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U.S. Bankruptcy Judge Carl chief of the Western District ofNew York, orderedd bids for the downtown Buffalo landmark be submittedc by July 9, with an auction to be held on July 14 but only if two or more bids are Bucki will consider the bids and auction resultsz during a July 21 sale hearing and status report. The auction coulr seal the fate of the Statler and ultimately removew LLC andits principal, British investort Bashar Issa, from owning the Issa is facing legal and financial issuex both in Buffalo and Manchester, England. Bucki said he expectzs the transaction to be completed by the endof July.
The auctio was disputed in a last minute filing made late Wednesdayy morning by attorneysrepresenting Issa’s Mohmoud Al Issa, who holds a $4.5 millio n mortgage on the property. Mohmoud Al Issa, a Jordanb resident and businessman, was not “We don’t disagree that the property needx tobe sold, but not done so in such a hurr up manor,” argued Mohmoud Al Issa’sa attorney, Raymond Fink, a partner in . “Ths question is whether this is the best way todo it. This is a hurruy up and a ‘Hail Mary.’ “ Fink allegedr that the elder Issa has invested morethan $12 million in Statler-relatedd expenses during the past three years.
“My cliengt has more at stak in this venture than any other Fink said. But, with debtx mounting and its tenant roll dwindling and revenuesources shrinking, attorneys representing the court-appointed trustee, said the sale is necessary to stabilizee the Statler. “It wasn’t the trustee who failed to adequatelu capitalizethis building,” said Garruy Graber, a partner with . Graber said when Bashar Issa bought the Statler threeyears ago, the nearly 600,000-square-foot building was more than 50 percent Today, it has less than a 20 percent occupancy rate and lost an ancho r tenant, the law firm of , who left for Main Placde Tower because of the building’s uncertain ownership and future.
The according to previous cour testimony, is losing more than $80,000 a month. BSC Development Buffalk LLC has mounting debts including owin g the City of Buffalo and Erie County morethan $200,000 in unpaid property taxes with another $200,000 due on June 30. Graber said to hire a professionalk auctioneer to market the Statler wouldcost $45,000o – money the Statler does not have in its bank “We don’t disagree that this is a ‘Hai Mary’,” Graber said. “That’s exactly what it is. This is aboutt economics, not anything else. Bashar Issa can’t finance the buildingt and hisfather doesn’t want to.
” Severa groups have expressed an interest in the Statler includingh Long Island developer Uri who is considering making a bid and convertinbg the bulk of the building into apartments. The building’s anchor tenant, Park Lane Catering, would remain and continue with itsbusinesws operations. The Park Lane has more than 200 eventas booked in the Statler in the coming monthsand years. It remains in full operation. Wednesday morning, it also filexd a $1.29 million claim against BSC Development Buffalo LLC. “The Park Lane is one of the last tenantesleft standing,” said David Pfalzgraf Jr.
, the Park Lane’s “They are very concerned, every day, about the The auction is the latest in a long seriews of legal proceedings againstr BSC Development Buffalo LLC and againstg Issa, both in Buffalo and Manchester. The Buffaloo proceedings began last November by Park Lane which alleges it lost morethan $1 millionn in bookings because of the building’s physical shaps and uncertain future.
Issa had pledged to inves t morethan $100 millionj in the Statler and returninvg it to its showplace statuse by bringing in a 150-rooj hotel and converting the upper floors into upscale Issa had also announced plans to construcrt a 40-story tower at the corner of West Mohawk Street and South Elmwood Avenue. Only a minimal portion of the renovationxs evertook place. No work has taken place in the Statler sinceApril 2008. The towert property was sold last summerfor $2.5 Issa has not been in Buffalo in more than 18 months allegedlh because of visa problems.
This wintedr he was found in contempt of court by Stat Supreme Court Justice John Curranj in relation to the Park LaneCaterinbg litigation. Creditors, including the Park Lane, petitionede federal courts to place the Statleer into involuntary Chapter11 protection. Bucki agreefd and placed the Chapter 11 protectionj on the building onApril 13. New York City attorney Josephb Leon, who represents Bashar Issa, said his client is “beinbg portrayed as a bad actor of some Leon said Issainvested $8 million in renovationa to the Statler. “I walked through there and expecter to see exposed dry wall andhangingf wires, but I didn’t,” Leon said.
“Mt client was sabotaged by the economy. When you peel back all the what you have is an economically challenged owner.” Following Bucki’s ruling - which came afterd a 2.5 hour-long hearing - the judg e said he made his decisioh “based solely on the facts.” “Thd trustee’s concerns are Bucki said. Fink said he was not surprise d but disappointed bythe ruling. Both Pfalzgraf and Graber, however, applauded the decision. “We thino this was the right outcome,” Graber said.
Thursday, December 29, 2011
Tuesday, December 27, 2011
Arena Stage boosts Crystal City food scene, for now - Washington Business Journal:
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But one big question What will happen after the curtain fallswon Arena’s three-year stint in Crystalk City? Since Arena debuter its first performance in Arlington last December, salexs at Crystal City restaurants have jumped about 10 percent compare d to the same period last year, according to a surveu by the Crystal City Business Improvement District. Jale Crystal City has seen between a 15 and 20 percenr increasein business, said Roberg Hall, general manager, adding that othedr factors, such as the growing popularithy of celebrity chef and Jaleo founder Jose could have contributed as well.
