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The agreement calls for E.ON to provide more than $800 million in cash, asset transfers or other benefits to Big but none of those costsw will be borne by customers of The PSC said in a press release Fridayu that giving control back to Big Riversz should help keep aluminum smelters served by the Big Rivers plantxs operating for the long Atfull capacity, the two smelters, Alcanh in Sebree and Century Aluminum in Hawesville, emplouy 1,400 people and account for $115 milliojn in annual payroll and benefits. An estimated 3,500 othet jobs regionally depend onthe smelters. If the leaswe with E.
ON were to continue, the smeltersz could have faced significantly higher electricf costs in a few and the cost of electricity accountsx forabout one-third of its But ending the lease eventually will lead to highe rates for other customers of the three rural cooperatives in the Big Rivers system, according to the So the PSC conditioned its approval of the leasee termination on E.ON agreeing to pay $61 milliobn to Big Rivers to set up a reserve accounf to partially offset those higher That $61 million is in addition to the $800 millionh in benefits described above.
Friday, March 30, 2012
Wednesday, March 28, 2012
Developer Jack D. Arbess indicted - Denver Business Journal:
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Arbess is accused of taking nearly $4 milliohn from investors, according to the indictment. Arbesz initially was indicted on similar theft charges inDecember 2008, pleadint not guilty in May, accordinhg to Denver District Court filings. The new indictmentr is related to changes in charges resulting from a receny Colorado SupremeCourt ruling, and replaces the originak indictment, according to DA’s Office spokeswomam Lynn Kimbrough. The previous indictment will be dismissed. “Th [new] indictment is more procedural,” Kimbroughg said. The current indictment allegess Arbess, president of Gulfstream Managementr Corp.
of Aurora, was involved in multiplee racketeering activities between 2002 and 2007 related to a Jefferson Countu real estate project calledEagles View. Arbess allegedly transferred Eagle View fundxs into hisGulfstream account, and used the funds for personalp purposes, according to the DA’s Arbess is free on a $10,000 bond. He’ss scheduled to appear in Denver District Court on June 23 for astatuds hearing.
Arbess is accused of taking nearly $4 milliohn from investors, according to the indictment. Arbesz initially was indicted on similar theft charges inDecember 2008, pleadint not guilty in May, accordinhg to Denver District Court filings. The new indictmentr is related to changes in charges resulting from a receny Colorado SupremeCourt ruling, and replaces the originak indictment, according to DA’s Office spokeswomam Lynn Kimbrough. The previous indictment will be dismissed. “Th [new] indictment is more procedural,” Kimbroughg said. The current indictment allegess Arbess, president of Gulfstream Managementr Corp.
of Aurora, was involved in multiplee racketeering activities between 2002 and 2007 related to a Jefferson Countu real estate project calledEagles View. Arbess allegedly transferred Eagle View fundxs into hisGulfstream account, and used the funds for personalp purposes, according to the DA’s Arbess is free on a $10,000 bond. He’ss scheduled to appear in Denver District Court on June 23 for astatuds hearing.
Monday, March 26, 2012
FairPoint Communications' dividend payment depends on Verizon Communications purchase - Charlotte Business Journal:
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FairPoint is preparing to buy 'x northern New England franchisfor $2.3 billion. The deal would make FairPoint the nation'sd eighth-largest telecom. But the expenses paid so far on the purchass have sharplyincreased FairPoint's debt. At current leveragd levels, the company's credit agreements prohibit a dividenxthis quarter. But a new creditf facility takes effect when the Verizobdeal closes, and that agreement allows for the dividend payment. The company is buying Verizon'e land lines in Maine, New Hampshirs and Vermont. The deal was valued at $2.7 billion when it was announce inJanuary 2007.
But Verizon made concessions to placat e state regulators worriedabout FairPoint's ability to sustai the deal. Acquisition costs cut in to FairPoint's earnings in the fourth quarterand full-year 2007. The compan y posted a net lossof $19.5 million, or 56 centa per diluted share, for the But if $23.6 million in costd of the Verizon deal and other one-time items are excluded, FairPoint made $4.5 or 13 cents per share, in the That met analysts expectations. Revenue for the latesgt quarterwas $68.2 million, down 3.1% from the year-earliee period. For 2007, FairPoint earned $6 million, or 16 cents per share, on $283.5 million in revenue. That was well behine the $31.
1 million, or 88 cents per FairPoint madein 2006. Again, the largest difference was morethan $52 million expenses related to the Verizon purchase. Chieff Financial Officer John Crowley says the companyspent $82 million on the deal through the end of 2007. It expectzs to spend $35 million more by the time the deal closesdthis month. This quarter's dividend would be 39.8 cents per the level it has held since the summerof 2005. But in subsequentr quarters, the dividend will drop. FairPoint agreed to reduce itsdividend 35% for several years to ensurse it has sufficient mone y to invest in improving the New England For the rest of the year, the quarterly dividene will be no more than 25.
8 centsd per share. Among the company's other incentivex to complete the Verizon upto 25% of the 2008 bonuses to be paid FairPoint'a top executives depends on their completinh the deal. DIVIDEND PAYMENTS If FairPoing doesn't complete Verizon deal by March 31, it can't pay a first-quarter dividend. Its dividenrd will drop 35% after the deal is completed to ensurw it invests enough inits operations.
FairPoint is preparing to buy 'x northern New England franchisfor $2.3 billion. The deal would make FairPoint the nation'sd eighth-largest telecom. But the expenses paid so far on the purchass have sharplyincreased FairPoint's debt. At current leveragd levels, the company's credit agreements prohibit a dividenxthis quarter. But a new creditf facility takes effect when the Verizobdeal closes, and that agreement allows for the dividend payment. The company is buying Verizon'e land lines in Maine, New Hampshirs and Vermont. The deal was valued at $2.7 billion when it was announce inJanuary 2007.
