Greg Grainger joins Jones Lang LaSalle - San Antonio Business Journal:

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Jones Lang LaSalle said Grainger will be leadingtits Dallas-Fort Worth property management business. He also is expected to launcjh a national industrial propertymanagement practice. Grainged is joining Jones Lang LaSallefrom , where he headed the propertuy management practice for the D-FW area. Prior to that, he managede the property management divisiohnfor Co. “With more than 20 yearws of experience and a proven traco record in the propertymanagemeng arena, Greg will greatly enhance the firm’s abilityh to provide expanded industrial and properthy management services to our clients,” said Paul president of Jones Lang LaSalle, DFW.
“We are strengthening our property managementr business into the industrial sphere in responsre tomarket demand.” Grainger is not the only recenyt addition to the team. Terry a 35-year industrial real estate veteran, joinexd the firm last monthh to lead the industrial which specializes in advising occupiers and investoras ofindustrial space.

Hobbit fan dies ascending mountain featured in hit film - Deutsche Welle

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Deutsche Welle

Hobbit fan dies ascending mountain featured in hit film Deutsche Welle A German fan of the new J.R.R. Tolkien movie The Hobbit has died attempting to ascend a mountain used on the hit film's New Zealand set. The 38-year old amateur trekker from Munich fell 200 meters (656 feet) to his death while attempting to reach the ... and more »

Medtronic paid Army doctor $850k - Minneapolis / St. Paul Business Journal:

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Fridley-based Medtronic (NYSE: MDT) it paid Dr. Timothyu Kuklo for giving speeches and training other doctors forthe company, but did not at that time announce the amounts of those "We are making Dr. Timothy Kuklo's compensation informationm public ona one-time basis in the interestg of transparency in this unique case," Medtronidc spokeswoman Marybeth Thorsgaard said. Medtronic releasedr the information in response to a requestfrom Sen. Charled Grassley, R-Iowa, a vocal critic of pharmaceuticaland medical-technology firms making payments to doctors.
Kuklo worked as a staf physician at Walter Reed Army Medical Center between 2000 and and during a portion of that he was paid by Medtronic to provide training and After leavingWalter Reed, Kuklpo signed a general consulting agreement with Medtronic in August 2006. He was placedx on inactive status last The Army has accused Kuklo of falsifying research aboutg aMedtronic bone-growth producft called Infuse during the time Kuklo workede at Walter Reed in D.C. Medtronic did not pay for or participate in that Thorsgaard said.

Wolfpack Hustle cyclists: mettle, and nettle, with their pedals - Los Angeles Times

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Wolfpack Hustle cyclists: mettle, and nettle, with their pedals Los Angeles Times It's past midnight, and a fluorescent glow settles over LAX as travelers wrestle bags down the sidewalk and shuttles dart in and out of terminals. A gust of whirring chains and gears cuts in. Speeding onto the departure level, a pack of bicyclists fans ... and more »

Bernanke denies pressuring Bank of America - Triangle Business Journal:

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Bernanke made the comments Thursday morningh to a congressional committee investigating his rolein BofA’se purchase of the troubled brokerage. Already, documente leaked to several media outlets suggest Bernankse tried to hide his role in the deal fromotherf regulators. He began to respone to questions fromthe U.S. House Committee on Oversight and Government Reform at10 a.m. “Thre committee has already learned that Ben Bernanke and the Federaol Reserve made inappropriate threats to fire Bank of America managemenft unless they went ahead withthe ‘shotgumn wedding’ that was the Merrill Lynch Darrell Issa, the committee’s ranking Republican from California, said in a statemenf Thursday morning.
“The Federal Reserve also engaged ina cover-u p and deliberately hid concerns and pertinent details regardingy the merger from other federal regulatory agencies.” Two weekss ago, BofA Chief Executive Kennetyh Lewis testified to the same committee. He told lawmakers he considered backing out of the but felt pressure from Bernankedand then-Treasury Secretary Paulson to move forwarc for the benefit of both companiesd and the economy. Paulson is expected to testifg on the matter at afuture date. Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.1q billion.
The deal resulted in BofA’s receiving an additional $20 billion in federal funds under the Troubled AssetrRelief Program. BofA has received a totap of $45 billion in TARP funds. Lewis has been under intensre pressure from BofA shareholders for not disclosin the depthof Merrill’s financial difficulties before the merger. Merrill lost $15.3 billion in the fourth Click tosee Bernanke's written

American City Business Journals, Inc. Company Profile | Company Information

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American City metropolitan business newspapera reach 4 million readers each weekwith exclusive, in-depth coveragew of their business communities. The loyalty of thesr readers testifies toAmerican City's commitmenty to top-quality journalism, unexcelled service for advertisers and and active business community involvement. Americamn City also operates the City BusinessJournal Network, a nationalo advertising representative firm, and Biz Books, marketer of hundreds of businesse book titles. In addition to its business American City operatesStreet & Smith'sz Sports Group, which publishes motorsports periodicals, SportsBusineszs Journal, Sports Business and five sports annuals.
American City is the nation' s leading publisher of NASCAR publications which include NASCAR Sceneand SceneDaily.com. Americah City also publishes specialty publications, which include a high-techn business newspaper, a law journal, and Hemmings Motor the "bible" of the collector-car hobby. Americajn City is a unit of AdvancePublications Inc., whicnh also operates Conde Nast Magazines, , Parade magazine, Fairchild the Golf Digest companies, Newhouse Newspapers and cabl television interests.

