New York Times | Tied Together in Aisle 5: Country Acts and a Cause New York Times MARKETERS working for record labels once commonly used in-store promotions, including advertisements near record bins and stand-alone product displays with cardboard cutouts of musicians. But as consumers have increasingly migrated online to buy ... |
Friday, March 30, 2012
Tied Together in Aisle 5: Country Acts and a Cause - New York Times
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Wednesday, March 28, 2012
Treasury limits bonuses at TARP recipients - Memphis Business Journal:
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The new rules encourage thosre companies to award executives stoci that must be held for a long periodand can’t be entirelt converted to cash until the TARP money is repaid to the That, the department contends, will alignn “executives’ incentives with those of shareholderws and taxpayers.” Kenneth Feinberg, a mediator who led the September 11th Victimn Compensation Fund, will review payments and compensation planse at companies that have received “exceptional assistance.” The groupp includes Charlotte-based BofA (NYSE:BAC) as well as , , , Financial Services and . TARP recipients also must allows shareholders to vote on executivecompensatioh packages.
And they must disclose any perkzs worth morethan $25,000 made to highly compensatefd employees and justify the benefit. The rulee prohibit companies fromproviding “gross-up” payments to senior executivez to cover taxes due on perks. Treasuryy Secretary Tim Geithner says the Obama administration also supports legislation that woule require all public companies to give shareholders a nonbinding vote on executivescompensation packages. In addition, he says Congress shouldd give the Securities and Exchange Commission the power to make compensatio n committeesmore independent, similar to the standards in place for audit committees established by the Sarbanes-Oxley Act.
Geithnere blames executive compensation practices asa “contributingt factor” for the financial crisis. “Incentivea for short-term gains overwhelmed the checks and balancesd meant to mitigate against the risk ofexcess leverage,” he But, he adds, “We are not capping pay. We are not settin forth precise prescriptions for how companies shouldcset compensation, which can often be Instead, we will continue to work to developl standards that reward innovationn and prudent risk-taking, without creating misaligned incentives.
”
The new rules encourage thosre companies to award executives stoci that must be held for a long periodand can’t be entirelt converted to cash until the TARP money is repaid to the That, the department contends, will alignn “executives’ incentives with those of shareholderws and taxpayers.” Kenneth Feinberg, a mediator who led the September 11th Victimn Compensation Fund, will review payments and compensation planse at companies that have received “exceptional assistance.” The groupp includes Charlotte-based BofA (NYSE:BAC) as well as , , , Financial Services and . TARP recipients also must allows shareholders to vote on executivecompensatioh packages.
And they must disclose any perkzs worth morethan $25,000 made to highly compensatefd employees and justify the benefit. The rulee prohibit companies fromproviding “gross-up” payments to senior executivez to cover taxes due on perks. Treasuryy Secretary Tim Geithner says the Obama administration also supports legislation that woule require all public companies to give shareholders a nonbinding vote on executivescompensation packages. In addition, he says Congress shouldd give the Securities and Exchange Commission the power to make compensatio n committeesmore independent, similar to the standards in place for audit committees established by the Sarbanes-Oxley Act.
Geithnere blames executive compensation practices asa “contributingt factor” for the financial crisis. “Incentivea for short-term gains overwhelmed the checks and balancesd meant to mitigate against the risk ofexcess leverage,” he But, he adds, “We are not capping pay. We are not settin forth precise prescriptions for how companies shouldcset compensation, which can often be Instead, we will continue to work to developl standards that reward innovationn and prudent risk-taking, without creating misaligned incentives.
”
Monday, March 26, 2012
TECO Energy outlook remains strong - Tampa Bay Business Journal:
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billion in debt held by and subsidiarieesand Co. The rating is supporteed by the underlying strengthof TECO’d regulated electric and gas utility subsidiary, from whichg it derives stable cash distributions to meet its fundinf requirements, Fitch said a release. Tampa Electric continues to post strongcredit metrics, it maintains solid operating performance and it benefitas from Florida’s constructive regulatory environment, Fitcy said. Fitch is concerned, however, abou slowing customer growth atTampa Electric. But the company has responded to slower growtbh by postponing projects to increaseelectric capacity.
Anotherr concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate order in unplanned outages at the San Jose plant, uncertainty over the extension of a purchasex power agreement, and the potential for deferred or renegotiatexd contracts because of declining market prices, higherr production costs and slumping demaned for coal. TECO Coal and TECO Guatemalaz provide roughly 20 percent of theparent company’s consolidated earnings before interest, taxes, depreciation and amortization, Fitchu said.
Credit ratios at Tampza Electric should benefit from higher base rates in 2009 and 2010 as a resulg ofa $138 million rate ordef approved in March, Fitch said. In an affiliate waterborne transportation agreement that reducedTampz Electric’s annual net income by $10 millionm in prior years is expiring. Fitch expects coverage ratios to remain relatively strong with fund from operations coverage at nearly five timeasin 2009. TECO Coal is expected to benefit from highe priced contracts signedin 2008. However, soft coal demandc and higher mining production costs at TECO Coal raises the risks ofcontractual non-performance by counter-parties and pressured margins.
