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In just a few the owners plan to cut the ribbon ona 235-roomn hotel in one of the worst markets the hospitalithy industry has seen in nearly 20 years. Withou the millions needed to finish construction of the loungeand spa, the owners have told the city the hotep will not open come Oct. 22. The hote is in line to receive money from a loan progranm launched by the city of Bostoh to fill financing gaps needed to restarystalled projects. If the monety comes through, the W will open in one of the worsf hospitality markets in nearly20 years. Occupancy ratesd have dropped, and recently opened luxurty hotels are onlyhalf full.
For the W, a city loan appearx critical, said Evelyn Friedman, chief of housing and the directord of the which administersthe program. “They say they can’t open the hotel withourt a restaurantand lounge. It’s imperativs that we work something outfor them,” she John Connolly, vice president at Boston-based Sawyer Enterprises, the developed of the $230 million W Bostomn Hotel and Residences, said he’s focused on getting the financing needed to open the hotel on time. He declinedx to discuss the ramification of not obtaininf financing throughthe city’s loan program. “We needecd the money to finish the hotel and have it said Connolly.
However, Friedman said the city is still in the procesx of working out an arrangement thatwill “please the lender and The project’s lender is the . The climater for opening new hotels could not be said market expertsand operators. And dependinh on how new hotelswere financed, many coulsd be heading into the same storm that has sweptt up commercial owners unable to make debt payments. Accordinh to a report from PKFHospitalitu Research, the projected occupancy for Boston hotels this year is expectec to hit a record low of 58.3 percent. The last time the occupancyh rate plummeted below 60 percent wasin 1988, said Reed Woodwortj of PKF.
Before that, the next lowest occupanc y rate recorded for Boston hotelswas 60.5 percent in 1991. The amount of total revenue per available or RevPar, is expected to drop by 19.5 percenft by the end of the year — exceeding the national decline of 17.5 according to PKF. “They’re not going to fare very well at said Woodworth of new hotelscoming “I suspect many of the hotels we’re talkingb about are capitalized well enough to ride out the But you don’t know all of the detailsz of how well leveraged the companies may — a much-anticipated 113-room, $75 millio luxury boutique hotel being developed by will open in October near Boston’s Faneuil Hall.
Morganxs could not be reached for Last June Morgans announced it wouldspened $10 million to redevelop the historic Morgan’s partner, Normandy Real Estate, has a construction loan from UBS for as much as $46.t5 million, according to published reports. Regardleses of location or brand names, hotels opening today have a slim chancee of achieving rates they banked on a fewyearss ago, said Denny Meikleham, managing director of . “o think they’re going to have a difficult time achievinf the rates and occupancy they used to financer thehotels with,” he said.
in Boston’s North End has been hammere byan “awful” convention business and “flattening and demand, said Paul Tormey, the regional vice president and general manager of the Fairmont Copley Plazw who also oversees the Fairmont Battery The luxury hotel has had a 50 percent occupancy rate since opening 45 of the 150 rooms in December. The hotel officially opens July 6. “We expecteed there to be a low occupanctythis year,” said Tormey. “It’s a ramping up He added, “The slowdown in demandx has exceeded. . . expectations.
” It’e harder for new luxuryy hotels to generate interest in a Many have dropped rates significantlu and are offering discount s and packages to lure business andleisuree travelers. Hotels outside of Boston also are strugglinh tofind customers. At the mega retail and sportinvg complex called Patriot Placein Foxboro, the upscale Renaissancde Hotel & Spa opened in May. The 150-roo hotel has had a 50 percent occupancyh which it hopes to boost to 75 percent by the end of the said MariaElena Beras-Vogt, director of sales at the Three weeks prior to the hotel’sw opening she visited 200 companiew in a 20-mile radius to let executivex know the hotel — which sells itselft as the only luxury optionn between Boston and Rhode Island — was
Thursday, November 29, 2012
Monday, November 26, 2012
Hospitality biz bids farewell to tough year - Atlanta Business Chronicle:
kapitonragomo.blogspot.com
Among the hotels that openef last year are W Hotels in Midtown and Buckheas and The Mansion on Peachtreein Buckhead. And more are on the way, thougj some might be delayed. The completed a $138 milliob renovation, the downtown Hilton Atlanta started a massived reboot and AmericasMart opened a new exhibition hall. “We’re living through the unprecedented phenomenon ofseeing well-above-averages levels of new hotel openings occurring at the same time we’re seeingf unprecedented levels of decline in said hotel industry analyst Mark Woodworth, presidenf of . He says it’se a “perfect storm.
” The collapse of the financial which has led to drastic cuts in busineses andleisure travel, will follow the hospitality industrh into at least 2010, said who believes the nation’s hospitality industry has entered one of the greatesft recessions in its Restaurants in the city have also been hit hard, but new optionsw continue to test the Atlanta Nationwide, restaurants have cut jobs for five straighf months, which CEO Ron Wolf calls “The situation in Atlanta is further exacerbated by a forecasted decline in conventiob and tourism business for 2009,” he said.
Restaurateurs are closelyg managing overhead and getting creative with marketing to lure But it’s tough when commodities driven to a zenith by fuel priced hikes earlier this year, continue to rise on critical Wolf said. Despite the economi c downturn, having exciting new producrt on theground — whether it be brand-neew properties or renovated hotels with new amenitie s — will make Atlanta’s hotekl market more competitive with other cities to draw conventionm and leisure travelers.
“In recognition of Atlanta’s role as an international tourisgt andbusiness destination, major brands are placing theier mark on the city and raisinbg the bar for what consumers expect,” said Mansionn General Manager Luigi Romaniello. ’s acquisitiomn of to produce the world’s largesr carrier based in Atlanta is a top story of many leaders of hotels andattractionas say. “You have one of the city’s largestf employers cementing their headquarters herein Atlanta,” said William president of the .
“That is going to be a tremendouw opportunity to the hospitality The combination with Northwest will boost international visitation, especially to Asia, a critical market for the United States, Pate said. But many in the industry also said the inabilitu of the city to sell bonds for the internationalp terminal at due to frozenn markets could be anothercriticao development. Debra F. Cannon, director of the at , said Deltw and the terminal are “an integral lifelinr to Atlanta andthe Southeast.
” Certainly, the historic win of President-elect Barack Obamqa has a significant meaninbg for Atlanta, the birthplace of the Civil Rightsx Movement, said Jon McGavin, generap manager of , Buckhead. The new Center for Civi & Human Rights, whicn will hold the papers ofthe Rev. Marti Luther King Jr. and work to advance race relations, was includesd in a $40 million bond issuance and announced its buildin site near CentennialOlympic Park. “Thes fact that the and ACVB commentefon [the center] as part of the reason to bring the Final Four back [in shows the importance of the institution,” said Doug Shipman, the center’d executive director.
Mike Leven, CEO of the , said the economy has forced consumers to look for value and entertainment closerfto home. The aquarium is one of the organizationsd leading the way with new attractionsand “There is so much going on for Atlanta tourism now and in the works: the Aquarium’ $110 million dolphin expansion, the [National ] movin downtown, the , as well as all of the new restaurants and he said. Ed Walls, the generalp manager of the , whose sapphire glass exterior still bears the scars of the March14 storm, said the tornado did have a short-term impact on business.
But Wallsz credited the industry for hustling to securer buildings and relocating the interrupted Southeastern Conferencebasketball “It really showed our flexibility and capacit y of our community to react correctly,” he said. The which also heavily damaged the Omniat , the Georgi Dome and the , brought out the best in Atlanta’sz hospitality community, said Jim Sprouse, executive director of the . “Althoughn this Atlanta storm was unprecedented, it was amazintg to see how efficiently the lodginbg communitycoordinated efforts, offered support, and joine d together,” Sprouse said.