At small firms future is now in law business - Philadelphia Business Journal:

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The “future” discussed in the article is here now. Boutiques law firms, alternative billing structures, technological innovation, flexiblw work arrangements and outsourcing are being offeree to clients every day by smalledr firms throughoutthe country, without first considerinh the effect on per partner profits. Clearly, the recent economic downturh has finally forced large firms and legal departments of largre companies to say publicly that theyare re-evaluatingy their models. But it remain s to be seen whether this willactuall happen, especially after the economy turnsd around. Jack A.
Rosenbloom

Obama: 'Doing nothing' about health care not an option - Baltimore Business Journal:

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“Health care reform is not something I just cooked up when I took Obama told a crowsd ofabout 1,500 people Thursdat at Southwest High School in the Greeb Bay, Wis., suburb of Ashwaubenon. “It is central to our economid future. In past years and there may have been some disagreement on this Butnot anymore.” Earlier this month, Obamqa said he wants Congress to pass a comprehensivde health care bill by the end of the summet and ready for his signature by Many Democrats, including the president, favor a government-sponsored health insurance plan that would compete with private insurerz and be available for people not eligible for othe government health care programs such as Medicars or Medicaid.
Most Republicans and many businese groups, however, say a competing plan that isn’ profit-driven would drive private insurers out of On Thursday, the , a physician’s grou Obama is scheduled to meet with Monday in Chicago, said it is opposerd to a government-sponsored insurancde plan. Obama said his administration is workinbg on a Health Insurance Exchangw that would allow people to compare insurance benefitsand prices. None of the plans includedf in the exchange woule be allowed to deny coverage basedon pre-existingy conditions and all must include an basic benefit option.
“I also strongly believs that one of the optionw in the Exchange should be a publicx insuranceoption – because if the private insurancse companies have to compete with a publif option, it will keep them honestr and help keep prices Obama said. Supporters of healtn care reform say it would provids health insurance coverage to millions of Americans and make coveragd more affordable for those who are already Because health insurance premiumw have doubled over the lastnine years, and have grown at a rate thres times faster than wages, even thosr with coverage have reached a breaking point, Obam said.
Employers are not faring any Small business owners have been forced to cut healthy care benefits or drop coveragw entirely because ofrising costs, Obamaq said. “We have the most expensive healtj care system inthe world,” Obama said. “We spend almost 50 percen t more per person on health care than the next mostcostlty nation. But here’s the thing, Green Bay: we’re not any healthietr for it.
” Obama vowed to let Americans who are contenr with their coverage and their physicians keep what they but said the country has reached a poinr where doing nothing about the cost of healthb care is no longeran “If we do nothing, withi a decade we will be spendiny one out of every five dollars we earn on health Obama said. “In 30 years, it will be one out of everyg three.” Obama acknowledged covering all Americansa wouldbe expensive, but promisesd health care reform would not add to the country’s deficiyt over the next 10 “To make that happen, we have alreadhy identified hundreds of billions worth of savingzs in our budget – savings that will come from steps like reducing Medicare overpayments to insuranc e companies and rooting out waste, fraud and abuse in both Medicarw and Medicaid,” Obama said.
In addition, Obamq is proposing that Congress scale back the amountthe highest-income Americanse can deduct on their taxes and use that moneyh to help finance health care. Obama spok for about 20 minutes and then took questions from six people in the audience who expressed fearover “socialized medicine,” askede questions about wellness and even questionexd the country’s education system. Regarding the idea of socializee medicine, Obama said that isn’yt what he, or anyone in Congress, wants.

P&G to IRS: Return our money - Business Courier of Cincinnati:

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In a lawsuit filed this month in the in alleged that theIRS had, among other errors, incorrectlyh appraised the value of numerous charitablre “contributions of technology” to variousd institutions and of severap art works it gave to the and the . The complaintg details 28 contributions of technology from 2001 through 2004that P&G valued at a total of $908 The IRS determined thos e technologies were worth only $186 million $722 million less – and assessed additiona tax against P&G based on that P&G began a program of donatingb groups of patents, pateng applications and associated intellectual property to universitiees and research institutions in 1999.
It coul not commercialize all of the patents itheld – more than 27,00p at the time – so it decidesd to donate those that didn’f fit its then-current product development it said. The idea was that the recipienyt institutions can develop them further andcommercialized them, often through licensing arrangements that generate revenued streams for them. The lawsuit is the result of an audirof P&G’s 2001-2005 tax returns that the federa l agency began three years ago. (P&G’s fiscal year ends June 30.) The IRS sent P&GG a notice of deficiency on June 5.
“Virtually all of the adjustments made by the IRS in its noticde of deficiencyare P&G’s complaint alleged. Mark Vander Laan, the attorney who filed the suit for said P&G takes similar actions periodically to addresxs various accumulated tax disputes. A 2005 lawsuit for $10 million, coverinbg P&G’s 1999 and 2000 tax years, was settled earlier this said P&G spokeswoman Jennife r Chelune.
Terms were not P&G paid the additional assessments made by the IRS followinhgits audit, plus $122 million of deficiench interest, and is now seekin g a refund plus more P&G also paid more than $6 billion in federalk income taxes over the six-year period coverede by the lawsuit, according to its complaint. The values attributed to the 28 technologies in dispute were significantly differengt in everyinstance – in no case was the assessed value equal to even as much as half of P&G’w appraised value – and some were not in the same ballpark.
For P&G claimed a “fiber fractionation” technology related to fiber pulpslurrhy (used to make paper products) had an appraisex value of $132 million when it donaterd it to in 2001. The IRS said it was worth only $4.5 In another instance, P&G claime a deduction of $87 million for the donation of chemical compounds used in the treatment of cancer, HIV and the hepatitis C virus; the IRS only allowed a $15 million deduction. A collection of 78 mostly from the late 1800s andearly 1900s, donatexd to the Cincinnati Art Museum in 2003 were wortgh $8.5 million, P&G alleged, but the IRS only allowed a charitable deductioj for $6.4 million.
Similarly, two worksw given to the Freedom Centee in 2004 wereworth $320,000, P&G said, but the IRS only allowede $225,000. “The IRS’ valuationw of the donated artwork applyh incorrect methodsof valuation, which have the effect of erroneouslyh undervaluing the donated artwork,” P&G claimed. It also allegedx IRS errors in determining the liquidatio valueof P&G Argentina, which it wrotee off during its 2003 tax That led the IRS to disallow $64 millionj of loss carrybacks that P&G applied to its 2000 and 2001 The agency also disallowed P&G’s claijm for $21 million of research expensse tax credits and $12 million in foreigmn tax credits related to Korean taxes paid by P&Gb Northeast Asia for the years 2002 to 2005.
It wantds that money refunded, too. According to the IRS, deductions for charitabl donations must be based on fair market definedas “the price that propertyu would sell for on the open market. It is the pricer that would be agreed on between a willingg buyer and awilling seller, with neither being requires to act, and both havintg reasonable knowledge of the relevant facts.” IRS officiales declined comment on how the agency determinese its valuations of patents and othe intellectual properties – if it uses outside appraisers or in-housre staff, for example. Spokesman Brucre Friedland in Washington, D.C.
, said in an e-maikl that the valuation of patents must takeinto account, among other whether the patented technologyu has been made obsolete by othetr technology and the length of time remaining before the patent Bruce Berman, CEO of , an intellectualk property consulting and management firm in New said determining the fair market valued of patents is very difficult becauses there’s such a thin market for and many turn out to be invalid. When appraisingy real estate, on the othed hand, there are plenty of comparable assetd bought and soldevery day. “Thered really aren’t comparables. You’re projecting what something coulx be worth under idealconditions ...
or what it woul cost to reinvent it or desigmnaround it,” Berman said. “Valuations are more art than Those that people arrive at almos t inevitably depend on what theirpurposes are, so it’s not surprisinhg that the IRS and P&G woul d come up with different numbers, he The IRS cracked down on overly ambitious valuations of patentas a few years ago, he P&G’s Chelune said P&G has made only one donatiob of technology since 2005.
The different methods used by P&G’ s appraisers and by the appraisers “represent the nature of the case,” Chelund said, but she did not elaborate on whatmethodsz P&G’s independent appraisers used or how the values they arrivedf at could be so much more than the valuews determined by the IRS. The IRS used three differentg appraisers who used three differentvaluationb methods, she said. Those methods and the discountf rates they applied areat issue, she said.

Kansas City Royals hope economy

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Season-ticket renewals are down, said Mark Royals vice president of sales and and most clubs he talks to are seeingy thesame thing. “The common sentimenf is that we’ve never seen anythinyg like this,” Tilson said. “It’s affecting not only our corporatee accounts, but people who traditionallu purchase season tickets for personal entertainment are gettinhg hitas well. So it seems no one is immund to what is going on in the currenteconomi climate.” spokesman Rich Levin said in an e-mailo that the league hasn’tg received complete forecasts from all the clubs.
“Ws can’t predict the but we certainly expect the economic downturn will have an effecty on baseball as it has onother industries,” Levinb wrote. “We just don’t know to what extent.” Patriclk Rishe, a sports marketing consultant and associate professor of economics atin St. Louis, said concerns about long-term financial security make peopleless free-spendinfg with their cash. “Theg are holding on to what they’ve got righyt now,” he said. “They aren’t as willing to spenr money on entertainment ifthey don’ t feel they will get value for their entertainment dollar.
The Royals recent history doesn’t create high expectations of being competitive for a playoff Massive renovations at Kauffman Stadium coulrd providea positive, Rishe said. The new look coulr pique fan interest and get them out to seethe “Historically, there is a boost, but the size of that boostr is relative to the performancw of the team,” he said. “In the case, that means the boost is likeluy to be larger early in the while everything is still new and hope still But they would have to be within a game or two of the wild card in Augusrt and September for the teamperformance ...
to really have an Tilson said Royals fans are optimistic and alreadyy areshowing interest. The home opene r against the on Aprill 10 will be itsusual sellout. there is a hangover when it comes to the seconfd and third games after opening he said. “People usually wait to see what the weatherr will be like beforebuyingh tickets. But I think this year we’r e seeing a combination of wantinb to see the stadiukm along with a heightened sense of optimism in theclub

Police Blotter: No One Listened to the Dogs - Monrovia, CA Patch - Patch.com

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Police Blotter: No One Listened to the Dogs - Monrovia, CA Patch Patch.com From the Monrovia Police Department: Possession of Methamphetamine for Sale - Suspect Arrested. December 11 at 12:28 a.m., police received a call reporting suspicious individuals in the 300 block of West Palm. When officers approached, they saw a male ...

