Dry cleaners steamed over weak economy Knoxville News Sentinel "As people work less due to layoffs and a slowdown in the economy, they're going to have less need for dry cleaning services," said UTC economics professor ... |
Monday, November 29, 2010
Dry cleaners steamed over weak economy - Knoxville News Sentinel
http://recept.us/Business-Law/Huggies-Coupon/
Saturday, November 27, 2010
Loan-loss worries mount at Milwaukee-area banks - The Business Journal of Milwaukee:
http://faststrings.com/behind-player-fieldy.html
The fourth-quarter 2008 figure caps a yearwhen Milwaukee-area communitu banks boosted their loan-loss provisions by a whoppiny 450 percent over the figure at the end of 2007. The year-endc total was $213.3 million, compared with $38.8 millio n a year earlier. As more consumers and businesses encounterfinanciaol problems, they are becoming delinqueny in loan payments or face difficulty staying curreng on payments, said bank executives and industry experts. “Thew fourth quarter was not a good quarted for the economyand it’s showing up in our banking said Russ Weyers, president of Racine-basede and chairman of the .
The figures are for 35 “Mainb Street” local banks with assets of $100 millionm to $5.4 billion and based on filingw posted last week by the Federal DeposiytInsurance Corp. In addition, three major Wisconsin-based banks with significant presence in the area took even larger allowances for loansa that are in default or maygo bad. , and combinedc for a 67.4 percent increase in the fourtgh quarter and a 538 percent increasr from ayear earlier. Loan-loss provisiones for the threebanks — with M&I accountint for the vast majority — totaled more than $2.2 billionm at year-end 2008, compared with $349.2 millionn at the end of 2007.
Bank executives are requirerd by federal regulators to realistically determine the loans on theirr books likely to default or that mightg need renegotiatedloan terms. The loan-loss provision is a noncashu accounting itemfor banks, but it appearsz as an expense on their income statements and shrinks bank profits. “Thee biggest problem right now isnonperforminb assets,” said Tom Vandermus, chief analyst with in Hartland. While the loan-loses provisions have jumped inrecent months, the vast majority of southeast Wisconsin banks remain financially sound.
In some the loan-loss provision increased because banks are loanint more and are required to set aside highe amounts in caseof defaults. Johnson Bank, for achieved what Weyers called “sizable loan growth” of $680.6 to $4.4 billion, in 2008. The bank increased its loan-loss provision during the yearby $17.11 million, to $22 million. The hikes in loan-loss provisions at all but a handful of loca l banks are a signthat “banks don’gt anticipate things getting betteer in the short term,” Weyers said.
“It doesn’rt look good, but it’s prudent banking,” he Doug Levy, president of Guaranty Bank inBrownn Deer, cautioned that the loan-loss provisions are “accountingy entries” and not necessarily representative of a bank’as actual financial health. Guaranty Bank, which has $1.6 billio in assets, increased its loan-loss provisio to $60 million at year-end, compared with $4.
2 million a year All southeast Wisconsin banks maintained capital positionds that exceed regulatory minimums necessary to cushion any in Racine is the only area bank known to be underd supervision by the Federal Reserve and Wisconsihn Department ofFinancial Institutions, accordinf to an agreement disclosed Jan. 20. The $349.9i million-asset bank increased its loan-loss provisio n to $8.3 million in the fourth quarter, compare d with $203,000 a year earlier, and posted a net loss of $6.6 milliomn for the year compare d with a net incomdeof $3.5 million in 2007. Bank of Elmwood presiden Jess Levin did not returnj a callseeking comment.
Bank executivesz and observers note thatthe loan-loss concerns represent a rough patch rather than a crisis for the industry. “Mostt banks are healthy,” said Emory Ireland, a banking attorne y at LLP, Milwaukee. in Milwaukes increased its loan-loss provision to $6.7 million in the fourthn quarter fromabout $1 million due to two business customersw that closed, said president Mike Mahoney. New loan activityy in the first quarter is actually up he said. “We’re seeing more past-due, but for the most part we thinl that things areunder control,” Mahoney said.
The fourth-quarter 2008 figure caps a yearwhen Milwaukee-area communitu banks boosted their loan-loss provisions by a whoppiny 450 percent over the figure at the end of 2007. The year-endc total was $213.3 million, compared with $38.8 millio n a year earlier. As more consumers and businesses encounterfinanciaol problems, they are becoming delinqueny in loan payments or face difficulty staying curreng on payments, said bank executives and industry experts. “Thew fourth quarter was not a good quarted for the economyand it’s showing up in our banking said Russ Weyers, president of Racine-basede and chairman of the .
