FRANCE 24 | Magic Castle fire: Officials assess damage to historic venue Los Angeles Times Fire officials are trying assess the damage after a greater-alarm fire ripped through the famed Magic Castle in the Hollywood Hills on Monday. Fire crews said the blaze was contained largely to the attic and w » |
Monday, October 31, 2011
Magic Castle fire: Officials assess damage to historic venue - Los Angeles Times
xeconatyxex.blogspot.com
Saturday, October 29, 2011
DOT working with Aurora Health Care - The Business Journal of Milwaukee:
ramsdenjerrieas54.blogspot.com
The preferred provider status meana workers who are injured will be steered tothe Milwaukee-based healthn system’s Occupational Health during day hours and Aurorqa hospital emergency rooms after “Aurora was the preferres provider for the Marquette Interchange projectg and we were asked to serve in that role againj for these two projects because we did such a good Mary Jo Capodice, medical director of occupationap health said in a The projects will involve three timeds the number of workers than on the four-yeard Marquette project in downtown Capodice said.
The two projects, which will start this year and take sevem years each tocomplete are: • Thirty-five miles of Intestate 94 from the Mitchellp Interchange to the Illinois state • Thirty-one miles of Highwa y 41 in Brown and Winnebago
The preferred provider status meana workers who are injured will be steered tothe Milwaukee-based healthn system’s Occupational Health during day hours and Aurorqa hospital emergency rooms after “Aurora was the preferres provider for the Marquette Interchange projectg and we were asked to serve in that role againj for these two projects because we did such a good Mary Jo Capodice, medical director of occupationap health said in a The projects will involve three timeds the number of workers than on the four-yeard Marquette project in downtown Capodice said.
The two projects, which will start this year and take sevem years each tocomplete are: • Thirty-five miles of Intestate 94 from the Mitchellp Interchange to the Illinois state • Thirty-one miles of Highwa y 41 in Brown and Winnebago
Thursday, October 27, 2011
Chris Willman: Real estate led to financial career - Tampa Bay Business Journal:
shelly-polymer.blogspot.com
To manage internal information flow, I depend on BlackBerry and my assistant, Mrs. E-mail and technology are efficient toolas for sharing dataand scheduling, but I insist on old fashionedd face-to-face communication to share knowledgew and information. For externa l flow, clients, trade publications, newsfeeds and certain Web sitews keep me on topof what’s going on in our market and industries that might affect us or our clients. How do you keep yourseld current inyour field?? The Florida and American bankers associations are valuablse sources of information.
Their materials and conferencez keep me up to speed on industry trendseand regulations, but nothing beats sharing informatiobn with my colleagues. Where is the best sourcwe for new ideas? Our employees. I encourage our team to thinkm outside of the box and to communicatetheir ideas. I also encourage employees to challengw the way we do businesse if there are better ways to serve our What was your bestbusiness idea? My best business idea was to enhance our bank culture by usingf an approach and philosophyy of a key member of our that of client advocacy. It has proven to be the best way to buildstrusting relationships, and thus for years.
Its implementation becomes unique to each of our employeew and results in great success for their client andour
To manage internal information flow, I depend on BlackBerry and my assistant, Mrs. E-mail and technology are efficient toolas for sharing dataand scheduling, but I insist on old fashionedd face-to-face communication to share knowledgew and information. For externa l flow, clients, trade publications, newsfeeds and certain Web sitews keep me on topof what’s going on in our market and industries that might affect us or our clients. How do you keep yourseld current inyour field?? The Florida and American bankers associations are valuablse sources of information.
Their materials and conferencez keep me up to speed on industry trendseand regulations, but nothing beats sharing informatiobn with my colleagues. Where is the best sourcwe for new ideas? Our employees. I encourage our team to thinkm outside of the box and to communicatetheir ideas. I also encourage employees to challengw the way we do businesse if there are better ways to serve our What was your bestbusiness idea? My best business idea was to enhance our bank culture by usingf an approach and philosophyy of a key member of our that of client advocacy. It has proven to be the best way to buildstrusting relationships, and thus for years.
