ralawizewy.wordpress.com
billion in profits in the first quarter, down 60.8 percentf from the $19.3 billion the industry earned in the first quarterof 2008. However, the latest figurese are an improvement over therecord $26.2 billion loss the sector sufferec in the fourth quarter. Higher loan-loss provisions, increase goodwill write-downs and reduced income from securitization activities all contribute tothe year-over-year earnings decline.
Three out of five insurec institutions reported lower net incomw in thefirst quarter, and one in five was “The first-quarter results are telling us that the bankingg industry still faces tremendous challenges, and that going asset quality remains a major says FDIC Chairman Sheila Bair. “Banks are makinb good efforts to deal with thechallenges they’r e facing, but today’s reportg says that we’re not out of the woods To that point, 21 FDIC-insured institutionsx failed during the first quarter — the largest number since the fourth quarterf of 1992. Insured institutions set asidde $60.9 billion in provisions for loan losses in thefirstt quarter.
That’s up $23.7 billion, or 63.6 percent, from the firsg quarter of 2008. Expenses for goodwill impairment andothefr intangible-asset expenses totaled $7.2 billion, up from $2.8 billiom a year earlier. Those negative factors outweighesd the positive effects of increased noninterestincome (up $7.8 or 12.8 percent) and higher net interest income (up $4.4 billion, or 4.7 Insured institutions charged off $37.8 billion in bad loans in the firstg quarter, almost twice the $19.6 billion of a year Tier 1 capital reached a record high of almostr $70 billion, the largest quarterly increasse ever reported by the industry.
much of the increase occurred at institutions that received capitalp fromthe U.S. Treasury Department’s Troubleed Asset Relief Program. Total assets declined by $302 billiom due to downsizing by a fewlarge banks. Two-thirdsd of all institutions reported asset growth in the but reductions at eight large banksw caused the industry totalto decline. Total loans and leasesd fell by $159.6 billion (2.1 while assets in trading accounts declinedby $144.5 billiom (14.9 percent).
Tuesday, May 31, 2011
Sunday, May 29, 2011
International Museum of Women names new executive director - San Francisco Business Times:
srikanth-topic.blogspot.com
She arrives with the directive to developo a new strategic plan for the virtual as well as to overseeits programming. The museumn without borders — its programming exists almost exclusively online has long sought to build a permanent home in downtowhnSan Francisco. It reiterated its intenrt to find a site as recently aslast year. An earlierf attempt to move forward witha $120 100,000 square foot museum on Pier 26 fell through in Aprio 2005. Previously, Winterton was vice president of marketinvg forthe Women’s Fundinyg Network in San Francisco. Prior to the Briton was head of communicationsfor Prince’ s Trust, Prince Charles’ charity.
Chris Yeltonn served as executive director of the museum from 2003 untillAugust 2008, when local nonprofit executived Corrina Marshall stepped in on an interim basis. This fall, IMOW will introduce a new online exhibitiobentitled “Women, Money & the Global Economy.” As with an earlierf online exhibition called “Imagining Ourselves”, women from around the worlr will be able to share a IMOW was also just announced a winner of the Americah Association of Museum’s MUSE award for its onlinew exhibitions and community. IMOW beat out over 250 other projectsx to winthe award.
She arrives with the directive to developo a new strategic plan for the virtual as well as to overseeits programming. The museumn without borders — its programming exists almost exclusively online has long sought to build a permanent home in downtowhnSan Francisco. It reiterated its intenrt to find a site as recently aslast year. An earlierf attempt to move forward witha $120 100,000 square foot museum on Pier 26 fell through in Aprio 2005. Previously, Winterton was vice president of marketinvg forthe Women’s Fundinyg Network in San Francisco. Prior to the Briton was head of communicationsfor Prince’ s Trust, Prince Charles’ charity.
Chris Yeltonn served as executive director of the museum from 2003 untillAugust 2008, when local nonprofit executived Corrina Marshall stepped in on an interim basis. This fall, IMOW will introduce a new online exhibitiobentitled “Women, Money & the Global Economy.” As with an earlierf online exhibition called “Imagining Ourselves”, women from around the worlr will be able to share a IMOW was also just announced a winner of the Americah Association of Museum’s MUSE award for its onlinew exhibitions and community. IMOW beat out over 250 other projectsx to winthe award.
Thursday, May 26, 2011
Dallas home prices fall 5.6% - Dallas Business Journal:
uraa-quartely.blogspot.com
percent in the first quarter of 2009 when compared to the same period ayear earlier, according to the latestr Standard & Poor’s/Case-Shiller Home Price The evaluates home prices in various U.S. metropolitanj areas and develops data sketches by evaluatin g changes within individual cities and within larger portfolios made up ofvariouxs cities. The S&P/Case-Shiller 10-city compositew index shows home pricesfalling 18.6 percent in the firstf quarter as compared to the year while the report’s 20-city composite index shows home prices fallingv 18.7 percent.
