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Sloan offered his resignation to new board chairman Walterd Masseylast week, the bank said in a May 29 regulatoryu filing. BofA didn’t discloses Sloan’s reason for resigning. As the lead independent director, Sloan has been undetr intense criticism in recentr months as the bank suffered through a sharp stoc k price decline after acquiring MerrillLynch Co. BofA also has received $45 billion of taxpayee aid. , a Houston-based investmenft firm that holds 1.1 million BofA shares, was among severa l groups that waged a proxgy againstthe country’s largest bank holding company, including callinbg for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’ss board at the annual meetingin Meanwhile, shareholders voted to strip BofA Chief Executive Kennet h Lewis of the bank’s and Massey was elected to take over boardf leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairman of both the executive committeew and the compensation and benefits He also was a member of the corporatw governance committee. “Temple has been a trusted adviser who has made an invaluable contributiomn to the success of our Lewis said ina statement. “We will miss his counse l and his leadership.
” BofA (NYSE: BAC) is basef in Charlotte, N.C.
Tuesday, January 31, 2012
Saturday, January 28, 2012
For Giants, Quarterback and Coach Together in Excellence - New York Times
exceeding-commissioner.blogspot.com
Los Angeles Times | For Giants, Quarterback and Coach Together in Excellence New York Times Coach Tom Coughlin is much the same. Although Coughlin was slightly more animated â€" slightly being a relative term â€" when a question was recently posed to him about what the Giants' surge might mean for his H » |
Thursday, January 26, 2012
Iridium earnings fall 42%; revenue up - Silicon Valley / San Jose Business Journal:
jaqezuweg.blogspot.com
The Bethesda-based provider of satellite telephonr services, which expects to become publiclyg traded this summer throughan acquisition, posted a 42 percent declines in net income in the first quartetr ended March 31, to $9.7 million from $16.76 million a year ago. Th company attributed the declinw to costs related toits next-generationn satellite program. “Iridium continued to grow, althougyh the pace slowed given the current economic said CEOMatt Desch.
“In addition to the impactt of phasing out equipment we believe the economic climatr is affectingequipment sales, as is the transition of newlh introduced products into the distributionj channel as our partners move existing inventoryh to make way for new Company officials say either Bethesda-based Lockheed Martin or Thales Alenia Space will be selected as the program’s lead contractorr this summer. The program’s new network of satellitesd called Iridium NEXT is expected to be deployedxin 2014. Iridium NEXT will provids higherdata speeds, greater bandwidth and the potential to deliver new data services and applicationd to customers.
The company says its or earningsbefore taxes, depreciation and amortization, increased 4.9 percent to $27.56 million in the first quarter, up from $26.3 millionj a year ago, though most analysts do not use that as a reliabld financial measure. Iridium’s revenue rose 2 percen to $75.8 million for the compared to $74.3 milliojn for the first quarter 2008. The slightly higher revenue came from increasexd commercial services revenueof $36.8 millionm but was offset by a declinwe in subscriber equipment revenue to $20.5 millio n for the quarter. Iridium’ds commercial markets include aviation and landmobile customers, which grew by 11.5 percenyt for the quarter.
The company’s salesa to government customers, including the Departmenty of Defense, grew 31 percent. Despite a 31 percent increased in subscribersto 328,000, compared to 250,000 in the first quartefr of 2008, a $2 million amortization of equipment relateds to prior year equipmenrt sales, added to the decliner in subscriber equipment revenue. The company is planning to go publicthis summer, but it is not takinh the initial public offering It is acquiring a publicly tradef investment group, (NYX: GHQ), an affiliates of Greenhill & Co. Iridiujm has retained Deutsche Bank as its financial advisef forthe transaction.
The Bethesda-based provider of satellite telephonr services, which expects to become publiclyg traded this summer throughan acquisition, posted a 42 percent declines in net income in the first quartetr ended March 31, to $9.7 million from $16.76 million a year ago. Th company attributed the declinw to costs related toits next-generationn satellite program. “Iridium continued to grow, althougyh the pace slowed given the current economic said CEOMatt Desch.
“In addition to the impactt of phasing out equipment we believe the economic climatr is affectingequipment sales, as is the transition of newlh introduced products into the distributionj channel as our partners move existing inventoryh to make way for new Company officials say either Bethesda-based Lockheed Martin or Thales Alenia Space will be selected as the program’s lead contractorr this summer. The program’s new network of satellitesd called Iridium NEXT is expected to be deployedxin 2014. Iridium NEXT will provids higherdata speeds, greater bandwidth and the potential to deliver new data services and applicationd to customers.
The company says its or earningsbefore taxes, depreciation and amortization, increased 4.9 percent to $27.56 million in the first quarter, up from $26.3 millionj a year ago, though most analysts do not use that as a reliabld financial measure. Iridium’s revenue rose 2 percen to $75.8 million for the compared to $74.3 milliojn for the first quarter 2008. The slightly higher revenue came from increasexd commercial services revenueof $36.8 millionm but was offset by a declinwe in subscriber equipment revenue to $20.5 millio n for the quarter. Iridium’ds commercial markets include aviation and landmobile customers, which grew by 11.5 percenyt for the quarter.
The company’s salesa to government customers, including the Departmenty of Defense, grew 31 percent. Despite a 31 percent increased in subscribersto 328,000, compared to 250,000 in the first quartefr of 2008, a $2 million amortization of equipment relateds to prior year equipmenrt sales, added to the decliner in subscriber equipment revenue. The company is planning to go publicthis summer, but it is not takinh the initial public offering It is acquiring a publicly tradef investment group, (NYX: GHQ), an affiliates of Greenhill & Co. Iridiujm has retained Deutsche Bank as its financial advisef forthe transaction.
Tuesday, January 24, 2012
Hurricane could devastate shaky real estate market - Kansas City Business Journal:
adepylex.blogspot.com
But a far larger threay looms with the start of hurricane season next week. The nightmare scenario is a major stork that sweeps across a region pocked with foreclosexreal estate, leaving the neglected property in empty of responsible homeowners. Nobody knowxs how big the problemmight be, but with hundredsd of thousands of empty propertiea in the state, it could be Banks holding foreclosed real estate and defaulted loansa said they have plans in place to move in with boards and tarpsx to cover broken windows and shredded roofs. But real estatr experts said nobody has ever gone through a storm with so much empty property hanging inthe balance.
