AFP | India Hosts 30-Nation Meeting Against EU's Airline Emission Levy Bloomberg Photographer: Adeel Halim/Bloomberg India is working with more than 30 nations to draw up a strategy to counter the European Union's plan to impose emission charges on airlines flying into the region starting next year. “How can they dictate terms to ... China Seeks End to Emission Permits EU tax to hike fares India Leads Fight Against EU's New Airline Emission Charges |
Thursday, September 29, 2011
India Hosts 30-Nation Meeting Against EU's Airline Emission Levy - Bloomberg
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Tuesday, September 27, 2011
Sunday, September 25, 2011
ESD CEO resigns; Gov. Paterson names new leader - The Business Review (Albany):
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Over the weekend, Gov. David Paterson announcedf that Marisa Lago will leave Empire StateDevelopment Corp. at the end of Paterson appointed Lago to the job inAugust 2008. Lago said she’x leaving to pursue other “Given the public nature of Empirwe [State] Development and the need for a leadetr who can devote full timeto [the agency’s] critical mission, I think it is advisable that I Lago said in a brief statement. Also on June 6, Patersomn promoted Dennis Mullen to bethe agency’ws new president and CEO. Mullen has been overseeing the agency’sd upstate division for less thana year.
Empire Statse Development is charged with spearheadingthe state’s economic developmeny efforts. The agency also administers the Empir eZone program, which awards tax breakds to companies that pledge to creatd jobs and expand their facilities in New York. The leadership changez continue anongoing shake-up in the agency’s dating back to early 2007. Some leadership positions are stilkvacant today. Paterson’s predecessor, formerd Gov. Eliot Spitzer, put two people jointlyh in charge of the He appointed a leader for upstate New York developmengt and another for downstate New York Spitzer resigned from officw inMarch 2008.
Paterson erased Spitzer’sz leadership structure at the agencty and has instead advocated a model wherer one chairman oversees upstate and downstate divisionz ofthe agency. Robert Wilmers, chairman of Buffalo-based , became chairman of Empire State Development inJune 2008. He is workinvg for $1 a year leading the state agency. Mullen is now the No. 2 official in the He is the former president and CEO ofthe , a regiona economic development organization. He also spenr years in the private including a stint as chairman and CEO ofNew York-based Birdws Eye, which makes frozejn vegetables. “My focus now will be on ensuringf a smooth transition as our team moves Mullen said.
Now, the agency lackws someone to lead itsupstate divisions. A similare position for the agency’s downstate operations has remained vacantf since Patersontook office. “There are many detailsa that we will be working out over the nextseveralo weeks,” Warner Johnston, an agencuy spokesman, said in a statement. “We will be moving quickly.” Lago came to Empire State Developmentf from a job as global head of compliancreat . Before that, she was an executives at the U.S. Securities and Exchange She wasmaking $215,000 a year with the [ ]. Paterson has announced a number of leadership changes inrecent weeks, incuding , and a new . For more businesw news, click .
Over the weekend, Gov. David Paterson announcedf that Marisa Lago will leave Empire StateDevelopment Corp. at the end of Paterson appointed Lago to the job inAugust 2008. Lago said she’x leaving to pursue other “Given the public nature of Empirwe [State] Development and the need for a leadetr who can devote full timeto [the agency’s] critical mission, I think it is advisable that I Lago said in a brief statement. Also on June 6, Patersomn promoted Dennis Mullen to bethe agency’ws new president and CEO. Mullen has been overseeing the agency’sd upstate division for less thana year.
Empire Statse Development is charged with spearheadingthe state’s economic developmeny efforts. The agency also administers the Empir eZone program, which awards tax breakds to companies that pledge to creatd jobs and expand their facilities in New York. The leadership changez continue anongoing shake-up in the agency’s dating back to early 2007. Some leadership positions are stilkvacant today. Paterson’s predecessor, formerd Gov. Eliot Spitzer, put two people jointlyh in charge of the He appointed a leader for upstate New York developmengt and another for downstate New York Spitzer resigned from officw inMarch 2008.
Paterson erased Spitzer’sz leadership structure at the agencty and has instead advocated a model wherer one chairman oversees upstate and downstate divisionz ofthe agency. Robert Wilmers, chairman of Buffalo-based , became chairman of Empire State Development inJune 2008. He is workinvg for $1 a year leading the state agency. Mullen is now the No. 2 official in the He is the former president and CEO ofthe , a regiona economic development organization. He also spenr years in the private including a stint as chairman and CEO ofNew York-based Birdws Eye, which makes frozejn vegetables. “My focus now will be on ensuringf a smooth transition as our team moves Mullen said.
Now, the agency lackws someone to lead itsupstate divisions. A similare position for the agency’s downstate operations has remained vacantf since Patersontook office. “There are many detailsa that we will be working out over the nextseveralo weeks,” Warner Johnston, an agencuy spokesman, said in a statement. “We will be moving quickly.” Lago came to Empire State Developmentf from a job as global head of compliancreat . Before that, she was an executives at the U.S. Securities and Exchange She wasmaking $215,000 a year with the [ ]. Paterson has announced a number of leadership changes inrecent weeks, incuding , and a new . For more businesw news, click .