Despite home price values dropping in Dallas as the NorthTexas area, alontg with Denver and Boston, continue to fare better with theifr price declines landing at the lower end of the the S&P/Case-Shiller report said. The same cannot be said for the rest of the according to the datareported Tuesday. “Decliness in residential real estate continue at a steady paceinto March,” said Davidd Blitzer, chairman of the Indecx Committee at Standard & “All 20 metro areas are still showing negative annual rates of changes in average home prices with nine of the metro areas having recorr annual declines.
”
percent in the first quarter of 2009 when compared to the same period ayear earlier, according to the latestr Standard & Poor’s/Case-Shiller Home Price The evaluates home prices in various U.S. metropolitanj areas and develops data sketches by evaluatin g changes within individual cities and within larger portfolios made up ofvariouxs cities. The S&P/Case-Shiller 10-city compositew index shows home pricesfalling 18.6 percent in the firstf quarter as compared to the year while the report’s 20-city composite index shows home prices fallingv 18.7 percent.
Despite home price values dropping in Dallas as the NorthTexas area, alontg with Denver and Boston, continue to fare better with theifr price declines landing at the lower end of the the S&P/Case-Shiller report said. The same cannot be said for the rest of the according to the datareported Tuesday. “Decliness in residential real estate continue at a steady paceinto March,” said Davidd Blitzer, chairman of the Indecx Committee at Standard & “All 20 metro areas are still showing negative annual rates of changes in average home prices with nine of the metro areas having recorr annual declines.
”
Tuesday, May 24, 2011
Male menopause is a real condition - ABC30.com
fiber cement siding
ABC30.com | Male menopause is a real condition ABC30.com Michael Cristman is always moving, the 41-year-old works for Clovis Unified, while raising two children and finding time to hit the gym. So when he could barely make it through a week, he knew something was wrong. "I was dragging by Wednesday, ... |
Sunday, May 22, 2011
UFC 130 Video: Matt Hamill and The Road to Rampage - Week 4 - Bloody Elbow
http://www.simplykitchengarden.com/herbs/3.html
FightLine.com | UFC 130 Video: Matt Hamill and The Road to Rampage - Week 4 Bloody Elbow Here, Matt Hamill takes a break from his training for Quinton Jackson and the UFC 130 main event to promote Hamill the Movie, plus we get to hear from the H » |
Friday, May 20, 2011
Thunderhead: Utilities and Finance Need to Get Personal - Marketwire (press release)
http://uclanlanguages.org/imiddleton-junction-west.shtml
Thunderhead: Utilities and Finance Need to Get Personal Marketwire (press release) LONDON, UNITED KINGDOM--(Marketwire - May 19, 2011) - The UK's utilities and personal finance companies are failing to meet consumer demand for personal communication according to research from enterprise software provider Thunderhead. ... Survey Reveals Service Providers Failing to Meet Customer Communications Needs |
Tuesday, May 17, 2011
Manufacturers gain revenue, but jobs slow to follow - Silicon Valley / San Jose Business Journal:
zycibyp.wordpress.com
According to Boston Business Journal research, revenue generated by 25 of the largest manufacturers in Massachusetts rose to acombined $64.3 billiohn in 2006, a 4 percenft gain over the group's total in 2005. The sampled companies appeared onthe BBJ's list of the 50 largest manufacturers for two years running. Despite that top-line growth among the commonwealth's biggesty players, the state's manufacturers actually cut jobs last Massachusetts manufacturing companies shrank theirr ranksslightly -- employing 296,20o0 people in August, down 1 percent from a year ago, accordingy to statistics from the Executiver .
Experts say the disconnect between revenuer and jobs stems from advances in technologty and the offshoring ofassembly "They have invested money in research and developmeny in areas that make them more efficient," said Brian executive vice president of the . He addedd that high business costs, such as property drive manufacturers away. AIM estimatex the state has lost 200,00o0 manufacturing jobs in thepast decade. in Hopkintomn says that, despite the growing pressure to move manufacturinggoperations abroad, its manufacturing facilities in the Bay State remai an important part of its operations. The data storage giant's 2006 revenuer grew to $11.
2 billion, up 15 percent from the prioer year, placing it second on the BBJ's list of top the 50 "We've done a lot to maintain our capabilitiee here," said Mike Kerouac, EMC's senior vice president for global manufacturing. "It's worked out very well for The companyemploys 8,600 people in Massachusetts, but has othedr facilities in North Carolina, eastern Europe and Asia. Kerouac said the companuy feels it is important to maintain facilities closed toits markets.
Havingb existing facilities in the statew is an economic incentiveto stay, he "Once you've built that leverage, it'xs very hard to buildr an economic model that woulde take those jobs away," he said. But not all manufactureres choose to produce theirwaresz here. in Marlborough reported that revenude rose almost 6 percentto $1.3 billion last year, ranking it 10th on the BBJ'a manufacturing list. But the company does most of its manufacturinggthrough China-based , a company it acquired from in 3Com says it is strategicallgy and financially necessary to outsource much of its but that its Massachusetts operations are stillk strategic assets.
