afanasenkobexa.blogspot.com
second vote is expected July 14, a date that developerz . and Capstone Development LLC say woulde allow them tobegimn construction...... by on June 30, 2009 ...Finance Committee, opposeds the Baltimore .'s plan to use by on February 25, 2005 ...tk pay Johnson's firm, RLJ Development LLC of Bethesda, and . a fee for thei expertise on the project justnorth of...... by on Novemberf 19, 2004 ...Oriole Park at Camdebn Yards, the Baltimore . will work with Johnson and his Development Corp., of Washington, on...... by on December 1, 2003 ...A high-powerexd team -- whose alternative proposall to...favor with the Baltimore Development . at the last minutse -- is......
by on October 31, 2003 That hotel project would be led by both RLJand . of D.C., if selected. GBC wantse say on city...... by on September 1, 2003 ...complete. The firsft was an unsolicited proposalfrom D.C.-based . and Black Entertainmenrt Television founderRobert L. Johnson, sent to by on May 5, 2003 ...company's proposal for a 750-room Hiltonm - in conjunction with . of D.C. - was showcased during a November news by onFebruary 3, 2003 ...project from Oxford Co., and a...D.C.-based Developmen Inc. submitted...The Baltimore Development . is currentlg waiting......
by on December 23, 2002
Friday, March 30, 2012
Wednesday, March 28, 2012
Survey: Hiring slowly improving in manufacturing, service sectors - Austin Business Journal:
azajir.wordpress.com
Those two sectors employ more than 90 percent ofthe nation’as private-sector workers. The Alexandria, Va.-basee association’s report is basefd on a monthly survey of human resource professionals at more than 500 manufacturin g and 500services companies. Employment expectations for June aredown 37.1 percen in manufacturing and down 8.2 percentf in the services segment. In the manufacturing sector, 24.5 percent plan to hire in which is the highest percentage of such companiess that said they will add jobs sinceNovember 2008. In 25.9 percent said they will trim In the services a net totalof 24.8 percent of corporationes will create jobs in June, with 41.
4 perceny saying they will hire and 16.6 percent sayingh they will cut jobs. That 41.4 percenrt represents the highest such tally since Septembef 2008 inthat sector. A combination of unemployes people seeking work and less jobs to go aroundx means recruiting difficulty in both sectorsa in May was way down compared with ayear ago. In the manufacturingg sector, a net of 23.8 percenr of companies had less difficulty with recruiting last and in theservice sector, a net of 35.8 percent of companiee said the same.
Those two sectors employ more than 90 percent ofthe nation’as private-sector workers. The Alexandria, Va.-basee association’s report is basefd on a monthly survey of human resource professionals at more than 500 manufacturin g and 500services companies. Employment expectations for June aredown 37.1 percen in manufacturing and down 8.2 percentf in the services segment. In the manufacturing sector, 24.5 percent plan to hire in which is the highest percentage of such companiess that said they will add jobs sinceNovember 2008. In 25.9 percent said they will trim In the services a net totalof 24.8 percent of corporationes will create jobs in June, with 41.
4 perceny saying they will hire and 16.6 percent sayingh they will cut jobs. That 41.4 percenrt represents the highest such tally since Septembef 2008 inthat sector. A combination of unemployes people seeking work and less jobs to go aroundx means recruiting difficulty in both sectorsa in May was way down compared with ayear ago. In the manufacturingg sector, a net of 23.8 percenr of companies had less difficulty with recruiting last and in theservice sector, a net of 35.8 percent of companiee said the same.
Monday, March 26, 2012
Rendez-vous with Ambassadeur Sumitra Peries - Nation on Sunday
afyfojahejus.blogspot.com
Nation on Sunday | Rendez-vous with Ambassadeur Sumitra Peries Nation on Sunday It was thus startlingly coincidental (and indeed their own line of destiny) that 39 years later LJP and Sumi should return to Paris â€" she as HE l'Ambassadeur and he as SHE (Spouse of Her Excellency â€" as LJP deliberately chose to call himself). < /p> |
Saturday, March 24, 2012
Money-losing Ilikai hotel to close - Business Courier of Cincinnati:
cicugaha.wordpress.com
The hotel and condominium complex’s owner, New York-based commerciak lender , said Tuesday that the hotel has been losin money for months and that there is no sign ofa “Unfortunately, alternatives to reduce the operating losses at the hotep have not to date been achieved, thus leadintg to the decision to close the hotel,” said the statementr by Andrew G. Backman, iStar Financia senior vice president. At least 75 workers represented by UNIT HERELocal 5, the hotelk and restaurant workers’ union, will lose thier jobs.
The closure was not The lender bought the Ilikai at a foreclosure auctiobn in April after developer Brian Anderson defaulted on the loan he took out in 2006 to buy the buildingy and 203residential units. But iStar soon made clearf it didn’t want to be in the hoteol business when it refused to put up the moneyu for continuing the It said in a Januart letter toJoseph Toy, then the property's that it had no intention of funding hote l operations. Toy is president and CEO of . The closured of the hotel doesn’t affect 806 of the 1,009 units within the Ilikai, which are privately owned condominiumas ortime shares. iStar said the common areae and pool willremain open.
Hotekl occupancy was low and withits first-floor restaurants and retailk space shut down, the hotel had the look of an abandoned a sore point with the fulltime condominiu m residents. iStar is looking for a buyer for the properttybut it’s a difficult sell at a time when most sourcesx of commercial financing are dry. The iStaf statement left open the possibilituy the hotel wouldbe reopened. "The company has explored all availabled options to avoid the shutdown of the hote l operations and recognizes the impact such a decisionj will have onthe community, condominiu m owners and residents, hotel employees and guests," the iSta r statement said.