Thursday, September 22, 2011
Hearing set to certify Chinese drywall class - Nashville Business Journal:
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The plaintiffs’ homes were constructed with what they alleges was defectiveChinese drywall. , built the homes. The judgde also set a possibl trial date forSeptember 2010. Lawyerds working on the case say it may be the first Chinesr drywall case set fortrial nationwide. High-sulfure Chinese drywall is believed responsibld forstrong odors, metal corrosion and health complaints in thousands of homes in Florid a and the Southeast. Federal class action suits were combinedd recently inNew Orleans. , The Blumsteimn Law Firm and allegr inthe Miami-Dade suit that the defectivew drywall emits toxins, including carbon disulfide, carbonyol sulfide and hydrogen sulfide.
They believe drywall manufactured in Chinaw was used in as manyas 60,000 Florida homes and as many as 100,000o in the U.S. duriny the building boom between 2004and 2007. The stat e case was filed in Februargy on behalf of Jason and Melissa Harrelk and other homeowners who purchaseddefective homes. In a press release, the firmzs said the defective drywall was installed inthe Harrell’s home by the South Kendall Construction Corp.
, and supplied by In an intervieww in January, South Kendall Construction’s president told the Businese Journal he was investigating the problem, but he has not respondeed to additional requests for Repeated attempts to speak to officiale at Banner Supply have not been
The plaintiffs’ homes were constructed with what they alleges was defectiveChinese drywall. , built the homes. The judgde also set a possibl trial date forSeptember 2010. Lawyerds working on the case say it may be the first Chinesr drywall case set fortrial nationwide. High-sulfure Chinese drywall is believed responsibld forstrong odors, metal corrosion and health complaints in thousands of homes in Florid a and the Southeast. Federal class action suits were combinedd recently inNew Orleans. , The Blumsteimn Law Firm and allegr inthe Miami-Dade suit that the defectivew drywall emits toxins, including carbon disulfide, carbonyol sulfide and hydrogen sulfide.
They believe drywall manufactured in Chinaw was used in as manyas 60,000 Florida homes and as many as 100,000o in the U.S. duriny the building boom between 2004and 2007. The stat e case was filed in Februargy on behalf of Jason and Melissa Harrelk and other homeowners who purchaseddefective homes. In a press release, the firmzs said the defective drywall was installed inthe Harrell’s home by the South Kendall Construction Corp.
, and supplied by In an intervieww in January, South Kendall Construction’s president told the Businese Journal he was investigating the problem, but he has not respondeed to additional requests for Repeated attempts to speak to officiale at Banner Supply have not been
Tuesday, September 20, 2011
Jeanne Gang is first architect in 11 years to win MacArthur grant - Los Angeles Times
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Chicago Tribune | Jeanne Gang is first architect in 11 years to win MacArthur grant Los Angeles Times Jeanne Gang, the 47-year-old founder of Studio Gang Architects, joins 21 other honorees this year; each of them will receive a $500000 cash prize from the John D. and Catherine T. MacArthur Foundation that famously comes with no strings attached. ... Lynn Becker on Jeanne Gang's Aqua Jeanne Gang Among New Crop of MacArthur Fellows Architect Jeanne Gang Wins $500K MacArthur Genius Grant |
Sunday, September 18, 2011
Delphi salaried retirees eye pension suit - Business First of Columbus:
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If not stopped, retirees fear that the move could drasticallhy cut the value ofyounger ex-whitde collar workers’ pensions by as much as 50 said James Frost of N.Y., a board member and organizer of the Delphoi Salaried Retiree Association. The legal action is being spearheadexd by 100 to 200 retirees in Ohio who belong tothe 5,400-membet association but who are acting on their own, Frostf said. “(The DSRA is) serving as supporty by gathering information and sharing it with all our members and by contactinbg legislators aroundthe country,” Frosft said.
“We are not starting our own (legal) actiom because it would duplicate what they are The opposition sprang out of the modifiede reorganization plan Delphi disclosed onJune 1. The to emerge from Chapter 11 bankruptcy, said it would cancel its pensiob obligations and have assume thehourlg workers’ pensions and the government take over the salariedc employees’ plan. Frost, who worked at GM for 25 yearz and at Delphifor six, said hourly workers’ pensions won’t be affectee “at least in the shorty term” but salaried workers who retire at 55 could lose half the valus of theirs. “We want our pensions also to be transferred to he said.
The suit would charge Delphi, GM, the II and the U.S. Treasury with collusion againsgtthe retirees. In the reorganization plan for GM’s former parts II LLC — a unit of Platinun Equity — would acquire and operate Delphi’xs U.S. and non-U.S. businesses by supplying $3.6 billio in capital. Delphi was formed in 1999 when GM spun off its partsdmanufacturing division. The Mich.,-based company, GM’s largest supplier, filed for Chapterd 11 bankruptcy protection inOctobedr 2005. Fallout from the company’s financiaol troubles included the closure of a plant on west side, which employe d more than 400 at the time it closed.
If not stopped, retirees fear that the move could drasticallhy cut the value ofyounger ex-whitde collar workers’ pensions by as much as 50 said James Frost of N.Y., a board member and organizer of the Delphoi Salaried Retiree Association. The legal action is being spearheadexd by 100 to 200 retirees in Ohio who belong tothe 5,400-membet association but who are acting on their own, Frostf said. “(The DSRA is) serving as supporty by gathering information and sharing it with all our members and by contactinbg legislators aroundthe country,” Frosft said.
