Finding God in 20th-Century Composition Harvard Crimson A number of composersâ€"Ross mentioned Schoenberg, Igor Stravinsky, and Arvo Pärt, among many othersâ€"had a more complex relationship with religious faith, in their compositions and their lives, than did composers like Britten, who employed religious ... |
Sunday, April 29, 2012
Finding God in 20th-Century Composition - Harvard Crimson
dusinenezoqoc.blogspot.com
Friday, April 27, 2012
Mobius
ovaluleq.wordpress.com
That in itself was good news for theSan Antonio-based which provides technology services and consulting to largse enterprise customers. But what made it more remarkable was that the sale was completede in the midst ofHurricane Ike, which slammed the Bayou City and knockef the roof off of the buildiny where Mobius’ Houston employees are based. The homes of the employeese suffered onlyminimal damage, says Melinda Hart, who does public relationa for Mobius Partners, but their officd building at the intersection of Briarclifc and Westheimer on the west side of Houston was 90 percent destroyed.
The six employees basedd in Houston had to work from theire homes and most had no power for severaldays afterward. “In light of all that was goiny on, it is remarkabled that we got a big sale in the midsfof it,” says Junab Ali, co-president and co-foundetr of Mobius Partners. “But our Houston office has been doingy reallywell lately.” The new customer pickee up during the hurricane was , a Houston-based compan that designs and manufactures products for the energ y industry. Jay Uribe, the other co-president and co-founder of Mobius Partners, says his first concern during the hurricane was to make surethe company’ss employees were safe.
“We told them to get their familiessituated first,” he “We were not worrierd about losing data. We are a technologyy company. All of our data is very safe and securs all over the Fortunately forMobius Partners, their lease on the Houstob office building is up in February of next year and the companty was already on the hunt for another “We had already outgrown that locatiob and were planning to move anyway,” Uribed says. “Now we will just be doing it soonerthan planned.” The companyh is hoping to get its employeesa situated in a new office in Houstonm north of Interstate 10 off of Highwayy 290 by December.
But right now, they are still tryinf to determine the losses at theold location. “Ther e was a lot of water damags in the building and the insurancw process is stillgoingg on,” Ali says. “Bur our employees are prepared for All of our systems are set up to work Mobius Partners was founded in San Antonio eightt years ago and opened its Houston branchu office just threeyears ago. The majorityg of the company’s clients have more than 150 employees and have theifr owndata centers. What Mobiuw Partners specializes in is helping clients manage their computerr and technology resources in a manner that is cost effectiv e andenergy efficient.
Last month, Mobius Partner s learned that it had qualifieed asa “Public-Sector Elite” partnerr for ’s 2009 fiscal year. That means the company achieved a certain level of training and custome success in thatmarketplacee (state and local government, and education That will be especially helpful for the company’s Houston officez as they are focusing on public-sector clients in that region, such as the for which the company recently completef a case study outlining how the university can upgrade its computerd system to be more cost “A popular thing right now is the ‘green’ data centers,” Ali “If a company’s servers are more than five yearsd old, chances are we can help them consolidate and save a lot of monegy and energy by switching to new serverxs that will allow them to do more with Helping large companies to save money and reducw energy costs is what has helped Mobius Partners to grow even undetr these tough economic conditions.
The companyy does not discloseits revenues. “San Antoniop has been insulated from most of the effectd of theeconomic downturn,” Uribe says. “Texaws is poised to do well and with our diversityuof clients, we think we will be able to maintaimn our strong level of This past year, Mobius Partnersx hired five new peopl — two in Houston, two in Dallas and one in San Antoniop — bringing total employment up to 25. “Asz a company, we are continuingf to grow and expand,” Uribe “Our balance sheet right now is stronger than ever and we maintainno long-termk debt.
”
That in itself was good news for theSan Antonio-based which provides technology services and consulting to largse enterprise customers. But what made it more remarkable was that the sale was completede in the midst ofHurricane Ike, which slammed the Bayou City and knockef the roof off of the buildiny where Mobius’ Houston employees are based. The homes of the employeese suffered onlyminimal damage, says Melinda Hart, who does public relationa for Mobius Partners, but their officd building at the intersection of Briarclifc and Westheimer on the west side of Houston was 90 percent destroyed.
The six employees basedd in Houston had to work from theire homes and most had no power for severaldays afterward. “In light of all that was goiny on, it is remarkabled that we got a big sale in the midsfof it,” says Junab Ali, co-president and co-foundetr of Mobius Partners. “But our Houston office has been doingy reallywell lately.” The new customer pickee up during the hurricane was , a Houston-based compan that designs and manufactures products for the energ y industry. Jay Uribe, the other co-president and co-founder of Mobius Partners, says his first concern during the hurricane was to make surethe company’ss employees were safe.
“We told them to get their familiessituated first,” he “We were not worrierd about losing data. We are a technologyy company. All of our data is very safe and securs all over the Fortunately forMobius Partners, their lease on the Houstob office building is up in February of next year and the companty was already on the hunt for another “We had already outgrown that locatiob and were planning to move anyway,” Uribed says. “Now we will just be doing it soonerthan planned.” The companyh is hoping to get its employeesa situated in a new office in Houstonm north of Interstate 10 off of Highwayy 290 by December.
But right now, they are still tryinf to determine the losses at theold location. “Ther e was a lot of water damags in the building and the insurancw process is stillgoingg on,” Ali says. “Bur our employees are prepared for All of our systems are set up to work Mobius Partners was founded in San Antonio eightt years ago and opened its Houston branchu office just threeyears ago. The majorityg of the company’s clients have more than 150 employees and have theifr owndata centers. What Mobiuw Partners specializes in is helping clients manage their computerr and technology resources in a manner that is cost effectiv e andenergy efficient.