“I thinkk in the beginning there may have been some andthat Arena-goers may not have thoughr there were a lot of great restaurantt options around there,” Hall said. “But they’re realizing there are high-caliber places that are typicallhy alittle upscale, for someone who doesn’r necessarily want to settlre for Potbelly’s before a Arena moved to its new, temporary 460-seart quarters at 1800 S. Bell St. while its Southwes D.C. waterfront headquarters undergoes anearly $125 million renovation that will give it three theaters with 1,390 The theater company presenteds four shows before its seasoh ended in July.
“I think it was a huge mystery, how it woulr turn out,” said Molly Smith, Arena’s artistidc director. “But by all accounts it’s been a greay success.” Smith said Arena had expected to lose aroun d 10 percent of its undisclosed subscriber base but lostonly 1.3 It also attracted plenty of newcomers, addinfg more than 5,000 new accounts which can be anyone from a subscribee to a single-ticket purchaser — in the firstt two months in Crystak City. “We’ve also found our demographicw have changedslightly — more people from Virginia, and more people who are outsidde Maryland, Virginia and D.C.
,” Smith In the upcoming season, Arena will perform six showx in Crystal City and four in the on U Streeg NW. “We’re hoping to do for U Street what we’ve done for Crystalp City,” she said. Jaleo and other area such as McCormick & Schmick’s and Bebo Trattoria, have been offering promotiones for theatergoers and some havehosted theater-related Jaleo co-sponsored the Critics Association’s June conference dinnet and has a pre-theatre menu; McCormick’s give s 15 percent off to those who show a The Crystal City BID is urging Arenaa to continue to do at least one show a year in Crystapl City after its new space is finished in but Arena has yet to Smith said she is open to the idea but also hopew the revitalized theater, formerly a theater, could providwe a home for a new company.
Angela Fox, president and chiet executive officer ofthe BID, said the BID has had discussionsd with other performing arts groups about taking over the space when Arena leaves. She wouldn’t say who is interestecd but noted the BID woulfd like to seeanother big-name performinv group with a following whoses subscribers would be happy to relocate. lost its home on Capitok Hill this year, but is relocatintg to the on H Street NE and plans to stay there for the near artistic director ScottFortier said.
will becomed homeless when Clark Street Playhouse just north of Crystal City is eventuallgytorn down, but artistic director Chris Henleyg said the group is more interested in Rosslyn’s former which is slated to become a performing arts has been temporarily performing on ’s campus and will announcs more permanent plans after it finishes up its season this month. It’s possible Arlington theaters which have spacwe now might chooseto relocate. Synetic Theater is housedc in the 387-seat Rosslyn Spectrum, and it also has a five-year partnership with the that endsin 2010.
But one big question What will happen after the curtain fallswon Arena’s three-year stint in Crystalk City? Since Arena debuter its first performance in Arlington last December, salexs at Crystal City restaurants have jumped about 10 percent compare d to the same period last year, according to a surveu by the Crystal City Business Improvement District. Jale Crystal City has seen between a 15 and 20 percenr increasein business, said Roberg Hall, general manager, adding that othedr factors, such as the growing popularithy of celebrity chef and Jaleo founder Jose could have contributed as well.
“I thinkk in the beginning there may have been some andthat Arena-goers may not have thoughr there were a lot of great restaurantt options around there,” Hall said. “But they’re realizing there are high-caliber places that are typicallhy alittle upscale, for someone who doesn’r necessarily want to settlre for Potbelly’s before a Arena moved to its new, temporary 460-seart quarters at 1800 S. Bell St. while its Southwes D.C. waterfront headquarters undergoes anearly $125 million renovation that will give it three theaters with 1,390 The theater company presenteds four shows before its seasoh ended in July.
“I think it was a huge mystery, how it woulr turn out,” said Molly Smith, Arena’s artistidc director. “But by all accounts it’s been a greay success.” Smith said Arena had expected to lose aroun d 10 percent of its undisclosed subscriber base but lostonly 1.3 It also attracted plenty of newcomers, addinfg more than 5,000 new accounts which can be anyone from a subscribee to a single-ticket purchaser — in the firstt two months in Crystak City. “We’ve also found our demographicw have changedslightly — more people from Virginia, and more people who are outsidde Maryland, Virginia and D.C.
,” Smith In the upcoming season, Arena will perform six showx in Crystal City and four in the on U Streeg NW. “We’re hoping to do for U Street what we’ve done for Crystalp City,” she said. Jaleo and other area such as McCormick & Schmick’s and Bebo Trattoria, have been offering promotiones for theatergoers and some havehosted theater-related Jaleo co-sponsored the Critics Association’s June conference dinnet and has a pre-theatre menu; McCormick’s give s 15 percent off to those who show a The Crystal City BID is urging Arenaa to continue to do at least one show a year in Crystapl City after its new space is finished in but Arena has yet to Smith said she is open to the idea but also hopew the revitalized theater, formerly a theater, could providwe a home for a new company.
Angela Fox, president and chiet executive officer ofthe BID, said the BID has had discussionsd with other performing arts groups about taking over the space when Arena leaves. She wouldn’t say who is interestecd but noted the BID woulfd like to seeanother big-name performinv group with a following whoses subscribers would be happy to relocate. lost its home on Capitok Hill this year, but is relocatintg to the on H Street NE and plans to stay there for the near artistic director ScottFortier said.
will becomed homeless when Clark Street Playhouse just north of Crystal City is eventuallgytorn down, but artistic director Chris Henleyg said the group is more interested in Rosslyn’s former which is slated to become a performing arts has been temporarily performing on ’s campus and will announcs more permanent plans after it finishes up its season this month. It’s possible Arlington theaters which have spacwe now might chooseto relocate. Synetic Theater is housedc in the 387-seat Rosslyn Spectrum, and it also has a five-year partnership with the that endsin 2010.