“Florida is living with a huge saidJack McCabe, president of in Deerfield “There are 400,000 foreclosures in the stat right now. We have condominiums that are half-built and otherzs that are 10 [percent] or 20 perceng occupied. All you have to do is look at New Orleanss after Hurricane Katrina to imaginr whatmight happen.” After Katrinsa struck New Orleans in 2005, huge swaths of the city were destroyedr when levees broke and water inundated the city. Largw areas are still only thinly rebuilt. Florida’s real estate markeyt differs fromNew Orleans, but its large number of emptyu dwellings and the rising tide of foreclosuresa poses a unique risk.
According to the , 21,900 of Orange County’s 491,000 dwellings were empty for more than threee monthsin March. Statewide, 365,000 of 9.1 million homes were vacant. Estimating the valuse of that property isnearly impossible, since it’se a mixture of foreclosed never-sold dwellings and simply unoccupied real This bad dream is filled with Larger banks typically have departments that manage foreclosesd property and have contracts with maintenance companies. Theitr main financial motive is keeping property in good repaier so it can be resoldd for areasonable return.
But real estate pricesd have fallen so low in many marketw that the cost of repairing a heavily damaged house might be greater than itsresal value. And if emergencyu repairs aren’t undertaken rightt after a storm, the subsequent damag e from wind, rain and mold could add substantially to therehabilitation cost. Although banks have plans for dealinhg withnatural disasters, few are well-equipped to respond to a devastating “The lenders have cut way back on theif staffs,” McCabe said. “Anybodhy who thinks they have the ability to meet with insurancd companies and go out to houses to assessw damages is deluding The problem is compounded by the sheer numbedof lenders.
Some mortgage brokers and banka that hold loans inFlorids don’t have offices here — or have dire financial problems of their own. “Mosf banks don’t have people familiar with these sortsof problems,” said Peterd Brennan, vice president of J. Rolf e Davis, an Orlando insurance “Most bankers don’t know what to do when a roof gets blow offa house.” However, Fifth Third Central Florida’s 12th-largest lender, has retained two propertt maintenance firms to inspect and repaid its property. The bank has fewerr than 300 foreclosed Floridaw properties onits books.
“Oncew an asset becomes ours andis vacant, we do anythinbg we can to preserve the If we suspect damage, from a leakty pipe to a leaky we fix it,” said Michele Fifth Third’s vice president for defauly servicing. Orange County Property Appraiser Bill Donegan said therer areabout 3,600 foreclosed propertiews worth about $522 million in Orangew County, and of those, 1,200 have been resold. “My assumptiojn is the banks and managementr companies would swoop in after a hurricanre andmake repairs,” Donegan Most banks also insurs foreclosed properties.
“I don’t think there’s a majofr issue related to insurance coverage,” said Tom TerBeck, seniodr credit officer with . I wouldn’t say everybodyh in the industry is ready fora hurricane.” Years of disrepaidr ahead? Ken Direktor, a real estate attorneu with the law firm, said anyone who thinke a hurricane in an urban part of Florida would play out like past hurricanesa is mistaken.
“Banks are delaying foreclosures on properties becauswethey don’t want to be responsible for
But a far larger threay looms with the start of hurricane season next week. The nightmare scenario is a major stork that sweeps across a region pocked with foreclosexreal estate, leaving the neglected property in empty of responsible homeowners. Nobody knowxs how big the problemmight be, but with hundredsd of thousands of empty propertiea in the state, it could be Banks holding foreclosed real estate and defaulted loansa said they have plans in place to move in with boards and tarpsx to cover broken windows and shredded roofs. But real estatr experts said nobody has ever gone through a storm with so much empty property hanging inthe balance.
“Florida is living with a huge saidJack McCabe, president of in Deerfield “There are 400,000 foreclosures in the stat right now. We have condominiums that are half-built and otherzs that are 10 [percent] or 20 perceng occupied. All you have to do is look at New Orleanss after Hurricane Katrina to imaginr whatmight happen.” After Katrinsa struck New Orleans in 2005, huge swaths of the city were destroyedr when levees broke and water inundated the city. Largw areas are still only thinly rebuilt. Florida’s real estate markeyt differs fromNew Orleans, but its large number of emptyu dwellings and the rising tide of foreclosuresa poses a unique risk.
According to the , 21,900 of Orange County’s 491,000 dwellings were empty for more than threee monthsin March. Statewide, 365,000 of 9.1 million homes were vacant. Estimating the valuse of that property isnearly impossible, since it’se a mixture of foreclosed never-sold dwellings and simply unoccupied real This bad dream is filled with Larger banks typically have departments that manage foreclosesd property and have contracts with maintenance companies. Theitr main financial motive is keeping property in good repaier so it can be resoldd for areasonable return.
But real estate pricesd have fallen so low in many marketw that the cost of repairing a heavily damaged house might be greater than itsresal value. And if emergencyu repairs aren’t undertaken rightt after a storm, the subsequent damag e from wind, rain and mold could add substantially to therehabilitation cost. Although banks have plans for dealinhg withnatural disasters, few are well-equipped to respond to a devastating “The lenders have cut way back on theif staffs,” McCabe said. “Anybodhy who thinks they have the ability to meet with insurancd companies and go out to houses to assessw damages is deluding The problem is compounded by the sheer numbedof lenders.
Some mortgage brokers and banka that hold loans inFlorids don’t have offices here — or have dire financial problems of their own. “Mosf banks don’t have people familiar with these sortsof problems,” said Peterd Brennan, vice president of J. Rolf e Davis, an Orlando insurance “Most bankers don’t know what to do when a roof gets blow offa house.” However, Fifth Third Central Florida’s 12th-largest lender, has retained two propertt maintenance firms to inspect and repaid its property. The bank has fewerr than 300 foreclosed Floridaw properties onits books.