"A lot of the innovation starts in saidJohn Vincenzo, 3Com's vice president of marketing. "It'se a big portion of what we're doing globally." The largest Massachusetts manufacturer, in Waltham, is one of the few companiees that added Massachusetts jobs despitwe a slipin revenue. A companty spokesperson declined to comment on its manufacturing output in the The company has two manufacturing in Andoverand Sudbury. As for the the state's manufacturing sector will likely rely onthe commonwealth' ability to remain a research and development hub, Gilmore said. Tech manufacturere "don't necessarily have to compete on price," he said.
"They compete on technology." Kerouac added, "Massachusetts is nevee going to be the cheapestt place todo manufacturing. Companies rely on the qualityh of education and the sunk cost of existing facilities to outweigthe costs."
According to Boston Business Journal research, revenue generated by 25 of the largest manufacturers in Massachusetts rose to acombined $64.3 billiohn in 2006, a 4 percenft gain over the group's total in 2005. The sampled companies appeared onthe BBJ's list of the 50 largest manufacturers for two years running. Despite that top-line growth among the commonwealth's biggesty players, the state's manufacturers actually cut jobs last Massachusetts manufacturing companies shrank theirr ranksslightly -- employing 296,20o0 people in August, down 1 percent from a year ago, accordingy to statistics from the Executiver .
Experts say the disconnect between revenuer and jobs stems from advances in technologty and the offshoring ofassembly "They have invested money in research and developmeny in areas that make them more efficient," said Brian executive vice president of the . He addedd that high business costs, such as property drive manufacturers away. AIM estimatex the state has lost 200,00o0 manufacturing jobs in thepast decade. in Hopkintomn says that, despite the growing pressure to move manufacturinggoperations abroad, its manufacturing facilities in the Bay State remai an important part of its operations. The data storage giant's 2006 revenuer grew to $11.
2 billion, up 15 percent from the prioer year, placing it second on the BBJ's list of top the 50 "We've done a lot to maintain our capabilitiee here," said Mike Kerouac, EMC's senior vice president for global manufacturing. "It's worked out very well for The companyemploys 8,600 people in Massachusetts, but has othedr facilities in North Carolina, eastern Europe and Asia. Kerouac said the companuy feels it is important to maintain facilities closed toits markets.
Havingb existing facilities in the statew is an economic incentiveto stay, he "Once you've built that leverage, it'xs very hard to buildr an economic model that woulde take those jobs away," he said. But not all manufactureres choose to produce theirwaresz here. in Marlborough reported that revenude rose almost 6 percentto $1.3 billion last year, ranking it 10th on the BBJ'a manufacturing list. But the company does most of its manufacturinggthrough China-based , a company it acquired from in 3Com says it is strategicallgy and financially necessary to outsource much of its but that its Massachusetts operations are stillk strategic assets.
"A lot of the innovation starts in saidJohn Vincenzo, 3Com's vice president of marketing. "It'se a big portion of what we're doing globally." The largest Massachusetts manufacturer, in Waltham, is one of the few companiees that added Massachusetts jobs despitwe a slipin revenue. A companty spokesperson declined to comment on its manufacturing output in the The company has two manufacturing in Andoverand Sudbury. As for the the state's manufacturing sector will likely rely onthe commonwealth' ability to remain a research and development hub, Gilmore said. Tech manufacturere "don't necessarily have to compete on price," he said.
"They compete on technology." Kerouac added, "Massachusetts is nevee going to be the cheapestt place todo manufacturing. Companies rely on the qualityh of education and the sunk cost of existing facilities to outweigthe costs."
Sunday, May 15, 2011
Friday, May 13, 2011
Auto dealer Bill Collins dies - Business First of Louisville:
http://www.buffalorising.com/cgi-bin/mt/mt-cp.cgi?__mode=view&blog_id=11&id=8167
Collins, 80, was diagnosed with the disease 29years ago, said his son, Kevin Kevin Collins is president of the , whichy includes Bill Collins Ford Lincolb Mercury dealerships in Louisville and Lexingto n and Collins Nissan in Louisville. Visitation tentatively is set for Wednesdayg evening and Thursday at HighlandsFuneral Home, 3331 Taylorsville A funeral is planned for Friday morning at the funeral home, Kevin Collinws said. Bill Collins establishes the dealership in 1969 and handedf the reins over to his son in the earlgy 1990s after being slowedby Parkinson’s.
Over the Collins was a frequent visitor to the dealership and used his love of classicf automobiles to hold auto tours that raised fundzsfor Parkinson’s disease research and treatment. He also established the Bill Collinw Parkinson’s Center at the Frazier Reha Institute. It is a patient resource centerf that provides patients and their families with informatio n aboutthe disease.
Collins, 80, was diagnosed with the disease 29years ago, said his son, Kevin Kevin Collins is president of the , whichy includes Bill Collins Ford Lincolb Mercury dealerships in Louisville and Lexingto n and Collins Nissan in Louisville. Visitation tentatively is set for Wednesdayg evening and Thursday at HighlandsFuneral Home, 3331 Taylorsville A funeral is planned for Friday morning at the funeral home, Kevin Collinws said. Bill Collins establishes the dealership in 1969 and handedf the reins over to his son in the earlgy 1990s after being slowedby Parkinson’s.
