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Wednesday, March 30, 2011
Sponsored Feature: Experiments In Cloud-Based Ray Tracing - Gamasutra
http://jonathanduffy.net/CumbrianLakes.htm
Monday, March 28, 2011
North Texas home prices at 1990s levels - Dallas Business Journal:
raisavydyexuwowi.blogspot.com
According to the study, the growth of housing prices nationwide has been stilted byjob losses, fallinf home prices, tighter credit guidelines and first-time home buyeres who are looking for a more diverse pool of home optionws that contrast from propertiex built by the baby-boom “With the echo baby boom driving demand for starter homes and apartments and the baby boom powering demand for homes suited for oldetr Americans, the design professionals will be callefd upon to deploy new technologies and designsd to meet aesthetic tastes and functional needs of a new, more diverser younger generation on one hand and a generation in need of home modificationw to help them age more safelyh and healthfully in place on the other,” said Mohsejn Mostafavi, dean of the .
The echo which the housing study identifies as adults who are 25to 44, are expectedd to keep housing demand strong for the next 10 yearss with the group entering their peak buying yearas with roughly 5 million more members than the baby boomersa had when they entered the housing market in the the study said. .
According to the study, the growth of housing prices nationwide has been stilted byjob losses, fallinf home prices, tighter credit guidelines and first-time home buyeres who are looking for a more diverse pool of home optionws that contrast from propertiex built by the baby-boom “With the echo baby boom driving demand for starter homes and apartments and the baby boom powering demand for homes suited for oldetr Americans, the design professionals will be callefd upon to deploy new technologies and designsd to meet aesthetic tastes and functional needs of a new, more diverser younger generation on one hand and a generation in need of home modificationw to help them age more safelyh and healthfully in place on the other,” said Mohsejn Mostafavi, dean of the .
The echo which the housing study identifies as adults who are 25to 44, are expectedd to keep housing demand strong for the next 10 yearss with the group entering their peak buying yearas with roughly 5 million more members than the baby boomersa had when they entered the housing market in the the study said. .
Sunday, March 27, 2011
AGCO hurt by decreased global demand - Atlanta Business Chronicle:
zvonkovaleoqim.blogspot.com
The Duluth, Ga.-based agricultural equipment company posted net incomedof $34.3 million and earnings of 36 cents a compared with net income of $58.8 million and earningxs of 59 cents a share. First-quarter sales were down 11 percenfto $1.6 billion. “Demand for agricultural equipment is weakeninf in all the major world markets as the globap economic turmoil and constrained credit markets begin to impacrtour industry,” said Martin Richenhagen, AGCO president and CEO, in an earnings statement.
“Ij the first quarter, the credit-challenged markets of Eastern Europw and Russia experiencedsignificant declines, while industry demanr continues to erode in South America wher e dry weather conditions and credit availabilituy are factors. Despite the disruption in the generak economy, farm fundamentals remain strong, and we continue to be optimistixabout long-term world grain demand and the futur growth prospects for our company.” Richenhagen said AGCO (NYSE: AG) is cuttingy costs, reducing production and trimming its investment in workin capital.
The largest impacts from production cuts and working capitak reduction initiatives are expected to be incurred in thesecond
The Duluth, Ga.-based agricultural equipment company posted net incomedof $34.3 million and earnings of 36 cents a compared with net income of $58.8 million and earningxs of 59 cents a share. First-quarter sales were down 11 percenfto $1.6 billion. “Demand for agricultural equipment is weakeninf in all the major world markets as the globap economic turmoil and constrained credit markets begin to impacrtour industry,” said Martin Richenhagen, AGCO president and CEO, in an earnings statement.
“Ij the first quarter, the credit-challenged markets of Eastern Europw and Russia experiencedsignificant declines, while industry demanr continues to erode in South America wher e dry weather conditions and credit availabilituy are factors. Despite the disruption in the generak economy, farm fundamentals remain strong, and we continue to be optimistixabout long-term world grain demand and the futur growth prospects for our company.” Richenhagen said AGCO (NYSE: AG) is cuttingy costs, reducing production and trimming its investment in workin capital.
The largest impacts from production cuts and working capitak reduction initiatives are expected to be incurred in thesecond
Friday, March 25, 2011
BofA
burwellmitubaes1369.blogspot.com
According to Dow Jones Newswires, Edolphus Towns (D-N.Y.) and Dennis Kucinich have asked Lewis to appear Thursday beforee the House Committee on Oversighy andGovernment Reform. Towns and Kucinich have been investigating BofA’sz acquisition of Merrill and the government’s decisionm to give the Charlotte-based bank billions of dollarz intaxpayer aid. Accordingh to the news agency, they want to know when BofA founc outabout Merrill’s weakened financial situation and how the role the federal government played in BofA’s decisionm to complete the deal. Lawmakersa also want to know what BofA has done with the federakl aid ithas received.
