NOLA.com | Artists paint, illuminate Mardi Gras floats in Uptown den NOLA.com By Contributing writer, The Times-Picayune Spattered with paint and dressed in a snow jacket to stay warm while working in the cavernous den, Lisa Browning applied silver paint to highlight the vivid colors on Prometheus' Mardi Gras floats. ... |
Monday, February 28, 2011
Artists paint, illuminate Mardi Gras floats in Uptown den - NOLA.com
jwid-infants.blogspot.com
Friday, February 25, 2011
FBI arrests Elk Grove police officer, alleges mortgage fraud - Sacramento Business Journal:
tower-tennesseea.blogspot.com
Ali Khalil, 29, is a three-year veteran of the Elk Grove Police Thecriminal complaint, investigated by agents of the , says Khalil took out two overstating his income on each one, and claimedr both homes as his primary residence. One home was in Elk Groved and the otherin Watsonville. On the Elk Grovw home loan application, he did not claimj the Watsonville home asa liability, the FBI He also stated an income of $12,00o per month, when his IRS returnn showed only $7,191 per month. He had also claimed income from apersonakl business, a towing company. But an investigationb by the IRS returns for the business showesd a loss forthe business.
The according to a statement from the Elk GrovePolice Department, have nothing to do with his officialp duties as a sworn officer. He has been placefd on administrative leave pending aninternal
Ali Khalil, 29, is a three-year veteran of the Elk Grove Police Thecriminal complaint, investigated by agents of the , says Khalil took out two overstating his income on each one, and claimedr both homes as his primary residence. One home was in Elk Groved and the otherin Watsonville. On the Elk Grovw home loan application, he did not claimj the Watsonville home asa liability, the FBI He also stated an income of $12,00o per month, when his IRS returnn showed only $7,191 per month. He had also claimed income from apersonakl business, a towing company. But an investigationb by the IRS returns for the business showesd a loss forthe business.
The according to a statement from the Elk GrovePolice Department, have nothing to do with his officialp duties as a sworn officer. He has been placefd on administrative leave pending aninternal
Wednesday, February 23, 2011
Face Time with Dallas Museum of Art Director Bonnie Pitman - Dallas Business Journal:
http://teknic.org/pro1.htm
DESCRIBE YOUR FAMILY. I have a fantastic son, David Gelles. He is a writefr for The Financial Timesof London. WHERr WERE YOU BORN AND RAISED? I was born in Conn., and raised on Cape Cod until my stepfatherr took a job opportunityin Stuart, Fla. WHAT IS YOUR FAVORITE CHILDHOOc MEMORY? It was on the move down to Floridsa that we first went to the National Art Galleryin D.C. I remember the Raphaels, Renoirs and There was something in that moment of looking at beautifulk things and having a conversation with my motheer about love and passion and beauty that was so importanfto me. WHAT IS SOMETHING YOU LEARNED EARLY INYOUR CAREER? You must listen with attention.
BEST ADVICEd YOU’VE RECEIVED? Taking the time to explain your point of view can make a huge WHAT ARE YOURGREATEST STRENGTHS? I love people. I love I love listening to divergent points of view and buildinga I’m good at that. WHAT ARE YOUR GREATEST WEAKNESSES Impatience. When I have a visionb and I have a team and everyonew isin place, I want us to move forward, and it’zs not always possible. Timing is everything. WHAT IS SOMETHING THAT NOBODY/O R FEW PEOPLE KNOW ABOUT YOU? In Dallas, people don’t know that my big passionh is sailing. DESCRIBE A DAY IN YOUR LIFE I am anight person, not a morning person. I’m up at 7 a.m. and in the officw by 9:30 a.m.
During the day theree are a lot of meetingss and work withthe curators, selecting works of art and developin g the programs. The other part is spent with the communityor donors. I’m usuallyh here until 9:30 or 11 p.m. for our and then I go home and I go to bed at 1 or 2 in the HAVE YOU SEEN A SHIFy IN THE WAY YOU DO BUSINESa BECAUSE OFTHE RECESSION? We’ve learned that you can never say thankk you enough. We are spending time with our trusteed strategizing on how to make thoserelationshipsx effective. WHAT IS YOUR GREATEST ACCOMPLISHMENT?
Being David Gelles’ mother is my greatest accomplishment but professionally, it’s becoming the Eugene McDermott directorf and working with the board of trustees. All of our work is in servicse ofour community. We are wher e great art and peoplwcome together. My job is to join the two. OTHERR THAN PEOPLE, WHAT IS THE BEST PERK OF YOUR JOB? Withouft question, it’s the art — 5,000 years of humamn creativityspread out, and I get to see that everu day. HOW DOES THE MUSEUM WORLf IN DALLAS DIFFER FROM THAT INOTHER CITIES? We’ve been focusing on innovative approaches to develo p our collections. It’s the collaboration, the the dialog that is unique.
It’s held up as a model all arounxthe country. WHAT KEEPS YOU AWAKd AT NIGHT? Managing resources. making sure we create a plan for our institution that holdsd our vision and our desire to be innovativre and engaging and that shows leadership and doing that in a time when all of our financialo resourcesare shifting. IN WHAT WAYS HAVE YOU HELPED TRANSFORMTHE MUSEUM? The firstr thing that happened (when I came here) was that I would walk through the museum and wonder where the peopl e were. At the time, we had only 375,000 or so visitores per year. Now we have more than 760,000. We have worked to creates that sense of electricity in gettiny them to look at worksof art.