“Oncew an asset becomes ours andis vacant, we do anythinbg we can to preserve the If we suspect damage, from a leakty pipe to a leaky we fix it,” said Michele Fifth Third’s vice president for defauly servicing. Orange County Property Appraiser Bill Donegan said therer areabout 3,600 foreclosed propertiews worth about $522 million in Orangew County, and of those, 1,200 have been resold. “My assumptiojn is the banks and managementr companies would swoop in after a hurricanre andmake repairs,” Donegan Most banks also insurs foreclosed properties.
“I don’t think there’s a majofr issue related to insurance coverage,” said Tom TerBeck, seniodr credit officer with . I wouldn’t say everybodyh in the industry is ready fora hurricane.” Years of disrepaidr ahead? Ken Direktor, a real estate attorneu with the law firm, said anyone who thinke a hurricane in an urban part of Florida would play out like past hurricanesa is mistaken.
“Banks are delaying foreclosures on properties becauswethey don’t want to be responsible for
Sunday, January 22, 2012
Arizona loses solar plant to New Mexico - Phoenix Business Journal:
ihituvofy.wordpress.com
The loss comes as the puts the full-courtr press on industry leaders and lawmakers to prepared for the nextlegislativw session, which begins Jan. 12. GPEC’s goal is to even the playinyg field with other states to make Arizona more competitivr for these types of Signet chose Albuquerqueon Dec. 16 for its new which will create up to 600 manufacturing jobs tobuilc thin-film solar panels. “Even in these difficul t times, there are states that have a lot of good saidBarry Broome, GPEC president and CEO. The deal will locat e Menlo Park, Calif.-based Signet’s facility next to Schotgt Solar Inc., another company Arizona lost to New Mexicol earlierthis year.
Arizona’s neighbord has become increasingly aggressive in courtingsolatr companies, and GPEC is pushing for legislatiob to create incentives to lure those Last week, the council brought in a trio of solaf industry experts to analyze what is neede to bring the Valley to the same leve as other states that have made solar a All things being equal, it is about the incentives, said Peter Green, president and CEO of .
“You’vd got to have something that differentiatesw you, and then you stanr out,” said Green, whose company is based in As part ofthe group’s effort to garner more supportg for its plan to attract solare manufacturing to the state, Broome moderated a discussion at the Greaterr Phoenix Chamber of Commerce’s energgy conference last week. This week, he moderatex a solar roundtable forCoreNet Global’x Desert Mountain Chapter. A late push was made for sola r endeavors in the 2008 legislative but no bills were Supporters are putting on the pressurw as the newyear approaches.
Arizona has come out on the shortf end of several deals in recentyears — losingv to primarily to states that have similar labor poolsx and amenities, but provide incentives that tip the balance. The thres industry representatives said Phoenix could become a major playee because it has a work force rooted in the semiconductor industry and ArizonaState University, whichj has an international solar testing But going against a state such as which offers a 50 percent tax credit, makesx Arizona’s case more said Dick Sheehy, director of advanced planning for , an Colo.
-based energy construction and design The state has options, said Erik director of the Arizona, New Mexico and Texaz markets for One method is to create solar manufacturingb incentives, he said — placing greater renewable-energ y requirements on utilities, for example. A stronger commitmenty could be a bonus if companies knew theitr product would bein demand. Ellis said the best way to ensur e facilities get built would be to structurea feed-ij tariff, guaranteeing new renewable energuy projects a certain revenue streamk from utilities — but that would be a tougg sell during a recession.
The Legislature also could dedicat e more funds for the ArizonaCorporation Commission’s staff to begihn designating land for solar power generation and new transmissio lines, Ellis said. “Unless there are competenr people focusing on this at amultiyeaf level, we’re going to miss this opportunitt to become a major exporter of solad power,” he said. Advent Solar: CH2M Ausra Inc.
: Greater Phoenix Economic
The loss comes as the puts the full-courtr press on industry leaders and lawmakers to prepared for the nextlegislativw session, which begins Jan. 12. GPEC’s goal is to even the playinyg field with other states to make Arizona more competitivr for these types of Signet chose Albuquerqueon Dec. 16 for its new which will create up to 600 manufacturing jobs tobuilc thin-film solar panels. “Even in these difficul t times, there are states that have a lot of good saidBarry Broome, GPEC president and CEO. The deal will locat e Menlo Park, Calif.-based Signet’s facility next to Schotgt Solar Inc., another company Arizona lost to New Mexicol earlierthis year.
Arizona’s neighbord has become increasingly aggressive in courtingsolatr companies, and GPEC is pushing for legislatiob to create incentives to lure those Last week, the council brought in a trio of solaf industry experts to analyze what is neede to bring the Valley to the same leve as other states that have made solar a All things being equal, it is about the incentives, said Peter Green, president and CEO of .
“You’vd got to have something that differentiatesw you, and then you stanr out,” said Green, whose company is based in As part ofthe group’s effort to garner more supportg for its plan to attract solare manufacturing to the state, Broome moderated a discussion at the Greaterr Phoenix Chamber of Commerce’s energgy conference last week. This week, he moderatex a solar roundtable forCoreNet Global’x Desert Mountain Chapter. A late push was made for sola r endeavors in the 2008 legislative but no bills were Supporters are putting on the pressurw as the newyear approaches.
Arizona has come out on the shortf end of several deals in recentyears — losingv to primarily to states that have similar labor poolsx and amenities, but provide incentives that tip the balance. The thres industry representatives said Phoenix could become a major playee because it has a work force rooted in the semiconductor industry and ArizonaState University, whichj has an international solar testing But going against a state such as which offers a 50 percent tax credit, makesx Arizona’s case more said Dick Sheehy, director of advanced planning for , an Colo.
-based energy construction and design The state has options, said Erik director of the Arizona, New Mexico and Texaz markets for One method is to create solar manufacturingb incentives, he said — placing greater renewable-energ y requirements on utilities, for example. A stronger commitmenty could be a bonus if companies knew theitr product would bein demand. Ellis said the best way to ensur e facilities get built would be to structurea feed-ij tariff, guaranteeing new renewable energuy projects a certain revenue streamk from utilities — but that would be a tougg sell during a recession.