Among the hotels that openef last year are W Hotels in Midtown and Buckheas and The Mansion on Peachtreein Buckhead. And more are on the way, thougj some might be delayed. The completed a $138 milliob renovation, the downtown Hilton Atlanta started a massived reboot and AmericasMart opened a new exhibition hall. “We’re living through the unprecedented phenomenon ofseeing well-above-averages levels of new hotel openings occurring at the same time we’re seeingf unprecedented levels of decline in said hotel industry analyst Mark Woodworth, presidenf of . He says it’se a “perfect storm.
” The collapse of the financial which has led to drastic cuts in busineses andleisure travel, will follow the hospitality industrh into at least 2010, said who believes the nation’s hospitality industry has entered one of the greatesft recessions in its Restaurants in the city have also been hit hard, but new optionsw continue to test the Atlanta Nationwide, restaurants have cut jobs for five straighf months, which CEO Ron Wolf calls “The situation in Atlanta is further exacerbated by a forecasted decline in conventiob and tourism business for 2009,” he said.
Restaurateurs are closelyg managing overhead and getting creative with marketing to lure But it’s tough when commodities driven to a zenith by fuel priced hikes earlier this year, continue to rise on critical Wolf said. Despite the economi c downturn, having exciting new producrt on theground — whether it be brand-neew properties or renovated hotels with new amenitie s — will make Atlanta’s hotekl market more competitive with other cities to draw conventionm and leisure travelers.
“In recognition of Atlanta’s role as an international tourisgt andbusiness destination, major brands are placing theier mark on the city and raisinbg the bar for what consumers expect,” said Mansionn General Manager Luigi Romaniello. ’s acquisitiomn of to produce the world’s largesr carrier based in Atlanta is a top story of many leaders of hotels andattractionas say. “You have one of the city’s largestf employers cementing their headquarters herein Atlanta,” said William president of the .
“That is going to be a tremendouw opportunity to the hospitality The combination with Northwest will boost international visitation, especially to Asia, a critical market for the United States, Pate said. But many in the industry also said the inabilitu of the city to sell bonds for the internationalp terminal at due to frozenn markets could be anothercriticao development. Debra F. Cannon, director of the at , said Deltw and the terminal are “an integral lifelinr to Atlanta andthe Southeast.
” Certainly, the historic win of President-elect Barack Obamqa has a significant meaninbg for Atlanta, the birthplace of the Civil Rightsx Movement, said Jon McGavin, generap manager of , Buckhead. The new Center for Civi & Human Rights, whicn will hold the papers ofthe Rev. Marti Luther King Jr. and work to advance race relations, was includesd in a $40 million bond issuance and announced its buildin site near CentennialOlympic Park. “Thes fact that the and ACVB commentefon [the center] as part of the reason to bring the Final Four back [in shows the importance of the institution,” said Doug Shipman, the center’d executive director.
Mike Leven, CEO of the , said the economy has forced consumers to look for value and entertainment closerfto home. The aquarium is one of the organizationsd leading the way with new attractionsand “There is so much going on for Atlanta tourism now and in the works: the Aquarium’ $110 million dolphin expansion, the [National ] movin downtown, the , as well as all of the new restaurants and he said. Ed Walls, the generalp manager of the , whose sapphire glass exterior still bears the scars of the March14 storm, said the tornado did have a short-term impact on business.
But Wallsz credited the industry for hustling to securer buildings and relocating the interrupted Southeastern Conferencebasketball “It really showed our flexibility and capacit y of our community to react correctly,” he said. The which also heavily damaged the Omniat , the Georgi Dome and the , brought out the best in Atlanta’sz hospitality community, said Jim Sprouse, executive director of the . “Althoughn this Atlanta storm was unprecedented, it was amazintg to see how efficiently the lodginbg communitycoordinated efforts, offered support, and joine d together,” Sprouse said.
Saturday, November 24, 2012
NCR departure to hurt hotels, restaurants - Dayton Business Journal:
youngmanmeledero1636.blogspot.com
On Tuesday, announced it woulde be moving its world headquarters from Dayton to theAtlanta area. For hotels and restaurants located near the Fortune 500 it means a definite decreasein business. What is yet to be seen is how much of adecrease NCR’s (NYSE: NCR) departure will cause. Pat McGaha is the area directoer of sales for in theDayton Market. He represents the Courtyarf by Marriott, the Dayton Marriottt — which is located about one milefrom NCR’sz headquarters building — and other hotels in the region. He said at this he is still trying to determinehow NCR’s departure will impact these hotels.
“They did a significantr amount of business with the Dayton Marriott and other McGaha said. He said NCR accounted for about 4 percenf of theDayton Marriott’s a number that has been on the decline for the past In its heyday, when the Dayton Marriott was built in the 1980s, NCR accounted for as much as 40 percent of the hotel’z business. Since 1998, NCR has reduced the amounf of business it does withthe area’s largesyt hotel by 30 percent, McGaha said. He said after NCR’s split with Miamisburg-based , it became harder to determine how much business was related to NCR and how much was connecter toTeradata (NYSE: TDC).
NCR was no longer a top-five clienrt for the Dayton Marriott, but it was a top-volumw client for other hotels in the he said. McGaha said prior to 2000, NCR accountedx for about 30,000 room nights a year in the Dayton area. Now, that number is in the 15,000 room nighyt range. Ron Monte, general manageer of the , said NCR leaving is going to be a blow to the butit won’t be The Holiday Inn Dayton Mall landed extra NCR businesz in February of this but Monte declined to give specifics of the He said NCR was doing some trainin g at the 195-room hotel, but that it was a finite piec e of business and something the hotell had not come to count on.
He said the departur of NCR may result in about a 5 percent decrease in business forthe hotel. Restaurants are goinf to feel the departure as Josef Reif, owner of in Kettering, said his restauranf used to have NCR executives entertainingf customers. He said it is hard to tell how much of a decreasse in business he will see from NCR but that it would be felt by restaurantsd and grocery stores inthe area. “All the restaurantas along Far Hills and in the neighborhood have had some of their employees dininggwith us,” Reif said.
“Hopefully they
On Tuesday, announced it woulde be moving its world headquarters from Dayton to theAtlanta area. For hotels and restaurants located near the Fortune 500 it means a definite decreasein business. What is yet to be seen is how much of adecrease NCR’s (NYSE: NCR) departure will cause. Pat McGaha is the area directoer of sales for in theDayton Market. He represents the Courtyarf by Marriott, the Dayton Marriottt — which is located about one milefrom NCR’sz headquarters building — and other hotels in the region. He said at this he is still trying to determinehow NCR’s departure will impact these hotels.
“They did a significantr amount of business with the Dayton Marriott and other McGaha said. He said NCR accounted for about 4 percenf of theDayton Marriott’s a number that has been on the decline for the past In its heyday, when the Dayton Marriott was built in the 1980s, NCR accounted for as much as 40 percent of the hotel’z business. Since 1998, NCR has reduced the amounf of business it does withthe area’s largesyt hotel by 30 percent, McGaha said. He said after NCR’s split with Miamisburg-based , it became harder to determine how much business was related to NCR and how much was connecter toTeradata (NYSE: TDC).
