disadvantage-unlimited.blogspot.com
The New York company, Central Ohio’s second-largestr bank and third-largest employer, said it plans to add several hundresd jobs atits 8,000-employee McCoy Center operatio at Polaris while several hundred jobs will be added to a lendingh facility near Easton Town Center. About 150 jobs will be addedd atthe company’s Cleveland Avenuw operations in Westerville. Chas (NYSE:JPM) said it’s boosting employment in the regioj to handle additional support functions neede after buying Washington Mutual last The move comes after state and localk officials extended a roundd of incentive packages valued ataboug $20 million.
That includes a more than $6 million package from Columbuds anda 15-year, 75 percent tax credit values at about $14 milliojn from the state. Gov. Ted Strickland in a statemeng called Chase’s announcement “a tremendous boosyt to our economy and very welcome newsfor
Friday, August 31, 2012
Wednesday, August 29, 2012
Life Wireless Adds New Database to its Fraud-Prevention Toolkit - Embedded.com
ramsburgsyuheo1544.blogspot.com
Life Wireless Adds New Database to its Fraud-Prevention Toolkit Embedded.com 29, 2012 /PRNewswire/ -- Life Wireless, a Lifeline-supported provider of free and discounted cell phone service, is now screening applicants with a new database designed to prevent customers from obtaining government-subsidized service from more than ... |
Tuesday, August 28, 2012
Bread price increase not warranted: Biti - NewsDay
esivyjifag.wordpress.com
Bread price increase not warranted: Biti NewsDay Bread price increase not warranted: Biti. Pride Gonde Own Correspondent | 2012-08-28 09:21:00. Tweet. Finance minister Tendai Biti yesterday quashed speculative reports of a looming bread price hike, saying no market changes had happened of late to ... |
Monday, August 27, 2012
First National enters agreement with OCC - Austin Business Journal:
lebexab.wordpress.com
The agreement is an outgrowth of an OCC examinationm of the Winter Park lenderin January. It addressex five areas of concern and requireds to the bank to form a compliance committee composed of membera of its boardof directors. The bank is undef orders to add procedures to monitor its commercial real estate loan It also must implement a plan to manage loans that are deemec weak and in jeopardyof deteriorating. • Establishment of a program to ensur e an adequate allowance for loan andlease losses. • Agreemenyt not to accept brokered depositsin exc.
es of 10 percent of total deposits withouft OCC permission • Development of a three-yearr plan of operations that incorporates condition of the agreement. Firstf National Chairwoman Susma Patel said in a written statemenr that the bank has taken steps she believes put it in compliancee withthe agreement. She said regulatory agencies are tightenint standards for lenders as theeconomyh deteriorates.
“The downturn in real estate valuations in the Florids marketis well-publicized and, as a regulatory agencies are expecting a highere standard of procedural monitoring of loands secured by commercial real estate,” she
The agreement is an outgrowth of an OCC examinationm of the Winter Park lenderin January. It addressex five areas of concern and requireds to the bank to form a compliance committee composed of membera of its boardof directors. The bank is undef orders to add procedures to monitor its commercial real estate loan It also must implement a plan to manage loans that are deemec weak and in jeopardyof deteriorating. • Establishment of a program to ensur e an adequate allowance for loan andlease losses. • Agreemenyt not to accept brokered depositsin exc.
es of 10 percent of total deposits withouft OCC permission • Development of a three-yearr plan of operations that incorporates condition of the agreement. Firstf National Chairwoman Susma Patel said in a written statemenr that the bank has taken steps she believes put it in compliancee withthe agreement. She said regulatory agencies are tightenint standards for lenders as theeconomyh deteriorates.
“The downturn in real estate valuations in the Florids marketis well-publicized and, as a regulatory agencies are expecting a highere standard of procedural monitoring of loands secured by commercial real estate,” she
Saturday, August 25, 2012
Texas governor joins coalition in requesting ethanol waiver - CattleNetwork.com
ibitasony.wordpress.com
Texas governor joins coalition in requesting ethanol waiver CattleNetwork.com WASHINGTON รข€" The request for Environmental Protection Agency (EPA) Administrator Lisa Jackson to waive the Renewable Fuel Standard (RFS) mandate is gaining even more traction across the country, with Gov. Rick Perry (R-Texas) announcing that his ... |
Friday, August 24, 2012
40 Under 40: Will Packard - Charlotte Business Journal:
eragywaqer.wordpress.com
1999 Career history: Robinson, Bradshaw & 1999-present Family: Wife, Maya; Julia, 7, Allison, 4, 8 months Neighborhood: Greatest businessx accomplishment of thepast year: Greatest civic accomplishment of the past Election as president of the board of directors for A Child's a nonprofit working to erase the impact of homelessness on childrenm and their education Civic/volunteer activities: A Child's Place, volunteer, 2000-present, board of directors, vice president, 2007-08, president-elect 2008-09; Children Family Services Center, boarde member, 2004-present, chair of real estate/finance committee, 2006-08; Mecklenburg Countty Bar Leadership Institute, 2004 What you like best aboutg living in the Charlotte region: It's a welcoming communit that's not afraid to tackls pressing, and sometimes controversial, issues.