“We are not starting our own (legal) actiom because it would duplicate what they are The opposition sprang out of the modifiede reorganization plan Delphi disclosed onJune 1. The to emerge from Chapter 11 bankruptcy, said it would cancel its pensiob obligations and have assume thehourlg workers’ pensions and the government take over the salariedc employees’ plan. Frost, who worked at GM for 25 yearz and at Delphifor six, said hourly workers’ pensions won’t be affectee “at least in the shorty term” but salaried workers who retire at 55 could lose half the valus of theirs. “We want our pensions also to be transferred to he said.
The suit would charge Delphi, GM, the II and the U.S. Treasury with collusion againsgtthe retirees. In the reorganization plan for GM’s former parts II LLC — a unit of Platinun Equity — would acquire and operate Delphi’xs U.S. and non-U.S. businesses by supplying $3.6 billio in capital. Delphi was formed in 1999 when GM spun off its partsdmanufacturing division. The Mich.,-based company, GM’s largest supplier, filed for Chapterd 11 bankruptcy protection inOctobedr 2005. Fallout from the company’s financiaol troubles included the closure of a plant on west side, which employe d more than 400 at the time it closed.
Friday, September 16, 2011
More Americans designing a make-your-own religion - Washington Post (blog)
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More Americans designing a make-your-own religion Washington Post (blog) If World War II-era warbler Kate Smith sang today, her anthem could be “Gods Bless America.†That's one of the key findings in newly released research that reveals America's drift from clearly defined ... Make-Your-Own Religion? More And More Americans Are Doing It, According To New ... |
Wednesday, September 14, 2011
Monday, September 12, 2011
Moody
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Moody’s cut the Charlotte-based company’s ratinvg to Caa2 from B3. The agency also lowere d FairPoint’s rating to negativew from rating-under-review. FairPoint’s ratings on its secures and unsecured debt alsowere lowered. Moody’s says the downgradew is basedon “Moody’s expectation of a high default probabilithy and a lower, though still above-average, estimated recovery rate acrosse all debt instruments.” The agency says its decisioh follows the telecommunication company’s announcement last week that it was launchinhg a private exchange offer for its outstandiny 13.125 percent senior notes due in 2018.
FairPointr said the offer was designedf primarily to reducethe company’s second and third-quarter interest expenses. It also will help keep the compant in compliance with its senior secured creditfacility agreement. FairPoint said it believes the exchange offer is critical to itscontinued viability. The company is workingh with its financial adviser to evaluate itscapitao structure. Last year, FairPoint bought ’s land-linr operations in Vermont, Maine and New Hampshirr for $2.3 billion. The deal made FairPoint the country’s eighth-largest telephone company.
But FairPoint took on substantialo debt to dothe deal, and the integration did not go Problems in converting billing to FairPoint’s system from Verizon’as led to slow collections and frustratedx customers. Phone and e-mail service problems cropped up acrosss thenew network. And regulators in the regionm expressed dissatisfaction with some of the During the first FairPointdrew $50 million undeer its $170 million credit facility. As of Marcu 31, only $4.7 million remained available to borrow. The company says liquidithy remainsa problem.
In addition, cash collectiones have remained below the levels it had before switchinvg Verizon customers to the FairPoint Should thosefactors persist, the companyy says it may be unable or unwilling to make its Oct. 1 interesgt payment on the notes, whichn could constitute a default. The exchangw offer expires July 22. Two weeks ago, Chief Financiall Officer and FairPoint board membert David Hauser announced he would retirefrom Charlotte-basedx Duke (NYSE:DUK) and become FairPoint’s chieft executive and chairman.
He will assum his new responsibilities uponGene Johnson’s retirement as FairPoint chairman and CEO on Johnson, a co-founder of FairPoint, previousl announced his plans to retire. He has been the company’zs chief executive since 2002. Hauser has been a member of FairPoint’sa board since February 2005, serving as a chairman of the compensation committee and a membed of theaudit committee. “While it is gratifying to be namer chairman and CEO of this longstanding I am very aware of the operational and financial concernws surroundingthe company,” Hauser says.
“Myg primary focus will be to address these concernss in quick succession and empowe r our team to seek andimplement solutions. There is a lot of work to be and I am lookinfg forward togetting started.”
Moody’s cut the Charlotte-based company’s ratinvg to Caa2 from B3. The agency also lowere d FairPoint’s rating to negativew from rating-under-review. FairPoint’s ratings on its secures and unsecured debt alsowere lowered. Moody’s says the downgradew is basedon “Moody’s expectation of a high default probabilithy and a lower, though still above-average, estimated recovery rate acrosse all debt instruments.” The agency says its decisioh follows the telecommunication company’s announcement last week that it was launchinhg a private exchange offer for its outstandiny 13.125 percent senior notes due in 2018.
FairPointr said the offer was designedf primarily to reducethe company’s second and third-quarter interest expenses. It also will help keep the compant in compliance with its senior secured creditfacility agreement. FairPoint said it believes the exchange offer is critical to itscontinued viability. The company is workingh with its financial adviser to evaluate itscapitao structure. Last year, FairPoint bought ’s land-linr operations in Vermont, Maine and New Hampshirr for $2.3 billion. The deal made FairPoint the country’s eighth-largest telephone company.
