliob to employ, Chung says she'lpl adjust her personal investment strategies, look at differen types of deals and differentr typesof entrepreneurs. Chung says the firm mitigates risk by working extensivelyy with companies before investingin them.
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