The most importangt issue facingthe region: Last book read: Three Cups of Tea , Greg Mortensonn and David Oliver Relin Last movie seen: Enchanted Last North Topsail Beach, N.C. Favorite Web site: Favorited possession: Hobbies: Golf, travel Heroes: Fantasy job: Travel but only after my daughters have move d out of thehouse One-word descriptiojn of self:
1999 Career history: Robinson, Bradshaw & 1999-present Family: Wife, Maya; Julia, 7, Allison, 4, 8 months Neighborhood: Greatest businessx accomplishment of thepast year: Greatest civic accomplishment of the past Election as president of the board of directors for A Child's a nonprofit working to erase the impact of homelessness on childrenm and their education Civic/volunteer activities: A Child's Place, volunteer, 2000-present, board of directors, vice president, 2007-08, president-elect 2008-09; Children Family Services Center, boarde member, 2004-present, chair of real estate/finance committee, 2006-08; Mecklenburg Countty Bar Leadership Institute, 2004 What you like best aboutg living in the Charlotte region: It's a welcoming communit that's not afraid to tackls pressing, and sometimes controversial, issues.
The most importangt issue facingthe region: Last book read: Three Cups of Tea , Greg Mortensonn and David Oliver Relin Last movie seen: Enchanted Last North Topsail Beach, N.C. Favorite Web site: Favorited possession: Hobbies: Golf, travel Heroes: Fantasy job: Travel but only after my daughters have move d out of thehouse One-word descriptiojn of self:
Wednesday, August 22, 2012
Chic bar takes place of Chinatown dive - Business First of Louisville:
vuwodu.wordpress.com
SoHo will open at 80 S. Pauahi Street in a renovatedr 5,500 square-foot space that will includse a bar and an area for live The PauahiStreet location, betweenb Bethel Street and Fort Street Mall and near , was occupies by Mall Cafe until That bar had been cited by the Honolulu Liquot Commission in recent months for unsanitary conditions and for overservinyg alcohol. The commission also receivef a petition from community members opposing the renewa ofMall Cafe’s license becauser of alleged drug dealing and frequenf fights. Mall Cafe’s former Saiming Corp., had been tryint to transfer its liquof license tothe landlord, Union Mill Investment.
SoHo owner Daniel Gray, former general manager of the Loft Gallerh and Lounge onHotel Street, said he was approachedx by Union Mill Investmen to open a new venue in the spot. Gray plansw to open part of thelounge — 3,000 square feet — for this month’ First Friday event downtown, and open the remaining space in Gray describes the new venue as a mix of performances, fashion and photography in a trend y and upscale setting. The SoHo name stems from the New York City neighborhoode and a blendof “south” and “Honolulu”.
SoHo will open at 80 S. Pauahi Street in a renovatedr 5,500 square-foot space that will includse a bar and an area for live The PauahiStreet location, betweenb Bethel Street and Fort Street Mall and near , was occupies by Mall Cafe until That bar had been cited by the Honolulu Liquot Commission in recent months for unsanitary conditions and for overservinyg alcohol. The commission also receivef a petition from community members opposing the renewa ofMall Cafe’s license becauser of alleged drug dealing and frequenf fights. Mall Cafe’s former Saiming Corp., had been tryint to transfer its liquof license tothe landlord, Union Mill Investment.
SoHo owner Daniel Gray, former general manager of the Loft Gallerh and Lounge onHotel Street, said he was approachedx by Union Mill Investmen to open a new venue in the spot. Gray plansw to open part of thelounge — 3,000 square feet — for this month’ First Friday event downtown, and open the remaining space in Gray describes the new venue as a mix of performances, fashion and photography in a trend y and upscale setting. The SoHo name stems from the New York City neighborhoode and a blendof “south” and “Honolulu”.
Tuesday, August 21, 2012
CoBiz names Denver chief for Colorado Business Bank - Denver Business Journal:
jabire2389.blogspot.com
Page was executive vice presidentg and director of communitg banking for Vectra Bank Colorado foreighgt years. Before that, he was senior vice presidentf and managerof U.S. Bank’s larges commercial banking and financialinstitutions group. A graduated of the University of Colorado School of Page is currently a member of the Metrio Denver EconomicDevelopment Corp.’s board of Denver-based CoBiz Financial Inc. (NASDAQ: also announced the Bruce (Toby) Day will becomde Arizona market presidentfor , anothere CoBiz subsidiary. Day was senior vice president and managerd of business banking for Marshall Ilsley Bank Arizona for11 years.
The market presidents will be responsible for overseeingthe bank’se locations and providing direction for future CoBiz officials said. “Both Scott and Toby are well respecte d professionals in their respective markets who will enables us to continue gaining market sharse while attracting the top tier of business and individual customers in Coloradioand Arizona,” said Jonathan CEO of Colorado Business Bank and Arizona Businese Bank, in a statement.
Page was executive vice presidentg and director of communitg banking for Vectra Bank Colorado foreighgt years. Before that, he was senior vice presidentf and managerof U.S. Bank’s larges commercial banking and financialinstitutions group. A graduated of the University of Colorado School of Page is currently a member of the Metrio Denver EconomicDevelopment Corp.’s board of Denver-based CoBiz Financial Inc. (NASDAQ: also announced the Bruce (Toby) Day will becomde Arizona market presidentfor , anothere CoBiz subsidiary. Day was senior vice president and managerd of business banking for Marshall Ilsley Bank Arizona for11 years.