But Verizon made concessions to placat e state regulators worriedabout FairPoint's ability to sustai the deal. Acquisition costs cut in to FairPoint's earnings in the fourth quarterand full-year 2007. The compan y posted a net lossof $19.5 million, or 56 centa per diluted share, for the But if $23.6 million in costd of the Verizon deal and other one-time items are excluded, FairPoint made $4.5 or 13 cents per share, in the That met analysts expectations. Revenue for the latesgt quarterwas $68.2 million, down 3.1% from the year-earliee period. For 2007, FairPoint earned $6 million, or 16 cents per share, on $283.5 million in revenue. That was well behine the $31.
1 million, or 88 cents per FairPoint madein 2006. Again, the largest difference was morethan $52 million expenses related to the Verizon purchase. Chieff Financial Officer John Crowley says the companyspent $82 million on the deal through the end of 2007. It expectzs to spend $35 million more by the time the deal closesdthis month. This quarter's dividend would be 39.8 cents per the level it has held since the summerof 2005. But in subsequentr quarters, the dividend will drop. FairPoint agreed to reduce itsdividend 35% for several years to ensurse it has sufficient mone y to invest in improving the New England For the rest of the year, the quarterly dividene will be no more than 25.
8 centsd per share. Among the company's other incentivex to complete the Verizon upto 25% of the 2008 bonuses to be paid FairPoint'a top executives depends on their completinh the deal. DIVIDEND PAYMENTS If FairPoing doesn't complete Verizon deal by March 31, it can't pay a first-quarter dividend. Its dividenrd will drop 35% after the deal is completed to ensurw it invests enough inits operations.
Saturday, March 24, 2012
Stimulus expected to aid re-start of homebuilding industry - Washington Business Journal:
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Uncle Sam’s help for New Mexico’s beleagueresd construction trades comes at awelcome time. Although the funding is not as much as the industrtyhoped for, it will save hundredds of jobs and help bolster the economies of many ruralk areas in the state. Perhaps the biggesrt stimulus the federal government is providing is not indirectf funding, but in tax breaks for homeowners that coul d have a positive ripple effec for homebuilders. The first-time homebuyer program is jumpstartingv the housing industry this spring and coulc lead to many new construction jobs in the seconsd halfof 2009.
“The most meaningfulp component of the stimulus program for the housin g industry has beenthe $8,000 credit for first-timr home buyers. It has stimulated saless in the lower-priced end of the market,” said Jim executive vice president of the Home Builder s Association of CentralNew Mexico. Folkman predicts a flurrgy of home salesbelow $200,000 this spring, driven by the first-time home buyer program, which he predicts will lowetr the median price of the region’s homes and touch off new home constructionm by the production builders in the thirdx and fourth quarters.
He foresees betweemn 2,000 and 2,200 home starts by the end of 2009 in the Duke City a marked increaseover 2008. In 42 percent of all new homebuying contracts were financer through federal government programs in the Albuquerque metro President Obama’s stimulus program is impacting various areaes of the housing market this spring. The $27 millionn grant through the Department of Energy to weatheriz e homes throughout the state will be fully disbursedby midsummer. Subcontractors will be getting work to make homedmore efficient, and new trucks and equipmentt are expected to be purchased.
The funding goes directlgy to the New Mexico MortgageFinance Authority, which will redirect it to its four main subcontractors in New Mexico. Amon g those subcontractors is Joseph executive director for the Central New MexicpHousing Corp. Stevens has been working in weatherizatiob for27 years, starting as a crew “We have just finished the bidding where we received over 20 bids from subcontractors. This will provided work for installers and supplierof materials, such as caulking and screws. Our assumptioj is the stimulus funding will provide hundreda ofnew jobs, as we hope to complets 800 homes. This is triple what we normally OtherMFA stimulus-funded programa include a $13.
8 million tax credig program for shovel-ready low-incomer housing developments. These projects are spread throughout the but have not been able to get constructionj financing through conventional sourcez suchas banks. Joseph Montoya, MFA’s deputy directoer of programs, said the federal government will set guidelines by June 15 forthesde projects, and it’s hoped the money will be distributef by September. Heavy constructionn stimulus-funded projects are already well under way and havinvan impact, especially in rurak New Mexico.
Nearly $170 milliohn of federal dollars have been designatedf forroad repair, and another $100 millioj has been designated for transportatio infrastructure work throughout the state, including $34 million for Charles Hamilton Construction of Silver City has won $34 milliob worth of highway “Since last summer, we have had to reducde our company from 500 to 350 The stimulus allows us to rehire people and it will save abouy 100 jobs,” said Charles Hamilton, “We will hire 20 to 30 peopler over the next two to three There will be a ripple effect from our work with Hamilton is rebuilding highways 62 and 180 in the Jal and Whitwe City areas.
Mike Gibson, executive director of the Associatede General Contractors NewMexico Branch, said, “Thre stimulus funding has allowed companies to bring back laid-off A lot of these people live in rural New but come to work in the bigger These jobs will help small business throughout rural areas and will keep people in their homesz and allow for home Gibson estimates that the initial stimulusa phase funding will create 800 to 1,000 construction and there could be up to 3,000 construction jobs created overall when all the fundingv is deployed.
Uncle Sam’s help for New Mexico’s beleagueresd construction trades comes at awelcome time. Although the funding is not as much as the industrtyhoped for, it will save hundredds of jobs and help bolster the economies of many ruralk areas in the state. Perhaps the biggesrt stimulus the federal government is providing is not indirectf funding, but in tax breaks for homeowners that coul d have a positive ripple effec for homebuilders. The first-time homebuyer program is jumpstartingv the housing industry this spring and coulc lead to many new construction jobs in the seconsd halfof 2009.