Its implementation becomes unique to each of our employeew and results in great success for their client andour
Tuesday, October 25, 2011
Major PG&E gas line ruptures during hydro test - San Francisco Chronicle
qozito.wordpress.com
San Francisco Examiner | Major PG&E gas line ruptures during hydro test San Francisco Chronicle "The message I read into this is that the hydro tests are serving a purpose: to validate that a line is fit for service with a significant margin for safety." The area where the rupture occurred Monday is about 20 miles north of where PG&E experienced ... Major California gas line ruptures during test |
Sunday, October 23, 2011
Thursday, October 20, 2011
Exceptional Cognitive and Physical Health in Old Age Leaves Immunological ... - HealthNewsDigest.com
grihanovveimavox.blogspot.com
Exceptional Cognitive and Physical Health in Old Age Leaves Immunological ... HealthNewsDigest.com (HealthNewsDigest.com) - PITTSBURGH, Oct. 20 รข€" Exceptional cognitive and physical function in old age leaves a tell-tale immunologic fingerprint, say researchers at the University of Pittsburgh and Children's Hospital of Pittsburgh of UPMC. ... |
Tuesday, October 18, 2011
Target Center will seat 450 more fans - Minneapolis / St. Paul Business Journal:
onoeuqedol1902.blogspot.com
Officials will not say how much new revenue may be generater by theadded seats, most of which will be in the cornersz behind the baskets. But if the Timberwolves chargr $60 per game for 41 home it amounts tonearlt $1 million during the NBA season alone. Improvement s at Target Center began last year when team owne Glen Taylorspent $4 million for a new scoreboard and playing surface, and will continuew with the conversion of eight existing suitesx into one super-suite -- Club The Timberwolves have sold nearly half of the 148 total membershipe for Club Cambria and "people are reallty flocking in to take a look at what this concept is," said Chris Wright, senior vice presidentt and chief marketing officer.
"It allows us to draw potentiallyt more revenue to our bottom line in termsof capacity." Also cominy is an overhaul of concessions and with unspecified costs paid for by Taylor, the city of Minneapolise and Midwest Entertainment. "It allows us potentiallhy a greater capacity for shows that have to decidsebetween St. Paul and Wright said. The renovatiohn can't take away 15 years, but it likel will make the Target Center more competitive with the Xcel saidDon Hinchey, vice president of communication with The Bonhak Group, a sports marketing firm in Denver. The U.S. Bank Theater also will attract events Midwest Entertainment never could have dreamef ofluring before.
"Ther newer facility always hasthe edge," Hinchey The upgrades will lead to higher sales and bettert bottom-line performance because they "ar definitely going to upgrad e the experience of the
Officials will not say how much new revenue may be generater by theadded seats, most of which will be in the cornersz behind the baskets. But if the Timberwolves chargr $60 per game for 41 home it amounts tonearlt $1 million during the NBA season alone. Improvement s at Target Center began last year when team owne Glen Taylorspent $4 million for a new scoreboard and playing surface, and will continuew with the conversion of eight existing suitesx into one super-suite -- Club The Timberwolves have sold nearly half of the 148 total membershipe for Club Cambria and "people are reallty flocking in to take a look at what this concept is," said Chris Wright, senior vice presidentt and chief marketing officer.
"It allows us to draw potentiallyt more revenue to our bottom line in termsof capacity." Also cominy is an overhaul of concessions and with unspecified costs paid for by Taylor, the city of Minneapolise and Midwest Entertainment. "It allows us potentiallhy a greater capacity for shows that have to decidsebetween St. Paul and Wright said. The renovatiohn can't take away 15 years, but it likel will make the Target Center more competitive with the Xcel saidDon Hinchey, vice president of communication with The Bonhak Group, a sports marketing firm in Denver. The U.S. Bank Theater also will attract events Midwest Entertainment never could have dreamef ofluring before.
"Ther newer facility always hasthe edge," Hinchey The upgrades will lead to higher sales and bettert bottom-line performance because they "ar definitely going to upgrad e the experience of the
Sunday, October 16, 2011
Solar Array, Gen. Mills detail expansions - The Business Journal of Milwaukee:
artemchuksykitas.blogspot.com
broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturinggfacility here, Keith general manager of the local facility, told members of . AED held its quarterlu meeting Thursdayat . Joe president and CEO of SolarArrau Ventures, outlined his company’s plan to build a massivde solar manufacturing plant on the city’ss Westside. General Mills’ expansion shoulc be completedby November, Bone said. The cereak manufacturer will hire 60additional employees, bringing additional payroll to the area of $3.
5 The expansion also brings $30 million in spending to New The Albuquerque City Council approved a $100 million industrial revenue bond deal for the companyu in February. BE&K Corp. from Nortbh Carolina landed the design/build contract to builcd the expansion, but Bone said 80 percent of the firm’sz spending and employees willbe local. The precasf panels being used in the construction are manufactureedin Belen. General Mills has been in Albuquerquesince 1991.
Its current facility is located near Paseo del Nortw and Edith and has 190 with an annual payrollof $12 million, said The 275,000-square-foot plant produces about 135 million pounds annually of 35 different The facility also has a lab on-site where the instructionzs for baking General Mills productd at high altitudes are created. The companyg has given about $5 million to area nonprofits sincre 1998and $519,000 in scholarships, Bone added. Don chairman of AED, said the cereal company’s donations illustrate one of the thingss the organization looks for inrecruiting companies: communityh involvement.
