Oakridge Centre unveils redevelopment proposal Vancouver Sun Vancouver's first mall, built in 1959, could become the home of towers as high as 45 storeys if the redevelopment of Oakridge Centre on Cambie Street goes ahead as proposed. Conceptual architectural plans done for the developer have been posted on the ... |
Tuesday, October 30, 2012
Oakridge Centre unveils redevelopment proposal - Vancouver Sun
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Monday, October 29, 2012
BlackBerry more popular than iPhone in Q1 - Kansas City Business Journal:
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RIM’s consumer smartphone market share increased 15 percent to nearlyu 50 percent of the smartphone market in the first quarter versux theprior quarter, as Cupertino-based ’se (NASDAQ:AAPL) and Sunnyvale-based ’s (NASDAQ:PALM) sharre both declined 10 percent each. Port N.Y.-based “Verizon Wireless’s aggressive marketing of the BlackBerry Stormj andits buy-one-get-one BlackBerry promotion to its large customerr base contributed to RIM capturinb three of the top five positions,” said Ross director of industry analysis at The NPD Group.
“The more and less expensive, Curve benefited from these giveaways and was able to leapfrogthe iPhone, due to its broader availabilitty on the four major U.S. national carriers.” which represented just 17 percent of handsey sales volume in the firstr quarterof 2008, now make up 23 percent of “Even in this challenging economy, consumers are migratingv toward Web-capable handsets and t1eir supportin g data plans to access more informatiobn and entertainment on the Rubin said.
RIM’s consumer smartphone market share increased 15 percent to nearlyu 50 percent of the smartphone market in the first quarter versux theprior quarter, as Cupertino-based ’se (NASDAQ:AAPL) and Sunnyvale-based ’s (NASDAQ:PALM) sharre both declined 10 percent each. Port N.Y.-based “Verizon Wireless’s aggressive marketing of the BlackBerry Stormj andits buy-one-get-one BlackBerry promotion to its large customerr base contributed to RIM capturinb three of the top five positions,” said Ross director of industry analysis at The NPD Group.
“The more and less expensive, Curve benefited from these giveaways and was able to leapfrogthe iPhone, due to its broader availabilitty on the four major U.S. national carriers.” which represented just 17 percent of handsey sales volume in the firstr quarterof 2008, now make up 23 percent of “Even in this challenging economy, consumers are migratingv toward Web-capable handsets and t1eir supportin g data plans to access more informatiobn and entertainment on the Rubin said.
Sunday, October 28, 2012
Woolsworth's stood out - Austin Herald
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Woolsworth's stood out Austin Herald The Woolworth's store on Austin's Main Street lives on in the memories of many residents. The first store opened in 1937. Twenty-six years later a major remodeling project was carried out. Some of the details from an article in the Austin Daily Herald ... |
Friday, October 26, 2012
Wash. state auditor slams King County
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The report cited a “lack of adequate performance measuresand expectations” that “prevent the King County Executive and Counci from providing adequate oversight of construction The auditor’s office said it terminatedx its performance audit of King County’ s construction management practices in January 2009 because “thse County was unable to provide completer and timely access to files and recorde related to construction projects that we had requestecd in July 2008.” In a responsw included in the report, King County agreed that “furthed developments and improvements” could be made in collectingg and reporting on capitao projects.
But the county disagreed on the need for a comprehensivs countywide construction management information sayinga “range of system alternativex should be explored before concludingb that a ‘one-size-fits-all’ approach is best for the The Washington State Auditor’s Officed also found fault with King Countyg on a range of other issues, including King County Metro’s controls on cash faresz collected on buses and trolleys; internal controlsz in the county jail’s Work Educatioj Release program; the county Recorder’s Office controls over internal controls for safeguarding drug inventory at publicx health pharmacies; and procedures used by the county assessor’s office to ensurr the validity of personal propertu tax refunds.
The report cited a “lack of adequate performance measuresand expectations” that “prevent the King County Executive and Counci from providing adequate oversight of construction The auditor’s office said it terminatedx its performance audit of King County’ s construction management practices in January 2009 because “thse County was unable to provide completer and timely access to files and recorde related to construction projects that we had requestecd in July 2008.” In a responsw included in the report, King County agreed that “furthed developments and improvements” could be made in collectingg and reporting on capitao projects.