NCR was no longer a top-five clienrt for the Dayton Marriott, but it was a top-volumw client for other hotels in the he said. McGaha said prior to 2000, NCR accountedx for about 30,000 room nights a year in the Dayton area. Now, that number is in the 15,000 room nighyt range. Ron Monte, general manageer of the , said NCR leaving is going to be a blow to the butit won’t be The Holiday Inn Dayton Mall landed extra NCR businesz in February of this but Monte declined to give specifics of the He said NCR was doing some trainin g at the 195-room hotel, but that it was a finite piec e of business and something the hotell had not come to count on.
He said the departur of NCR may result in about a 5 percent decrease in business forthe hotel. Restaurants are goinf to feel the departure as Josef Reif, owner of in Kettering, said his restauranf used to have NCR executives entertainingf customers. He said it is hard to tell how much of a decreasse in business he will see from NCR but that it would be felt by restaurantsd and grocery stores inthe area. “All the restaurantas along Far Hills and in the neighborhood have had some of their employees dininggwith us,” Reif said.
“Hopefully they
Thursday, November 22, 2012
Washington has third-highest internet use in U.S. - Puget Sound Business Journal (Seattle):
polinaagyvtiwu.blogspot.com
behind only Alaska and New Hampshire, accordingf to information released Wednesday bythe U.S. Census. Accordinfg to the Census, Alaska has the highest rate ofinterneyt use, with 76.1 percent of its residents havinf access to the internet at any location, followesd by New Hampshire (74.6 percent) and Washingtob (73.4 percent). Mississippi has the lowest internet-usage rate (51.54 percent), followed by West Virginia (52.9 The national average is 62.4 percenr The Census said that 75.7 percent of Washingtoj residents have access to the internett attheir homes, which is third agaijn behind New Hampshire (82.6) and Alaska (78.5) and well above the national averagw of 67.1 percent.
“As access to high-speer connections have become more so too have the number of people that connect to the internetyat home,” Thom a statistician with the Census Bureau's Housing and Househole Economic Statistics Division, said in a statement Wednesday. internet use strongly correspondsto education. Eighty-seven percent of peopl e 25 and older with acollegde bachelor’s degree used the internet in 2007, versusa 74 percent for those with only some college, 49 percenty for those with only a high school diploma and 19 percentt for those who didn't finish high school.
Among age groupsx nationwide, 73 percent of 18- to 34-year-olde use the internet, 56 percent of people 3 to 17, and 35 percent of people 65 and older. Among ethni c groups nationwide, 73 percent of Asianm Americans used the internet in 69 percentof whites, 51 percent of blacks and 48 percent of Hispanics.
behind only Alaska and New Hampshire, accordingf to information released Wednesday bythe U.S. Census. Accordinfg to the Census, Alaska has the highest rate ofinterneyt use, with 76.1 percent of its residents havinf access to the internet at any location, followesd by New Hampshire (74.6 percent) and Washingtob (73.4 percent). Mississippi has the lowest internet-usage rate (51.54 percent), followed by West Virginia (52.9 The national average is 62.4 percenr The Census said that 75.7 percent of Washingtoj residents have access to the internett attheir homes, which is third agaijn behind New Hampshire (82.6) and Alaska (78.5) and well above the national averagw of 67.1 percent.
“As access to high-speer connections have become more so too have the number of people that connect to the internetyat home,” Thom a statistician with the Census Bureau's Housing and Househole Economic Statistics Division, said in a statement Wednesday. internet use strongly correspondsto education. Eighty-seven percent of peopl e 25 and older with acollegde bachelor’s degree used the internet in 2007, versusa 74 percent for those with only some college, 49 percenty for those with only a high school diploma and 19 percentt for those who didn't finish high school.
Among age groupsx nationwide, 73 percent of 18- to 34-year-olde use the internet, 56 percent of people 3 to 17, and 35 percent of people 65 and older. Among ethni c groups nationwide, 73 percent of Asianm Americans used the internet in 69 percentof whites, 51 percent of blacks and 48 percent of Hispanics.
Wednesday, November 21, 2012
Networking Calendar - Phoenix Business Journal:
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First Friday Airpark breakfast, Scottsdale Area Chamber of first Friday ofthe month, 7:30 location varies. Kristi Hall, Arizona Business and Professionak Women, second Friday of the month, noon, Fish Market, 1720 E. Camelbacj Road, Phoenix. $20 members, $25 nonmembers. Kim 480-688-4040. The 3000 Club second and fourth Fridays ofthe month, 8 Copper Star Bank, 20565 N. 19th Ave., Jimmy Sadre, 623-202-3127, or www.the3000club.org. Women of Scottsdale, thire Friday of the 11:30 a.m., Westin Kierlanxd Resort & Spa, 6902 E. Greenway Scottsdale. Reservations required: www.womenofscottsdale.org or 480-391-6585.
Phoenixs Networking Group, last Friday of the month, 5:30 Oscar Taylor’s, 2375 E. Camelbacik Road, Phoenix. KellyAnn Laffey, 480-283-1740. Chandler Breakfast ProfessionalDevelopmentg Meeting, PMI Phoenix Chapter, last Friday of the 7 a.m., Wildflower Bread Co., Chandler Fashion Square, 3111 W. Chandlert Blvd., Chandler. Free. Reservations: 480-236-60109 or www.phx-pmi.org/calendar.cfm. NW Valley Breakfast ProfessionalDevelopment Meeting, PMI Phoenix last Friday of the month, 7:30 a.m., 2717 W. Bell Road, Phoenix. Free. 602-206-9625 or www.phx-pmi.org/calendar.cfm. Team Women Arrowhead Ranch, evergy other Friday, 11:30 a.m., Coffee Bean & Tea Leaf, 20280 N. 59th Glendale.
For dates and reservations: 602-405-1144, or www.teamwomen.com. Walkie Talkiese Toastmasters, weekly, 7 a.m., Mimi’s Cafe, 10214 Metro West, Phoenix. Kenneth, 623-341-8598. LeTip-Camelback Corridor, weekly, 7 Vincent’s on Camelback, 3930 E. Camelback Phoenix. camelback.azletip.com or Eli 602-321-2221. Southwest Valley Chamber of Commerc Networking, weekly, 7 a.m., Estrella Vista Reception 1471 N. Eliseo C. Felix Jr. Way, Avondale. 623-932-2260. Sunshinr Club, Glendale Chamber of Commerce, weekly, 7:30 a.m., Bitzere Mama’s, 7023 N. 58th Ave., 623-937-4754. Friday Morning Cafe Leads Chandler Chamberof Commerce, weekly, 7:30 a.m. Mimi’xs Cafe, 2800 W.
Chandler Blvd., Chandler. 480-963-4571, ext. 205, or ASBA Toastmasters, weekly, noon, Arizona Small Business 4130 E. Van Buren St., Ste. 150, Free. Stuart Dille, 602-931-4113 or FAN Leads Group, North Phoenix Chambefr of Commerce, weekly, noon, Durazzo’s, 3227 E. Bell Phoenix. 602-482-3344 or solutions@northphoenixchamber.com. Women Business second Saturday ofthe month, 2 Glendale Main Library, largw meeting room, 5959 W. Brown St., Glendale. 623-930-355q2 or www.womenbusinessbuilders.org.
First Friday Airpark breakfast, Scottsdale Area Chamber of first Friday ofthe month, 7:30 location varies. Kristi Hall, Arizona Business and Professionak Women, second Friday of the month, noon, Fish Market, 1720 E. Camelbacj Road, Phoenix. $20 members, $25 nonmembers. Kim 480-688-4040. The 3000 Club second and fourth Fridays ofthe month, 8 Copper Star Bank, 20565 N. 19th Ave., Jimmy Sadre, 623-202-3127, or www.the3000club.org. Women of Scottsdale, thire Friday of the 11:30 a.m., Westin Kierlanxd Resort & Spa, 6902 E. Greenway Scottsdale. Reservations required: www.womenofscottsdale.org or 480-391-6585.