Hudgins said Solar Arra y plans to break ground by the third quarter of this year ona 225,000-square-foogt thin-film photovoltaic manufacturing plant in the Cordero Mesa business park, west of the mattresz factory. The company plans to add thres more buildings of that size asit grows, he with each facility employing about 225. Its annualo payroll in the first phase wouledbe $14 million. About five percent of the jobs woulspay $100,000, 45 percent would pay $70,0000 and half of the jobs wouldd pay $45,000.
The capital investmentr for the first phase willbe $170 millionh and the company would spend $40 million annually for raw The first phase is expected to have a capacit y of 75 megawatts, but that would grow to 300 mw with the full The plant also will have a spacde that will serve as a community and educationaol center. Solar Array is seeking $175 milliob in industrial revenue bonds from Bernalillo The company is working toraisw $210 million in debt and Hudgins said. Hudgins said New Mexico beat out two othet states forthe plant, despite the fact that it did not offer the largest incentives.
But the coordination among local and state governmeny officials and other parties made New Mexico far more efficient in establishing a planning framework that the compan could then use to plan a budget for the hesaid “That was a major issue for us,” Hudginsw said. He also praised the labore force here and the educational The facility is being designed byPageSoutherlandPage LLP, whicb has Texas offices in Austin, Dallas and Houston, as well as Washington, D.C. and London, U.K. Hoffman Construction, basede in Portland, Ore., is building the facility.
broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturinggfacility here, Keith general manager of the local facility, told members of . AED held its quarterlu meeting Thursdayat . Joe president and CEO of SolarArrau Ventures, outlined his company’s plan to build a massivde solar manufacturing plant on the city’ss Westside. General Mills’ expansion shoulc be completedby November, Bone said. The cereak manufacturer will hire 60additional employees, bringing additional payroll to the area of $3.
5 The expansion also brings $30 million in spending to New The Albuquerque City Council approved a $100 million industrial revenue bond deal for the companyu in February. BE&K Corp. from Nortbh Carolina landed the design/build contract to builcd the expansion, but Bone said 80 percent of the firm’sz spending and employees willbe local. The precasf panels being used in the construction are manufactureedin Belen. General Mills has been in Albuquerquesince 1991.
Its current facility is located near Paseo del Nortw and Edith and has 190 with an annual payrollof $12 million, said The 275,000-square-foot plant produces about 135 million pounds annually of 35 different The facility also has a lab on-site where the instructionzs for baking General Mills productd at high altitudes are created. The companyg has given about $5 million to area nonprofits sincre 1998and $519,000 in scholarships, Bone added. Don chairman of AED, said the cereal company’s donations illustrate one of the thingss the organization looks for inrecruiting companies: communityh involvement.
Hudgins said Solar Arra y plans to break ground by the third quarter of this year ona 225,000-square-foogt thin-film photovoltaic manufacturing plant in the Cordero Mesa business park, west of the mattresz factory. The company plans to add thres more buildings of that size asit grows, he with each facility employing about 225. Its annualo payroll in the first phase wouledbe $14 million. About five percent of the jobs woulspay $100,000, 45 percent would pay $70,0000 and half of the jobs wouldd pay $45,000.
The capital investmentr for the first phase willbe $170 millionh and the company would spend $40 million annually for raw The first phase is expected to have a capacit y of 75 megawatts, but that would grow to 300 mw with the full The plant also will have a spacde that will serve as a community and educationaol center. Solar Array is seeking $175 milliob in industrial revenue bonds from Bernalillo The company is working toraisw $210 million in debt and Hudgins said. Hudgins said New Mexico beat out two othet states forthe plant, despite the fact that it did not offer the largest incentives.
But the coordination among local and state governmeny officials and other parties made New Mexico far more efficient in establishing a planning framework that the compan could then use to plan a budget for the hesaid “That was a major issue for us,” Hudginsw said. He also praised the labore force here and the educational The facility is being designed byPageSoutherlandPage LLP, whicb has Texas offices in Austin, Dallas and Houston, as well as Washington, D.C. and London, U.K. Hoffman Construction, basede in Portland, Ore., is building the facility.
Friday, October 14, 2011
Audit shows surplus decline at Pinnacol - The Business Review (Albany):
ebopotohy.wordpress.com
According to the recent audit from Deloitte Touche LLP, which lawmakerx reviewed Monday, the decreaser is related to losses on bonds and common stocks. Pinnacol’s reserves were a sourcse of scrutiny earlier this year when Coloradi legislators attempted toraid $500 milliom from the insurer to plug gaps in the state budget. Lawmakers argued that because Pinnacol is a politica subdivision of the its reserves were fair But legislators later retreated from the raidaftet Pinnacol’s CEO threatened to sue the state and Gov.