Sunday, December 25, 2011
Fred Weber wins $4M Mississippi River Bridge contract - Dallas Business Journal:
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awarded Fred Weber a $4.44 million contract Wednesday to remove and replacde the Madison Streetand St. Louiw Avenue bridges over Interstate 70 indowntowjn St. Louis. The majority of work on this projecf will start afterHighway 40/Interstate 64 reopenzs between Kingshighway and Interstate 170. Crews will removwe the St. Louis Avenue bridge firstr and then remove and replace the MadisonStreeyt bridge. During work to remove the MadisonnStreet bridge, crews will also remove the Cass Avenuer bridge in preparation for replacing that bridgew later in 2010. This work is part of preliminarhy work on a new Mississippirivetr bridge, which is expected to reduce congestion on the Poplarf Street Bridge.
Maryland Heights, Mo.-baseds Fred Weber is one of the largest privatel held companiesin St. Loui s with $353.3 million in revenue in 2008. The commercialo construction firm is also working onthe $245 millionh reconstruction of AmerenUE’s Taum Sauk Reservoie in Johnson’s Shut-Ins state park and is part of Gatewa Constructors, the consortium of contractors performing $535 millionb worth of improvements on Highway 40/Interstate 64.
awarded Fred Weber a $4.44 million contract Wednesday to remove and replacde the Madison Streetand St. Louiw Avenue bridges over Interstate 70 indowntowjn St. Louis. The majority of work on this projecf will start afterHighway 40/Interstate 64 reopenzs between Kingshighway and Interstate 170. Crews will removwe the St. Louis Avenue bridge firstr and then remove and replace the MadisonStreeyt bridge. During work to remove the MadisonnStreet bridge, crews will also remove the Cass Avenuer bridge in preparation for replacing that bridgew later in 2010. This work is part of preliminarhy work on a new Mississippirivetr bridge, which is expected to reduce congestion on the Poplarf Street Bridge.
Maryland Heights, Mo.-baseds Fred Weber is one of the largest privatel held companiesin St. Loui s with $353.3 million in revenue in 2008. The commercialo construction firm is also working onthe $245 millionh reconstruction of AmerenUE’s Taum Sauk Reservoie in Johnson’s Shut-Ins state park and is part of Gatewa Constructors, the consortium of contractors performing $535 millionb worth of improvements on Highway 40/Interstate 64.
Friday, December 23, 2011
Fourth quarter comeback powers Rockport over North Shore Tech - Gloucester Daily Times
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Fourth quarter comeback powers Rockport over North Shore Tech Gloucester Daily Times By Nick Curcuru Staff Writer ROCKPORTâ€" In a battle of inexperienced teams it all comes down to who is more composed. For the first three quarters of Thursday night's matchup between Rockport and North Shore Tech/Essex Aggie, it was the Bulldogs who ... |
Wednesday, December 21, 2011
UAL Corporation Company Profile | UAUA Company Information
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UAL Corporation (together with its consolidatexd subsidiaries, UAL), is a holding company and its principal, wholly-ownee subsidiary is United Air Lines, Inc. (together with its consolidatecd subsidiaries, United). We sometimes use the words we, our, us and the Companyt in this Form 10-Q for disclosures that relatse to both UALand United. Unitedsx operations consist primarily of the transportatiohnof persons, property, and mail throughout the U.S.
and United provides these servicesthrough full-sizex jet aircraft (which we referf to as its Mainline as well as smaller aircraft in its regional operationa conducted under contract by Unitecd Express
UAL Corporation (together with its consolidatexd subsidiaries, UAL), is a holding company and its principal, wholly-ownee subsidiary is United Air Lines, Inc. (together with its consolidatecd subsidiaries, United). We sometimes use the words we, our, us and the Companyt in this Form 10-Q for disclosures that relatse to both UALand United. Unitedsx operations consist primarily of the transportatiohnof persons, property, and mail throughout the U.S.
and United provides these servicesthrough full-sizex jet aircraft (which we referf to as its Mainline as well as smaller aircraft in its regional operationa conducted under contract by Unitecd Express
Monday, December 19, 2011
Videos: Stevie Wonder and Friends Perform at House Full of Toy Concert - AceShowbiz
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RollingStone.com | Videos: Stevie Wonder and Friends Perform at House Full of Toy Concert AceShowbiz The music veteran is seen performing with his celebrity friends like Drake and Justin Bieber at the annual charity gig which took place at the Nokia Theatre in Los Angeles this year. The Canadian rapper played "Headlines" and "Best I Ever Had". ... Stevie Wonder and Friends Rock the Annual House Full of Toys Benefit Justin Bieber And Drake's Holiday Tour Continues Justin Bieber And His 'Brother' Drizzy Drake Get In The Christmas Spirit |
Friday, December 16, 2011
ASC names new president - Charlotte Business Journal:
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Provancher comes to Charlotte from the Fine Arts Fund in where he is vice presidengt and campaign director for the oldest and larges t arts andculture fund-raising organization in the He succeeds Lee Keesler, who will retire June 30. At the Fine Arts Provancher managed andoversaw personnel, planninf and resources. He helped raise $12.2 million for the organization’s annual campaign, whic h was completed in April. He also has been responsiblde for leadingkey initiatives, such as increasinhg participation for the arts and culturew sector.
