Thu, 20 Nov 2008 01:36:35 +0100
GE includes UCSF in $200M health-care IT effort
Officials at General Electric and its GE Healthcare unit said they will join forces with four health-care institutions, including UC San Francisco Medical Center, to develop a national electronic-health-record system and related technologies.
Commerce to buy back $545M in auction rate securities
Commerce Brokerage Services Inc., an affiliate of Commerce Bank, has agreed to buy $545 million of auction rate securities from 140 investors, according to a settlement announced Wednesday with Missouri Secretary of State Robin Carnahan.
Dallas firm buys N. Orleans office tower
201 St. Charles Place LLC, a limited liability company associated with the Haberman Group, has purchased Place St. Charles, an office tower in downtown New Orleans.
California Supreme Court to hear gay marriage suits
The California Supreme Court will hear three lawsuits that seek to overturn the state’s recently passed Proposition 8, which changes the constitution to explicitly prohibit same-sex marriage.
California Supreme Court to hear gay marriage suits
The California Supreme Court will hear three lawsuits that seek to overturn the state’s recently passed Proposition 8, which changes the constitution to explicitly prohibit same-sex marriage.
Wells may add another Wachovia board member
Wells Fargo & Co. says three or four Wachovia Corp. board members will be appointed to the merged banks’ board after Wells buys Wachovia next month. (WFC) (WB)
Qdoba opening to benefit Kosair
Qdoba Mexican Grill Friday will donate 50 percent of the first-day sales at its newest store to the Kosair Children’s Hospital Foundation.
Ex-nurse indicted in narcotics case
A 27-year-old former surgical nurse has been indicted by a federal grant jury for allegedly tampering with painkillers at Boulder Community Hospital at least 108 times to make narcotics.
Virgin Mobile slips from compliance with NYSE requirements
Virgin Mobile USA Inc. received notice from the New York Stock Exchange that it is not in compliance with listing criteria. (VM) (S)
Economy?s woes hammer stocks to five-year lows
It was a bloodbath on Wall Street on Wednesday, and local stocks didn’t escape the market’s wrath. (SNI) (AKS) (LYTS) (LCAV) (ASH) (BGC) (ATRC) (HRC) (KNDL) (VIVO) (AFG) (FFBC) (FFHS) (PG) (KR) (M) (CTAS)
BBVA Compass exec says Birmingham plays important role
The headquarters for BBVA Compass is in Birmingham and the city will play a vital part of the company's future, said the top executive of the bank’s parent company Banco Bilbao Vizcaya Argentaria SA.
Pete Coors to become Molson Coors chairman
Pete Coors will become chairman of the board of directors of Molson Coors Brewing Co. on Dec. 29, the company reported Tuesday. (TAP)
NCAA Final Four sites announced
The new Dallas Cowboys stadium will host the 2014 men’s Final Four basketball tournament, NCAA officials said Wednesday.
Investment advisory firms combine
Milwaukee-area investment advisory firms Oarsman Capital Inc. and Nackers & Associates have merged, the firms said Wednesday.
Introgen moved from Nasdaq Global Market
Introgen Therapeutics Inc. is getting knocked from the Nasdaq Global Market to the Nasdaq Capital Market.
Kauffman Foundation will extend new-business survey
The Ewing Marion Kauffman Foundation will extend the Kauffman Firm Survey, started in 2005, by four years.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Sessions secures top GOP spot
U.S. Congressman Pete Sessions, R-Dallas, has been elected chairman of the National Republican Congressional Committee.
TBJ poll: Readers nix auto maker bailout
Enough is enough, say readers of The Business Journal.
Market ?just too risky,? Metastorm says after pulling IPO
Metastorm Inc. will look at buying more competitors in the coming months as it prepares to give an initial public offering another go in the middle of 2009.
Verizon doubles hybrid fleet to 200
Verizon Communications Inc. is greening its vehicle fleet by adding 100 more hybrid sedans in seven states and D.C. (VZ)
Palmieri among seven named to Greater Baltimore Technology Council board
Millennial Media CEO Paul Palmieri is among seven new members of the Greater Baltimore Technology Council’s board of directors.