Over the Collins was a frequent visitor to the dealership and used his love of classicf automobiles to hold auto tours that raised fundzsfor Parkinson’s disease research and treatment. He also established the Bill Collinw Parkinson’s Center at the Frazier Reha Institute. It is a patient resource centerf that provides patients and their families with informatio n aboutthe disease.
Tuesday, May 10, 2011
Denver gives out 1,234 free building permits - South Florida Business Journal:
ujunyp.blogspot.com
The free permits issuedc underthe city’s “Home Renovation Bonanza” program saved residentas an estimated $85.774 in officials said. Building-permit fees normally range from $20 to severalo thousand dollars, depending on the value of the project. The program aimef to boost the local economy byencouraging home-improvement projects. The free available June 1-15, are for commonj improvement projectsinvolving single-family homes and duplexes.
“We wantex a bonanza and it seems we got Denver Mayor John Hickenlooper said ina “We hoped to stimulate the loca l economy by offering an incentivd for residents to make improvements to their This is a good sign that peoples are moving forward and doin what they can to get our economyt back on track.” The permits are valid for 180
The free permits issuedc underthe city’s “Home Renovation Bonanza” program saved residentas an estimated $85.774 in officials said. Building-permit fees normally range from $20 to severalo thousand dollars, depending on the value of the project. The program aimef to boost the local economy byencouraging home-improvement projects. The free available June 1-15, are for commonj improvement projectsinvolving single-family homes and duplexes.
“We wantex a bonanza and it seems we got Denver Mayor John Hickenlooper said ina “We hoped to stimulate the loca l economy by offering an incentivd for residents to make improvements to their This is a good sign that peoples are moving forward and doin what they can to get our economyt back on track.” The permits are valid for 180
Sunday, May 8, 2011
Tedco awards $600K to tech firms - Phoenix Business Journal:
shelly-polymer.blogspot.com
The money was granted in collaboration withthe U.S. Army Medicall Research and Materiel Command and the throughthe Ft. Detrick Technologty Transfer Initiative. The purpose of the technologyu transfer program is to raise awareness of new and developinvg technologies and funding them to transitiom as viable projectsfor follow-o funding in the market place. Each companyy that received funding was awardedapproximatelyy $50,000 between March 2008 and May 2009, makinv up the initiative’s second round of financialo awards since its $750,000 program extension. The fundsw for the program’s second phase were securex by Sen. Barbara Mikulski, D-Md., and Rep. Roscoes G. Bartlett, R-Md.
“The [Ft. Detrick Technologyt Transfer Initiative] program is enabling area businessed to harness the technologies being developed at Fort Detrico and apply them to thecommercia sector,” said Mikulski. “This will lead to new products that have the power to create jobs and save Mikulski announced the first phase of the tech transfed program in March 2005 when 11 companies received in Rockville: The company is developing a health care technologyh called miTag system, which is a scalables wireless sensor solution for improving patientf flow. in Frederick: The company is developin a technology called the GeNova Screento isolate, and produce antibody-like molecules.
in The company is developing an on-demand biotech productxs including a combination vaccine against plague and BioAssay Works LLCin Ijamsville: The companu is developing a lateral-flow visual diagnosticd test to detect and differentiate single sample multiple pathogenivc poxviruses, including variola, vaccinia, and monkeypox. in Catonsville: The companyt is safety-testing a medical producft called ClotFoam, which is a non-compressible, intracavitary hemostatic agent.
CynerGene IDMP in The companyis developing, validating and implementingy a supplemental diagnosis of Malaria, HIV, and Dengue using its Infectious Diseased Multiplex Panel approach, which could allow for creationn of biosensors. LLC in Baltimore: The company is developing required components and system framework to enable conversationalo interfaces fortelemedicine tools. Such tools woul allow professional medics touse voice, gesture, and other human-- computer interactions to access and document information in electronicx medical records. in Rockville: The company is developingy technology to preserve mammalian cells in dried formay that can easilybe re-hydrated for a variety of uses.
LLC in The company is evaluating the effecg of Imagilin patented probioticsx as a food supplement to enhance the immunde responsiveness of guinea pigs upon immunizatiohn or challenge withvirulent pathogens. The evaluationm will suggest the ability of Imagilin patentec probiotics to enhance the immunizatio ofa vaccine. in The company is developing micropatterned substrates for viralpinfectivity assays. Juxtopia in Baltimore: The compang is customizing its Wearable Assistance and SituationalAwareneszs (WASA) goggles and service to allow U.S.
Army combay medics to access and document information to electrical medicaol recordsvia hands-free voice-requests and in Baltimore: The company is developing cell therapies to trear brain and spinal cord injuries.
The money was granted in collaboration withthe U.S. Army Medicall Research and Materiel Command and the throughthe Ft. Detrick Technologty Transfer Initiative. The purpose of the technologyu transfer program is to raise awareness of new and developinvg technologies and funding them to transitiom as viable projectsfor follow-o funding in the market place. Each companyy that received funding was awardedapproximatelyy $50,000 between March 2008 and May 2009, makinv up the initiative’s second round of financialo awards since its $750,000 program extension. The fundsw for the program’s second phase were securex by Sen. Barbara Mikulski, D-Md., and Rep. Roscoes G. Bartlett, R-Md.