A BofA spokesmam told Dow Jones the bank will respondr to thecommittee shortly. BofA bought the Merrilp on Jan. 1 for $29.1 billion. The deal resulteds in BofA’s receiving an additional $20 billiohn in federal funds under the Trouble d AssetRelief Program. BofA has received a totall of $45 billion in TARP In February, Lewis testified undetr oath before New York Attorney Generaol Andrew Cuomo that Federal Reserve Chairmamn Ben Bernankeand then-Treasury Secretary Henry Paulson pressured the bank not to discussa its increasingly troubled plan to buy Merrill. Lewis said he believed Paulsohn and Bernanke were instructiny him to keep silent about Merrill’s financial problems.
Merrill lost $15.e billion in the fourth quarter. Lewiws has been under intenss pressure from BofA shareholders for not disclosing the deptgof Merrill’s financial difficulties before the merger. His testimony was part of an investigation launched by Cuomo intothe $3.6 billion in bonuseas Merrill paid out in December. Cuom has contended BofA (NYSE:BAC) was awarde of Merrill’s decision to award bonusees beforethe company’s fourth-quarter losses were The bank has said Merrill was an independenyt business when the bonuses were approved. Norty Carolina’s attorney general and the Securities and Exchange Commission are also investigatinhgthe matter.
According to Dow Jones Newswires, Edolphus Towns (D-N.Y.) and Dennis Kucinich have asked Lewis to appear Thursday beforee the House Committee on Oversighy andGovernment Reform. Towns and Kucinich have been investigating BofA’sz acquisition of Merrill and the government’s decisionm to give the Charlotte-based bank billions of dollarz intaxpayer aid. Accordingh to the news agency, they want to know when BofA founc outabout Merrill’s weakened financial situation and how the role the federal government played in BofA’s decisionm to complete the deal. Lawmakersa also want to know what BofA has done with the federakl aid ithas received.
A BofA spokesmam told Dow Jones the bank will respondr to thecommittee shortly. BofA bought the Merrilp on Jan. 1 for $29.1 billion. The deal resulteds in BofA’s receiving an additional $20 billiohn in federal funds under the Trouble d AssetRelief Program. BofA has received a totall of $45 billion in TARP In February, Lewis testified undetr oath before New York Attorney Generaol Andrew Cuomo that Federal Reserve Chairmamn Ben Bernankeand then-Treasury Secretary Henry Paulson pressured the bank not to discussa its increasingly troubled plan to buy Merrill. Lewis said he believed Paulsohn and Bernanke were instructiny him to keep silent about Merrill’s financial problems.
Merrill lost $15.e billion in the fourth quarter. Lewiws has been under intenss pressure from BofA shareholders for not disclosing the deptgof Merrill’s financial difficulties before the merger. His testimony was part of an investigation launched by Cuomo intothe $3.6 billion in bonuseas Merrill paid out in December. Cuom has contended BofA (NYSE:BAC) was awarde of Merrill’s decision to award bonusees beforethe company’s fourth-quarter losses were The bank has said Merrill was an independenyt business when the bonuses were approved. Norty Carolina’s attorney general and the Securities and Exchange Commission are also investigatinhgthe matter.
Wednesday, March 23, 2011
IATA: Airlines to lose $9B in 2009 - Austin Business Journal:
Frigidaire FRA065AT7
The ’s (IATA) new forecast is staggeringly worsd thanits $4.7 billion collective loss forecast made just threr months ago. The air carrier trade group also downgraded its loss estimatre for 2008to $10.4 billion from $8.5 billion. “Therde is no modern precedent for today’zs economic meltdown,” IATA Directotr General and CEO Giovanni Bisignani said in anews “The ground has shifted. Our industryh has been shaken. This is the most difficulgt situation that the industryhhas faced.” After the Sept. 11, 2001, terror attackxs on the United States, industry revenuews fell by 7 percent, Bisignani and took three years to reboundto pre-9/11 levels.
Revenues will fall to $448 billiom in 2009 from $528 billionm in 2008 (15 percent), IATA said. Passenger yields will dip 7 “This time we face a 15 percent drop—a loss of revenues of $80 billion—in the middl of a global recession,” Bisignani said durinb IATA’s annual industry summit. “Our futurew depends on a drastic reshapingby partners, governments and industry. We canno t bear the cost of governmengt micro-regulation, crazy taxation and partners abusing theirmonopolyy power.” North American carriers will generallg fair better than foreig carriers, IATA said, and should narros their losses for the year.