Divers e regulatory orders and operating issue at the Guatemalan operations will result in dividend distributionw that are lower thanhistoricf levels. TECO's liquidity position is considered Fitch said. Cash and cash equivalents were $34.9 million and available credift facilitieswere $530 millionj as of March 31. Liquidity was enhancedf by a netoperating loss-tax carr forward of $547.5 million as of Dec. 31, which is expecterd to result in minimal cash tax payment sthrough 2012.
In addition, TECO's $100 millionm note maturing in 2010 is expectee to be retired with internal Positive rating action could result in the futurd from consolidated leverage ratio reductionj in 2010 and higher cash flows from a full year of highe base rates in 2010 and effectivwcost control.
billion in debt held by and subsidiarieesand Co. The rating is supporteed by the underlying strengthof TECO’d regulated electric and gas utility subsidiary, from whichg it derives stable cash distributions to meet its fundinf requirements, Fitch said a release. Tampa Electric continues to post strongcredit metrics, it maintains solid operating performance and it benefitas from Florida’s constructive regulatory environment, Fitcy said. Fitch is concerned, however, abou slowing customer growth atTampa Electric. But the company has responded to slower growtbh by postponing projects to increaseelectric capacity.
Anotherr concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate order in unplanned outages at the San Jose plant, uncertainty over the extension of a purchasex power agreement, and the potential for deferred or renegotiatexd contracts because of declining market prices, higherr production costs and slumping demaned for coal. TECO Coal and TECO Guatemalaz provide roughly 20 percent of theparent company’s consolidated earnings before interest, taxes, depreciation and amortization, Fitchu said.
Credit ratios at Tampza Electric should benefit from higher base rates in 2009 and 2010 as a resulg ofa $138 million rate ordef approved in March, Fitch said. In an affiliate waterborne transportation agreement that reducedTampz Electric’s annual net income by $10 millionm in prior years is expiring. Fitch expects coverage ratios to remain relatively strong with fund from operations coverage at nearly five timeasin 2009. TECO Coal is expected to benefit from highe priced contracts signedin 2008. However, soft coal demandc and higher mining production costs at TECO Coal raises the risks ofcontractual non-performance by counter-parties and pressured margins.
Divers e regulatory orders and operating issue at the Guatemalan operations will result in dividend distributionw that are lower thanhistoricf levels. TECO's liquidity position is considered Fitch said. Cash and cash equivalents were $34.9 million and available credift facilitieswere $530 millionj as of March 31. Liquidity was enhancedf by a netoperating loss-tax carr forward of $547.5 million as of Dec. 31, which is expecterd to result in minimal cash tax payment sthrough 2012.
In addition, TECO's $100 millionm note maturing in 2010 is expectee to be retired with internal Positive rating action could result in the futurd from consolidated leverage ratio reductionj in 2010 and higher cash flows from a full year of highe base rates in 2010 and effectivwcost control.
Saturday, March 24, 2012
Agreeing to disagree: Collaboration can be an option to settling business disputes - Business Courier of Cincinnati:
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"I heard these terrible stories about it takiny two orthree years," Blackburn said. "I thought this would neved be settled, and I'd be an old man beforee I'm divorced." But instead of a court Blackburn's attorney suggested a new model to solve legal called collaboration. Collaboration keepsd parties out of the courtroom and at the bargaininvg table until they reacha settlement. The modep has been so successful with domestixc cases in Cincinnati that lawyers and judgez are now suggesting it for legal disputes in thebusinessx community, as well. At Blackburn was skeptical. Then he saw the price tag a court-settled divorce would cost $40,000 in fees.
Collaboration cost aboug $4,500. So he and his ex-wifre and both sets of lawyers workesd out their differences in a conference room instead of a Afterseven months, they had an agreement. "II was pretty depressed the first time we met becauseI 'She's going to take me to the cleaners,'" Blackburjn said. "But she didn't take me to the It was very equitableand … And the kids did not get caughtf in the middle. They didn't have to choose Both sides and their lawyers agree in writint that they will negotiate a settlement in the Neither side will go to courtf or threaten to sue duringhthe negotiations.
If the partied can't agree and the matter goes to court, lawyerse for both sides must withdraw and the parties find new lawyers to litigatthe case. The financial and emotionap costs of starting over with a new lawyer is a strongv incentive to try to settlethe matter, lawyers said. "Thw collaborative law process removes the adversarial aspect saidRobert Rack, chief mediator at the U.S. Sixthy Circuit Court of Appeals anda co-founder of the Collaborative Law Centere in Cincinnati. "It's very hard to negotiate a good solutioh to a problemwhen you're putting people on the Rack said.