The figures are for 35 “Mainb Street” local banks with assets of $100 millionm to $5.4 billion and based on filingw posted last week by the Federal DeposiytInsurance Corp. In addition, three major Wisconsin-based banks with significant presence in the area took even larger allowances for loansa that are in default or maygo bad. , and combinedc for a 67.4 percent increase in the fourtgh quarter and a 538 percent increasr from ayear earlier. Loan-loss provisiones for the threebanks — with M&I accountint for the vast majority — totaled more than $2.2 billionm at year-end 2008, compared with $349.2 millionn at the end of 2007.
Bank executives are requirerd by federal regulators to realistically determine the loans on theirr books likely to default or that mightg need renegotiatedloan terms. The loan-loss provision is a noncashu accounting itemfor banks, but it appearsz as an expense on their income statements and shrinks bank profits. “Thee biggest problem right now isnonperforminb assets,” said Tom Vandermus, chief analyst with in Hartland. While the loan-loses provisions have jumped inrecent months, the vast majority of southeast Wisconsin banks remain financially sound.
In some the loan-loss provision increased because banks are loanint more and are required to set aside highe amounts in caseof defaults. Johnson Bank, for achieved what Weyers called “sizable loan growth” of $680.6 to $4.4 billion, in 2008. The bank increased its loan-loss provision during the yearby $17.11 million, to $22 million. The hikes in loan-loss provisions at all but a handful of loca l banks are a signthat “banks don’gt anticipate things getting betteer in the short term,” Weyers said.
“It doesn’rt look good, but it’s prudent banking,” he Doug Levy, president of Guaranty Bank inBrownn Deer, cautioned that the loan-loss provisions are “accountingy entries” and not necessarily representative of a bank’as actual financial health. Guaranty Bank, which has $1.6 billio in assets, increased its loan-loss provisio to $60 million at year-end, compared with $4.
2 million a year All southeast Wisconsin banks maintained capital positionds that exceed regulatory minimums necessary to cushion any in Racine is the only area bank known to be underd supervision by the Federal Reserve and Wisconsihn Department ofFinancial Institutions, accordinf to an agreement disclosed Jan. 20. The $349.9i million-asset bank increased its loan-loss provisio n to $8.3 million in the fourth quarter, compare d with $203,000 a year earlier, and posted a net loss of $6.6 milliomn for the year compare d with a net incomdeof $3.5 million in 2007. Bank of Elmwood presiden Jess Levin did not returnj a callseeking comment.
Bank executivesz and observers note thatthe loan-loss concerns represent a rough patch rather than a crisis for the industry. “Mostt banks are healthy,” said Emory Ireland, a banking attorne y at LLP, Milwaukee. in Milwaukes increased its loan-loss provision to $6.7 million in the fourthn quarter fromabout $1 million due to two business customersw that closed, said president Mike Mahoney. New loan activityy in the first quarter is actually up he said. “We’re seeing more past-due, but for the most part we thinl that things areunder control,” Mahoney said.
Wednesday, November 24, 2010
House passes historic climate bill - Business First of Buffalo:
zemlyanikiyri.blogspot.com
Congressmen David Wu, Kurt Schrader and Earl Blumenauere voted forthe bill, known as the American Clea n Energy and Security Act. It is the first bill in U.S. historyu to cap carbon pollution. It also encourages developmeng of clean energy and requires utilitieas to get 20 percentf of their power from renewablde sourcesby 2020. Forty-four Democratd voted against the bill, including Eugene Democrat Peter DeFazio. Republicanj Greg Walden, who represents eastern Oregon, also opposeds the bill. It passed by a seven-vote 219-212. “Some votes just feel different, and today’zs was truly historic,” Blumenauer said in a statement.
“For the first time, Congress has taken action to rein in global warming pollution andjumpstart America’s clean energy industries.” The bill is expectedc to face a contentious debate in the Senate.
Congressmen David Wu, Kurt Schrader and Earl Blumenauere voted forthe bill, known as the American Clea n Energy and Security Act. It is the first bill in U.S. historyu to cap carbon pollution. It also encourages developmeng of clean energy and requires utilitieas to get 20 percentf of their power from renewablde sourcesby 2020. Forty-four Democratd voted against the bill, including Eugene Democrat Peter DeFazio. Republicanj Greg Walden, who represents eastern Oregon, also opposeds the bill. It passed by a seven-vote 219-212. “Some votes just feel different, and today’zs was truly historic,” Blumenauer said in a statement.
“For the first time, Congress has taken action to rein in global warming pollution andjumpstart America’s clean energy industries.” The bill is expectedc to face a contentious debate in the Senate.