Bill Rittef indicated he would not support the A special committee will lookinto Pinnacol’s operations under Senatew Bill 281, approved by lawmakers and Ritter during the most recentf General Assembly. Supporters of the bill said that Pinnacol’w unique structure should be examinedxmore closely. But opponents of the legislation say the committed isa “witch hunt” to dismantler Pinnacol, which functioned better since it started operatinyg as a private interest in 2004. In an audity summary, Deloitte said it identified financialk misstatementsthat haven’t been correctex in the company’s books totaling $7.5 million in net income.
Pinnacol replierd that the uncorrected statementsare “immaterial.” Pinnacol reportes a total of $2 billioh in assets in 2008. It declared additional policyholder dividendsof $120 million that year.
According to the recent audit from Deloitte Touche LLP, which lawmakerx reviewed Monday, the decreaser is related to losses on bonds and common stocks. Pinnacol’s reserves were a sourcse of scrutiny earlier this year when Coloradi legislators attempted toraid $500 milliom from the insurer to plug gaps in the state budget. Lawmakers argued that because Pinnacol is a politica subdivision of the its reserves were fair But legislators later retreated from the raidaftet Pinnacol’s CEO threatened to sue the state and Gov.
Bill Rittef indicated he would not support the A special committee will lookinto Pinnacol’s operations under Senatew Bill 281, approved by lawmakers and Ritter during the most recentf General Assembly. Supporters of the bill said that Pinnacol’w unique structure should be examinedxmore closely. But opponents of the legislation say the committed isa “witch hunt” to dismantler Pinnacol, which functioned better since it started operatinyg as a private interest in 2004. In an audity summary, Deloitte said it identified financialk misstatementsthat haven’t been correctex in the company’s books totaling $7.5 million in net income.
Pinnacol replierd that the uncorrected statementsare “immaterial.” Pinnacol reportes a total of $2 billioh in assets in 2008. It declared additional policyholder dividendsof $120 million that year.
Wednesday, October 12, 2011
SMF Energy announces $40M recapitalization - The Business Journal of the Greater Triad Area:
haygoodfoafyga1359.blogspot.com
The company (NASDAQ: FUEL) said in a news release that it estimatezs the recapitalization will reduce its short-term debt by $9.5 million, its total debt by $4.4 million and its cash requirements for interestg and dividends by more than $1 million a It said shareholders' equity has been increase d by more than $4 million as a result. SMF Energy said it extinguishee all of itsexisting non-bank debt and outstanding preferred stoco through various agreements with dozens of existint debt and equity investors, while converting its existing $25 million asset-based lending facility into a new, more favorable, $20 million asset-based lending facility and a $5 60-month amortized term the proceeds of which were used to pay down $4.
867 million in secured notes and $125,000 in unsecuresd notes. The company said it issuedd new stock to make up the balancde paid for the cancellation and extinguishmenr of theexisting investors' debt and equity securities. Fort Lauderdale-basecd SMF Energy said in the release that the recapitalization took place with amended agreement s withand . It said the only non-bank debt incurred in the recapitalizatiohn was an unsecured subordinated promissory noteof $800,000 at 5.5 percenf interest issued to an existing institutional investor in exchange for $800,00o0 of one of the August 2007 11 percent seniorf secured convertible promissory notes.
The institutionalk investor alsoexchanged $200,000 of the same secured note for sharez of common stock priced at 38 centzs a share, which was greater than the closing bid price of the stock on the day beforre the effective date. acted as SMF Energy’s placemen agent for the recapitalization and receivedc feesof $380,000, paid with a combination of cash and securities, pursuang to a Feb. 1 investment banking SMF Energy supplies specialized transportationj and distribution services for petroleum productsand chemicals.
It providews commercial mobile andbulk fueling, along with othefr services to the transportation, construction, energy, telecommunications and governmenft services sectors. Formerly known as , as of Nov. 30, it conducte operations through 31 service locations in11 states. Shares closed down nearlh 3 cents to about 35 The 52-week high was 71 centw on Aug. 28. The 52-week low was 10 cente on Feb. 20.
The company (NASDAQ: FUEL) said in a news release that it estimatezs the recapitalization will reduce its short-term debt by $9.5 million, its total debt by $4.4 million and its cash requirements for interestg and dividends by more than $1 million a It said shareholders' equity has been increase d by more than $4 million as a result. SMF Energy said it extinguishee all of itsexisting non-bank debt and outstanding preferred stoco through various agreements with dozens of existint debt and equity investors, while converting its existing $25 million asset-based lending facility into a new, more favorable, $20 million asset-based lending facility and a $5 60-month amortized term the proceeds of which were used to pay down $4.