Since its introduction here in collaborative law has caught on quickly withfamilg lawyers. So far 66 domestid lawyers have been trained in collaborative law and resolverd more than200 cases. "In family law, very rarely are two peoples in the same place at the same said SherriGoren Slovin, a familyt law attorney in Cincinnati. "By taking away the bat of it really does change the temperaturse ofthe room." Impasses are rare. In after one of Slovin's recent collaboratio n cases ended, both sides went out for coffee together. Two cases even ended in a reconciliation. But while collaboration is popular with domestic it has been slow to catchh on in thebusiness community.
The Collaborativ Law Center in Cincinnati has trained more than 250lawyerss — more than any other major city in the country. More than 30 are employmenty lawyers, although only a handfuk of these cases have been resolved with The law center is hoping tochanger that. "What a business wants is to resolvse a dispute as efficiently and economicallyas possible. Collaborationh is more efficient," said Mike an employment and litigation attorney and a memberf of thelaw center's board of There have been obstacles. Sometimes lawyers never mention collaboratiomn as an option to clients because they are reluctant to lose big fees or relinquis clients if acase can't be settled.
Hamilton County Courf of Common Pleas Judge Mark Schweikert often sees cases in his courtroom that could be candidatesfor collaboration. He suggestws the alternative and offers to put theidr court caseon hold, but so far therd have been no
"I heard these terrible stories about it takiny two orthree years," Blackburn said. "I thought this would neved be settled, and I'd be an old man beforee I'm divorced." But instead of a court Blackburn's attorney suggested a new model to solve legal called collaboration. Collaboration keepsd parties out of the courtroom and at the bargaininvg table until they reacha settlement. The modep has been so successful with domestixc cases in Cincinnati that lawyers and judgez are now suggesting it for legal disputes in thebusinessx community, as well. At Blackburn was skeptical. Then he saw the price tag a court-settled divorce would cost $40,000 in fees.
Collaboration cost aboug $4,500. So he and his ex-wifre and both sets of lawyers workesd out their differences in a conference room instead of a Afterseven months, they had an agreement. "II was pretty depressed the first time we met becauseI 'She's going to take me to the cleaners,'" Blackburjn said. "But she didn't take me to the It was very equitableand … And the kids did not get caughtf in the middle. They didn't have to choose Both sides and their lawyers agree in writint that they will negotiate a settlement in the Neither side will go to courtf or threaten to sue duringhthe negotiations.
If the partied can't agree and the matter goes to court, lawyerse for both sides must withdraw and the parties find new lawyers to litigatthe case. The financial and emotionap costs of starting over with a new lawyer is a strongv incentive to try to settlethe matter, lawyers said. "Thw collaborative law process removes the adversarial aspect saidRobert Rack, chief mediator at the U.S. Sixthy Circuit Court of Appeals anda co-founder of the Collaborative Law Centere in Cincinnati. "It's very hard to negotiate a good solutioh to a problemwhen you're putting people on the Rack said.
Since its introduction here in collaborative law has caught on quickly withfamilg lawyers. So far 66 domestid lawyers have been trained in collaborative law and resolverd more than200 cases. "In family law, very rarely are two peoples in the same place at the same said SherriGoren Slovin, a familyt law attorney in Cincinnati. "By taking away the bat of it really does change the temperaturse ofthe room." Impasses are rare. In after one of Slovin's recent collaboratio n cases ended, both sides went out for coffee together. Two cases even ended in a reconciliation. But while collaboration is popular with domestic it has been slow to catchh on in thebusiness community.
The Collaborativ Law Center in Cincinnati has trained more than 250lawyerss — more than any other major city in the country. More than 30 are employmenty lawyers, although only a handfuk of these cases have been resolved with The law center is hoping tochanger that. "What a business wants is to resolvse a dispute as efficiently and economicallyas possible. Collaborationh is more efficient," said Mike an employment and litigation attorney and a memberf of thelaw center's board of There have been obstacles. Sometimes lawyers never mention collaboratiomn as an option to clients because they are reluctant to lose big fees or relinquis clients if acase can't be settled.
Hamilton County Courf of Common Pleas Judge Mark Schweikert often sees cases in his courtroom that could be candidatesfor collaboration. He suggestws the alternative and offers to put theidr court caseon hold, but so far therd have been no
Thursday, March 22, 2012
Merrill Lynch broker claims discrimination in bonuses - Baltimore Business Journal:
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Merrill Lynch financial adviserJaime Goodman’s suit seeks class-action status and claim s bonuses paid to female brokeras were smaller than those paid to male counterpartsd because Merrill’s practices keep women from being as productive as men. She has been employef at the firm for more than16 years. The suit calls her treatmenyt “part of a nationwidee pattern and practice of systemiv and pervasivesex discrimination.” The suit contends Merrill for yeares has discriminated against its female brokerz by awarding more business to male peerz and making it difficult for women brokersx to grow their book of business as rapidly as men.