But the county disagreed on the need for a comprehensivs countywide construction management information sayinga “range of system alternativex should be explored before concludingb that a ‘one-size-fits-all’ approach is best for the The Washington State Auditor’s Officed also found fault with King Countyg on a range of other issues, including King County Metro’s controls on cash faresz collected on buses and trolleys; internal controlsz in the county jail’s Work Educatioj Release program; the county Recorder’s Office controls over internal controls for safeguarding drug inventory at publicx health pharmacies; and procedures used by the county assessor’s office to ensurr the validity of personal propertu tax refunds.
Thursday, October 25, 2012
MLB names Friedman an
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Friedman founded and runs Most Valuablre Kids ofGreater Cincinnati, which distributes unused tickets to underservefd children. The organization has helped 22,000 kids attend a variety of That includes morethan 4,800 tickets the organizatioh has donated. As part of the Friedman will deliver the official game ballat Wednesday'sz Reds game at Great American Ball The new program is part of the 2009 Major Leagude Baseball All-Star Game festivities. It honors one person for each major leaguw team who serves his or her community in anextraordinaryh way. Major League Baseball will honor Friedmab and the other 29 winners duringthe pre-game ceremony at this year’s All-Star Game in St.
Louis July 14. Fans acrosws the country voted online to narrow a groul of 90 finalists down to30 winners. “The All-Stars Amonbg Us winners are makinf a significant impact in their communities with a selflesds dedication to veryimportant causes,” said Majore League Baseball Commissioner Bud Selig. “Major League Basebalk is proud to honor this impressive group of people.” People magazine will featured one of the 30 winners in its issue that comed out just before the All-Star Game.
Friedman founded and runs Most Valuablre Kids ofGreater Cincinnati, which distributes unused tickets to underservefd children. The organization has helped 22,000 kids attend a variety of That includes morethan 4,800 tickets the organizatioh has donated. As part of the Friedman will deliver the official game ballat Wednesday'sz Reds game at Great American Ball The new program is part of the 2009 Major Leagude Baseball All-Star Game festivities. It honors one person for each major leaguw team who serves his or her community in anextraordinaryh way. Major League Baseball will honor Friedmab and the other 29 winners duringthe pre-game ceremony at this year’s All-Star Game in St.
Louis July 14. Fans acrosws the country voted online to narrow a groul of 90 finalists down to30 winners. “The All-Stars Amonbg Us winners are makinf a significant impact in their communities with a selflesds dedication to veryimportant causes,” said Majore League Baseball Commissioner Bud Selig. “Major League Basebalk is proud to honor this impressive group of people.” People magazine will featured one of the 30 winners in its issue that comed out just before the All-Star Game.
Tuesday, October 23, 2012
John Farrell: Pitching a priority - ESPN
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Globe and Mail | John Farrell: Pitching a priority ESPN BOSTON -- There are many areas the Boston Red Sox need to address and fix if they want to return to being a perennial winner in the AL East. The organization took its first step over the weekend by hiring John Farrell as manager, and he was offici » |
Monday, October 22, 2012
BofA raises $26B for fed buffer - Charlotte Business Journal:
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billion in new capital that federapl regulators say the bank Last week, BofA sold $13.5 billion in common stock. The Charlotte-basesd bank issued 1.25 billion sharezs at an average pricreof $10.77 per share. Also this BofA sold a 5.7 percent stakd in China Construction Bank toAsian investors. BofA realizedd a gain of $4.5 billion from the Those initiatives benefited Tier 1 common capitaolby $1.8 billion by reducingg a deferred tax asset deduction. In addition, BofA has agreedr to exchange $5.9 billion in preferred shares held by nongovernmental entities for 436 milliojn shares ofcommon stock.
The company says it coulx issue up to an additional 564 million common shares in asimilarr exchange. The company (NYSE:BAC) reiterates that it coulr raise more funds by selling assetss such as FirstRepublic Bank, a San Francisco-based bank, and entering into joiny ventures. Early this the federal government told BofA it neede d toraise $33.9 billion in additionap capital after the Federal Reservee conducted its “stress tests” on the 19 largestg U.S. banks.
The government’s tests, officially calledf the Supervisory Capital Assessment were designed to assess the ability to survive if economic conditionz worsen more than expected during the nexttwo “We are quite pleased with the capital-raisinbg effort and the progress towarc completing the asset sales and establishment of the joint ventures,” says Joe BofA chief financial officer. “The company hopezs to use the majority of the proceeds from thesr initiatives to reduce reliance on government supportr forthe company.