Cathay to get government investment
Cathay General Bancorp has been approved for an investment of $258 million from the federal government as part of the $700 billion Capital Purchase Program. (CATY)
HP rolls out new touch screen notebook, more MTV channels
Hewlett-Packard Co. on Wednesday rolled out its first notebook computer with multi-touch technology, something it had only offered before in desktop computers. (HPQ)
Pershing revises Target land spin-off proposal
Pershing Square Capital Management has revised its proposal that Target Corp. spin off its real estate holdings into an investment trust, suggesting such a move could be completed through a partial public offering. (TGT)
Eastern Technology Council honors award winners
Lawrence D. Alexander, the director of advanced technology at Lockheed Martin Corp.’s Information Systems & Global Services unit, was given the Legend Award for Lifetime Achievement by the Eastern Technology Council at its 16th annual Enterprise Awards banquet.
Feds OK $300M for Susquehanna Bancshares
Susquehanna Bancshares Inc. has received preliminary approval to participate in the U.S. Treasury Department’s voluntary capital purchase program by receiving $300 million in capital. (SUSQ)
Cowboys stadium gets 2014 NCAA Final Four
The new Dallas Cowboys stadium will host the 2014 men’s Final Four basketball tournament, NCAA officials said Wednesday.
Kauffman Foundation will extend new-business survey
The Ewing Marion Kauffman Foundation will extend the Kauffman Firm Survey, started in 2005, by four years.
Conference focuses on logistics in Florida
A two-day conference for private equity firms and lenders interested in investing in Florida private companies kicked off with tours of Jaxport, Cecil Field and Cecil Commerce Center.
PDL hopes to spin off biotech unit by Dec. 18
PDL BioPharma Inc. could spin off its biotech operations into Facet Biotech Corp. by Dec. 18. (PDLI) (DNA) (ANSV) (BIIB)
Feds OK $300M for Susquehanna Bancshares
Susquehanna Bancshares Inc. has received preliminary approval to participate in the U.S. Treasury Department’s voluntary capital purchase program by receiving $300 million in capital. (SUSQ)
New names surface for Yahoo CEO job
Two new names have surfaced in speculation for who will replace Jerry Yang as Yahoo Inc.’s chief executive officer. (GOOG) (NWS) (TWX) (YHOO) (MSFT)
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Territorial Savings' parent company to go public
Territorial Mutual Holding Co., parent of Territorial Savings Bank in Honolulu, is scheduled to go public early next year under the name Territorial Bancorp. Inc. and will issue up to 12.6 million shares of common stock on the Nasdaq Global Select Market under the stock symbol “TBNK.”
Gift card sales expected to fall 6%
Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Quantance raises $12 million
Semiconductor startup Quantance Inc. raised $12 million in its second round of venture funding.
Fed stops dividends at two Ga. banks
The Federal Reserve Bank of Atlanta and Georgia banking commissioner have signed written agreements with two troubled Georgia banks -- Southern Community Bancshares Inc. and FirstBank Financial Services Inc. -- that prevents them from declaring dividends.
Gift card sales expected to fall 6%
Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Holiday gift card sales to fall 6 percent
Gift card purchases are expected to suffer this holiday season as consumers continue to monitor the economic slowdown and their wallets.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Source: Insider trading charge makes Cuban's Cubs bid uncertain
The Securities and Exchange Commission's allegation of insider trading against Mark Cuban could stall the Dallas billionaire’s bid for the Chicago Cubs.
NRF: Holiday gift card sales to fall 6%
Gift card purchases are expected to suffer this holiday season as consumers continue to monitor the economic slowdown and their wallets.
Team Financial will file quarterly report late
Team Financial Inc. will file its third-quarter financial report late and expects a loss of at least $3.5 million for the quarter.
Safeguard Scientifics in on Tengion funding
Tengion Inc. said Wednesday it completed a second closing of its series-C financing, receiving a total of about $21 million from existing investors and one new investor. (SFE)
Boston Private Financial Holdings to get aid
Boston Private Financial Holdings Inc. (Nasdaq: BPFH) said it has received preliminary approval to get about $150 million from the U.S. Treasury as part of the government’s $700 billion bailout of U.S. banks.