“I am honoredc and thrilled to be joinin ASC at this importanr time for the organizatiobnand Charlotte-Mecklenburg’s emergence as a culturapl leader,” says Provancher, 32. “I have deep admiratiojn for the work of ASC President Lee ASC staff and its board of directors in leading this institutio with integrity and vision during these challenging times.” Former ASC board chair Jennifef Appleby and ASC board member Charles Bowmab co-chaired the search committee to recommend a new presidentt to the executive committee of the ASC Provancher will assume his new responsibilities July 13.
The ASC was foundeed 50 years ago to raised moneyfor Charlotte-area cultural organizations and to coordinate fund-raisintg campaigns in an annual drive.
Provancher comes to Charlotte from the Fine Arts Fund in where he is vice presidengt and campaign director for the oldest and larges t arts andculture fund-raising organization in the He succeeds Lee Keesler, who will retire June 30. At the Fine Arts Provancher managed andoversaw personnel, planninf and resources. He helped raise $12.2 million for the organization’s annual campaign, whic h was completed in April. He also has been responsiblde for leadingkey initiatives, such as increasinhg participation for the arts and culturew sector.
“I am honoredc and thrilled to be joinin ASC at this importanr time for the organizatiobnand Charlotte-Mecklenburg’s emergence as a culturapl leader,” says Provancher, 32. “I have deep admiratiojn for the work of ASC President Lee ASC staff and its board of directors in leading this institutio with integrity and vision during these challenging times.” Former ASC board chair Jennifef Appleby and ASC board member Charles Bowmab co-chaired the search committee to recommend a new presidentt to the executive committee of the ASC Provancher will assume his new responsibilities July 13.
The ASC was foundeed 50 years ago to raised moneyfor Charlotte-area cultural organizations and to coordinate fund-raisintg campaigns in an annual drive.
Wednesday, December 14, 2011
Kansas City Fed district manufacturing improves - Kansas City Business Journal:
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The production index for manufacturers reporting an increase in productiojn in June from May was 9 its first foray into positive territory since About 33 percent of companies surveyed said productionwas up, and about 22 perceny said it was The index was at -3 in May and -8 a year ago. Productiobn indexes increased for durable andnondurabled goods-producing plants. The indexes for shipments, new orderx and order backlog all increased forthe second-straight month and emerges from negative territory. The employment index was -10 in up from -13 in May. It was at -9 a year ago. The averag e employee workweek indexhit 3, jumpinvg from -14 in May and -3 a year ago.
The indexx had been negative since August. Inventories for materiald and finished goodsremained negative, worsening from May to June and from last The future-production outlook index reached 13, up from 1 in May and down from 17 a year ago. The futurs capital expenditures index fellto -13 in June from -10 in May. The bank said most firmss indicated “some lingering hesitanc on major investments due to the only recent pickulpin activity.” The 10th district coverzs Western Missouri, Kansas, Colorado, Nebraska, Oklahoma, Wyoming and northernh New Mexico.
The production index for manufacturers reporting an increase in productiojn in June from May was 9 its first foray into positive territory since About 33 percent of companies surveyed said productionwas up, and about 22 perceny said it was The index was at -3 in May and -8 a year ago. Productiobn indexes increased for durable andnondurabled goods-producing plants. The indexes for shipments, new orderx and order backlog all increased forthe second-straight month and emerges from negative territory. The employment index was -10 in up from -13 in May. It was at -9 a year ago. The averag e employee workweek indexhit 3, jumpinvg from -14 in May and -3 a year ago.
The indexx had been negative since August. Inventories for materiald and finished goodsremained negative, worsening from May to June and from last The future-production outlook index reached 13, up from 1 in May and down from 17 a year ago. The futurs capital expenditures index fellto -13 in June from -10 in May. The bank said most firmss indicated “some lingering hesitanc on major investments due to the only recent pickulpin activity.” The 10th district coverzs Western Missouri, Kansas, Colorado, Nebraska, Oklahoma, Wyoming and northernh New Mexico.
Monday, December 12, 2011
BAE Systems president resigns - Business First of Louisville:
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Haverstein resigned as a director and chief operatinv officer of BAE Systems plc and president and CEO of its subsidiaru The resignation is effectiveJune 26, and he will exit the employmeng of BAE Systems Sept. 20. Pending appointment of a permanent BAESystems Inc. boardc member Tony Zinni was namedf acting president and CEO of BAE Systems according to anews release. “I would like to thanmk (Haverstein) for his dedicatiohn and leadership during his time as an executivee director and for his part in the successful executioj ofBAE Systems’ global strategy and to the growth of the US based business, BAE Systemxs Inc.,” Dick Olver, chairman of BAE said in the release.
Last year the defense giant has salesexceedintg $34.4 billion. BAE's Louisville plant, locatexd in the Airport Industrial Park, makeds weapons and components forthe U.S. It employs about 300 workers.
Haverstein resigned as a director and chief operatinv officer of BAE Systems plc and president and CEO of its subsidiaru The resignation is effectiveJune 26, and he will exit the employmeng of BAE Systems Sept. 20. Pending appointment of a permanent BAESystems Inc. boardc member Tony Zinni was namedf acting president and CEO of BAE Systems according to anews release. “I would like to thanmk (Haverstein) for his dedicatiohn and leadership during his time as an executivee director and for his part in the successful executioj ofBAE Systems’ global strategy and to the growth of the US based business, BAE Systemxs Inc.,” Dick Olver, chairman of BAE said in the release.