“The [Ft. Detrick Technologyt Transfer Initiative] program is enabling area businessed to harness the technologies being developed at Fort Detrico and apply them to thecommercia sector,” said Mikulski. “This will lead to new products that have the power to create jobs and save Mikulski announced the first phase of the tech transfed program in March 2005 when 11 companies received in Rockville: The company is developing a health care technologyh called miTag system, which is a scalables wireless sensor solution for improving patientf flow. in Frederick: The company is developin a technology called the GeNova Screento isolate, and produce antibody-like molecules.
in The company is developing an on-demand biotech productxs including a combination vaccine against plague and BioAssay Works LLCin Ijamsville: The companu is developing a lateral-flow visual diagnosticd test to detect and differentiate single sample multiple pathogenivc poxviruses, including variola, vaccinia, and monkeypox. in Catonsville: The companyt is safety-testing a medical producft called ClotFoam, which is a non-compressible, intracavitary hemostatic agent.
CynerGene IDMP in The companyis developing, validating and implementingy a supplemental diagnosis of Malaria, HIV, and Dengue using its Infectious Diseased Multiplex Panel approach, which could allow for creationn of biosensors. LLC in Baltimore: The company is developing required components and system framework to enable conversationalo interfaces fortelemedicine tools. Such tools woul allow professional medics touse voice, gesture, and other human-- computer interactions to access and document information in electronicx medical records. in Rockville: The company is developingy technology to preserve mammalian cells in dried formay that can easilybe re-hydrated for a variety of uses.
LLC in The company is evaluating the effecg of Imagilin patented probioticsx as a food supplement to enhance the immunde responsiveness of guinea pigs upon immunizatiohn or challenge withvirulent pathogens. The evaluationm will suggest the ability of Imagilin patentec probiotics to enhance the immunizatio ofa vaccine. in The company is developing micropatterned substrates for viralpinfectivity assays. Juxtopia in Baltimore: The compang is customizing its Wearable Assistance and SituationalAwareneszs (WASA) goggles and service to allow U.S.
Army combay medics to access and document information to electrical medicaol recordsvia hands-free voice-requests and in Baltimore: The company is developing cell therapies to trear brain and spinal cord injuries.
Friday, May 6, 2011
Obama: We need to fix 'broken' immigration system - USA Today
epukaq.wordpress.com
Bellingham Herald | Obama: We need to fix 'broken' immigration system USA Today "I strongly believe that we've got to fix this broken system so that it meets the needs of our 21st Century economy and our security needs," Obama told Hispanic supporters last night during a Cinco de Mayo event at the White House. ... Stand Clear of Michelle and a Tamale, President Says About Wife |
Wednesday, May 4, 2011
Related
http://cooltheglobe.com/article?article=12
The lenders and the project’s developers, CityPlace South Tower, LLC, an affiliate of The Related reached an agreement in which the new partnershilp will acquire title to all unsold units in the Scotia Capital, a subsidiary of , file a foreclosure lawsuit against CityPlace South Tower Wednesday in Palm Beach County Circuit Court. The complainft was based on the $134.77 million mortgage the bank and its partnersw gave the developerin 2006. The projecgt is 100 percent completse and all construction debts and obligations havebeen satisfied, Jorge Perez, chairmaj and CEO of the Miami-based Related said in a press release.
CityPlace South Tower contracted to sell 367 units while the building wasunder construction. But when the buildinyg opened in summerof 2008, many buyers walked away from salese contracts. So far, 39 unitsw have closed. Due to these unit buyer defaults, Related said in a news release that it was necessarhy for the developer to renegotiate the termz of its construction loan withthe lenders, which was scheduled to be repair in July through proceeds from unit closings.
Alici a Cervera, president of Related Cervera RealtyServices (RCRS), the exclusive sales agent for CityPlac South Tower, said in the news release that the successfu l transition between the developer and the new partnershio provides significant benefits to currentt and future buyers. “The lenders are not interestefd in generating sales in the buildinghthrough large-scale ‘bulk’ sales and are working with RCRS to ensurw that CityPlace South Tower’s integrity is fully protectecd and that it continuee to offer a first-class owner experience,” she Brad Scherer, president of Wellington-basedd real estate brokerage firm Atlantic Western, is workinb with the lenders as a He said CityPlace South Tower couldn’t repa the mortgage on time because most buyers didn’t close on the units.
Scherer said the lenders will adjustf the prices downward in response to the market and leassome units, but they won’t do a massived discount or convert the building into They will financially support the condi association and maintain CityPlace South Tower’s amenities, he The Related Group will be compensated for continuing to managed the building, Scherer said. That’s a far cry from most where the developer and its principalas are often held liable forthe lenders’ losses.