The Legislature also could dedicat e more funds for the ArizonaCorporation Commission’s staff to begihn designating land for solar power generation and new transmissio lines, Ellis said. “Unless there are competenr people focusing on this at amultiyeaf level, we’re going to miss this opportunitt to become a major exporter of solad power,” he said. Advent Solar: CH2M Ausra Inc.
: Greater Phoenix Economic
Friday, January 20, 2012
CEO aims to mend mortgage giant - Dayton Business Journal:
ejyceh.wordpress.com
Joe Cartellone stepped into the CEO role of the Miamj Township company in January at a cruciaol time for the mortgage unit andits 2,400 locak workers. The company-- a subsidiary of Cleveland bank -- has been reelinfg from the impact of the foreclosurer crunch and ripple effects ofthe sub-primwe mortgage crisis. Its revenue has shrunk to abouy one-third of what it was four yeara ago, local employees have been laid off and the companh announced last month the closing ofits 900-job wholesalde mortgage division. National City Mortgage had 7,880 employeesx nationally in 2005, but cutbacks will leavse it withjust 5,300 people by the end of Marcn when cuts from the wholesale division take effect.
who served much of last year as president beforde adding theCEO title, would not disclose how many jobs woulde be eliminated from Dayton. The company's revenus was about $1.4 billion four yearzs ago, but it had declined to $525 million by 2006. Financia l figures for 2007 are notavailable yet. Whilde Cartellone is optimistic aboutthe company'sw prospects going forward, he wouldc not rule out more cuts if the markey continues to decline. For now he is focusing all the company's efforts at growing the remainingf retail portion ofthe business. "The mortgage crisisw is clearly not a National Cityspecifix issue.
We have to play the hand we'vse been dealt and do the bestwe can. We shouldx continue to be a very profitable and a very financiallystrong organization," Cartellone said. "We'vse taken a number of actions throughout the year tobe right-sized. While we certainlyh can't guarantee now what the futurrwill hold, we will continue to be responsive to the market and anticipate conditions and respond appropriately." Terry McEvoy, an analyst with New York-based ., said Nationall City Mortgage's decrease in revenue can be attribute to a lower volume of mortgages across the rather than anything specific to the company.
"Inm the past, there was more demand and peoplw willing to pay ahigher price," McEvoy While wholesale mortgage contributed a significant part of companyu revenue -- 37 percent in 2006 -- it was not the That belongs to retail mortgage lending, which accounter for 63 percent of the company's dollars in 2006. Retaik lending is working directly with the homeownee during the entire originationh process without using a middlemajor broker. The company originates retail mortgage s through National City bank and National City Mortgagderetail branches. Cartellone said there are certainly opportunitiexs to grow in the retaillending side, and Nationa City Mortgage will pursue them.
He would not discusd specific strategiesand plans. McEvoyy said the company is smart to focus on retaiol lending for further growth as it isa lower-risk "In retail, National City controls everything from the origination to the pointr of sale," he said. "Rather than dealing with an outsided party they keep it allin house, the outside partiex is where most of the fraud and deceptiomn has taken place." National City Mortgage also operatess several Internet and telephone call The company has four of these Miami Township; Santa Rosa, Calif.; Grandview, Mich.; and Mich.
; which primarily use direct mail, and phone to accept applications and deal with a loan But it's a small portioj of National City Mortgage's total originations, said Chris National City spokesperson. National City Mortgage's biggest challenge is facing an unknownmarket now, Cartellonee said. But the company is ready to deal with the upsand "We want to see stabilitgy and see the market quietg down a bit," he said. "The big unknowb is what the marketwill do. We need to deal with it in a responsibl manner and keep National City stronvg regardless of the environment weoperate in.
" With such roughb times in the mortgage industry, many banks and other mortgag companies have been the center of consolidation rumors. But McEvoyh thinks National City Mortgage and its parent NationalCity Corp., are strong enough to survives and avoid being taken over. McEvoy said companiea prefer to sell from a position of strengtyhversus weakness. "They (National City) have some issuesw that need to be addressed and want to be in a better financial positio n and get a better price for he said. McEvoy said if the company focuses on commercial and asset management it will be able to grow durinv thetough times.
"It's not a perfect relationshio to grow those areas while the mortgage sectof isunder pressure," McEvoy said. "These three areax will provide some earnings growthbut it's going to take some But not everyone thinks Nationa City's moves have been the right one. Tom senior vice president and portfolio managertwith Beavercreek-based , said he questions the rationale behind National City's decision to eliminat wholesale lending. "The question I'm askingh is, 'Why now?,'" Mangan said. "Peopl e are acting like there is no light at the end of the But Cartellone is not dwelling on the past and is eagerr to replenish NationalCity Mortgage.
"We've restructured the mortgage business duringg the last several months of 2007 and the decisions we've made position us well to meet the challengese in front of us," he said.
Joe Cartellone stepped into the CEO role of the Miamj Township company in January at a cruciaol time for the mortgage unit andits 2,400 locak workers. The company-- a subsidiary of Cleveland bank -- has been reelinfg from the impact of the foreclosurer crunch and ripple effects ofthe sub-primwe mortgage crisis. Its revenue has shrunk to abouy one-third of what it was four yeara ago, local employees have been laid off and the companh announced last month the closing ofits 900-job wholesalde mortgage division. National City Mortgage had 7,880 employeesx nationally in 2005, but cutbacks will leavse it withjust 5,300 people by the end of Marcn when cuts from the wholesale division take effect.
who served much of last year as president beforde adding theCEO title, would not disclose how many jobs woulde be eliminated from Dayton. The company's revenus was about $1.4 billion four yearzs ago, but it had declined to $525 million by 2006. Financia l figures for 2007 are notavailable yet. Whilde Cartellone is optimistic aboutthe company'sw prospects going forward, he wouldc not rule out more cuts if the markey continues to decline. For now he is focusing all the company's efforts at growing the remainingf retail portion ofthe business. "The mortgage crisisw is clearly not a National Cityspecifix issue.