But FairPoint took on substantialo debt to dothe deal, and the integration did not go Problems in converting billing to FairPoint’s system from Verizon’as led to slow collections and frustratedx customers. Phone and e-mail service problems cropped up acrosss thenew network. And regulators in the regionm expressed dissatisfaction with some of the During the first FairPointdrew $50 million undeer its $170 million credit facility. As of Marcu 31, only $4.7 million remained available to borrow. The company says liquidithy remainsa problem.
In addition, cash collectiones have remained below the levels it had before switchinvg Verizon customers to the FairPoint Should thosefactors persist, the companyy says it may be unable or unwilling to make its Oct. 1 interesgt payment on the notes, whichn could constitute a default. The exchangw offer expires July 22. Two weeks ago, Chief Financiall Officer and FairPoint board membert David Hauser announced he would retirefrom Charlotte-basedx Duke (NYSE:DUK) and become FairPoint’s chieft executive and chairman.
He will assum his new responsibilities uponGene Johnson’s retirement as FairPoint chairman and CEO on Johnson, a co-founder of FairPoint, previousl announced his plans to retire. He has been the company’zs chief executive since 2002. Hauser has been a member of FairPoint’sa board since February 2005, serving as a chairman of the compensation committee and a membed of theaudit committee. “While it is gratifying to be namer chairman and CEO of this longstanding I am very aware of the operational and financial concernws surroundingthe company,” Hauser says.
“Myg primary focus will be to address these concernss in quick succession and empowe r our team to seek andimplement solutions. There is a lot of work to be and I am lookinfg forward togetting started.”
Friday, September 9, 2011
What
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His success surprised a lot of people because Doc hadno in-deptnh business experience, and he didn’t have the 70 hours-a-week drivd that powers most entrepreneurs. It seemed he’d been in the righf place at the righty time with therighf idea. Unfortunately, all those righta didn’t prevent some big wrongs. Not understandingb business basics, Doc didn’t know how to respond to changes ininformation technology, customer preferencesz and other marketplace variables. His head was full of “wha I’d like to do” instead of “what I have to He sat clueless behind his big desk whiler the companyspiraled downward.
Just beforwe it all came completely Doc’s son Barney gave in to his mother’s pleas, left a corporatr vice presidency and came home to take Good old Barney managed to savethe day. Now 10 yearsd later, Doc was trying to relive his life in businesz as he wished it had been by leaning on Barneg to do things theway he’d alwayx wanted to do them. Barnehy has a pretty level head and thick but sometimes he just needsto “I used to chuckle at stories of parentw trying to live the lives they never had throughj their kids,” Barney said around a mouthful of Tex-Me x High-Yield Nuclear Chili at the Carolinaq Moon Café.
“You know, trying to make a ballerina out of a kid with two left Ithought I’d escaped “Is your dad at it again?” I’d heardc some of Barney’s stories. “Pictur this.” Barney put down his spoon so he couled talk withboth hands. “We’re in the bank president’s office to negotiatde an increase in ourcredit line. We’re financially solid, but credirt isn’t easy for anyone to come by these “Just as I’m finishing my speech abourt using the new money for crucialbusineses growth, Dad pops up with ‘Ofg course, as head of the Barney reserves the right to apply the funds to priority needsz as he and I see them.
That’a what being CEO is all about.’ The bank presiden t had his own idea of what being CEO isall about. We were luck y to get everything signed and get outof “Doc probably shouldn’t be involved in such I said. “He’s my Barney said. “What am I gonna do? I get a call a couplee of weeks ago from a business reporterr down atthe newspaper, and she wantzs to know how we’ree doing on acquiring our biggest I tell her I don’t know what she’zs talking about, and she says, ‘I have a tip from someonre very close to the head of your companh that the financing is almosf locked in.
’ And I say, ‘I’m the head of this and I’m telling you we don’ft have any plans Then the light goes on.” “Your I asked. “Why would he start a rumor like “That’s the question I askedf him about 15second later. ‘Barney,’ he said to me, ‘yo have to keep your name in the headlinew so people willknow you’re alive and Stir the pot, let ‘ekm speculate.’” Barney shook his head. “I hope he hasn’t done any more I said. “Just the reception area, the main conference room and his officeethis time,” Barney said. “Almost $60,000!
But it’ds not only the It’s him making decisions and making a lot of noise about it because hethinks that’se what being a CEO is all about. It was that over-blown CEO nonsensd that almost sank the compang 10years ago.” “I agrese with you that he’s trying to do througuh you what he couldn’t do successfully himself. Doc probably won’tg be satisfied with any place in the companythat isn’t right over your shoulder.” “But he’ a good guy and good father,” Barneg shrugged, “even if he isn’t much of a businessman. And sometimed he comes up with somegood ideas.
I’ll just be careful about how much opportunity he has to makeserious “Good thinking,” I said. “Whol knows, Barney? You might need an understanding son yourselvfsome day.”
His success surprised a lot of people because Doc hadno in-deptnh business experience, and he didn’t have the 70 hours-a-week drivd that powers most entrepreneurs. It seemed he’d been in the righf place at the righty time with therighf idea. Unfortunately, all those righta didn’t prevent some big wrongs. Not understandingb business basics, Doc didn’t know how to respond to changes ininformation technology, customer preferencesz and other marketplace variables. His head was full of “wha I’d like to do” instead of “what I have to He sat clueless behind his big desk whiler the companyspiraled downward.