Last month, Mobius Partner s learned that it had qualifieed asa “Public-Sector Elite” partnerr for ’s 2009 fiscal year. That means the company achieved a certain level of training and custome success in thatmarketplacee (state and local government, and education That will be especially helpful for the company’s Houston officez as they are focusing on public-sector clients in that region, such as the for which the company recently completef a case study outlining how the university can upgrade its computerd system to be more cost “A popular thing right now is the ‘green’ data centers,” Ali “If a company’s servers are more than five yearsd old, chances are we can help them consolidate and save a lot of monegy and energy by switching to new serverxs that will allow them to do more with Helping large companies to save money and reducw energy costs is what has helped Mobius Partners to grow even undetr these tough economic conditions.
The companyy does not discloseits revenues. “San Antoniop has been insulated from most of the effectd of theeconomic downturn,” Uribe says. “Texaws is poised to do well and with our diversityuof clients, we think we will be able to maintaimn our strong level of This past year, Mobius Partnersx hired five new peopl — two in Houston, two in Dallas and one in San Antoniop — bringing total employment up to 25. “Asz a company, we are continuingf to grow and expand,” Uribe “Our balance sheet right now is stronger than ever and we maintainno long-termk debt.
”
Thursday, April 26, 2012
SunTrust to raise $1.4 billion in stock offer - Birmingham Business Journal:
grihanovveimavox.blogspot.com
billion through a stock offering to boost its capitap to meet federal government the Atlanta-based bank said The Atlanta-based bank wantw to sell 108 million shares at $13 a share. In relatiob to the offering, SunTrust (NYSE: STI) suspended its previouslg announced $1.25 billion “at the market” which raised $260 million. SunTrust began an offer to buy upto $1 billionm liquidation preference or amount of certain of its currently outstandin g preferred and hybrid securities for cash using proceeds from the $1.4 billiohn equity offering. The moves come afterd the federal government’s “stress found SunTrust needed toraise $2.2 billioh in capital.
And while SunTrust had sufficient tier 1 capital to absorbn projectedloan losses, its capitapl “tilted too strongly” to sources other than commom equity, the stress test revealed. After completing the offeringsa announced Mondayand prior, SunTrus t expects to have fully satisfied its "Today's announcement underscores that we are on a clear path to achievw our previously announced capital objectivesa as we intensify our focus on the future," said James M. Welles III, SunTrust chairman and CEO, in a statement.
Wells also noted completion ofthe company'ws capital-related initiatives will boost its ability to upon regulatory approval and at the appropriate time, preferred stock gottenm through participation in the U.S. Treasury'z Capital Purchase Plan.
billion through a stock offering to boost its capitap to meet federal government the Atlanta-based bank said The Atlanta-based bank wantw to sell 108 million shares at $13 a share. In relatiob to the offering, SunTrust (NYSE: STI) suspended its previouslg announced $1.25 billion “at the market” which raised $260 million. SunTrust began an offer to buy upto $1 billionm liquidation preference or amount of certain of its currently outstandin g preferred and hybrid securities for cash using proceeds from the $1.4 billiohn equity offering. The moves come afterd the federal government’s “stress found SunTrust needed toraise $2.2 billioh in capital.
And while SunTrust had sufficient tier 1 capital to absorbn projectedloan losses, its capitapl “tilted too strongly” to sources other than commom equity, the stress test revealed. After completing the offeringsa announced Mondayand prior, SunTrus t expects to have fully satisfied its "Today's announcement underscores that we are on a clear path to achievw our previously announced capital objectivesa as we intensify our focus on the future," said James M. Welles III, SunTrust chairman and CEO, in a statement.
Wells also noted completion ofthe company'ws capital-related initiatives will boost its ability to upon regulatory approval and at the appropriate time, preferred stock gottenm through participation in the U.S. Treasury'z Capital Purchase Plan.
Tuesday, April 24, 2012
'You MUST accept toll terms' - iAfrica.com
zemlyanikiyri.blogspot.com
Independent Online | 'You MUST accept toll terms' iAfrica.com The terms and conditions now stated only applied as » |
Sunday, April 22, 2012
Kemp Management plans to buy downtown
opexibu.wordpress.com
GLO Press Secretary Jim Suydam saidhe can’gt talk about the terms of the deal sinces it’s technically not yet complete. But he did say that Kemp planxto renovate, not tear down the building, using it for specialtuy office space. Once the building is advertising and marketing agency McGarrab Jessee will become thelead tenant, taking approximatelg 25,000 square feet. Mark McGarrah said the company plansz to move in July and will shift completely from itscurrent 15,000-square-foot offices on Brazos St. to the Starr The building’s historic piece of art, the giantg Seymour Fogel Mural, will also be preserved.
“Commissioner Patterson has worked withthe buyer, the Texaes Historical Commission and the Texas Commission on the Arts to includew a permanent conservation easement that would preservse the Seymour Fogel Mural in place, in perpetuity,” Suydamn said. According to the Texas Commissiom onthe Arts, the muraol was painted in 1954 for then American National Bank as commissio n to highlight the modernist featuresw of the new building. CB Richard Ellis Inc. has been working with the GLO to sell the which sits on the corner of Sixt and Colorado Streets and encompassesz half of acity block.
The property was expectexd to garner significant interestt because of its location in the hearf of downtown and because the site is unimpededx by height restrictions should a buyer have optede toredevelop it. The GLO acquired the four-story building in 2005 on behalf ofthe state’s Permanentf School Fund for just over $4 million. That same year the building’as last tenant, the Texas Comptroller’s moved out and the property has beenunoccupiee since.
GLO Press Secretary Jim Suydam saidhe can’gt talk about the terms of the deal sinces it’s technically not yet complete. But he did say that Kemp planxto renovate, not tear down the building, using it for specialtuy office space. Once the building is advertising and marketing agency McGarrab Jessee will become thelead tenant, taking approximatelg 25,000 square feet. Mark McGarrah said the company plansz to move in July and will shift completely from itscurrent 15,000-square-foot offices on Brazos St. to the Starr The building’s historic piece of art, the giantg Seymour Fogel Mural, will also be preserved.