Nortn American airlines will lose $1 billion in 2009, dramaticallg less than the $5.1 billion lost in 2008, as out-of-the-moneu fuel hedges lapse and capacity cuts kick in to righft capacitywith demand. Previously, IATA said North American carriers woule turn a modest profit forthe year. Asia-Pacific and Europeanj carriers are likely to take thebiggest hits, losinb $3.3 billion and $1.8 billion, Another heavily impacted sector, air cargo, will decline by 17 percen based on tons Cargo yields will decline 11 percent. Relaxed fuel prices over the firsrt five months of 2009 havehelped carriers, but pricesw have begun to climb in recent weeks.
IATA projects the industr y fuel bill to fallfrom $165 billionh in 2008 to $59 billion in 2009, on a $56 per barrel average price of oil. “Thre risk that we have seen in recent weekd is that even the slightest glimmer of economic hope sends oil prices Bisignani said. "Greedy speculation must not hold the globakleconomy hostage. Failure to act by governmentws wouldbe irresponsible.” Globally, airlines are in a bettert cash position, with more liquiditty than in past downturns. But, Bisignani warned “aq long L-shaped recovery could drain the industryof cash.
” Bisignanij noted industry consolidation, such as the mergert between Atlanta-based (NYSE: DAL) and , that have made some players But he railed against what he called “archaic limitations on that prevent the merging of carriers from differengt countries.
The ’s (IATA) new forecast is staggeringly worsd thanits $4.7 billion collective loss forecast made just threr months ago. The air carrier trade group also downgraded its loss estimatre for 2008to $10.4 billion from $8.5 billion. “Therde is no modern precedent for today’zs economic meltdown,” IATA Directotr General and CEO Giovanni Bisignani said in anews “The ground has shifted. Our industryh has been shaken. This is the most difficulgt situation that the industryhhas faced.” After the Sept. 11, 2001, terror attackxs on the United States, industry revenuews fell by 7 percent, Bisignani and took three years to reboundto pre-9/11 levels.
Revenues will fall to $448 billiom in 2009 from $528 billionm in 2008 (15 percent), IATA said. Passenger yields will dip 7 “This time we face a 15 percent drop—a loss of revenues of $80 billion—in the middl of a global recession,” Bisignani said durinb IATA’s annual industry summit. “Our futurew depends on a drastic reshapingby partners, governments and industry. We canno t bear the cost of governmengt micro-regulation, crazy taxation and partners abusing theirmonopolyy power.” North American carriers will generallg fair better than foreig carriers, IATA said, and should narros their losses for the year.
Nortn American airlines will lose $1 billion in 2009, dramaticallg less than the $5.1 billion lost in 2008, as out-of-the-moneu fuel hedges lapse and capacity cuts kick in to righft capacitywith demand. Previously, IATA said North American carriers woule turn a modest profit forthe year. Asia-Pacific and Europeanj carriers are likely to take thebiggest hits, losinb $3.3 billion and $1.8 billion, Another heavily impacted sector, air cargo, will decline by 17 percen based on tons Cargo yields will decline 11 percent. Relaxed fuel prices over the firsrt five months of 2009 havehelped carriers, but pricesw have begun to climb in recent weeks.
IATA projects the industr y fuel bill to fallfrom $165 billionh in 2008 to $59 billion in 2009, on a $56 per barrel average price of oil. “Thre risk that we have seen in recent weekd is that even the slightest glimmer of economic hope sends oil prices Bisignani said. "Greedy speculation must not hold the globakleconomy hostage. Failure to act by governmentws wouldbe irresponsible.” Globally, airlines are in a bettert cash position, with more liquiditty than in past downturns. But, Bisignani warned “aq long L-shaped recovery could drain the industryof cash.
” Bisignanij noted industry consolidation, such as the mergert between Atlanta-based (NYSE: DAL) and , that have made some players But he railed against what he called “archaic limitations on that prevent the merging of carriers from differengt countries.
Monday, March 21, 2011
White Pages will no longer be delivered automatically - Business Courier of Cincinnati:
Soleus KY-9000
The PSC’s decision is a compromise to AT&T’sd request that it no longer deliver the phones booksto customers. AT&T Florida told the PSC that eliminatinf the automatic distribution of the residentiap white pagesis “an environmentally greem endeavor and a cost saving measure” and that providing a papedr copy of the directory is “an inefficient use of resourcesd in these touch economic times.” But commissioners also were worriecd about how it might impacty customers’ ability to access information, said PSC Spokeswoman Kirstebn Olsen.