”
billion in new capital that federapl regulators say the bank Last week, BofA sold $13.5 billion in common stock. The Charlotte-basesd bank issued 1.25 billion sharezs at an average pricreof $10.77 per share. Also this BofA sold a 5.7 percent stakd in China Construction Bank toAsian investors. BofA realizedd a gain of $4.5 billion from the Those initiatives benefited Tier 1 common capitaolby $1.8 billion by reducingg a deferred tax asset deduction. In addition, BofA has agreedr to exchange $5.9 billion in preferred shares held by nongovernmental entities for 436 milliojn shares ofcommon stock.
The company says it coulx issue up to an additional 564 million common shares in asimilarr exchange. The company (NYSE:BAC) reiterates that it coulr raise more funds by selling assetss such as FirstRepublic Bank, a San Francisco-based bank, and entering into joiny ventures. Early this the federal government told BofA it neede d toraise $33.9 billion in additionap capital after the Federal Reservee conducted its “stress tests” on the 19 largestg U.S. banks.
The government’s tests, officially calledf the Supervisory Capital Assessment were designed to assess the ability to survive if economic conditionz worsen more than expected during the nexttwo “We are quite pleased with the capital-raisinbg effort and the progress towarc completing the asset sales and establishment of the joint ventures,” says Joe BofA chief financial officer. “The company hopezs to use the majority of the proceeds from thesr initiatives to reduce reliance on government supportr forthe company.
”
Sunday, October 21, 2012
Chinese company to buy Hummer - Denver Business Journal:
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When GM, which filed for bankruptcuy protection Monday, announced earlier Tuesdat that a buyer had been foundf forthe off-road vehicle line, the name was not immediately Tengzhong, a major industrial machinery group, will acquire the rightss to the Hummer brand, alonyg with a senior management and operationall team. It will also assume existingt dealer agreements relatingto HUMMER’s dealershil network. It is contemplated that Tengzhong will, as part of the enter into a long-term contract assemblh and key component and material supplyg agreementwith GM.
In an earlier statement, GM said it expectds the deal if successful to secure morethan 3,000 US The final terms of the deal, schedules to close in the third are subject to final negotiations. The cost of the transactionn wasnot revealed. is acting as exclusive financial advisorf and is acting as international legal counse l to Tengzhong onthis transaction. Citi is acting as financialk advisorto GM.
When GM, which filed for bankruptcuy protection Monday, announced earlier Tuesdat that a buyer had been foundf forthe off-road vehicle line, the name was not immediately Tengzhong, a major industrial machinery group, will acquire the rightss to the Hummer brand, alonyg with a senior management and operationall team. It will also assume existingt dealer agreements relatingto HUMMER’s dealershil network. It is contemplated that Tengzhong will, as part of the enter into a long-term contract assemblh and key component and material supplyg agreementwith GM.
In an earlier statement, GM said it expectds the deal if successful to secure morethan 3,000 US The final terms of the deal, schedules to close in the third are subject to final negotiations. The cost of the transactionn wasnot revealed. is acting as exclusive financial advisorf and is acting as international legal counse l to Tengzhong onthis transaction. Citi is acting as financialk advisorto GM.
Friday, October 19, 2012
'The Lone Ranger' trailer hits the web - See video - OnTheRedCarpet.com
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OnTheRedCarpet.com | 'The Lone Ranger' trailer hits the web - See video OnTheRedCarpet.com 'The Lone Ranger' trailer hits the web - See video. Get more: Movies, Johnny Depp · Tweet · Email story; Print story. 10/03/2012 by Kristina Lopez. The trailer for the highly anticipated film "The Lone Ranger" debuted on the web on Wednesday, Oct ober 3 ... |
Thursday, October 18, 2012
TEXT-Fitch rates Honolulu, Hawaii GOs 'AA+' - Reuters
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TEXT-Fitch rates Honolulu, Hawaii GOs 'AA+' Reuters Oct 17 - Fitch Ratings assigns an 'AA+' rating to the following City and County of Honolulu (the city), Hawaii's general obligation (GO) bonds: --Approximately $890.4 million series 2012A, 2012B, 2012C, 2012D, 2012E, 2012F, and 2012G. The bonds are ... Upcoming Honolulu bond issue rated 'AA+' by Fitch |
Wednesday, October 17, 2012
Keeneland Barn Notes - October 16, 2012 - LEX18 Lexington KY News
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Daily Racing Form | Keeneland Barn Notes - October 16, 2012 LEX18 Lexington KY News Team Block's Leading Astray, a winner of five of six turf starts that includes a victory in the Pucker Up (G3) at Arlington in her most recent start, is trained by Chris Block. E.E. Perez, who has been aboard for » |
Monday, October 15, 2012
Shareholder proposal aimed at making TECO board more accountable - Houston Business Journal:
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Gerald R. Armstrong of Denver contendz more accountability by directorsis needed, especially in such tryin economic times. “The election of directors is the strongest way that shareholderz influence the directors ofany corporation,” Armstrongy said in TECO’s (NYSE: TE) Armstrong cites a study by and the ’s that foundx a positive link betweemn governance practices favoring shareholders, including the annual electiobn of all board members, and firm value. who owns 501 shares of TECO, is urging the holdinhg company to follow the lead of othetr companies suchas (NYSE: XEL), DVN) and (NYSE: HES), which adopte d the practice last year at his behest.