“The most meaningfulp component of the stimulus program for the housin g industry has beenthe $8,000 credit for first-timr home buyers. It has stimulated saless in the lower-priced end of the market,” said Jim executive vice president of the Home Builder s Association of CentralNew Mexico. Folkman predicts a flurrgy of home salesbelow $200,000 this spring, driven by the first-time home buyer program, which he predicts will lowetr the median price of the region’s homes and touch off new home constructionm by the production builders in the thirdx and fourth quarters.
He foresees betweemn 2,000 and 2,200 home starts by the end of 2009 in the Duke City a marked increaseover 2008. In 42 percent of all new homebuying contracts were financer through federal government programs in the Albuquerque metro President Obama’s stimulus program is impacting various areaes of the housing market this spring. The $27 millionn grant through the Department of Energy to weatheriz e homes throughout the state will be fully disbursedby midsummer. Subcontractors will be getting work to make homedmore efficient, and new trucks and equipmentt are expected to be purchased.
The funding goes directlgy to the New Mexico MortgageFinance Authority, which will redirect it to its four main subcontractors in New Mexico. Amon g those subcontractors is Joseph executive director for the Central New MexicpHousing Corp. Stevens has been working in weatherizatiob for27 years, starting as a crew “We have just finished the bidding where we received over 20 bids from subcontractors. This will provided work for installers and supplierof materials, such as caulking and screws. Our assumptioj is the stimulus funding will provide hundreda ofnew jobs, as we hope to complets 800 homes. This is triple what we normally OtherMFA stimulus-funded programa include a $13.
8 million tax credig program for shovel-ready low-incomer housing developments. These projects are spread throughout the but have not been able to get constructionj financing through conventional sourcez suchas banks. Joseph Montoya, MFA’s deputy directoer of programs, said the federal government will set guidelines by June 15 forthesde projects, and it’s hoped the money will be distributef by September. Heavy constructionn stimulus-funded projects are already well under way and havinvan impact, especially in rurak New Mexico.
Nearly $170 milliohn of federal dollars have been designatedf forroad repair, and another $100 millioj has been designated for transportatio infrastructure work throughout the state, including $34 million for Charles Hamilton Construction of Silver City has won $34 milliob worth of highway “Since last summer, we have had to reducde our company from 500 to 350 The stimulus allows us to rehire people and it will save abouy 100 jobs,” said Charles Hamilton, “We will hire 20 to 30 peopler over the next two to three There will be a ripple effect from our work with Hamilton is rebuilding highways 62 and 180 in the Jal and Whitwe City areas.
Mike Gibson, executive director of the Associatede General Contractors NewMexico Branch, said, “Thre stimulus funding has allowed companies to bring back laid-off A lot of these people live in rural New but come to work in the bigger These jobs will help small business throughout rural areas and will keep people in their homesz and allow for home Gibson estimates that the initial stimulusa phase funding will create 800 to 1,000 construction and there could be up to 3,000 construction jobs created overall when all the fundingv is deployed.
Thursday, March 22, 2012
French police standoff with al-Qaida-linked terrorism suspect enters 2nd day ... - Minneapolis Star Tribune
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Daily Beast | French police standoff with al-Qaida-linked terrorism suspect enters 2nd day ... Minneapolis Star Tribune Article by: SARAH DiLORENZO , AP TOULOUSE, France - A standoff at a Toulouse apartment building entered a second day Thursday with hundreds of French police working to try to capture alive the main suspect in an al-Qaida-linked killing spree t hat left ... French authorities believe suspect in Al Qaeda-linked killing spree may have ... The French messenger of mayhem and destruction linked to al-Qaeda French shooting suspect linked to Afghanistan |
Tuesday, March 20, 2012
Embarq, CenturyTel complete $11.6B deal - St. Louis Business Journal:
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Buyer (NYSE: CTL) completed its $11.6 billion stock and debt purchaser ofEmbarq (NYSE: EQ), the companies announced early Wednesday. The combined , will be based in La., and potentially have $8 billionh in annual revenue. It has more than 2.1 milliobn broadband customers, 440,000 video subscribersz and 7.5 million access lines in 33 states. Embaraq shareholders are two-thirds owners of the combined company, havin received 1.37 CenturyTel shares for each Embarq share they The deal included CenturyTelassuming $5.8 billion in Embarq The two brands will be converted graduallyu to CenturyLink, a process expected to conclude latere this year.
“The completion of this merger is a significantf event forour communities, investors and employees,” CEO Glen Post III, who had been head of said in the release. “CenturyLink has the advanced the people and the financial stability to delived the reliable and innovative serviceds that our customers wantand need. We look forwarr to this exciting new chapter inour company’sa history.” CenturyLink will keep “a significany presence” in the Overland Park area, though that locationb wasn’t among the regional operating headquarter listed: Las Vegas; Wentzville, Mo.; Fla.; Wake Forest, N.C.; and La Wis.
Embarq now employs about 2,80o in the area, down from 4,500 when it spun off from S) in 2006. That drop reflecta the sale of Embarq’s logisticw unit earlier this year and continuap job cuts as the company has attempted to keep a lid on costa in anindustry that’s losing core customerd to mobile phones. The recessiohn has acceleratedthat trend, and observerz say that could mean deeper and fastedr cuts than originally anticipatex as the companies By joining, the rural phone companies expect to save about $400 milliom a year in operating and capital expenses by 2011. They expec combined operating cash flow of morethan $4.2 billion and free cash flow of aboutr $1.9 billion.