Mark Cuban's Cubs bid uncertain after insider trading charge
The U.S. Securities and Exchange Commission's allegation of insider trading against Dallas Mavericks owner Mark Cuban could stall the billionaire’s bid for the Chicago Cubs.
Wells Fargo named top small-business lender in Texas
Wells Fargo Bank, NA has been ranked the leading small-business lender in both the United States and Texas, according to the latest Community Reinvestment Act and Small Business Administration data. (WFC)
Apptera raises $10.5 million
Apptera Inc. raised $10.5 million in financing led by existing investors Lightspeed Venture Partners, Alloy Ventures, and Walden International. (YHOO)
GenVec reports promising results from drug tests
GenVec’s pancreatic cancer treatment, which won fast-track review from the Food and Drug Administration just a week ago, showed promise after 12 months of use, but didn’t yield significant enough results after two years to appease investors. (GNVC)
Gift card sales expected to fall 6%
Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.
Losses loom for U.S. markets Wednesday
U.S. stock markets appeared unable to sustain Tuesday gains before the opening bell Wednesday.
Facebook app fee upsets some developers
A new fee planned by Facebook Inc. for verifying applications built for its social network is drawing some criticism.
Dow plummets 400 points Wednesday; nine Pittsburgh companies hit new 52-week lows
Mounting Wednesday afternoon losses sent the Dow skidding below the 8,000 point barrier. At the end of trading, it dropped 427.47 points or 5.07 percent to 7,997.28. Nasdaq lost 96.85 points or 6.53 percent to finish Wednesday at 1,386.42. (ATI) (X) (WCC) (AEO) (KOP) (DKS) (NCX) (AYE) (CNX) (FII) (HNZ) (NCC) (PNC)
Losses loom for U.S. markets Wednesday
U.S. stock markets appeared unable to sustain Tuesday gains before the opening bell Wednesday.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Gibraltar Bank logs $125M Q3 loss
Coral Gables-based Gibraltar Private Bank suffered a $124.6 million loss in the third quarter, brought about mostly by a $125 million non-cash charge from its parent company to account for the plummeting value of Florida savings and loan institutions. (BPFH)
Community Bank passes on Treasury program
Community Bank System Inc. will not to apply for funds through the U.S. Treasury Department’s Capital Purchase Program, which is part of the federal government’s Troubled Asset Relief Program. (CBU)
Source: Insider trading charge makes Cuban's Cubs bid uncertain
The Securities and Exchange Commission's allegation of insider trading against Mark Cuban could stall the Dallas billionaire’s bid for the Chicago Cubs.
Metastorm withdraws IPO in rocky market
Metastorm Inc. is pulling its $86 million initial public offering because of the economic crisis and stock market slump. (EBAY)
Insituform Technologies cuts 35 managers, support staff
Insituform Technologies Inc. announced late Tuesday that it plans to eliminate 35 of its management and support staff positions. Approximately half of the positions are located at the company’s headquarters in Chesterfield, with the remainder based throughout North America.
Related Group to offer loans on troubled assets
Condo building juggernaut the Related Group is offering itself out as a consultant and possibly a lender for troubled real estate assets.
South Florida's connections to China poised to grow
Miami on Wednesday will become the official home of the Asia America Equity Exchange (AAEE), a group that will promote investment between North and South America and China.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Venture Financial scraps IPO plans
Venture Financial has pulled its plans to go public, the latest move by the Washington banking company struggling through the financial crisis and housing market downturn.
Lance bids to buy cookie companies
Lance Inc. has obtained approval from the U.S. Bankruptcy Court for the District of Delaware to bid for the primary assets of snack-food companies Archway Cookies and Mother’s Cake and Cookie Co. (LNCE)
Lance bids to buy cookie companies
Lance Inc. has obtained approval from the U.S. Bankruptcy Court for the District of Delaware to bid for the primary assets of snack-food companies Archway Cookies and Mother’s Cake and Cookie Co. (LNCE)
Oplink CEO decides not to leave
Oplink Communications Inc. said Tuesday its chief executive, Joe Liu, will not leave his position at the end of the year as previously announced. (OPLK)
Pittsburgh's casino to get new name
Pittsburgh's casino may still be majestic, but that won't be reflected in its name.