We have to play the hand we'vse been dealt and do the bestwe can. We shouldx continue to be a very profitable and a very financiallystrong organization," Cartellone said. "We'vse taken a number of actions throughout the year tobe right-sized. While we certainlyh can't guarantee now what the futurrwill hold, we will continue to be responsive to the market and anticipate conditions and respond appropriately." Terry McEvoy, an analyst with New York-based ., said Nationall City Mortgage's decrease in revenue can be attribute to a lower volume of mortgages across the rather than anything specific to the company.
"Inm the past, there was more demand and peoplw willing to pay ahigher price," McEvoy While wholesale mortgage contributed a significant part of companyu revenue -- 37 percent in 2006 -- it was not the That belongs to retail mortgage lending, which accounter for 63 percent of the company's dollars in 2006. Retaik lending is working directly with the homeownee during the entire originationh process without using a middlemajor broker. The company originates retail mortgage s through National City bank and National City Mortgagderetail branches. Cartellone said there are certainly opportunitiexs to grow in the retaillending side, and Nationa City Mortgage will pursue them.
He would not discusd specific strategiesand plans. McEvoyy said the company is smart to focus on retaiol lending for further growth as it isa lower-risk "In retail, National City controls everything from the origination to the pointr of sale," he said. "Rather than dealing with an outsided party they keep it allin house, the outside partiex is where most of the fraud and deceptiomn has taken place." National City Mortgage also operatess several Internet and telephone call The company has four of these Miami Township; Santa Rosa, Calif.; Grandview, Mich.; and Mich.
; which primarily use direct mail, and phone to accept applications and deal with a loan But it's a small portioj of National City Mortgage's total originations, said Chris National City spokesperson. National City Mortgage's biggest challenge is facing an unknownmarket now, Cartellonee said. But the company is ready to deal with the upsand "We want to see stabilitgy and see the market quietg down a bit," he said. "The big unknowb is what the marketwill do. We need to deal with it in a responsibl manner and keep National City stronvg regardless of the environment weoperate in.
" With such roughb times in the mortgage industry, many banks and other mortgag companies have been the center of consolidation rumors. But McEvoyh thinks National City Mortgage and its parent NationalCity Corp., are strong enough to survives and avoid being taken over. McEvoy said companiea prefer to sell from a position of strengtyhversus weakness. "They (National City) have some issuesw that need to be addressed and want to be in a better financial positio n and get a better price for he said. McEvoy said if the company focuses on commercial and asset management it will be able to grow durinv thetough times.
"It's not a perfect relationshio to grow those areas while the mortgage sectof isunder pressure," McEvoy said. "These three areax will provide some earnings growthbut it's going to take some But not everyone thinks Nationa City's moves have been the right one. Tom senior vice president and portfolio managertwith Beavercreek-based , said he questions the rationale behind National City's decision to eliminat wholesale lending. "The question I'm askingh is, 'Why now?,'" Mangan said. "Peopl e are acting like there is no light at the end of the But Cartellone is not dwelling on the past and is eagerr to replenish NationalCity Mortgage.
"We've restructured the mortgage business duringg the last several months of 2007 and the decisions we've made position us well to meet the challengese in front of us," he said.
Wednesday, January 18, 2012
SWACO mulling new plan to close budget gap - Business First of Columbus:
bakakinkorypon.blogspot.com
SWACO, which manages the Franklin County landfill, is in talkse with waste haulers to modify terms of waiverd that allow the companies to take some trash they collectf in the county toprivats landfills. Those changes, spokesman John Remy said, coulc lead to lowering how much trash can leave the county andboosy drop-offs at the sprawling landfill site near Groves City. A bigger change could be requirinbg that all trash generated in the countyh headsto SWACO’s landfill by not renewinvg the waivers when they expire at the end of the year. The move comew as SWACO faces a budget gap ofabouft $1.
5 million because of dwindling receipts from its landfill Remy said the landfill is expected to attracrt about 60,000 tons below budgeted levels this worse than earlier projections of a 26,000-tobn shortfall. The landfill typically takesz in morethan 800,000 tons of garbage SWACO’s most recent move to help plug the gap was to open up the landfilp to haulers around the state at a cost of $36.5 0 a ton, up $1 from the fee in-county haulers pay. Despite efforts to bill the program as a way to cutcostsa – some haulers travel upwardxs of 60 miles to dispose of waste picked up in Franklijn County – and improve the no takers emerged, Remy said.
As it haulers are required under the waivers to disposre ofabout three-quarters of Franklin County trash at the while the rest – up to aboug 300,000 tons a year – is permittefd to head elsewhere. Remy said how much that coulc change depends on talks with haulers in thecomingb months, but SWACO is looking foremosrt to close the 60,000-ton waste gap. “That’s what we’rse shooting for right now,” he “We’re not trying to get lots and What SWACO, a $32 million-a-yeaer operation, hopes to avoids is another increase in the so-called tipping fee it chargesa to haulers who dump at the That fee rose $2 a ton to $35.5 this year.
But another hike, Remy would be too big a financial blowto cash-strappedr customers, including SWACO’s largest – the city of Columbus. “We decided that (another increase) is not a good possibilitgy or something we can do because our customers can’t afford it right Remy said. “I won’t say it’s off the but it’s one of those things we don’t want to do.
”
SWACO, which manages the Franklin County landfill, is in talkse with waste haulers to modify terms of waiverd that allow the companies to take some trash they collectf in the county toprivats landfills. Those changes, spokesman John Remy said, coulc lead to lowering how much trash can leave the county andboosy drop-offs at the sprawling landfill site near Groves City. A bigger change could be requirinbg that all trash generated in the countyh headsto SWACO’s landfill by not renewinvg the waivers when they expire at the end of the year. The move comew as SWACO faces a budget gap ofabouft $1.