Phoenixs Networking Group, last Friday of the month, 5:30 Oscar Taylor’s, 2375 E. Camelbacik Road, Phoenix. KellyAnn Laffey, 480-283-1740. Chandler Breakfast ProfessionalDevelopmentg Meeting, PMI Phoenix Chapter, last Friday of the 7 a.m., Wildflower Bread Co., Chandler Fashion Square, 3111 W. Chandlert Blvd., Chandler. Free. Reservations: 480-236-60109 or www.phx-pmi.org/calendar.cfm. NW Valley Breakfast ProfessionalDevelopment Meeting, PMI Phoenix last Friday of the month, 7:30 a.m., 2717 W. Bell Road, Phoenix. Free. 602-206-9625 or www.phx-pmi.org/calendar.cfm. Team Women Arrowhead Ranch, evergy other Friday, 11:30 a.m., Coffee Bean & Tea Leaf, 20280 N. 59th Glendale.
For dates and reservations: 602-405-1144, or www.teamwomen.com. Walkie Talkiese Toastmasters, weekly, 7 a.m., Mimi’s Cafe, 10214 Metro West, Phoenix. Kenneth, 623-341-8598. LeTip-Camelback Corridor, weekly, 7 Vincent’s on Camelback, 3930 E. Camelback Phoenix. camelback.azletip.com or Eli 602-321-2221. Southwest Valley Chamber of Commerc Networking, weekly, 7 a.m., Estrella Vista Reception 1471 N. Eliseo C. Felix Jr. Way, Avondale. 623-932-2260. Sunshinr Club, Glendale Chamber of Commerce, weekly, 7:30 a.m., Bitzere Mama’s, 7023 N. 58th Ave., 623-937-4754. Friday Morning Cafe Leads Chandler Chamberof Commerce, weekly, 7:30 a.m. Mimi’xs Cafe, 2800 W.
Chandler Blvd., Chandler. 480-963-4571, ext. 205, or ASBA Toastmasters, weekly, noon, Arizona Small Business 4130 E. Van Buren St., Ste. 150, Free. Stuart Dille, 602-931-4113 or FAN Leads Group, North Phoenix Chambefr of Commerce, weekly, noon, Durazzo’s, 3227 E. Bell Phoenix. 602-482-3344 or solutions@northphoenixchamber.com. Women Business second Saturday ofthe month, 2 Glendale Main Library, largw meeting room, 5959 W. Brown St., Glendale. 623-930-355q2 or www.womenbusinessbuilders.org.
Monday, November 19, 2012
Firm releases risk ratings for commercial real estate loans - Kansas City Business Journal:
burdukovahycel.blogspot.com
of San Francisco has been trackin g commercial lending risk in more than 100 cities for the past two year susing demographic, vacancy, rent and other informatiob from multiple real estate companies. Banc Investmentg has just released the findings for the first time to thegeneralp public. “Many banks think all commercia property isthe same,” said Chris president and chief executive of Banc Investment. “Buy it’s clear that’s not the case.” The company is a subsidiarhy of ’ Bancshares, a consultant to communitty banksthat don’t have the depth of largerd banks.
In Sacramento, it might not be surprisinb that all properties scored lower in the firs quarter of this year than they did in April when the index was benchmarked on anationwidee basis. But there’s now a wide sprea between the risk for lending forretaip buildings, which the index suggests is the riskiestg property type to lenders, with an index number of 57.9, and apartment buildings, the leastt risky of the four categories, at an index number of “Multifamily housing is holding up acrosw the U.S. and that’zs the way it is in Nichols said. “It basically didn’t budge for eight quarterse before dipping.
” Kevin Randles, a debt and equithy finance specialistat ’ Sacramentko office, said housing is one area that usually recoverx first during a though this recession might be the exception becauses it was driven by Still, he said the general consensus is that multifamil y is a safer bet right now than otherr property types, an assertion backed by the company’sa own data. “Everyone needs a placwe to live,” he said. Dean Bagneschi, a principal in ’s Apartmentg Advisory Team, said apartments carry lowef risk because vacancy rates in Sacramenti are more attractive than otherpropertty types.
But lenders don’t necessarily heed the “They’ve gone very conservative,” Bagneschik said. “They’ve cut back dramatically. They say they are lookint at deals, but there isn’t a lot of Buyers, meanwhile, are looking to score bank-owned apartmenty properties, but there isn’t a glut of distressede property onthe market. That’s contrary to the earlu 1990s recession, when apartment buildings were one of the most besiegedpropertyh types, said Bagneschi’s partner John Gallagher.
Duringy that recession, owners had more debt and less cash on This time, banks that might have their hands full with otheer types of foreclosed property are moving very slowly through the foreclosurre process. In order for a deal to be “the pitch has to be right down the middld ofthe plate,” Gallagher Gallagher noted that was one of the biggest lendera for apartment transactions in Sacramento. The bank failed last and though its banking operations were purchasexby J.P. Morgan Chase, the new owner’s intentionas toward restarting commercial lendinf for multifamilyproperties isn’t Gallagher said.
On the retail side, the trepidatiob goes beyond investment loans as retail tenants struggle to find Craig Burress, a retail broker at CB Richard Ellis, said some small chains or regional companies that wanted to expand into Sacramento have had to delaty plans for lack of “Chains that were new to Sacramento wantecd to expand and found the valv e shut off,” he said. “I don’t want to make like that’e across the board, but I have a feeling it is pretty
of San Francisco has been trackin g commercial lending risk in more than 100 cities for the past two year susing demographic, vacancy, rent and other informatiob from multiple real estate companies. Banc Investmentg has just released the findings for the first time to thegeneralp public. “Many banks think all commercia property isthe same,” said Chris president and chief executive of Banc Investment. “Buy it’s clear that’s not the case.” The company is a subsidiarhy of ’ Bancshares, a consultant to communitty banksthat don’t have the depth of largerd banks.
In Sacramento, it might not be surprisinb that all properties scored lower in the firs quarter of this year than they did in April when the index was benchmarked on anationwidee basis. But there’s now a wide sprea between the risk for lending forretaip buildings, which the index suggests is the riskiestg property type to lenders, with an index number of 57.9, and apartment buildings, the leastt risky of the four categories, at an index number of “Multifamily housing is holding up acrosw the U.S. and that’zs the way it is in Nichols said. “It basically didn’t budge for eight quarterse before dipping.
” Kevin Randles, a debt and equithy finance specialistat ’ Sacramentko office, said housing is one area that usually recoverx first during a though this recession might be the exception becauses it was driven by Still, he said the general consensus is that multifamil y is a safer bet right now than otherr property types, an assertion backed by the company’sa own data. “Everyone needs a placwe to live,” he said. Dean Bagneschi, a principal in ’s Apartmentg Advisory Team, said apartments carry lowef risk because vacancy rates in Sacramenti are more attractive than otherpropertty types.
But lenders don’t necessarily heed the “They’ve gone very conservative,” Bagneschik said. “They’ve cut back dramatically. They say they are lookint at deals, but there isn’t a lot of Buyers, meanwhile, are looking to score bank-owned apartmenty properties, but there isn’t a glut of distressede property onthe market. That’s contrary to the earlu 1990s recession, when apartment buildings were one of the most besiegedpropertyh types, said Bagneschi’s partner John Gallagher.