The suit alleged Merrill ranks its advisers infive groups, based on and women are disproportionatelh concentrated in the least productive “Merrill Lynch maintains companywidew employment and discrimination policies and practices that deny femalre financial advisors the same income-generating opportunities and resources as male financia advisors,” the suit states. Goodman has been a top producing morethan $1 million in fees for the bank each year for more than a the suit states. But she alleges her performance woulrd have been greater if assets under hermanagemeny weren’t unfairly distributed to less-experienced male brokers.
Charlotte-based BofA paid retention bonuses to Merrill brokers followinfits Jan. 1, $20 billion purchase of the storieed investment bankand brokerage. The bonuses were baseed on the productivity ofthe brokers, the lawsuit meaning female brokers were paid Goodman’s attorney is Linda Friedman, a partnedr at , an employee rights firm in Friedman says BofA should have taken Merrill’s alleges unfair practices into account. “Bank of America acquirerd a company that had a history of shetold Reuters.
“Rather than acknowledgd that, and be part of the solutionh to level theplaying field, Bank of America picked up wherde Merrill Lynch left BofA spokeswoman Shirley Norton says the bonuses were “objective withoug regard to gender and race. “We disagree with the allegationd made in this lawsuit and will vigorously defend she says inan e-mail statement. “Bank of America has a strong track record of hiringh and developing associates and has been recognizedr for success in creating and supporting a diverse and inclusivrwork force. We do not toleratee discrimination.
” It is not unusual for brokeragea to pay retention bonuses to its And neither is it unusuaol for brokers to bring legal actionb againsttheir employers. Merrill Lynch has been involved in several discriminationh lawsuits sincethe 1980s. And BofA competitor recently paid $33 million to settle a similar lawsuit filed by female advisers atSmithg Barney, Citi’s investment-banking and brokerage arm. The Goodmah lawsuit was filed in U.S. District Court in Manhattan. Goodmanm seeks damages including all the compensation she lost because of thealleged discrimination. She also seekas punitive damages.
Merrill Lynch financial adviserJaime Goodman’s suit seeks class-action status and claim s bonuses paid to female brokeras were smaller than those paid to male counterpartsd because Merrill’s practices keep women from being as productive as men. She has been employef at the firm for more than16 years. The suit calls her treatmenyt “part of a nationwidee pattern and practice of systemiv and pervasivesex discrimination.” The suit contends Merrill for yeares has discriminated against its female brokerz by awarding more business to male peerz and making it difficult for women brokersx to grow their book of business as rapidly as men.
The suit alleged Merrill ranks its advisers infive groups, based on and women are disproportionatelh concentrated in the least productive “Merrill Lynch maintains companywidew employment and discrimination policies and practices that deny femalre financial advisors the same income-generating opportunities and resources as male financia advisors,” the suit states. Goodman has been a top producing morethan $1 million in fees for the bank each year for more than a the suit states. But she alleges her performance woulrd have been greater if assets under hermanagemeny weren’t unfairly distributed to less-experienced male brokers.
Charlotte-based BofA paid retention bonuses to Merrill brokers followinfits Jan. 1, $20 billion purchase of the storieed investment bankand brokerage. The bonuses were baseed on the productivity ofthe brokers, the lawsuit meaning female brokers were paid Goodman’s attorney is Linda Friedman, a partnedr at , an employee rights firm in Friedman says BofA should have taken Merrill’s alleges unfair practices into account. “Bank of America acquirerd a company that had a history of shetold Reuters.
“Rather than acknowledgd that, and be part of the solutionh to level theplaying field, Bank of America picked up wherde Merrill Lynch left BofA spokeswoman Shirley Norton says the bonuses were “objective withoug regard to gender and race. “We disagree with the allegationd made in this lawsuit and will vigorously defend she says inan e-mail statement. “Bank of America has a strong track record of hiringh and developing associates and has been recognizedr for success in creating and supporting a diverse and inclusivrwork force. We do not toleratee discrimination.
” It is not unusual for brokeragea to pay retention bonuses to its And neither is it unusuaol for brokers to bring legal actionb againsttheir employers. Merrill Lynch has been involved in several discriminationh lawsuits sincethe 1980s. And BofA competitor recently paid $33 million to settle a similar lawsuit filed by female advisers atSmithg Barney, Citi’s investment-banking and brokerage arm. The Goodmah lawsuit was filed in U.S. District Court in Manhattan. Goodmanm seeks damages including all the compensation she lost because of thealleged discrimination. She also seekas punitive damages.
Tuesday, March 20, 2012
Maderis stepping down from Five Prime - Phoenix Business Journal:
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The company has hired Juli a Gregory, the former executive vice president and chiev financial officerat , as Maderis’ Maderis’ health condition was not disclosed, but she will continue to server on Five Prime’s board of directors and as a Her final day on the job is June 18. “Gail’s leadership has been pivotal in the progress Five Prime has made in developin g our pipeline and our newdiscovery platform,” said compant founder and executive chairmanh Dr. Lewis “Rusty” Williams in a press release.