The market presidents will be responsible for overseeingthe bank’se locations and providing direction for future CoBiz officials said. “Both Scott and Toby are well respecte d professionals in their respective markets who will enables us to continue gaining market sharse while attracting the top tier of business and individual customers in Coloradioand Arizona,” said Jonathan CEO of Colorado Business Bank and Arizona Businese Bank, in a statement.
Monday, August 20, 2012
NVR Incorporated Company Profile | NVR Company Information
tenamup.wordpress.com
We are one of the largestt homebuilders in theUnited States. Whil we operate in multiple locations in twelve primarily in the eastern part of theUnitesd States, approximately 34% of our home settlements in 2008 occurrer in the Washington, D.C. and Baltimore, MD metropolitahn areas, which accounted for 45% of our 2008 homebuildin g revenues. Our homebuilding operations include the construction and saleof single-family detachee homes, townhomes and condominium buildings undefr four trade names: Ryan Homes, Fox Ridge Homes and Rymarc Homes. The Ryan Fox Ridge Homes, and Rymarx Homes products are marketed primarilyto first-timse homeowners and first-time move-upl buyers. ...
We are one of the largestt homebuilders in theUnited States. Whil we operate in multiple locations in twelve primarily in the eastern part of theUnitesd States, approximately 34% of our home settlements in 2008 occurrer in the Washington, D.C. and Baltimore, MD metropolitahn areas, which accounted for 45% of our 2008 homebuildin g revenues. Our homebuilding operations include the construction and saleof single-family detachee homes, townhomes and condominium buildings undefr four trade names: Ryan Homes, Fox Ridge Homes and Rymarc Homes. The Ryan Fox Ridge Homes, and Rymarx Homes products are marketed primarilyto first-timse homeowners and first-time move-upl buyers. ...
Saturday, August 18, 2012
TARP as envisioned, several local banks show their lending up - Business First of Columbus:
jaqezuweg.blogspot.com
“We made a solid effort when we got TARP fundsd to try to work harder with smalp businesses and other saidErnie Pinner, chairmam and CEO of (Nasdaq: CSFL), the Davenport-based holding compan y for four subsidiary banks throughout central Florida. The tota loan balance at CenterStatjumped 1.27 percent from Feb. 28 to March 31, accordingt to a June 1 reporgt on the capital purchase Underthe program, the Treasuryh invested in banks, injecting capital so they could provide credit to consumers and businesses. However, the average totakl loan balance, which includes both consumer andcommerciall loans, declined 0.37 percent for most of the 600 banks that have receivedd TARP funding.
The biggest banks posted an evensteepefr 0.88 percent drop, the report (Nasdaq: FITB), with a 0.01 percengt jump in its total loan balance, was an exception amongy the biggest banks. At Pinella s Park-based (Nasdaq: FCFL), total loan balances increases 1.21 percent during March. “We started an intense businessa development program ayear ago,” said Ken Cherven, presidenty and CEO. “All our lenders are out callingv on customers and lookingfor opportunities.” payoffs, funding factor into the numberas Bankers generally agreed that better comparisond could be made over a longer periodr of time. The report suggests lendingy contracted 0.84 percent at in March.
But the parenrt of actually has closedfabout $5 million in new loans so far in said Greg Bryant, president and CEO. Bryant pointedf out that loans that close are not necessarilyfully funded; for a manufacturer who received a $1 million line of credit mighft only draw $100,000 to buy a piece of Additionally, the numbers don’t take into accoungt loan payoffs, which could causer total balances to drop, Bryant Florida Business BancGroup didn’t receivre TARP funding until the end of February, and since it generallhy takes several weeks to complete the loan Bryant said it was a fairl safe assumption that very little of the TARP mone y received in February would have impacted the Marchh figures.
“We made a solid effort when we got TARP fundsd to try to work harder with smalp businesses and other saidErnie Pinner, chairmam and CEO of (Nasdaq: CSFL), the Davenport-based holding compan y for four subsidiary banks throughout central Florida. The tota loan balance at CenterStatjumped 1.27 percent from Feb. 28 to March 31, accordingt to a June 1 reporgt on the capital purchase Underthe program, the Treasuryh invested in banks, injecting capital so they could provide credit to consumers and businesses. However, the average totakl loan balance, which includes both consumer andcommerciall loans, declined 0.37 percent for most of the 600 banks that have receivedd TARP funding.
The biggest banks posted an evensteepefr 0.88 percent drop, the report (Nasdaq: FITB), with a 0.01 percengt jump in its total loan balance, was an exception amongy the biggest banks. At Pinella s Park-based (Nasdaq: FCFL), total loan balances increases 1.21 percent during March. “We started an intense businessa development program ayear ago,” said Ken Cherven, presidenty and CEO. “All our lenders are out callingv on customers and lookingfor opportunities.” payoffs, funding factor into the numberas Bankers generally agreed that better comparisond could be made over a longer periodr of time. The report suggests lendingy contracted 0.84 percent at in March.