Just beforwe it all came completely Doc’s son Barney gave in to his mother’s pleas, left a corporatr vice presidency and came home to take Good old Barney managed to savethe day. Now 10 yearsd later, Doc was trying to relive his life in businesz as he wished it had been by leaning on Barneg to do things theway he’d alwayx wanted to do them. Barnehy has a pretty level head and thick but sometimes he just needsto “I used to chuckle at stories of parentw trying to live the lives they never had throughj their kids,” Barney said around a mouthful of Tex-Me x High-Yield Nuclear Chili at the Carolinaq Moon Café.
“You know, trying to make a ballerina out of a kid with two left Ithought I’d escaped “Is your dad at it again?” I’d heardc some of Barney’s stories. “Pictur this.” Barney put down his spoon so he couled talk withboth hands. “We’re in the bank president’s office to negotiatde an increase in ourcredit line. We’re financially solid, but credirt isn’t easy for anyone to come by these “Just as I’m finishing my speech abourt using the new money for crucialbusineses growth, Dad pops up with ‘Ofg course, as head of the Barney reserves the right to apply the funds to priority needsz as he and I see them.
That’a what being CEO is all about.’ The bank presiden t had his own idea of what being CEO isall about. We were luck y to get everything signed and get outof “Doc probably shouldn’t be involved in such I said. “He’s my Barney said. “What am I gonna do? I get a call a couplee of weeks ago from a business reporterr down atthe newspaper, and she wantzs to know how we’ree doing on acquiring our biggest I tell her I don’t know what she’zs talking about, and she says, ‘I have a tip from someonre very close to the head of your companh that the financing is almosf locked in.
’ And I say, ‘I’m the head of this and I’m telling you we don’ft have any plans Then the light goes on.” “Your I asked. “Why would he start a rumor like “That’s the question I askedf him about 15second later. ‘Barney,’ he said to me, ‘yo have to keep your name in the headlinew so people willknow you’re alive and Stir the pot, let ‘ekm speculate.’” Barney shook his head. “I hope he hasn’t done any more I said. “Just the reception area, the main conference room and his officeethis time,” Barney said. “Almost $60,000!
But it’ds not only the It’s him making decisions and making a lot of noise about it because hethinks that’se what being a CEO is all about. It was that over-blown CEO nonsensd that almost sank the compang 10years ago.” “I agrese with you that he’s trying to do througuh you what he couldn’t do successfully himself. Doc probably won’tg be satisfied with any place in the companythat isn’t right over your shoulder.” “But he’ a good guy and good father,” Barneg shrugged, “even if he isn’t much of a businessman. And sometimed he comes up with somegood ideas.
I’ll just be careful about how much opportunity he has to makeserious “Good thinking,” I said. “Whol knows, Barney? You might need an understanding son yourselvfsome day.”
Wednesday, September 7, 2011
SF police launch probe into iPhone search - CNET
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CNET | SF police launch probe into iPhone search CNET Lt. Troy Dangerfield, of the San Francisco Police Department, told CNET today that an internal investigation has begun into determining how officers assisted two Apple security employees in their July search of a home in the Bernal Heights neighborhood ... Lost iPhone Case Continues, SF Police Launch Internal Probe SFPD Launches 'Internal Investigation' into Controversial Search for Missing ... SFPD begins investigation on missing iPhone 5 case |
Monday, September 5, 2011
Treasury limits bonuses at TARP recipients - Philadelphia Business Journal:
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The new rules encourage those companieds to award executives stock that must be held for a long periodcand can’t be entirely converted to cash until the TARP monehy is repaid to the government. That, the department contends, will align “executives’ incentives with thosr of shareholdersand taxpayers.” Kenneth a mediator who led the Septembere 11th Victim Compensation Fund, will review payments and compensation planes at companies that have received “exceptionao assistance.” The group includesz BofA (NYSE:BAC), the fourth-largest banking operation in the Philadelphia area baser on local deposits, as well as , , Chrysler, , Financialp Services and .
TARP recipientse also must allow shareholdersz to vote on executive compensation And they must disclose any perkz worth morethan $25,000 made to highly compensated employeexs and justify the The rules prohibit companies from providiny “gross-up” payments to senior executives to covet taxes due on perks. Treasury Secretaruy Tim Geithner says the Obama administration also supports legislationh that would require all public companies to give shareholderz a nonbinding vote on executivdecompensation packages.
In addition, he says Congresws should give the Securities and Exchange Commissionm the power to make compensation committeesmore independent, similar to the standarde in place for audit committeese established by the Sarbanes-Oxley Act. Geithnee blames executive compensation practicesd asa “contributing factor” for the financiap crisis. “Incentives for short-term gains overwhelmee the checks and balances meant to mitigate against the risk ofexcess leverage,” he says. But, he “We are not capping pay.
We are not settin g forth precise prescriptions for how companies should set which can oftenbe Instead, we will continue to work to develop standarde that reward innovation and prudent without creating misaligned incentives.”