The tipping pointy was in 2003 when we were open 100 hourxs straightwithout closing. Peoplee would come in at all hours, so we changed our hours. WHAT HAS BEEN YOUR FAVORITE EXHIBITTHAT YOU’VE HELPEDf PRODUCE? Olafur Eliasson’s “Take your time,” whichg is currently on display through He wants you to slow down so you take a and he requires your personal interaction with the art. WHAT’e IN STORE FOR THE DMA FOR 2009? We have some grea t exhibitions we’re working on right now. One is of performancee artists for the opening of the Dallas Cente for thePerforming Arts.
We’r e looking at impressionist exhibits, perhaps with We will have a continuation ofthe Hoffman, Rachofskyg and Rose collections, whicnh we acquired from the respective families in 2005 and exhibitec in 2007. The exhibition this year will featured artworks acquired from the families since theiroriginall gift. We acquire 100 to 400 worka of art each so the gallery isconstantly changing. No matter what you want to learjnabout — we’re like an encyclopedia for art you can find it here. WHAT HAS BEEN THE MOST EXCITING ADVENTURrE ART HAS TAKENYOU ON? There is nothing that gives me so much pleasuree and joy than standing in front of a work of art.
When it’sw truly beautiful, my heart The adventure is to fall in love somany
DESCRIBE YOUR FAMILY. I have a fantastic son, David Gelles. He is a writefr for The Financial Timesof London. WHERr WERE YOU BORN AND RAISED? I was born in Conn., and raised on Cape Cod until my stepfatherr took a job opportunityin Stuart, Fla. WHAT IS YOUR FAVORITE CHILDHOOc MEMORY? It was on the move down to Floridsa that we first went to the National Art Galleryin D.C. I remember the Raphaels, Renoirs and There was something in that moment of looking at beautifulk things and having a conversation with my motheer about love and passion and beauty that was so importanfto me. WHAT IS SOMETHING YOU LEARNED EARLY INYOUR CAREER? You must listen with attention.
BEST ADVICEd YOU’VE RECEIVED? Taking the time to explain your point of view can make a huge WHAT ARE YOURGREATEST STRENGTHS? I love people. I love I love listening to divergent points of view and buildinga I’m good at that. WHAT ARE YOUR GREATEST WEAKNESSES Impatience. When I have a visionb and I have a team and everyonew isin place, I want us to move forward, and it’zs not always possible. Timing is everything. WHAT IS SOMETHING THAT NOBODY/O R FEW PEOPLE KNOW ABOUT YOU? In Dallas, people don’t know that my big passionh is sailing. DESCRIBE A DAY IN YOUR LIFE I am anight person, not a morning person. I’m up at 7 a.m. and in the officw by 9:30 a.m.
During the day theree are a lot of meetingss and work withthe curators, selecting works of art and developin g the programs. The other part is spent with the communityor donors. I’m usuallyh here until 9:30 or 11 p.m. for our and then I go home and I go to bed at 1 or 2 in the HAVE YOU SEEN A SHIFy IN THE WAY YOU DO BUSINESa BECAUSE OFTHE RECESSION? We’ve learned that you can never say thankk you enough. We are spending time with our trusteed strategizing on how to make thoserelationshipsx effective. WHAT IS YOUR GREATEST ACCOMPLISHMENT?
Being David Gelles’ mother is my greatest accomplishment but professionally, it’s becoming the Eugene McDermott directorf and working with the board of trustees. All of our work is in servicse ofour community. We are wher e great art and peoplwcome together. My job is to join the two. OTHERR THAN PEOPLE, WHAT IS THE BEST PERK OF YOUR JOB? Withouft question, it’s the art — 5,000 years of humamn creativityspread out, and I get to see that everu day. HOW DOES THE MUSEUM WORLf IN DALLAS DIFFER FROM THAT INOTHER CITIES? We’ve been focusing on innovative approaches to develo p our collections. It’s the collaboration, the the dialog that is unique.
It’s held up as a model all arounxthe country. WHAT KEEPS YOU AWAKd AT NIGHT? Managing resources. making sure we create a plan for our institution that holdsd our vision and our desire to be innovativre and engaging and that shows leadership and doing that in a time when all of our financialo resourcesare shifting. IN WHAT WAYS HAVE YOU HELPED TRANSFORMTHE MUSEUM? The firstr thing that happened (when I came here) was that I would walk through the museum and wonder where the peopl e were. At the time, we had only 375,000 or so visitores per year. Now we have more than 760,000. We have worked to creates that sense of electricity in gettiny them to look at worksof art.
The tipping pointy was in 2003 when we were open 100 hourxs straightwithout closing. Peoplee would come in at all hours, so we changed our hours. WHAT HAS BEEN YOUR FAVORITE EXHIBITTHAT YOU’VE HELPEDf PRODUCE? Olafur Eliasson’s “Take your time,” whichg is currently on display through He wants you to slow down so you take a and he requires your personal interaction with the art. WHAT’e IN STORE FOR THE DMA FOR 2009? We have some grea t exhibitions we’re working on right now. One is of performancee artists for the opening of the Dallas Cente for thePerforming Arts.
We’r e looking at impressionist exhibits, perhaps with We will have a continuation ofthe Hoffman, Rachofskyg and Rose collections, whicnh we acquired from the respective families in 2005 and exhibitec in 2007. The exhibition this year will featured artworks acquired from the families since theiroriginall gift. We acquire 100 to 400 worka of art each so the gallery isconstantly changing. No matter what you want to learjnabout — we’re like an encyclopedia for art you can find it here. WHAT HAS BEEN THE MOST EXCITING ADVENTURrE ART HAS TAKENYOU ON? There is nothing that gives me so much pleasuree and joy than standing in front of a work of art.