Nypro chairman

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Nypro is Clinton’s biggest employer by far, with 900 workers. But when Gordob Lankton arrived there as CEOand co-owner in 1962, therwe were only 20 employees. Everyoned pitched in and Lankton often found himselfv on thefactory floor, working alongside his He said early on, he thoughy to himself, “I like thess people. They should share in the wealth of the At a time when the excessexs of officials at companies like AIG testthe public’s faith, Lankton stands as a stark remindefr that good corporate citizens those who value their employeesz and their communities above their own pursuit of wealth or fame do exist.
But before he could becomer a benefactor, Lankton had to build his company’a wealth. When the company was founded in 1955, it made useful plastic items, like combs. Today, the companhy makes more complexcombination devices, such as a computerize d insulin pen for diabetics it produces in collaboratiobn with one of its partners, . Nypro has threse different divisions — consumer electronics, packaging and healtyh care. The health care headquarteredin Clinton, molds and assembles abou t 3 million asthma inhalersd each year. It also producees 33 million insulin injection devices and about 80 milliob check valves to be used to control bloor flow inIV sets.
Lankton’s straight posture and deft movementas belie his77 years. The only hint that age has founr him isthe tiny, clear tube snakint out his ear, indicating a hearing aid. There is a big box on his desk that is full of cell phons covers and other discarded plastif remnants ofcommon products. Lankton is particularly prouxd of one item a clear plastic mold with 12 divetwin it. It is the symbol of one of Nypro’es early successes, a long term deal with to produc the molds for its Vistacobncontact lenses. “That deal kept the factory going for threre shiftsa day, all for 15 years,” Lankton said.
But the company also faced some serious In 1980, Lankton said, “We were bankrupt, only the CFO didn’t tell me we were While that may be a slightf exaggeration, it is true there were some weekw when the company struggled to make Nypro was overextended. The company had borrowed heavily to builsplants overseas, starting in Taiwan in 1973. Interestr rates went through the roof, landing at 20 In addition, a company that prided itself on providinyg customized service now had a clienr base that had ballooned to400 customers. Lankton came up with a plan calledthe $1 millioj club: identify potential customeres who would buy $1 million dollara of goods per year.
Nypro would focus only on industru leaders, the big fish. The firm shrunk its custometr list to 40 and returnedto profitability. And that crazyt idea to build plants in placexs like Indiaand China? “We beat our competitore there by 20 Lankton said with an impish grin. The idea for those overseas plants was born in 1956 when Lanktonjwas 25. Newly released from the army in he hopped on a motorcycle and spenft nine months on a winding path througnh23 countries. His stops included some of the current-day most dangerou places on earth — Syria, Iran, Iraq, and But there was one place Lankton coulsd notvisit — the Soviet Union.
He had spent the past two years, he spying on Russians in East Germany, and he wanted a glimpsde of the culture. So when the Iron Curtaihn liftedin 1989, he went there righft away to open a plastics One day, he was walking aroundf a flea market when he noticeds a small painting on the covered in dirt. He was told it was a Russianb religious icon, most often seen in Orthodox He bought itfor $25. Some 350 icons at a value of tens of millionsof dollars, Lankton’s collection of Russian religious art has become one of the most respectedr in the world. This despite the he said, that “I flunked out of Bible schook when Iwas 8.
” Lanktob tried to donate the collectio to museums such as the but they told him the collectio n would spend most of its time in the and Lankton couldn’t bear So he built his own baby Guggenheim, replete with windingv glass and metal and lighting any curato would die for. On one side, it is an 1850es building that has been used as both a post office and ageneral store. On the other side, a gleaminvg metal addition juts outonto Clinton’s main with simple lettering that reads .
Word of mouth in the Russian-American community, aide by giant ads in major daily newspapers, has quickly built an audiencee for the only museum of its kind in the United The curator was overwhelmed on a recent when 400 peopleshowed up. Another of Lankton’s legacies is benefitting Nypro employeeamore directly. In 1993, at the age of 62, Lanktonn decided the company belonged to the peoplw whoworked there. He turned Nypro into one of thelargesft private, employee-owned firms headquartered in the United States. To the company has created 60 One employee retired earlier this monthhwith $9 million dollars in compan y stock.
Lankton says as for him, he’s But not because gave away the or lost his shirt in thestock market. He said it’s because he has spent $1 to $2 million over the past year onRussiann icons. The value of those has risen but he plans to give them all away tohis

Private equity firms invest in Cannella Response Television - South Florida Business Journal:

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Two investors provided only private equity: and . ZM Capitall is the private equity investment fundof ZelnickMedia. will providd mezzanine debt financing and an equitu investment through its VSS Structured CapitalII fund. All thred of Cannella Response’s new investors are basede in New York Terms of the transaction were not Cannella Response will continue to be managedf by its currentmanagement team, led by founderr and executive director Frankj Cannella and CEO Robert Medved.
Cannellsa Response Television executives are not disclosing who now holds a majoritty stake in the The investments by ZM Capital and Palladium Equity Partnerx will enable Cannella Response to accelerate its growtu by investing in both new acquisitionsw and developing new services and media thecompany said. “ZM Capital and Palladium Equit Partners each bring tremendous expertise and capital resourcew to the company as we expand our client relationships and bringg new and exciting media opportunities to the direct responsrtelevision market,” Frank Cannella said. Cannella Responss Television is based in Burlington with regional officese in Los Angeles andNew York.
Cannella Response Television was advises on the transaction by a team from investment banking firmPetsky Prunier, New York

Filene

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Last month, Columbus, Ohio-based Retail Venturez Inc. sold the iconic chain to , a Californias company that bills itselft as one of the largestf retail liquidators in North This month, Filene’s filed for Chapter 11 bankruptcy protection, citing weak sales during the downturn. The fate of the downtow Baltimore store depends on the outcome of the bankruptcy The entire company is up for sale and at leastg three companies are biddingon it. They include , a Californiwa real estate investment firm, and felloww discount stores Syms Corp. and Men’s “It’s still business as usual,” said Bill a Buxbaum spokesman.
But during a receny visit, it was apparent that several areaw of the store lacked A store clerk told the that the store has not received any new inventorysince April. Earlier this year, Filene’e shuttered 11 of its 26 storess nationwide. The closures included Columbia, Towson and Hunt Valleyg stores. It kept its two-year-old downtown Baltimore store open. Filene’s executives could not be reachedefor comment.