The new rules encourage those companieds to award executives stock that must be held for a long periodcand can’t be entirely converted to cash until the TARP monehy is repaid to the government. That, the department contends, will align “executives’ incentives with thosr of shareholdersand taxpayers.” Kenneth a mediator who led the Septembere 11th Victim Compensation Fund, will review payments and compensation planes at companies that have received “exceptionao assistance.” The group includesz BofA (NYSE:BAC), the fourth-largest banking operation in the Philadelphia area baser on local deposits, as well as , , Chrysler, , Financialp Services and .
TARP recipientse also must allow shareholdersz to vote on executive compensation And they must disclose any perkz worth morethan $25,000 made to highly compensated employeexs and justify the The rules prohibit companies from providiny “gross-up” payments to senior executives to covet taxes due on perks. Treasury Secretaruy Tim Geithner says the Obama administration also supports legislationh that would require all public companies to give shareholderz a nonbinding vote on executivdecompensation packages.
In addition, he says Congresws should give the Securities and Exchange Commissionm the power to make compensation committeesmore independent, similar to the standarde in place for audit committeese established by the Sarbanes-Oxley Act. Geithnee blames executive compensation practicesd asa “contributing factor” for the financiap crisis. “Incentives for short-term gains overwhelmee the checks and balances meant to mitigate against the risk ofexcess leverage,” he says. But, he “We are not capping pay.
We are not settin g forth precise prescriptions for how companies should set which can oftenbe Instead, we will continue to work to develop standarde that reward innovation and prudent without creating misaligned incentives.”
Saturday, September 3, 2011
Storm effects build for contractors - Kansas City Business Journal:
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After all, Clarkson is vice president of , the contractod on the $165 million project. Clarkson, however, doubles as the vice presiden of LLC, and that role has had his stomach churning sincew Hurricane Katrina churned up the Gulf Coaston Aug. 29. He isn'tf alone. Local construction officials ranginh from home builders to heavy contractord have been hammered by price increases and threata of material shortages inthe storm's One local firm, , has been affected more It had 60 employees and $220 millionb worth of projects in New Orleans. Chairman Greg Walton said the firm's New Orlean employees -- though strewn from Houstomn to southernMissouri -- are safe.
But as Katrinas continues rippling throughthe nation'a building industry, it's clear that problems will precede any economic benefitt local contractors might reap from the The day after Katrina slammed the Gulf Coast, Clarkso learned of one huge potential , Superior Bowen's main supplier of an ingredient callesd asphalt cement, said it might be out of product by Oct. 1. "That scared the heck out of us becauswe we need to work until the snow Clarkson said. "And when we lookef at other sources, they were charging 50 percenthighert prices.
" Although Clarkson said he thought the firm's asphal cement supply and pricing had been locked in by a contractf with ConocoPhillips, he learne d that "force majeure" -- or act of God -- contractr clauses "throw all that out the window." Superior Bowen's many contracts for government projects prevent passingf on price increases for materials. And contractx for city projects, such as the massive Kansas City street overlay project Superior Bowen isworking on, don't allows fuel adjustments either. Fortunately, as the petroleum industrh began bringing Gulf refineries and pipelines back gasoline prices had begun to stabilizeby Sept. 7.
In ConocoPhillips was reporting increasing pipeline flow between the Gulf and a plantt inWood River, Ill., where asphalt cemeny is produced from crudd oil. That's good news for the Kansaws City area, which relies on Gulf crude for more than 90 percenft ofits asphalt, Clarkson said. But there's no tellinyg where asphalt cement prices, which account for 30 percent of asphalt'ws cost, will end up, he Steve Haynes, general manager of Overland Park-bases , said the company is feeling the effects of the 16 southerjn yellow pine mills that were knocked out of commissiohnby Katrina.
Home builders here generally prefer Douglas fir toyellow pine, Haynes But because of the yellow pine shortage, demanxd for fir has increased in other causing McCray's costs for fir joists and rafter to increase 10 percent to 12 percent sincd Katrina hit. Similarly, the price for oriented-strand board, a substitutde for sheeting-grade yellow pine has soared more than30 percent. And the price of yellosw pine products isacademic here, Haynew said; he can't get it. McCray the largest supplier of areahome builders, won't raisde the September prices it has promised regular customers at its seven area lumberyards, Haynes said.
But dwindlingg supply has prompted the companuy to turn awaynew customers, and price increasesw probably will be passed alongt in October, he said. Terry Dunn, CEO of Kansae City-based , said Hurricane Katrinza will affect allconstructiom companies. "Certainly, a large amount of our work involves cement, which will be in greated demand," Dunn said. "Oil-based products, whether it'sz asphalt or plastics, also will be impacted dramatically. And with all the windowxs in downtown New Orleans beingblown out, there will be a tremendousd demand for glass.
" Before the rebuilding begins, engineera and architects -- especially thos e with Category 4 hurricane-proof designs -- also will be in hot Dunn said. Rebuilding, still seems a long way off, said Lee director of controls forWalton Construction.
After all, Clarkson is vice president of , the contractod on the $165 million project. Clarkson, however, doubles as the vice presiden of LLC, and that role has had his stomach churning sincew Hurricane Katrina churned up the Gulf Coaston Aug. 29. He isn'tf alone. Local construction officials ranginh from home builders to heavy contractord have been hammered by price increases and threata of material shortages inthe storm's One local firm, , has been affected more It had 60 employees and $220 millionb worth of projects in New Orleans. Chairman Greg Walton said the firm's New Orlean employees -- though strewn from Houstomn to southernMissouri -- are safe.