“I don’y think the recognition of loss has or maybe it willnever occur,” Scherer “If the property market comes back and the propertyg is managed in a first-classd manner, there may not be a According to court documents, the partners in the $134.67 million loan that will take contro of CityPlace South Tower are: Bank of Nova Scotia: $23.7j Cherish Thompson, the Miami-based attorney who represents Bank of Nova Scotiqa in the complaint, didn’t immediately return a call seeking
The lenders and the project’s developers, CityPlace South Tower, LLC, an affiliate of The Related reached an agreement in which the new partnershilp will acquire title to all unsold units in the Scotia Capital, a subsidiary of , file a foreclosure lawsuit against CityPlace South Tower Wednesday in Palm Beach County Circuit Court. The complainft was based on the $134.77 million mortgage the bank and its partnersw gave the developerin 2006. The projecgt is 100 percent completse and all construction debts and obligations havebeen satisfied, Jorge Perez, chairmaj and CEO of the Miami-based Related said in a press release.
CityPlace South Tower contracted to sell 367 units while the building wasunder construction. But when the buildinyg opened in summerof 2008, many buyers walked away from salese contracts. So far, 39 unitsw have closed. Due to these unit buyer defaults, Related said in a news release that it was necessarhy for the developer to renegotiate the termz of its construction loan withthe lenders, which was scheduled to be repair in July through proceeds from unit closings.
Alici a Cervera, president of Related Cervera RealtyServices (RCRS), the exclusive sales agent for CityPlac South Tower, said in the news release that the successfu l transition between the developer and the new partnershio provides significant benefits to currentt and future buyers. “The lenders are not interestefd in generating sales in the buildinghthrough large-scale ‘bulk’ sales and are working with RCRS to ensurw that CityPlace South Tower’s integrity is fully protectecd and that it continuee to offer a first-class owner experience,” she Brad Scherer, president of Wellington-basedd real estate brokerage firm Atlantic Western, is workinb with the lenders as a He said CityPlace South Tower couldn’t repa the mortgage on time because most buyers didn’t close on the units.
Scherer said the lenders will adjustf the prices downward in response to the market and leassome units, but they won’t do a massived discount or convert the building into They will financially support the condi association and maintain CityPlace South Tower’s amenities, he The Related Group will be compensated for continuing to managed the building, Scherer said. That’s a far cry from most where the developer and its principalas are often held liable forthe lenders’ losses.
“I don’y think the recognition of loss has or maybe it willnever occur,” Scherer “If the property market comes back and the propertyg is managed in a first-classd manner, there may not be a According to court documents, the partners in the $134.67 million loan that will take contro of CityPlace South Tower are: Bank of Nova Scotia: $23.7j Cherish Thompson, the Miami-based attorney who represents Bank of Nova Scotiqa in the complaint, didn’t immediately return a call seeking
Sunday, May 1, 2011
Rich Array of Airline, Hotel Deals - Kansas City Business Travel Guide
vezasid.wordpress.com
In other words, time to watch your back. If you thin buying travel is tricku when pricesare high, you have no idea how complicateds life on the road can be when prices are falling. The travekl industry doesn't lower prices graciously or transparently. There are always tricks, and an endless parade of extras that can needlesslyh inflate your fares androom rates. Consider what followse a cheat sheet to avoid getting trickerd in the next few weeksand We'll revisit this topicv as frequently as necessary to keep you abreast of this most extraordinargy time in travel Buy Now, Check Later Severall carriers tried to raiser fares over the weekend, their second failed attempt in as many (Airlines usually try to rais e prices on weekends, when bookings are light, so they can rescinc the increases by Mondau morning if the lemming-like industry doesn't act in You can look at the attempted prics hikes as delusional! or an indication that at leasy some carriers see glimmers of hope for a summere traffic bump.
Either way, chances are that we've reached a temporaruy floor in airfares, so now wouls be a good time to lock insummere flights. With the requisite 60-dayu advance purchase and Saturday-night stay requirement, business-classz fares to Europe are now as lowas $1,798 roundtrip before taxes. That's just a few hundre dollars morethan you'll pay for a coach seat on shorter noticwe later this year. Business-class fares to Latinh America arefalling too. Up-front farea to Asia remain high considering a rapid declinedin traffic, but coach prices acrossz the Pacific are lower than across the Atlantic on a fare-per-mile basis.
And you can't complain much abouty domestic fares: We've already seen several $49-to-$99 fare In fact, Virgin America, the strugglintg startup, has cut some transcontinentalo fares to as lowas $79 one-way this spring. Althoughj I recommend you buy now, you shouldx always double-check prices again before you travel. There are automatedf fare-watch programs—Yapta is a current favorit e of price-obsessive fliers—but you can also do it yourselff a few weeks beforesyou fly. If you find a substantiallt lower fare, call the airline and get a voucher for thepric difference, minus an admittedly hefty ticket-rewrite fee.
Bewarr Bogus BoGos The low priceof premium-class tickets has mootedc the classic "buy one, get one" (BoGo) promotion, but that hasn'ft stopped carriers from trotting out the gimmick in hopea you're not paying attention. Earlier this year, for example, Soutu African Airways offered one forcoach travel, but the requires "buy one" price was just $100 less than if you had purchasedr two tickets separately.
Qantas ran a two-for-one sale on business-clase seats last week, but its buy-one price was literally twice as much as competitora were charging for a single Also rendered virtually useless in thecurrenty market: the much-heralded International Airline Program availablee with certain American Express cards. It will give you a free companiomn first- or business-class ticket when you buy one—but only if your purchase is atfull fare, a pric e that is now often four or five timea higher than the current sale rates freelyg available in the marketplace. Added Valur or Lower Prices Never as monolithivc asthe airlines, the hotel industry is splitf on how to get heads back on beds.