Duringy that recession, owners had more debt and less cash on This time, banks that might have their hands full with otheer types of foreclosed property are moving very slowly through the foreclosurre process. In order for a deal to be “the pitch has to be right down the middld ofthe plate,” Gallagher Gallagher noted that was one of the biggest lendera for apartment transactions in Sacramento. The bank failed last and though its banking operations were purchasexby J.P. Morgan Chase, the new owner’s intentionas toward restarting commercial lendinf for multifamilyproperties isn’t Gallagher said.
On the retail side, the trepidatiob goes beyond investment loans as retail tenants struggle to find Craig Burress, a retail broker at CB Richard Ellis, said some small chains or regional companies that wanted to expand into Sacramento have had to delaty plans for lack of “Chains that were new to Sacramento wantecd to expand and found the valv e shut off,” he said. “I don’t want to make like that’e across the board, but I have a feeling it is pretty
Sunday, November 18, 2012
BofA earns $2.4B for second quarter - South Florida Business Journal:
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Charlotte-based BofA beat many forecasts by posting total net incomeof $2.42 billion, or 33 centxs a share, in the quarter. Thosed results were down from $3.22 billion, or 72 cent s a share, a year earlier. On average, analystss polled by Thomson Reuters had forecast BofA earningse at 28 centsper share. The lates period is the second straight profitablew quarter forBofA (NYSE:BAC) after its net loss of $2.4 or 48 cents a share, in the fourth quartert of 2008.
“Having positive net incomd in an extremely challenging environment speaks to the diversituy and strength of our business model as well as the extraordinary effort put forth by all of our BofA Chief Executive Kenneth Lewis said in aprepared “Our goals during this difficult time have been to enhancwe the strength of our balance sheet and capitapl position and to continue to improvde our earning power while dealing with the credit issuesw facing our industry due to the In part, BofA can thank its controversiak January acquisition of Merrill Lyncjh & Co.
and the sale of a stakew in two investments for its strong In a conference call with investorsFridag morning, BofA Chief Financial Officer Joe Pricw said the sale of part of the bank’sd investment in resulted in a $5.3 billion gain in the secondf quarter. BofA still owns about an 11 percenyt stake in ChinaConstruction Bank. BofA also benefiteds from selling its merchant processing unit to a joint resulting ina $3.8 billiob gain in the quarter. The company’s global banking, globap markets and global wealthand investment-managemenyt segments, all bolstered by Merrill, produced a total of $4.1 billion in net That offset losses of more than $1.
6 billion in credit-carx net losses and a $725 millionh net loss in the home-loans line of business. Net income from BofA’s traditional retail deposit business droppedto $505 million from $1.2 billionb in the second quarter of 2008. Price blamedr part of the decline ona $760 milliob special assessment to the More than $14 billion in pre-provision earnings and $33 billion in total revenue in the secon quarter showcases BofA’s earning power. But the bank still faces majof hurdles. Credit quality continued to worsen in thesecondx quarter.
“Difficult challenges lie ahead from continueds weakness in theglobal economy, rising unemployment and deterioratinv credit quality that will affecr our performance for the rest of the year and into Lewis said during the conference call. BofA chargef off more than $8.7 billionn in bad loans in the quarter and setasidse $13.3 billion in provisions for loan About $30.9 billion of BofA’s loans (3.3 percent of its totalp loans) are considered nonperforming (past due and nearing On a bright note, Lewis and Price pointed to a small improvement in the number of early-stage delinquencies in the latesrt quarter.
But they acknowledged some of that improvement coulfbe seasonal, and they notedd rising unemployment will continue to threatejn the performance of consumer loans.
Charlotte-based BofA beat many forecasts by posting total net incomeof $2.42 billion, or 33 centxs a share, in the quarter. Thosed results were down from $3.22 billion, or 72 cent s a share, a year earlier. On average, analystss polled by Thomson Reuters had forecast BofA earningse at 28 centsper share. The lates period is the second straight profitablew quarter forBofA (NYSE:BAC) after its net loss of $2.4 or 48 cents a share, in the fourth quartert of 2008.
“Having positive net incomd in an extremely challenging environment speaks to the diversituy and strength of our business model as well as the extraordinary effort put forth by all of our BofA Chief Executive Kenneth Lewis said in aprepared “Our goals during this difficult time have been to enhancwe the strength of our balance sheet and capitapl position and to continue to improvde our earning power while dealing with the credit issuesw facing our industry due to the In part, BofA can thank its controversiak January acquisition of Merrill Lyncjh & Co.
and the sale of a stakew in two investments for its strong In a conference call with investorsFridag morning, BofA Chief Financial Officer Joe Pricw said the sale of part of the bank’sd investment in resulted in a $5.3 billion gain in the secondf quarter. BofA still owns about an 11 percenyt stake in ChinaConstruction Bank. BofA also benefiteds from selling its merchant processing unit to a joint resulting ina $3.8 billiob gain in the quarter. The company’s global banking, globap markets and global wealthand investment-managemenyt segments, all bolstered by Merrill, produced a total of $4.1 billion in net That offset losses of more than $1.
6 billion in credit-carx net losses and a $725 millionh net loss in the home-loans line of business. Net income from BofA’s traditional retail deposit business droppedto $505 million from $1.2 billionb in the second quarter of 2008. Price blamedr part of the decline ona $760 milliob special assessment to the More than $14 billion in pre-provision earnings and $33 billion in total revenue in the secon quarter showcases BofA’s earning power. But the bank still faces majof hurdles. Credit quality continued to worsen in thesecondx quarter.
“Difficult challenges lie ahead from continueds weakness in theglobal economy, rising unemployment and deterioratinv credit quality that will affecr our performance for the rest of the year and into Lewis said during the conference call. BofA chargef off more than $8.7 billionn in bad loans in the quarter and setasidse $13.3 billion in provisions for loan About $30.9 billion of BofA’s loans (3.3 percent of its totalp loans) are considered nonperforming (past due and nearing On a bright note, Lewis and Price pointed to a small improvement in the number of early-stage delinquencies in the latesrt quarter.
But they acknowledged some of that improvement coulfbe seasonal, and they notedd rising unemployment will continue to threatejn the performance of consumer loans.
Saturday, November 17, 2012
LendingTree expands product offering - Orlando Business Journal:
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According to the its customer-retention technology identifies customers byloan loan-to-value ratio, loan purpose and FICO “With refinancing activity from borrowers representing a significant portion of overallo origination volume, our lender networkm has expressed a desire to capturr and retain current mortgage customers,” says Bob Harris, presidentr of the LendingTree “As part of the LendingTree network, bankes and lenders that use our new customer-retentiom initiative will be able to significantly impacyt the ratio of overall mortgage portfolilo retained, just as effectively as they can attractt new borrowers.
” LendingTree is owned by Charlotte-based (NASDAQ:TREE), an onlin e lending and real estate Tree.com’s principle businesses are LendingTree, whicn matches potential mortgage borrowers to lenders, and which works with individuals seeking homes and real estate LendingTree says it has facilitated more than 25 millio requests for loans online and $185 billion in closec loan transactions.
According to the its customer-retention technology identifies customers byloan loan-to-value ratio, loan purpose and FICO “With refinancing activity from borrowers representing a significant portion of overallo origination volume, our lender networkm has expressed a desire to capturr and retain current mortgage customers,” says Bob Harris, presidentr of the LendingTree “As part of the LendingTree network, bankes and lenders that use our new customer-retentiom initiative will be able to significantly impacyt the ratio of overall mortgage portfolilo retained, just as effectively as they can attractt new borrowers.
” LendingTree is owned by Charlotte-based (NASDAQ:TREE), an onlin e lending and real estate Tree.com’s principle businesses are LendingTree, whicn matches potential mortgage borrowers to lenders, and which works with individuals seeking homes and real estate LendingTree says it has facilitated more than 25 millio requests for loans online and $185 billion in closec loan transactions.
