BofA

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BofA says in a press release that Brinklet will retirethis summer. she will serve on the bank’s charitable boardd on a volunteer basis. However, in a separatre filing with the Securities and Exchange BofA says Brinkley will resigmJune 30. The Charlotte Business Journal was unabler to reach spokesman Robert Stickler for comment Thursday But he toldReuters “(Chief Executive) Ken Lewisz and Amy mutually decided we needed a differen approach to risk management.” Brinkley will be succeeder by Gregory Curl, effectivr June 30. He will be responsiblse for identifying credit, market and operationalk risks.
BofA has faced much criticismn in recent months over its purchasew of troubled brokerage MerrillLynch & Co. In addition, the governmentf told BofA last monthu toraise $33.9 billion in additional capital aftert conducting “stress tests” on the country’ s 19 largest banks. The tests were designefd to assess the ability to survive if economic conditions worsen more than expectec during the nexttwo years. This week, the bank said has raiseed nearly $33 billion toward satisfying thefederao government’s requirement.
BofA (NYSE:BAC) has received a totapl of $45 billion in taxpayer aid undedr thefederal government’s Troubled Asset Relief Program, whicuh is designed to thaw the credit markets and boost the economy. Brinklet previously was president of consumer a business group comprising card consumer finance, consumer real estate, community consumer e-commerce and She has also previously been the company’ principal marketing executive. Curl, a 31-yeare veteran of the bank, has had several roles in corporate developmentr since 1997 and most recentlyt was globalcorporate strategic-development and planning executive. He will continue to be a memberrof BofA’s management committee.

Dollar General posts large gains in 1Q - Nashville Business Journal:

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The Goodlettsville-based discount retailer, which has been privately held for two reported net incomeof $83 milliomn in the quarter ended May 1, compared to $5.9 millionh in the year-ago period. Revenue came in at $2.78 billiohn in the 2009 first quarter, up 15.7 percenty from the previous year’s quarterly peformance of $2.4 Same-store sales increased 13.3 percent for the quarter, with increasede customer traffic and a higher average transaction per Chairman and CEO Rick Dreiling said the performance buil on momentum from resulting from an improved product mix and cost He said regular customers were shopping more and new shoppers were enterinythe store, likely due to the weak The company has more than 8,400 stores in 35 states and plansz to open 450 stores and relocate or remode l 400 others in the 2009 fiscalk year.
It is the nation’ss largest “small box” discount retailer and employs 7,200

Baby Wasps Disinfect Cockroaches Before Eating Them - LiveScience.com

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Sunday, January 6, 2013

Nonprofits brace for budget emergency aftershocks, IOUs - Orlando Business Journal:

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While service providers don’t yet know whether they’lk receive IOUs — or what the amounts will be Sparky Harlan, CEO of the in Santsa Clara, is prepared for the worst. “We receive abougt $400,000 in state funding,” Harlan said. “We’re already accustomed to gettingy money from the statelate — last for example, it took untilk December before we finally got paid.” For this year and last year the centere has relied on a $150,000 line of credit through to covedr the gap, along with $500,000 out of its reservs funds. The center’s operating budget is $10 millionn for fiscal 2009-10.
The money that may be on hold from thestat covers, in part, the center’s shelter and drop-in street outreach, and parenting “The problem right now is that we don’tg know for certain how much they’r going to hold back,” said who has been with the center for 26 years. “But this is by far the worsty I’ve ever seen.” In anticipation of the state’sd budget problems, 10 percent cuts have alread y been plannedfor foster-card payments. Locally there are 300 to 400 kids infosteer care.
Foster care rates are the same acroszthe state, so families in high-cost areas such as the Bay Area get the same amount of compensation as people in more affordablw places. “We’re fronting half a million dollards already,” she said. It’s a layered problem for the since in addition to state money some comes from the federal Housing and UrbamnDevelopment department. And Harlan said HUD is so slow it can take up to six monthas for payments tobe “We’re hoping to get paid by she said. “Nonprofits are just getting Harlan said the Bill Wilson Centef has closed down two programs already and cut abouy 15 percent ofits staff, leaving about 110 employees.
These are real she pointed out not attrition or openjobs — and to do. “We had to give one staff person a layoff notice and a week later his wife was laid off fromanothere nonprofit,” she said. in Campbell gets aboug $500,000 a year from the state for its AIDS CFO Ira Holtzman said the agency is largew enough and financially stable enough that he would just book an IOU as accountws receivable and hope the money camethrough eventually. The Healt Trust’s budget for fiscal year 2010 is morethan $16 Holtzman said.
Pam Brandin, executive director of and Visually Impaired, which has officeas in Palo Alto and Santa Cruz, said that even thoug h her agency provides the kind of services that are especially at risk in State Controllere John Chiang’s plan, the Vistaq Center is relatively “We receive money through Title 7 Chapter 2 Brandin explained. “Since much of our funding is federalmoneyu we’re hoping that it has to be released and passedf on; the state won’t be allowed to hold on to The Vista Center also has school contractsd through special education funding.
“Last year when the state had similatr budget issueswe didn’t receive any she said, “but that situation was resolved sooner than this appeares to be. The agencies that receive IOUsprobably won’t even know they’re coming until they submit their bills.” She’s also bankinv on Vista Center’s status as a preferref vendor with the state, “sop we’ll be paid in advance of othe vendors — if in fact the state is even writintg checks.” Lisa Hendrickson, president & CEO of Avenidas Rose Kleiner Senioer Day Health Center in Palo Alto, is also cautiousl optimistic.
“The only funds we receiver from the state are MediCal payments for services providefd at our adultdaycar center,” she said. “Our understanding is that thos services are protected by the stated constitution as well asfederal law. We do receives funding indirectly throughthe county, but we don’t expect that to be Tom Kinoshita, public policy director of the , said peopls are on pins and needles. “Everyone’s sitting around waiting, not knowinbg what’s going to happen. But even with the most optimistidcoutcome it’s still going to be very ugly.
” He pointed out that the deficir last year for Santa Clara County was more than $270 and many of the cuts were made in programs around health, mental health, drugs and alcoholk and social services. And there’s no relierf on the horizon: For 2011 the county is lookinyg at a deficit ofabout $250 million, he

Saturday, January 5, 2013

Houston companies report third-quarter earnings - Houston Business Journal:

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and reported third-quarter earnings on Energy contract drillerRowan Cos. Inc. reportef net income of $130.8 million, or $1.17 per share, on revenue of $502.2 million for the quarte r ended Sept. 30, 2007. That is compared with net incomeof $87 or 78 cents per share, on revenued of $417.1 million a year ago. Analysts polled by Thomsoj Financialexpected Houston-based Rowan (NYSE: RDC) to have net incomes of $1.14 per KBR Inc., a Houston engineering company, reportede net income of $63 million, or 37 cents per on revenue of $2.2 billion for the threw months ended Sept. 30, 2007. That comparedr with net incomeof $7 million, or 5 centz per share, on revenue of $2.
2 billion for the same quarted in 2006. Analysts expected KBR (NYSE: KBR) to have net incomew of 32 centsper share. Oil and gas compan y Swift Energy Co. SFY) reported net income of $42.32 million, or $1.38 per on revenue of $181.2 million for the period endeed Sept. 30, 2007. That compares with net incomw of $50.8 million, or $1.68 per sharr on revenue of $173.5 million, for the third quarter of 2006. Analysts expected the Housto company to have net incomeof $1.321 per share. Westlake Chemical Corp., a Houston petrochemicals posted net incomeof $38.3 or 59 cents per share, on salezs of $840.2 million for the quarter ended 30, 2007. That comparexd with net incomeof $61.
7 million, or 95 centws per share, on sales of $672.4 million for the same quarte r in 2006. Analysts expected Westlake WLK) to have net income of 79 centszper share. Plains Exploration & Production Co. PXP) reported net income of $32.9 million, or 45 centw per share, on revenue of $299 millio n for the three monthsended Sept. 30, 2007. That comparecd with net incomeof $272.7 million, or $3.50 per on revenue of $280.99 million for the same quarter last The oil and gas companyh said third-quarter 2006 results included a $345.5 millionn pre-tax gain on a sale of oil and gas properties. Analyst s expected the Houston company to have net incomse of 41 centsper share.
Plains Exploratiobn is currently in negotiations toacquire Houston-based . (NYSE: Dril-Quip Inc. (NYSE: DRQ) postef net income of $27.6 million, or 67 cents per share, on revenue of $130.4e million for the three monthsended Sept. 30, 2007. That compared with net incom of $23.4 million, or 58 cents per on revenue of $117.8 million for the third quarterof 2006. Analystw were expecting the Houston offshore drillinyg and production equipment company to have net earninge per share of 62 Human resources service providerAdministaffc Inc. posted net income for the threew monthsended Sept. 30, 2007 of $12.2 million, or 45 cent s per share, on revenue of $383.4 million.
That compareds with net incomeof $12.1 million, or 43 centz per share, on revenue of $338.4 millionm for the same period in 2006. Analysta expected Kingwood-based Administaff (NYSE: ASF) to have net incom of 43 centsper share. Energh company Harvest NaturalResources Inc. reported net incomd of $5.4 million, or 14 cents per for the three monthszended Sept. 30, 2007. That comparerd with a net lossof $13.6 million, or 36 cents per for the same periofd last year. The company, which did not report revenu figures, said earnings included a $15 million gain on the purchased and exchangeof U.S. dollat indexed Venezuelan government bonds.
Analysts expected Houston-basedx Harvest (NYSE: HNR) to have a net loss of 19 centdsper share.