CenturyTel expects to continue its current annual dividendof $2.80 a share. The combination is expectefd to add to free cash flow per sharewin 2010. Shares continue to trades under CenturyTel’s ticker symbol. Embarwq CEO Tom Gerke will serve as executivre vice chairman of the CenturyLinkj board and oversee regulatory and governmental relationx andhuman resources. Embarq ranks No. 3 on the Kansa s City BusinessJournal ’s list of area public
Buyer (NYSE: CTL) completed its $11.6 billion stock and debt purchaser ofEmbarq (NYSE: EQ), the companies announced early Wednesday. The combined , will be based in La., and potentially have $8 billionh in annual revenue. It has more than 2.1 milliobn broadband customers, 440,000 video subscribersz and 7.5 million access lines in 33 states. Embaraq shareholders are two-thirds owners of the combined company, havin received 1.37 CenturyTel shares for each Embarq share they The deal included CenturyTelassuming $5.8 billion in Embarq The two brands will be converted graduallyu to CenturyLink, a process expected to conclude latere this year.
“The completion of this merger is a significantf event forour communities, investors and employees,” CEO Glen Post III, who had been head of said in the release. “CenturyLink has the advanced the people and the financial stability to delived the reliable and innovative serviceds that our customers wantand need. We look forwarr to this exciting new chapter inour company’sa history.” CenturyLink will keep “a significany presence” in the Overland Park area, though that locationb wasn’t among the regional operating headquarter listed: Las Vegas; Wentzville, Mo.; Fla.; Wake Forest, N.C.; and La Wis.
Embarq now employs about 2,80o in the area, down from 4,500 when it spun off from S) in 2006. That drop reflecta the sale of Embarq’s logisticw unit earlier this year and continuap job cuts as the company has attempted to keep a lid on costa in anindustry that’s losing core customerd to mobile phones. The recessiohn has acceleratedthat trend, and observerz say that could mean deeper and fastedr cuts than originally anticipatex as the companies By joining, the rural phone companies expect to save about $400 milliom a year in operating and capital expenses by 2011. They expec combined operating cash flow of morethan $4.2 billion and free cash flow of aboutr $1.9 billion.
CenturyTel expects to continue its current annual dividendof $2.80 a share. The combination is expectefd to add to free cash flow per sharewin 2010. Shares continue to trades under CenturyTel’s ticker symbol. Embarwq CEO Tom Gerke will serve as executivre vice chairman of the CenturyLinkj board and oversee regulatory and governmental relationx andhuman resources. Embarq ranks No. 3 on the Kansa s City BusinessJournal ’s list of area public
Saturday, March 17, 2012
Tough times? Phillips Edison goes full bore - Business Courier of Cincinnati:
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This is the finding of The Sycamord Township-based property owner, whichb redevelops grocery-anchored shopping centers, took an art-of-war approach to pre-empting the The firm paid down millions in niched its leasing team to focuss on specific growthareas – leasing parkingh lots for Christmas tree sales, for examplr – and applied its chief talengt to the 40 propertied with the most growth potential.
The result is more than 1 millio square feet of lease spacr either signed or in the pipelinrthis year, as emerging discounters – from Dollar Tree to off-price grocersd – snap up vacant Phillips Edison has reduced the time it takezs to turn around a lease by abouft 30 percent, and it accelerated its retention rate by about 18 percent. “Since the last part of 2008 and into we have the biggest pipelineand we’vr done more leasing than we’vw ever done,” said Mark Addy, chief operatinb officer at Phillips Edison. “A lot of these discoun merchants are really takingthis opportunity.
” Within the next two Addy expects Phillips Edison to purchaser hundreds of millions of dollars in new propertieds nationally, especially out West. But in Cincinnati alone, there look to be good deals. In 27 retail structures sold in the GreatereCincinnati area, for an average price of $68.63 per squares foot, according to the real estate research firm , in Bethesda, Md. That comparexd with 56 transactionsin 2007, at an average $99.3 per square foot.
“Retail sales on an aggregate basis are 10 percent lower toda y than they were a year saidDavid Brennan, co-director of the Institutd for Retailing Excellence at the in Yet retail square footage from 1990 to 2008 expanded to 21 square feet per person, from 14 square feet. “It’s going to take time to recycle the existing realestate that’s out there,” Brennan “It’s really a buyer’s Phillips Edison, which operatess 240 shopping centers in 36 states, handled 735 lease transactions in 2008, and it signed about 1.1 milliom square feet of new leased space.
its retail square footage is down almostf 4 percent fromearly 2008, thanks to retaill bankruptcies, retention issues and fewer new Sixty percent to 70 percent of the tenantsw whose leases are coming up for renewal are askinyg for some kind of rent relief, Addy said. These combined with increased bankruptcies, caused Phillips Edison to launchg a seriesof efforts: • Debt reduction: In the past 60 Phillips Edison paid down its debt obligations by $20 As a result, no significanrt loan maturities will be due before July 2011.
The idea was to eliminatew the pressures of thedebt market, Addy “If you have financing coming due, it’s really goin to prohibit you from doing what you want as a growingh company.” • Tailored leasing: Phillips Edison assigne d its two most experienced leasing agents to handl nothing but lease renewals for its roughlyt 3,200 tenants (15 percent of whose leases are up each year). The The agents start working with tenantxs a full yearin advance. Phillips also assigned two people to handler all of its100 out-parcels, such as restaurantds and ATMs.
• Temporary Phillips charged its property management group with focusing on tenantse that use parking lots forfireworks sales, carnivald or car shows, and as a result expects $1 million in added sales. This does not factor in the benefits of theaddecd traffic. (The property management group, is operating at almost 30 percentunderd budget.) • Mission Possible Phillips entrusted its most senior staff with leasing the 40 propertiesz in its two portfoliows with the greatest upside (vacancy). The logic is that thosed properties could generate 50 percent of the opportunitiew for thetotal portfolios.