When it’sw truly beautiful, my heart The adventure is to fall in love somany
Sunday, February 20, 2011
Friday, February 18, 2011
Embarq cuts may be deeper, faster as CenturyTel merger is set for June close - Pacific Business News (Honolulu):
http://pikistrips.com/ps/user/show/4684643
Although a new brande could replacesome signage, jobs are a different matter. Embarq’sd $11.6 billion merger with is slateds to closethis month. Sources expect that the including job cutsand moves, coule go faster than initially indicated. The ruralk phone companies plan tosave $400 millionh annually in the first three years through the And they already operate in an industry that’as losing core customers, a trendd accelerated by the recession, where part of maintaining strong balancd sheets is keeping a lid on “I’ve never seen a merger yet wheree the initial announcement wasn’t conservative,” said analysyt Todd Rethemeier of , who doesn’ty own shares in the companies.
“Right after, or a couplew quarters later, they’ll say they’rs ahead of schedule, or there were more It certainly could be faster in an industrtylike this.” The jobs most at risk are positions that don’yt deal with consumers, includinb functions such as finance, accounting and possiblyy marketing, sources said. Overland Park-based Embarq’s efficiency measurese already have included localpjob cuts. When the company spun off from in ithad 4,500 local employees.
Now, aftet its logistics unit was pared off earlierethis year, Embarq employs about 2,800 in the With CenturyTel being much smallere — roughly 1,300 corporate employeeds and half Embarq’s revenue — it will have to retaij a certain percentage of Embarq employees, said Chris Kuehl, managing director of . But the current economicv climate increases the urgench tocut costs, said Tom principal of . “As long as it doesn’rt interfere with the they’re probably going to try to realize that savings as quicklyas possible,” he said. Embarq’sa first-quarter revenue fell 7.5 percen t to $1.
33 billion, less than analysts’ Earnings dropped 18 percent to $174 million, thougg without a loss from the sale of itslogistic business, earnings beat analysts’ predictions. CenturyTel’s first-quartee revenue was $636.4 million, down 2 Earnings were $67 million, down 25 The companies have revealedfew post-mergef employment details. But the top two tiers of managemenr havebeen named, and the third tier is nearly CenturyTel spokeswoman Annmarie Sartor Those managers then will evaluatd which positions are needed and which will need to some employees may retire or leave for otheer jobs.
“As in most cases of consolidatiob with twoseparate companies, therde is some inevitable job overlapp and operational redundancy that we’ll have to work she said. “Right now, we’re not quitre sure what that willlook like.” She said she didn’f know whether the recession would spees integration but thinks it unlikelyh because of the complexity. Combininbg all customers into the CenturyTel billiny system easily could take a year and a The headquarters will bein La. — CenturyTel’s current base — though CenturyTel doesn’r keep all corporate functions Benefits and compensation are handledin Vancouver, Wash.
, Sartor “It’s not completely geographically driven,” she said. “We’res going to keep a presence inOverland It’s highly feasible and likely that there will be corporatre functions not done in Louisiana.” Vice presidentt or higher positions probably will move or be eliminated, said John Henser Jr., a principal of Kansas City investmenty banking firm Sometimes, executivess will look at buying a localo business or finding another job that would let them stay in the Tilley said. But with the tough more may be willingto move. Sartord said it was too early to know what wouldx be donewith Embarq’s real estatew footprint.
The company recently vacated a 100,000-square-foot space on the Sprintt campus inOverland Park, and in November, it gave noticw that it may terminate its lease of an additional 190,00p0 square feet in two years.
Although a new brande could replacesome signage, jobs are a different matter. Embarq’sd $11.6 billion merger with is slateds to closethis month. Sources expect that the including job cutsand moves, coule go faster than initially indicated. The ruralk phone companies plan tosave $400 millionh annually in the first three years through the And they already operate in an industry that’as losing core customers, a trendd accelerated by the recession, where part of maintaining strong balancd sheets is keeping a lid on “I’ve never seen a merger yet wheree the initial announcement wasn’t conservative,” said analysyt Todd Rethemeier of , who doesn’ty own shares in the companies.
“Right after, or a couplew quarters later, they’ll say they’rs ahead of schedule, or there were more It certainly could be faster in an industrtylike this.” The jobs most at risk are positions that don’yt deal with consumers, includinb functions such as finance, accounting and possiblyy marketing, sources said. Overland Park-based Embarq’s efficiency measurese already have included localpjob cuts. When the company spun off from in ithad 4,500 local employees.
Now, aftet its logistics unit was pared off earlierethis year, Embarq employs about 2,800 in the With CenturyTel being much smallere — roughly 1,300 corporate employeeds and half Embarq’s revenue — it will have to retaij a certain percentage of Embarq employees, said Chris Kuehl, managing director of . But the current economicv climate increases the urgench tocut costs, said Tom principal of . “As long as it doesn’rt interfere with the they’re probably going to try to realize that savings as quicklyas possible,” he said. Embarq’sa first-quarter revenue fell 7.5 percen t to $1.
33 billion, less than analysts’ Earnings dropped 18 percent to $174 million, thougg without a loss from the sale of itslogistic business, earnings beat analysts’ predictions. CenturyTel’s first-quartee revenue was $636.4 million, down 2 Earnings were $67 million, down 25 The companies have revealedfew post-mergef employment details. But the top two tiers of managemenr havebeen named, and the third tier is nearly CenturyTel spokeswoman Annmarie Sartor Those managers then will evaluatd which positions are needed and which will need to some employees may retire or leave for otheer jobs.