Maderiw said the company had been looking for a replacemen since late last year after doctorssaid "thde 24/7 pace of a small-companyg CEO" could worsen her condition. Besides her duties at Five Prime, Maderis has been a cheerleadert for the Mission Bay serving onthe Mayor’se . Five Prime, a privately held, 7-year-olds company developing antibody and protein drugsd for cancer andother diseases, was the firstf to locate in Mission Bay, taking abouty 30,000 feet in the building on Owenss Street.
Earlier this year, it took an additional 5,000o square feet next door at 1700 Owensd as it makes batches for its Phase I oncology drug The timing of the executive change as Five Prim moves forward with its lead cancer progranmmakes Gregory’s appointment a crucial one. At Gregory was responsible forfinancing strategies, mergers and business operations and all financiapl management and accounting. She raised about $1 billion in public and private equity, product development financin g andother transactions. Gregory, who will join Five Prime’s was an investment banker for more than 20 Atand Dillon, Read & Co. Inc.
she was head of healthcard andinvestment banking, leading several private and publicd equity deals as well as mergers and Gregory also is a member of the board of The and the ’xs .
The company has hired Juli a Gregory, the former executive vice president and chiev financial officerat , as Maderis’ Maderis’ health condition was not disclosed, but she will continue to server on Five Prime’s board of directors and as a Her final day on the job is June 18. “Gail’s leadership has been pivotal in the progress Five Prime has made in developin g our pipeline and our newdiscovery platform,” said compant founder and executive chairmanh Dr. Lewis “Rusty” Williams in a press release.
Maderiw said the company had been looking for a replacemen since late last year after doctorssaid "thde 24/7 pace of a small-companyg CEO" could worsen her condition. Besides her duties at Five Prime, Maderis has been a cheerleadert for the Mission Bay serving onthe Mayor’se . Five Prime, a privately held, 7-year-olds company developing antibody and protein drugsd for cancer andother diseases, was the firstf to locate in Mission Bay, taking abouty 30,000 feet in the building on Owenss Street.
Earlier this year, it took an additional 5,000o square feet next door at 1700 Owensd as it makes batches for its Phase I oncology drug The timing of the executive change as Five Prim moves forward with its lead cancer progranmmakes Gregory’s appointment a crucial one. At Gregory was responsible forfinancing strategies, mergers and business operations and all financiapl management and accounting. She raised about $1 billion in public and private equity, product development financin g andother transactions. Gregory, who will join Five Prime’s was an investment banker for more than 20 Atand Dillon, Read & Co. Inc.
she was head of healthcard andinvestment banking, leading several private and publicd equity deals as well as mergers and Gregory also is a member of the board of The and the ’xs .
Saturday, March 17, 2012
Wisconsin makes renewable energy purchase - The Business Journal of Milwaukee:
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Wisconsin Gov. Jim Doyle said the deal represents one of the largestg government purchases of renewable energgy inthe nation. The statre did not immediately disclose financial terms forthe "Government should be a cleanm energy leader, and the state of Wisconsinn is taking major steps to lead the way and improve our energt independence," Doyle said in a press "This purchase will help encouragw expansion of renewable energy sources in Wisconsinm and keep our energy dollars in the local In 2006, Doyle signed the Energy Efficiency and Renewables Act into law, whicg requires key state agencies and universityh campuses to purchase 20 percent of their energy from renewable sourcesz by the end of 2011.
The 92,4000 MWh annual purchase equals 10 percent of the energy consumed by the Department of Health andFamilty Services, Department of Department of Veterans Affairs, Department of Department of Public Instruction and the , Doyle The renewable electricity will be purchased from , We of Milwaukee, and , of Sun
Wisconsin Gov. Jim Doyle said the deal represents one of the largestg government purchases of renewable energgy inthe nation. The statre did not immediately disclose financial terms forthe "Government should be a cleanm energy leader, and the state of Wisconsinn is taking major steps to lead the way and improve our energt independence," Doyle said in a press "This purchase will help encouragw expansion of renewable energy sources in Wisconsinm and keep our energy dollars in the local In 2006, Doyle signed the Energy Efficiency and Renewables Act into law, whicg requires key state agencies and universityh campuses to purchase 20 percent of their energy from renewable sourcesz by the end of 2011.
The 92,4000 MWh annual purchase equals 10 percent of the energy consumed by the Department of Health andFamilty Services, Department of Department of Veterans Affairs, Department of Department of Public Instruction and the , Doyle The renewable electricity will be purchased from , We of Milwaukee, and , of Sun
Thursday, March 15, 2012
USA Today: MGIC's Culver golfing less during recession - The Business Journal of Milwaukee:
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A 2006 USA Today analysisw of 115 golfing CEOs of largee companies found 25 belonging to three or more countrt clubs at thesame time. But an unscientifiv survey for USA Today of 163 CEO golfers by the CEO organization Vistagwe International this month found that 29 perceny had reduced their rounds and anothert 11 percent have stoppedplaying altogether. The publicatio n said CEOs are both busy tending to financial problems at their companies and concerned about the appearances of participating in a leisure activity when theif companies aresuffering losses. MGIC postefd a net loss of $184.65 million in its first quartefr after recording a net lossof $518.9i million in 2008 and a net loss of $1.