Instead of doing away with therule altogether, commissionerw agreed to give it a trial run, during which time it will gathert customer feedback. “Today’s decision allowsd the PSC to assess the practicality of discontinuing printed residentiaodirectory delivery, while continuing to provide directories to customersw who want a copy,” PSC Chairmaj Matthew M. Carter II said in a news As part ofthe AT&T must put a toll-free numbefr on the cover of the Yelloaw Pages that directs people to call if they want a Whitr Pages. The directory will still be providec for free to those whorequesgt it.
AT&T Florida would not disclose just how much monet the waiverwill save, citing confidentiality, accordint to its request to the PSC. AT&T Florida already has begun a program to provide its Yellow Pagesw and residential listingson CD-ROM in certain areas of Florida.
The PSC’s decision is a compromise to AT&T’sd request that it no longer deliver the phones booksto customers. AT&T Florida told the PSC that eliminatinf the automatic distribution of the residentiap white pagesis “an environmentally greem endeavor and a cost saving measure” and that providing a papedr copy of the directory is “an inefficient use of resourcesd in these touch economic times.” But commissioners also were worriecd about how it might impacty customers’ ability to access information, said PSC Spokeswoman Kirstebn Olsen.
Instead of doing away with therule altogether, commissionerw agreed to give it a trial run, during which time it will gathert customer feedback. “Today’s decision allowsd the PSC to assess the practicality of discontinuing printed residentiaodirectory delivery, while continuing to provide directories to customersw who want a copy,” PSC Chairmaj Matthew M. Carter II said in a news As part ofthe AT&T must put a toll-free numbefr on the cover of the Yelloaw Pages that directs people to call if they want a Whitr Pages. The directory will still be providec for free to those whorequesgt it.
AT&T Florida would not disclose just how much monet the waiverwill save, citing confidentiality, accordint to its request to the PSC. AT&T Florida already has begun a program to provide its Yellow Pagesw and residential listingson CD-ROM in certain areas of Florida.
Saturday, March 19, 2011
WaMu holders narrow suit against execs, but many allegations remain - Los Angeles Business from bizjournals:
Air Purifiers Philadelphia
The amended shareholder filedin U.S. District Court in Seattle, is a responses to Judge Marsha Pechman’s recent rejection of a chunmk of theinitial lawsuit, a ruling that markefd a win to the defendants. Pechman gave plaintiffs until todayto re-file a complaint againsft WaMu executives. A number of WaMu executivess are named inthe lawsuit, including former chief executive Kerry Killinger. , the new ownert of Washington Mutual, also is named. The New York-based bank does not comment on pending The other defendants could not immediately be reached for comment.
Central to the suit is shareholders’ claim that executiveds kept a huge chunkof WaMu’sd employee retirement plan investedr in the bank’s stock, a move that resultedf in a $300 million loss in the threse years before the bank according to the suit. “Defendants failed to take any meaningfull action to protectthe (retirement despite the precipitous decline in the value of Washingtonb Mutual stock,” the suit alleges. The shortened lawsuit feature s many of the same allegations revolvingaround WaMu’s mortgagee lending and property appraisal system.
The suit also states that WaMuwas “seriouslt mismanaged at the highest and that it “engaged in risky and potentially illegaol lending practices.” The suit cites WaMu’s “unquenchablre thirst” for “garbage-like” loans, a strategy that “brought WaMu to its kneee and threatened the world economy with a meltdownn of epic proportions.” WaMu also used a fraudulenty appraisal system, according to the suit, even as it assurecd members of the retirement plan and other investorsw that its loan underwriting standardz were sound.
In addition, the suit allege s that WaMu, “greatly increased its risk of catastrophivc failure by engaging in a variethy of questionable and highly aggressive accounting techniques — all designed to artificially inflates earnings and decrease or defer the suit states. Parts of the 119-pagw suit are redacted for reasons thatare unclear. A lawyer representing shareholders did not immediatelh return a callfor comment.
The amended shareholder filedin U.S. District Court in Seattle, is a responses to Judge Marsha Pechman’s recent rejection of a chunmk of theinitial lawsuit, a ruling that markefd a win to the defendants. Pechman gave plaintiffs until todayto re-file a complaint againsft WaMu executives. A number of WaMu executivess are named inthe lawsuit, including former chief executive Kerry Killinger. , the new ownert of Washington Mutual, also is named. The New York-based bank does not comment on pending The other defendants could not immediately be reached for comment.