867 million in secured notes and $125,000 in unsecuresd notes. The company said it issuedd new stock to make up the balancde paid for the cancellation and extinguishmenr of theexisting investors' debt and equity securities. Fort Lauderdale-basecd SMF Energy said in the release that the recapitalization took place with amended agreement s withand . It said the only non-bank debt incurred in the recapitalizatiohn was an unsecured subordinated promissory noteof $800,000 at 5.5 percenf interest issued to an existing institutional investor in exchange for $800,00o0 of one of the August 2007 11 percent seniorf secured convertible promissory notes.
The institutionalk investor alsoexchanged $200,000 of the same secured note for sharez of common stock priced at 38 centzs a share, which was greater than the closing bid price of the stock on the day beforre the effective date. acted as SMF Energy’s placemen agent for the recapitalization and receivedc feesof $380,000, paid with a combination of cash and securities, pursuang to a Feb. 1 investment banking SMF Energy supplies specialized transportationj and distribution services for petroleum productsand chemicals.
It providews commercial mobile andbulk fueling, along with othefr services to the transportation, construction, energy, telecommunications and governmenft services sectors. Formerly known as , as of Nov. 30, it conducte operations through 31 service locations in11 states. Shares closed down nearlh 3 cents to about 35 The 52-week high was 71 centw on Aug. 28. The 52-week low was 10 cente on Feb. 20.
Monday, October 10, 2011
BOCES to auction house built by students - Business First of Buffalo:
valvookimakaj1362.blogspot.com
Now, the home is going up for auctionmJune 12. The group is enrolled in the Buildinb Trades Program at Erie 1 BOCEz PotterCareer & Technical Center where they gained hands-on experience of all construction phases from rough framing to finish carpentry — when they built a 1,3445 square-foot house in the parkinyg lot this past school year. As part of the two-year and incorporated in the class students participated in foundation andfloor framing, wall ceiling and roof framing, interior/exterior finis and cabinet making.
They also learned about buildinfg codes, blue print designs, plumbing and electrical Instructors David Grieco and Brian Toth oversaw the which includesthree bedrooms, a full a master suite bathrook with a jet tub, and a first-floor laundrt room. As part of the process, upgrades and enhancementa were made so students could learj of changes affect the workday in theconstruction field. “Thesw extras give the studentsx theexperience they’ll need when they graduate and find a job in this They’ll be able to tell a future employer, I’ve done that,” Grieco said. More than $45,000 in materials was purchased to complete the housre constructedat Potter.
Over the last seven the average sale price of similatr homes built by studentsat & Technical Center in Cheektowaga is around $55,000. This year, auctio n attendees can choose from two that were built by Erie 1 BOCESx students andtheir instructors, as the Harkness Career completec its project, too. Between both projects, around 35 studentsx built the houses. On June 12, both will be auctioned to the highesg bidders at therespective sites: The Pottere house will be auctioned at 9:00 a.m., the Harknese house an hour Proceeds will go toward building supplies for next year’ss class.
Now, the home is going up for auctionmJune 12. The group is enrolled in the Buildinb Trades Program at Erie 1 BOCEz PotterCareer & Technical Center where they gained hands-on experience of all construction phases from rough framing to finish carpentry — when they built a 1,3445 square-foot house in the parkinyg lot this past school year. As part of the two-year and incorporated in the class students participated in foundation andfloor framing, wall ceiling and roof framing, interior/exterior finis and cabinet making.
They also learned about buildinfg codes, blue print designs, plumbing and electrical Instructors David Grieco and Brian Toth oversaw the which includesthree bedrooms, a full a master suite bathrook with a jet tub, and a first-floor laundrt room. As part of the process, upgrades and enhancementa were made so students could learj of changes affect the workday in theconstruction field. “Thesw extras give the studentsx theexperience they’ll need when they graduate and find a job in this They’ll be able to tell a future employer, I’ve done that,” Grieco said. More than $45,000 in materials was purchased to complete the housre constructedat Potter.
Over the last seven the average sale price of similatr homes built by studentsat & Technical Center in Cheektowaga is around $55,000. This year, auctio n attendees can choose from two that were built by Erie 1 BOCESx students andtheir instructors, as the Harkness Career completec its project, too. Between both projects, around 35 studentsx built the houses. On June 12, both will be auctioned to the highesg bidders at therespective sites: The Pottere house will be auctioned at 9:00 a.m., the Harknese house an hour Proceeds will go toward building supplies for next year’ss class.
Friday, October 7, 2011
FDIC: Banks rebound to $7.6B profit - Dayton Business Journal:
http://www.jvc-abc.com/2002/player/kim-dong-moon-ra-kyung-min.html
billion in profits in the first quarter, down 60.8 percen from the $19.3 billion the industry earnedr in the first quarterof 2008. However, the lates t figures are an improvement over therecord $26.2 billion loss the sector sufferedc in the fourth quarter. Higheer loan-loss provisions, increased goodwill write-downss and reduced income from securitizationn activities all contributed tothe year-over-year earnings Three out of five insurec institutions reported lower net income in the first quarter, and one in five was “The first-quarter results are telling us that the bankin g industry still faces tremendous challenges, and that goinbg forward, asset quality remains a majord concern,” says FDIC Chairman Sheila Bair.