Feds, Pa. OK Harleysville National, Willow Financial merger
Harleysville National Corp. said Tuesday that the Federal Reserve Board and the Pennsylvania Department of Banking have approved its planned acquisition of Willow Financial Bancorp Inc. (HNBC) (WFBC)
Sutter buys potential Livermore hospital site for $39.5M
Sutter Health late last month acquired 45.3 acres of vacant land in Livermore for $39.5 million, spokesman Bill Gleeson confirmed Tuesday.
Chairman's role shifts to Pete Coors
Pete Coors will become chairman of the board of directors of Molson Coors Brewing Co. on Dec. 29, the company reported Tuesday. (TAP)
Wilkerson indicted on extortion charges
State Sen. Diane Wilkerson was indicted Tuesday afternoon by a federal grand jury and charged with eight counts of attempted extortion.
Wells Fargo named top small-business lender in Texas
Wells Fargo Bank, NA has been ranked the leading small-business lender in both the United States and Texas, according to the latest Community Reinvestment Act and Small Business Administration data. (WFC)
Texas Capital applies for bailout funds
Texas Capital Bancshares Inc. has filed an application with the U.S. Treasury Department requesting $130 million in new capital through the government’s voluntary Capital Purchase Program.
Texas Capital applies for bailout funds
Texas Capital Bancshares Inc. has filed an application with the U.S. Treasury Department requesting $130 million in new capital through the government’s voluntary Capital Purchase Program. (CFR)
Pinnacle seeks $95M from feds
Nashville's Pinnacle Financial Partners Inc. has applied for up to $95 million from the government’s $700 billion program to invest in banks.
Digital River stock falls on downgrade
Shares of Digital River Inc. fell by more than 20 percent in afternoon trading Tuesday, after an analyst downgraded the company’s stock to “sell.”
UCBI third Ga. bank to get TARP money
United Community Banks Inc. will receive $180 million from the U.S. Treasury’s Capital Purchase Program, the company announced Tuesday. (SNV) (STI) (UCBI)
AG settles with debt elimination marketers
The economic crimes division of the Florida attorney general’s office has reached a settlement with two individuals and two companies formerly associated with a debt elimination scheme.
BB&T gets $3.1B in federal funds
BB&T Corp. is receiving $3.1 billion in federal funds as part of the U.S. government’s effort to add liquidity to the credit markets. (BBT) (BAC) (WB)
GE recalls 244,000 wall ovens
GE Consumer & Industrial has recalled about 244,000 wall ovens because of the potential for a fire. (GE)
Google adds iconic Life photos to index
Online advertising giant Google Inc. added archives of photos from Life magazine to its collection of images users can search. (GOOG)
Severn Bancorp expecting $23.5M from U.S.
Severn Bancorp. Inc. said Tuesday it has been approved to receive $23.5 million from the U.S. Treasury Department under the federal stock purchase program. (SVBI)
Report: Tennessee doesn?t spend enough on tobacco prevention
In a report released today, the Campaign for Tobacco-Free Kids ranked Tennessee 40th for the amount of money it spends on tobacco prevention.
Lydian Bank suffers $12.6M Q3 loss
As Lydian Private Bank pursues a complaint against Countywide Home Loans, alleging it defrauded Lydian in loan purchases agreements, the largest Palm Beach County-based bank fell into the red in the third quarter, with a $12.6 million loss.
Jerry Yang ready to leave as Yahoo's CEO
Yahoo Inc. said late Monday afternoon that co-founder and chief executive Jerry Yang will resign.