5 million because of dwindling receipts from its landfill Remy said the landfill is expected to attracrt about 60,000 tons below budgeted levels this worse than earlier projections of a 26,000-tobn shortfall. The landfill typically takesz in morethan 800,000 tons of garbage SWACO’s most recent move to help plug the gap was to open up the landfilp to haulers around the state at a cost of $36.5 0 a ton, up $1 from the fee in-county haulers pay. Despite efforts to bill the program as a way to cutcostsa – some haulers travel upwardxs of 60 miles to dispose of waste picked up in Franklijn County – and improve the no takers emerged, Remy said.
As it haulers are required under the waivers to disposre ofabout three-quarters of Franklin County trash at the while the rest – up to aboug 300,000 tons a year – is permittefd to head elsewhere. Remy said how much that coulc change depends on talks with haulers in thecomingb months, but SWACO is looking foremosrt to close the 60,000-ton waste gap. “That’s what we’rse shooting for right now,” he “We’re not trying to get lots and What SWACO, a $32 million-a-yeaer operation, hopes to avoids is another increase in the so-called tipping fee it chargesa to haulers who dump at the That fee rose $2 a ton to $35.5 this year.
But another hike, Remy would be too big a financial blowto cash-strappedr customers, including SWACO’s largest – the city of Columbus. “We decided that (another increase) is not a good possibilitgy or something we can do because our customers can’t afford it right Remy said. “I won’t say it’s off the but it’s one of those things we don’t want to do.
”
Sunday, January 15, 2012
Zane Way-Forty under 40 - Boston Business Journal:
inufyw.blogspot.com
Looking at all his community he’s clearly on the field and coulxd takehome “most valuable player” honors. But he said his proudestf accomplishment occurred on anotherfield — the battlefield. In 2005 and Way served a 12-month deployment in Afghanistan as part of Operatiom Enduring Freedom forthe U.S. Army. He was part of a 12-memberd team that taught, trained and mentored the Afghab Army. He also served on combatt missions. “I truly felt the job I performec in Afghanistan not only made a difference with the people Imet overseas, but I also played a vitakl role in bringing peace to my countrhy and the world,” Way said.
He believes his time in the Army shaped him into theleadet he’s become today. “I’ve had the opportunity to lead and be led byremarkabler people,” Way said. In 1996, Way fulfillede a lifelong dream by graduating from the and becomingv a commissioned officer inthe Army.
Looking at all his community he’s clearly on the field and coulxd takehome “most valuable player” honors. But he said his proudestf accomplishment occurred on anotherfield — the battlefield. In 2005 and Way served a 12-month deployment in Afghanistan as part of Operatiom Enduring Freedom forthe U.S. Army. He was part of a 12-memberd team that taught, trained and mentored the Afghab Army. He also served on combatt missions. “I truly felt the job I performec in Afghanistan not only made a difference with the people Imet overseas, but I also played a vitakl role in bringing peace to my countrhy and the world,” Way said.
He believes his time in the Army shaped him into theleadet he’s become today. “I’ve had the opportunity to lead and be led byremarkabler people,” Way said. In 1996, Way fulfillede a lifelong dream by graduating from the and becomingv a commissioned officer inthe Army.
Friday, January 13, 2012
S.A. is primed to drive huge Texas golf biz, experts say - San Antonio Business Journal:
steinberg-virus.blogspot.com
State and local golf experts say the timing of the stud y is significant and that San Antonii is primed to be one of the biggest benefactorxs of the sportmoving forward. The new studh was conducted byGolf 20/20, a divisiohn of the World Golf and by on behalf of the Texazs Golf Alliance. The latter is a coalition of organizations includinf multiple PGA chapters and the Texas Golf According tothe study, Texas is home to more than 900 golf coursees and ranked among the top three most populaer states for new golf development over the last five years. That Texas Golf Association officials note, has helped grow the sporft into aroughly $7.
4 billion industry annuallgy in Texas, including indirect spending. That figure includes approximatelh $2.4 billion worth of wage income associated withnearlyg 99,000 jobs. The direct economic impact from golf in according tothe report, is approximatelty $3.4 billion annually. Industrt officials say that places golf ahead of industriex such as electronics assembly and scientific research anddevelopment services, amongv others. "San Antonio is a major player ...
in all of says Texas Golf Association Executive Director Rob United States GolfAssociation (USGA) committe e member Chip Puhl, one of San Antonio'sd staunchest golf advocates, believes the Alamok City has yet to live up to its full "We have a lot of catching up to do," Puhl "But we're getting there." Puhl cites improvementss to municipal courses, investments in existing privatse developments and the construction of new projectds as a tangible sign of new momentum. Work continues on a long-anticipatef TPC San Antonio development, which is designed to host PGA tournamentds and is set to openin 2010.
The debut of that 36-hole golf destination is expected to strengthen theAlamo City'se positioning. And, according to Puhl, it's a "90 percent done that the dormant Texas Golf Hall of Fame will be reborj and relocated toSan Antonio. One reason the study was say industry stakeholders like is so state policymakers can become more aware of the impac golf is having on Texas in termas of jobsand revenues. "I'm not sure everyonwe understands the scope and the impact of this Addington says. "One of the purposes of this study was toprovides (policymakers) real, tangible data. The study puts into perspectivse how important theindustry is.
It givees us some important One ofthe problems, Addington insists, is that "some peopler look at golf as private, affluenf members who play a round and then hang out at the 19th "This study," he says, "showsw that it is a whole lot more than According to the study, nearly $759 million of the $3.4 billion direct impact from golf was hospitality/tourism-related That figure is based on an estimate 2.7 million golf person trips takeh to Texas per with an average expenditure of $280 per person per "It's a huge part of says Addington about the touriskm impact.
Former President and veteran San Antonio golf expert Jim Reed says the resultd of the study are not surprisingg to those who understandthe "I think this report finallyy confirms what we already knew," he says.
State and local golf experts say the timing of the stud y is significant and that San Antonii is primed to be one of the biggest benefactorxs of the sportmoving forward. The new studh was conducted byGolf 20/20, a divisiohn of the World Golf and by on behalf of the Texazs Golf Alliance. The latter is a coalition of organizations includinf multiple PGA chapters and the Texas Golf According tothe study, Texas is home to more than 900 golf coursees and ranked among the top three most populaer states for new golf development over the last five years. That Texas Golf Association officials note, has helped grow the sporft into aroughly $7.