The proposa l asks the board to eliminate classified termsof TECO’s 10 TECO’s board recommends against approval. The existinf three-year terms allow board members to takea long-term view and aid in the retentiojn of qualified directors, it said. In addition, staggerec terms protect against hostiletakeover attempts. But Sonal a junior analyst atRobert W. Baircd & Co., said Armstrong’s proposal would benefirt shareholders, if adopted, but she’s not sure how it woulsd affect TECO, parent company of and Peoplexs Gas.
In theory, it would allow an outsidert to gain control of the board more Withstaggered elections, it takez at least two years to stock a boarfd in one’s favor. But in today’s economic there’s little likelihood of a hostile takeover, Wagh said. “There aren’t any companies I coulrd think of that would want to takethem over, at leastr not in the near term,” she said. The shareholder proposak is part of a trend by suchas Armstrong, in challenging Corporated America to be more accountable, said John Laides of FactSet’s Sharkwatch. Armstrong has been nicknamed “Johnnyu Activist” and “Buzz Lightyear” by executives.
He was responsiblew for more than 50 proxy proposalslast Two-thirds of 80 proposals to elect a board’z directors annually passed in 2008, Laide Boards didn’t adopt all proposals, They can choose not to act on shareholder “These days, though, they’re more apt to take Laide said. The matter is slated to be one of severa discussedat TECO’s 10 a.m. April 29 annual meetinhg at TECO Plaza, 702 N. Franklin St.
Gerald R. Armstrong of Denver contendz more accountability by directorsis needed, especially in such tryin economic times. “The election of directors is the strongest way that shareholderz influence the directors ofany corporation,” Armstrongy said in TECO’s (NYSE: TE) Armstrong cites a study by and the ’s that foundx a positive link betweemn governance practices favoring shareholders, including the annual electiobn of all board members, and firm value. who owns 501 shares of TECO, is urging the holdinhg company to follow the lead of othetr companies suchas (NYSE: XEL), DVN) and (NYSE: HES), which adopte d the practice last year at his behest.
The proposa l asks the board to eliminate classified termsof TECO’s 10 TECO’s board recommends against approval. The existinf three-year terms allow board members to takea long-term view and aid in the retentiojn of qualified directors, it said. In addition, staggerec terms protect against hostiletakeover attempts. But Sonal a junior analyst atRobert W. Baircd & Co., said Armstrong’s proposal would benefirt shareholders, if adopted, but she’s not sure how it woulsd affect TECO, parent company of and Peoplexs Gas.
In theory, it would allow an outsidert to gain control of the board more Withstaggered elections, it takez at least two years to stock a boarfd in one’s favor. But in today’s economic there’s little likelihood of a hostile takeover, Wagh said. “There aren’t any companies I coulrd think of that would want to takethem over, at leastr not in the near term,” she said. The shareholder proposak is part of a trend by suchas Armstrong, in challenging Corporated America to be more accountable, said John Laides of FactSet’s Sharkwatch. Armstrong has been nicknamed “Johnnyu Activist” and “Buzz Lightyear” by executives.
He was responsiblew for more than 50 proxy proposalslast Two-thirds of 80 proposals to elect a board’z directors annually passed in 2008, Laide Boards didn’t adopt all proposals, They can choose not to act on shareholder “These days, though, they’re more apt to take Laide said. The matter is slated to be one of severa discussedat TECO’s 10 a.m. April 29 annual meetinhg at TECO Plaza, 702 N. Franklin St.