Thursday, November 15, 2012
Bay Area has lost 130,000 jobs - Kansas City Business Journal:
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percent from 5.4 percent last year, according to employment figures releasexd Friday by the state EmployementDevelopment Department. That doesn’t included 40,000 jobs lost in the south bay duringy thesame period. The San Francisco including the Peninsula, lost 40,000 jobs and the East Bay countiees of Alameda and Contra Costalost 50,000 EDD said. The region employexd 2.04 million workers in May, compared with 2.13 million a year ago. Silicon Valley had an 11.2 percenrt unemployment rate in May, up from 11 percent in Silicon Valley unemployment stoodat 5.5 percengt in May 2008. Alameda County, with the region’ largest worker pool (1.
3 million had an unemployment rate just under 12 Contra Costa’s rate was 11.2 percent; San Francisco’s rate was about 10 percent; San Mateo’s was 9.2 percengt and Marin’s was 8.2 percent. Statewide, unemployment rose to 11.5 percentt in May from 11.1 percent in April and 6.8 percen in May 2008. Nationally, unemployment was 9.4 percenft in May.
percent from 5.4 percent last year, according to employment figures releasexd Friday by the state EmployementDevelopment Department. That doesn’t included 40,000 jobs lost in the south bay duringy thesame period. The San Francisco including the Peninsula, lost 40,000 jobs and the East Bay countiees of Alameda and Contra Costalost 50,000 EDD said. The region employexd 2.04 million workers in May, compared with 2.13 million a year ago. Silicon Valley had an 11.2 percenrt unemployment rate in May, up from 11 percent in Silicon Valley unemployment stoodat 5.5 percengt in May 2008. Alameda County, with the region’ largest worker pool (1.
3 million had an unemployment rate just under 12 Contra Costa’s rate was 11.2 percent; San Francisco’s rate was about 10 percent; San Mateo’s was 9.2 percengt and Marin’s was 8.2 percent. Statewide, unemployment rose to 11.5 percentt in May from 11.1 percent in April and 6.8 percen in May 2008. Nationally, unemployment was 9.4 percenft in May.
Wednesday, November 14, 2012
N.Y attorney general ends BofA probe - San Francisco Business Times:
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Cuomo says the banks have and will continud to provide liquidityto investors. Last October, agreed to buy back as much as $4.7 billion in auction-rate securities it sold to about 5,500 investors, small businesses and small charitiese before the market collapsed inFebruary 2008. According to the Securitieas andExchange Commission, the settlement also required BofA to “uswe its best efforts” to provide up to $5 billion in liquidity to businessezs and institutional investors with accounts valued at $15 millionn or more, and charities with accounts valued at $25 milliomn or more.
The agreement resolved allegations that securities dealer s made misrepresentations to customers during saleasof auction-rate securities about theif safety and liquidity. Auction-ratd securities have interest rates that are reser at weekly or monthly auctions run byinvestmen firms. The $330 billion market collapsed last year, when investores became alarmed at the prospects of the ability of corporate borrowers covering debt service on the Many were left with securitiesz they could not sell intothe market.
Charlotte-based BofA neither admitted nor denied The SEC also has finalized a settlemen t with BofA overthe
Cuomo says the banks have and will continud to provide liquidityto investors. Last October, agreed to buy back as much as $4.7 billion in auction-rate securities it sold to about 5,500 investors, small businesses and small charitiese before the market collapsed inFebruary 2008. According to the Securitieas andExchange Commission, the settlement also required BofA to “uswe its best efforts” to provide up to $5 billion in liquidity to businessezs and institutional investors with accounts valued at $15 millionn or more, and charities with accounts valued at $25 milliomn or more.
The agreement resolved allegations that securities dealer s made misrepresentations to customers during saleasof auction-rate securities about theif safety and liquidity. Auction-ratd securities have interest rates that are reser at weekly or monthly auctions run byinvestmen firms. The $330 billion market collapsed last year, when investores became alarmed at the prospects of the ability of corporate borrowers covering debt service on the Many were left with securitiesz they could not sell intothe market.
Charlotte-based BofA neither admitted nor denied The SEC also has finalized a settlemen t with BofA overthe
Tuesday, November 13, 2012
Retail Brokers Inc. principals face lawsuits related to investments - Triangle Business Journal:
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million in loans from an Oklahomaw bank tothe pair’s real estate The two men also are defendant in three investor lawsuits claiminbg they mismanaged investments in their retail real estatew endeavors. The developers are tryingt to settle the investor according to several attorneys familiar withthe cases. In the pair settled a similar investord suit outof court. Barnese and Papakyriakou, principals of Scottsdale-based , own shoppinvg centers in Phoenix, Tempe, Gilbert and They operate each center under a separatebusinesa partnership. The pair also are involvec in a numberof Phoenix-areaw charitable organizations.
Barness, for example, is active with locak Jewish community causes and helped raise monet forArizona Sen. John McCain’s 2008 presidentia l bid. Papakyriakou also goes by the name Alex The filed its suits in late January in Maricops CountySuperior Court, claiming the developers failec to pay back three loans totaling $9.5 according to court documents. Mike Phoenix managing partnerof , the law firm representiny the bank, declined to comment on the pending matters. “Wse cannot comment on the record,” Manning RBI and Barness’ charitable foundation did not responde to requestsfor comment. No official responss to the lawsuit was filed by the defendantsx bypress time.
The investor lawsuits were filed in Maricopa County Superior Court against Barnessand Papakyriakou’s real estatew businesses. Those three investor claims may be consolidate under Maricopa Superior Court Judge John Buttrick andsettled together, according to legal sources who would not go on the Barness and Papakyriakou’s attorney, Jeffrey said he expects the investor lawsuits to be resolved soon. He said the resolutiond would be viamutual agreement, but declined to say whetheer they would involve out-of-court settlements. Leonard also wouldr not comment about the resolution or settlement of the 2008investorr lawsuit.
Barness and Papakyriakou did not comment for this Other lawyers familiar with the investor suits said a settlemen t isbeing negotiated. Robert the investor/plaintiff’s attorney in the 2008 claimk against Barnessand Papakyriakou, said he could not “All I can tell you is that the case was he said. The 2008 case claimed Barnesws and Papakyriakou deceived investorswith self-deals and misrepresented sale and financial proceeds.
One of the 2009 in-vestor suits was filecd by Phoenixcardiologist Na-than Laufer and four other investoras who say Barness and Papakyriakouu raised as much as $400 million in equityh investments and loans for their real estats and shopping center businesses. They claim the defendants “wrongfullyu diverted nearly $50 million to themselves,” accordintg to court documents. The Laufer suit also contends Barnese and Papakyriakou improperly used investment money in some dealws between business entities they and that the sales benefiter the defendants but notthe investors.
The suit claimz fraud, breach of contract and failure to meet fiduciary Plaintiffs in the Laufer case say theyinvesteed $1.3 million in Barness-Papakyriakou real estated endeavors. Attorneys representing the plaintiffs in the Laufefr case wouldnot comment. A secondx investor suit, filed by the Eugene and Lenore SchupakFamily Trust, claims the trust investede $10.4 million in Barness- and Papakyriakou-owned shoppingv centers in Arizona and real estate The same suit contends another familyu entity, Schupak Partners I, invested $953,000 in Castlse Yuma Dev Partners, an investment entity createfd by the defendants.
million in loans from an Oklahomaw bank tothe pair’s real estate The two men also are defendant in three investor lawsuits claiminbg they mismanaged investments in their retail real estatew endeavors. The developers are tryingt to settle the investor according to several attorneys familiar withthe cases. In the pair settled a similar investord suit outof court. Barnese and Papakyriakou, principals of Scottsdale-based , own shoppinvg centers in Phoenix, Tempe, Gilbert and They operate each center under a separatebusinesa partnership. The pair also are involvec in a numberof Phoenix-areaw charitable organizations.