BankUnited loses $261M, but cash position increases
BankUnited lost nearly a quarter of its capital in the last quarter, weighed down by mortgages that permitted payments below the amount of interest accrued each month. (BKUNA)
Aegon eyes acquiring Suburban Federal
Dutch insurer Aegon N.V. has applied to acquire troubled Suburban Federal Savings Bank in Crofton in an effort to pursue some of the federal money available to banks. (AEG)
Suthers cracks down on mortgage ads
Three Colorado mortgage brokers have reached settlements with state Attorney General John Suthers to end what Suthers called the “deceptive use of teaser rates in mortgage-loan advertisements” in Denver newspapers.
AG settles with debt elimination marketers
The economic crimes division of the Florida attorney general’s office has reached a settlement with two individuals and two companies formerly associated with a debt elimination scheme.
Nature Conservancy buys 7,000-acre Fresno Ranch in Big Bend
The Nature Conservancy of Texas has purchased the 7,000-acre Fresno Ranch in far West Texas to expand Big Bend Ranch State Park.
Motricity sues departed executive
Technology company Motricity is suing one of the architects behind its move to the West Coast from Durham – raising questions about a deal that resulted in 250 local layoffs and the Triangle’s loss of one of its richest venture-backed companies. (S)
Magic helps out Church Street tenants
The Orlando Magic will distribute about $50,000 to 11 businesses on West Church Street to help the firms pay for rent through June 2010.
Sutter Health buys potential Livermore hospital site for $39.5M
Sutter Health late last month acquired 45.3 acres of vacant land in Livermore for $39.5 million, spokesman Bill Gleeson confirmed Tuesday. (KLAC)
DART board to vote on 20-year plan
Dallas Area Rapid Transit’s board will be voting on whether to approve DART’s 20-year financial plan on Tuesday.
Verizon doubles hybrid fleet to 200
Verizon Communications Inc. is greening its vehicle fleet by adding 100 more hybrid sedans in seven states and D.C. — nine of which will roll around the area. (VZ)
First Horizon receives $866M from feds
First Horizon National Corp. has received its $866 million capital injection from the U.S. Treasury Department, the company said Monday. (FHN)
HMSA reports $5M profit in Q3
The Hawaii Medical Service Association posted a $5.14 million profit in the third quarter of 2008 compared to a $10.9 million loss during the same period last year.
Shaw Festival finishes on up note
Despite myriad challenges, the Shaw Festival finished its 2008 season with increases in attendance and box-office revenues.
Sherborne Investors buys more Nautilus stock
The investment group that won control of Nautilus Inc. after a contentious proxy fight nearly a year ago has increased its share in the fitness equipment manufacturer. (NLS) (DSCM) (EXPE) (POPE) (SGEN)
King of Prussia Mall steps up to attract holiday foot traffic
King of Prussia Mall is trying to fight economic fear with new features this holiday shopping season.
Jerry Yang ready to leave as Yahoo's CEO
Yahoo Inc. said late Monday afternoon that co-founder and chief executive Jerry Yang will resign.
Boeing changes name of IDS in Australia
The Boeing Co. [NYSE: BA] is changing the name of its Integrated Defense Systems business in Australia to Boeing Defence Australia. John Duddy was appointed vice president and managing director of Boeing Defence Australia effective Dec. 8. (BA)
Scottrade expands Fort Worth presence
Online investment company Scottrade is opening a new branch office in Fort Worth on Nov. 24.
Lawrence to take top job at Milacron
Milacron Inc. has elected David Lawrence as president and CEO, effective Dec. 1, replacing Ron Brown.
D.C. uncovers illegal car dealerships
Following a two-week sweep of more than 100 automotive dealerships across the District, city officials will close down 23 illegal used-car dealerships.
No word from Citi on Amherst site
Citigroup Inc. intends to cut more than 50,000 jobs in the near-term, but it is unclear if and how the financial company’s back- and mid-office operations center in Amherst will be affected. (C)
Yahoo CEO Yang to step down
Investors pushed shares up Tuesday on the news that co-founder and Chief Executive Jerry Yang will resign. (YHOO) (MSFT) (GOOG)
Yahoo's Jerry Yang stepping down
Jerry Yang, Yahoo's CEO, told employees in a memo that he is stepping down. (YHOO) (MSFT)
U.S. markets display more weakness Tuesday
U.S. stock markets were headed for a third straight day of declines Tuesday, following overseas losses.
