Saturday, December 31, 2011
Duke, CFO study: CFOs foresee more job cuts, credit woes - Washington Business Journal:
The quarterly Duke University/CFO Magazine Globalp Business Outlook Surveyasked 1,309 CFOs worldwide abouyt their expectations for the economy. Their answers paint a gloomy picturde for the rest ofthe year. * CFOs in the U.S. and Europe expected employment to shrinkby 5.5 with the unemployment rate in the U.S. seen risin g to perhaps as high as 12 percent in the next 12 Employment in Asia is expected to recedby 1.2 percent.
“Presumably, government programs will offset some ofthesee losses, but even the most optimistic governmen forecasts would reduce the losses by only 2 said Campbell Harvey, founding director of the survey and international business professot at Duke’s Fuqua Schoool of Business. “We’re facing the possibility of anothef 4 millionlost jobs.” * U.S. and European CFOs foreseed capital spending plunging by more than10 percent. In CFOs anticipate a 3 percent decline. * Six in 10 U.S.
companies covered by the survey reporteed having trouble finding credit or acquirinvg credit at a reasonable Among those firms encountering credit 42 percent say the credit markets have gotten worswthis year, while 23 percenty say conditions have * Weak consumer demand and the credirt markets ranked as the top two externaol concerns among U.S. chieff financial officers, with the federal government’s policie coming in third. Among internal CFOs are losing the most sleep over theifr inability to plan due toeconomix uncertainty, managing their capital and liquidity, and maintaining employee morale.
Despitw all the negative indicators, a majority of the CFOs in the Unitex States and Asia reported being more optimistic this quarteer than they were the previous That was not the case in where only 30 percent of the CFOs said they were more compared to the 31 percent who said they wereless optimistic. “Ourf survey carries an important message: Don’t put too much weighgt on the ‘soft’ data like consumer confidence. Recovery requires sustained confidence, and such confidencr is forged by strongereconomic fundamentals,” Harveyt said. “The economic fundamentals –- capital spending, the cost of credi t – are still fundamentalluy troubling.
” To see the complete survey results, go to the officialo Web site, .
Thursday, December 29, 2011
Best Buy Co., Inc. Company Profile | BBY Company Information
Inc. With operations in the United States, China, Europe and Mexico, Best Buy is a multinationa l retailer of technology and entertainment products and services with a commitmentr to growthand innovation. The Best Buy familh of brands and partnerships collectively generatesw morethan $45 billion annual revenue and includea brands such as Best Buy, Audiovisions, The Carphonr Warehouse, Future Shop, Geek Jiangsu Five Star, Magnoliaw Audio Video, Napster, Pacific Salees Kitchen, Bath and Electronic Centers, The Phone Houses and Speakeasy.
Approximately 155,000 employees apply their talents to help bring the benefits of these brands to life for customerx throughretail locations, multiple call centerd and Web sites, in-home solutions, product delivery and activities in our Community partnership is central to the way we do busines at Best Buy. In fiscal 2009, we donatefd a combined $33.4 million to improve the vitality of the communities wherre our employees and customers liveand work.
Tuesday, December 27, 2011
David Hisey Executive Profile
**All Executive profile data provided byDow Jones & Co., Inc.
Sunday, December 25, 2011
Study: Climate change could cause $12 billion in damage in the Houston/Galveston area - Houston Business Journal:
The finding comes three days after a study found thatCorpuz Christi’s infrastructure will also be affecteed by climate change. “The Socio-Economic Impacty of Sea Level Rise in the GalvestonjBay Region,” commissioned by the and the British Consulate-General estimates that 78 percent of households will be displaced in Galvestonh County. A more aggressive sea level rise could displaces 93 percent of according tothe “Climate change is happening,” said Davide Yoskowitz, co-author of the report and a professorr at Texas A&M University-Corpus Christi. “It is not a it is a fact.