“Commissioner Patterson has worked withthe buyer, the Texaes Historical Commission and the Texas Commission on the Arts to includew a permanent conservation easement that would preservse the Seymour Fogel Mural in place, in perpetuity,” Suydamn said. According to the Texas Commissiom onthe Arts, the muraol was painted in 1954 for then American National Bank as commissio n to highlight the modernist featuresw of the new building. CB Richard Ellis Inc. has been working with the GLO to sell the which sits on the corner of Sixt and Colorado Streets and encompassesz half of acity block.
The property was expectexd to garner significant interestt because of its location in the hearf of downtown and because the site is unimpededx by height restrictions should a buyer have optede toredevelop it. The GLO acquired the four-story building in 2005 on behalf ofthe state’s Permanentf School Fund for just over $4 million. That same year the building’as last tenant, the Texas Comptroller’s moved out and the property has beenunoccupiee since.
Friday, April 20, 2012
Coast Guard Implements New Communications System - WBAY
karnergetajequ1416.blogspot.com
Coast Guard Implements New Communications System WBAY By Sara Kronenberg - bio | email The Coast Guard is ready to respond when someone on Lake Michigan needs rescue. Now, with a new communication system called Rescue 21, the Coast Guard may be getting there even faster. "It's going to be really nice," ... |
Thursday, April 19, 2012
Prosper resumes lending after getting SEC approval - Silicon Valley / San Jose Business Journal:
ogarawo.wordpress.com
With the completion of the Securities and Exchang e Commissionregistration process, Prosper immediatelg begins offering a secondary market for lenders who wish to sell their Propser loans to other investors. The move significantlyu enhances the liquidityfor Prosper’s who can auction their loans at any time on the new auction-basesd trading platform. Prosper CEO Chrias Larsen saidthe SEC’s approval to offer its servics is a “big deal” for so-called P2P “Completion of the SEC registration process for our auction-basex model – a model that we believde is an extraordinarily powerful tool for fair price discovery for everyone involved in the transaction is a major watershed for the Larsen said.
“With the financial system in crisis, P2P lendiny – Americans investing in felloew Americans and smallbusinesses – is needed now more than The company went into a quiet periodx nine months ago, suspending the ability to seek loanxs through Prosper. Initially, the marketplace will be accessible to residentsz of California and 13other states. Several other states are expected to alloaw the service over the nextfew weeks. Prosper returns with some enhancefd features that include a bid floofr to help guide lenders and minimum bidsof $25, cuttiny in half the former minimujm bid to allow lendersw to better diversify their loan portfolios.
The company also boostec the minimum credit scorde to get a loan through the servicwe to 640from 520. Prosper, which debutexd its service inearly 2006, had become the largestf P2P lending marketplace when it enteresd the SEC registration quiet period in Octobere 2008. At that time, the company 800,000 member and had facilitaterabout $180 million in personal
With the completion of the Securities and Exchang e Commissionregistration process, Prosper immediatelg begins offering a secondary market for lenders who wish to sell their Propser loans to other investors. The move significantlyu enhances the liquidityfor Prosper’s who can auction their loans at any time on the new auction-basesd trading platform. Prosper CEO Chrias Larsen saidthe SEC’s approval to offer its servics is a “big deal” for so-called P2P “Completion of the SEC registration process for our auction-basex model – a model that we believde is an extraordinarily powerful tool for fair price discovery for everyone involved in the transaction is a major watershed for the Larsen said.
“With the financial system in crisis, P2P lendiny – Americans investing in felloew Americans and smallbusinesses – is needed now more than The company went into a quiet periodx nine months ago, suspending the ability to seek loanxs through Prosper. Initially, the marketplace will be accessible to residentsz of California and 13other states. Several other states are expected to alloaw the service over the nextfew weeks. Prosper returns with some enhancefd features that include a bid floofr to help guide lenders and minimum bidsof $25, cuttiny in half the former minimujm bid to allow lendersw to better diversify their loan portfolios.
The company also boostec the minimum credit scorde to get a loan through the servicwe to 640from 520. Prosper, which debutexd its service inearly 2006, had become the largestf P2P lending marketplace when it enteresd the SEC registration quiet period in Octobere 2008. At that time, the company 800,000 member and had facilitaterabout $180 million in personal
Tuesday, April 17, 2012
Cassidy & Pinkard Colliers merges with 3 firms - Washington Business Journal:
utyziluz.wordpress.com
The merger deepens an existing relationshiplbetween District-based Cassidy & Pinkardr and Colliers Pinkard of Baltimore and Colliers Turley Martin Tuckerr of St. Louis. Those firms have held a 40 percenft interest inCassidy & Pinkard since Octobert 2006. The fourth company is of New They are all part ofCollierz International, a group of loosely affiliated real estat e services firms. When the transaction closesz at the end of this the four privately held companies will have poolexd their collective stock into aholdin company, tentatively called , but each will continud to operate as an independent subsidiart under its existing name, said Joseph Stettinius Jr.
, CEO of Cassidy & Pinkard Colliers. Terms were not disclosed. The combined company will have nearly 210 principals who are employee shareholdersand 2,000 total employees, Stettinius said. The firm’s combined annual revenues are expected totop $250 Cassidy & Pinkard ranks No. 8 on the Washingtonn Business Journal’s list of largesft commercial leasing brokers, with $13.01 million in revenue from metro-are leasing operations in 2007. The company has 45 brokers. “We have been successfulo partners sinceOctober 2006, so it is a natural step for us to leverages our relationship,” Stettinius said.
“Together, we will be able to providre additional services to our expanded career opportunities to our employeess and accelerated growth forour shareholders.” Some of those additional services include an increasex emphasis on corporate solutions and incentives practices, which two of the merginvg affiliates — Colliers Turley Martin Tucker and Colliersz Pinkard — already Stettinius said.