Sunday, October 14, 2012
Lee 'Scratch' Perry Gives An Amazing Interview - Village Voice (blog)
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Village Voice (blog) | Lee 'Scratch' Perry Gives An Amazing Interview Village Voice (blog) Him a doctor and him make it cosmologic. What did you think of Snoop's visit to Jamaica, discovery of Rastafari & reincarnation as Snoop Lion? The Americans don't have any music anymore. If one was a dog and it comes to Jamaica and turns into a lion ... |
Friday, October 12, 2012
North Shore theater likely to liquidate - Austin Business Journal:
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Theater executives announced Tuesdayy that the financially distressed theate has failed to raisethe $2 millionn it needed to put on 2009 although more than $500,000 in pledges have been made sincr the theater announced a turn-around strategy in mid “The thing we know is that we’re not puttingt on a 2009 season. I think the very likelh consequence of that is that we will very quicklyg go outof business,” said David Fellows, chairman of the North Shorde Music Theatre board. “Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Without a productionm season this year, the theater is unable to address the substantiall debts of its creditors and restorethe theater’sw economic health, said Fellows. The theater is approximatelg $10 million in including large mortgages on its propertt and buildings and debtsxto vendors, the State of and subscribers who paid in advance for the 2009 season. Fellow said most of the theater’s 4,400 subscribers are unlikely to get theirmoney returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with seniodr creditors and are reviewing a liquidation to maximize the value ofthe theater’e assets for its stakeholders as well as identif y potential “friendly” buyers of the property who mighft consider a lease back of the Fellows said.
Theater executives announced Tuesdayy that the financially distressed theate has failed to raisethe $2 millionn it needed to put on 2009 although more than $500,000 in pledges have been made sincr the theater announced a turn-around strategy in mid “The thing we know is that we’re not puttingt on a 2009 season. I think the very likelh consequence of that is that we will very quicklyg go outof business,” said David Fellows, chairman of the North Shorde Music Theatre board. “Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Without a productionm season this year, the theater is unable to address the substantiall debts of its creditors and restorethe theater’sw economic health, said Fellows. The theater is approximatelg $10 million in including large mortgages on its propertt and buildings and debtsxto vendors, the State of and subscribers who paid in advance for the 2009 season. Fellow said most of the theater’s 4,400 subscribers are unlikely to get theirmoney returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with seniodr creditors and are reviewing a liquidation to maximize the value ofthe theater’e assets for its stakeholders as well as identif y potential “friendly” buyers of the property who mighft consider a lease back of the Fellows said.
Thursday, October 11, 2012
Ferrellgas profit dips, sales drop - San Francisco Business Times:
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In a filing with the Securities and Exchangre Commission after the market closed on theOverland Park-based propane retailetr (NYSE: FGP) reported earnings availables to common shareholders of $32.5 million, or 48 centsw a share, for the quarter. This compares with earningsd of $34.8 million, or 55 cents a for the same period last Revenue for the quarterwas $561.1 million, down from $712.1 million last year. Ferrellgasx said in the SEC filingy that lower propane prices contribute tothe quarter’s lower revenue. The company said it sold 239.2 millionj gallons of propane duringthe quarter, down 5 percenf from 252.1 million gallons in the same quartefr last year.
Retail sales volumes decreasedf mainly because of temperatures that were 5 perceny warmer than last year and customed conservation related to theweak economy, the company Ferrellgas ranks No. 10 on the Kansas City BusineszsJournal ’s list of area publicx companies.
In a filing with the Securities and Exchangre Commission after the market closed on theOverland Park-based propane retailetr (NYSE: FGP) reported earnings availables to common shareholders of $32.5 million, or 48 centsw a share, for the quarter. This compares with earningsd of $34.8 million, or 55 cents a for the same period last Revenue for the quarterwas $561.1 million, down from $712.1 million last year. Ferrellgasx said in the SEC filingy that lower propane prices contribute tothe quarter’s lower revenue. The company said it sold 239.2 millionj gallons of propane duringthe quarter, down 5 percenf from 252.1 million gallons in the same quartefr last year.
Retail sales volumes decreasedf mainly because of temperatures that were 5 perceny warmer than last year and customed conservation related to theweak economy, the company Ferrellgas ranks No. 10 on the Kansas City BusineszsJournal ’s list of area publicx companies.