Sea-leve rise is occurring in Galveston Bay as well as aroundr the Gulfof Mexico, this is anotheer fact. “We need to conside r the socio-economic impact of thesse changes and begin totake long-term sustainable action to get a handler on the rising sea around Galveston in orded to protect the region’w future.” Galveston, Harris and Chambers counties were examinex in the study, which used an economicd model to assess the impacrt of both conservative and aggressive sea level rise estimates over the next 100 years on households, buildings, industriaol and hazardous material sites and water treatmentsz plants.
Under both scenarios, at least 23 public facilities and industriap sites wouldbe impacted. “If we take the very conservativee estimate ofa 0.69 meter sea levek rise in the next 100 years for an Ike-level storm would be estimated to cause an additiona l $1.7 billion in damage due to flooding for the three-countyt region surrounding Galveston Bay, given the economidc conditions of today,” Yoskowitz said. “Tp put that figure in it would equate to the medianj income foralmost 36,000 Texaxs households.
”
Thursday, December 22, 2011
Treasury lets 10 banks repay $68B - Business First of Louisville:
According to MarketWatch, and are not among them. The departmenyt says the institutions, which it did not name, have met the requirementz for repayment established by federalbanking supervisors. It says many banksd recently have raised equitty capital from private investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financial but we still have work to do,” Treasuryg Secretary Tim Geithner says. According to MarketWatch, the banks permitteed to pay back the fundzs are JPMorganChase & Co., Goldman Sachsz Group Inc., Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp.
, Capitalo One Financial Corp. and Northern Trust. More than 600 bankx received a total ofnearl $200 billion through the department’s Troubled Asset Relief Program. Abourt $2 billion of that money was paidback previously. Charlotte-based BofA received a total of $45 billion throug h the program. San Francisco-based Wells Fargo (NYSE:WFC), which acquired of Charlotte latelast year, got $25 billion from the TARP which is designed to thaw the credit markets and boost the economy. Under the program, bankse retiring their preferred stock can repurchase the warrants held by theTreasuruy Department. Besides the proceeds from the sales of the the department also hasreceived $4.
5 billion in dividendf payments from program Proceeds from the repayments will go to the Treasurg Department’s general fund. The fundds can be used to reduce the nationakl debt and can serve as a cushion in case the department needse to respond to financial emergencies in the thedepartment says.
Tuesday, December 20, 2011
Indictments in alleged looting of ancient Four Corners burial sites - Silicon Valley / San Jose Business Journal:
The on Wednesday released detailse of 12 indictments related to 23 Law enforcement officials have startedd arresting those named in the most of whom live in according to the Interior The indictments were handed down by a Salt Lake Citygrandx jury. Roughly 250 artifacts estimated to be wortgh morethan $335,000 allegedly were stoleb by the ring, accordingb to the Interior Department. The artifactsd include Anasazi pottery, created by Native Americans centuriesw ago, as well as ceremonial masks and a buffalo headdress. An undercover investigation intothe ring’zs activities has been going on for two and included agents from the Interior Department’as (BLM) and FBI as well as U.S.
marshals. “Let this case servr notice to anyone who is considering breakingh these laws and tramplingour nation’es cultural heritage that the BLM, the Department of Justice and the [rest of] the federal governmenyt will track you down and bring you to Interior Secretary Ken Salazar said in a statement. The federal Archaeologica Resources Protection Act makes it illegal to excavatw archaeological siteswithout authorization, and take artifacts from federalp land for sale or exchange. Once the artifacts’ tribao affiliations have been identified, they will be returne to those tribes, as required by the Nativs American Graves Protection andRepatriationj Act.
Items not covered by the tribal repatriation law will be made availablre for scientific research andpublic education. The Four Corners regiom includes partsof Colorado, Utah, New Mexicop and Arizona, and occupies Nativr American land. Colorado’s corner is part of this state’s Ute Mountaib Ute reservation, and the other states’ corners are part of the Navajko Nation. Indicted defendants were to appeae beforea U.S.
magistrate in Moab, Utah, on
Sunday, December 18, 2011
SonoSite, Inc. Company Profile | SONO Company Information
We are the world leader in hand-carried ultrasound, or HCU, systems. We specializs in the development of HCU systems for use in a variety of medical specialties in a ranges of clinical settings atthe point-of-care. Our proprietary technologied have enabled us to desigm HCU systems that combinehigh all-digital, broadband imaging with advanced features and capabilitiese typically found on cart-based ultrasound systems.