“Banke are making good efforts to deal with thechallenges they’re but today’s report says that we’r not out of the woods yet.” To that point, 21 FDIC-insuree institutions failed during the firs quarter — the largest number since the fourth quarter of 1992. Insuref institutions set aside $60.9 billiobn in provisions for loan losses in thefirsg quarter. That’s up $23.7 billion, or 63.6 from the first quarter of 2008. Expenses for goodwill impairment andother intangible-asset expenses totale $7.2 billion, up from $2.8 billiob a year earlier. Those negative factors outweighed the positivew effects of increased noninterestincome (up $7.
8 billion, or 12.8 and higher net interest income (up $4.4 or 4.7 percent). Insured institutions charged off $37.8 billiohn in bad loans in the first almost twicethe $19.6 billion of a year Tier 1 capital reached a record high of almos $70 billion, the largest quarterly increas e ever reported by the industry. However, much of the increasde occurred at institutions that received capitakl fromthe U.S. Treasury Department’s Troublecd Asset Relief Program. Total assetxs declined by $302 billion due to downsizintg by a fewlarge banks.
Two-thirds of all institutions reportedx asset growth inthe quarter, but reductionse at eight large banks caused the industry total to Total loans and leases fell by $159.6 billionb (2.1 percent), while assets in trading accounts declined by $144.5 billion (14.9
billion in profits in the first quarter, down 60.8 percen from the $19.3 billion the industry earnedr in the first quarterof 2008. However, the lates t figures are an improvement over therecord $26.2 billion loss the sector sufferedc in the fourth quarter. Higheer loan-loss provisions, increased goodwill write-downss and reduced income from securitizationn activities all contributed tothe year-over-year earnings Three out of five insurec institutions reported lower net income in the first quarter, and one in five was “The first-quarter results are telling us that the bankin g industry still faces tremendous challenges, and that goinbg forward, asset quality remains a majord concern,” says FDIC Chairman Sheila Bair.
“Banke are making good efforts to deal with thechallenges they’re but today’s report says that we’r not out of the woods yet.” To that point, 21 FDIC-insuree institutions failed during the firs quarter — the largest number since the fourth quarter of 1992. Insuref institutions set aside $60.9 billiobn in provisions for loan losses in thefirsg quarter. That’s up $23.7 billion, or 63.6 from the first quarter of 2008. Expenses for goodwill impairment andother intangible-asset expenses totale $7.2 billion, up from $2.8 billiob a year earlier. Those negative factors outweighed the positivew effects of increased noninterestincome (up $7.
8 billion, or 12.8 and higher net interest income (up $4.4 or 4.7 percent). Insured institutions charged off $37.8 billiohn in bad loans in the first almost twicethe $19.6 billion of a year Tier 1 capital reached a record high of almos $70 billion, the largest quarterly increas e ever reported by the industry. However, much of the increasde occurred at institutions that received capitakl fromthe U.S. Treasury Department’s Troublecd Asset Relief Program. Total assetxs declined by $302 billion due to downsizintg by a fewlarge banks.
Two-thirds of all institutions reportedx asset growth inthe quarter, but reductionse at eight large banks caused the industry total to Total loans and leases fell by $159.6 billionb (2.1 percent), while assets in trading accounts declined by $144.5 billion (14.9
Wednesday, October 5, 2011
Non-performing loans build up in real estate sector - Baltimore Business Journal:
http://www.rawlslib.net/2001/rawls/kids-and-teens-resources.html
This year, the local banking vocabulary is less optimisticwith non-performing loans on the rise and an acceleratingb number of commercial real estate defaults expected to hit balance sheet as the year unfolds. The change in attitud e has been noticed bySam Golden, nationalk practice leader and CEO of LLC, an advisetr to banking clients nationwide. “Yes, in some ways we were insulateduntil now,” says Golden. “To still say we’re insulatef is a bit of a reachg and only timewill tell. Some bankers I talk to in Houstomn are worriedto death.
” As a locally based banks are faring better than thos in areas such as Florida, Nevada and Californiza hit hard by the residential housinhg collapse, or states like Illinois slammed by job losses. some troubling numbers on the commercial side of the book s are beginning to emerge on the Houston Data filed with the shows that past due andothefr non-performing loans among 50 bankw headquartered in the Houston area shot up by 18 percent in the first quarter to $480 million. That’s a gain of more than 100 percenr fromthe $224.6 million in troubled loanw on the books in the first quarter of 2008.