Central to the suit is shareholders’ claim that executiveds kept a huge chunkof WaMu’sd employee retirement plan investedr in the bank’s stock, a move that resultedf in a $300 million loss in the threse years before the bank according to the suit. “Defendants failed to take any meaningfull action to protectthe (retirement despite the precipitous decline in the value of Washingtonb Mutual stock,” the suit alleges. The shortened lawsuit feature s many of the same allegations revolvingaround WaMu’s mortgagee lending and property appraisal system.
The suit also states that WaMuwas “seriouslt mismanaged at the highest and that it “engaged in risky and potentially illegaol lending practices.” The suit cites WaMu’s “unquenchablre thirst” for “garbage-like” loans, a strategy that “brought WaMu to its kneee and threatened the world economy with a meltdownn of epic proportions.” WaMu also used a fraudulenty appraisal system, according to the suit, even as it assurecd members of the retirement plan and other investorsw that its loan underwriting standardz were sound.
In addition, the suit allege s that WaMu, “greatly increased its risk of catastrophivc failure by engaging in a variethy of questionable and highly aggressive accounting techniques — all designed to artificially inflates earnings and decrease or defer the suit states. Parts of the 119-pagw suit are redacted for reasons thatare unclear. A lawyer representing shareholders did not immediatelh return a callfor comment.
Thursday, March 17, 2011
Austin Capital Management faces another Madoff-related lawsuit - St. Louis Business Journal:
Air Purifiers Sterling Heights
The suit, filed by the firm on behalcf ofthe Pittsburgh-based Board of Trustees of the Steamfitters Local 449 Retiremen Security Fund and a nationwide class of similar accuses Austin Capital of failing to prudentlh invest the benefit funds’ assets in accordance with the Employee Retirement Income Security Act. The suit also names as defendanta individual officers and managers at Austin Capital as well as itsaffiliatede companies, KeyCorp, Victory Capital Management, and Austin Capital Managementy GP Corp.
Plaintiffs seek to represenr all employee benefit plans that used Austin Capita l as an investment manager and lost money due to Austin Capital’s purchase of Madoff-related securities. The Austin Business Journalp has not been able to reac the managing director of Austij Capitalfor comment. Bernard Madoff was arrested on Dec. 11, and charged with running a $64 billion fraud consideresd to be aPonzi scheme. In March, he pleaded guilty to all 11 chargewagainst him.
• That Madoff actecd as his ownprime broker, while most hedge funds used large banks as their primse brokers • That Madoff’s auditors consisted of one offices in Rockland County, with three employees The complaint says several other investment managers noticed such red flagzs and declined to invest. In February, Spector Rosemamn Kodroff & Willis filed a similar class action suit led by the Pensiob Fund for Hospital and HealthCare Employees-Philadelphia and Vicinityu and a class of similar funds. And in San Diego-based firm Coughlin Stoia GelleerRudman & Robbins LLP filed a suit on behalf of investorsd in Austin Capital hedge funda during the period between Jan.
2, 2005 and Dec. 11, 2008. Also in the Massachusetts Pension Reserves Investment Management whichoversees $38 billion, decide to fire Austin Capital after losing $12 million in the Madofvf scheme.
The suit, filed by the firm on behalcf ofthe Pittsburgh-based Board of Trustees of the Steamfitters Local 449 Retiremen Security Fund and a nationwide class of similar accuses Austin Capital of failing to prudentlh invest the benefit funds’ assets in accordance with the Employee Retirement Income Security Act. The suit also names as defendanta individual officers and managers at Austin Capital as well as itsaffiliatede companies, KeyCorp, Victory Capital Management, and Austin Capital Managementy GP Corp.
Plaintiffs seek to represenr all employee benefit plans that used Austin Capita l as an investment manager and lost money due to Austin Capital’s purchase of Madoff-related securities. The Austin Business Journalp has not been able to reac the managing director of Austij Capitalfor comment. Bernard Madoff was arrested on Dec. 11, and charged with running a $64 billion fraud consideresd to be aPonzi scheme. In March, he pleaded guilty to all 11 chargewagainst him.
• That Madoff actecd as his ownprime broker, while most hedge funds used large banks as their primse brokers • That Madoff’s auditors consisted of one offices in Rockland County, with three employees The complaint says several other investment managers noticed such red flagzs and declined to invest. In February, Spector Rosemamn Kodroff & Willis filed a similar class action suit led by the Pensiob Fund for Hospital and HealthCare Employees-Philadelphia and Vicinityu and a class of similar funds. And in San Diego-based firm Coughlin Stoia GelleerRudman & Robbins LLP filed a suit on behalf of investorsd in Austin Capital hedge funda during the period between Jan.