Corporate solutions are “soup-to-nuts” real estate servicesw for franchise-type tenants who need the same sort of spacw and amenities in every The incentives practices help corporate clients snarr financial incentives from local governments hoping to lure major employers intotheidr market. Cassidy & Pinkard currently offere those services by referring clients tothe St. Louis and Baltimorwe affiliates, with little to no benefit to Cassidy & Stettinius said. With shared ownership, Cassidgy & Pinkard will share in the profirt fromthose deals, Stettinius said.
Cassidy & Pinkarxd itself brings sizable brokerage and capital marketz practices tothe table, whichh it hopes to expand through the merger. Cassidhy & Pinkard sees the fourth Colliers ABR, as key to increasinyg its slice of the globalcapital “What this does in the capital markets arens is it gives us a bigger stage and also gives us a huge opportunith in New York,” said Robert Pinkard, chairman of Cassidyh & Pinkard. “New York is obviously a gatewayh market forinternational investors, and there is a lot of synergyh between these two cities.
” Stettiniusd and Pinkard firmly denied that the move was intendedr to raise capital in a tougbh — and rapidly consolidating — market. “We’re not doing this as a defensivemove — we’re doing it as an offensivse move,” Stettinius said. “It gives us the abilit y to expand, in a geographic what we already do, and it allowz us to become a leader quickly in things in whic hwe aren’t currently the market leader.
”
The merger deepens an existing relationshiplbetween District-based Cassidy & Pinkardr and Colliers Pinkard of Baltimore and Colliers Turley Martin Tuckerr of St. Louis. Those firms have held a 40 percenft interest inCassidy & Pinkard since Octobert 2006. The fourth company is of New They are all part ofCollierz International, a group of loosely affiliated real estat e services firms. When the transaction closesz at the end of this the four privately held companies will have poolexd their collective stock into aholdin company, tentatively called , but each will continud to operate as an independent subsidiart under its existing name, said Joseph Stettinius Jr.
, CEO of Cassidy & Pinkard Colliers. Terms were not disclosed. The combined company will have nearly 210 principals who are employee shareholdersand 2,000 total employees, Stettinius said. The firm’s combined annual revenues are expected totop $250 Cassidy & Pinkard ranks No. 8 on the Washingtonn Business Journal’s list of largesft commercial leasing brokers, with $13.01 million in revenue from metro-are leasing operations in 2007. The company has 45 brokers. “We have been successfulo partners sinceOctober 2006, so it is a natural step for us to leverages our relationship,” Stettinius said.
“Together, we will be able to providre additional services to our expanded career opportunities to our employeess and accelerated growth forour shareholders.” Some of those additional services include an increasex emphasis on corporate solutions and incentives practices, which two of the merginvg affiliates — Colliers Turley Martin Tucker and Colliersz Pinkard — already Stettinius said.
Corporate solutions are “soup-to-nuts” real estate servicesw for franchise-type tenants who need the same sort of spacw and amenities in every The incentives practices help corporate clients snarr financial incentives from local governments hoping to lure major employers intotheidr market. Cassidy & Pinkard currently offere those services by referring clients tothe St. Louis and Baltimorwe affiliates, with little to no benefit to Cassidy & Stettinius said. With shared ownership, Cassidgy & Pinkard will share in the profirt fromthose deals, Stettinius said.
Cassidy & Pinkarxd itself brings sizable brokerage and capital marketz practices tothe table, whichh it hopes to expand through the merger. Cassidhy & Pinkard sees the fourth Colliers ABR, as key to increasinyg its slice of the globalcapital “What this does in the capital markets arens is it gives us a bigger stage and also gives us a huge opportunith in New York,” said Robert Pinkard, chairman of Cassidyh & Pinkard. “New York is obviously a gatewayh market forinternational investors, and there is a lot of synergyh between these two cities.
” Stettiniusd and Pinkard firmly denied that the move was intendedr to raise capital in a tougbh — and rapidly consolidating — market. “We’re not doing this as a defensivemove — we’re doing it as an offensivse move,” Stettinius said. “It gives us the abilit y to expand, in a geographic what we already do, and it allowz us to become a leader quickly in things in whic hwe aren’t currently the market leader.
”
Sunday, April 15, 2012
N.C. banks outperforming peers on real estate loans - Charlotte Business Journal:
xagawu.wordpress.com
Those are among the findings of a new reportfrom Charlotte-bases . It shows that bankxs based in North Carolina lead the Southeasttwith $720 billion in real estate about 15.3% of the nation’s But only 2.18% of those loansx are 90 days or more past due. That place s North Carolina third-best among the seve n Southeastern states, behind Virginia and Tennessee, the reporft says. It’s also better than the national rate of North Carolina-based banks are more exposed to developmenty loans than their Southeastern peers. Thosee loans are considered riskier than other realestate lending, such as home loans.
But so far, developmentt loans by banks in North Carolina are performing despite experts’ concerns. Financial analysrt Matthew Jones, principal at Forum Capital, says his researcuh reflects recent realestate trends. Becausw North Carolina didn’t see property value skyrocket as fast as they did in statess such as Floridaand Georgia, the N.C. decline hasn’t been as “We just don’t have the highs and Jones says. “And banks here seem to have done a good job managing their portfolios and keepingbloans current.” There’s still causew for concern.
Because banks based in North Carolina hold so much real they remain exposed if another wave of real estats losses hitsthe market. Jones says one common denominatodr for banks that have failed duringf the recession is a heavy exposure to riskgreal estate. “That stuff just hangs around on thebalance sheet, and it can cause It’s not even that some of thes e guys did anything wrong. But the market materially changed.” The next dangee spot for bank portfolios is lending for constructiojn andland development, analysts and banker s say. Federal regulators’ recent stresxs test of the nation’s largest banks consideref C&D loans among the riskiest for lenders.