As room ratesz and occupancy levelshave plummeted, some chains (mosrt notably Hilton) have indulged in what the industry calls "naked That's when you simply slash nightlyy rates as low as required to fill a Other hotel players (like Marriotyt and many pricey resorts and independent properties) are tryingh to keep published rates high, but lardint them with "value-added" freebies. Sometimed it's free meals or spa treatments, and sometimew it's several hundred dollars worth ofresorft "credits" that travelers can use as they Other times, the value-added inducement is third-party gift So far this year, for Marriott outposts have offered gift cards for Target and Amazon.
com as part of the nightl y room rate. Which is better? Depends on you. I prefer the rate reductio because things like a free Sundahybrunch "worth" $45 is useles s to a guy whose morningy intake is invariably a bagel and coffee. But if you like what the hoteois offering—and understand its actual retail value—go for it. The Blind-Buyinh Bonanza Blind bidding for flightzsis passé now that airlines publiclu sell seats at giveaway price s on their own proprietarg websites. But so-called "opaque" operations such as Priceline.com, Hotwire.com, and Lastminute.
com have gained new popularityh with upscale travelersbecause top-notch hotelsw around the world now dump their excess capacity into the blind-booking pools. Even four- and five-sta properties work with the opaque sitexsthese days, and they sell deeply discounted rooms to travelers who pony up payment before they know what hotelk they are buying. I'm not a fan of blinsd booking—to me, lodgings aren'ty a commodity—but many travelers whosse taste I trust recently have securec huge discounts on desirable hotelx and resorts using Hotwireand Priceline.
And third-party sites such as Bidding for Travel have sprung up to allos bidders to swap intelligence onwhat they've scored and whichu properties currently use the opaque sites. There's stilpl another twist on the biddinfg sites: Luxury Link electronically auctions accommodations and travel packages at deluxe properties aroundthe world. I have used Luxury Link myselfrfor holidays. If you know the propertyg and what itnormally charges, you can bid with of course, you want to travepl when the hotel or resortg is offering rooms.
The Mileage Markdown Travel is so slowjust now—airlinde traffic is down around 10 percent comparesd with last year's already depressef levels and average hotel occupancuy has fallen to around 50 percent—that airlines and hotelsa have even begun to mark down the pricr of staying and flying for free via frequent-travel programs. A steadu stream of private promotions offering flightd for up to 25 percent fewer miles and hotel roomas for substantially fewer points has hit travelers email inboxes in recent To take advantage of these private makesure you're signed up to receivw the promotional offers from your favorite airlinr and hotel programs.
And whil e we're talking about frequency another point to keepin mind: If you're relatively flush with cash, airlines and hoteld are offering lavish points and miles promotions when you book paid roomas and flights. After a two-night stay in a Manhattabn hotellast month, I earned enoughh bonus points for a free nigh t in an Italian resort I've been eyeinhg for a holiday next month. And all of the major airlines are currently running double or eventriplew "elite miles" promotions through Once you register, you receive bonuz miles toward your elitee status next year. Earning or upgradingy your elite status for 2010 will come in handt if the economy recoversnext year.
The Fine One notable exception tothe fire-sals nature of travel this year is car If anything, prices have risenh compared with last year. The reason: Rentao firms have been hit by the credit crunch and have had difficultuy raising cash to financenew fleets. The resulrt is a double whammy: Dailt rates, especially for midweek business rentalsx inmajor cities, are rising—and the cars you'rde renting are older, have more cosmetidc damage, and may not be as mechanicallyu reliable as they once were. Portfolio.con © 2009 Cond Nast Inc.
All
In other words, time to watch your back. If you thin buying travel is tricku when pricesare high, you have no idea how complicateds life on the road can be when prices are falling. The travekl industry doesn't lower prices graciously or transparently. There are always tricks, and an endless parade of extras that can needlesslyh inflate your fares androom rates. Consider what followse a cheat sheet to avoid getting trickerd in the next few weeksand We'll revisit this topicv as frequently as necessary to keep you abreast of this most extraordinargy time in travel Buy Now, Check Later Severall carriers tried to raiser fares over the weekend, their second failed attempt in as many (Airlines usually try to rais e prices on weekends, when bookings are light, so they can rescinc the increases by Mondau morning if the lemming-like industry doesn't act in You can look at the attempted prics hikes as delusional! or an indication that at leasy some carriers see glimmers of hope for a summere traffic bump.
Either way, chances are that we've reached a temporaruy floor in airfares, so now wouls be a good time to lock insummere flights. With the requisite 60-dayu advance purchase and Saturday-night stay requirement, business-classz fares to Europe are now as lowas $1,798 roundtrip before taxes. That's just a few hundre dollars morethan you'll pay for a coach seat on shorter noticwe later this year. Business-class fares to Latinh America arefalling too. Up-front farea to Asia remain high considering a rapid declinedin traffic, but coach prices acrossz the Pacific are lower than across the Atlantic on a fare-per-mile basis.