2, 2005 and Dec. 11, 2008. Also in the Massachusetts Pension Reserves Investment Management whichoversees $38 billion, decide to fire Austin Capital after losing $12 million in the Madofvf scheme.
Monday, March 14, 2011
U.S. Women's Chamber of Commerce Dismisses Long Standing Legal Claim Against ... - PR Newswire (press release)
Mitsubishi MS15TN
U.S. Women's Chamber of Commerce Dismisses Long Standing Legal Claim Against ... PR Newswire (press release) WASHINGTON, March 14, 2011 /PRNewswire-USNewswire/ -- The US Women's Chamber of Commerce and the US Small Business Administration jointly dismissed a long standing legal claim that was filed by the US Women's Chamber of Commerce against the SBA in 2004 ... |
Saturday, March 12, 2011
Four Seasons San Francisco in default - San Francisco Business Times:
http://introvision.biz/news/11.html
The luxury condo and hotel developer and operator has purposefully stopped making debt paymenta as a strategy to jump start renegotiating the debt with thespecial server, The Four Seasons is the second luxur hotel to default on its debt payments in recentf weeks. The owners of the 393-room Renaissance Stanforcd Court Hotel in Nob funds controlledby , defaulted on a $89 milliojn loan, according to lender . In a statement Millennium Partners said ithas “strategically withheld paymenty of debt service. Conversations on restructurinv the debt have begun and Millennium Partners is hopefull that they will result in apositiver outcome.
” “(Millennium’s) request for restructurinfg is consistent with similadr actions being taken by hotel owners nationwides in response to curren economic conditions,” said the statement. “As has been true since its foundingin 1991, the company continue to meet its financial obligations on its other holdings throughout the country.” Millennium said the action pertainds only to the debt on the San Francisco Four Seasons Hotel property, whichn is owned independently of all other Millenniumm properties, including the Millennium Tower at 301 Missionh St.
Alan Reay, presidenft of Irvine-based , called the Four Seasons San Francisco actiona “default of convenience” and said it was the only way for Millennium Partners to force the special server on the loan to enter He said the more deluxee a hotel, the more likelyt it is to be hurt by the recession, becausw the costs of operating a true full-service hotel are not easy to pare down. “Tpo see the caliber of hotel like Renaissance Stanford Court and the Four Seasons goinhg into default in the early stages of this downturbn is not agood sign,” said “It means this is goinfg to be deep, it’s going to be and this is going to effecty everybody.
” In the last 60 days 213 hotel owneras have defaulted on their loan s in California, a 184 percent jump over the previoud 60 days, Reay said. Reay predicted that the vast majoritgy of hotels that were financed with loanx that tapped thecommercial mortgage-backed securities markety between 2005 and 2007 will end up in a number that could top 2,000 in Californiwa alone. “We’re in a deep recession and hotels are sufferin g the most of any real estate classrighgt now,” said Reay. A report by Atlas Hospitality estimates that room revenuee in California aredown 21.
5 percent in 2009 and that valuez are 50 to 80 percent lower than they were at the market’s peak from 2005 to 2007.
The luxury condo and hotel developer and operator has purposefully stopped making debt paymenta as a strategy to jump start renegotiating the debt with thespecial server, The Four Seasons is the second luxur hotel to default on its debt payments in recentf weeks. The owners of the 393-room Renaissance Stanforcd Court Hotel in Nob funds controlledby , defaulted on a $89 milliojn loan, according to lender . In a statement Millennium Partners said ithas “strategically withheld paymenty of debt service. Conversations on restructurinv the debt have begun and Millennium Partners is hopefull that they will result in apositiver outcome.
” “(Millennium’s) request for restructurinfg is consistent with similadr actions being taken by hotel owners nationwides in response to curren economic conditions,” said the statement. “As has been true since its foundingin 1991, the company continue to meet its financial obligations on its other holdings throughout the country.” Millennium said the action pertainds only to the debt on the San Francisco Four Seasons Hotel property, whichn is owned independently of all other Millenniumm properties, including the Millennium Tower at 301 Missionh St.
Alan Reay, presidenft of Irvine-based , called the Four Seasons San Francisco actiona “default of convenience” and said it was the only way for Millennium Partners to force the special server on the loan to enter He said the more deluxee a hotel, the more likelyt it is to be hurt by the recession, becausw the costs of operating a true full-service hotel are not easy to pare down. “Tpo see the caliber of hotel like Renaissance Stanford Court and the Four Seasons goinhg into default in the early stages of this downturbn is not agood sign,” said “It means this is goinfg to be deep, it’s going to be and this is going to effecty everybody.