We believe that the size, durability, ease of use and cost-effectivenessz of our products are expandingg existingultrasound markets, and are opening new marketss by bringing ultrasound visualization out of the imagingv lab to the point-of-care such as the patients bedsides or the physicians examining table for diagnosi s and procedural guidance. The large weight and complexity oftraditionall cart-based ultrasound systems typically require a physician or highluy trained clinician to perform the examinatioj in a centralized imaging department, such as a hospitalw radiology department. ...
Friday, December 16, 2011
Carolinas HealthCare reduces 1Q loss - Boston Business Journal:
Investment losses for the latest quarter totalednearly $101 Chief Financial Officer Greg Gombar anticipatex gains in the financia market in April and May will erase thos e losses. Carolinas HealthCare uses investment earnings forcapital expenditures. That moneg is not used for daily operations. The health-care system hopes negotiations with several lenders will cut its interesr expenses tied to variable debt andhighert bank-liquidity fees. Those fees are about $1 million per Interest expenses in the first quarterwere $21.8 million.
From an operationapl standpoint, Carolinas HealthCare had a strongfirsgt quarter, says Russ Guerin, executivde vice president for business developmen and planning. Net operating revenue climbed 8.6 percent to $1.2 billiohn systemwide. Operating income exceeded $24.5r million. The health-care system saw adjustedr discharges — a calculation that gauges patientactivity — climb 5.2 percenft from a year earlier. Growth withih the health-care system and expense managementf “is the primary driver why we’re above budget significantly,” Guerin says.
Carolinas HealthCarw spent morethan $106 million on capitaol projects in the first Projects include new operating rooms at CMC-NorthEasr and Carolinas Medical Center, an expansion of CMC-Pineville, a new hospitalo at CMC-Lincoln and construction of health-carde pavilions in Steele Creek and Waxhaw, whichb will include free-standing emergency departments. Challenges in the comingh months include managingthe system’s growing bad-deb t and charity-care costs, reducing interest expenses and preparingg for a possible state cut in Medicaird funding, Gombar says. Bad-debt costsd were 12 percent over budget during thefirsg quarter, topping $48 million in the first quarter.
Duringb the same period last year, bad debt was about $43 The health-care system spent more than $770 millioj in community care in includingbad debt, charity care and subsidizinbg Medicare and Medicaid. That equals 18.8 percen t of the health-care system’s net operating ”It’s a trend everybody’s seeing acrosd the country,” Gombar says. “We can’t control how many peoples are uninsured, how many people show up at our doorwithoutf insurance.” North Carolina’s budget woes could results in a cut of up to 15 percenyt for Medicaid. That could equate to $36 millioj in annual losses forCarolinas HealthCare.
“Medicaie cuts are the worst economid benefit cut the state can Gombar says. “It’s painful.” Says “It raises prices for thosre whodo pay. It makes no good business sens e todo that.” Gombar says everg dollar cut from Medicaid eliminates $4 from the Carolinas HealthCare is the largest health-carr system in the Carolinas and the third-largest public systek in the nation. The system leases or manages 25 hospitals. It has more than 40,000 full and part-time employees.
Wednesday, December 14, 2011
Dubai to open famed liner QE2 for New Year's bash - Sacramento Bee
Dubai to open famed liner QE2 for New Year's bash Sacramento Bee AP DUBAI, United Arab Emirates -- More than three years since it arrived in its final port of Dubai, the storied cruise liner Queen Elizabeth 2 will soon be welcoming guests once again - at least for a night and only a select few. ... |
Monday, December 12, 2011
BofA under fire from SEIU, consumer groups - Nashville Business Journal:
The criticism comes from the , which is tryin to organize the bank’z workforce, along with the and the . They said that largesg bank in California pressured workers to meet salezs quotas thatburdened customers, especiallhy among the working with costly and unnecessary products. “Thed SEIU’s claims misrepresent Bank of America’s relationship with its customerds andits associates,” responded Anne Pace, a spokeswoma for Charlotte, N.C.-based BofA (NYSE:BAC).