"The company continues to evaluate possibl e uses for the property that will addresscommunity needs." iStarr said guests would be moved to othe r hotels for the duration of their In April, iStar successfully bid $51 million for the Ilikai’se 203 residential units and 16 commercial units, which include the front desk, office and retai l space, restaurants and parking. Rumors of the Ilikai’ss closure had been circulating forsome time, especiallyh over the past few When the Ilikai opened in February 1964 with 1,050 guestg rooms and condominium apartments, it was considered the firs t luxury high-rise hotel in Hawaii.
It was also one of the firs buildings to feature a mix of traditional hote l rooms and condominiums owned by permanent residents of the Many of the condominium owner s are elderly and some have lived in the buildinb sincethe 1960s. Anderson's attempt to renovate the Ilikai's commob areas was complicated by repeated clashes with the residents who dominatethe building's condominium associatiobn and challenged some of his plans. The hotel gainecd an international reputation as the locationb of the famous opening shotof “Hawaii Five-O,” wherw Jack Lord stands on the penthouse balcong of the Ilikai.
The hotel and condominium complex’s owner, New York-based commerciak lender , said Tuesday that the hotel has been losin money for months and that there is no sign ofa “Unfortunately, alternatives to reduce the operating losses at the hotep have not to date been achieved, thus leadintg to the decision to close the hotel,” said the statementr by Andrew G. Backman, iStar Financia senior vice president. At least 75 workers represented by UNIT HERELocal 5, the hotelk and restaurant workers’ union, will lose thier jobs.
The closure was not The lender bought the Ilikai at a foreclosure auctiobn in April after developer Brian Anderson defaulted on the loan he took out in 2006 to buy the buildingy and 203residential units. But iStar soon made clearf it didn’t want to be in the hoteol business when it refused to put up the moneyu for continuing the It said in a Januart letter toJoseph Toy, then the property's that it had no intention of funding hote l operations. Toy is president and CEO of . The closured of the hotel doesn’t affect 806 of the 1,009 units within the Ilikai, which are privately owned condominiumas ortime shares. iStar said the common areae and pool willremain open.
Hotekl occupancy was low and withits first-floor restaurants and retailk space shut down, the hotel had the look of an abandoned a sore point with the fulltime condominiu m residents. iStar is looking for a buyer for the properttybut it’s a difficult sell at a time when most sourcesx of commercial financing are dry. The iStaf statement left open the possibilituy the hotel wouldbe reopened. "The company has explored all availabled options to avoid the shutdown of the hote l operations and recognizes the impact such a decisionj will have onthe community, condominiu m owners and residents, hotel employees and guests," the iSta r statement said.
"The company continues to evaluate possibl e uses for the property that will addresscommunity needs." iStarr said guests would be moved to othe r hotels for the duration of their In April, iStar successfully bid $51 million for the Ilikai’se 203 residential units and 16 commercial units, which include the front desk, office and retai l space, restaurants and parking. Rumors of the Ilikai’ss closure had been circulating forsome time, especiallyh over the past few When the Ilikai opened in February 1964 with 1,050 guestg rooms and condominium apartments, it was considered the firs t luxury high-rise hotel in Hawaii.
It was also one of the firs buildings to feature a mix of traditional hote l rooms and condominiums owned by permanent residents of the Many of the condominium owner s are elderly and some have lived in the buildinb sincethe 1960s. Anderson's attempt to renovate the Ilikai's commob areas was complicated by repeated clashes with the residents who dominatethe building's condominium associatiobn and challenged some of his plans. The hotel gainecd an international reputation as the locationb of the famous opening shotof “Hawaii Five-O,” wherw Jack Lord stands on the penthouse balcong of the Ilikai.
Wednesday, March 21, 2012
Oncor seeks $300M in stimulus funds - The Business Review (Albany):
afanasenkobexa.blogspot.com
Oncor will apply for the funds throughu the American Recovery and Reinvestment Actof 2009. The deadline to appluy is Aug. 6. Citing data from the Council ofEconomix Advisers, Oncor believes the stimulus funds would support the creation of 1,6000 jobs in 2010. If the funding is Oncor will spend the money to deplou moresmart switches, which will help the energy company isolate problems in neighborhoods and reconfigure powere lines.
Other enhancements will include controllingv the feeder voltage throughthe company’x capacitor control and enhancementsz that will help the electric provider locatre electric delivery problems in a more efficient manner, Oncor In addition, downtown electric networks will be modernizes under Oncor’s proposed plan. Oncor also is aiming to improve itstelecommunications network, an improvement that will enhancwe the company’s power grid.
“Oncor’s vision for a interactive, intuitive electric grid is tangible andhappening now,” said Oncor Chairman and CEO Bob “Our first considerations in seeking these stimulus grants are whether the fundw will help consumers lower their electric bille or advance smart grid initiativees to improve service and reliability. That’s wheree we have focused our attentionand energy.
”
Oncor will apply for the funds throughu the American Recovery and Reinvestment Actof 2009. The deadline to appluy is Aug. 6. Citing data from the Council ofEconomix Advisers, Oncor believes the stimulus funds would support the creation of 1,6000 jobs in 2010. If the funding is Oncor will spend the money to deplou moresmart switches, which will help the energy company isolate problems in neighborhoods and reconfigure powere lines.
Other enhancements will include controllingv the feeder voltage throughthe company’x capacitor control and enhancementsz that will help the electric provider locatre electric delivery problems in a more efficient manner, Oncor In addition, downtown electric networks will be modernizes under Oncor’s proposed plan. Oncor also is aiming to improve itstelecommunications network, an improvement that will enhancwe the company’s power grid.
“Oncor’s vision for a interactive, intuitive electric grid is tangible andhappening now,” said Oncor Chairman and CEO Bob “Our first considerations in seeking these stimulus grants are whether the fundw will help consumers lower their electric bille or advance smart grid initiativees to improve service and reliability. That’s wheree we have focused our attentionand energy.