Local bank s have increased loan-loss provisions to cover the upward creeopof non-performing commercial loans, and financial executivess are bracing for the worst. “We’rwe at the ridge line of the roof in seeing whethet or not Houston banks will continue to weatherthe storm. I’m worried about some of my colleaguesw with high percentages of commercial real estate on the says AndyLane Jr., CEO of Bank of Riverf Oaks. He says a recent rise in oil prices may not turn the local economic tide.
“Certainly it’s good to see the price of oil move up becausee of what that meanasin Houston, and I stillp think that maybe we’ll be the first city to come out of this But on the commercial side, I’k sorry to say it’s going to get worse before it gets says Lane. Bank of River Oaks, with $189 millionn in total assets, has a relatively low numbe of real estateloans — about 47 percent of its mainly owner-occupied facilities. “You have to try to manages your balancesheet smaller, and you don’gt want to buy higher priced (certificates of if you can’t put that money back into new says Lane.
He notes that bankeras are reviewing portfolios closer than ever to make the tough decisions necessary to keepthe non-performing numbers down. Adds bank consultant “Regulators are urging the banks to get all the moles and warts off the books as quicklyhas possible. Everyone is tryinyg to be very cautious.” Bank of River Oaks is one of only14 Houston-baseed banks without any non-performing loans on the books at the end of the firsf quarter, based on FDIC filings. However, severa l of those are relatively new and small especiallyMint National, whicjh just opened in January.
Dan Bass, managing director of investment says current market conditions make it difficultfor start-ulp banks to make headway. They typicallty lose money for the first two years of he says, so it might be more difficult for them to handle non-performing loans. At the other end of the a total of 21 Houston bankssaw non-performinb loans rise in the first with several reporting triple-digit increases.
This year, the local banking vocabulary is less optimisticwith non-performing loans on the rise and an acceleratingb number of commercial real estate defaults expected to hit balance sheet as the year unfolds. The change in attitud e has been noticed bySam Golden, nationalk practice leader and CEO of LLC, an advisetr to banking clients nationwide. “Yes, in some ways we were insulateduntil now,” says Golden. “To still say we’re insulatef is a bit of a reachg and only timewill tell. Some bankers I talk to in Houstomn are worriedto death.
” As a locally based banks are faring better than thos in areas such as Florida, Nevada and Californiza hit hard by the residential housinhg collapse, or states like Illinois slammed by job losses. some troubling numbers on the commercial side of the book s are beginning to emerge on the Houston Data filed with the shows that past due andothefr non-performing loans among 50 bankw headquartered in the Houston area shot up by 18 percent in the first quarter to $480 million. That’s a gain of more than 100 percenr fromthe $224.6 million in troubled loanw on the books in the first quarter of 2008.
Local bank s have increased loan-loss provisions to cover the upward creeopof non-performing commercial loans, and financial executivess are bracing for the worst. “We’rwe at the ridge line of the roof in seeing whethet or not Houston banks will continue to weatherthe storm. I’m worried about some of my colleaguesw with high percentages of commercial real estate on the says AndyLane Jr., CEO of Bank of Riverf Oaks. He says a recent rise in oil prices may not turn the local economic tide.
“Certainly it’s good to see the price of oil move up becausee of what that meanasin Houston, and I stillp think that maybe we’ll be the first city to come out of this But on the commercial side, I’k sorry to say it’s going to get worse before it gets says Lane. Bank of River Oaks, with $189 millionn in total assets, has a relatively low numbe of real estateloans — about 47 percent of its mainly owner-occupied facilities. “You have to try to manages your balancesheet smaller, and you don’gt want to buy higher priced (certificates of if you can’t put that money back into new says Lane.
He notes that bankeras are reviewing portfolios closer than ever to make the tough decisions necessary to keepthe non-performing numbers down. Adds bank consultant “Regulators are urging the banks to get all the moles and warts off the books as quicklyhas possible. Everyone is tryinyg to be very cautious.” Bank of River Oaks is one of only14 Houston-baseed banks without any non-performing loans on the books at the end of the firsf quarter, based on FDIC filings. However, severa l of those are relatively new and small especiallyMint National, whicjh just opened in January.
Dan Bass, managing director of investment says current market conditions make it difficultfor start-ulp banks to make headway. They typicallty lose money for the first two years of he says, so it might be more difficult for them to handle non-performing loans. At the other end of the a total of 21 Houston bankssaw non-performinb loans rise in the first with several reporting triple-digit increases.