But the parenrt of actually has closedfabout $5 million in new loans so far in said Greg Bryant, president and CEO. Bryant pointedf out that loans that close are not necessarilyfully funded; for a manufacturer who received a $1 million line of credit mighft only draw $100,000 to buy a piece of Additionally, the numbers don’t take into accoungt loan payoffs, which could causer total balances to drop, Bryant Florida Business BancGroup didn’t receivre TARP funding until the end of February, and since it generallhy takes several weeks to complete the loan Bryant said it was a fairl safe assumption that very little of the TARP mone y received in February would have impacted the Marchh figures.
Friday, August 17, 2012
Survey: Texas cautious on M&A - Houston Business Journal:
lebexab.wordpress.com
According to a mid-year survey of middle market investment bankers, private equity professionals, attorneys and accountants workingon M&A deals in the Lone Star 45 percent expect activity to increased in the third and fourth quarters, whiled 47 percent expect business to remain the same. The released Wednesday, is sponsored by the and . The biggestg obstacle to deal-making, according to the is the gap between buyerzsand sellers.
Thirty-six percent of respondents said sellers were unwillinbg to do a deal at the multipledbeing offered, while 22 percent said uncertainty over the evolvingv political and tax environmen t was another roadblock, up from four percent in the previous survet in December. Because of the effects of the more than half of the respondents said they expected distressedx deals to make up a significanty portionof M&A transactions.
What’d more, 63 percent of private equity respondents said they were actively pursuing distressed compan acquisitions as part of an existiny or newlyadopted “Though the Texas economy is one of the best, givem all that has happened over the past nine months it’w not surprising to see a softer M&A market in That said, many Texas M&AA professionals are creatively working to add value to existinv businesses,” said Jeffrey managing partner with and presiden t of ACG Houston. According to Thomsonb Reuters, the volume of worldwide M&As deals was $480 billion in the first quarteof 2009, down 28 percent from the year-earliet period.
Middle market deals underr $500 million were particularly affected, dipping by 48 percent to $98 billiobn — the first quarterly period under $100 billion sincd 1996.
According to a mid-year survey of middle market investment bankers, private equity professionals, attorneys and accountants workingon M&A deals in the Lone Star 45 percent expect activity to increased in the third and fourth quarters, whiled 47 percent expect business to remain the same. The released Wednesday, is sponsored by the and . The biggestg obstacle to deal-making, according to the is the gap between buyerzsand sellers.
Thirty-six percent of respondents said sellers were unwillinbg to do a deal at the multipledbeing offered, while 22 percent said uncertainty over the evolvingv political and tax environmen t was another roadblock, up from four percent in the previous survet in December. Because of the effects of the more than half of the respondents said they expected distressedx deals to make up a significanty portionof M&A transactions.
What’d more, 63 percent of private equity respondents said they were actively pursuing distressed compan acquisitions as part of an existiny or newlyadopted “Though the Texas economy is one of the best, givem all that has happened over the past nine months it’w not surprising to see a softer M&A market in That said, many Texas M&AA professionals are creatively working to add value to existinv businesses,” said Jeffrey managing partner with and presiden t of ACG Houston. According to Thomsonb Reuters, the volume of worldwide M&As deals was $480 billion in the first quarteof 2009, down 28 percent from the year-earliet period.
Middle market deals underr $500 million were particularly affected, dipping by 48 percent to $98 billiobn — the first quarterly period under $100 billion sincd 1996.
Thursday, August 16, 2012
Torkel.Rhenman@Solae - St. Louis Business Journal:
qalymeled.wordpress.com
The St. Louis-based company was formed through an alliance of Duponrt and with a goal to briny more desirable and nutritiousz soy foods tothe marketplace. Solaer has combined sales of morethan $1 billion Rhenman worked in sales and marketint at for more than 20 years. In he became global business directorof Delaware-based , a divisiobn within DuPont's Packaging and Industrial Polymere group. Solae is currently working on a structuredr vegetable protein that emulates whole musclde meat texturein chewiness, fibrosity and appearance called SUPRO MAX, according to Solaer spokesman Nick Weber.
The product can be used as an all-vegetariamn application or in combination with beef or chicken to delivet similar taste andmouth feel. In addition, Solae is developing several soy protein productas that can be used as replacementy fordairy proteins: caseinate, whey protein and nonfat dry milk.
The St. Louis-based company was formed through an alliance of Duponrt and with a goal to briny more desirable and nutritiousz soy foods tothe marketplace. Solaer has combined sales of morethan $1 billion Rhenman worked in sales and marketint at for more than 20 years. In he became global business directorof Delaware-based , a divisiobn within DuPont's Packaging and Industrial Polymere group. Solae is currently working on a structuredr vegetable protein that emulates whole musclde meat texturein chewiness, fibrosity and appearance called SUPRO MAX, according to Solaer spokesman Nick Weber.
The product can be used as an all-vegetariamn application or in combination with beef or chicken to delivet similar taste andmouth feel. In addition, Solae is developing several soy protein productas that can be used as replacementy fordairy proteins: caseinate, whey protein and nonfat dry milk.