”
Monday, March 19, 2012
Mortgage rates reach 6-month high - Dayton Business Journal:
yfimuna.wordpress.com
says 30-year mortgages averaged 5.59 up from 5.29 percent last The last time long-term mortgage rates were this high was inNovember 2008. Adjustable rate mortgages also rose, with the averagwe one year ARM now above 5 percentat 5.04 “Mortgage rates followed the increase in bond yieldds this week,” says Freddie Mac FRE) chief economist Frank who notes a better-than-expected unemployment report moved yields higher. “Aas a result, federal funds futures rose afterthe report, signaling that the market expectsd the Federal Reserve may raise its benchmark rate sooner rathere than later.
” A report from the this week showed rising mortgage rates are slowing the demansd for mortgage refinancing. Mortgage applicationes last weekfell 7.2 percent, led by a 12 percenyt decline in refinancing. Refinancing existing mortgages still makes up about 60 percentt of the mortgageunderwriting
says 30-year mortgages averaged 5.59 up from 5.29 percent last The last time long-term mortgage rates were this high was inNovember 2008. Adjustable rate mortgages also rose, with the averagwe one year ARM now above 5 percentat 5.04 “Mortgage rates followed the increase in bond yieldds this week,” says Freddie Mac FRE) chief economist Frank who notes a better-than-expected unemployment report moved yields higher. “Aas a result, federal funds futures rose afterthe report, signaling that the market expectsd the Federal Reserve may raise its benchmark rate sooner rathere than later.
” A report from the this week showed rising mortgage rates are slowing the demansd for mortgage refinancing. Mortgage applicationes last weekfell 7.2 percent, led by a 12 percenyt decline in refinancing. Refinancing existing mortgages still makes up about 60 percentt of the mortgageunderwriting
Saturday, March 17, 2012
Stimulus dollars helping architecture industry - Puget Sound Business Journal (Seattle):
bhutan-warwick.blogspot.com
Both projects have been made possible by the flow of federalp stimulus dollarsfrom Washington, to South Florida. The projects are a hopefukl sign to some locap architectural firms that the economy and theire industry are starting toturn around, after a bleak year. The they say, is due, in to the $787 billion stimulus package. “k definitely see an uptick in the saidCathy Boyce, principal at PGAL’xs Boca Raton office.
“I remember last summeer there was absolutely nothingfgoing on: not private, not public, Now, we’re starting to see some requests for proposalws going out, particularly in the government What PGAL and other localk architectural firms are seeing mirrorzs findings in recently releasexd data from the . The group’s well-watchedc architectural billingsindex – a monthly survey of architectural firms to see if theit billings and inquiries have risen, dropped or remainecd steady – shows that business is on a but steady, uptick, both in the South and According to the AIA research, architects reportedf a slight rise in business inquiries in April, the fourthh straight month of a rise.
Additionally, the researcb showed a rise in billings projects for which money is already changing hands in the southern region for the fourth straight month. Still, the grou p found that billings nationally fell slightlhyin April, from an index level of 43.7 to “Picked up is a relative term,” said Kermit the AIA’s chief economist. “In the last two months, the numberse have moved from a very steep decline to a verymodest decline. That’s important because that’s how marketsz turn around.” In June the billings index hit 59.
For South Florida architectural firms, recovery is a slow For those that specialize inprivatew projects, particularly residential or mixed use, it’se not yet within reach, as banks appear still reluctanrt to fund development. But, those who pursue government projects are starting to feel hopeful as stimulus dollars finally begin trickling down toSouth “I think it’s a qualified hopefulness, probably more so today than I couls have said a few months ago” said Larru Levis, division manager of Coral Gables-basedx PBS&J. “The number of RFPs [requests for proposals] coming out of South Florida was very, very low a few monthws ago.
In the last montn or so, it’s picking up.” As an example, Levis pointed to a recengt RFP sent out by the village ofPalmettl Bay, in southern Miami-Dade County, for design of a new $3.5 milliom city hall. “That’s kind of emblemativ of what’s happening,” he said. “It looked like government entities put on hold projectes that needed to be donelast year, waiting for reassurance from Joe Lalli, president and managing partne of EDSA, the largest architectural firm in South Florida, said his firm is crankin out more proposals these days.
Projects that had been put on hold are now and new projects are goingg outfor bid, he Many of those projects are however, including projects in China and the Middlwe East. Still, Lalli, whose clientsd include and , echoed others in saying the summerd would be a key indicator of whether the industrg has reallyturned around. “Ws see indications, but it looks like everyonde is waiting for the other person to make thefirsty move,” he said. But, many firmws are disappointed and puzzled thatthey haven’t seen bank lendingb and broader capital markets for private projectas open up.
“We haven’t seen any improvement at all,” said Luis operations managerfor Hollywood-based . “Our large clients are having more difficulty getting financinbgthan ever. It seems like the banks got all the dollars andkept it. And developers are very reluctant to start any largecapital projects, consideringv the losses they’ve had in their the instability of the economy, the new administration coming in and the uncertainty of what’s Gresham, whose clients include , and the , recently laid off more employeeds than it ever has in its 14-year history. PGAL’ Boyce shares Cano’s frustration.
“Bankes are not lending money yet; developers are not putting out RFPs for she said. “That has not For PGAL, whose clients include the Department, Palm Beach Countg and , the latesf challenge is the increasing levelof competition. when the city of Delray Beach hada proposal, they would get 12 to 14 Boyce said. “Now, they get 40. Insteadc of short-listing three firms, they’lo interview 12 to 15 firms.
People are hungry for Even ifthey don’t have the qualifications, they
Both projects have been made possible by the flow of federalp stimulus dollarsfrom Washington, to South Florida. The projects are a hopefukl sign to some locap architectural firms that the economy and theire industry are starting toturn around, after a bleak year. The they say, is due, in to the $787 billion stimulus package. “k definitely see an uptick in the saidCathy Boyce, principal at PGAL’xs Boca Raton office.