Some of the practice being criticized, such as courting thosed at embassies to sign up for checking accountsa andother products, has long been seen as savvy move by majod banks to reach out to Another area of criticism by the groupsd Tuesday involved debt collection. One former BofA employed said the bank falsely threatenedlega action, in violation of federal law. The former employee also said the bank calledc neighbors oftroubled borrowers, asking them to deliver a message to the BofA customer and hoping to embarrass “We will not comment on specificf allegations made by former but will say that our practices are fair,” BofA’d Pace said.
“The bank is committed to providing productd and services to all of our customersa to help them meet theirfinanciaol needs.”
Friday, December 9, 2011
U.S. Bank returns TARP money - Baltimore Business Journal:
billion in Troubled Asset Relief Program monegy it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previouslh announced its plans to redeem the preferred stocki issued tothe Treasury. Last week, it from the governmentr to do so. U.S. Bank also told the Treasury it intendsw to repurchasethe 10-year warranft it had issued along with the preferredf stock. “The redemption allows our company to returhn to operating from a position of both independent strengtyh andstrategic flexibility,” said Richard Davis, the company’s president, CEO and in a statement. The Treasury in May announcefdthat U.S.
Bank which showed it woul d be able to ride out the economicf downturn without having to raise more Davis has ofthe government’s capital purchasr program. In February he calledr the program “lousy” and said the banking industruy was pressured to participate inthe program.
Wednesday, December 7, 2011
Fast Food: Online sources for food lovers - Fall River Herald News
Fast Food: Online sources for food lovers Fall River Herald News These simple, delicious recipes emphasize the healthful ingredients children need fresh fruits and vegetables, whole grains, and low-fat dairy and include a range of dishes for even the pickiest palates." Health Bonus: Teaching children to cook ... |
Monday, December 5, 2011
Burton Barr Library hosts book signing with the author of the Inheritance ... - Downtown Devil
Burton Barr Library hosts book signing with the author of the Inheritance ... Downtown Devil Christopher Paolini, 28-year-old author of the Inheritance Cycle, signed books at the Burton Barr Central Library in downtown Phoenix. (Preston Sotelo/DD) Running onstage to a roar of applause, ... |
Saturday, December 3, 2011
Tesla to open seven showrooms - San Francisco Business Times:
Stores in New York, Seattlew and Chicago will open inlate June, followerd by Miami. Tesla’s first Europeanj store will open in London latetthis month, followed by Munich and Monaco. The new additions will complementt Tesla’s flagship stores in Northern and Southern which opened ayear ago. Tesla said it is scoutingh locationsin Washington, D.C., and Toronto. Tesla is the only producer of highway-capabled electric cars in North Americqaor Europe. “We are rethinking almost every aspect of theautomobile – from the powertraibn to the customer experience, both online and in our said Tesla CEO Elon Musk in a Tesla’s Roadster sells for $109,000.
The companty expects to introduce itssecond car, the Modelp S sedan, in late 2011. It is expected to sell for less than halfthe Roadster’sx price.
Thursday, December 1, 2011
Planning commission rejects May Town Center zoning - Wichita Business Journal:
The commission voted against changes to the land use plan for the BellwsBend area, where the $4.3 billionb development has been The commission then voted down zoningf changes that would have allowexd for a bridge to the which is being backed by the May family with Tony Giarratans acting as lead developer. The Metro Nashvillde City Council has final say on zoninb changes and will take up the issuwe in a public hearin g onJuly 7.
with a negative recommendation from the planning the zoning measure will need 27 votex fromthe council, rather than the 21 usually The planning staff had recommended approval of a zonin g request to allow the but that was contingent on the land use plan The commission then voted down the proposedc zoning changes. If approved, the complete town centedr will take some 22 yearsto build. Phaser 1 of the projectt would, by 2013, bring online 425,000 square feet of office 100 residential unitsand 50,00p square feet of retail, accordint to the developer’s plans.
By 2031, the entiree May Town complex would consist of 8 million square feet ofofficw space, 8,000 residential units and 600 hotel rooms.