Wednesday, October 10, 2012
Monday, October 8, 2012
Waikiki parking tiff leads to alleged assault - Honolulu Star-Advertiser
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Waikiki parking tiff leads to alleged assault Honolulu Star-Advertiser Police arrested a 27-year-old Honolulu for allegedly punching another man during a dispute over a parking space in Waikiki. According to police, the victim, a 23-year-old man, had parked his car in a space around 1 a.m. Sunday when he was approached by ... |
Sunday, October 7, 2012
100-Year-Old Dixon Resident, Earl Headings, Honored After a Full Century Life - Patch.com
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100-Year-Old Dixon Resident, Earl Headings, Honored After a Full Century Life Patch.com An hour with the sharp and whitty Mr. Headings couldn't have been enough to learn his perspective on all things, however we covered most of the basics. He touched on politics, technology, evolution of cars, foreign wars, economics and Wall Street, and ... |
Friday, October 5, 2012
Bad loans continue to pile up at Birmingham banks - Birmingham Business Journal:
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"There is hope among some management teams and investors that by 3Q the problemk credits will reach a cruising saidJeff Davis, banking analyst and managing directord of 's Nashville office. "They won'f get better anytime soon until this rapiddeterioration slows." The Birmingham-based financial giant , whicgh has the largest bank brancuh system in the metropolitan area with 88 posted $900 million worth of non-accrual loana in the first quarter of 2008, up from $650 million in the fourth quarter, accordingf data from the , a regulatory agency affiliateds with the and the .
That totak includes all past dueand non-accrual loans secureed by real estate, including construction loans to homebuilders, farmland, residentiap properties, first- and second-lien mortgages and multifamily dwellings, whicg are usually apartment complexes. Regions' loansx past due 30 to 89 days jumpexto $991.6 million in the firsy quarter, compared to $824.6 million three months prior. The same story rings true for , which reported an increase in non-accrual loanss to $243.5 million in the latest quarter, comparedf to $118.8 million in the fourt quarter.
Since home salea have slowed drastically within the past more home builders are having a harder time paying back thei r construction loans used to buildnew homes, Daviws said. "What you're seeing right now is the effect of the dramaticd slowdown in themortgage market," he said. Past due loans and non-accruapl loans have increased by more than 100percent year-over-yeare for a number of Southeast banks primarily becaus e of "bad lending" practices, Davis added.
To make matters worse, the new wave of defaults in the firstt quarter do not includee the impact of rising gasoline prices tonearly $4 a gallon and highedr food prices, which is eating away at consumers' and borrowers' Davis said. However, some such as , are already feeling the pincjh of distressed borrowers in their home equity lines of credit saidTony Plath, finance professor at the . Acroses the nation, foreclosures are at a 50-year high and bankzs are receiving a lotof "jinglse mail," which is when a homeowner send their keys back to the bank and voluntarily file for foreclosure.
"We've never really in this industry seen people just walking away from theirr houses like theyare today," Plath said. "We've never seen jingle mail like this In Alabama, foreclosures have steadilt decreased within the past few months as opposed to surroundingv states. Last month, the state's foreclosurw rate dropped by nearly29 percent, according to data comprised by California-based . A totall of 642 properties were in some form of foreclosurd in Alabamain April, or a rate of one foreclosurse for every 3,287 households. That compares to neighboring where foreclosures increased in Aprilby 28.5 percenty and Florida where foreclosures were up 16.
6 "All else equal, it would say that economy has not dipped as much and it probably says the lendersw were more prudent in that market as oppose to Atlanta and other markets," Davis
"There is hope among some management teams and investors that by 3Q the problemk credits will reach a cruising saidJeff Davis, banking analyst and managing directord of 's Nashville office. "They won'f get better anytime soon until this rapiddeterioration slows." The Birmingham-based financial giant , whicgh has the largest bank brancuh system in the metropolitan area with 88 posted $900 million worth of non-accrual loana in the first quarter of 2008, up from $650 million in the fourth quarter, accordingf data from the , a regulatory agency affiliateds with the and the .
That totak includes all past dueand non-accrual loans secureed by real estate, including construction loans to homebuilders, farmland, residentiap properties, first- and second-lien mortgages and multifamily dwellings, whicg are usually apartment complexes. Regions' loansx past due 30 to 89 days jumpexto $991.6 million in the firsy quarter, compared to $824.6 million three months prior. The same story rings true for , which reported an increase in non-accrual loanss to $243.5 million in the latest quarter, comparedf to $118.8 million in the fourt quarter.
Since home salea have slowed drastically within the past more home builders are having a harder time paying back thei r construction loans used to buildnew homes, Daviws said. "What you're seeing right now is the effect of the dramaticd slowdown in themortgage market," he said. Past due loans and non-accruapl loans have increased by more than 100percent year-over-yeare for a number of Southeast banks primarily becaus e of "bad lending" practices, Davis added.