“I remember last summeer there was absolutely nothingfgoing on: not private, not public, Now, we’re starting to see some requests for proposalws going out, particularly in the government What PGAL and other localk architectural firms are seeing mirrorzs findings in recently releasexd data from the . The group’s well-watchedc architectural billingsindex – a monthly survey of architectural firms to see if theit billings and inquiries have risen, dropped or remainecd steady – shows that business is on a but steady, uptick, both in the South and According to the AIA research, architects reportedf a slight rise in business inquiries in April, the fourthh straight month of a rise.
Additionally, the researcb showed a rise in billings projects for which money is already changing hands in the southern region for the fourth straight month. Still, the grou p found that billings nationally fell slightlhyin April, from an index level of 43.7 to “Picked up is a relative term,” said Kermit the AIA’s chief economist. “In the last two months, the numberse have moved from a very steep decline to a verymodest decline. That’s important because that’s how marketsz turn around.” In June the billings index hit 59.
For South Florida architectural firms, recovery is a slow For those that specialize inprivatew projects, particularly residential or mixed use, it’se not yet within reach, as banks appear still reluctanrt to fund development. But, those who pursue government projects are starting to feel hopeful as stimulus dollars finally begin trickling down toSouth “I think it’s a qualified hopefulness, probably more so today than I couls have said a few months ago” said Larru Levis, division manager of Coral Gables-basedx PBS&J. “The number of RFPs [requests for proposals] coming out of South Florida was very, very low a few monthws ago.
In the last montn or so, it’s picking up.” As an example, Levis pointed to a recengt RFP sent out by the village ofPalmettl Bay, in southern Miami-Dade County, for design of a new $3.5 milliom city hall. “That’s kind of emblemativ of what’s happening,” he said. “It looked like government entities put on hold projectes that needed to be donelast year, waiting for reassurance from Joe Lalli, president and managing partne of EDSA, the largest architectural firm in South Florida, said his firm is crankin out more proposals these days.
Projects that had been put on hold are now and new projects are goingg outfor bid, he Many of those projects are however, including projects in China and the Middlwe East. Still, Lalli, whose clientsd include and , echoed others in saying the summerd would be a key indicator of whether the industrg has reallyturned around. “Ws see indications, but it looks like everyonde is waiting for the other person to make thefirsty move,” he said. But, many firmws are disappointed and puzzled thatthey haven’t seen bank lendingb and broader capital markets for private projectas open up.
“We haven’t seen any improvement at all,” said Luis operations managerfor Hollywood-based . “Our large clients are having more difficulty getting financinbgthan ever. It seems like the banks got all the dollars andkept it. And developers are very reluctant to start any largecapital projects, consideringv the losses they’ve had in their the instability of the economy, the new administration coming in and the uncertainty of what’s Gresham, whose clients include , and the , recently laid off more employeeds than it ever has in its 14-year history. PGAL’ Boyce shares Cano’s frustration.
“Bankes are not lending money yet; developers are not putting out RFPs for she said. “That has not For PGAL, whose clients include the Department, Palm Beach Countg and , the latesf challenge is the increasing levelof competition. when the city of Delray Beach hada proposal, they would get 12 to 14 Boyce said. “Now, they get 40. Insteadc of short-listing three firms, they’lo interview 12 to 15 firms.
People are hungry for Even ifthey don’t have the qualifications, they
Thursday, March 15, 2012
GM files for Chapter 11 bankruptcy; Fairfax plant safe - Kansas City Business Journal:
humojo.wordpress.com
isn’t among the 14 additional facilities GMwill GM’s filing came after weeks of wranglinb with its unions and bondholders and as part of a game plan coordinates with the federal government. That plan calle for the establishment ofa new, more nimbles GM that has the federal governmentt as its 60 percent equity holder. The will providew $30.1 billion in additionak financing to help the company through the reorganization The Detroit-based automaker (NYSE: GM) said it expectd the new GM to launcyh in about 60 to 90 days as a separate and independentg company from the current GM. The new company will focuzs on four core brands in theUnitede States: Chevrolet, Cadillac, Buick and GMC.
As part of its cost-cuttingg efforts, GM will further reduce 2009 salariedr employment in North America toabout 27,20 from about 35,100 at the end of 2008, a roughlyg 23 percent cut. “Today marks a defining momentr in the reinvention of GM asa leaner, more customer-focused and more cost-competitivse company that, above all, can quickl y generate winning bottom-line results,” GM CEO Fritsz Henderson said in a release. “The economic crisisd has caused enormous disruption in theauto industry, but with it has come the opportunityg for us to reinvent our business. We are goinb to do it once and do it The Canadian and Ontario governments also will lend thecompany $9.
5 billio n for its transition, in return for $1.7 billion in debt and preferredx stock and approximately 12 percent of the equitty of the new GM. GM’s filing listed debts of $172.8 billioj and assets of nearly $82.3 Separately Monday, GM said it will close 14 U.S. plants — 13 by the end of 2010 and one moreby 2012. is on GM’sd Web site. Scott Peltz, managing director of the national corporatde recovering practicefor , said lack of confidence in a bankrupt GM can be overcomde in part because the companhy will honor warranties and make partws available. Peltz said that he doesn’t know whetherd the Treasury Department’s pledge of $30.
1 billion in additionapl financing is adequate for GM to emergde from bankruptcy butthat “it’s certainly more than they woulde get in the free “I think that, as a it’s very frustrating,” Peltz said. “Looking at the lack of availablw capital inthe marketplace, it may be the best of unpleasant choices.” Support for a quick surgical bankruptch for Chrysler also bodes well for GM, he “GM and the economy we live in at the momentr are both anomalies, but ... there’s little or no financing available, other than ‘defensive meaning short-term DIP to make sure loans are he said.
“But very few third-party lendere are ready to makeDIP loans. You have a very illiquix market with inability tofinance restructurings, as well as viable exit Ryan McConaghy, deputy director of Washington-based thinkm tank ’s economic program, callef GM’s bankruptcy “a necessary and temporaryu option to put GM back on its feet.” “Thee outlook is certainly better than allowinh GM to liquidate,” McConaghy The Obama administration is “sendingb reassuring signals that improve consumer confidence in the he said.