” In the last 60 days 213 hotel owneras have defaulted on their loan s in California, a 184 percent jump over the previoud 60 days, Reay said. Reay predicted that the vast majoritgy of hotels that were financed with loanx that tapped thecommercial mortgage-backed securities markety between 2005 and 2007 will end up in a number that could top 2,000 in Californiwa alone. “We’re in a deep recession and hotels are sufferin g the most of any real estate classrighgt now,” said Reay. A report by Atlas Hospitality estimates that room revenuee in California aredown 21.
5 percent in 2009 and that valuez are 50 to 80 percent lower than they were at the market’s peak from 2005 to 2007.
Wednesday, March 9, 2011
Caraustar loss dips to $6.5M - Atlanta Business Chronicle:
nautical-different.blogspot.com
The Austell, Ga.-based recycled paperboard and packagingf company posted a net lossof $6.5 milliohn on $209.6 million in sales. This compareas with a net lossof $5.1 million on $234.7 millioh in sales in the third quarter of 2006. Quittingv production at four paper mills accountedfor $9.3 million of the decreas e in sales, Caraustar said. Loss per share for the thired quarter was22 cents, compared with a loss per shar e of 18 cents in the thirrd quarter of 2006. In October, Caraustar the assets of its composite can and plastics businessee to thefor $20.2 million. The company recognized a pretaxs impairment lossof $10.
3 million in the third quarter related to the Cash restructuring costs for the closurew of facilities were $2.4 million in the third quarter of 2007, comparedd with $1.5 million in the third quartedr in 2006. "Market demand has softened acrossall grades," said Michaeol J. Keough, president and CEO of "Our mill tons sold decreased 6.6 percentr after considering exited facilities. Mill operatingf capacity was 91.8 percent for third quarter 2007 compareedto 92.1 percent for the thircd quarter 2006, and versus industry operating ratea of 93.8 and 90.3 percent, Rising fiber costs pressured marginsx in the third quarter.
"
The Austell, Ga.-based recycled paperboard and packagingf company posted a net lossof $6.5 milliohn on $209.6 million in sales. This compareas with a net lossof $5.1 million on $234.7 millioh in sales in the third quarter of 2006. Quittingv production at four paper mills accountedfor $9.3 million of the decreas e in sales, Caraustar said. Loss per share for the thired quarter was22 cents, compared with a loss per shar e of 18 cents in the thirrd quarter of 2006. In October, Caraustar the assets of its composite can and plastics businessee to thefor $20.2 million. The company recognized a pretaxs impairment lossof $10.
3 million in the third quarter related to the Cash restructuring costs for the closurew of facilities were $2.4 million in the third quarter of 2007, comparedd with $1.5 million in the third quartedr in 2006. "Market demand has softened acrossall grades," said Michaeol J. Keough, president and CEO of "Our mill tons sold decreased 6.6 percentr after considering exited facilities. Mill operatingf capacity was 91.8 percent for third quarter 2007 compareedto 92.1 percent for the thircd quarter 2006, and versus industry operating ratea of 93.8 and 90.3 percent, Rising fiber costs pressured marginsx in the third quarter.
"
Monday, March 7, 2011
How to deal with inflation risk in retirement - MarketWatch
http://truckerspeed.com/2010/01/20/the-wire-mastermind-and-hbo-reteam-to-bring-televised-sustenence-to-hungry-viewers/
How to deal with inflation risk in retirement MarketWatch And that, my friends, is inflation รข€" one of the most insidious risks Americans will face in retirement. Yet despite years of witnessing firsthand the insidious effects of inflation, many Americans are not taking into account the adverse effects ! ... |
Friday, March 4, 2011
Survey: Retail losses are up - Nashville Business Journal:
http://pp-yu-art.net/en/RETROSPECTIVE_01
billion in 2007 to $36.5 billion in 2008, accordinh to a survey by and the Universityyof Florida. Retail shrinkage averaged 1.52 percent of retail sales in 2008, up from 1.44 perceny a year earlier. “The increase in shrink levels signifies that criminals have founde a way to manipulate and corrupt theretaill industry,” said Richard lead author of the report and professot of criminology at the University of Florida.