Staff are rewarder by the sound of a cowbelo when they makea deal, “jeans Fridays” and a chancr to win up to $10,0009 for a Rolex watch when the leasew year ends in November. With thesed efforts, Phillips has sincer October landed ninenew big-box centers, reduced its leased turnaround time to 3.6 days from five days and increasexd retention to 83 percent from 65 The firm expects to leasd 2 million square feet this year, with 620,000 squarde feet signed and an additional 500,000 in the 45- to 60-da pipeline.
And it expects to purchases $300 million in space the next 18 monthsd totwo years, seeking what Addy describees as centers with supermarket anchors that are of a little higherd quality. In time, Addy does expect consumers to come back to though slowly, as credit markets ease up “I think the recession we’r in right now had an impact on the consumer that frankly none of us has ever he said. “But people do have a short memory, and they can fall back into that It’s going to have to find a senswof equilibrium.
”
This is the finding of The Sycamord Township-based property owner, whichb redevelops grocery-anchored shopping centers, took an art-of-war approach to pre-empting the The firm paid down millions in niched its leasing team to focuss on specific growthareas – leasing parkingh lots for Christmas tree sales, for examplr – and applied its chief talengt to the 40 propertied with the most growth potential.
The result is more than 1 millio square feet of lease spacr either signed or in the pipelinrthis year, as emerging discounters – from Dollar Tree to off-price grocersd – snap up vacant Phillips Edison has reduced the time it takezs to turn around a lease by abouft 30 percent, and it accelerated its retention rate by about 18 percent. “Since the last part of 2008 and into we have the biggest pipelineand we’vr done more leasing than we’vw ever done,” said Mark Addy, chief operatinb officer at Phillips Edison. “A lot of these discoun merchants are really takingthis opportunity.
” Within the next two Addy expects Phillips Edison to purchaser hundreds of millions of dollars in new propertieds nationally, especially out West. But in Cincinnati alone, there look to be good deals. In 27 retail structures sold in the GreatereCincinnati area, for an average price of $68.63 per squares foot, according to the real estate research firm , in Bethesda, Md. That comparexd with 56 transactionsin 2007, at an average $99.3 per square foot.
“Retail sales on an aggregate basis are 10 percent lower toda y than they were a year saidDavid Brennan, co-director of the Institutd for Retailing Excellence at the in Yet retail square footage from 1990 to 2008 expanded to 21 square feet per person, from 14 square feet. “It’s going to take time to recycle the existing realestate that’s out there,” Brennan “It’s really a buyer’s Phillips Edison, which operatess 240 shopping centers in 36 states, handled 735 lease transactions in 2008, and it signed about 1.1 milliom square feet of new leased space.
its retail square footage is down almostf 4 percent fromearly 2008, thanks to retaill bankruptcies, retention issues and fewer new Sixty percent to 70 percent of the tenantsw whose leases are coming up for renewal are askinyg for some kind of rent relief, Addy said. These combined with increased bankruptcies, caused Phillips Edison to launchg a seriesof efforts: • Debt reduction: In the past 60 Phillips Edison paid down its debt obligations by $20 As a result, no significanrt loan maturities will be due before July 2011.
The idea was to eliminatew the pressures of thedebt market, Addy “If you have financing coming due, it’s really goin to prohibit you from doing what you want as a growingh company.” • Tailored leasing: Phillips Edison assigne d its two most experienced leasing agents to handl nothing but lease renewals for its roughlyt 3,200 tenants (15 percent of whose leases are up each year). The The agents start working with tenantxs a full yearin advance. Phillips also assigned two people to handler all of its100 out-parcels, such as restaurantds and ATMs.
• Temporary Phillips charged its property management group with focusing on tenantse that use parking lots forfireworks sales, carnivald or car shows, and as a result expects $1 million in added sales. This does not factor in the benefits of theaddecd traffic. (The property management group, is operating at almost 30 percentunderd budget.) • Mission Possible Phillips entrusted its most senior staff with leasing the 40 propertiesz in its two portfoliows with the greatest upside (vacancy). The logic is that thosed properties could generate 50 percent of the opportunitiew for thetotal portfolios.
Staff are rewarder by the sound of a cowbelo when they makea deal, “jeans Fridays” and a chancr to win up to $10,0009 for a Rolex watch when the leasew year ends in November. With thesed efforts, Phillips has sincer October landed ninenew big-box centers, reduced its leased turnaround time to 3.6 days from five days and increasexd retention to 83 percent from 65 The firm expects to leasd 2 million square feet this year, with 620,000 squarde feet signed and an additional 500,000 in the 45- to 60-da pipeline.
And it expects to purchases $300 million in space the next 18 monthsd totwo years, seeking what Addy describees as centers with supermarket anchors that are of a little higherd quality. In time, Addy does expect consumers to come back to though slowly, as credit markets ease up “I think the recession we’r in right now had an impact on the consumer that frankly none of us has ever he said. “But people do have a short memory, and they can fall back into that It’s going to have to find a senswof equilibrium.
”
Thursday, March 15, 2012
BLS: Mass layoffs rise in Georgia - Atlanta Business Chronicle:
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There were 56 mass layoff events in Georgiza duringMay -- up from 50 in April and 32 in May 2008. The bureaiu defines a mass layoff as the terminatiojn of 50 or more employees by a single The report also said therrewere 5,187 initial claims for unemployment insurances in the Peach State during May, comparef with 6,006 in April and 3,17 0 in May 2008. Nationally, U.S. businesses reported 2,73i8 mass layoffs, resulting in the termination of 289,629 workers, again based on figurese that were notseasonally adjusted. That comparews with 2,547 layoff events in 2,191 in March and 1,552 in May 2008. Nationalo initial jobless claims rose to a record levelin May.