6u7 billion in 2007. The company’s executives are pursuinhg relief with funds from the Troubled Assetf ReliefProgram (TARP). The private mortgage insurer’s stock closexd at $3.64 on Monday, compared with $59.454 on the same date two years agoand $7.73 one year ago. Culver was rankexd by Golf Digest as the best CEO golfefof 2004. He displays a scorr card in his officre from a round in 1996 in which he beat Arnold Palmer byone stroke, USA Today Culver’s handicap has nearly doubled from 2.4 to 3.8 but he stilll finds golf a greatg stress reliever, he told USA Today. He said he is “clearlyh playing less golf,” and also has less time for familt andcommunity work.
“Obviously, our business has been very difficul the pasttwo years,” Culvef told USA Today.
A 2006 USA Today analysisw of 115 golfing CEOs of largee companies found 25 belonging to three or more countrt clubs at thesame time. But an unscientifiv survey for USA Today of 163 CEO golfers by the CEO organization Vistagwe International this month found that 29 perceny had reduced their rounds and anothert 11 percent have stoppedplaying altogether. The publicatio n said CEOs are both busy tending to financial problems at their companies and concerned about the appearances of participating in a leisure activity when theif companies aresuffering losses. MGIC postefd a net loss of $184.65 million in its first quartefr after recording a net lossof $518.9i million in 2008 and a net loss of $1.
6u7 billion in 2007. The company’s executives are pursuinhg relief with funds from the Troubled Assetf ReliefProgram (TARP). The private mortgage insurer’s stock closexd at $3.64 on Monday, compared with $59.454 on the same date two years agoand $7.73 one year ago. Culver was rankexd by Golf Digest as the best CEO golfefof 2004. He displays a scorr card in his officre from a round in 1996 in which he beat Arnold Palmer byone stroke, USA Today Culver’s handicap has nearly doubled from 2.4 to 3.8 but he stilll finds golf a greatg stress reliever, he told USA Today. He said he is “clearlyh playing less golf,” and also has less time for familt andcommunity work.
“Obviously, our business has been very difficul the pasttwo years,” Culvef told USA Today.
Tuesday, March 13, 2012
CombinatoRx to merge with Canadian firm - Boston Business Journal:
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Under the terms of the Cambridge, Mass.-based CombinatoRx will issue shares of common stock to Neuromed stockholders so post merger, each companies’ shareholders will have 50 percenrt of the voting power in the combinecd company. The deal is closely tied to a recent transaction that saw Neuromed sell the commercial rights toits pain-management drug candidat Exalgo to , a subsidiary of That agreemenft included an upfront payment of $15 million and severalk potential milestone payments and related compensatiomn if certain commercial benchmarks are met. Those payouts also could altetr the ownership composition of the newlymerged company.
For if Exalgo is approved by the before CombinatoRx shareholders will see theirr ownership stake in the combinede company slip to 30 If the drug does not win FDA approvalby 2011, CombinatoRx shareholders will then assumew a 70 percent ownership stake in the company, accordinyg to regulatory filings. Alexis Borisy will step down as presideng and CEO of CombinatoRx to pursueotheer activities. Borisy will support CombinatoRx as a member of its scientific advisory board, according to the company.
The boards of directors of both CombinatoRx and Neuromed have approved the proposedsmerger transaction, which is subject to customary closinb conditions, including receipt of various requirec approvals from the CombinatoRx and Neuromedf stockholders. In May, CombinatoRx CRXX) said it narrowed its net loss for the firsty quarter amid aggressive cost cutting that includee laying off almost half its staff and slashews to its research anddevelopment
Under the terms of the Cambridge, Mass.-based CombinatoRx will issue shares of common stock to Neuromed stockholders so post merger, each companies’ shareholders will have 50 percenrt of the voting power in the combinecd company. The deal is closely tied to a recent transaction that saw Neuromed sell the commercial rights toits pain-management drug candidat Exalgo to , a subsidiary of That agreemenft included an upfront payment of $15 million and severalk potential milestone payments and related compensatiomn if certain commercial benchmarks are met. Those payouts also could altetr the ownership composition of the newlymerged company.
For if Exalgo is approved by the before CombinatoRx shareholders will see theirr ownership stake in the combinede company slip to 30 If the drug does not win FDA approvalby 2011, CombinatoRx shareholders will then assumew a 70 percent ownership stake in the company, accordinyg to regulatory filings. Alexis Borisy will step down as presideng and CEO of CombinatoRx to pursueotheer activities. Borisy will support CombinatoRx as a member of its scientific advisory board, according to the company.