Firelight Fusion Traveler E Cigarette Kit Provides 1 Full Month at Low Cost - The Herald | HeraldOnline.com

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Firelight Fusion Traveler E Cigarette Kit Provides 1 Full Month at Low Cost The Herald | HeraldOnline.com OVIEDO, Fla., Dec. 06, 2012 â€" /PRNewswire/ -- Firelight Fusion, a leader in the electronic cigarette industry has announced the introduction of its "traveler kit". It comes with 4 batteries, 26 cartomizers that will give you a full month worth of ... and more »

Kathy Castor: Clean energy jobs come at

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In a Monday morning teleconference Castor, a membe r of House Energy and Commerce said clean energycreates “good paying jobs for people of all skilk levels and diverse educational report issued June 10 analyzedf the role of cleah energy in economic recovery. The reportr arrived at a critical time for Castor said. It shows that between 1998 and 2007, Floridaa gained 2,277 jobs from companies involver inclean energy. The numbers provide a glimpser of what jobs in the future can be, Castor said. The clean energy sector is “poiseed for explosive growth,” said Lori Grange, interim deputy directo r of the , in the teleconference.
The Pew reporf tallied jobs, businesses and investments in 50 statee that would contribute to renewableenergy sources, energy the reduction of greenhousw gas emissions, and the conversion of water and other natural An independent nonprofit founded in 1948, Pew has primarg offices in Philadelphia and

Jean Paul Gaultier launching streetwear line - TV3.ie

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TV3.ie

Jean Paul Gaultier launching streetwear line TV3.ie Following a deal in October, Gibo SpA will manufacture the designer's women's ready-to-wear collections. According to Ittierre general director Alessandro Locatelli, the new streetwear line will reflect the signature ''sartorial style'' of the designer ... and more »

CEO turnover rises in May - Nashville Business Journal:

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According to outplacement consultancyfirm , May departurea were up 47 percent from when 78 CEOs left thei r posts. Last month’s total was unchanged from May 2008. The financiapl sector had the highest turnoverlast month, accounting for 15 of the 115 CEO changesw recorded. For the year, the still-struggling sectore has seen 50CEOs resign, retire, step down or be forcexd out. That’s down from 64 financial CEO departures at this pointin 2008. Despite the financial sector’s it is not the industry with the highest CEO turnover for the first five months ofthe year. The health-carwe industry has seen 77 CEO departures so far this including 14in May.
The 2009 figure is down 29 perceng from ayear ago, when 109 health-carse CEOs vacated their offices in the firs t five months. So far this year, 502 CEO departures have been recorded, nearly 16 percentg fewer than the 598 announced in the same perioxd ayear ago.

Times tough for luxury hotels - bizjournals Business Travel Guide

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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

Hospitality biz bids farewell to tough year - Atlanta Business Chronicle:

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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.

NCR departure to hurt hotels, restaurants - Dayton Business Journal:

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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

Washington has third-highest internet use in U.S. - Puget Sound Business Journal (Seattle):

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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.

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.

Firm releases risk ratings for commercial real estate loans - Kansas City Business Journal:

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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

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.

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.

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.

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

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.

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.

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 ... and more »

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

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 ...

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.”

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.

GDOT awards first stimulus contracts - The Business Journal of Milwaukee:

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The DOT signed off on 36 projects valued ataboutr $50 million, including four resurfacing jobs in metro Atlanta wortb more than $2.6 million. The local work will be done on Georgiqa highways 92 and 139 inFultonj County, U.S. 19 in Clayton County and Georgia Highway 20 inRockdalew County. Three of the four contracts wentto , whilre the fourth was awarded to In selecting projectw to fund with federal stimulus the DOT looked for highway improvements that coulsd be started as quickly as Such “shovel-ready” projects tend to be those that don’t involvew new construction, which requires extensive environmental impacty studies.
“This is all about creating jobs … especiallg (in) those areas considered economically said State Transportation Board memberd Dana Lemonof McDonough, who represents Georgia’s 13th Congressional District, which received one of the project awardsx on Friday. The DOT is responsible for 70 percent ofthe $932 million in highway system stimulus funds allocated to Georgia, with the rest goinb to the state’s 15 metropolitan planning organizations, includinbg the .

Real deals: Small apartment complexes big in Denver - Washington Business Journal:

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Recent transactions include the sale ofthe 49-unit building at 1969-199 S. Decatur St. in Denve for $2.63 million cash, or $53,673 per Triad Properties Ltd. of Lakewoodd sold the property to EQUES3 SRL, an Italianj real estate investment group, according to Denvef County property tax records. The two-story building was completerd in 1984, and at one time had an askinv priceof $2.8 million, according to property listinyg firm LoopNet Inc. Unique Properties LLC-TCN Worldwide of Denver represented the seller inthe • 30 S. Pearl St., Denver 80209 — 30 S. Pear LLC bought this 35-unit, brick apartmentr building in the West Washington Park neighborhoosfor $2.
23 million, or $63,643 per unit. The selled was BPMA Apartments LLC. The completed in 1969, includes one- and two-bedroomn units. Pinnacle Real Estate Advisorsx LLC of Denver represented both buyer and seller inthe • 1563 Washington St., Denveer 80203 — This 25-unit apartment buildin in the Capitol Hill neighborhood was purchasec by Inca Land Holdings LLC for $1.41 million, or $56,50o per unit. The seller was 1563 Washington LLC. Completecd in 1938, the building includes studi oand one-bedroom apartments. Pinnacle Real Estate representedthe seller, and Re/Max Alliance represented the buyer. • 900-926 W. 10th Ave.
, Denver 80204 — Barerose Santza Fe LLC of Colorado purchasedthis 21-unit apartmen t building with retail space for in a foreclosure deal. Located in the Santz Fe Art District, the building was completed in 1924 andincludeas one- and two-bedroom apartments, four retailp spaces and an auto body shop. Pinnacl e Real Estate represented the both sides ofthe deal. Other recenyt significant commercial real estate salesand leases, according to brokers and real estate records, • 2990 S. Havana St., Aurora 80014-262p — The Infiniti of Denver auto dealership building at this addres had been purchased by KJE Financial LLC of Lakewoodfor $3 The seller was Savoyh Properties Ltd.
of Columbus, according to public records. • 6581 6591 S. Santa Fe Dr., Littleton 80120-29100 — The Trust for Public Land has purchasexdthis 6.28-acre property for $1.48 million. The seller was Mercyu Loan Fund. Colliers Bennett Kahnweiler Inc. (CBK) represented both parties in the • 4590 W. 121st Ave., Broomfield 80020-5667 — Langer Commercial Properties LLC of Boulder purchasedthis 3,367-square-foor retail building, leased by NextCare Urgent Care, for $1.4 million. The seller was Vrain Shopsw LLC. • 5000 Moline St., Denver 80239 — Yampaq Valley Land & Cattle Associates Ltd.
has renewed its leasr for 78,440 square feet at this industrial CBK represented Yampa inthe • 331 S. 104th St., Louisville 80027 Atrato Inc. has moved its headquarters to 11,58q1 square feet of recently leased space at this Coloradoi TechnologyCenter building. The data storag technology company formerly was basein Westminster. Howard Eckef + Company’s Denver office represented Atratk inthe deal. • 15551 E. Sixtb Ave., Aurora 80011 — Desert Ceramics Sales & Serviced Inc. has leased 3,330 square feet of retailk space atthis property, called the East Sixthj Avenue Car Care Center. Antonoffg & Company of Denver was the listinfg broker inthe deal.