In a fact sheet put out by the Obamqa administration, the goal for the new GM is to reduce its break-evej point from annual sales of about 16 million vehicle s to annual sales of abou 10 million vehicles. Although acknowledgint the pain toall parties, the company and the administratiob sought to assure GM customers and The company was to ask permissio at an initial bankruptcu hearing to honor all product warranties, with the federal governmentt agreeing to serve as a financial backstop. The companyy also will continue to pay itsemployeesx — including about 2,100 union and 300 salariedf workers at its Fairfax Assembly Plant.
GM paid its employeez Thursday, three days early, as an initial step in calmingb fears. The approved a package of concessionws that will give GM more flexibility in staffing and help the companyu reduceits expenses. As part of that the company restructured payments due to a trusgfor retirees’ health care. The trustr will receive a $2.5 billion note and $6.5 billiojn in 9 percent perpetual preferred along witha 17.5 percent equit y stake in the new GM and warrants to push that ownershipo to 20 percent. Another key player in the reorganizationj will beGM bondholders.
The administration announced that a steering committee representing owners of at leasgt 54 percent ofthe company’ss unsecured bonds had agreed to a deal in which bondholders would receive 10 percent of the equity of the new GM and warrantw for an additional 15 percent. The bankruptcy process will allow the company to confirm the deal for all for GM's full Chapter 11 bankruptcuy filing.
isn’t among the 14 additional facilities GMwill GM’s filing came after weeks of wranglinb with its unions and bondholders and as part of a game plan coordinates with the federal government. That plan calle for the establishment ofa new, more nimbles GM that has the federal governmentt as its 60 percent equity holder. The will providew $30.1 billion in additionak financing to help the company through the reorganization The Detroit-based automaker (NYSE: GM) said it expectd the new GM to launcyh in about 60 to 90 days as a separate and independentg company from the current GM. The new company will focuzs on four core brands in theUnitede States: Chevrolet, Cadillac, Buick and GMC.
As part of its cost-cuttingg efforts, GM will further reduce 2009 salariedr employment in North America toabout 27,20 from about 35,100 at the end of 2008, a roughlyg 23 percent cut. “Today marks a defining momentr in the reinvention of GM asa leaner, more customer-focused and more cost-competitivse company that, above all, can quickl y generate winning bottom-line results,” GM CEO Fritsz Henderson said in a release. “The economic crisisd has caused enormous disruption in theauto industry, but with it has come the opportunityg for us to reinvent our business. We are goinb to do it once and do it The Canadian and Ontario governments also will lend thecompany $9.
5 billio n for its transition, in return for $1.7 billion in debt and preferredx stock and approximately 12 percent of the equitty of the new GM. GM’s filing listed debts of $172.8 billioj and assets of nearly $82.3 Separately Monday, GM said it will close 14 U.S. plants — 13 by the end of 2010 and one moreby 2012. is on GM’sd Web site. Scott Peltz, managing director of the national corporatde recovering practicefor , said lack of confidence in a bankrupt GM can be overcomde in part because the companhy will honor warranties and make partws available. Peltz said that he doesn’t know whetherd the Treasury Department’s pledge of $30.
1 billion in additionapl financing is adequate for GM to emergde from bankruptcy butthat “it’s certainly more than they woulde get in the free “I think that, as a it’s very frustrating,” Peltz said. “Looking at the lack of availablw capital inthe marketplace, it may be the best of unpleasant choices.” Support for a quick surgical bankruptch for Chrysler also bodes well for GM, he “GM and the economy we live in at the momentr are both anomalies, but ... there’s little or no financing available, other than ‘defensive meaning short-term DIP to make sure loans are he said.
“But very few third-party lendere are ready to makeDIP loans. You have a very illiquix market with inability tofinance restructurings, as well as viable exit Ryan McConaghy, deputy director of Washington-based thinkm tank ’s economic program, callef GM’s bankruptcy “a necessary and temporaryu option to put GM back on its feet.” “Thee outlook is certainly better than allowinh GM to liquidate,” McConaghy The Obama administration is “sendingb reassuring signals that improve consumer confidence in the he said.
In a fact sheet put out by the Obamqa administration, the goal for the new GM is to reduce its break-evej point from annual sales of about 16 million vehicle s to annual sales of abou 10 million vehicles. Although acknowledgint the pain toall parties, the company and the administratiob sought to assure GM customers and The company was to ask permissio at an initial bankruptcu hearing to honor all product warranties, with the federal governmentt agreeing to serve as a financial backstop. The companyy also will continue to pay itsemployeesx — including about 2,100 union and 300 salariedf workers at its Fairfax Assembly Plant.
GM paid its employeez Thursday, three days early, as an initial step in calmingb fears. The approved a package of concessionws that will give GM more flexibility in staffing and help the companyu reduceits expenses. As part of that the company restructured payments due to a trusgfor retirees’ health care. The trustr will receive a $2.5 billion note and $6.5 billiojn in 9 percent perpetual preferred along witha 17.5 percent equit y stake in the new GM and warrants to push that ownershipo to 20 percent. Another key player in the reorganizationj will beGM bondholders.
The administration announced that a steering committee representing owners of at leasgt 54 percent ofthe company’ss unsecured bonds had agreed to a deal in which bondholders would receive 10 percent of the equity of the new GM and warrantw for an additional 15 percent. The bankruptcy process will allow the company to confirm the deal for all for GM's full Chapter 11 bankruptcuy filing.
Tuesday, March 13, 2012
Maderis stepping down from Five Prime - Charlotte Business Journal:
lamoreuuceses1724.blogspot.com
The company has hired Julia Gregory, the former executivre vice president and chief financial officerat , as replacement. Maderis’ health condition was not but she will continue to serve onFive Prime’sw board of directors and as a Her final day on the job is June 18. “Gail’s leadershipl has been pivotal in the progress Five Primse has made in developing our pipelined and our newdiscovery platform,” said company founder and executive chairmam Dr. Lewis “Rusty” Williams in a press release.