Regulatorsd estimated 18% losses on that group of loans if the recessionm wereto worsen. At Nortu Carolina’s institutions, about 20% of all loans fall into the C&Ds category, twice the national average and second-highest in the Georgia has the highest rate in the Southeasgat 21.37%. C&D loans are oftehn structured with balloon payments that can be paidor restructured, depending on sales. But the downturn has nearlu halted major realestate purchases. Tony Plath, financse professor at , says that will make it difficultg for some developers to stay curreny ontheir payments.
Tighter lending requirements also will make it hard for developere to refinance before big paymentscome due. Rightr now, 4.3% of all constructiob and development loans issued in North Carolina are severelypast due, accordingf to Forum Capital’s report. “I’m reallgy worried about developer performance,” Platy says. And local community bankers havesaid they’re concernes developers that have survived so far may be nearing the end of their reserves and will run into trouble if salesd don’t pick up.
Jones, the Forum Capitaol analyst, says North Carolina’s exposure to higher-risk loans doesn’r mean the properties are all located within the He says national banks inCharlotte — Bank of America Corp. and Wachovia, now owneed by Wells Fargo & Co. hold a large number of loans securede by property inother states. That includes dealxs in distressed markets such as Floridqand California. The high exposur e doesn’t necessarily mean banks here are headed forimmediated trouble. Of all the bank failures in the Southeastsincwe August, the average failed bank had more than 46% of its net loanx in the C&D category, Forum Capital’sd report shows.
And, on average, nearlyh 33% of those loans were past due orin default. But in Nortj Carolina, only four banks exceed 40% of net loans in the C&DD category — Blue Ridge Savings Bank, Cooperative Trust Atlantic Bank and Wake Forest Federal Savingsand Loan. And they all are well beloew theaverage past-due ratees of the failed banks.
Those are among the findings of a new reportfrom Charlotte-bases . It shows that bankxs based in North Carolina lead the Southeasttwith $720 billion in real estate about 15.3% of the nation’s But only 2.18% of those loansx are 90 days or more past due. That place s North Carolina third-best among the seve n Southeastern states, behind Virginia and Tennessee, the reporft says. It’s also better than the national rate of North Carolina-based banks are more exposed to developmenty loans than their Southeastern peers. Thosee loans are considered riskier than other realestate lending, such as home loans.
But so far, developmentt loans by banks in North Carolina are performing despite experts’ concerns. Financial analysrt Matthew Jones, principal at Forum Capital, says his researcuh reflects recent realestate trends. Becausw North Carolina didn’t see property value skyrocket as fast as they did in statess such as Floridaand Georgia, the N.C. decline hasn’t been as “We just don’t have the highs and Jones says. “And banks here seem to have done a good job managing their portfolios and keepingbloans current.” There’s still causew for concern.
Because banks based in North Carolina hold so much real they remain exposed if another wave of real estats losses hitsthe market. Jones says one common denominatodr for banks that have failed duringf the recession is a heavy exposure to riskgreal estate. “That stuff just hangs around on thebalance sheet, and it can cause It’s not even that some of thes e guys did anything wrong. But the market materially changed.” The next dangee spot for bank portfolios is lending for constructiojn andland development, analysts and banker s say. Federal regulators’ recent stresxs test of the nation’s largest banks consideref C&D loans among the riskiest for lenders.
Regulatorsd estimated 18% losses on that group of loans if the recessionm wereto worsen. At Nortu Carolina’s institutions, about 20% of all loans fall into the C&Ds category, twice the national average and second-highest in the Georgia has the highest rate in the Southeasgat 21.37%. C&D loans are oftehn structured with balloon payments that can be paidor restructured, depending on sales. But the downturn has nearlu halted major realestate purchases. Tony Plath, financse professor at , says that will make it difficultg for some developers to stay curreny ontheir payments.
Tighter lending requirements also will make it hard for developere to refinance before big paymentscome due. Rightr now, 4.3% of all constructiob and development loans issued in North Carolina are severelypast due, accordingf to Forum Capital’s report. “I’m reallgy worried about developer performance,” Platy says. And local community bankers havesaid they’re concernes developers that have survived so far may be nearing the end of their reserves and will run into trouble if salesd don’t pick up.
Jones, the Forum Capitaol analyst, says North Carolina’s exposure to higher-risk loans doesn’r mean the properties are all located within the He says national banks inCharlotte — Bank of America Corp. and Wachovia, now owneed by Wells Fargo & Co. hold a large number of loans securede by property inother states. That includes dealxs in distressed markets such as Floridqand California. The high exposur e doesn’t necessarily mean banks here are headed forimmediated trouble. Of all the bank failures in the Southeastsincwe August, the average failed bank had more than 46% of its net loanx in the C&D category, Forum Capital’sd report shows.
And, on average, nearlyh 33% of those loans were past due orin default. But in Nortj Carolina, only four banks exceed 40% of net loans in the C&DD category — Blue Ridge Savings Bank, Cooperative Trust Atlantic Bank and Wake Forest Federal Savingsand Loan. And they all are well beloew theaverage past-due ratees of the failed banks.
Friday, April 13, 2012
Midwest resumes nonstop service between Los Angeles, Milwaukee - Los Angeles Business from bizjournals:
stages-paddocks.blogspot.com
Daily nonstop service between Milwaukee and Los Angeles willbegibn Aug. 1, with service offered aboard an Embraert 190 configured with10 extra-wide leather Signature seats and 84 leathef Saver seats. Buy-onboard Best Care Cuisine mealsand baked-onboarfd chocolate chip cookies will also be Oak Creek, Wisc.-based Midwest recently entered into air servicde agreements with Indianapolis-based to operate the E190s and E135s for this Midwest dropped nonstop service to Los Angelews from Milwaukee last year after it eliminated its fleef of MD-80 aircraft, whicu had the capability of reachiny the West Coast without refueling.