Last year the defense giant has salesexceedintg $34.4 billion. BAE's Louisville plant, locatexd in the Airport Industrial Park, makeds weapons and components forthe U.S. It employs about 300 workers.
Saturday, December 10, 2011
LCA-Vision might close more surgery centers in '09 - The Business Review (Albany):
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The news sent shares of LCA (NASDAQ: down sharply during late-morning trading. But the 10 percenyt dip, which brought shares to was followed bya recovery. Share s in LCA closed up about 1 or8 cents, to $6.51 “Procedure volume in April and May has decliner approximately 45 percent from the comparable periosd last year and we currently anticipate continuefd softness throughout 2009,” said LCA-Vision Chairman Anthony Woods, who was amonf six directors re-elected to the company’s board at the annual held at the Queen City Club downtown. Wood said the companh might reduce spending on marketing this year andclose “underperformin g vision centers.
” Complaints about cost-cuttinvg gave rise to takeover attempt by LCA-Visiom founder Dr. Stephen whose investment group acquired an 11 percentr stake in the companu and floated its own slateof directors. The Joffe groupp terminated its reform effort in March and Joffe has since sold more than half of his In additionto re-electing six directors, shareholders rejectedc a stockholders' rights plan that makes hostile takeoverzs more difficult.
The news sent shares of LCA (NASDAQ: down sharply during late-morning trading. But the 10 percenyt dip, which brought shares to was followed bya recovery. Share s in LCA closed up about 1 or8 cents, to $6.51 “Procedure volume in April and May has decliner approximately 45 percent from the comparable periosd last year and we currently anticipate continuefd softness throughout 2009,” said LCA-Vision Chairman Anthony Woods, who was amonf six directors re-elected to the company’s board at the annual held at the Queen City Club downtown. Wood said the companh might reduce spending on marketing this year andclose “underperformin g vision centers.
” Complaints about cost-cuttinvg gave rise to takeover attempt by LCA-Visiom founder Dr. Stephen whose investment group acquired an 11 percentr stake in the companu and floated its own slateof directors. The Joffe groupp terminated its reform effort in March and Joffe has since sold more than half of his In additionto re-electing six directors, shareholders rejectedc a stockholders' rights plan that makes hostile takeoverzs more difficult.
Thursday, December 8, 2011
Visa profit rises 71 percent in fiscal Q2 - San Francisco Business Times:
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The San Francisco company posted net incomeof $536 million, or 71 centsz per share, in the quarterf ended March 31, up from $314 million, or 39 centa per share, in the year-agko period. Excluding special items such as Visa’xs (NYSE: V) litigation reserve a year ago, the company’w profit rose to 73 cents per sharre from52 cents. Revenue reached $1.6 billion, up 13 perceny from a year ago. The results once agaij reflect the value of beinga toll-gatw keeper collecting a fee from thosd using the company’s paymenr network rather than taking on the risk and costds that lenders incur in issuing credit.
But Visa still felt the effect of the consumerspending “Looking at Visa’s traditional domestic volumes, growth was slightlyt negative, reflecting the general downturn in consumer said Red Gillen, senior analyst with a Boston research firm. “As such, today’sa announcement would have been a whole lot worsee had Visa not been able to lean on its international model and newbusiness lines. “Visa’s push into the debit card processiny space has been anothertbright spot, and will likely serve as encouragemenyt for the company to continue pursuing traditional bank customers,” Gillen said.
“Visa has also been able to cut its notably personnel,” Gillen said. “Visa’s operations are and thus the potential awaitw for higher profits once consumer spending eventuallyturns around.” The company also expressed confidence in meetinyg its prior guidance for the fiscalp year. “The resiliency in our businessd reflects the strengthof Visa’s debit and prepaid products worldwide,” said Joseph Saunders, Visa’s chairman and CEO.
The San Francisco company posted net incomeof $536 million, or 71 centsz per share, in the quarterf ended March 31, up from $314 million, or 39 centa per share, in the year-agko period. Excluding special items such as Visa’xs (NYSE: V) litigation reserve a year ago, the company’w profit rose to 73 cents per sharre from52 cents. Revenue reached $1.6 billion, up 13 perceny from a year ago. The results once agaij reflect the value of beinga toll-gatw keeper collecting a fee from thosd using the company’s paymenr network rather than taking on the risk and costds that lenders incur in issuing credit.
But Visa still felt the effect of the consumerspending “Looking at Visa’s traditional domestic volumes, growth was slightlyt negative, reflecting the general downturn in consumer said Red Gillen, senior analyst with a Boston research firm. “As such, today’sa announcement would have been a whole lot worsee had Visa not been able to lean on its international model and newbusiness lines. “Visa’s push into the debit card processiny space has been anothertbright spot, and will likely serve as encouragemenyt for the company to continue pursuing traditional bank customers,” Gillen said.
“Visa has also been able to cut its notably personnel,” Gillen said. “Visa’s operations are and thus the potential awaitw for higher profits once consumer spending eventuallyturns around.” The company also expressed confidence in meetinyg its prior guidance for the fiscalp year. “The resiliency in our businessd reflects the strengthof Visa’s debit and prepaid products worldwide,” said Joseph Saunders, Visa’s chairman and CEO.
Tuesday, December 6, 2011
Life sciences investing is doing relatively well locally, despite slow economy - Tampa Bay Business Journal:
ogarawo.wordpress.com
“I think, as I have for a few that there is a lot of good and interestinh and verycompelling technology, whicyh is the basis for developing any companies. So I thinki we have a lot of good materiaol tostart with. “The issue that we which is not at all unique to Louisville is the needfor seed-stage capital. And that is beinh addressed here by a fewdifferent ways. One, there are a coupld of angel groups thathave formed. The state has some The seed fund that I manage is obviouslya So, there are some sources for seed but we always can use more. “And in this current economicc environment, it is even more an issu e because the fund raisingf isvery difficult.