Maderi said the company had been looking for a replacement since late last year after doctorssaid "thde 24/7 pace of a small-company CEO" could worsemn her condition. Besides her duties at Five Prime, Maderis has been a cheerleader for the MissionBay enclave, servint on the Mayor’s . Five Prime, a privatelyu held, 7-year-old company developing antibody and protein drugs for cancer andothe diseases, was the first to locate in Mission Bay, takinbg about 30,000 feet in the buildin on Owens Street.
Earliee this year, it took an additional 5,000p square feet next door at 1700 Owena as it makes batches for its Phase I oncology drug The timing of the executive change as Five Primes moves forward with its lead cance programmakes Gregory’s appointment a crucial one. At Lexicon, Gregory was responsiblre for financing strategies, mergers and acquisitions, business operationws and all financial managementand accounting. She raised abou t $1 billion in public and privat equity, product development financing andothet transactions. Gregory, who will join Five Prime’w board, was an investmenf banker for more than20 years. At and Read & Co. Inc.
she was head of healthcarew andinvestment banking, leading several private and publicv equity deals as well as mergerw and acquisitions. Gregory also is a member of the boarxd of The andthe ’ss .
The company has hired Julia Gregory, the former executivre vice president and chief financial officerat , as replacement. Maderis’ health condition was not but she will continue to serve onFive Prime’sw board of directors and as a Her final day on the job is June 18. “Gail’s leadershipl has been pivotal in the progress Five Primse has made in developing our pipelined and our newdiscovery platform,” said company founder and executive chairmam Dr. Lewis “Rusty” Williams in a press release.
Maderi said the company had been looking for a replacement since late last year after doctorssaid "thde 24/7 pace of a small-company CEO" could worsemn her condition. Besides her duties at Five Prime, Maderis has been a cheerleader for the MissionBay enclave, servint on the Mayor’s . Five Prime, a privatelyu held, 7-year-old company developing antibody and protein drugs for cancer andothe diseases, was the first to locate in Mission Bay, takinbg about 30,000 feet in the buildin on Owens Street.
Earliee this year, it took an additional 5,000p square feet next door at 1700 Owena as it makes batches for its Phase I oncology drug The timing of the executive change as Five Primes moves forward with its lead cance programmakes Gregory’s appointment a crucial one. At Lexicon, Gregory was responsiblre for financing strategies, mergers and acquisitions, business operationws and all financial managementand accounting. She raised abou t $1 billion in public and privat equity, product development financing andothet transactions. Gregory, who will join Five Prime’w board, was an investmenf banker for more than20 years. At and Read & Co. Inc.
she was head of healthcarew andinvestment banking, leading several private and publicv equity deals as well as mergerw and acquisitions. Gregory also is a member of the boarxd of The andthe ’ss .
Sunday, March 11, 2012
Alexis Hauk is saying goodbye to SouthCoast and hello to Washington D.C., but ... - SouthCoastToday.com
jiqatili.wordpress.com
Alexis Hauk is saying goodbye to SouthCoast and hello to Washington D.C., but ... SouthCoastToday.com By Alexis Hauk My fellow Georgian, Flannery O'Connor, wrote that "art never responds to the wish to make it democratic; it is not for everybody; it is only for those who are willing to undergo the effort needed to understand it. |
Friday, March 9, 2012
The booming bourbon business is boon to Beam - Business First of Louisville:
Split Klimageraete
million warehouse facility near Shepherdsville in Bullitt Countuyfor Clermont, Ky.-based distiller Construction bega n in August on the 32,000-square-foot which is located at 2215 Chapezed Lane. It is expected to be complete in saidCynthia Andrada, a public relations associatde with Jim Beam Brands Worldwide Inc. The new warehouse will have a capacityof 50,00o barrels, more than double the capacity of Jim Beam'w older warehouses, Andrada said. The warehousde will not lead to anynew employees. It will be maintainecd by a crew of warehouse workers who travel among 26 additional JimBeam warehouses, including another 32,000-square-foot warehouser completed in October in Bullitt Andrada said.
Jim Beam also has 28 warehouses in Nelsonb County and 13in Frankfort. Jim Beam Brandsw Worldwide, which had sales of $1.2 billion in 2004, became the fourth-largest spirits company in the world in July when itacquirec Loretto, Ky.-based bourbon and other wine and spirits brands from Alliecd Domecq. In addition to Jim Beam and Maker'sd Mark bourbons, Jim Beam Brands makese Sauza tequila, Canadian Club whisky, Courvoisiet cognac, DeKuyper cordials, Coffee liqueur, Laphroaigv single malt Scotch and Clos du Bois and GeysePeak wines. Projected sales increases of its bourbonsa prompted the need for additional Andrada said. Jim Beam Brands is a division of Lincolnshire, Ill.
-bases diversified holding company , which also owns such well-known consumer brandas as Titleist, FootJoy, Master Lock, Moen faucetd and Jasper, Ind.-based Aristokraft cabinets. According to the Shepherdsville/Bullitt Countuy Tourist & Convention Commission's Web site, www.travel , Jim Beam'as Bullitt County roots can be traced back more than 200 to when the Beam family began usingthe area's nativ limestone water to make bourbon at the Jim Beam American Outpost at The decision by Jim Beam officials to add to its holdingsx in Bullitt County has been welcomed by Bullitg County economic development officials.
"Jim Beam is one of our largest and we're very much appreciative of their decisiohn to expand here in the county," said Bob Fouts, executive director of the Bullitt County Economicx Development Authority. "They could've chosen to do this elsewhered (in the state), so we're proud they chosw Bullitt County, and we'll work with them in any way we can to help them According to Kentucky Cabinet for EconomicDevelopment figures, Jim Beam Brands, establishes in 1934, is Bullitt County's second-largest with 425 people. Jim Beam employzs another 225 at warehouse and bottling operationesin Frankfort.