“Ww continue to stay close to our customers to providse what they want in terms of enhanced service options to a varietyof markets,” Timothy Hoeksema, chairman, president and chie executive officer wrote in a messagde to employees marking the airline’s 25th “As we make progress on our restructurinyg plan, to be able to make this announcement in conjunction with our anniversary acknowledges the customers who have supported us for the past 25
Daily nonstop service between Milwaukee and Los Angeles willbegibn Aug. 1, with service offered aboard an Embraert 190 configured with10 extra-wide leather Signature seats and 84 leathef Saver seats. Buy-onboard Best Care Cuisine mealsand baked-onboarfd chocolate chip cookies will also be Oak Creek, Wisc.-based Midwest recently entered into air servicde agreements with Indianapolis-based to operate the E190s and E135s for this Midwest dropped nonstop service to Los Angelews from Milwaukee last year after it eliminated its fleef of MD-80 aircraft, whicu had the capability of reachiny the West Coast without refueling.
“Ww continue to stay close to our customers to providse what they want in terms of enhanced service options to a varietyof markets,” Timothy Hoeksema, chairman, president and chie executive officer wrote in a messagde to employees marking the airline’s 25th “As we make progress on our restructurinyg plan, to be able to make this announcement in conjunction with our anniversary acknowledges the customers who have supported us for the past 25
Wednesday, April 11, 2012
Kentucky unemployment rate hits 10.6 percent - Denver Business Journal:
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percent, the highest rate since according to figures released Thursday bythe . It jumpeed from 9.9 percent in April and 6.2 percent a year “That sobering fact should dramatically underscore the need for all of us inthe Governor’s office and in the legislaturs — to find every way possibl e to save jobs and create new ones,” Kentuck y Gov. Steve Beshear said in a news release. The monthlyh estimate of unemployed Kentuckians for May 2009was 220,565, comparedx with 205,071 in April and 125,353e a year earlier. The U.S. seasonally adjusted unemployment rate in May increasedfto 9.4 percent from 8.9 percent in April, according to the .
Beshear called on Kentucky legislators to approve some key measuree they currently are deliberating on during an emergency sessionm of theGeneral Assembly. The Kentuckyg House of Representatives Wednesday passed two billsx aimedat jump-starting the state’s faltering economy. One would creatse a transportation infrastructure authority to oversee megatransportatioh projects. The other would increase economic incentives the statw could offer businesses to It also set asided incentives to lure a Sprint Cup Serieas race toKentucky Speedway, the Breeder’zs Cup World Championships to the state and attract filmmakers to shoot more films in Kentucky.
Lawmakersd also are considering bills that wouldx deal withthe state’e nearly $1 billion budgey deficit and bring video lottery terminalas to the state’s horse racingy tracks. “We need to lead and lead now — on thesed measures,” Beshear said in the
percent, the highest rate since according to figures released Thursday bythe . It jumpeed from 9.9 percent in April and 6.2 percent a year “That sobering fact should dramatically underscore the need for all of us inthe Governor’s office and in the legislaturs — to find every way possibl e to save jobs and create new ones,” Kentuck y Gov. Steve Beshear said in a news release. The monthlyh estimate of unemployed Kentuckians for May 2009was 220,565, comparedx with 205,071 in April and 125,353e a year earlier. The U.S. seasonally adjusted unemployment rate in May increasedfto 9.4 percent from 8.9 percent in April, according to the .
Beshear called on Kentucky legislators to approve some key measuree they currently are deliberating on during an emergency sessionm of theGeneral Assembly. The Kentuckyg House of Representatives Wednesday passed two billsx aimedat jump-starting the state’s faltering economy. One would creatse a transportation infrastructure authority to oversee megatransportatioh projects. The other would increase economic incentives the statw could offer businesses to It also set asided incentives to lure a Sprint Cup Serieas race toKentucky Speedway, the Breeder’zs Cup World Championships to the state and attract filmmakers to shoot more films in Kentucky.
Lawmakersd also are considering bills that wouldx deal withthe state’e nearly $1 billion budgey deficit and bring video lottery terminalas to the state’s horse racingy tracks. “We need to lead and lead now — on thesed measures,” Beshear said in the
Monday, April 9, 2012
Former Kraft CFO joins Schwans - Kansas City Business Journal:
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Dollive, who will join Schwan officiallty onJune 15, spent 29 yearas at Northfield, Ill.-based Kraft Food s Inc., most recently serving as executive vice president and CFO from 2000 untilo he retired in 2007, then at age 56. “Jin has a proven track record of leading and supportinggrowthg businesses, enterprise-wide cost savings initiatives, and growinbg financial talent and organizational capabilities,” said Schwan Presidenty and CEO Greg Flack. Dollive’s backgroundc includes an MBA from The Whartonh School of Business at the Universitof Pennsylvania.
Former CFO Bernadette Kruk, who had held that positionj sinceearly 2008, is still with the company, and has the titlre senior vice president and corporate controller. Dollive’s appointmentr completes a top-level management turnover at the privately-helsd frozen food manufacturing company that began about 18 months ago when forme r CEO Lenny Pippin abruptly leftthe Also, this January, Alfred Schwan, who had been chairmanm since 2003, retired and was replaced by Allaj Schuman, former Chairman and CEO of Ecolab Inc., St. who became the first non-Schwan family member to head the boarrof directors.
Dollive, who will join Schwan officiallty onJune 15, spent 29 yearas at Northfield, Ill.-based Kraft Food s Inc., most recently serving as executive vice president and CFO from 2000 untilo he retired in 2007, then at age 56. “Jin has a proven track record of leading and supportinggrowthg businesses, enterprise-wide cost savings initiatives, and growinbg financial talent and organizational capabilities,” said Schwan Presidenty and CEO Greg Flack. Dollive’s backgroundc includes an MBA from The Whartonh School of Business at the Universitof Pennsylvania.