Numerate raises $4M
Numerate Inc. raised $4 million in a first round of venture financing with investors including Foundation Capital, Lanza techVentures and several people.
StemCells closes $20M financing
StemCells Inc. said Tuesday it sold about 13.8 million shares of its stock, along with warrants for more purchases, to certain institutional investors for about $20 million in equity financing. (STEM)
Former Commerce Bank Chairman Hill cleared in investigation
The Office of the Comptroller of the Currency’s two-year investigation of former Commerce Bancorp Inc. Chairman Vernon W. Hill III has ended in an order that could restrict Hill’s bank-related real estate dealings but includes no charges of illegality.
MeadWestvaco to cut 120 local jobs
MeadWestvaco Corp. will close its packaging plant in Grover early next year, cutting 120 jobs. (MWV)
Brandywine Realty in tax-credit deal with U.S. Bancorp
Brandywine Realty Trust has finalized a tax-credit transaction that gives it funding for the rehabilitation of the former U.S. Post Office facility at 30th Street Station in Philadelphia. (BDN) (USB)
Danversbank says "no thanks" to bailout cash
Danversbank said it will not take any bailout money from the federal government.
Tengion CEO named Entrepreneur of the Year
Tengion co-founder and CEO Dr. Steven Nichtberger has received the Ernst & Young national Entrepreneur of the Year award for emerging companies.
StemCells closes $20M stock sale
StemCells Inc. completed a $20 million stock sale announced Nov. 12 to unnamed institutional investors. (STEM)
Economic conditions taking a toll on OSI Restaurant Partners
Disruptions in financial markets, including the subprime mortgage crisis and the bankruptcy and restructuring of key financial institutions, pose challenges to OSI Restaurant Partners LLC.
U.S. markets rally Tuesday to close in positive territory
Financial markets soared and then backpedaled throughout Tuesday. But the Dow rallied around 3 p.m. to gain 151.17 points or 1.83 percent to close at 8,424.75. Nasdaq gained 1.22 points or 0.08 percent to finish trading at 1,483.27. (NCX) (DKS) (AA) (AYE) (ATI) (CNX) (FII) (HNZ) (KOP) (NCC) (PNC) (PPG) (X) (WCC)
U.S. markets display more weakness Tuesday
U.S. stock markets were headed for a third straight day of declines Tuesday, following overseas losses.
Jerry Yang ready to leave as Yahoo's CEO
Yahoo Inc. said late Monday co-founder and CEO Jerry Yang will resign. (YHOO) (MSFT) (GOOG)
Yahoo shares rise on news of CEO Jerry Yang's departure
Investors pushed Yahoo Inc. shares up about 12 percent Tuesday on the news that co-founder and Chief Executive Jerry Yang will resign. (YHOO) (MSFT) (GOOG)
Marnella Homes exits bankruptcy
The first local home builder to seek protection from creditors in U.S. Bankruptcy Court has become the first to exit.
Yahoo's Jerry Yang stepping down
Jerry Yang, Yahoo's CEO, told employees in a memo on Monday that he is stepping down. (YHOO) (MSFT)
Citi axing 53,000 more jobs
Citigroup Inc. said Monday it will eliminate approximately 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
Denver unveils foreclosure plan
The Denver Office of Economic Development (OED) has released the draft of an action plan for using $6.1 million in federal funds to buy and redevelop foreclosed homes in Denver, the office said Monday.
Citigroup cutting 50,000 jobs
Citigroup Inc. said Monday it plans to eliminate at least 50,000 jobs. (C) (WB) (WFC)
Kohl tapped as Spheris CEO
Daniel J. Kohl has been named president and chief executive officer of Franklin-based Spheris, one of the nation’s largest providers of medical transcription technology and services. He will also join Spheris’ board of directors.
Johnson Capital racks up $120M in deals
Johnson Capital’s Denver office arranged $120 million in financing for real estate transactions in the third quarter, according to the company.