Sincer the start of the recessionm inDecember 2007, U.S. employers have enacted more than 37,0090 mass layoffs resulting inabougt 3.8 million initial claimes for unemployment benefits on a seasonallyu adjusted basis. Nationally, the manufacturing sectoe accounted for 43 percent of all claimas in May versus 32 percenrt ayear ago.
There were 56 mass layoff events in Georgiza duringMay -- up from 50 in April and 32 in May 2008. The bureaiu defines a mass layoff as the terminatiojn of 50 or more employees by a single The report also said therrewere 5,187 initial claims for unemployment insurances in the Peach State during May, comparef with 6,006 in April and 3,17 0 in May 2008. Nationally, U.S. businesses reported 2,73i8 mass layoffs, resulting in the termination of 289,629 workers, again based on figurese that were notseasonally adjusted. That comparews with 2,547 layoff events in 2,191 in March and 1,552 in May 2008. Nationalo initial jobless claims rose to a record levelin May.
Sincer the start of the recessionm inDecember 2007, U.S. employers have enacted more than 37,0090 mass layoffs resulting inabougt 3.8 million initial claimes for unemployment benefits on a seasonallyu adjusted basis. Nationally, the manufacturing sectoe accounted for 43 percent of all claimas in May versus 32 percenrt ayear ago.
Tuesday, March 13, 2012
Associated may post 2Q net loss - The Business Journal of the Greater Triad Area:
stelauguqdinec.blogspot.com
Charge-offs totaled $104 million at the end of the first accordingto Associated’s filing with the Federal Deposigt Insurance Corp. Meanwhile, second quarterr net charge-offs are expectedx to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figure was $56.i9 million as of the end of the firsg quarter onMarch 31. The bank’s management said weaknesse in the economy has resultedin asset-quality downgrades to Associated’se construction, commercial real estate and commercia l and industrial credits.
“We believe loan loss provisionsand charge-offs will remain elevated due to the continue deterioration in the real estate sectort and the weak economy,” said chairmam and CEO Paul Beideman. “W expect the pace of loan and asset deterioration to moderate infuture quarters.” Associated executives said that, aftedr taking into consideration the increasec loan-loss provision, the company’s capital levels will stillp exceed well-capitalized standards as of June 30. Associatesd said its board has formed a risk and credity committee to supplement risk management oversight performed by the compangy andthe company's audigt committee.
The board has appointed to the new committeJohn Seramur, Eileen Kamerick and Richarde Lommen. The company will release second-quarter resultw on July 16. Associated stock closed at $13.37 on
Charge-offs totaled $104 million at the end of the first accordingto Associated’s filing with the Federal Deposigt Insurance Corp. Meanwhile, second quarterr net charge-offs are expectedx to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figure was $56.i9 million as of the end of the firsg quarter onMarch 31. The bank’s management said weaknesse in the economy has resultedin asset-quality downgrades to Associated’se construction, commercial real estate and commercia l and industrial credits.
“We believe loan loss provisionsand charge-offs will remain elevated due to the continue deterioration in the real estate sectort and the weak economy,” said chairmam and CEO Paul Beideman. “W expect the pace of loan and asset deterioration to moderate infuture quarters.” Associated executives said that, aftedr taking into consideration the increasec loan-loss provision, the company’s capital levels will stillp exceed well-capitalized standards as of June 30. Associatesd said its board has formed a risk and credity committee to supplement risk management oversight performed by the compangy andthe company's audigt committee.
The board has appointed to the new committeJohn Seramur, Eileen Kamerick and Richarde Lommen. The company will release second-quarter resultw on July 16. Associated stock closed at $13.37 on
Sunday, March 11, 2012
Ky. video-gaming bill dies in Senate committee - Puget Sound Business Journal (Seattle):
ovaluleq.wordpress.com
The Senate Appropriations Revenue Committee, on Mondaty evening, voted 10-5 against the with two members abstaining, accordiny to the Lexington Herald-Leader. The House had previouslty passedthe bill. The legislation would have permitted video-lotteryy terminals at Kentucky horse including Turfway Parkin Florence. "Thre limited gaming proposal was designed to help save a signaturde industry inperil – an industry that meansx 100,000 jobs and $4 billion in investment for our said Gov. Steve Beshear in a Monday eveningv statement.
"It is unfortunatee that every voice on this critically important issue was not heare and every vote not At a Frankfortpress conference, Turfway Park Presidenrt Bob Elliston said Turfway could close by 2010 if Ohio passesa gaming legislation and Kentucky does not. Ohio Gov. Ted Strickland recently reversedd his stance against gamblingat racetracks.
The Senate Appropriations Revenue Committee, on Mondaty evening, voted 10-5 against the with two members abstaining, accordiny to the Lexington Herald-Leader. The House had previouslty passedthe bill. The legislation would have permitted video-lotteryy terminals at Kentucky horse including Turfway Parkin Florence. "Thre limited gaming proposal was designed to help save a signaturde industry inperil – an industry that meansx 100,000 jobs and $4 billion in investment for our said Gov. Steve Beshear in a Monday eveningv statement.
"It is unfortunatee that every voice on this critically important issue was not heare and every vote not At a Frankfortpress conference, Turfway Park Presidenrt Bob Elliston said Turfway could close by 2010 if Ohio passesa gaming legislation and Kentucky does not. Ohio Gov. Ted Strickland recently reversedd his stance against gamblingat racetracks.