Tuesday, November 23, 2010
Restaurateur Norman Brinker dies - Business First of Columbus:
http://www.state-of-entropy.com/outerbevel.htm
Brinker passed away Mondag night leaving a legacy casual dining restaurantx built on what Phil Romano callerd a vision of developing the casualo dining restaurant concept where diners are treated not to fast foodor full-ougt fine dining, but to a place wherd people can eat everyday. “Onse of Norman’s biggest attributes was that he was a great leader and a Romano said. “He would take people’w talents and develop them beyondtheif abilities.” grew into a restaurant company that guided chainx like , On and Maggiano’s Littler Italy. Dallas-based Brinker (NYSE: EAT) in the past year sold the restaurang chain created byPhil Romano: Romano’s Macaroni Grill.
Romano creditw his friend Norman Brinker for taking his creative visio n and growing it into a majornational “The industry is going to miss Romano said. “Norman had the ability to take something andgrow it. That’ds his talent,” Romano added that Normah Brinker wasa “good man” who taught him quitre a bit about the restaurant industry and also quitd a bit about leadership.
Brinker passed away Mondag night leaving a legacy casual dining restaurantx built on what Phil Romano callerd a vision of developing the casualo dining restaurant concept where diners are treated not to fast foodor full-ougt fine dining, but to a place wherd people can eat everyday. “Onse of Norman’s biggest attributes was that he was a great leader and a Romano said. “He would take people’w talents and develop them beyondtheif abilities.” grew into a restaurant company that guided chainx like , On and Maggiano’s Littler Italy. Dallas-based Brinker (NYSE: EAT) in the past year sold the restaurang chain created byPhil Romano: Romano’s Macaroni Grill.
Romano creditw his friend Norman Brinker for taking his creative visio n and growing it into a majornational “The industry is going to miss Romano said. “Norman had the ability to take something andgrow it. That’ds his talent,” Romano added that Normah Brinker wasa “good man” who taught him quitre a bit about the restaurant industry and also quitd a bit about leadership.
Sunday, November 21, 2010
Hot topics for today's Lions-Cowboys game - Detroit Free Press
http://www.oztheroad.com/mos/index.php?option=content&task=view&id=19&Itemid=61
Hot topics for today's Lions-Cowboys game Detroit Free Press FRIENDS AND FAMILY: Jon Kitna and Roy Williams had some memorable times together with the Lions, like ... like ... OK, so Kitna and Williams ... |
Saturday, November 20, 2010
EXCLUSIVE INTERVIEW: Teen Mom Amber Portwood 'Shoved Against The Wall' By Gary ... - Radar Online
http://www.netook.org/Forests_South_America.html
EXCLUSIVE INTERVIEW: Teen Mom Amber Portwood 'Shoved Against The Wall' By Gary ... Radar Online But now the scandal has deepened as Krystal reveals exclusively to RadarOnline.com there are other eyewitnesses who saw Gary get physical with Amber. ... |
Thursday, November 18, 2010
Zicam maker pulls products, but affirms safety - Silicon Valley / San Jose Business Journal:
http://www.gogocool.com/2005/products/edu-fundraising.html
The FDA said it received more than 130 complaints from consumers sayinbg they have lost their sense of smelll after using the Jennifer Warren, a former school teacher who lives in Huntsville, Ala., said she lost her sense of smell aftee using Zicam to prevent the duration of a cold a few yearsw ago, but had never complained to the FDA or the companyh because she figured there was no way to prove Zicam caused her anosmia. She said she doesn’t want to sue Scottsdale-baserd Matrixx (Nasdaq:MTXX) even after learning otherws have had thesame experiences.
“I don’t think Zicamj was created to hurt anyone,” she “We sit here and we rip and we rave aboutg all these drugs not being allowed on the The first time anythinggoes wrong, everybodyt wants to go sue, sue, sue. That drives me nuts. I honestlh believe the people were trying to do something to help peopler notget sick.” William Hemelt, acting presidentg and chief operating officer of Matrixx, said the FDA action was taken without reviewing research he would have been more than willint to provide. “We think the science does not supporty this allegationat all,” he said.
“Quite honestly, we wouldr not be selling the product if we thoughy itwas unsafe.” Zicam products use a homeopathixc remedy called Zincum Gluconicum 2x, which means they requirse FDA approval. Dr. Sam Benjamin, a medicaol doctor with a homeopathic license, said he can’t figure out why the FDA has takejn so long to deal withthe issue. “Ik can think of no part of alternativwe medicine that summons up more worry to conventionall physiciansthan homeopathy,” said Benjamin, who has a medicak talk show on KTAR 92.3 FM on Saturdays at 2 p.m. and 1,00p0 followers on Twitter.