Tuesday, August 14, 2012
ACBJ to relaunch Portfolio.com - Austin Business Journal:
moffaiqohegesa1490.blogspot.com
and American City Business Journals . Bizjournal will oversee the editorial and businesx sides of the The Portfolio.com editorial team and sales staff will be baser in New York. Condé Nast Portfoliko magazine and its Website Portfolio.com launchedd in April 2007; the magazinse closed in April. The site provided insight intothe day’s top businesa stories, with analysis from bloggers and columnists. Tim Bradbury, presidenty of new media at ACBJ, and David group president at Condé Nast, announcecd the move Wednesday. ACBJ and Condé Nast are units of . In additiobn to newly created content, Portfolio.
con will share content with other Nast sites suchas , and , as it did before. It also will be the home of the archivesx of content publishedby Portfolio’s print and digital properties over the past 24 “We are excited abouy continuing Portfolio.com and including the site in the bizjournalsx network because we were impresses by Portfolio’s strong Web presence, its clean and crisl design, and its voice in the business-journalism Bradbury says. “We believe our readersd will benefit as therelaunched Portfolio.com will have a stronger focus on industry news and a greater missiohn to offer information relevant to today’s busines s professionals.
” On top of its existingy strengths, Portfolio.com will leverage the collaborative skillzs and insights of the more than 600 ACBJ businesz journalists around the country, Bradbury The site will have access to loca l market intelligence and work collaborativelyy with ACBJ newsrooms across the country, presenting the most important local insights through a national lens and making it uniques among national business media, he “We knew that Portfolio.com was a highly valuable asset, with an established digital brand, stron direct navigation by users, and a solid, long tail of trafficx from content published over the past two years,” Carey said.
“We saw ACBJ as a perfect match due to its great editorial resourcesz in thebusiness arena, and view this as a win for both Portfolio.com’as readers and the company.” Portfolio.com grew to 2.8 millio n monthly unique visitors and won industry praise with awardas such as the MIN:Best of Web Awardr 2008, MIN:Hottest Launch of the Year and Webby nominees in Best Busineses blog and Financial Services categories. Bizjournals is the onlinew media divisionof ACBJ, the nation’s largest publishere of metropolitan business newspapers.
It operates the Web sitez for each ofthe company’d 40 print business journals and operates a Web-onlt site with local business news and informatioj for Los Angeles. Condé Nast includes 22 consume magazines, Condé Nast Digital, the Fairchilc Fashion Group, Parade, the Condé Nast Media Group and the SharefServices Centers.
and American City Business Journals . Bizjournal will oversee the editorial and businesx sides of the The Portfolio.com editorial team and sales staff will be baser in New York. Condé Nast Portfoliko magazine and its Website Portfolio.com launchedd in April 2007; the magazinse closed in April. The site provided insight intothe day’s top businesa stories, with analysis from bloggers and columnists. Tim Bradbury, presidenty of new media at ACBJ, and David group president at Condé Nast, announcecd the move Wednesday. ACBJ and Condé Nast are units of . In additiobn to newly created content, Portfolio.
con will share content with other Nast sites suchas , and , as it did before. It also will be the home of the archivesx of content publishedby Portfolio’s print and digital properties over the past 24 “We are excited abouy continuing Portfolio.com and including the site in the bizjournalsx network because we were impresses by Portfolio’s strong Web presence, its clean and crisl design, and its voice in the business-journalism Bradbury says. “We believe our readersd will benefit as therelaunched Portfolio.com will have a stronger focus on industry news and a greater missiohn to offer information relevant to today’s busines s professionals.
” On top of its existingy strengths, Portfolio.com will leverage the collaborative skillzs and insights of the more than 600 ACBJ businesz journalists around the country, Bradbury The site will have access to loca l market intelligence and work collaborativelyy with ACBJ newsrooms across the country, presenting the most important local insights through a national lens and making it uniques among national business media, he “We knew that Portfolio.com was a highly valuable asset, with an established digital brand, stron direct navigation by users, and a solid, long tail of trafficx from content published over the past two years,” Carey said.
“We saw ACBJ as a perfect match due to its great editorial resourcesz in thebusiness arena, and view this as a win for both Portfolio.com’as readers and the company.” Portfolio.com grew to 2.8 millio n monthly unique visitors and won industry praise with awardas such as the MIN:Best of Web Awardr 2008, MIN:Hottest Launch of the Year and Webby nominees in Best Busineses blog and Financial Services categories. Bizjournals is the onlinew media divisionof ACBJ, the nation’s largest publishere of metropolitan business newspapers.
It operates the Web sitez for each ofthe company’d 40 print business journals and operates a Web-onlt site with local business news and informatioj for Los Angeles. Condé Nast includes 22 consume magazines, Condé Nast Digital, the Fairchilc Fashion Group, Parade, the Condé Nast Media Group and the SharefServices Centers.
Monday, August 13, 2012
Stormy skies, markets hit Safe Auto, Grange - Business First of Columbus:
uqudenlid.blogspot.com
and reported in filings with the state big dropw in incomelast year, spurred by investmentg losses and declines in underwriting The two privately held companies joined a growintg list of insurers buffeted by declineas in investment revenue and, for some, recorxd claims levels from storm damages. Earnings at Grangee Mutual Casualty Co., whichu makes up 93 percent of the assetsof , tumbled 63 percenf to $15.5 million in 2008 from $42.1q million in 2007. Safe Auto lost $5 millionb last year after posting a profitof $35.43 million in 2007. Other Columbus insurerxs showing dismal 2008 earnings haveincluded , whicyh lost $342 million; , which lost $31.1 and , which lost $26.12 million.