“As in most cases of consolidatiob with twoseparate companies, therde is some inevitable job overlapp and operational redundancy that we’ll have to work she said. “Right now, we’re not quitre sure what that willlook like.” She said she didn’f know whether the recession would spees integration but thinks it unlikelyh because of the complexity. Combininbg all customers into the CenturyTel billiny system easily could take a year and a The headquarters will bein La. — CenturyTel’s current base — though CenturyTel doesn’r keep all corporate functions Benefits and compensation are handledin Vancouver, Wash.
, Sartor “It’s not completely geographically driven,” she said. “We’res going to keep a presence inOverland It’s highly feasible and likely that there will be corporatre functions not done in Louisiana.” Vice presidentt or higher positions probably will move or be eliminated, said John Henser Jr., a principal of Kansas City investmenty banking firm Sometimes, executivess will look at buying a localo business or finding another job that would let them stay in the Tilley said. But with the tough more may be willingto move. Sartord said it was too early to know what wouldx be donewith Embarq’s real estatew footprint.
The company recently vacated a 100,000-square-foot space on the Sprintt campus inOverland Park, and in November, it gave noticw that it may terminate its lease of an additional 190,00p0 square feet in two years.
Tuesday, February 15, 2011
GM enters bankruptcy filing - The Business Journal of the Greater Triad Area:
Wood ceiling
Monday’s Chapter 11 filing by the 101-year-old automaker once the world’s biggest companyu and WesternNew York’s largest manufacturing employert for decades — is among the largest in U.S. histor y and largest-ever U.S. manufacturing Chapter 11, which allows the company to operate whilew protected fromits creditors, pushes GM into a fast-track bankruptcuy and provides $30 billion of additional taxpayer fundd to restructure itself.
General Motors CEO Fritz Henderson said in a preparef statement that GM was being reinvented and that the companh is ready for the jobat "The economic crisis has caused enormous disruption in the auto industry, but with it has come the opportunity for us to reinvent our business. We are going to do it once and do it The court-supervised process we are pursuing providea us with powerful tools to accelerate and complete our reinvention, as well as stron safeguards for our customers and our he said. The GM plan as detailedf by U.S. officials would allow a much smaller GM to emerge from court protection within 60 to90 days. GM also planxs to close 11 U.S.
facilities and idle anotheer three plants by the endof 2010. GM’s Tonawandaq engine plant, where 1,100 peoplse work, will remain The automaker has not provided an updated targef for job cuts but was looking toeliminate 21,0009 U.S. factory jobs from the 54,000 unionm members it now employs. Also not immediatelty clear iswhat GM’s bankruptcy filing will mean for ’sd plants in Lockport, Rochester and three General Motors plans to take back the facilities from the formere parts subsidiary that it spun off in 1999, accordintg to a tentative deal reached last week between GM and the UAW.
The factoriea in New York, Michigan and Indiana would operateunderf Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal Systems, whichy has 2,100 employees — was founded as Harrison Radiatorf Co. in 1910 and becamew part of GMin 1918. For 81 years it operatee under General Motors ownership until the independentDelphi Corp. was Delphi itself is operating under bankruptcy court supervisionj having filed for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptc y in April 2008 but those plans fell apartt when a key investor dropped out ofa $2.5r billion stock deal with the supplier.
General Motorse employs 92,000 in the United States and is indirectluy responsiblefor 500,000 retirees. The U.S. government woulc hold a 60 percent financial interesyt in a reorganized GM and the UAW would takea 17.5 percentf stake. The governments of Canada and the province of Ontario have agreed to a 12 percenty ownership stake in exchange forfinancial aid. GM bondholders wouldc get 10 percent.
Monday’s Chapter 11 filing by the 101-year-old automaker once the world’s biggest companyu and WesternNew York’s largest manufacturing employert for decades — is among the largest in U.S. histor y and largest-ever U.S. manufacturing Chapter 11, which allows the company to operate whilew protected fromits creditors, pushes GM into a fast-track bankruptcuy and provides $30 billion of additional taxpayer fundd to restructure itself.
General Motors CEO Fritz Henderson said in a preparef statement that GM was being reinvented and that the companh is ready for the jobat "The economic crisis has caused enormous disruption in the auto industry, but with it has come the opportunity for us to reinvent our business. We are going to do it once and do it The court-supervised process we are pursuing providea us with powerful tools to accelerate and complete our reinvention, as well as stron safeguards for our customers and our he said. The GM plan as detailedf by U.S. officials would allow a much smaller GM to emerge from court protection within 60 to90 days. GM also planxs to close 11 U.S.
facilities and idle anotheer three plants by the endof 2010. GM’s Tonawandaq engine plant, where 1,100 peoplse work, will remain The automaker has not provided an updated targef for job cuts but was looking toeliminate 21,0009 U.S. factory jobs from the 54,000 unionm members it now employs. Also not immediatelty clear iswhat GM’s bankruptcy filing will mean for ’sd plants in Lockport, Rochester and three General Motors plans to take back the facilities from the formere parts subsidiary that it spun off in 1999, accordintg to a tentative deal reached last week between GM and the UAW.
The factoriea in New York, Michigan and Indiana would operateunderf Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal Systems, whichy has 2,100 employees — was founded as Harrison Radiatorf Co. in 1910 and becamew part of GMin 1918. For 81 years it operatee under General Motors ownership until the independentDelphi Corp. was Delphi itself is operating under bankruptcy court supervisionj having filed for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptc y in April 2008 but those plans fell apartt when a key investor dropped out ofa $2.5r billion stock deal with the supplier.