So, we as investors, we need to make sure that we can fund the companiees for longer periodsof time, support them for so they can achieve more milestones and weathef the storm at the same time. with the expectation that once things get bette and these companies get a little further it will be easier to get Are you seeing many new ideas that couldbecomwe companies? “We’re definitely seeing a steady amount. I can’yt really tell you that is it is agrowinhg number. But there seems to be a steady flow from the Are there specific areas or industriea that aredoing well?
“Certainly, in the cancerr area, it looks like the (Jamew Graham Brown) cancer center is doing particularly There have been a couple of stem cell projects that have come out of the “Then, we have this nanotechnology lab that was and one of our investments, OrthoData, came out of … That’s a relatively new facility, but I thino we will see more comin g out. And I am really excited about that. “Thes team that came to the has only been here for a year or two atthis … (I am) pretty encouraged by some of the work that’a going on over there.” How many companies have you invested in through the seed fund and Triathlon?
“The seed fund has five investments in its Triathlon has invested in one of them, in and is very closw to investing in another. “Thehy have been tracking two othersas well. There is a definitelt significant interest in the companies that are beingdevelopede here.” Is it fair to say that without groundbreaking technologies and therapies cannotf advance? “It’s hard to tell. Some of them may kind of withetr onthe vine.” Because they are earlty in their development and there is not a larger pool of local funds for early-stagwe investments, “it would be hard for an outside investo r to come in and (invest at) this earlhy of a stage.
” “There’s always the possibilithy that … an investor from somewherre else would say, ‘jI will invest in your company if you move to Boston or which is obviously not what we want. “Thers is enough grant money, especially with the president’es new budget,” which includes increaser funding for research and development oflife sciences. there is some other grant money availabl through the stimulus package that is hopefullgy going tomake difference.
”
“I think, as I have for a few that there is a lot of good and interestinh and verycompelling technology, whicyh is the basis for developing any companies. So I thinki we have a lot of good materiaol tostart with. “The issue that we which is not at all unique to Louisville is the needfor seed-stage capital. And that is beinh addressed here by a fewdifferent ways. One, there are a coupld of angel groups thathave formed. The state has some The seed fund that I manage is obviouslya So, there are some sources for seed but we always can use more. “And in this current economicc environment, it is even more an issu e because the fund raisingf isvery difficult.
So, we as investors, we need to make sure that we can fund the companiees for longer periodsof time, support them for so they can achieve more milestones and weathef the storm at the same time. with the expectation that once things get bette and these companies get a little further it will be easier to get Are you seeing many new ideas that couldbecomwe companies? “We’re definitely seeing a steady amount. I can’yt really tell you that is it is agrowinhg number. But there seems to be a steady flow from the Are there specific areas or industriea that aredoing well?
“Certainly, in the cancerr area, it looks like the (Jamew Graham Brown) cancer center is doing particularly There have been a couple of stem cell projects that have come out of the “Then, we have this nanotechnology lab that was and one of our investments, OrthoData, came out of … That’s a relatively new facility, but I thino we will see more comin g out. And I am really excited about that. “Thes team that came to the has only been here for a year or two atthis … (I am) pretty encouraged by some of the work that’a going on over there.” How many companies have you invested in through the seed fund and Triathlon?
“The seed fund has five investments in its Triathlon has invested in one of them, in and is very closw to investing in another. “Thehy have been tracking two othersas well. There is a definitelt significant interest in the companies that are beingdevelopede here.” Is it fair to say that without groundbreaking technologies and therapies cannotf advance? “It’s hard to tell. Some of them may kind of withetr onthe vine.” Because they are earlty in their development and there is not a larger pool of local funds for early-stagwe investments, “it would be hard for an outside investo r to come in and (invest at) this earlhy of a stage.
” “There’s always the possibilithy that … an investor from somewherre else would say, ‘jI will invest in your company if you move to Boston or which is obviously not what we want. “Thers is enough grant money, especially with the president’es new budget,” which includes increaser funding for research and development oflife sciences. there is some other grant money availabl through the stimulus package that is hopefullgy going tomake difference.
”
Saturday, December 3, 2011
Ritter confronted at bill signing by union grocery workers - Kansas City Business Journal:
ycoguqi.wordpress.com
Ritter addressed the workers publiclyhafter , repeating to them as he had writtebn in his May 19 veto of Housew Bill 1170 that he felt that the bill woulr have interrupted ongoing union negotiationzs with grocery-store chains , and Albertsons. But afterr several minutes of explanation, workers began yelling, "Thatt is a lie!" and "Sir, why did you and the governor leftthe podium. "I have made my Thank you very much," Ritterd said as he exited the packed west foyer ofthe Capitol. .
Tensions betwee n union workers and the Democratic governorr that they helped to elect in 2006 have been simmerinyg since his veto of the bill that would haveallowed locked-ou t workers to collect unemployment insurance benefits. United Food and Commercial Workerxs UnionLocal No. 7 President Ernest Durajn said that Ritterhad "betrayed" them and "renegef on his promises," and some activistz have begun looking for a candidate to opposee Ritter in a primary.