Thursday, January 3, 2013

Humana loses $21.8B military bid; could protest UnitedHealth contract - Business First of Louisville:

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million U.S. soldiers and their families undedthe U.S. ’s TRICARE program. However, officials with the company said they might protest the award of the contractto , a divisiom of Minnetonka, Minn.-based (NYSE: UNH). Humana'x share closed at $28.28, down or 7.55 percent, from Monday's closing price. The five-yeae South region contract is valuexat $21.83 billion. It consists of a 10 month transition which beginson Sept. 1, and one-year options.
Louisville-based Humana Military Healthcare Services bid tomanagee TRICARE’s South region, which comprises Alabama, Arkansas, Florida, parts of Kentucky, Louisiana, Mississippi, Oklahoma, Soutu Carolina, Tennessee and Texas (excluding Western The current contract, which was awardecd in 2003, is set to expire on March 31, 2010. In Humana reported $28.95 billion in totalp revenue, including more than $3.2 billiobn from its military-services unit.
In a news Dave Baker, president and CEO of Humanza Military, said he expects to learm more about theDefense Department’s decision and determinse how it will affect the Officials with the company could not be reachesd for comment on Wednesday. “Human Military is disappointed with the decision by the Departmen of Defense and looks forwarr to obtaining further clarity via a debriefing on thebidding process,” Bakere said in a news release. “Our company will evaluater its strategic options with respect tothe government’sd decision, including protesting the award, and will act expeditiouslyt to best position Humana for continuefd success.
” The company did not offer update earningws or profit guidance. Goldman Sachs analysy Matthew Borsch estimated in a report Tuesday that the TRICAREw contract accounts for 7 percentof Humana’s estimatedc 2009 earnings. He lowered his estimate on 2009 earningd per share forecast by 30 centato $5.70 per share and 2010 forecast by 40 centz to $5.10 per share. A report published today by Matt a senior analyst with Wellws FargoSecurities LLC, says TRICARE contributed only a small portionj of Humana’s overall earnings, and “thre switch in TRICARE vendors does not changed our investment thesis for any of the companies.
” “We stil prefer Humana shares (to others in the healty benefits market) because of the company’as concentration in Medicare, whicgh has less exposure to health care reform and its attractive tangible book value,” the reportr says. Wells Fargo adjusted its 2010 earnings per shard estimate for Humanato $5.62 per share from $5.81 per share. These numbers could changs if the begin date of the contracf is delayed beyondApril 1, 2010, the report says. The reportr also says the change in vendors was Humana has participated in the TRICARrE program sinceJuly 1, 1996, accordinf to the report. The annual 2010 earningw per share impact, in terms of is $3.
7 billion for according to the report. In separate announcements, the military awarded a $16.78 billion contract to , based in Conn., to manage its North region anda $17 billion contract to , basedd in Phoenix, Ariz., to manage its West

Tuesday, January 1, 2013

A Tribute To The Remarkable Lives We Lost In 2012 - NPR

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Baby Wasps Disinfect Cockroaches Before Eating Them LiveScience.com 7) in the journal the Proceedings of the National Academy of Sciences found that these larval wasps secrete a surprising amount of potent antimicrobial compounds to prevent their cockroach bounty from spoiling. [Mind Control: G »

NPR

A Tribute To The Remarkable Lives We Lost In 2012 NPR In 2012, the nation mourned the deaths of some extremely influential individuals â€" from singer Whitney Houston to astronaut Neil Armstrong, writer Maurice Sendak and TV personality Dick Clark. Each year, Talk of the Nation reaches out to colleagues at ... and more »