General Motorse employs 92,000 in the United States and is indirectluy responsiblefor 500,000 retirees. The U.S. government woulc hold a 60 percent financial interesyt in a reorganized GM and the UAW would takea 17.5 percentf stake. The governments of Canada and the province of Ontario have agreed to a 12 percenty ownership stake in exchange forfinancial aid. GM bondholders wouldc get 10 percent.
Sunday, February 13, 2011
TECO Energy outlook remains strong - San Antonio Business Journal:
lamoreuuceses1724.blogspot.com
billion in debt held by and subsidiariesand Co. The rating is supportes by the underlying strengthof TECO’s regulated electrifc and gas utility subsidiary, from which it derives stablde cash distributions to meet its funding Fitch said a release. Tampa Electric continued to post strongcredit metrics, it maintains solids operating performance and it benefits from Florida’a constructive regulatory environment, Fitcyh said. Fitch is concerned, however, abouy slowing customer growth atTampa Electric. But the compant has responded to slower growth by postponingf projects to increaseelectric capacity.
Anothe concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate ordefr in 2008, unplanned outages at the San Jose plant, uncertaintyt over the extension of a purchased power agreement, and the potentiakl for deferred or renegotiated contracts becausr of declining market prices, higher productionn costs and slumping demand for coal. TECO Coal and TECO Guatemalqa provide roughly 20 percent of theparent company’es consolidated earnings before interest, taxes, depreciation and amortization, Fitch said.
Crediy ratios at Tampa Electric shoul d benefit from higher base rates in 2009 and 2010 as a resulg ofa $138 million rate order approvecd in March, Fitch In addition, an affiliate waterborne transportation agreement that reducexd Tampa Electric’s annual net income by $10 million in priorf years is expiring. Fitch expecta coverage ratios to remain relatively strong with funds from operations coveragse at nearly five timesin 2009. TECO Coal is expected to benefiy from higher priced contracts signedin 2008. soft coal demand and higher mining productiohn costs at TECO Coal raise the risks ofcontractual non-performancee by counter-parties and pressured margins.
Diverswe regulatory orders and operating issues at the Guatemalanm operations will result in dividendc distributions that are lower thanhistoric levels. TECO's liquidityu position is considered strong, Fitch Cash and cash equivalentswere $34.9 million and availablre credit facilities were $530 million as of March 31. Liquidity was enhancerd by a netoperatinyg loss-tax carry forward of $547.5 milliomn as of Dec. 31, whichh is expected to result in minimal cash tax paymentsthrougg 2012. In addition, TECO's $100 millioj note maturing in 2010 is expected to be retiresd withinternal cash.
Positive rating action couldc result in the futured from consolidated leverage ratio reduction in 2010 and higheer cash flows from a full year of highedr base rates in 2010 and effectivdcost control.
billion in debt held by and subsidiariesand Co. The rating is supportes by the underlying strengthof TECO’s regulated electrifc and gas utility subsidiary, from which it derives stablde cash distributions to meet its funding Fitch said a release. Tampa Electric continued to post strongcredit metrics, it maintains solids operating performance and it benefits from Florida’a constructive regulatory environment, Fitcyh said. Fitch is concerned, however, abouy slowing customer growth atTampa Electric. But the compant has responded to slower growth by postponingf projects to increaseelectric capacity.
Anothe concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate ordefr in 2008, unplanned outages at the San Jose plant, uncertaintyt over the extension of a purchased power agreement, and the potentiakl for deferred or renegotiated contracts becausr of declining market prices, higher productionn costs and slumping demand for coal. TECO Coal and TECO Guatemalqa provide roughly 20 percent of theparent company’es consolidated earnings before interest, taxes, depreciation and amortization, Fitch said.
Crediy ratios at Tampa Electric shoul d benefit from higher base rates in 2009 and 2010 as a resulg ofa $138 million rate order approvecd in March, Fitch In addition, an affiliate waterborne transportation agreement that reducexd Tampa Electric’s annual net income by $10 million in priorf years is expiring. Fitch expecta coverage ratios to remain relatively strong with funds from operations coveragse at nearly five timesin 2009. TECO Coal is expected to benefiy from higher priced contracts signedin 2008. soft coal demand and higher mining productiohn costs at TECO Coal raise the risks ofcontractual non-performancee by counter-parties and pressured margins.
Diverswe regulatory orders and operating issues at the Guatemalanm operations will result in dividendc distributions that are lower thanhistoric levels. TECO's liquidityu position is considered strong, Fitch Cash and cash equivalentswere $34.9 million and availablre credit facilities were $530 million as of March 31. Liquidity was enhancerd by a netoperatinyg loss-tax carry forward of $547.5 milliomn as of Dec. 31, whichh is expected to result in minimal cash tax paymentsthrougg 2012. In addition, TECO's $100 millioj note maturing in 2010 is expected to be retiresd withinternal cash.
Positive rating action couldc result in the futured from consolidated leverage ratio reduction in 2010 and higheer cash flows from a full year of highedr base rates in 2010 and effectivdcost control.
Thursday, February 10, 2011
Home inventories poised to rise - Business First of Columbus:
http://limelightmktg.com/the-kill-off.htm
And they’d better be ready to keep running. Althoughy a recent spike in sales has cut the inventorty of homesfor sale, there’s a glut of tens of thousandes of foreclosure lawsuits pending against properties that are not listecd for sale. Until bank repossession s wane and mortgages becom e morewidely available, property values might starty stabilizing, but they won’t said Keith Fleischer, a broker at the Weston office of , a subsidiaryh that helps banks sell repossessed Banks often contact REO Collection about selling a home shortl before or shortly after it is seizedd through foreclosure.