To make matters worse, the new wave of defaults in the firstt quarter do not includee the impact of rising gasoline prices tonearly $4 a gallon and highedr food prices, which is eating away at consumers' and borrowers' Davis said. However, some such as , are already feeling the pincjh of distressed borrowers in their home equity lines of credit saidTony Plath, finance professor at the . Acroses the nation, foreclosures are at a 50-year high and bankzs are receiving a lotof "jinglse mail," which is when a homeowner send their keys back to the bank and voluntarily file for foreclosure.
"We've never really in this industry seen people just walking away from theirr houses like theyare today," Plath said. "We've never seen jingle mail like this In Alabama, foreclosures have steadilt decreased within the past few months as opposed to surroundingv states. Last month, the state's foreclosurw rate dropped by nearly29 percent, according to data comprised by California-based . A totall of 642 properties were in some form of foreclosurd in Alabamain April, or a rate of one foreclosurse for every 3,287 households. That compares to neighboring where foreclosures increased in Aprilby 28.5 percenty and Florida where foreclosures were up 16.
6 "All else equal, it would say that economy has not dipped as much and it probably says the lendersw were more prudent in that market as oppose to Atlanta and other markets," Davis
Thursday, October 4, 2012
Zumiez expects Q1 loss, Q4 sales decline - Puget Sound Business Journal (Seattle):
jabire2389.blogspot.com
million, or 21 cents per share, whicuh compares with net incomeof $12.45 million, or earnings of 42 cents per dilutee share. But its outlook isn’t too Sales fell slightly to $125.5 million from $126.6 million at the Everett youth apparelcompany ZUMZ). For fiscal 2008, Zumiez reported net income of $17.22 million, or 58 cents per dilutedf share, down from $25.3 million, or 86 centd per diluted share infiscal 2007. Net sales rose slightlu to $408.7 million from $381.
4 million a year Zumiez said it expects a net loss of betweej 13 cents and 17 cents a share for thenext quarter, and anticipatee that comparable store sales will decline in the middlwe to high teen percentager range for the first quarter. Analysts polled by Thomsohn Financial First Callexpected fourth-quarte earnings of 19 cents and sales of $124.88 million. For fiscal 2008, they expectecd earnings of 56 centx per share and salesof $408 For the first quarter of 2009, they expect a loss of 4 centds per share. In after-hours trading shares in Zumiez had fallen nearly 10 dropping 67 centsto $6.20.
million, or 21 cents per share, whicuh compares with net incomeof $12.45 million, or earnings of 42 cents per dilutee share. But its outlook isn’t too Sales fell slightly to $125.5 million from $126.6 million at the Everett youth apparelcompany ZUMZ). For fiscal 2008, Zumiez reported net income of $17.22 million, or 58 cents per dilutedf share, down from $25.3 million, or 86 centd per diluted share infiscal 2007. Net sales rose slightlu to $408.7 million from $381.
4 million a year Zumiez said it expects a net loss of betweej 13 cents and 17 cents a share for thenext quarter, and anticipatee that comparable store sales will decline in the middlwe to high teen percentager range for the first quarter. Analysts polled by Thomsohn Financial First Callexpected fourth-quarte earnings of 19 cents and sales of $124.88 million. For fiscal 2008, they expectecd earnings of 56 centx per share and salesof $408 For the first quarter of 2009, they expect a loss of 4 centds per share. In after-hours trading shares in Zumiez had fallen nearly 10 dropping 67 centsto $6.20.
Wednesday, October 3, 2012
Lewis Hamilton focus switches from Mercedes to Japanese Grand Prix - Daily Mail
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Daily Mail | Lewis Hamilton focus switches from Mercedes to Japanese Grand Prix Daily Mail In his first race since choosing to quit McLaren to join Mercedes next season, Lewis Hamilton must get his focus back on the Formula One championship fight at this weekend's Japanese Grand Prix. Mercedes announced last Friday that Hamilton will replace ... The curious move by F1's Lewis Hamilton to Mercedes Lewis Hamilton says 'nothing changed' in title bid Lewis Hamilton vows to go on » |
Monday, October 1, 2012
Plans for $200M racetrack, entertainment center near DIA announced - Washington Business Journal:
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The announcement comes after years of discussion about the possibilitgy of a track opening in the although there was no word Wednesday of a NASCAt commitment to theAurora venture. . The facilitg announced Wednesday would be located in theplannef 6,500-acre TransPort cargo-distribution development along Interstate 70 severapl miles east of Pena Bill Schuck -- whose company, , is the developer of TransPort -- is one of the principals involved in Wednesday'x racetrack announcement. Schuck's plans call for the traco complex to includea one-mile oval speedwayy and a four-mile road coursde with room for 65,00o0 to 100,000 spectators.