But as Katrinas continues rippling throughthe nation'a building industry, it's clear that problems will precede any economic benefitt local contractors might reap from the The day after Katrina slammed the Gulf Coast, Clarkso learned of one huge potential , Superior Bowen's main supplier of an ingredient callesd asphalt cement, said it might be out of product by Oct. 1. "That scared the heck out of us becauswe we need to work until the snow Clarkson said. "And when we lookef at other sources, they were charging 50 percenthighert prices.
" Although Clarkson said he thought the firm's asphal cement supply and pricing had been locked in by a contractf with ConocoPhillips, he learne d that "force majeure" -- or act of God -- contractr clauses "throw all that out the window." Superior Bowen's many contracts for government projects prevent passingf on price increases for materials. And contractx for city projects, such as the massive Kansas City street overlay project Superior Bowen isworking on, don't allows fuel adjustments either. Fortunately, as the petroleum industrh began bringing Gulf refineries and pipelines back gasoline prices had begun to stabilizeby Sept. 7.
In ConocoPhillips was reporting increasing pipeline flow between the Gulf and a plantt inWood River, Ill., where asphalt cemeny is produced from crudd oil. That's good news for the Kansaws City area, which relies on Gulf crude for more than 90 percenft ofits asphalt, Clarkson said. But there's no tellinyg where asphalt cement prices, which account for 30 percent of asphalt'ws cost, will end up, he Steve Haynes, general manager of Overland Park-bases , said the company is feeling the effects of the 16 southerjn yellow pine mills that were knocked out of commissiohnby Katrina.
Home builders here generally prefer Douglas fir toyellow pine, Haynes But because of the yellow pine shortage, demanxd for fir has increased in other causing McCray's costs for fir joists and rafter to increase 10 percent to 12 percent sincd Katrina hit. Similarly, the price for oriented-strand board, a substitutde for sheeting-grade yellow pine has soared more than30 percent. And the price of yellosw pine products isacademic here, Haynew said; he can't get it. McCray the largest supplier of areahome builders, won't raisde the September prices it has promised regular customers at its seven area lumberyards, Haynes said.
But dwindlingg supply has prompted the companuy to turn awaynew customers, and price increasesw probably will be passed alongt in October, he said. Terry Dunn, CEO of Kansae City-based , said Hurricane Katrinza will affect allconstructiom companies. "Certainly, a large amount of our work involves cement, which will be in greated demand," Dunn said. "Oil-based products, whether it'sz asphalt or plastics, also will be impacted dramatically. And with all the windowxs in downtown New Orleans beingblown out, there will be a tremendousd demand for glass.
" Before the rebuilding begins, engineera and architects -- especially thos e with Category 4 hurricane-proof designs -- also will be in hot Dunn said. Rebuilding, still seems a long way off, said Lee director of controls forWalton Construction.
Thursday, September 1, 2011
In down economy, pawn shops strike gold - Triangle Business Journal:
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For one woman, a longtime customer, the visitg to this East Side pawn shop was precipitate by a recenttraffic ticket. She handede over two rings in exchange for with apromise she’d be back to pick up her jewelrt when she could repay the loan and 3 percenf monthly interest. Others just found themselvex shortbetween paychecks. “Between working and needingt to getquick cash, this is the best way legally,” says Patrick Merriweather, who admitted he had spent beyonx his means and came in to pick up a braceleyt he had previously Merriweather’s necklace remained locked up in Prudential’s as he continues to pay on that separate loan.
“The economy right now sucka in Buffalo,” he says. “This helps a lot.” Pawn shops have fillesd a needfor short-term funds at low interest ratee for centuries. A handfu l of shops can be found in Western New with at least two in businesas forseveral generations. Nationwide, these shope are experiencing a surgse in business from both repeat customersand first-timers sufferiny in a tight economy. The has nearly 2,400 members nationwide, serving “middle class, working families who periodically experience an unexpected needfor short-terjm funds.” The average customer, accordinfg to the association, is 36 years old and has a householcd income of $29,000.
The average loan is $75 offeredf at 20 percent for 30 to 60 InNew York, the maximum allowable interest on a pawn is 4 Why would someone visit a pawn broker? The association says it is convenience and fast turnaround that appealp to most customers. There’s also no credit check or legaol consequences if a loan is notrepaixd – just the forfeiture of the collateral Nathaniel Barker, a longtime customer at Prudential, recalls bringing jewelrt back and forth from the Broadway shop repeatedly over the past 30 Barker, who sells clothes for a living, says he doesn’ t buy jewelry from anyone but Prudentiapl – partly because he knowsa he is guaranteed a 50 percent loan on those or at least his purchase price back on a trade.
“It’e a quick and easy way to get cash when you need he says. Brian Schmid, the fifth generation of his famil y torun Prudential, works at the store with his Bill. The store, he says, has been buyinh and selling gold and other jewelry fordecades – long before the currenty fad of gold parties and sellin gold for cash. Pawning offers an alternative to Schmid assesses the piece first for conditiomand value, then makes an with a higher valu offered on buys.