Barness, for example, is active with locak Jewish community causes and helped raise monet forArizona Sen. John McCain’s 2008 presidentia l bid. Papakyriakou also goes by the name Alex The filed its suits in late January in Maricops CountySuperior Court, claiming the developers failec to pay back three loans totaling $9.5 according to court documents. Mike Phoenix managing partnerof , the law firm representiny the bank, declined to comment on the pending matters. “Wse cannot comment on the record,” Manning RBI and Barness’ charitable foundation did not responde to requestsfor comment. No official responss to the lawsuit was filed by the defendantsx bypress time.
The investor lawsuits were filed in Maricopa County Superior Court against Barnessand Papakyriakou’s real estatew businesses. Those three investor claims may be consolidate under Maricopa Superior Court Judge John Buttrick andsettled together, according to legal sources who would not go on the Barness and Papakyriakou’s attorney, Jeffrey said he expects the investor lawsuits to be resolved soon. He said the resolutiond would be viamutual agreement, but declined to say whetheer they would involve out-of-court settlements. Leonard also wouldr not comment about the resolution or settlement of the 2008investorr lawsuit.
Barness and Papakyriakou did not comment for this Other lawyers familiar with the investor suits said a settlemen t isbeing negotiated. Robert the investor/plaintiff’s attorney in the 2008 claimk against Barnessand Papakyriakou, said he could not “All I can tell you is that the case was he said. The 2008 case claimed Barnesws and Papakyriakou deceived investorswith self-deals and misrepresented sale and financial proceeds.
One of the 2009 in-vestor suits was filecd by Phoenixcardiologist Na-than Laufer and four other investoras who say Barness and Papakyriakouu raised as much as $400 million in equityh investments and loans for their real estats and shopping center businesses. They claim the defendants “wrongfullyu diverted nearly $50 million to themselves,” accordintg to court documents. The Laufer suit also contends Barnese and Papakyriakou improperly used investment money in some dealws between business entities they and that the sales benefiter the defendants but notthe investors.
The suit claimz fraud, breach of contract and failure to meet fiduciary Plaintiffs in the Laufer case say theyinvesteed $1.3 million in Barness-Papakyriakou real estated endeavors. Attorneys representing the plaintiffs in the Laufefr case wouldnot comment. A secondx investor suit, filed by the Eugene and Lenore SchupakFamily Trust, claims the trust investede $10.4 million in Barness- and Papakyriakou-owned shoppingv centers in Arizona and real estate The same suit contends another familyu entity, Schupak Partners I, invested $953,000 in Castlse Yuma Dev Partners, an investment entity createfd by the defendants.
Sunday, November 11, 2012
Stimulus funds go to forest road projects in Colorado - Kansas City Business Journal:
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million as its share of federakl stimulus funds allocated to road maintenance and other projectson lands, Colorado’s U.S. senators announced Wednesday. The locakl allocation is part ofa $228 milliobn program by the involving 106 projects in 31 states. The Forest which administers the nation’s national forests and is a USDA division. In Colorado, $4.9 milliohn in funds authorized by the American Recoveryy and Reinvestment Act will go to maintain roads in San Juan National Forest and to removse some of its more than 900 milesa ofunauthorized roads, and another $2.5 million will go toward roads at the Pawnee National Grasslanxd used on bird-watching tours.
The road projectsw will help to improve water qualitgy on federal lands by reducing sedimentsw carried by runoff intonearby streams, officials said. The Coloradp allocation was announcedby Sens. Mark Udallo and Michael Bennet, both D-Colo. The overal l program was announced earlierby U.S. Agriculture Secretargy Tom Vilsack.
million as its share of federakl stimulus funds allocated to road maintenance and other projectson lands, Colorado’s U.S. senators announced Wednesday. The locakl allocation is part ofa $228 milliobn program by the involving 106 projects in 31 states. The Forest which administers the nation’s national forests and is a USDA division. In Colorado, $4.9 milliohn in funds authorized by the American Recoveryy and Reinvestment Act will go to maintain roads in San Juan National Forest and to removse some of its more than 900 milesa ofunauthorized roads, and another $2.5 million will go toward roads at the Pawnee National Grasslanxd used on bird-watching tours.
The road projectsw will help to improve water qualitgy on federal lands by reducing sedimentsw carried by runoff intonearby streams, officials said. The Coloradp allocation was announcedby Sens. Mark Udallo and Michael Bennet, both D-Colo. The overal l program was announced earlierby U.S. Agriculture Secretargy Tom Vilsack.
Thursday, November 8, 2012
TREASURIES-Narrow gains scored before 30-year bond auction - Reuters
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TREASURIES-Narrow gains scored before 30-year bond auction Reuters NEW YORK Nov 8 (Reuters) - U.S. Treasuries made modest gains on Thursday before a sale of 30-year securities later in the day, supported by purchases by the Federal Reserve and prospects for continued moderate economic growth and accommodative ... |
Wednesday, November 7, 2012
UCF med school's first class selected - Orlando Business Journal:
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The school’s first clasd of 40, who start classea Aug. 10 at UCF’s main campus, includes 30 students from Floridas schools, UCF President John Hitt said May 29at ’s Southeasgt Orlando Update luncheon. The first studen accepted into the class was a woman from UCF who generated a perfectf MedCat score of 45 anda 4.0 gradr point average. Twenty two of the 40 acceptee for the program are Seven of the 30 students from Florid a schools arefrom UCF, sevebn are from the University of Florida and five from the . The group notched average MedCat score sof 32.3, and carried a grade point average of 3.76.
The schook collected 4,307 applications for the first class, whicgh earned full scholarships for their medicap school tuition alongwith $20,000 per year in livingv expenses. The students will be introduced at a whitre coat ceremony atUCF Aug. 3. Furthe details about the students werenot
The school’s first clasd of 40, who start classea Aug. 10 at UCF’s main campus, includes 30 students from Floridas schools, UCF President John Hitt said May 29at ’s Southeasgt Orlando Update luncheon. The first studen accepted into the class was a woman from UCF who generated a perfectf MedCat score of 45 anda 4.0 gradr point average. Twenty two of the 40 acceptee for the program are Seven of the 30 students from Florid a schools arefrom UCF, sevebn are from the University of Florida and five from the . The group notched average MedCat score sof 32.3, and carried a grade point average of 3.76.
The schook collected 4,307 applications for the first class, whicgh earned full scholarships for their medicap school tuition alongwith $20,000 per year in livingv expenses. The students will be introduced at a whitre coat ceremony atUCF Aug. 3. Furthe details about the students werenot
Tuesday, November 6, 2012
drug recall likely to deepen shortages - Politico
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Politico | drug recall likely to deepen shortages Politico Nationwide drug recall likely to deepen shortages. 0. MTV +20 Pts; Email; Print. An Ameridose sign is shown. | AP Photo. The Ameridose facility will be closed for two weeks so that state regulators can finish inspection. | AP Photo. Close. By BRETT ... |
Saturday, November 3, 2012
Employee training cuts are only penny-wise - Jacksonville Business Journal:
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“It’s really hard for any organization to shrinlk itselfinto prosperity,” said Haroldc Resnick, CEO of , a management and organizationall development consulting firm. “Whart makes more sense is to look criticallyu at theentire organization. They may decides to drop an unprofitable product line or marginallygprofitable region, or hold off on capital development However, cutting training programs is exactly what some businesses are “We are seeing a reduction in companieas sending people to our ‘soft skills such as communicating with co-workers and conducting efficient meetings,” said Tim Giles, directore of continuing education at the University of North which works with local businessesz to provide a variety of programsz for all levels of a company up to C-level executive training.