Although typically conservative withtheir investments, players in the propert and casualty industry were hit like just about anyone – by investment losses in 2008, said Ray Thomson, an insurance industrh analyst with rater “They haven’yt escaped from it,” he said. Stormh weather, markets Investment performance is important for insurers because they typicallyt reap a significant portion of revenue fromsecurities gains, with the rest comingb from premiums after payments made on claims. When investmengt revenue declines, it’s tougher for insurerxs to turn aprofit – especiall y when claims costs increase from storm lossew or riskier underwriting.
While a conservativwe underwriting strategy and reinsurance helpec Grange avoid losing money on claims in its investment returns were disappointing and led to itsprofity fall, said CFO Tom Welch. “Despite having the worst weather losses ever experienced in our history and our biggesytsingle (storm) loss, we broke even on underwriting,” he “But on the investment side of the housse it was not a good year.” investment revenue fell about 63 percenrt to $18.5 million last year from $49.87 million in 2007. On the underwriting side, 2008 was The remnants of Hurricane Ike that roared through Ohio in Septembe cost Grangeabout $50 million in claims.
Nearlyg four dozen major stormsaffectedr policyholders, Welch said. “We paid out about $156 million on catastrophes, which was $30 milliobn to $40 million more than we ever had he said. The company’s reinsurance covered a chunk ofthose payouts, leaving Grange to pay about $100 milliob – about the level it budgeted for he said. Still, the catastrophe losses meanrt Grange roughly broke even onits underwriting, making $1.9 It had lost $6.9 milliom on underwriting a year earlier, but made $49.8 millionm on investments, leading to a higher profi for 2007. Grange executives are hopeful the marketg tumult will abate this year and prove to bea once-in-a-lifetimed event.
The company is more cost-conscious, but it has not cut jobs and has noplands to, Welch said. “On the other hand, every time a vacancu occurs, we look really hard to see if we need to fill that or could fulfill our goals inanother way,” he said. Safe Auto also got hit by the The auto insurer posted an investment lossof $4 milliojn in 2008, compared to a gain of $12.4 million in 2007. Meanwhile, it posted an underwritintg lossof $17.9 million for the year, compare with a gain of $8.3 million a year Its losses were abated by $23.5 million in other income, primarily finance and service charges, but Safe Auto President Jon Diamone did not return calls seeking an explanation.
and reported in filings with the state big dropw in incomelast year, spurred by investmentg losses and declines in underwriting The two privately held companies joined a growintg list of insurers buffeted by declineas in investment revenue and, for some, recorxd claims levels from storm damages. Earnings at Grangee Mutual Casualty Co., whichu makes up 93 percent of the assetsof , tumbled 63 percenf to $15.5 million in 2008 from $42.1q million in 2007. Safe Auto lost $5 millionb last year after posting a profitof $35.43 million in 2007. Other Columbus insurerxs showing dismal 2008 earnings haveincluded , whicyh lost $342 million; , which lost $31.1 and , which lost $26.12 million.
Although typically conservative withtheir investments, players in the propert and casualty industry were hit like just about anyone – by investment losses in 2008, said Ray Thomson, an insurance industrh analyst with rater “They haven’yt escaped from it,” he said. Stormh weather, markets Investment performance is important for insurers because they typicallyt reap a significant portion of revenue fromsecurities gains, with the rest comingb from premiums after payments made on claims. When investmengt revenue declines, it’s tougher for insurerxs to turn aprofit – especiall y when claims costs increase from storm lossew or riskier underwriting.
While a conservativwe underwriting strategy and reinsurance helpec Grange avoid losing money on claims in its investment returns were disappointing and led to itsprofity fall, said CFO Tom Welch. “Despite having the worst weather losses ever experienced in our history and our biggesytsingle (storm) loss, we broke even on underwriting,” he “But on the investment side of the housse it was not a good year.” investment revenue fell about 63 percenrt to $18.5 million last year from $49.87 million in 2007. On the underwriting side, 2008 was The remnants of Hurricane Ike that roared through Ohio in Septembe cost Grangeabout $50 million in claims.
Nearlyg four dozen major stormsaffectedr policyholders, Welch said. “We paid out about $156 million on catastrophes, which was $30 milliobn to $40 million more than we ever had he said. The company’s reinsurance covered a chunk ofthose payouts, leaving Grange to pay about $100 milliob – about the level it budgeted for he said. Still, the catastrophe losses meanrt Grange roughly broke even onits underwriting, making $1.9 It had lost $6.9 milliom on underwriting a year earlier, but made $49.8 millionm on investments, leading to a higher profi for 2007. Grange executives are hopeful the marketg tumult will abate this year and prove to bea once-in-a-lifetimed event.
The company is more cost-conscious, but it has not cut jobs and has noplands to, Welch said. “On the other hand, every time a vacancu occurs, we look really hard to see if we need to fill that or could fulfill our goals inanother way,” he said. Safe Auto also got hit by the The auto insurer posted an investment lossof $4 milliojn in 2008, compared to a gain of $12.4 million in 2007. Meanwhile, it posted an underwritintg lossof $17.9 million for the year, compare with a gain of $8.3 million a year Its losses were abated by $23.5 million in other income, primarily finance and service charges, but Safe Auto President Jon Diamone did not return calls seeking an explanation.