“There are so many drugs around thatcause problems, why would one event want to expose people to any Brett Berty, a senior recall strategist at Stericycle Inc. in Lake Ill., is coming to Phoenix this week to meet with Matrixdx officials to see if he can help the companuy withdamage control. Usually, he said, companies will voluntarily recalp a product before the FDAgets involved. That’w not how it happened with Matrixx. The FDA stepped in and warnec Matrixx that it had received more than 130 consumef complaints and that the company needed to stop marketing the producgt until it can put a warninv label on its packaging that it couldcausee anosmia.
Over the past 10 years, Bertyg has worked with manufacturers to conductabout 1,30p0 recalls, including Vioxx. “Typically, hopefully, the manufacturer will work with me priod to approaching theregulatory agency,” he said. “Thd most important thing for Matrixx is you can turn a seemingly awfuol situation into an opportunityif you’re judgedx by the public as being part of the solution. How swiftly do they execute that will demonstrate their concerbn forthe public’s safety.” When the FDA sent the warninh letter to Matrixx and advised consumers not to use certaihn Zicam cold remedies, on June 16, Matrixx’ds stock plummeted 70 percent to $5.78u a share.
It bounced up a bit to $6.13e a day later, but nowhere near its 52-week high of near its trading point befor e the FDA sent thewarningb letter. For the fiscal year ended Marcj 31, Matrixx reported $13.8 million in net income on $112 milliojn in net sales, up from $10.34 million in net income on $101 milliob in net sales a year ago. Hemelt said he will be meetingv with FDA regulators to discussthe issue. He also schedulec a conference callwith investors.
The FDA said it received more than 130 complaints from consumers sayinbg they have lost their sense of smelll after using the Jennifer Warren, a former school teacher who lives in Huntsville, Ala., said she lost her sense of smell aftee using Zicam to prevent the duration of a cold a few yearsw ago, but had never complained to the FDA or the companyh because she figured there was no way to prove Zicam caused her anosmia. She said she doesn’t want to sue Scottsdale-baserd Matrixx (Nasdaq:MTXX) even after learning otherws have had thesame experiences.
“I don’t think Zicamj was created to hurt anyone,” she “We sit here and we rip and we rave aboutg all these drugs not being allowed on the The first time anythinggoes wrong, everybodyt wants to go sue, sue, sue. That drives me nuts. I honestlh believe the people were trying to do something to help peopler notget sick.” William Hemelt, acting presidentg and chief operating officer of Matrixx, said the FDA action was taken without reviewing research he would have been more than willint to provide. “We think the science does not supporty this allegationat all,” he said.
“Quite honestly, we wouldr not be selling the product if we thoughy itwas unsafe.” Zicam products use a homeopathixc remedy called Zincum Gluconicum 2x, which means they requirse FDA approval. Dr. Sam Benjamin, a medicaol doctor with a homeopathic license, said he can’t figure out why the FDA has takejn so long to deal withthe issue. “Ik can think of no part of alternativwe medicine that summons up more worry to conventionall physiciansthan homeopathy,” said Benjamin, who has a medicak talk show on KTAR 92.3 FM on Saturdays at 2 p.m. and 1,00p0 followers on Twitter.
“There are so many drugs around thatcause problems, why would one event want to expose people to any Brett Berty, a senior recall strategist at Stericycle Inc. in Lake Ill., is coming to Phoenix this week to meet with Matrixdx officials to see if he can help the companuy withdamage control. Usually, he said, companies will voluntarily recalp a product before the FDAgets involved. That’w not how it happened with Matrixx. The FDA stepped in and warnec Matrixx that it had received more than 130 consumef complaints and that the company needed to stop marketing the producgt until it can put a warninv label on its packaging that it couldcausee anosmia.
Over the past 10 years, Bertyg has worked with manufacturers to conductabout 1,30p0 recalls, including Vioxx. “Typically, hopefully, the manufacturer will work with me priod to approaching theregulatory agency,” he said. “Thd most important thing for Matrixx is you can turn a seemingly awfuol situation into an opportunityif you’re judgedx by the public as being part of the solution. How swiftly do they execute that will demonstrate their concerbn forthe public’s safety.” When the FDA sent the warninh letter to Matrixx and advised consumers not to use certaihn Zicam cold remedies, on June 16, Matrixx’ds stock plummeted 70 percent to $5.78u a share.
It bounced up a bit to $6.13e a day later, but nowhere near its 52-week high of near its trading point befor e the FDA sent thewarningb letter. For the fiscal year ended Marcj 31, Matrixx reported $13.8 million in net income on $112 milliojn in net sales, up from $10.34 million in net income on $101 milliob in net sales a year ago. Hemelt said he will be meetingv with FDA regulators to discussthe issue. He also schedulec a conference callwith investors.
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