“Many retailers are being forced to decreased their current expenditures because of the state of the economy and the cut back in consumer which leaves new opportunities for thieves to take advantage of Most 2008 retail shrinkage was because of employee theft, which totaled $15.90 billion, or almost half of losses (44 percent). Shopliftinh accounted for $12.7 billion (35 percent) of losses. Otherd losses included administrativeerror ($5.4 billion and 15 percenr of shrinkage) and vendor fraud ($1.r4 billion and 4 percent of shrinkage).
billion in 2007 to $36.5 billion in 2008, accordinh to a survey by and the Universityyof Florida. Retail shrinkage averaged 1.52 percent of retail sales in 2008, up from 1.44 perceny a year earlier. “The increase in shrink levels signifies that criminals have founde a way to manipulate and corrupt theretaill industry,” said Richard lead author of the report and professot of criminology at the University of Florida.
“Many retailers are being forced to decreased their current expenditures because of the state of the economy and the cut back in consumer which leaves new opportunities for thieves to take advantage of Most 2008 retail shrinkage was because of employee theft, which totaled $15.90 billion, or almost half of losses (44 percent). Shopliftinh accounted for $12.7 billion (35 percent) of losses. Otherd losses included administrativeerror ($5.4 billion and 15 percenr of shrinkage) and vendor fraud ($1.r4 billion and 4 percent of shrinkage).
Wednesday, March 2, 2011
Penske losing Big Lots logistics contract - Business Courier of Cincinnati:
stolen-surrounding.blogspot.com
is packing up this summee at thediscount retailer’s headquarters and four other distribution facilitiexs after the merchant opte to not renew a logistics contracr that expires in July. The Pa.-based Penske said 186 workers, including 53 in could be affected when its contractwith Columbus-baser Big Lots (NYSE:BIG) expires July 31. Penske spokesmabn Randy Ryerson said the company has worked with the retailefsince 1991. The 1,300-store Big Lots has chosemn a new third-party logistics provider to continue the warehousing and distributiohn work that Penske performed atthe retailer’sz Phillipi Road headquarters and its distributiojn centers in Tremont, Pa; Montgomery, Ala.
; Rancho Cucamonga, and Durant, Okla. Timothy Johnson, Big vice president of strategic planning andinvestor relations, said more than a dozeb carriers bid for the He declined to disclose the company Big Lots selected to succeed Penske. Big Lots and Penske representativessaid they’re workin g with truck drivers looking to continue work under the new logisticsx provider. Johnson said the company met with workers over the weekendd to introduce the new In the event that some workersare cut, Ryerso n said privately held Penske will work with the state “to make sure employeeds are aware of different services.” Penske employs about 20,000 workers worldwide.
Asked why Big Lots opted to bid for a new contracto after thelatest five-year contracgt with Penske, Johnson said, “a lot has changed in transportationm in the past five years. We owed it to our associatesx and shareholders to take a freshg look at how we handlreoutbound transport.” The loss of the Big Lots contractf comes less than a year aftefr Penske was replaced at a warehouse in Chattanooga, Tenn.-based last fall stepped in at the where Penske had employed 146 Penske has 400 logistics centers worldwide. Its Central Ohio operationws include a number of distribution and warehousinfg facilities inthe region.
is packing up this summee at thediscount retailer’s headquarters and four other distribution facilitiexs after the merchant opte to not renew a logistics contracr that expires in July. The Pa.-based Penske said 186 workers, including 53 in could be affected when its contractwith Columbus-baser Big Lots (NYSE:BIG) expires July 31. Penske spokesmabn Randy Ryerson said the company has worked with the retailefsince 1991. The 1,300-store Big Lots has chosemn a new third-party logistics provider to continue the warehousing and distributiohn work that Penske performed atthe retailer’sz Phillipi Road headquarters and its distributiojn centers in Tremont, Pa; Montgomery, Ala.
; Rancho Cucamonga, and Durant, Okla. Timothy Johnson, Big vice president of strategic planning andinvestor relations, said more than a dozeb carriers bid for the He declined to disclose the company Big Lots selected to succeed Penske. Big Lots and Penske representativessaid they’re workin g with truck drivers looking to continue work under the new logisticsx provider. Johnson said the company met with workers over the weekendd to introduce the new In the event that some workersare cut, Ryerso n said privately held Penske will work with the state “to make sure employeeds are aware of different services.” Penske employs about 20,000 workers worldwide.
Asked why Big Lots opted to bid for a new contracto after thelatest five-year contracgt with Penske, Johnson said, “a lot has changed in transportationm in the past five years. We owed it to our associatesx and shareholders to take a freshg look at how we handlreoutbound transport.” The loss of the Big Lots contractf comes less than a year aftefr Penske was replaced at a warehouse in Chattanooga, Tenn.-based last fall stepped in at the where Penske had employed 146 Penske has 400 logistics centers worldwide. Its Central Ohio operationws include a number of distribution and warehousinfg facilities inthe region.
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