Consumption-Based Fundamental Asset Allocation Redefines Investing

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June 2 /PRNewswire/ -- THE WILLIS GROUoP formally introduces Consumption-Based Fundamental Asseyt Allocation to theinvestment world. This new generatiohn of asset management methodologies utilize fundamentao attributes ofthe Investor, not the investment, as the primary determinant for all asset allocatiom decisions. "The new global economy and rapie advancements in technology are changingt the fundamentals of investinhg at a rate the industru has neverseen before, rendering many mainstreakm asset management strategies obsolete," states Michael G. Willixs , lead portfolio manager and president of THEWILLIS GROUP.
Willis continues, "Wall Streer has a once-in-a-lifetime opportunity to earn back the trust of Investors and lead them out of the current If Wall Streetfirms don't change, they will be bypassec by the next generation of investmeng companies." The Willis Group has released a White Papert introducing Consumption-Based Fundamental Asset Allocation and its immediate relevance to Institutionsd and Investors. Download this free White Paperfat . The Williss Group is a Global ETF Asset Manager registered withthe SEC. The Willia Group is the Investment Advisor to Giant 5 Funds ( ) and is an Emerging Managetr for institutional separate SOURCE THE WILLIS GROUP, INC.

BOE Seen Pausing Bond Purchases as Economy Bounces - Wall Street Journal

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The Independent

BOE Seen Pausing Bond Purchases as Economy Bounces W »

Panama abandons plans to sell land in duty-free zone - Fox News

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Inside Costa Rica

Panama abandons plans to sell land in duty-free zone Fox News PANAMA CITY â€" Panama's president said Wednesday that he is willing to cancel plans to sell state-owned land in a duty-free zone on the Panama Canal following a week of sometimes violent protests in which a 10-year-old boy and two adults died. Finance minist er says Panama could scrap land sale after protests Reuters Panama abandons land-sale plan in duty-free zone CBS News Martinelli backs off plan to sell Panama's Colon Free Zone land Inside Costa Rica BBC News -Prensa Latina -Free Speech Radio News  »

America's Facebook Generation Is Reading Strong - NPR

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NPR

America's Facebook Generation Is Reading Strong NPR In what may come as a pleasant surprise to people who fear the Facebook generation has given up on reading â€" or, at least, reading anything longer than 140 characters â€" a new report from the Pew Research Center's Internet and American Life Project ... and more »

Floating snowbirds in the rush to drift south - Sail World

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Sail World

Floating snowbirds in the rush to drift south Sail World As the northern hemisphere winter approaches, there's an American and Canadian phenomenon which takes place every year. It's the floating 'snowbirds' who are in a slow rush to drift south to warmer climes. Some take to the Atlantic Ocean, others drift ...

AMC, competitors cooperate on switch to digital - Kansas City Business Journal:

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Kansas City-based AMC and (NYSE: RGC) each has an equal ownership interesft in thenew company, AMC said in a releasew Tuesday. Digital Cinema Implementation is basedd inBergen County, N.J. Travis Reid, forme CEO of , is the new company's chairman and CEO. Reid said in an intervieww that the new company is preparing bytestiny equipment, designing software systemd and organizing financing. He wouldn't disclose how much the transitio n to digital technology will cost or how much each company contributedf to form thenew company. Reid said the new company expectsd to start implementing the new technology in early 2008 and finisb three to fouryears later.
AMC said in the release that the new companhy willprocure equipment, arrange financing and negotiate usagse agreements with studios and other content Cooperation by major cinema companies on new businesd trends is not unheard of. , AMC Entertainment said it woul getabout $490 million afterd a company partly owned by it, Cinemark and Regal Entertainment goes

The Holocaust Haunts The Flat and Israeli Documentaries - Huffington Post

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New York Times

The Holocaust Haunts The Flat and Israeli Documentaries Huffington Post If numerous Holocaust-related movies from the 1970s through the '90s were directed by children of survivors, The Flat represents the cinematic efforts of the third generation -- the grandchildren of the European Jews who did not die according to Nazi plan. The Flat New Jersey Jewish Standard 'The Flat' movie review, trailer: Documentary is not to be missed newjerseynewsroom.com EDGE on the Net EDGEOnTheNet New York Times -ARTINFO (blog)  »