The company gets its name from the acronyjm banks have for their foreclosexdproperty – real estate owned. Whild REO Collection has a pretty decent amount ofactive listings, it has a huge boarr of pre-listings set for the market, Fleische said. “We’re going to see an increase in availablew new REO listings onthe market,” he Statistics seem to follow that logic, as banks are filingg foreclosure actions faster than they are takinfg back homes and putting them on the According to court data analyzedx by Bal Harbour-based , there were 7,311 property repossessions in Southh Florida in the first quarter and 25,263 new foreclosurse filings.
A study by the suggests the stat may be only halfway through the Of the morethan 3.5 million mortgageds the MBA tracks in Florida, 10.6 percen t were in the foreclosure process and an additional 10.7 percent were past due on Marcgh 31. “The inventory of homes for sale willsubstantiallgy increase. All you need to do is look at how many pendin g foreclosuresthere are,” said Bill McCaughan, an attorneuy with K&L Gates in Miami who represents banksw in foreclosures.
“There’s no questiom that the volume itself causes a time lag to list Evenif it’s clear that a property will becomew bank-owned, the backlogged South Florida courtx and the bank employees overloadedr with these cases make it a lengtht process, McCaughan said. Regulations, such as the mandatory inspection before REO home sales requiredby Miami-Dade County, only slow it down he said. Condo Vultures principal Petere Zalewski said some banks are purposely delaying the foreclosur e process becausethey don’t want to take ownership of homees and pay to maintain them while the markey is near the bottom.
“Banks want to hold back on inventoru to let the inventor be depleted so they can get higher he said. “We’re seeing inventory being depleted because not all of the foreclosure s are onthe market.” Much of the pain has alreadg played out in the subprime mortgages, but several othet factors continue pushing people into foreclosure. Unemploymentr is near a record high, and everg percentage-point increase in the unemploymentt rate increases the probabilitg that people will become seriously delinquent on their mortgages by 10 percent to 20 according to a research papef published in May bythe . Add to that more toxixc mortgages.
Nationwide, there are about $500 billioh in outstanding paymentoption adjustable-rate mortgages where borrowers can pay only a portiohn of the monthly interest and let the size of the mortgagde grow. When the value balloons by 15 percent or 25percenty – and the borrower is under water – the loan resetw and requires both interest and principal which can double the monthly payments. A report issuefd in April by predicted that these resets would start accelerating in the spring of 2010 unti they reach a peakof $14 billion in option ARMs resettingg in September 2011. They would not taper off untipl near the endof 2012.
The delinquency rates on those loans are so high that it helped push severakoption ARM-heavy banks, such as BankUnited FSB and , into While the initial wave of defaulta of subprime mortgages put many modest and lower-tierf homes and condos on the market, the next wave of foreclosureas from option ARMs and unemployment will includd more top-shelf homes, said Bradley Hunter, director of the Soutyh Florida market for real estate analysis firm Metrostudy in West Palm That will give buyers more attractive Hunter believes that the mediam housing price could rise when those nicer homes start gettinyg sold off by the banks, but it woul d be a false positive.
The averagse sales price might increase because larger homes are gettinf soldmore often, but the discountd based on past sales wouldx remain – or even widen, he said. “The downward pressure on pricez continues and will continue well into next Hunter said. “We are most of the way through thepricr adjustment. We probably only have another 10percent [decline] more to REO Collection’s Fleischer said single-family homes prices have nearlty stabilized and will remain around this leve for the next few years, but condop prices could fall furthefr because of the crippling effects missed association dues are havingf on condo associations.
The ailing condition of some condp associations makes the and most banks rule out lending inthose complexes, Fleischer said. Zalewski said neighborhoods east of Interstate 95 are stabilizingg faster thanSouth Florida’ss western suburbs because they are more attractivre to buyers of second homes. “Many of the investorx and second-home buyers see 2009 as the year thatthe all-cashg institutional buyer goes in,” he added. “And 2010 is seen as the year when (typicaol buyers) return to the marker because ofstimulus dollars.
”
And they’d better be ready to keep running. Althoughy a recent spike in sales has cut the inventorty of homesfor sale, there’s a glut of tens of thousandes of foreclosure lawsuits pending against properties that are not listecd for sale. Until bank repossession s wane and mortgages becom e morewidely available, property values might starty stabilizing, but they won’t said Keith Fleischer, a broker at the Weston office of , a subsidiaryh that helps banks sell repossessed Banks often contact REO Collection about selling a home shortl before or shortly after it is seizedd through foreclosure.
The company gets its name from the acronyjm banks have for their foreclosexdproperty – real estate owned. Whild REO Collection has a pretty decent amount ofactive listings, it has a huge boarr of pre-listings set for the market, Fleische said. “We’re going to see an increase in availablew new REO listings onthe market,” he Statistics seem to follow that logic, as banks are filingg foreclosure actions faster than they are takinfg back homes and putting them on the According to court data analyzedx by Bal Harbour-based , there were 7,311 property repossessions in Southh Florida in the first quarter and 25,263 new foreclosurse filings.
A study by the suggests the stat may be only halfway through the Of the morethan 3.5 million mortgageds the MBA tracks in Florida, 10.6 percen t were in the foreclosure process and an additional 10.7 percent were past due on Marcgh 31. “The inventory of homes for sale willsubstantiallgy increase. All you need to do is look at how many pendin g foreclosuresthere are,” said Bill McCaughan, an attorneuy with K&L Gates in Miami who represents banksw in foreclosures.