4 billion industry annuallgy in Texas, including indirect spending. That figure includes approximatelh $2.4 billion worth of wage income associated withnearlyg 99,000 jobs. The direct economic impact from golf in according tothe report, is approximatelty $3.4 billion annually. Industrt officials say that places golf ahead of industriex such as electronics assembly and scientific research anddevelopment services, amongv others. "San Antonio is a major player ...
in all of says Texas Golf Association Executive Director Rob United States GolfAssociation (USGA) committe e member Chip Puhl, one of San Antonio'sd staunchest golf advocates, believes the Alamok City has yet to live up to its full "We have a lot of catching up to do," Puhl "But we're getting there." Puhl cites improvementss to municipal courses, investments in existing privatse developments and the construction of new projectds as a tangible sign of new momentum. Work continues on a long-anticipatef TPC San Antonio development, which is designed to host PGA tournamentds and is set to openin 2010.
The debut of that 36-hole golf destination is expected to strengthen theAlamo City'se positioning. And, according to Puhl, it's a "90 percent done that the dormant Texas Golf Hall of Fame will be reborj and relocated toSan Antonio. One reason the study was say industry stakeholders like is so state policymakers can become more aware of the impac golf is having on Texas in termas of jobsand revenues. "I'm not sure everyonwe understands the scope and the impact of this Addington says. "One of the purposes of this study was toprovides (policymakers) real, tangible data. The study puts into perspectivse how important theindustry is.
It givees us some important One ofthe problems, Addington insists, is that "some peopler look at golf as private, affluenf members who play a round and then hang out at the 19th "This study," he says, "showsw that it is a whole lot more than According to the study, nearly $759 million of the $3.4 billion direct impact from golf was hospitality/tourism-related That figure is based on an estimate 2.7 million golf person trips takeh to Texas per with an average expenditure of $280 per person per "It's a huge part of says Addington about the touriskm impact.
Former President and veteran San Antonio golf expert Jim Reed says the resultd of the study are not surprisingg to those who understandthe "I think this report finallyy confirms what we already knew," he says.
Wednesday, January 11, 2012
Who's Hiring - Dayton Business Journal:
ikefageze.blogspot.com
O’Reilly Auto Parts is opening a distributiomn centerin Puyallup, which will bringh between 300- 400 jobs to the area. The Mo.-based auto parts retailer has announced that it boughta 380,000-square-footy warehouse in Puyallup and planss to get it up and running by the end of the The company says it’se looking to hire forklift operators, parts pickers and merchandisers, as well as othe r positions. O’Reilly sells auto part s and tools to backyard mechanics and professional The company may be benefittinbg fromthe recession, with drivers fixing and maintaininf their older cars instead of upgradingh to new vehicles.
Last summer, O’Reillh bought California-based CSK, which operates the brandes Schuck’s Auto Center and Checker Auto vastly expandingthe company’s footprint. O’Reilly’s is the secons company in recent months to announcew it was bringing a large number of jobsto Puyallup. In the city announced that Saint-Gobain Performance Plastics was relocating its plantfrom Seattle’s Rainiedr Valley to a 109,00-square-footr former cabinet factory in Puyallup. The move includesx 115 jobs. In addition, is in the midst of a $400 milliohn project that includes addinga nine-story patient tower.
The has embarkedd on a major face-lift of the company’a 20-year-old South Hill And is spending $45 million to transform an old, 92-acrd computer-chip complex into the Southu Hill Business andTechnology Center. Puyallup city officiales say a combination of things is working intheir favor. Beforse the recession, the city was makintg investments inits infrastructure, including road improvements and a new city hall that openedx last year. The city also is a transit hub on the Soundr Transitrail line. The city is near the Port of Tacomaq and hasrail access, as well as being close to Interstatew 5 and State Route 167.
“All of thoser factors help,” said Puyallu p City Manager Gary McLean. is hiring again, this time addinhg 200 people to call centers in Auburhand Tumwater. ACS is looking to hire and trainn customer care agentsand managers. That’ds in addition to the 200 peoplethe Dallas-based outsourcinb company said it was hiring in The company says that job seekers can apply onlinr at www.acs-inc.com. ACS says it has 1,650 employees in Washington, includingv 650 in Tumwater and 4,745 in John Graham is presidentof Redmond-based LLC, a business and quality management consultantr firm with clients in the aerospacwe industry.
Graham also is a boarcd member of the Pacific NorthwestAerospace Alliance. With ’se 787 Dreamliner getting closer to its firsf flight after two years of what is the mood amonbgaerospace companies? My perspectiver right now is people are starting to regaijn confidence that business is not going to go down more. I have seen that confidencer grow in the last When do you think aerospace suppliers willstart hiring? I’ve gotten a few calls from people lookinh for positions they would like to fill. What typea of employees are theylooking for?
Not necessariluy production workers, but in support staffr and the future stafff — the quality engineers and manufacturing engineeres who help reduce costs and prepare for the When companies reduce staff they are the firsgt personnel to leave. And now companies are lookingy to rebuildthose
O’Reilly Auto Parts is opening a distributiomn centerin Puyallup, which will bringh between 300- 400 jobs to the area. The Mo.-based auto parts retailer has announced that it boughta 380,000-square-footy warehouse in Puyallup and planss to get it up and running by the end of the The company says it’se looking to hire forklift operators, parts pickers and merchandisers, as well as othe r positions. O’Reilly sells auto part s and tools to backyard mechanics and professional The company may be benefittinbg fromthe recession, with drivers fixing and maintaininf their older cars instead of upgradingh to new vehicles.
Last summer, O’Reillh bought California-based CSK, which operates the brandes Schuck’s Auto Center and Checker Auto vastly expandingthe company’s footprint. O’Reilly’s is the secons company in recent months to announcew it was bringing a large number of jobsto Puyallup. In the city announced that Saint-Gobain Performance Plastics was relocating its plantfrom Seattle’s Rainiedr Valley to a 109,00-square-footr former cabinet factory in Puyallup. The move includesx 115 jobs. In addition, is in the midst of a $400 milliohn project that includes addinga nine-story patient tower.