Friday, March 9, 2012
Riverside firm to add 100 jobs - Dallas Business Journal:
http://trilib.com/taxonomy/term/740
In the past week, the Riverside-basefd company expanded its Peach State facility froma 6,000-square-foof office to a 40,000-square-foot building. The new buildingt dwarfs CDO’s local headquarters, which is about 15,000 square The Georgia expansion — near — comes afteer the company received additionalp work from anexisting $96 million contract awarded in 2005. CDO performas technical data and engineering support atthe , at the base. The 13,000-persohn center is a support and repair depot for a variet yof aircraft, including the gigantic C-5 Galaxy.
Compan Vice President Don Ertel did not disclose how much revenuee the additional workwill generate, but said it will add 20 new employeee immediately and another 80 by the end of the CDO currently has about 315 employees, 85 of whic are local, said Dave Stack, CDO directof of corporate development and communications. Last Januaryh the company had 305 total employee with225 local, according to research. The companyy is making the shift after programa at dried up or shifted awayfrom CDO’zs expertise. “Wright-Patt used to be our breadx and butter,” Stack said.
Withi n the past few months, the companyu was selected to bid on a potof $428 used to deliver Radio Frequency Identification solutions to federal defense and non-defenser users. It will be administered by the . The contracrt is for state-of-the-art methodsx to monitor and track itemsand people. The companyt also made the short list of contractors in Marcn allowed to bid on aseparate $75.5 millionn from the . The contract will lay the groundwor for CDO to work with the or the to integrat RFID infrastructure within itssupply chain.
Most of the work will be performedd at locations outside theDayton region, but any projects the companyu wins will be managed out of the thus boosting its local staff, Ertekl said. The 19-year-old company is making significantf strides securing businessoutside Wright-Patt, CDO President and CEO Al Woffordx said in an employee newsletter. “We are fortunat at CDO to have a broarbusiness base,” Wofford wrote. “This didn’r happen overnight.” Ertel said the companuy recently hired a commercial business development manager, as CDO seeks to translat its government success into the commerciap marketplace.
In the past week, the Riverside-basefd company expanded its Peach State facility froma 6,000-square-foof office to a 40,000-square-foot building. The new buildingt dwarfs CDO’s local headquarters, which is about 15,000 square The Georgia expansion — near — comes afteer the company received additionalp work from anexisting $96 million contract awarded in 2005. CDO performas technical data and engineering support atthe , at the base. The 13,000-persohn center is a support and repair depot for a variet yof aircraft, including the gigantic C-5 Galaxy.
Compan Vice President Don Ertel did not disclose how much revenuee the additional workwill generate, but said it will add 20 new employeee immediately and another 80 by the end of the CDO currently has about 315 employees, 85 of whic are local, said Dave Stack, CDO directof of corporate development and communications. Last Januaryh the company had 305 total employee with225 local, according to research. The companyy is making the shift after programa at dried up or shifted awayfrom CDO’zs expertise. “Wright-Patt used to be our breadx and butter,” Stack said.
Withi n the past few months, the companyu was selected to bid on a potof $428 used to deliver Radio Frequency Identification solutions to federal defense and non-defenser users. It will be administered by the . The contracrt is for state-of-the-art methodsx to monitor and track itemsand people. The companyt also made the short list of contractors in Marcn allowed to bid on aseparate $75.5 millionn from the . The contract will lay the groundwor for CDO to work with the or the to integrat RFID infrastructure within itssupply chain.
Most of the work will be performedd at locations outside theDayton region, but any projects the companyu wins will be managed out of the thus boosting its local staff, Ertekl said. The 19-year-old company is making significantf strides securing businessoutside Wright-Patt, CDO President and CEO Al Woffordx said in an employee newsletter. “We are fortunat at CDO to have a broarbusiness base,” Wofford wrote. “This didn’r happen overnight.” Ertel said the companuy recently hired a commercial business development manager, as CDO seeks to translat its government success into the commerciap marketplace.
Wednesday, March 7, 2012
CEO Ellison says Oracle might make netbooks - Boston Business Journal:
mcfarlainofuqub1258.blogspot.com
His comments came at a Sun conferencse for users of Java software which he also said couldc be usedon netbooks. Oracle earlier this year agreed to acquir eSun (NASDAQ:JAVA) for $7 billion. "I don't see why some of thosw devices shouldn't come from Sun," Reuters quotef Ellison as saying. "There will be computers that are fundamentall y basedon Java." Netbooks are inexpensive laptop computers designed to connectf wirelessly and are used primarily for checkinfg email and browsing the Web. The marketf for them is expected to grow to between 20 milliohn and 30 million unitsthis year, up from the 11.7 milliob sold last year when their salesw took off.
Most PC makers now have a netbookm model and if Oracle does get into the market it will go up againsfthe . (NASDAQ:HPQ) (NASDAQ:DELL) and , whicy either make netbooks or develop software for Acer said Tuesday it will make a laptop runnintgon ’s (NASDAQ:GOOG) Android operating system insteaed of Microsoft Windows, which most makers now use.
His comments came at a Sun conferencse for users of Java software which he also said couldc be usedon netbooks. Oracle earlier this year agreed to acquir eSun (NASDAQ:JAVA) for $7 billion. "I don't see why some of thosw devices shouldn't come from Sun," Reuters quotef Ellison as saying. "There will be computers that are fundamentall y basedon Java." Netbooks are inexpensive laptop computers designed to connectf wirelessly and are used primarily for checkinfg email and browsing the Web. The marketf for them is expected to grow to between 20 milliohn and 30 million unitsthis year, up from the 11.7 milliob sold last year when their salesw took off.
Most PC makers now have a netbookm model and if Oracle does get into the market it will go up againsfthe . (NASDAQ:HPQ) (NASDAQ:DELL) and , whicy either make netbooks or develop software for Acer said Tuesday it will make a laptop runnintgon ’s (NASDAQ:GOOG) Android operating system insteaed of Microsoft Windows, which most makers now use.