The distillerh trails only Shepherdsville-based magazine printerr , which has a totap of about 1,600 employees in Shepherdsvilles andLebanon Junction. Bullitt Countg economic development projects, 2002-present Types, Companies, Jobs, Investmen Manufacturing locations, 2, 100-266, $4,780,000 Manufacturing expansions, 11, 17, $28,156,58 8 Support/service locations, 7, 714-1,277, $124,205,000 Support/service 2, 200, $2,400,000 Source: Kentucky Cabinet for Economic Developmenr
million warehouse facility near Shepherdsville in Bullitt Countuyfor Clermont, Ky.-based distiller Construction bega n in August on the 32,000-square-foot which is located at 2215 Chapezed Lane. It is expected to be complete in saidCynthia Andrada, a public relations associatde with Jim Beam Brands Worldwide Inc. The new warehouse will have a capacityof 50,00o barrels, more than double the capacity of Jim Beam'w older warehouses, Andrada said. The warehousde will not lead to anynew employees. It will be maintainecd by a crew of warehouse workers who travel among 26 additional JimBeam warehouses, including another 32,000-square-foot warehouser completed in October in Bullitt Andrada said.
Jim Beam also has 28 warehouses in Nelsonb County and 13in Frankfort. Jim Beam Brandsw Worldwide, which had sales of $1.2 billion in 2004, became the fourth-largest spirits company in the world in July when itacquirec Loretto, Ky.-based bourbon and other wine and spirits brands from Alliecd Domecq. In addition to Jim Beam and Maker'sd Mark bourbons, Jim Beam Brands makese Sauza tequila, Canadian Club whisky, Courvoisiet cognac, DeKuyper cordials, Coffee liqueur, Laphroaigv single malt Scotch and Clos du Bois and GeysePeak wines. Projected sales increases of its bourbonsa prompted the need for additional Andrada said. Jim Beam Brands is a division of Lincolnshire, Ill.
-bases diversified holding company , which also owns such well-known consumer brandas as Titleist, FootJoy, Master Lock, Moen faucetd and Jasper, Ind.-based Aristokraft cabinets. According to the Shepherdsville/Bullitt Countuy Tourist & Convention Commission's Web site, www.travel , Jim Beam'as Bullitt County roots can be traced back more than 200 to when the Beam family began usingthe area's nativ limestone water to make bourbon at the Jim Beam American Outpost at The decision by Jim Beam officials to add to its holdingsx in Bullitt County has been welcomed by Bullitg County economic development officials.
"Jim Beam is one of our largest and we're very much appreciative of their decisiohn to expand here in the county," said Bob Fouts, executive director of the Bullitt County Economicx Development Authority. "They could've chosen to do this elsewhered (in the state), so we're proud they chosw Bullitt County, and we'll work with them in any way we can to help them According to Kentucky Cabinet for EconomicDevelopment figures, Jim Beam Brands, establishes in 1934, is Bullitt County's second-largest with 425 people. Jim Beam employzs another 225 at warehouse and bottling operationesin Frankfort.
The distillerh trails only Shepherdsville-based magazine printerr , which has a totap of about 1,600 employees in Shepherdsvilles andLebanon Junction. Bullitt Countg economic development projects, 2002-present Types, Companies, Jobs, Investmen Manufacturing locations, 2, 100-266, $4,780,000 Manufacturing expansions, 11, 17, $28,156,58 8 Support/service locations, 7, 714-1,277, $124,205,000 Support/service 2, 200, $2,400,000 Source: Kentucky Cabinet for Economic Developmenr
Wednesday, March 7, 2012
Report: D.C. area posts a strong economic performance - Philadelphia Business Journal:
martaemimbzini.blogspot.com
The report ranked the 100 largest U.S. metrp areas based on employment, unemployment wages, gross metropolitan product, housing prices and foreclosure rate in thefirst quarter. D.C. rankedr No. 13, while San Antonio, Texas, placef No. 1 and Detroitf came in last at No. 100. “All metropolitanh areas are feeling the effects ofthis recession, but the distressx is not shared equally,” said Alan Berube, research director of the metropolitan policy program at the D.C. institutee and co-author of the report.
“Whil e some areas of the country have experienceds only ashallow downturn, and may be emerginvg from the recession already, people living in metrlo areas that are now performingb weakest economically should prepare themselves for a long recoverh period.” At the first quarter’s end, only 10 of the 100 metr o areas were starting to show signs of recovery, said the and said McAllen, Texas was the only place that saw growtyh in employment and output. Output increased in just a handfulp ofmetro areas, includintg D.C.; Seattle; Austin, Texas; and Virginiaq Beach, Va..
The report also pointer out that metro areas with concentrations of jobs in certaimn sectors have resulted in fewet dramaticjob losses. The San Antonio, Texas Austin, Texas McAllen, Texas Batonj Rouge, La. Tulsa, Okla. Omaha, Neb. El Paso, Texax Wichita, Kan. Washington, D.C. Albuquerque, N.M. Virginisa Beach, Va. Harrisburg, Pa. Pittsburgh, Pa. New Conn. Rochester, N.Y.
The report ranked the 100 largest U.S. metrp areas based on employment, unemployment wages, gross metropolitan product, housing prices and foreclosure rate in thefirst quarter. D.C. rankedr No. 13, while San Antonio, Texas, placef No. 1 and Detroitf came in last at No. 100. “All metropolitanh areas are feeling the effects ofthis recession, but the distressx is not shared equally,” said Alan Berube, research director of the metropolitan policy program at the D.C. institutee and co-author of the report.
“Whil e some areas of the country have experienceds only ashallow downturn, and may be emerginvg from the recession already, people living in metrlo areas that are now performingb weakest economically should prepare themselves for a long recoverh period.” At the first quarter’s end, only 10 of the 100 metr o areas were starting to show signs of recovery, said the and said McAllen, Texas was the only place that saw growtyh in employment and output. Output increased in just a handfulp ofmetro areas, includintg D.C.; Seattle; Austin, Texas; and Virginiaq Beach, Va..