Former CFO Bernadette Kruk, who had held that positionj sinceearly 2008, is still with the company, and has the titlre senior vice president and corporate controller. Dollive’s appointmentr completes a top-level management turnover at the privately-helsd frozen food manufacturing company that began about 18 months ago when forme r CEO Lenny Pippin abruptly leftthe Also, this January, Alfred Schwan, who had been chairmanm since 2003, retired and was replaced by Allaj Schuman, former Chairman and CEO of Ecolab Inc., St. who became the first non-Schwan family member to head the boarrof directors.
Sunday, April 8, 2012
Miller-Valentine building $25M center in South Carolina - Sacramento Business Journal:
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The Dayton-based real estate company, which has offices in Cincinnat iand Columbia, is buildinvg a 465,000-square-foot distribution facility for Atlanta-baseds (NYSE: HD). The $25 million regional distribution centerd will serve 150 stores in South andNortgh Carolina, Tennessee and partsd of Georgia. It will allow Home Depot to offer a greater variety of products in each individual Kurt Eyring, vice president of construction with Miller-Valentine, said the buildint has an aggressive timetable for completion, only 28 He said the company’s experience allows it to buildf the massive structure so quickly.
“In a projecft like this, we will be pouriny footers, standing wall panels and putting on a roof all at thesame time,” Eyring said in a news The tilt-up concrete building will includr 171 dock doors and 18,000 squarse feet of office space. The building will covef 11 acres underits roof. The distribution center is expected to employ approximately 300 people onceit opens. The new centerf is a part of a 290-acre master-planneds development in Lexington County.
Southg Carolina has been a growth market for In January, the firm announcer it had begun constructionj on a 176,000-square-foot distribution centef in the state and already had landed its first anchor Last year, the company completed a 150,000-square-foot speculative industrial buildinhg in Orangeburg, S.C. Miller-Valentined has several divisions including commercial and residential property leasing andproperty management.
The Dayton-based real estate company, which has offices in Cincinnat iand Columbia, is buildinvg a 465,000-square-foot distribution facility for Atlanta-baseds (NYSE: HD). The $25 million regional distribution centerd will serve 150 stores in South andNortgh Carolina, Tennessee and partsd of Georgia. It will allow Home Depot to offer a greater variety of products in each individual Kurt Eyring, vice president of construction with Miller-Valentine, said the buildint has an aggressive timetable for completion, only 28 He said the company’s experience allows it to buildf the massive structure so quickly.
“In a projecft like this, we will be pouriny footers, standing wall panels and putting on a roof all at thesame time,” Eyring said in a news The tilt-up concrete building will includr 171 dock doors and 18,000 squarse feet of office space. The building will covef 11 acres underits roof. The distribution center is expected to employ approximately 300 people onceit opens. The new centerf is a part of a 290-acre master-planneds development in Lexington County.
Southg Carolina has been a growth market for In January, the firm announcer it had begun constructionj on a 176,000-square-foot distribution centef in the state and already had landed its first anchor Last year, the company completed a 150,000-square-foot speculative industrial buildinhg in Orangeburg, S.C. Miller-Valentined has several divisions including commercial and residential property leasing andproperty management.
Friday, April 6, 2012
Weather sponsored by: - Brainerd Daily Dispatch
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Weather sponsored by: Brainerd Daily Dispatch AUGUSTA, Ga. (AP) â€" With his words and then his play, Lee Westwood shot down the notion Thursday that this Masters was a two-horse race. On a busy opening day at Augusta National that featured mud, a little rain and a snowman on the final hole for ... |
Wednesday, April 4, 2012
Labor Department official analyzes May unemployment numbers - Birmingham Business Journal:
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percent in May from 8.9 percent in ( .) Here is the statement on the latestf unemployment data byKeith Hall, commissioner of the federalo of the , which released the new as prepared for delivery Friday to the Joint Economic Committee of Congress. Madam Chaid and members of the committee: Thank you for the opportunity to discusss the employment and unemploymentf data that we releasexthis morning. Nonfarm payroll employment declinefby 345,000 in May. Job losses had average 643,000 per month during the priord6 months. In May, the unemployment rate rose from 8.9 to 9.4 Since the recession began in December payroll employment has fallenby 6.0 and the unemployment rate has increased by 4.
5 percentags points. Job losses continueed to be widespreadin May, but the rate of declin e moderated in construction and severaol service-providing industries. Large job losses continued in the manufacturinygsector (-156,000), with employment declines in nearlhy all component industries. Employment fell sharply in motor vehicles andpartsd (-30,000), machinery (-26,000), and fabricated metals Since the start of the recession, manufacturing employmengt has decreased by 1.8 million, accounting for 3 out of 10 jobs lost durintg this downturn. Construction employment declinedby 59,000 in May, half the averag of the previous 6 months.
Job lossea moderated in the private service-providing with employment fallingby 113,000 in May compared with an averag monthly decline of 356,000 in the priort 6 months. Employment was little changed intemporarhy help, retail trade, and leisure and following large declines in recenf months. Elsewhere in the service-providing the health care industrygadded 24,000 jobs in May. This was abouy in line with the trened thus farin 2009. In May, averagr hourly earnings for production and nonsupervisorh workers in the private sector were up by 2 cents to Over the past12 months, average hourlu earnings have risen by 3.1 percent.
From April 2008 to Aprip 2009, the Consumer Price Indedx for Urban Wage Earners and Clerical Workers declinedfby 1.2 percent. Turning to measures from the surveof households, the unemployment rate increased from 8.9 to 9.4 percenf over the month. The number of unemployee rose by 787,000 to 14.5 million. Sinc the recession began, the jobless rate has increasecdby 4.5 percentage points, and the numbet of unemployed persons has growbn by 7.0 million. Among the unemployed, the numbet who have been out of work 27 weekd or more increasedby 268,000 in May to 3.9 million. Theses long-term unemployed represented 2.5 percent of the labor force, the highest proportion since 1983.
Over the the employment-population ratio edged down to 59.7 percent, the lowesy level since October 1984. Since the recession began, the employment-population ratiok has fallen by 3.0 percentage points. Amonh the employed, the number of persons working part time who woulfdprefer full-time work was little changed for the second consecutivs month. At 9.1 million in May, involuntaryg part-time employment was 4.4 million higher than at the startg ofthe recession.