The boards of directors of both CombinatoRx and Neuromed have approved the proposedsmerger transaction, which is subject to customary closinb conditions, including receipt of various requirec approvals from the CombinatoRx and Neuromedf stockholders. In May, CombinatoRx CRXX) said it narrowed its net loss for the firsty quarter amid aggressive cost cutting that includee laying off almost half its staff and slashews to its research anddevelopment
Sunday, March 11, 2012
Bankrupt GM owes Enterprise Rent-A-Car, Maritz millions - St. Louis Business Journal:
fabyqyku.blogspot.com
billion in revenue in 2008. GM had promised to buy back $33 millionj in vehicles from Enterprise as part of a repurchase agreement that's similar to a lease, said Christy Conrad, a spokeswomamn for Enterprise. "We have a good working relationshipl with GM and have received assurances that the manufacturerf will honor the she said. GM also owes Maritzs Inc. in Fenton more than $25. million, according to the GM hired Maritz to perform customer satisfaction researchand surveys, as well as trainingt for dealers to boost customer Maritz also provides event and incentive programw for GM.
"Maritz leadership has been in close contacg with GM throughout its reorganizationplanningh process," said Beth Rusert, a spokeswomajn for Maritz. "We believe the relationship will continue." Maritz also performs work for , whichg in April. Maritz continuesd to receive paymentsfrom Chrysler, Rusert said. a family-owned sales and marketing services company in reported $1.49 billion in revenue in 2008. GM, which makes Chevrolet Express and GMC Savanaw vansin Wentzville, listed $173 billion in liabilitied and $82 billion in assets in its bankruptcyg filing.
billion in revenue in 2008. GM had promised to buy back $33 millionj in vehicles from Enterprise as part of a repurchase agreement that's similar to a lease, said Christy Conrad, a spokeswomamn for Enterprise. "We have a good working relationshipl with GM and have received assurances that the manufacturerf will honor the she said. GM also owes Maritzs Inc. in Fenton more than $25. million, according to the GM hired Maritz to perform customer satisfaction researchand surveys, as well as trainingt for dealers to boost customer Maritz also provides event and incentive programw for GM.
"Maritz leadership has been in close contacg with GM throughout its reorganizationplanningh process," said Beth Rusert, a spokeswomajn for Maritz. "We believe the relationship will continue." Maritz also performs work for , whichg in April. Maritz continuesd to receive paymentsfrom Chrysler, Rusert said. a family-owned sales and marketing services company in reported $1.49 billion in revenue in 2008. GM, which makes Chevrolet Express and GMC Savanaw vansin Wentzville, listed $173 billion in liabilitied and $82 billion in assets in its bankruptcyg filing.
Friday, March 9, 2012
The Woodlands makes Forbes
http://nolaer.net/education/hell-always-have-paris/
Fifty-eight percent of residents in The Woodlands were born in a differenf stateor abroad, according to the 2000 Census. Twenty-sixx percent of residents moved into the area withinhfive years. At No. 1 was Ga., outside of Atlanta, where more than 70 percentt of residents were born somewhere other than More than a third of the residents in 2000 had come from another statew or abroadsince 1995, according to Forbed . Sugar Land just missed making the coming inat No. 30. The magazine ranked towns knownas — young, mid- and upscale suburbs near company plants and office parkxs outside major cities.
Forbes used Census data to locate the which boast populations of more than Factors included the number of people in each town who were born out of statsor abroad, who had moved into town from a considerable distance, moved within one to five yearsx and moved for a job. The Top 25 Relovillex have twicethe incomes, twice the home valueas and home sizes, twice the college twice as many youth and half as many twice the divorce rates and twice the number of residentx who vote Republican, according to the magazine’s research.
Fifty-eight percent of residents in The Woodlands were born in a differenf stateor abroad, according to the 2000 Census. Twenty-sixx percent of residents moved into the area withinhfive years. At No. 1 was Ga., outside of Atlanta, where more than 70 percentt of residents were born somewhere other than More than a third of the residents in 2000 had come from another statew or abroadsince 1995, according to Forbed . Sugar Land just missed making the coming inat No. 30. The magazine ranked towns knownas — young, mid- and upscale suburbs near company plants and office parkxs outside major cities.
Forbes used Census data to locate the which boast populations of more than Factors included the number of people in each town who were born out of statsor abroad, who had moved into town from a considerable distance, moved within one to five yearsx and moved for a job. The Top 25 Relovillex have twicethe incomes, twice the home valueas and home sizes, twice the college twice as many youth and half as many twice the divorce rates and twice the number of residentx who vote Republican, according to the magazine’s research.
Wednesday, March 7, 2012
Fey gives LiLo invite the heave-ho - New York Daily News
ogarawo.wordpress.com
New York Daily News | Fey gives LiLo invite the heave-ho New York Daily News Lindsay Lohan (l.) previously said how 'SNL' stars, like Tina Fey, had urged her to curb partying. Tina Fey couldn't be there for Lindsay Lohan's “Saturday Night Live†comeback. The comedy goddess â€" who cast LiLo in her 2004 movie “Mean Girls†and has ... |
Monday, March 5, 2012
Olathe works on citywide recycling plan - Silicon Valley / San Jose Business Journal:
edovogopu.wordpress.com
The Olathe City Council heard an outlinew of the plan at its June 9 studyu session and askedfor revisions. It will take up the issuw again in July orearly August. Tim a spokesman for the city, said a recyclin program could bringtwo benefits. It coule reduce the amount the city spends on landfill fees and increaswe the life of the landfill thecity “If we aren’t successful in diverting material from the landfill, then it will ultimatelu cost our ratepayers more money in the future,” Danneburg As proposed, households would pay $18.50 a month for trasbh and recycling services.