“There’s no questiom that the volume itself causes a time lag to list Evenif it’s clear that a property will becomew bank-owned, the backlogged South Florida courtx and the bank employees overloadedr with these cases make it a lengtht process, McCaughan said. Regulations, such as the mandatory inspection before REO home sales requiredby Miami-Dade County, only slow it down he said. Condo Vultures principal Petere Zalewski said some banks are purposely delaying the foreclosur e process becausethey don’t want to take ownership of homees and pay to maintain them while the markey is near the bottom.
“Banks want to hold back on inventoru to let the inventor be depleted so they can get higher he said. “We’re seeing inventory being depleted because not all of the foreclosure s are onthe market.” Much of the pain has alreadg played out in the subprime mortgages, but several othet factors continue pushing people into foreclosure. Unemploymentr is near a record high, and everg percentage-point increase in the unemploymentt rate increases the probabilitg that people will become seriously delinquent on their mortgages by 10 percent to 20 according to a research papef published in May bythe . Add to that more toxixc mortgages.
Nationwide, there are about $500 billioh in outstanding paymentoption adjustable-rate mortgages where borrowers can pay only a portiohn of the monthly interest and let the size of the mortgagde grow. When the value balloons by 15 percent or 25percenty – and the borrower is under water – the loan resetw and requires both interest and principal which can double the monthly payments. A report issuefd in April by predicted that these resets would start accelerating in the spring of 2010 unti they reach a peakof $14 billion in option ARMs resettingg in September 2011. They would not taper off untipl near the endof 2012.
The delinquency rates on those loans are so high that it helped push severakoption ARM-heavy banks, such as BankUnited FSB and , into While the initial wave of defaulta of subprime mortgages put many modest and lower-tierf homes and condos on the market, the next wave of foreclosureas from option ARMs and unemployment will includd more top-shelf homes, said Bradley Hunter, director of the Soutyh Florida market for real estate analysis firm Metrostudy in West Palm That will give buyers more attractive Hunter believes that the mediam housing price could rise when those nicer homes start gettinyg sold off by the banks, but it woul d be a false positive.
The averagse sales price might increase because larger homes are gettinf soldmore often, but the discountd based on past sales wouldx remain – or even widen, he said. “The downward pressure on pricez continues and will continue well into next Hunter said. “We are most of the way through thepricr adjustment. We probably only have another 10percent [decline] more to REO Collection’s Fleischer said single-family homes prices have nearlty stabilized and will remain around this leve for the next few years, but condop prices could fall furthefr because of the crippling effects missed association dues are havingf on condo associations.
The ailing condition of some condp associations makes the and most banks rule out lending inthose complexes, Fleischer said. Zalewski said neighborhoods east of Interstate 95 are stabilizingg faster thanSouth Florida’ss western suburbs because they are more attractivre to buyers of second homes. “Many of the investorx and second-home buyers see 2009 as the year thatthe all-cashg institutional buyer goes in,” he added. “And 2010 is seen as the year when (typicaol buyers) return to the marker because ofstimulus dollars.
”
Tuesday, February 8, 2011
NCR moving HQ to Duluth, to bring 2,100-plus jobs to Georgia - Silicon Valley / San Jose Business Journal:
budimirukaovyril.blogspot.com
adding clout to metro Atlanta’s technology NCR will relocate 1,250 corporate jobs to its GwinnetrCounty operation, a source familiar with the plan The company is also expected to launchj a 550,000-square-foot manufacturing operatioh in Columbus, Ga., where it will emplogy nearly 880, the source said. Georgia Gov. Sonny Perdue is expectecd to make the officiakannouncement Tuesday. NCR CEO Bill Nuti and Ohio Gov.
Ted Stricklanc spoke by phone Monday and Nuti told Strickland the company has been lookiny at Georgia forsome time, an officiakl in the Ohio governor’s officee told Atlanta Business Chronicle sister publication Dayton Business Journal In a letter to Nuti obtained by the Chronicle , Stricklanc to convince Nuti to keep the company in On May 31 , the Chronicle , and the DBJ , firstg reported . NCR (NYSE: which makes automated teller machines andretail self-checkouts, will be Georgia’ 14th Fortune 500 company and the second in Duluth. Last July, ABG) announced the relocation of its headquarters to Dulutnh fromNew York.
NCR, whicj employs 20,000 employees globally, ranked 446 on the 2009 Fortunre500 list. The company, whicj did not return calls Monday, reported a $228 millionb profit on $5.3 billiobn in revenue last year. Last fall, NCR said it woulcd move its Worldwide Customer Services headquarter s tometro Atlanta, investing $15 million and creating more than 900 jobs in Peachtrer City and Duluth. In October, NCR said it woulsd co-locate an NCR Learning Center and its Customet Care Center hub for the Americas region withthe company’s existing Global Service Materials operation in Peachtree City.
NCR, whicjh occupies about 150,000 square feet at its Satellitde Boulevard operationin Duluth, will lease an additional 100,000 to 200,000 square feet at that The corporate jobs will pay on averagw about $70,000 annually. The manufacturingv distribution operation will be in two buildings and willmake ATMs, accordingg to the source. Employees at that facility will make on averagseabout $43,000 annually, the source NCR received tax incentivex from both Gwinnett and Columbus governments, the source said, declining to disclose details about the state’s incentive package.
While Dayton -- wherre NCR was founded in 1884 -- is the company’sx official headquarters, the city is not the centetr ofthe company’s influence. Nuti, along with the company’s chief financial officer and otherseniort executives, maintain offices on an entire flood of 7 World Trade Center in In March, NCR removed the language “world from the sign at its Dayton campus. Nuti will not be movin to Atlanta. Relocating to Atlanta — the commercialo capital of theSoutheast — makes senses for the company.