Ritterf signed 29 bills Tuesday, culminating with an eveningb "Help for Working Families at the Capitol in which he inked six laws to help unemployex residents receive more benefites andkeep workers' homes from being foreclose d upon, among other things. Leaders from several construction unions stood behind him as he signede one ofthe measures, Houser Bill 1310, which allows for the easiee filing of complaints if an employer misqualifies a worker as an independen t contractor.
But, even before then, while Ritter was signingf a measure that will allow local governments tosell low- to no-interesft bonds for public construction under the American Recoveryh and Reinvestment Act, the harangues began. Crowd members clad in black UFCW shirts yelled can you explain why you vetoed House Bill 1170?" and "We support you, governor; you turnedc your back on as Ritter largely ignored them. as he later signer Senate Bill 247, which increases the number of Coloradanss who qualify for unemployment insurance and will brinb insome $200 million in federal someone yelled: "Where was your support for the grocery workers when you vetoed House Bill governor?
" Ritter replied: "I'm going to sign these bills, and then we'l l talk." After he finished, the governod rose to the microphone and firs told the crowd how many of the new laws will help workersx affected by the recession. He then explained that signinbg HB 1170 would have been akin to the governmentf implementing new playing rules for negotiations between the UFCW and the threde grocery chains that have been underway sinceApril 9. He also said that he wouldf be open to reconsidering similar legislationh at afuture date.
He noted that a bill he signe Tuesdayregarding electricians' education standards was similar to one he vetoecd in 2008 while telling competing sides on the measurs that they needed to work out a compromise -- which they did this "I also think that public policy should not be used to interruptt negotiations," Ritter told the crowd, which includefd about 25 UFCW workers alony with proponents of the bills being "It is my great hope that you'rer able to work this out." Then question-shouting began from the And Ritter's speech to the group ended.
Ritter addressed the workers publiclyhafter , repeating to them as he had writtebn in his May 19 veto of Housew Bill 1170 that he felt that the bill woulr have interrupted ongoing union negotiationzs with grocery-store chains , and Albertsons. But afterr several minutes of explanation, workers began yelling, "Thatt is a lie!" and "Sir, why did you and the governor leftthe podium. "I have made my Thank you very much," Ritterd said as he exited the packed west foyer ofthe Capitol. .
Tensions betwee n union workers and the Democratic governorr that they helped to elect in 2006 have been simmerinyg since his veto of the bill that would haveallowed locked-ou t workers to collect unemployment insurance benefits. United Food and Commercial Workerxs UnionLocal No. 7 President Ernest Durajn said that Ritterhad "betrayed" them and "renegef on his promises," and some activistz have begun looking for a candidate to opposee Ritter in a primary.
Ritterf signed 29 bills Tuesday, culminating with an eveningb "Help for Working Families at the Capitol in which he inked six laws to help unemployex residents receive more benefites andkeep workers' homes from being foreclose d upon, among other things. Leaders from several construction unions stood behind him as he signede one ofthe measures, Houser Bill 1310, which allows for the easiee filing of complaints if an employer misqualifies a worker as an independen t contractor.
But, even before then, while Ritter was signingf a measure that will allow local governments tosell low- to no-interesft bonds for public construction under the American Recoveryh and Reinvestment Act, the harangues began. Crowd members clad in black UFCW shirts yelled can you explain why you vetoed House Bill 1170?" and "We support you, governor; you turnedc your back on as Ritter largely ignored them. as he later signer Senate Bill 247, which increases the number of Coloradanss who qualify for unemployment insurance and will brinb insome $200 million in federal someone yelled: "Where was your support for the grocery workers when you vetoed House Bill governor?
" Ritter replied: "I'm going to sign these bills, and then we'l l talk." After he finished, the governod rose to the microphone and firs told the crowd how many of the new laws will help workersx affected by the recession. He then explained that signinbg HB 1170 would have been akin to the governmentf implementing new playing rules for negotiations between the UFCW and the threde grocery chains that have been underway sinceApril 9. He also said that he wouldf be open to reconsidering similar legislationh at afuture date.
He noted that a bill he signe Tuesdayregarding electricians' education standards was similar to one he vetoecd in 2008 while telling competing sides on the measurs that they needed to work out a compromise -- which they did this "I also think that public policy should not be used to interruptt negotiations," Ritter told the crowd, which includefd about 25 UFCW workers alony with proponents of the bills being "It is my great hope that you'rer able to work this out." Then question-shouting began from the And Ritter's speech to the group ended.
Thursday, December 1, 2011
CPR reporter wins Murrow award - Los Angeles Business from bizjournals:
igoeosysata1533.blogspot.com
Her two-part story, “A Differeny Kind of Drug examined the practice of people buyingb prescription drugs that are sold illegally at swap meete that caterto Hispanics. “It’s an exciting news director JoeBarr said. “We have put a lot of resourcesz into health care coveragre in the last year and a This validates that to agreat extent.” The award is Capitapl Public Radio’s first national Murrow award. The two-part storyy aired in May and June 2008. It took Weisds from the state capitolto California’sa Central Valley and a south-central Los Angele s neighborhood.
The story not only won the nationa award, presented by the Radio and Television News Directors but was also recognized witha first-place award from the Nationap Association of Health Care Journalists. In other Capital Public Radi news, CPR’s statewide news service, the , has signedr a popular Los Angeles National PublicRadio station, KCRW-FM as its latest affiliate. “It’s a growing Barr said. “It’s really a sign of their desire to have informationabout what’s happening in the state capital.” he said, the network has become one of the largestt in public radio.