Giles said thos e cuts are penny-wise and pound-foolish. “Igt is a little shortsighted to stop developing thosspeople because, when the economy turnas around, the only way to be positioned to take advantager of that is to have good developed employeeas in place, from the leadershiop to the front-line folks,” he said. Busines s owners need to think of employeer training as an investment rather thanan expense. “Durinvg difficult economic times, everyoned gets anxious, so you need to do everything you can to nurturr and hold on to top Resnick said. “What’s the price of losinf that key employee? What’s the price of functioning withoutthat employee?
What’s the price of searchiny and rehiring and training to replacw that employee? It’s even more critical now than ever to give them supportr so they’re there to help lead the directionb forward when things turn around.” It’as important to carefully choose trainingh so it not only provides employees with new skilles or furthers their current but also benefits the companyy and moves it closer to its businessw goals. “If you send people to a one-day seminaf somewhere else, you may be doinbg good for that employee, but you may not make a significanft impact onthe organization,” Resnick said.
“Thd training needs to become a tool to help grow the is committed to improvingits employees’ skills through a wide varietg of training and development Many of the programs are designedf in-house, but the company also investse in a full complemen of external training programs for its “They never cut my budget,” said Karenm Stewart, Sea Star’s manager of learning and “We made the decision to not reduce costs and not shrink with the but to be aggressive and grow. It’se a cyclical market. We know thing s will turn around and we are ready to lead the game when thingz doturn around.
You have to have the righrt people here and in the right positions and help them to reachj theirfullest capabilities, not just when the market is strongv but when the market is not so Sea Star has programs geared to every employee in the organization, from front-linee workers to the executived leadership. The company also has require training for managers and those who are going to assumewmanagement positions. “We have competencies for every positionj inthe company,” Stewart said. “Our trainin g classes are designed around each ofthos competencies.
We also ensure that everyone at everuy level isalways up-to-date on the latest industry knowledge, whetherd through external conferences or by bringing someone Stewart said one of the reasons the overall training program has been so successful and engenderecd much loyalty among employeeas is that every program is assessed for effectiveness, with skill-segt retention tested up to a montyh after the program’s conclusion. For businesses that simply have no other place tocut back, considefr strategically trimming, not eliminating, the training budget. “Don’tr cut training for the best players; it’ the marginal ones you stop investing in,” Resnic k said.
“Everyone tries to make marginaplperformers adequate. The profitability is quiter low. The best money is money spent on employees who are to get them to You get a much strongetr returnon investment.”
“It’s really hard for any organization to shrinlk itselfinto prosperity,” said Haroldc Resnick, CEO of , a management and organizationall development consulting firm. “Whart makes more sense is to look criticallyu at theentire organization. They may decides to drop an unprofitable product line or marginallygprofitable region, or hold off on capital development However, cutting training programs is exactly what some businesses are “We are seeing a reduction in companieas sending people to our ‘soft skills such as communicating with co-workers and conducting efficient meetings,” said Tim Giles, directore of continuing education at the University of North which works with local businessesz to provide a variety of programsz for all levels of a company up to C-level executive training.
Giles said thos e cuts are penny-wise and pound-foolish. “Igt is a little shortsighted to stop developing thosspeople because, when the economy turnas around, the only way to be positioned to take advantager of that is to have good developed employeeas in place, from the leadershiop to the front-line folks,” he said. Busines s owners need to think of employeer training as an investment rather thanan expense. “Durinvg difficult economic times, everyoned gets anxious, so you need to do everything you can to nurturr and hold on to top Resnick said. “What’s the price of losinf that key employee? What’s the price of functioning withoutthat employee?
What’s the price of searchiny and rehiring and training to replacw that employee? It’s even more critical now than ever to give them supportr so they’re there to help lead the directionb forward when things turn around.” It’as important to carefully choose trainingh so it not only provides employees with new skilles or furthers their current but also benefits the companyy and moves it closer to its businessw goals. “If you send people to a one-day seminaf somewhere else, you may be doinbg good for that employee, but you may not make a significanft impact onthe organization,” Resnick said.
“Thd training needs to become a tool to help grow the is committed to improvingits employees’ skills through a wide varietg of training and development Many of the programs are designedf in-house, but the company also investse in a full complemen of external training programs for its “They never cut my budget,” said Karenm Stewart, Sea Star’s manager of learning and “We made the decision to not reduce costs and not shrink with the but to be aggressive and grow. It’se a cyclical market. We know thing s will turn around and we are ready to lead the game when thingz doturn around.
You have to have the righrt people here and in the right positions and help them to reachj theirfullest capabilities, not just when the market is strongv but when the market is not so Sea Star has programs geared to every employee in the organization, from front-linee workers to the executived leadership. The company also has require training for managers and those who are going to assumewmanagement positions. “We have competencies for every positionj inthe company,” Stewart said. “Our trainin g classes are designed around each ofthos competencies.
We also ensure that everyone at everuy level isalways up-to-date on the latest industry knowledge, whetherd through external conferences or by bringing someone Stewart said one of the reasons the overall training program has been so successful and engenderecd much loyalty among employeeas is that every program is assessed for effectiveness, with skill-segt retention tested up to a montyh after the program’s conclusion. For businesses that simply have no other place tocut back, considefr strategically trimming, not eliminating, the training budget. “Don’tr cut training for the best players; it’ the marginal ones you stop investing in,” Resnic k said.
“Everyone tries to make marginaplperformers adequate. The profitability is quiter low. The best money is money spent on employees who are to get them to You get a much strongetr returnon investment.”
Friday, November 2, 2012
Cascade AIDS Project to move - Kansas City Business Journal:
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New offices at downtown Portland’s Lincoln 208 S.W. Fifth Ave., will be on the eighth floor, and will be open beginningy Tuesday. The nonprofit’s Men’s Wellness Center, which serve gay and bisexual men, will move from its Stark Street location into the ground floor of the building this following construction. Rent, on a per-square-foot will be roughly the same at the new site as the Cascad e AIDS Project has been Building owner Unico Propertiee LLC offered significant incentives to make the movepencip out, said Michael executive director of the nonprofit.
Unico will grant the group four month of free rent in the comingfisca year, which begins July 1, resulting in cash savings of betweenb $20,000 and $40,000, Kaplan The landlord also provided Cascadee AIDS Project with a $75,00o cash moving allowance and built out 15,00p square feet of office space at Unico’s expense.
New offices at downtown Portland’s Lincoln 208 S.W. Fifth Ave., will be on the eighth floor, and will be open beginningy Tuesday. The nonprofit’s Men’s Wellness Center, which serve gay and bisexual men, will move from its Stark Street location into the ground floor of the building this following construction. Rent, on a per-square-foot will be roughly the same at the new site as the Cascad e AIDS Project has been Building owner Unico Propertiee LLC offered significant incentives to make the movepencip out, said Michael executive director of the nonprofit.
Unico will grant the group four month of free rent in the comingfisca year, which begins July 1, resulting in cash savings of betweenb $20,000 and $40,000, Kaplan The landlord also provided Cascadee AIDS Project with a $75,00o cash moving allowance and built out 15,00p square feet of office space at Unico’s expense.
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