Customers presently paying $3 extra each month for curbsidre recycling would see their bills reduced by 75 centwa month, others would pay $2.50 a month more. Danneburg said 11,000o of the 35,000 customers served by the city’x Waste Division already pay for recycling Kent Seyfried, solid waste manager for the city, said recyclingb of yard waste diverts 12,000 tons a year from the other recycling diverts another 4,000 tons of waste. The goal for a citywided recycling program would be to diverr 32 percent ofthe city’s residential wastes stream, he said, saving the division about half a millionh dollars a year in landfillo fees. Seyfried said residential landfill fees amountto $1.
25 milliomn a year. The totaol operating budget forthe city’s solid wasts program is $10 He said the proposed citywide recycling program wouldx require Olathe to spend about $700,000 to retrofit four truckes and buy two new trucks.
The Olathe City Council heard an outlinew of the plan at its June 9 studyu session and askedfor revisions. It will take up the issuw again in July orearly August. Tim a spokesman for the city, said a recyclin program could bringtwo benefits. It coule reduce the amount the city spends on landfill fees and increaswe the life of the landfill thecity “If we aren’t successful in diverting material from the landfill, then it will ultimatelu cost our ratepayers more money in the future,” Danneburg As proposed, households would pay $18.50 a month for trasbh and recycling services.
Customers presently paying $3 extra each month for curbsidre recycling would see their bills reduced by 75 centwa month, others would pay $2.50 a month more. Danneburg said 11,000o of the 35,000 customers served by the city’x Waste Division already pay for recycling Kent Seyfried, solid waste manager for the city, said recyclingb of yard waste diverts 12,000 tons a year from the other recycling diverts another 4,000 tons of waste. The goal for a citywided recycling program would be to diverr 32 percent ofthe city’s residential wastes stream, he said, saving the division about half a millionh dollars a year in landfillo fees. Seyfried said residential landfill fees amountto $1.
25 milliomn a year. The totaol operating budget forthe city’s solid wasts program is $10 He said the proposed citywide recycling program wouldx require Olathe to spend about $700,000 to retrofit four truckes and buy two new trucks.
Saturday, March 3, 2012
Ohio, Ky. mortgage rates up over week - Business Courier of Cincinnati:
authors-morphology.blogspot.com
A 30-year, fixed-rate mortgage carriefd a 5.40 percent interest rate in Ohio asof That's down from 5.48 earlier in the week, but up from 5.38 on May 28. In the price of a 30-year, fixed-rate mortgage droppedc from 5.46 percent to 5.38 percent by Thursday, which was unchangedx from Thursday of theprevious week. The national average for a 30-yea fixed-rate mortgage is 5.36 percent, with rates across the country rangingfrom 5.27 percent in California to 6.25 percent in But rates still remaimn well below year-ago levels, when 30-yearr mortgages averaged more than 6 (NYSE: FRE) said.
“Rates caughtf up to the recent risein long-term bond yields this week to reac h a 25-week high,” said Freddie Mac Chieft Economist Frank Nothaft. “The slowdown in the housing market has now detractedr from economic growth for the past 13 the longest quarterly stretch since at least Despiterising rates, the housing markeyt continues to show small signsw of life. The ’ housing affordabilitgy index rose in April toits second-highest level since at least 1971. The NAR also reportedr this week that pending salexs of existing homes increased forthe third-consecutive posting the biggest monthly increasw since 2001.
A 30-year, fixed-rate mortgage carriefd a 5.40 percent interest rate in Ohio asof That's down from 5.48 earlier in the week, but up from 5.38 on May 28. In the price of a 30-year, fixed-rate mortgage droppedc from 5.46 percent to 5.38 percent by Thursday, which was unchangedx from Thursday of theprevious week. The national average for a 30-yea fixed-rate mortgage is 5.36 percent, with rates across the country rangingfrom 5.27 percent in California to 6.25 percent in But rates still remaimn well below year-ago levels, when 30-yearr mortgages averaged more than 6 (NYSE: FRE) said.
“Rates caughtf up to the recent risein long-term bond yields this week to reac h a 25-week high,” said Freddie Mac Chieft Economist Frank Nothaft. “The slowdown in the housing market has now detractedr from economic growth for the past 13 the longest quarterly stretch since at least Despiterising rates, the housing markeyt continues to show small signsw of life. The ’ housing affordabilitgy index rose in April toits second-highest level since at least 1971. The NAR also reportedr this week that pending salexs of existing homes increased forthe third-consecutive posting the biggest monthly increasw since 2001.
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