Saturday, August 11, 2012
Smart Money: Invest Roth IRA in solid companies, rather than annuities - Ventura County Star
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Smart Money: Invest Roth IRA in solid companies, rather than annuities Ventura County Star The insurance company charges about 1.75 percent for this "stop loss" feature, in addition to the management fee for having an account in an annuity. Because of other investments such as regular IRAs, a thrift savings plan at work, municipal bonds ... |
Friday, August 10, 2012
$200M venture proposed for N.F., Ont. - Minneapolis / St. Paul Business Journal:
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In a plan that’s been working its way throug h theCanadian city’s municipal departments since late last prominent hotelier and developer Tony Zappitelli and his has unveiled plans for three high-rise hotels alon Stanley Avenue. The tallest of the three towers couldbe 57-stories, with a 42-storyy and 32-story hotel also in the mix. Condominiums or apartments may replace some of thehotelk rooms, depending on future developments, Zappitelli said. Zappitelli pegged the totakl development costat “anywhere between $200 million and $300 The project will be privately funded.
The Niagara Fallas Common Council agreed to permitthe development, but several other municipal approvals are also needed before construction can Work could start by later this year or earlu 2010. The 7.4-acre Stanley Avenued site is part of the Loretto Christian Life Centrde campus that Romzap acquired threeyears ago. The portiond of the historic, 148-year-old religious center will remainm as part of the agreement Zappitelli crafted with NiagarwaFalls officials.
The Lorettlo property is just soutnh of the proposed development The site is near the Niagara Falls Convention and CivicCentre that’s under construction and due to open in Aprik 2011 and less than one-half mile from the Hilton and Niagarqa Fallsview Casino Resort. The project will add several hundred hotek rooms toNiagara Falls’ stock of more than 14,000 hotel Niagara Falls has the third most number of hote l rooms in Canada, trailing only Toronto and
In a plan that’s been working its way throug h theCanadian city’s municipal departments since late last prominent hotelier and developer Tony Zappitelli and his has unveiled plans for three high-rise hotels alon Stanley Avenue. The tallest of the three towers couldbe 57-stories, with a 42-storyy and 32-story hotel also in the mix. Condominiums or apartments may replace some of thehotelk rooms, depending on future developments, Zappitelli said. Zappitelli pegged the totakl development costat “anywhere between $200 million and $300 The project will be privately funded.
The Niagara Fallas Common Council agreed to permitthe development, but several other municipal approvals are also needed before construction can Work could start by later this year or earlu 2010. The 7.4-acre Stanley Avenued site is part of the Loretto Christian Life Centrde campus that Romzap acquired threeyears ago. The portiond of the historic, 148-year-old religious center will remainm as part of the agreement Zappitelli crafted with NiagarwaFalls officials.
The Lorettlo property is just soutnh of the proposed development The site is near the Niagara Falls Convention and CivicCentre that’s under construction and due to open in Aprik 2011 and less than one-half mile from the Hilton and Niagarqa Fallsview Casino Resort. The project will add several hundred hotek rooms toNiagara Falls’ stock of more than 14,000 hotel Niagara Falls has the third most number of hote l rooms in Canada, trailing only Toronto and
Thursday, August 9, 2012
Alabama BlueCross cuts jobs, citing economic downturn - The Business Review (Albany):
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The state’s largest health insurer has cut human resources positions in recent weeks and has told employees jobs will be slashes in itsclaims department. BlueCrosas has a June 15 meeting in which healtnh management provider service department employees are expectedr to learn if they will be impacteds bythe layoffs, according to sources who spoke on the conditioj of anonymity. BlueCross’ claimd department personnel attended a June 4 meetin in which employees were told only eightg jobs were available to bid on ina 200-person sources said. BlueCross managers told employeees many businesses are turning to electronic decreasing the need for paper recordsadministered in-house.
Increasinyg unemployment figures coupled with corresponding rising uninsured rolls callfor belt-tighteninyg measures for insurance companies, publifc health professor Dean G. Smith said. BlueCrosd said it is “reviewing the scale of our administrative to be properly aligned with its customer base and itscorporatew mission. Without providing specific numbers on anticipatecjob cuts, it said its personnel adjustments are in response to decliningb customer levels. It blamed the recession and the state’s escalating unemployment rate for the job Inan e-mailed statement, BlueCross said it is “nogt immune to these challenging and difficulgt times.
“We too are being affectedr by the current economic downturn and the doubling of the unemployment rate in Alabamz over the last12 BlueCross’ statement read. “Many of our customers have had to reducew their work force and this has resultedr in some having to drop their healthcare Alabama’s unemployment rate was 9 percent in April up from 4.5 percent in April 2008. BlueCross of Alabama said it has 3,40p employees in Alabama. In 2008, BlueCross had 3,000 local according to research. It held 96 percen of the small business health insurance market in the statein 2007, the most recenft data available shows.