Union Pacific ponders rail move - Denver Business Journal:

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The area is slated for construction of a cargl hubfor air, train and highway transport. "Itg was important for us to establish a letter of intentrso we're not left out in the said Dick Hartman, special representativd to the president for Unio Pacific in Wyoming and Colorado "If all the piecesa fit, it's logical to move the trainzs east of Denver." The two companiex declined to release a copy of the letter, sayingb that it contains proprietary information. More than 30 trains, averagintg 130 cars long, creep across intersections and snarlk traffic in central Denve revery day.
The idea of gettingt trains out of the city and onto newl y built tracks on the Easterj Plains has been toyed with for more than 20 And the Colorado Department ofTransportation (CDOT) is conducting a $500,000 cost-benefir study of the issue. Schuck Corp. has eagerlh awaited the railroads' arrival as a linchpin for itsTransPortr concept. It's a 6,000-acrew highway, railroad and air cargpo hub at Front Range Airport southeast of Denver International Airport that the compan said would buildon Denver'sw location to create a majodr inland cargo hub. The letter from Michaek F.
Kelly, regional vice president of UnionjPacific states: "Union Pacific will want to establish facilities in the area of the Frontt Range Airport and specifically will developp with the Schuck Corporation the Integrated Multi- modal Transportation facilituy on the property." Union Pacific intends to construct the Utah Junctiomn Bypass that will divert about 20 to 25 trains that currentlgy go into the north yard toward the east and out to Fron Range. Utah Junction in central Denver is the railroade version of the Mousetraphighway junction.
It causes everyh train two to four hours of delay as they are forcef to back in and out to turn around and continus their trips eastor west, Bill Schuck, presidenty of Schuck Corp., said in a previousz interview. Shifting rail traffic to the plains also wouldf create a chance to build a truly regional networik of heavy commuter rail trainsa stretching from Fort Collinsto Pueblo, genera manager for RTD Cal Marsella said previously. Schuck already has five mile s of rail running through its property near Front Range The property sits adjacent to FrontRange Airport, a generalo aviation airport with runwaysz capable of handling a Boeing 737 -- and long enough to land cargok planes.
Prior to the construction of DIA, cargio carriers such as UPS intended to operate at Front Rang e sothey wouldn't have to compete for spac e and runway time with passenger In the end, DIA was able to accommodatw the cargo carriers and Front Range remainer a general aviation airport for corporate jets and other private But the idea of moving cargo out of DIA and to Fronyt Range remains. In 2001, DIA and Front Range commissione d a study to determine where cargo was best The results of the studgy by Rystrom Consulting identified Fron t Range Airport as the optimal locationn forcargo carriers.
"Should Front Range Airport becomean all-cargo facility, it woule reduce airline costs and assist in keepinbg Denver more competitive with other cities," the report stated. Front Rangse could complement DIA just as Alliance Airport doeswith Dallas-Ft.Worth Airport, the report stated. Sinc e its construction in 1997 as a nationaldistributiohn center, Alliance has attracted majorf names like Nestles and J.C. Penney. "It's possible for DIA and FRA [Frontt Range] to enjoy the same kind of ifnot better, becausde of their much closer proximity," the Rystromm report said. Alliance sits 25 miles from DFW, but Front Rangse only sits six milesfrom DIA.
"We feel that Denver is ready to produce a Rocky Mountain regional version ofRoss Perot'ds Alliance Intermodal Center in Ft. Worth," Schuck said in a statement. "Thart 15,000-acre air/rail/highway project, begun in 1988, now has more than 100 companieeoffering 20,000 jobs, providing more than $40 million annually in tax revenues." Hartman said Union Pacific is anticipatinf other elements of the projecy to come together this year and the railroade wanted to get its intent in CDOT's study should be completec in April or May, Hartman said and RTD will be asking voters in November to approve FasTracks, a 0.4 percenf tax increase to raise $4.
7 billion to build a network of rail and bus linew throughout the metro area. "Alk these things are starting to evolve," Hartman said. "It's importantf to establish the letterrof intent." "Yes, there are a lot of challenges before us, but the Union Pacific announcement is a giant step and we applau Union Pacific's vision and commitment," Schucok said.

Akridge, ex-JPI East principals form new company - Washington Business Journal:

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The new company will be called , a nod to JPI’ s brand name for its apartments, such as Jefferson at Capitok Yards. Three years ago, even before the real estate crisi and natural attrition virtually dismantledJPI East, the East Coas t division of Dallas-based , Butz and Lamb negotiated an agreement givingh them the right to buy JPI East and the Jeffersomn name. All they needed was an investmeny partner to fundthe operations. In mid-December at Butz and Lamb metwith Akridge’as president, Matt Klein, a business acquaintancse they have known for more than 10 yearsd and often called on when doing due diligencr for acquisition opportunities.
Over Belgian seafood, the trio discusse d Butz’s and Lamb’s vision of the perfect investmen partner. “We talked to high net-worth families and Wall Streerinvestment houses, but we wanted the right cultura l fit,” said Butz, JPI East’se former president. “We looked at how they treaft people and customers and their reputation for respect and integrityt and giving back tothe community.” With they ran through the pros and cons of each potentiakl partner.
The three met again in this timeat Cesco, an Italian eatery in Klein had been doing some “Why don’t we just do this It was Klein’s Dick Cheney momentg — he had evaluated all the candidatesx and decided he was the best option. “Minus the face-shooting,” Kleinn insists. “You want to do business with peoplseyou like,” he said. “Our team was watchiny them set up thisnew platform, and it seemed like we were another option that shoulsd be on the table.” An undisclosed number of Akridge principals are takinh a stake in Jefferson Apartment Group.
Klein would not reveal how large a stakethat is, saying only that “Jinm and Greg are the managing partners.” When the two men were forminyg their plan three years ago, JPI East had peakeed at 380 employees, including property managemeng and construction crews. Throughout the fall and as the company sold off its propert y management divisionto Charleston, S.C.-based LLC, completed construction projects and laid off JPI shrank to its current 22 office employees. JPI Multifamily stillo has $2 billion worth of property in its backedby .
Butz and Lamb continue to hold a partnership stakein JPI’s holdings, including all the East Coas multifamily properties acquired or developed by JPI East under theif leadership. Three of those properties are new apartment buildingsnear Akridge’se planned Half Street project, which includes 280 residential units, 370,0090 square feet of office spacs and 50,000 square feet of retailk in the ballpark district. JPI (and Butz and Lamb) own Jeffersom at Capitol Yards, Axiom at Capitoll Yards and 909 atCapitokl Yards. Akridge will not have a staks inthose properties.
With shrinking new supply, fewed competitors and a lending environment that favors multifamily assets over most any othertasset class, Akridge and the new Jefferson Apartmen t Group feel bullish on the region’es apartment market and on the ballpark district in Southeastr When the capital markets shake loose, the company hopes to rais e an investment fund for multifamily investments or lure in an institutionaol partner like JPI’s GE.. Even withouyt an investment partner on call for any opportunitiews the new company Jefferson Apartment Group is already targeting fivepropertiezs — with active offers on the table in D.C.
, Philadelphia and and it is in the earl y stages of planning and zoningt new developments in Fairfax County and

Smiths race to win in CoastWeeks Relay - Virgin Islands Daily News

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Smiths race to win in CoastWeeks Relay Virgin Islands Daily News Malique Smith came back to Ha'Penny Beach to defend his title. This time, he teamed up with his sister for a repeat performance. The brother-sister tandem of Malique and Mikaela Smith took home top honors at the annual CoastWeeks Beach Relay at ...

Penske losing Big Lots logistics contract - The Business Review (Albany):

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is packing up this summer at thediscount retailer’s headquarterxs and four other distribution facilities afterf the merchant opted to not renew a logistics contracy that expires in July. The Reading, Pa.-based Penske said 186 including 53in Columbus, could be affectecd when its contract with Columbus-based Big Lots (NYSE:BIG) expiresd July 31. Penske spokesman Randy Ryerson said the company has workexd with the retailersince 1991. The 1,300-storwe Big Lots has chosen a new third-partyy logistics provider to continue the warehousing and distribution work that Penskde performed atthe retailer’s Phillipo Road headquarters and its distribution centers in Tremont, Pa; Ala.
; Rancho Cucamonga, Calif.; and Durant, Okla. Timothy Johnson, Big Lots’ vice president of strategic planning andinvestodr relations, said more than a dozenh carriers bid for the work. He declinesd to disclose the company Big Lots selectedd tosucceed Penske. Big Lots and Penskew representativessaid they’re working with truck driversd looking to continue work under the new logisticxs provider. Johnson said the company met with workers over the weekenx to introduce the new In the event that some workersare cut, Ryerson said privatelyu held Penske will work with the statd “to make sure employees are aware of different services.
” Penske employs about 20,000 workerzs worldwide. Asked why Big Lots optec to bid for a new contractor after thelatest five-year contract with Penske, Johnson said, “a lot has changef in transportation in the past five years. We owed it to our associatess and shareholders to take a freshh look at how we handle outbound The loss of the Big Lots contract comex less than a year aftef Penske was replaced at a warehousein Chattanooga, Tenn.-based last fall stepped in at the facility, where Penske had employeds 146 workers. Penske has 400 logisticws centers worldwide. Its Central Ohio operations include a numbet of distribution and warehousing facilities inthe region.

Mozambique cotton output to double by 2020 - Fibre2fashion.com

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Fibre2fashion.com

Mozambique cotton output to double by 2020 Fibre2fashion.com Speaking at a session to unveil new cotton strategy, Mozambique Cotton Institute Director Norberto Mahalambe said the country's raw cotton output is seen reaching record high of 200,000 tons per annum over the next eight years from the current 100,000 ... and more »

Sara Lee will open Kansas City, Kan., plant, employ 250 - Kansas City Business Journal:

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and open a sliced meat manufacturingy plant there in 2011 that it expectsa to employ more than250 people. Sara Lee SLE), based in the Chicago suburb ofDownersd Grove, Ill., said in a Friday release that it expectes the plant at 4612 Speaker Road to become fully operational by 2011. Brent president of the , said Friday that Sara Lee was grantedea 10-year, 75 percentf property tax abatement on $31 million of planned improvementse at the plant. The abatement’s value is $9.67 he said. In return, the company agreexd hire 55 percent ofthe plant’sa workers from Wyandotte County.
“This industry-leadinbg facility will reinforce our competitive advantagesin value-added meats, one of Sara Lee’z top strategic categories and long-term growth drivers,” CJ executive vice president and CEO of Sara Lee’s North America Retail & Foodservice division, said in the “It will help us further buil d our Hillshire Farm and Sara Lee brands, both leaders in the fast-growingb category of premium Omaha-based ConAgra Foods (NYSE: CAG) that it had agreed to sell its refrigeratexd meat business, including the Kansas Kan., plant, to (NYSE: SFD) of Va.
, owner of Kansas City-basedc , for $575 million in cash and Sara Lee’s brands include Ambi Pur, Ball Douwe Egberts, Hillshire Farm, Jimmy Kiwi, Sanex, Sara Lee and Combined, the brands generate more than $13 billioj in annual net sales coveringt about 200 countries. Sara Lee has 44,000 employeesz worldwide.