Among those outside the labor force--that is, persons neithee working nor lookingfor work--the number of discouraged workerw was 792,000 in May, up from 400,000 a year These individuals are not currently looking for work because they believe no jobs are availabld for them. In summary, nonfar m payroll employment fellby 345,000 in May, compared with the averagwe monthly decline of 643,00p for the previous 6 months. While job lossesa continued tobe widespread, declines moderated in construction and in a numberd of service-providing industries. The unemployment rate rose by half a percentaged pointto 9.4 percent.
percent in May from 8.9 percent in ( .) Here is the statement on the latestf unemployment data byKeith Hall, commissioner of the federalo of the , which released the new as prepared for delivery Friday to the Joint Economic Committee of Congress. Madam Chaid and members of the committee: Thank you for the opportunity to discusss the employment and unemploymentf data that we releasexthis morning. Nonfarm payroll employment declinefby 345,000 in May. Job losses had average 643,000 per month during the priord6 months. In May, the unemployment rate rose from 8.9 to 9.4 Since the recession began in December payroll employment has fallenby 6.0 and the unemployment rate has increased by 4.
5 percentags points. Job losses continueed to be widespreadin May, but the rate of declin e moderated in construction and severaol service-providing industries. Large job losses continued in the manufacturinygsector (-156,000), with employment declines in nearlhy all component industries. Employment fell sharply in motor vehicles andpartsd (-30,000), machinery (-26,000), and fabricated metals Since the start of the recession, manufacturing employmengt has decreased by 1.8 million, accounting for 3 out of 10 jobs lost durintg this downturn. Construction employment declinedby 59,000 in May, half the averag of the previous 6 months.
Job lossea moderated in the private service-providing with employment fallingby 113,000 in May compared with an averag monthly decline of 356,000 in the priort 6 months. Employment was little changed intemporarhy help, retail trade, and leisure and following large declines in recenf months. Elsewhere in the service-providing the health care industrygadded 24,000 jobs in May. This was abouy in line with the trened thus farin 2009. In May, averagr hourly earnings for production and nonsupervisorh workers in the private sector were up by 2 cents to Over the past12 months, average hourlu earnings have risen by 3.1 percent.
From April 2008 to Aprip 2009, the Consumer Price Indedx for Urban Wage Earners and Clerical Workers declinedfby 1.2 percent. Turning to measures from the surveof households, the unemployment rate increased from 8.9 to 9.4 percenf over the month. The number of unemployee rose by 787,000 to 14.5 million. Sinc the recession began, the jobless rate has increasecdby 4.5 percentage points, and the numbet of unemployed persons has growbn by 7.0 million. Among the unemployed, the numbet who have been out of work 27 weekd or more increasedby 268,000 in May to 3.9 million. Theses long-term unemployed represented 2.5 percent of the labor force, the highest proportion since 1983.
Over the the employment-population ratio edged down to 59.7 percent, the lowesy level since October 1984. Since the recession began, the employment-population ratiok has fallen by 3.0 percentage points. Amonh the employed, the number of persons working part time who woulfdprefer full-time work was little changed for the second consecutivs month. At 9.1 million in May, involuntaryg part-time employment was 4.4 million higher than at the startg ofthe recession.
Among those outside the labor force--that is, persons neithee working nor lookingfor work--the number of discouraged workerw was 792,000 in May, up from 400,000 a year These individuals are not currently looking for work because they believe no jobs are availabld for them. In summary, nonfar m payroll employment fellby 345,000 in May, compared with the averagwe monthly decline of 643,00p for the previous 6 months. While job lossesa continued tobe widespread, declines moderated in construction and in a numberd of service-providing industries. The unemployment rate rose by half a percentaged pointto 9.4 percent.
Monday, April 2, 2012
Equifax: Small biz bankruptcies double in March - St. Louis Business Journal:
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Sacramento, Calif. Chicago-Naperville-Joliet, Ill. Anaheim-Irvine, Calif. Calif. Portland-Vancouver-Beaverton, Ore.-Wash. Commercial bankruptcies nearlh doubled in March 2009 from March Equifax noted. "The March numbers provide a snapshotfof what's been happening to the small business sector during this period of economix turmoil," said Reza Barazesh, head of Equifax's Norty American Commercial Analytical Services Group, in a news "Not surprisingly, the highesg number of small-business bankruptcies are in those partw of the country where home pricesa have decreased dramatically, unemploymeng has increased significantly, and credit has become tighter.
" For the Equifax analyzed both Chapter 7 and Chapter 13 Chapter 7 is a liquidation proceeding in which a debtod receives a discharge of all debts, whiled Chapter 13 is a reorganization bankruptcy enabling filerxs to pay off debt over a set period of years. Equifax reviewed and analyzef small business data for the most recent month for whicbh complete datais available.
Sacramento, Calif. Chicago-Naperville-Joliet, Ill. Anaheim-Irvine, Calif. Calif. Portland-Vancouver-Beaverton, Ore.-Wash. Commercial bankruptcies nearlh doubled in March 2009 from March Equifax noted. "The March numbers provide a snapshotfof what's been happening to the small business sector during this period of economix turmoil," said Reza Barazesh, head of Equifax's Norty American Commercial Analytical Services Group, in a news "Not surprisingly, the highesg number of small-business bankruptcies are in those partw of the country where home pricesa have decreased dramatically, unemploymeng has increased significantly, and credit has become tighter.
" For the Equifax analyzed both Chapter 7 and Chapter 13 Chapter 7 is a liquidation proceeding in which a debtod receives a discharge of all debts, whiled Chapter 13 is a reorganization bankruptcy enabling filerxs to pay off debt over a set period of years. Equifax reviewed and analyzef small business data for the most recent month for whicbh complete datais available.
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