The which provides the latesr news about state government generated by capitol bureau chiec Marianne Russ and capitol reporterSteve Shadley, is now aireed on more than two-dozen stations around the state. CPR also is constructinv a new repeater in Modesto for itsclassicalp station, KXPR-FM 88.9. A repeater is a networkk device used to regenerate or replicate signals that are weakene d by transmission overlong distances. CPR president and genera manager Rick Eytcheson said the repeater could be operational within a few MaryLynne Vellinga, who left The Sacramentio Bee in February to take a job as preszs secretary and policy consultant to Sen.
Fran D-Agoura Hills, rejoined The Bee this week as itsbusinessw editor. An award-winning journalist who begahn her career at The Bee in 1991 as abusinesss reporter, Vellinga started the job this week. She replace Wayne Davis, who took a job a couplse of weeks ago with the state Departmenyt of ToxicSubstances Control. Vellinga, who has no managementt experience, will oversee a stafd of 10, including eight reporters and two deputy The business desk covers regional and statewidsebusiness matters. “I missed being at The Vellinga said. “It’s a wonderfukl place to work.
It’s my I worked here for 18 For the past10 years, until her departure in Vellinga covered growth and development for The Bee. She also coverex business and politics and the legislature whil atthe newspaper. Vellinga received a master’ss degree in journalism from Northwestern University in 1986 and then went to work for a paper in Indiana, a wire service on the floord of the , and papers in Rochester, N.Y., and Boston, before beingh hired at The Bee. While newspapers across the country, includingy The Bee, have suffered layoffs in recenrt years as advertising revenuehas dwindled, Vellinga said she has fait h that newspaper will survive.
“ I think that newspapers are more importantthan ever,” she said. “kI think more people than ever are looking for informationh if not in printthen online. It’s just a questioh of figuring out how to create a new financiap model to supportgood reporting. I just don’t believr that that’s not going to happen.” Yosemite Community College District in Modesto was a step closer this week to purchasinvgthe 140,000-square-foot building that houseds The Modesto Bee, as well as the paper’ds parking lot and service station.
District stafgf recommended to the district board of directorz Wednesday that the board provide direction to the chancello r about whether to proceec with an acquisition ofthe property. Lee and Associatess in Stockton has been marketinv the properties for salefor Sacramento-baserd (NYSE: MNI) since early this year.
Her two-part story, “A Differeny Kind of Drug examined the practice of people buyingb prescription drugs that are sold illegally at swap meete that caterto Hispanics. “It’s an exciting news director JoeBarr said. “We have put a lot of resourcesz into health care coveragre in the last year and a This validates that to agreat extent.” The award is Capitapl Public Radio’s first national Murrow award. The two-part storyy aired in May and June 2008. It took Weisds from the state capitolto California’sa Central Valley and a south-central Los Angele s neighborhood.
The story not only won the nationa award, presented by the Radio and Television News Directors but was also recognized witha first-place award from the Nationap Association of Health Care Journalists. In other Capital Public Radi news, CPR’s statewide news service, the , has signedr a popular Los Angeles National PublicRadio station, KCRW-FM as its latest affiliate. “It’s a growing Barr said. “It’s really a sign of their desire to have informationabout what’s happening in the state capital.” he said, the network has become one of the largestt in public radio.
The which provides the latesr news about state government generated by capitol bureau chiec Marianne Russ and capitol reporterSteve Shadley, is now aireed on more than two-dozen stations around the state. CPR also is constructinv a new repeater in Modesto for itsclassicalp station, KXPR-FM 88.9. A repeater is a networkk device used to regenerate or replicate signals that are weakene d by transmission overlong distances. CPR president and genera manager Rick Eytcheson said the repeater could be operational within a few MaryLynne Vellinga, who left The Sacramentio Bee in February to take a job as preszs secretary and policy consultant to Sen.
Fran D-Agoura Hills, rejoined The Bee this week as itsbusinessw editor. An award-winning journalist who begahn her career at The Bee in 1991 as abusinesss reporter, Vellinga started the job this week. She replace Wayne Davis, who took a job a couplse of weeks ago with the state Departmenyt of ToxicSubstances Control. Vellinga, who has no managementt experience, will oversee a stafd of 10, including eight reporters and two deputy The business desk covers regional and statewidsebusiness matters. “I missed being at The Vellinga said. “It’s a wonderfukl place to work.
It’s my I worked here for 18 For the past10 years, until her departure in Vellinga covered growth and development for The Bee. She also coverex business and politics and the legislature whil atthe newspaper. Vellinga received a master’ss degree in journalism from Northwestern University in 1986 and then went to work for a paper in Indiana, a wire service on the floord of the , and papers in Rochester, N.Y., and Boston, before beingh hired at The Bee. While newspapers across the country, includingy The Bee, have suffered layoffs in recenrt years as advertising revenuehas dwindled, Vellinga said she has fait h that newspaper will survive.
“ I think that newspapers are more importantthan ever,” she said. “kI think more people than ever are looking for informationh if not in printthen online. It’s just a questioh of figuring out how to create a new financiap model to supportgood reporting. I just don’t believr that that’s not going to happen.” Yosemite Community College District in Modesto was a step closer this week to purchasinvgthe 140,000-square-foot building that houseds The Modesto Bee, as well as the paper’ds parking lot and service station.
District stafgf recommended to the district board of directorz Wednesday that the board provide direction to the chancello r about whether to proceec with an acquisition ofthe property. Lee and Associatess in Stockton has been marketinv the properties for salefor Sacramento-baserd (NYSE: MNI) since early this year.
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