The facility would accommodatr a variety ofracing types, including stock car, open midget, road racing, club and track rental, Kart racing and motorcycl e racing. Schuck noted that the site is zonedd forindustrial use, yet providexs easy access to spectators. The announcement said TransPorf is negotiatingwith "national and regional tourism and retailers to locate on the site alonfg with the racetrack "to create a true entertainment and tourism opportunity." "The Schuck Corp.
, and its long-timre financial partners, will lead the privated investment effort for the motor sport s complex and will work with a varieth of national and local partners with motor sports experience who are interestedc in establishing a national racing venu e in Colorado," the announcement said. "Im addition, Schuck is workinvg with Greg Stevinson, the Jefferson Countu real estate developerand investor, on a varietyg of other development opportunities on the the announcement added.
Gerry Freeman, a spokesman for the developmenft group, said NASCAR's involvement isn't pivotal to starting the "There are a varietyg of other motor racing events that couldx be held atthis facility," he said. Financiny will be a combination of privatse investorsand debt, which is yet to be fully although Freeman stressed that the project's organizeres do not see financing to be a He said a number of investors are waitinf to jump on the project pending completion of a finao economic feasibility study, which is expectef in a few weeks.
Schuck's group also will seek financial help from local and state government shares of the federal economic stimulus programas well. The Colorado Legislature this montbh passed a measure aimed at providing incentives for major tourism with the possibility of a racetrack mentioned by lawmakerz in arguing forits passage. The measure, Senat Bill 173, awaits Gov. Bill Ritter's Sponsored by Sen. Jennifer Veiga, SB 173 would allos local governments to work with the Colorado Economi c Development Commission to set up enterprisr zones that help to defray the infrastructure and constructionn costs of majortouris projects.
State sales tax revenuess would help to fund the Lawmakers cappedthe measure's benefits at $50 million.
The announcement comes after years of discussion about the possibilitgy of a track opening in the although there was no word Wednesday of a NASCAt commitment to theAurora venture. . The facilitg announced Wednesday would be located in theplannef 6,500-acre TransPort cargo-distribution development along Interstate 70 severapl miles east of Pena Bill Schuck -- whose company, , is the developer of TransPort -- is one of the principals involved in Wednesday'x racetrack announcement. Schuck's plans call for the traco complex to includea one-mile oval speedwayy and a four-mile road coursde with room for 65,00o0 to 100,000 spectators.
The facility would accommodatr a variety ofracing types, including stock car, open midget, road racing, club and track rental, Kart racing and motorcycl e racing. Schuck noted that the site is zonedd forindustrial use, yet providexs easy access to spectators. The announcement said TransPorf is negotiatingwith "national and regional tourism and retailers to locate on the site alonfg with the racetrack "to create a true entertainment and tourism opportunity." "The Schuck Corp.
, and its long-timre financial partners, will lead the privated investment effort for the motor sport s complex and will work with a varieth of national and local partners with motor sports experience who are interestedc in establishing a national racing venu e in Colorado," the announcement said. "Im addition, Schuck is workinvg with Greg Stevinson, the Jefferson Countu real estate developerand investor, on a varietyg of other development opportunities on the the announcement added.
Gerry Freeman, a spokesman for the developmenft group, said NASCAR's involvement isn't pivotal to starting the "There are a varietyg of other motor racing events that couldx be held atthis facility," he said. Financiny will be a combination of privatse investorsand debt, which is yet to be fully although Freeman stressed that the project's organizeres do not see financing to be a He said a number of investors are waitinf to jump on the project pending completion of a finao economic feasibility study, which is expectef in a few weeks.
Schuck's group also will seek financial help from local and state government shares of the federal economic stimulus programas well. The Colorado Legislature this montbh passed a measure aimed at providing incentives for major tourism with the possibility of a racetrack mentioned by lawmakerz in arguing forits passage. The measure, Senat Bill 173, awaits Gov. Bill Ritter's Sponsored by Sen. Jennifer Veiga, SB 173 would allos local governments to work with the Colorado Economi c Development Commission to set up enterprisr zones that help to defray the infrastructure and constructionn costs of majortouris projects.
State sales tax revenuess would help to fund the Lawmakers cappedthe measure's benefits at $50 million.
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