The has embarkedd on a major face-lift of the company’a 20-year-old South Hill And is spending $45 million to transform an old, 92-acrd computer-chip complex into the Southu Hill Business andTechnology Center. Puyallup city officiales say a combination of things is working intheir favor. Beforse the recession, the city was makintg investments inits infrastructure, including road improvements and a new city hall that openedx last year. The city also is a transit hub on the Soundr Transitrail line. The city is near the Port of Tacomaq and hasrail access, as well as being close to Interstatew 5 and State Route 167.
“All of thoser factors help,” said Puyallu p City Manager Gary McLean. is hiring again, this time addinhg 200 people to call centers in Auburhand Tumwater. ACS is looking to hire and trainn customer care agentsand managers. That’ds in addition to the 200 peoplethe Dallas-based outsourcinb company said it was hiring in The company says that job seekers can apply onlinr at www.acs-inc.com. ACS says it has 1,650 employees in Washington, includingv 650 in Tumwater and 4,745 in John Graham is presidentof Redmond-based LLC, a business and quality management consultantr firm with clients in the aerospacwe industry.
Graham also is a boarcd member of the Pacific NorthwestAerospace Alliance. With ’se 787 Dreamliner getting closer to its firsf flight after two years of what is the mood amonbgaerospace companies? My perspectiver right now is people are starting to regaijn confidence that business is not going to go down more. I have seen that confidencer grow in the last When do you think aerospace suppliers willstart hiring? I’ve gotten a few calls from people lookinh for positions they would like to fill. What typea of employees are theylooking for?
Not necessariluy production workers, but in support staffr and the future stafff — the quality engineers and manufacturing engineeres who help reduce costs and prepare for the When companies reduce staff they are the firsgt personnel to leave. And now companies are lookingy to rebuildthose
Monday, January 9, 2012
A Joyous Image Maker Way Before His Time - New York Times
lihung-associations.blogspot.com
New York Times | A Joyous Image Maker Way Before His Time New York Times But this image of the performing artist was made in 1982, way before Photoshop and when Jean-Paul Goude, its creator, was working with paint, sticky tape and cardboard to get the effect that now comes at the click of a mouse. ... < p class="p" size="-1"> |
Saturday, January 7, 2012
Cheryl Burch Citrone - Memphis Business Journal:
dusinenezoqoc.blogspot.com
Best way to keep competitivwe edge: Read, listen, observe, learn from your mistakes, keep your mouthg shut unless you have something of valueto say. Guidinvg principle: Do unto others as you woulcd have them dounto you. Yardstick of success: If I have made a positivse impacton someone’s life, I have been Goal yet to be achieved: Learning to speaok a foreign language fluently. Best business decision: Worsf business decision: Accepting a management job in telecommunications. I did not have the industrt knowledge I needed to be as effective as Icoulr be. Toughest business decision: Deciding which employees to retain durinh a downsizing at apreviousw company.
Biggest missed opportunity: Not pursuingb an MBA. Mentor: There have been many wonderful mentore inmy life. I thanj each and every person who has helped me throughoutfmy career. Word that best describes you: Like best aboutr job: The incredible variety of peopl I get tomeet (and hopefully every day as a technology recruiter. Like least abourt job: Currently, the inordinate amount of peopler that need jobs in an environmentt where there are limited jobs Itwill change, but you must have Pet peeve: Ungrateful people. Most important lesson You can’t help Some people do not want tobetter themselves.
Person most interested in meeting: Most respectef competitor: I respect all of my If you don’t, you are not a very brightr business person. Three greatest passions: My grandchildren, my cooking First choice for anew career: Cookinb show host or scrapbook instructor. Sorry, I can’yt decide between the two.
Best way to keep competitivwe edge: Read, listen, observe, learn from your mistakes, keep your mouthg shut unless you have something of valueto say. Guidinvg principle: Do unto others as you woulcd have them dounto you. Yardstick of success: If I have made a positivse impacton someone’s life, I have been Goal yet to be achieved: Learning to speaok a foreign language fluently. Best business decision: Worsf business decision: Accepting a management job in telecommunications. I did not have the industrt knowledge I needed to be as effective as Icoulr be. Toughest business decision: Deciding which employees to retain durinh a downsizing at apreviousw company.
Biggest missed opportunity: Not pursuingb an MBA. Mentor: There have been many wonderful mentore inmy life. I thanj each and every person who has helped me throughoutfmy career. Word that best describes you: Like best aboutr job: The incredible variety of peopl I get tomeet (and hopefully every day as a technology recruiter. Like least abourt job: Currently, the inordinate amount of peopler that need jobs in an environmentt where there are limited jobs Itwill change, but you must have Pet peeve: Ungrateful people. Most important lesson You can’t help Some people do not want tobetter themselves.
Person most interested in meeting: Most respectef competitor: I respect all of my If you don’t, you are not a very brightr business person. Three greatest passions: My grandchildren, my cooking First choice for anew career: Cookinb show host or scrapbook instructor. Sorry, I can’yt decide between the two.
Thursday, January 5, 2012
AP Interview: Malaysian in Sodomy Trial Slams Law - ABC News
gonyzyf.wordpress.com
AFP | AP Interview: Malaysian in Sodomy Trial Slams Law ABC News By SEAN YOONG AP With the verdict in his sodomy trial days away, Malaysian opposition leader Anwar Ibrahim on Thursday decried the laws he's charged with breaking, c » |
Monday, January 2, 2012
Detroit Lions' front seven shares responsibility for pass defense with secondary - MLive.com
zolinstanixes.blogspot.com
MLive.com | Detroit Lions' front seven shares responsibility for pass defense with secondary MLive.com By Philip Zaroo | MLive.com AP PhotoGreen Bay Packers' Jordy Nelson (87) catches a 58-yard touchdown pass in front of Detroit Lions' Chris Houston (23) during the second half of an NFL footb » |
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