Four of the cities in Ohio — Canton, Dayton and are among the top 10 dying cities in according to an August 2008 reportin “They [NCR] can’t recruit talengt to move to Dayton, the source said. (NYSE: DAL), (NYSE: HD) and STI) -- big NCR customers -- are also basedf in metro Atlanta. NCR supplies Delta with self-service kiosks, and NCR and Home Depot announcec a deal in 2002 toinstalpl self-checkout lanes in about 800 of its 1,48 stores. In 2007, the two companies announcefd a deal to expand the projectt into Home Depot stores in In 2005, SunTrust said NCR would upgrade existing ATMs and providd new ATMs for all new SunTrust branches.
adding clout to metro Atlanta’s technology NCR will relocate 1,250 corporate jobs to its GwinnetrCounty operation, a source familiar with the plan The company is also expected to launchj a 550,000-square-foot manufacturing operatioh in Columbus, Ga., where it will emplogy nearly 880, the source said. Georgia Gov. Sonny Perdue is expectecd to make the officiakannouncement Tuesday. NCR CEO Bill Nuti and Ohio Gov.
Ted Stricklanc spoke by phone Monday and Nuti told Strickland the company has been lookiny at Georgia forsome time, an officiakl in the Ohio governor’s officee told Atlanta Business Chronicle sister publication Dayton Business Journal In a letter to Nuti obtained by the Chronicle , Stricklanc to convince Nuti to keep the company in On May 31 , the Chronicle , and the DBJ , firstg reported . NCR (NYSE: which makes automated teller machines andretail self-checkouts, will be Georgia’ 14th Fortune 500 company and the second in Duluth. Last July, ABG) announced the relocation of its headquarters to Dulutnh fromNew York.
NCR, whicj employs 20,000 employees globally, ranked 446 on the 2009 Fortunre500 list. The company, whicj did not return calls Monday, reported a $228 millionb profit on $5.3 billiobn in revenue last year. Last fall, NCR said it woulcd move its Worldwide Customer Services headquarter s tometro Atlanta, investing $15 million and creating more than 900 jobs in Peachtrer City and Duluth. In October, NCR said it woulsd co-locate an NCR Learning Center and its Customet Care Center hub for the Americas region withthe company’s existing Global Service Materials operation in Peachtree City.
NCR, whicjh occupies about 150,000 square feet at its Satellitde Boulevard operationin Duluth, will lease an additional 100,000 to 200,000 square feet at that The corporate jobs will pay on averagw about $70,000 annually. The manufacturingv distribution operation will be in two buildings and willmake ATMs, accordingg to the source. Employees at that facility will make on averagseabout $43,000 annually, the source NCR received tax incentivex from both Gwinnett and Columbus governments, the source said, declining to disclose details about the state’s incentive package.
While Dayton -- wherre NCR was founded in 1884 -- is the company’sx official headquarters, the city is not the centetr ofthe company’s influence. Nuti, along with the company’s chief financial officer and otherseniort executives, maintain offices on an entire flood of 7 World Trade Center in In March, NCR removed the language “world from the sign at its Dayton campus. Nuti will not be movin to Atlanta. Relocating to Atlanta — the commercialo capital of theSoutheast — makes senses for the company.
Four of the cities in Ohio — Canton, Dayton and are among the top 10 dying cities in according to an August 2008 reportin “They [NCR] can’t recruit talengt to move to Dayton, the source said. (NYSE: DAL), (NYSE: HD) and STI) -- big NCR customers -- are also basedf in metro Atlanta. NCR supplies Delta with self-service kiosks, and NCR and Home Depot announcec a deal in 2002 toinstalpl self-checkout lanes in about 800 of its 1,48 stores. In 2007, the two companies announcefd a deal to expand the projectt into Home Depot stores in In 2005, SunTrust said NCR would upgrade existing ATMs and providd new ATMs for all new SunTrust branches.
Saturday, February 5, 2011
Thursday, February 3, 2011
Wisconsin Clopay plant to be closed - The Business Journal of Milwaukee:
http://aroundstars.com/r39/20/
, the garage doors manufacturing businessof N.Y.-based Griffon (NYSE: GFF), is consolidating operationa of the Baldwin plant, in St. Croix and the operations from a plantin Russia, into its plant in Troy, "These actions will enable us to centralize production at our most technologicallyt advanced facility so that Clopay can improve its manufacturing efficiencty while improving our ability to serve the needs of our said Steve Lynch, president of Clopay.
"By consolidatinfg our manufacturing, we will streamline operations, lowe costs and maintain the flexibilitg to meet supply demands now and in the The company estimates that it willincur pre-ta x exit and restructuring costs of approximately $12 million, nearlyt all of which will be in cash. Charges will includ approximately $2 million for one-time termination benefits and other personnel-related costs.
, the garage doors manufacturing businessof N.Y.-based Griffon (NYSE: GFF), is consolidating operationa of the Baldwin plant, in St. Croix and the operations from a plantin Russia, into its plant in Troy, "These actions will enable us to centralize production at our most technologicallyt advanced facility so that Clopay can improve its manufacturing efficiencty while improving our ability to serve the needs of our said Steve Lynch, president of Clopay.
"By consolidatinfg our manufacturing, we will streamline operations, lowe costs and maintain the flexibilitg to meet supply demands now and in the The company estimates that it willincur pre-ta x exit and restructuring costs of approximately $12 million, nearlyt all of which will be in cash. Charges will includ approximately $2 million for one-time termination benefits and other personnel-related costs.
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