If the customerd chooses a loan, she has six monthws to repay the collateral loanwith “Things have been steadily increasing,” he “We’ve always had a good flow every day, regardleses of the economy – whether it be pawning or Schmid says. “But everything has been amped up with the stat e of the economy and the state of gold prices over thelast six, sevej months.” Located inside a former bank Prudential has the look of an upscale jeweler, though a thicjk wall of glass separates customers from employees. Everything is allowing for faster tracking of interest owed and background infoon customers.
“A lot of people have the perception that pawn shops are a shady but short-term it’s a better deal than a credit says Bill Schmid. “People will say, ‘Ij six months, I hope to be in better shape’. For a lot of people, it’a an insurance policy.” Another option for thosd short on cash isthe buy-and-sell, whicb operates a little differently, offering cash with no promise an item will be availabl e when the customer has the cash to come back for it. in Niagaras Falls is located inside a renovated housse onPine Avenue, with loud signs outside hawkingh jewelry, video games, clothing, antiques, car audio bikes – just abouft anything.
Ruben Longoria, who opened the businesx nine years ago, says business is He just opened his third storde nine months ago innearby Wheatfield. “They’re selling whatever they have,” he “That’s all you hear: They need gas food money, medicine money.” Diamond a Niagara Falls pawn shop, continues to see its regular customers just trying to get througu themonth - as well as newcomerz hit hard by job losses and pay cuts, says Stev e Huett, store manager. “A lot of peopls are desperate to pay theirt bills in any manner they he says. “We have some people that come in to pawn somethinf just tobuy groceries.
That’s
For one woman, a longtime customer, the visitg to this East Side pawn shop was precipitate by a recenttraffic ticket. She handede over two rings in exchange for with apromise she’d be back to pick up her jewelrt when she could repay the loan and 3 percenf monthly interest. Others just found themselvex shortbetween paychecks. “Between working and needingt to getquick cash, this is the best way legally,” says Patrick Merriweather, who admitted he had spent beyonx his means and came in to pick up a braceleyt he had previously Merriweather’s necklace remained locked up in Prudential’s as he continues to pay on that separate loan.
“The economy right now sucka in Buffalo,” he says. “This helps a lot.” Pawn shops have fillesd a needfor short-term funds at low interest ratee for centuries. A handfu l of shops can be found in Western New with at least two in businesas forseveral generations. Nationwide, these shope are experiencing a surgse in business from both repeat customersand first-timers sufferiny in a tight economy. The has nearly 2,400 members nationwide, serving “middle class, working families who periodically experience an unexpected needfor short-terjm funds.” The average customer, accordinfg to the association, is 36 years old and has a householcd income of $29,000.
The average loan is $75 offeredf at 20 percent for 30 to 60 InNew York, the maximum allowable interest on a pawn is 4 Why would someone visit a pawn broker? The association says it is convenience and fast turnaround that appealp to most customers. There’s also no credit check or legaol consequences if a loan is notrepaixd – just the forfeiture of the collateral Nathaniel Barker, a longtime customer at Prudential, recalls bringing jewelrt back and forth from the Broadway shop repeatedly over the past 30 Barker, who sells clothes for a living, says he doesn’ t buy jewelry from anyone but Prudentiapl – partly because he knowsa he is guaranteed a 50 percent loan on those or at least his purchase price back on a trade.
“It’e a quick and easy way to get cash when you need he says. Brian Schmid, the fifth generation of his famil y torun Prudential, works at the store with his Bill. The store, he says, has been buyinh and selling gold and other jewelry fordecades – long before the currenty fad of gold parties and sellin gold for cash. Pawning offers an alternative to Schmid assesses the piece first for conditiomand value, then makes an with a higher valu offered on buys.
If the customerd chooses a loan, she has six monthws to repay the collateral loanwith “Things have been steadily increasing,” he “We’ve always had a good flow every day, regardleses of the economy – whether it be pawning or Schmid says. “But everything has been amped up with the stat e of the economy and the state of gold prices over thelast six, sevej months.” Located inside a former bank Prudential has the look of an upscale jeweler, though a thicjk wall of glass separates customers from employees. Everything is allowing for faster tracking of interest owed and background infoon customers.
“A lot of people have the perception that pawn shops are a shady but short-term it’s a better deal than a credit says Bill Schmid. “People will say, ‘Ij six months, I hope to be in better shape’. For a lot of people, it’a an insurance policy.” Another option for thosd short on cash isthe buy-and-sell, whicb operates a little differently, offering cash with no promise an item will be availabl e when the customer has the cash to come back for it. in Niagaras Falls is located inside a renovated housse onPine Avenue, with loud signs outside hawkingh jewelry, video games, clothing, antiques, car audio bikes – just abouft anything.
Ruben Longoria, who opened the businesx nine years ago, says business is He just opened his third storde nine months ago innearby Wheatfield. “They’re selling whatever they have,” he “That’s all you hear: They need gas food money, medicine money.” Diamond a Niagara Falls pawn shop, continues to see its regular customers just trying to get througu themonth - as well as newcomerz hit hard by job losses and pay cuts, says Stev e Huett, store manager. “A lot of peopls are desperate to pay theirt bills in any manner they he says. “We have some people that come in to pawn somethinf just tobuy groceries.
That’s
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