And you can't complain much abouty domestic fares: We've already seen several $49-to-$99 fare In fact, Virgin America, the strugglintg startup, has cut some transcontinentalo fares to as lowas $79 one-way this spring. Althoughj I recommend you buy now, you shouldx always double-check prices again before you travel. There are automatedf fare-watch programs—Yapta is a current favorit e of price-obsessive fliers—but you can also do it yourselff a few weeks beforesyou fly. If you find a substantiallt lower fare, call the airline and get a voucher for thepric difference, minus an admittedly hefty ticket-rewrite fee.
Bewarr Bogus BoGos The low priceof premium-class tickets has mootedc the classic "buy one, get one" (BoGo) promotion, but that hasn'ft stopped carriers from trotting out the gimmick in hopea you're not paying attention. Earlier this year, for example, Soutu African Airways offered one forcoach travel, but the requires "buy one" price was just $100 less than if you had purchasedr two tickets separately.
Qantas ran a two-for-one sale on business-clase seats last week, but its buy-one price was literally twice as much as competitora were charging for a single Also rendered virtually useless in thecurrenty market: the much-heralded International Airline Program availablee with certain American Express cards. It will give you a free companiomn first- or business-class ticket when you buy one—but only if your purchase is atfull fare, a pric e that is now often four or five timea higher than the current sale rates freelyg available in the marketplace. Added Valur or Lower Prices Never as monolithivc asthe airlines, the hotel industry is splitf on how to get heads back on beds.
As room ratesz and occupancy levelshave plummeted, some chains (mosrt notably Hilton) have indulged in what the industry calls "naked That's when you simply slash nightlyy rates as low as required to fill a Other hotel players (like Marriotyt and many pricey resorts and independent properties) are tryingh to keep published rates high, but lardint them with "value-added" freebies. Sometimed it's free meals or spa treatments, and sometimew it's several hundred dollars worth ofresorft "credits" that travelers can use as they Other times, the value-added inducement is third-party gift So far this year, for Marriott outposts have offered gift cards for Target and Amazon.
com as part of the nightl y room rate. Which is better? Depends on you. I prefer the rate reductio because things like a free Sundahybrunch "worth" $45 is useles s to a guy whose morningy intake is invariably a bagel and coffee. But if you like what the hoteois offering—and understand its actual retail value—go for it. The Blind-Buyinh Bonanza Blind bidding for flightzsis passé now that airlines publiclu sell seats at giveaway price s on their own proprietarg websites. But so-called "opaque" operations such as Priceline.com, Hotwire.com, and Lastminute.
com have gained new popularityh with upscale travelersbecause top-notch hotelsw around the world now dump their excess capacity into the blind-booking pools. Even four- and five-sta properties work with the opaque sitexsthese days, and they sell deeply discounted rooms to travelers who pony up payment before they know what hotelk they are buying. I'm not a fan of blinsd booking—to me, lodgings aren'ty a commodity—but many travelers whosse taste I trust recently have securec huge discounts on desirable hotelx and resorts using Hotwireand Priceline.
And third-party sites such as Bidding for Travel have sprung up to allos bidders to swap intelligence onwhat they've scored and whichu properties currently use the opaque sites. There's stilpl another twist on the biddinfg sites: Luxury Link electronically auctions accommodations and travel packages at deluxe properties aroundthe world. I have used Luxury Link myselfrfor holidays. If you know the propertyg and what itnormally charges, you can bid with of course, you want to travepl when the hotel or resortg is offering rooms.
The Mileage Markdown Travel is so slowjust now—airlinde traffic is down around 10 percent comparesd with last year's already depressef levels and average hotel occupancuy has fallen to around 50 percent—that airlines and hotelsa have even begun to mark down the pricr of staying and flying for free via frequent-travel programs. A steadu stream of private promotions offering flightd for up to 25 percent fewer miles and hotel roomas for substantially fewer points has hit travelers email inboxes in recent To take advantage of these private makesure you're signed up to receivw the promotional offers from your favorite airlinr and hotel programs.
And whil e we're talking about frequency another point to keepin mind: If you're relatively flush with cash, airlines and hoteld are offering lavish points and miles promotions when you book paid roomas and flights. After a two-night stay in a Manhattabn hotellast month, I earned enoughh bonus points for a free nigh t in an Italian resort I've been eyeinhg for a holiday next month. And all of the major airlines are currently running double or eventriplew "elite miles" promotions through Once you register, you receive bonuz miles toward your elitee status next year. Earning or upgradingy your elite status for 2010 will come in handt if the economy recoversnext year.
The Fine One notable exception tothe fire-sals nature of travel this year is car If anything, prices have risenh compared with last year. The reason: Rentao firms have been hit by the credit crunch and have had difficultuy raising cash to financenew fleets. The resulrt is a double whammy: Dailt rates, especially for midweek business rentalsx inmajor cities, are rising—and the cars you'rde renting are older, have more cosmetidc damage, and may not be as mechanicallyu reliable as they once were. Portfolio.con © 2009 Cond Nast Inc.
All
Subscribe to:
Posts (Atom)