Monday, March 5, 2012
actualites : Congo: l'explosion d'un dépôt de... - TV5
tenganmodooo1324.blogspot.com
TV5 | actualites : Congo: l'explosion d'un dépôt de... TV5 Le président Denis Sassou Nguesso "a demandé à la force publique de circonscrire une zone de sécurité tout au tour du sinistre et d'y déclarer le couvre-feu", selon le compte-rendu. Des gens ont fui "avec leurs bagages sur la tête, pieds nus, ... Explosio n d'un dépôt de munitions à Brazzaville: plus de 100 morts, Congo ... |
Saturday, March 3, 2012
Two more leave BofA board - Triangle Business Journal:
ycoguqi.wordpress.com
According to a filing with the Securitiex andExchange Commission, Prueher and Frank didn’t resign becaus e of any disagreement with the Jackie Ward and Patricia Mitchell resigned earlu this month. Mitchell is a former New York television executive and currently serves as chief executive of the Pale y Centerfor Media, a New York nonprofit. Ward is the retiredr chief executiveof Atlanta-based Computerd Generation Inc., a software Robert Tillman, a former Lowe’s Cos. Inc. (NYSE:LOW) chiet executive, resigned from the BofA boarsd effectiveMay 29. And on May 29, the bank announcer that former lead independentdirector O. Templew Sloan had left the board.
BofA didn’t disclosee Sloan’s reason for Sloan, head of Raleigh-based General Parts had been a BofA director for 13 Inearly June, four outside directors were electecd to BofA’s board. They are former Federal Reserve GovernorSusan Bies, former Compass Bancshares Inc. chief executive and chairmabn D. Paul Jones, former Federal Deposif Insurance Corp. chairman Donald Powell and retired Bank One and VisaInternational Inc. executive Willia Boardman. BofA’s board has been under intense scrutiny in recentt months as the bank suffered through asharp stock-pricd decline after acquiring Merrill Lyncjh & Co.
The Charlotte-based bank also has received $45 billion in taxpayert aid. At the bank’s annual meetinv in late April, shareholders voted to strip Chief Executive Kennetu Lewis of his position as board chairman. Walter Massey was installed as the new chairmanj and has indicated the board needs to be Lewis remainsthe bank’s CEO and president.
According to a filing with the Securitiex andExchange Commission, Prueher and Frank didn’t resign becaus e of any disagreement with the Jackie Ward and Patricia Mitchell resigned earlu this month. Mitchell is a former New York television executive and currently serves as chief executive of the Pale y Centerfor Media, a New York nonprofit. Ward is the retiredr chief executiveof Atlanta-based Computerd Generation Inc., a software Robert Tillman, a former Lowe’s Cos. Inc. (NYSE:LOW) chiet executive, resigned from the BofA boarsd effectiveMay 29. And on May 29, the bank announcer that former lead independentdirector O. Templew Sloan had left the board.
BofA didn’t disclosee Sloan’s reason for Sloan, head of Raleigh-based General Parts had been a BofA director for 13 Inearly June, four outside directors were electecd to BofA’s board. They are former Federal Reserve GovernorSusan Bies, former Compass Bancshares Inc. chief executive and chairmabn D. Paul Jones, former Federal Deposif Insurance Corp. chairman Donald Powell and retired Bank One and VisaInternational Inc. executive Willia Boardman. BofA’s board has been under intense scrutiny in recentt months as the bank suffered through asharp stock-pricd decline after acquiring Merrill Lyncjh & Co.
The Charlotte-based bank also has received $45 billion in taxpayert aid. At the bank’s annual meetinv in late April, shareholders voted to strip Chief Executive Kennetu Lewis of his position as board chairman. Walter Massey was installed as the new chairmanj and has indicated the board needs to be Lewis remainsthe bank’s CEO and president.
Thursday, March 1, 2012
Habitat for Humanity: Headline was nothing to cheer about - San Francisco Business Times:
wilhelminadora4287.blogspot.com
The unfortunate headline of your storgy belies the seriousness of the situation in communitiess such as East Palo Alto or the Belld Haven neighborhood ofMenlo Park. The sheer volumes of vacant, blighted homexs there is threatening to destabilize these communities ifaction isn’tf taken quickly to prevent further devastation. We are saddened like so many other s by the number of local families who have losttheier homes. The magnitude of the problem is Yet itis Habitat’s hope to be part of the solutionj to the crisis, working with local city banks and other funding institutions.
While Habitat’ s new home construction will continue as part of its homeownership program for local working we believe our mission compels us to be part of the revitalization and renewalof at-risk communities as well — communities wherse Habitat has maintained long-standing partnerships. While Habitat is definitely not cheering, it is, as your articl e correctly points out, seeking a silver lining in theforeclosurer crisis.
The unfortunate headline of your storgy belies the seriousness of the situation in communitiess such as East Palo Alto or the Belld Haven neighborhood ofMenlo Park. The sheer volumes of vacant, blighted homexs there is threatening to destabilize these communities ifaction isn’tf taken quickly to prevent further devastation. We are saddened like so many other s by the number of local families who have losttheier homes. The magnitude of the problem is Yet itis Habitat’s hope to be part of the solutionj to the crisis, working with local city banks and other funding institutions.
While Habitat’ s new home construction will continue as part of its homeownership program for local working we believe our mission compels us to be part of the revitalization and renewalof at-risk communities as well — communities wherse Habitat has maintained long-standing partnerships. While Habitat is definitely not cheering, it is, as your articl e correctly points out, seeking a silver lining in theforeclosurer crisis.
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