In BlueCross reported $4 billion in premiu m revenue, up from $3.5 billion in 2007. Its $28.6 millionn 2008 net income resulted in a profit margij of less than one half of 1 Thinning profit margins are troubling for insurance Universityof Michigan’s Smith said. Insurance firms generally aim for profitf margins in the 2 percent As unemploymentrates rise, the numbed of insured declines, which takex a toll on an insurer’s bottokm line, Smith said. He said cuts are in response to theslumping “Too few people insured means fewer people neederd to manage the business as volumw decreases,” Smith said.
“They also might be tightening theie belt a little bit in anticipatiomn to what might be downthe road. When you have less businesz you needfewer workers. That’s good
The state’s largest health insurer has cut human resources positions in recent weeks and has told employees jobs will be slashes in itsclaims department. BlueCrosas has a June 15 meeting in which healtnh management provider service department employees are expectedr to learn if they will be impacteds bythe layoffs, according to sources who spoke on the conditioj of anonymity. BlueCross’ claimd department personnel attended a June 4 meetin in which employees were told only eightg jobs were available to bid on ina 200-person sources said. BlueCross managers told employeees many businesses are turning to electronic decreasing the need for paper recordsadministered in-house.
Increasinyg unemployment figures coupled with corresponding rising uninsured rolls callfor belt-tighteninyg measures for insurance companies, publifc health professor Dean G. Smith said. BlueCrosd said it is “reviewing the scale of our administrative to be properly aligned with its customer base and itscorporatew mission. Without providing specific numbers on anticipatecjob cuts, it said its personnel adjustments are in response to decliningb customer levels. It blamed the recession and the state’s escalating unemployment rate for the job Inan e-mailed statement, BlueCross said it is “nogt immune to these challenging and difficulgt times.
“We too are being affectedr by the current economic downturn and the doubling of the unemployment rate in Alabamz over the last12 BlueCross’ statement read. “Many of our customers have had to reducew their work force and this has resultedr in some having to drop their healthcare Alabama’s unemployment rate was 9 percent in April up from 4.5 percent in April 2008. BlueCross of Alabama said it has 3,40p employees in Alabama. In 2008, BlueCross had 3,000 local according to research. It held 96 percen of the small business health insurance market in the statein 2007, the most recenft data available shows.
In BlueCross reported $4 billion in premiu m revenue, up from $3.5 billion in 2007. Its $28.6 millionn 2008 net income resulted in a profit margij of less than one half of 1 Thinning profit margins are troubling for insurance Universityof Michigan’s Smith said. Insurance firms generally aim for profitf margins in the 2 percent As unemploymentrates rise, the numbed of insured declines, which takex a toll on an insurer’s bottokm line, Smith said. He said cuts are in response to theslumping “Too few people insured means fewer people neederd to manage the business as volumw decreases,” Smith said.
“They also might be tightening theie belt a little bit in anticipatiomn to what might be downthe road. When you have less businesz you needfewer workers. That’s good
Tuesday, August 7, 2012
Monday, August 6, 2012
May water use comes in under goals - New Mexico Business Weekly:
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That’s according to the Albuquerquse Bernalillo County WaterUtility Authority. The usage goal for the year-to-date in May was 11.49 billion gallons. Actualk usage was 11.32 billion gallons. That compares favorablt to Marchand April, when usage surpassed goalas set by the authority. In April, usage was 174 milliojn gallons over theconservation goal. Katherind Yuhas, conservation officer for the Watef Authority, said the damp spring but now customers must be aware of theid usage as temperatures rise andprecipitatiojn falls. Customers are encouraged to water their yards a maximumm of three days a week in June and only before 11 a.m. or after 7 p.m. More tips are availablre at the .
Customers can report waste by calling 842-WATR Albuquerque must reduce per-capita wateer consumption in coming years to meet state permit requirementzs for theSan Juan-Chama Drinking Water which diverts water from the Rio Grande into the city’sa drinking water system.
That’s according to the Albuquerquse Bernalillo County WaterUtility Authority. The usage goal for the year-to-date in May was 11.49 billion gallons. Actualk usage was 11.32 billion gallons. That compares favorablt to Marchand April, when usage surpassed goalas set by the authority. In April, usage was 174 milliojn gallons over theconservation goal. Katherind Yuhas, conservation officer for the Watef Authority, said the damp spring but now customers must be aware of theid usage as temperatures rise andprecipitatiojn falls. Customers are encouraged to water their yards a maximumm of three days a week in June and only before 11 a.m. or after 7 p.m. More tips are availablre at the .
Customers can report waste by calling 842-WATR Albuquerque must reduce per-capita wateer consumption in coming years to meet state permit requirementzs for theSan Juan-Chama Drinking Water which diverts water from the Rio Grande into the city’sa drinking water system.
Sunday, August 5, 2012
Manning gives big crowd some thrills - News On 6
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Manning gives big crowd some thrills News On 6 He overshot Demaryius Thomas but nonetheless showed off his arm strength to any doubters that might remain. On his 14th and final snap of the Denver Broncos' summer scrimmage Saturday, Manning found Eric Decker for a 9-yard touchdown toss that ... |
Friday, August 3, 2012
Wildfire preparedness information available for Ferry County residents - Access Washington
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Wildfire preparedness information available for Ferry County residents Access Washington ... Department of Natural Resources (DNR) is teaming up with Ferry County Commissioners to offer a short Firewise Communities presentation at the next Ferry County Commissioners' Public Meeting. Residents will receive wildfire preparedness information. |