Monday, October 3, 2011
Deloitte: Consumer spending still down - Birmingham Business Journal:
aryrej.wordpress.com
The index fell to 1.35 percent from an downwardly revisedf gainof 1.44 percent in Deloitte said the index analyzed tax burden, initial unemployment real wages and real home prices to try to trac consumer cash flow as an indicatoe of future consumer "The year over year pace of decline in real consume r spending appears to have however, recovery is being delayed by a sharop increase in consumer which has risen to 5.7 percenyt from zero a year ago," said Carl chief economist with Deloitte Research and author of the monthlyy index, in a statement.
the weakness in the index was driven almos t entirely by fallinghome prices, which are down nearly 14 percengt over the past year, underminin g small gains in real wages, a decliningg tax burden and current stabilization in new unemployment claims." The reporyt noted the tax burden continues to drop with the weakeningf of the economy. It is at a levep only seen on a few occasions over the past 50 yearzs during brief periods following tax Continued declineis expected. Also notable, real wage growth continuee to post small gains due to fallinhg pricesfor energy. Real wages are up 4.
3 percentt from a year ago and on an annualize basis are up 8 percent over the last nine months as energy prices have given a big boosyt to consumerpurchasing power, the index said.
The index fell to 1.35 percent from an downwardly revisedf gainof 1.44 percent in Deloitte said the index analyzed tax burden, initial unemployment real wages and real home prices to try to trac consumer cash flow as an indicatoe of future consumer "The year over year pace of decline in real consume r spending appears to have however, recovery is being delayed by a sharop increase in consumer which has risen to 5.7 percenyt from zero a year ago," said Carl chief economist with Deloitte Research and author of the monthlyy index, in a statement.
the weakness in the index was driven almos t entirely by fallinghome prices, which are down nearly 14 percengt over the past year, underminin g small gains in real wages, a decliningg tax burden and current stabilization in new unemployment claims." The reporyt noted the tax burden continues to drop with the weakeningf of the economy. It is at a levep only seen on a few occasions over the past 50 yearzs during brief periods following tax Continued declineis expected. Also notable, real wage growth continuee to post small gains due to fallinhg pricesfor energy. Real wages are up 4.
3 percentt from a year ago and on an annualize basis are up 8 percent over the last nine months as energy prices have given a big boosyt to consumerpurchasing power, the index said.
Saturday, October 1, 2011
Stowers Institute affiliate endows life sciences chairs at University of Kansas Medical Center, University of Missouri-Kansas City - Kansas City Business Journal:
zuloraxelewo.blogspot.com
million apiece from a affiliate to endow a life sciencez chair ateach institution. UMKC Chancellord Leo Morton saidthe money, whicy came from the nonprofitf BioMed Valley Corp., will enhance the research relationshio between Stowers and the . KU Med probabl will use the money to recruita physician-scientisty working on cancer research, spokeswoman Amy Jordan Woode said in an e-mail. “Given how tight the state budget she said, “we need philanthropic dollara like this generous gift from the Stowers to keep our momentu going.” She said the BioMed Valley money also will let the schookl leverage state matching fundas for distinguished faculty.
The distribution from BioMef Valley, which was formed in 2003, came as the organization endeda research-partnership program with the two The program was intended to foster collaboration between Stowers and the two institutionsz in the areas of basic-cell and molecular-biology research. Througu the partnership, the annual financing for the schools was limited to 3.5 percent of the balanc in endowment accounts established for the program. Each account startecd with $2 million. The program was terminater to expedite distribution of the money to the Stowers spokeswoman Laurie Roberts said inan e-mail.
Robertsd said the distributions equal the amounty the universities would have receivex through thepartnership program, adding that the partiezs continue to look for ways to work “I can tell you that each of the institutionsx is interested in forming research partnershipsa wherever possible,” she said. “These discussionsa are ongoing.”
million apiece from a affiliate to endow a life sciencez chair ateach institution. UMKC Chancellord Leo Morton saidthe money, whicy came from the nonprofitf BioMed Valley Corp., will enhance the research relationshio between Stowers and the . KU Med probabl will use the money to recruita physician-scientisty working on cancer research, spokeswoman Amy Jordan Woode said in an e-mail. “Given how tight the state budget she said, “we need philanthropic dollara like this generous gift from the Stowers to keep our momentu going.” She said the BioMed Valley money also will let the schookl leverage state matching fundas for distinguished faculty.
The distribution from BioMef Valley, which was formed in 2003, came as the organization endeda research-partnership program with the two The program was intended to foster collaboration between Stowers and the two institutionsz in the areas of basic-cell and molecular-biology research. Througu the partnership, the annual financing for the schools was limited to 3.5 percent of the balanc in endowment accounts established for the program. Each account startecd with $2 million. The program was terminater to expedite distribution of the money to the Stowers spokeswoman Laurie Roberts said inan e-mail.
Robertsd said the distributions equal the amounty the universities would have receivex through thepartnership program, adding that the partiezs continue to look for ways to work “I can tell you that each of the institutionsx is interested in forming research partnershipsa wherever possible,” she said. “These discussionsa are ongoing.”
Subscribe to:
Posts (Atom)