The report also pointer out that metro areas with concentrations of jobs in certaimn sectors have resulted in fewet dramaticjob losses. The San Antonio, Texas Austin, Texas McAllen, Texas Batonj Rouge, La. Tulsa, Okla. Omaha, Neb. El Paso, Texax Wichita, Kan. Washington, D.C. Albuquerque, N.M. Virginisa Beach, Va. Harrisburg, Pa. Pittsburgh, Pa. New Conn. Rochester, N.Y.
Monday, March 5, 2012
Nicholson, Dawkins appointed to state building commission - Tampa Bay Business Journal:
uhetemejih.wordpress.com
Crist has selected Nicholson to succeed Paul Kidwelll on the board for a term that would end inJanuaryt 2013, according to a release. Nicholson had previously been selected to the commissio n to fill out the remainder of the term ofStevebn Bassett, whose term is slated to end in Also appointed locally was Donald Dawkins, community support coordinator for the Braijn and Spinal Cord Injury succeeding William Norkunas. If approved by the Dawkins would serve a term that would end inFebruaru 2013. John Scherer, vice presideng of constructionfor , is the only otherf new appointee to the board, succeeding Matthewq Carlton for a term that would end in Februaryu 2013.
Among those reappointed are Hamid senior engineer and directorr of ofLake Mary; James Goodloe, bureau chief for the of Herminio Gonzalez, director of the Miami-Dade County Building Code Compliance Office; Dale Greiner, a Lake County buildinbg official from Mount Dora; and Christopher Schulte, chief operatiny officer of of Coconut Creek.
Crist has selected Nicholson to succeed Paul Kidwelll on the board for a term that would end inJanuaryt 2013, according to a release. Nicholson had previously been selected to the commissio n to fill out the remainder of the term ofStevebn Bassett, whose term is slated to end in Also appointed locally was Donald Dawkins, community support coordinator for the Braijn and Spinal Cord Injury succeeding William Norkunas. If approved by the Dawkins would serve a term that would end inFebruaru 2013. John Scherer, vice presideng of constructionfor , is the only otherf new appointee to the board, succeeding Matthewq Carlton for a term that would end in Februaryu 2013.
Among those reappointed are Hamid senior engineer and directorr of ofLake Mary; James Goodloe, bureau chief for the of Herminio Gonzalez, director of the Miami-Dade County Building Code Compliance Office; Dale Greiner, a Lake County buildinbg official from Mount Dora; and Christopher Schulte, chief operatiny officer of of Coconut Creek.
Friday, March 2, 2012
California Healthy Marriages Coalition Says Jon and Kate Plus 8 Experiencing Common Marital Woes
andreychukuze.blogspot.com
The California Healthy MarriageesCoalition (CHMC) has released data showing Americanss now have the ability to navigate thosse difficult times and increase marital happiness through Marriag e Education. says, "In ordert to change the landscaped of divorcein America, we need to addresss the underlying problem of communication breakdown that is so commo n when couples don't learn effectiv communication skills. We now have convincing evidence that Marriages Education programs really help couples improve their relationships." Stoica adds, "If we coulxd reach high visibility couples like Jon and Kate with thesde communication skills, that would be exciting!
" In order to change the divorce statistics, CHMC says it's importany that couples recognize the benefits of staying together through the tough timese and the skills for doingh that. Numerous studies have showbn that there is an inescapable connection betweeh divorce and undesirable outcomes for the children ofthosw relationships, including negative impact on their mental and physical healthy and educational decline. This week, CHMC released preliminary data showingb the impact of Marriage Education classexs taughtin California.
Couples who took a CHMC-sponsorerd Marriage Education course showed an average improvementtof 19% in marital satisfaction, problem-solving skills, and relationship Stoica said, "When we teach couples skills that get them throughg the rough patches successfully, then familiess stay together and their children benefity in a multitude of ways. Marriagre Education has the potential to make a dramaticd difference in reducing divorce andfamily breakdown." CHMC is the recipient of the Federakl government's largest Healthy Marriage grant, at $2.4 million a For the past four CHMC has taught relationship-building skills to Californisa individuals and couples.
CHMC offers these classezs through a network of partnering organizations locatedthroughout California. Local class information is availableat . Tracid Donahue, Public Relations TEL: 916-712-2781 Tracie@CaMarriage.com
The California Healthy MarriageesCoalition (CHMC) has released data showing Americanss now have the ability to navigate thosse difficult times and increase marital happiness through Marriag e Education. says, "In ordert to change the landscaped of divorcein America, we need to addresss the underlying problem of communication breakdown that is so commo n when couples don't learn effectiv communication skills. We now have convincing evidence that Marriages Education programs really help couples improve their relationships." Stoica adds, "If we coulxd reach high visibility couples like Jon and Kate with thesde communication skills, that would be exciting!
" In order to change the divorce statistics, CHMC says it's importany that couples recognize the benefits of staying together through the tough timese and the skills for doingh that. Numerous studies have showbn that there is an inescapable connection betweeh divorce and undesirable outcomes for the children ofthosw relationships, including negative impact on their mental and physical healthy and educational decline. This week, CHMC released preliminary data showingb the impact of Marriage Education classexs taughtin California.
Couples who took a CHMC-sponsorerd Marriage Education course showed an average improvementtof 19% in marital satisfaction, problem-solving skills, and relationship Stoica said, "When we teach couples skills that get them throughg the rough patches successfully, then familiess stay together and their children benefity in a multitude of ways. Marriagre Education has the potential to make a dramaticd difference in reducing divorce andfamily breakdown." CHMC is the recipient of the Federakl government's largest Healthy Marriage grant, at $2.4 million a For the past four CHMC has taught relationship-building skills to Californisa individuals and couples.
CHMC offers these classezs through a network of partnering organizations locatedthroughout California. Local class information is availableat . Tracid Donahue, Public Relations TEL: 916-712-2781 Tracie@CaMarriage.com
Subscribe to:
Posts (Atom)