Kiplinger names editor
Janet Bodnar, deputy editor of Kiplinger’s Personal Finance magazine in D.C. since 2005, has been named successor to retiring editor Fred W. Frailey.
Mortgage broker gets 3.5 years in fraud
Phoenix mortgage broker Rick Thomas McCullough was sentenced to three-and-a-half years in prison after pleading guilty to securities fraud related to a scam bilking four seniors out of more than $400,000.
First Horizon receives $866M from feds
First Horizon National Corp. has received its $866 million capital injection from the U.S. Treasury Department, the company said Monday. (FHN)
More than 240 lawmakers, community leaders urge SEIU to hold off on UHW takeover
In the latest dustup over possible plans by the national Service Employees International Union to take control of its United Healthcare Workers West local in Oakland, more than 240 California political and community leaders have asked SEIU and President Andy Stern to back off and make peace.
Sterling latest bank looking for Treasury infusion
Sterling Bancshares Inc. has applied for an injection of funding from the U.S. Department of Treasury, the company said Monday. (SBIB) (MCBI) (EBTX)
GoFish reports $3.2M loss in Q3
GoFish Corp. lost $3.2 million in the September quarter, compared with a loss of $3.8 million a year earlier.
Mark Cuban charged with insider trading
The Securities and Exchange Commission has sued Dallas Mavericks owner Mark Cuban over alleged insider trading, according to a complaint filed in federal district court in Dallas.
FP&L seeks fuel charge reduction
Lower fuel charges could mean the average Florida Power & Light residential customer would see a slightly lower bill in 2009, but a hike in rates in 2010 could be on the way. (FPL)
State Auto buying Rockhill Insurance
State Automobile Mutual Insurance Co. on Monday said it is in line to buy a Kansas City, Mo.-based specialty insurer. (STFC)
BBVA Compass completes LNB conversion, appoints new CEO
The BBVA Group has successfully completed its conversion of LNB (formerly Laredo National Bank) into Compass Bank and has appointed a new president and CEO over the unified bank system. (BBV)
Chase Paymentech tracks online holiday spending
Chase Paymentech, a payment processor of Internet transactions, launched its 2008 Cyber Holiday Pulse Index on Monday.
Spansion seeks to block iPod, Blackberry imports
Spansion Inc. filed a lawsuit on Monday against Samsung Electronics Co. that seeks to block U.S. imports of a number of products that use flash memory including iPods, iPhones and BlackBerrys. (AAPL) (RIMM)
Jamba swings to $12.4M loss in Q3
Jamba Inc. lost $12.4 million in the quarter ended Oct. 7. A year earlier in the same quarter — its third — Jamba pulled in a profit of $22.4 million. (JMBA)
AZ attorney Dennis Burke could get Obama nod
Phoenix attorney Dennis Burke could be president-elect Barack Obama’s pick as U.S. Attorney for Arizona.
Federal Trust, Hartford to merge
Federal Trust Corp. announced Nov. 14 that it is merging with The Hartford Financial Services Group Inc. (HIG)
Putnam cuts fund managers
Putnam Investments cut 12 money managers from its ranks and will shed more jobs as it merges several mutual funds amid an exodus of retail client assets, according to published reports.
Ohio fair renews contract with Triangle
Triangle Talent Inc. has signed a new, four-year contract with the Ohio State Fair to produce entertainment for the fair.
ServiceMaster revenues up slightly in 3Q
The ServiceMaster Co. reported third quarter revenues of $948.1 million, a 0.6 percent increase from $942.8 million a year ago.
University of California employees seek greater voice in their pension plan
Several employees and their unions plan to make their case at this week’s UC Regents meeting in San Francisco, seeking greater participation in managing their pension plan.
BancorpSouth says no thanks to federal bailout package
BancorpSouth Inc., which posted $28.3 million in profits in the fourth quarter, said it doesn’t need a boost from the government. (BXS)
TrustAtlantic to move HQ to Crabtree building
The old Time and Temperature building across the street from Raleigh’s Crabtree Valley Mall, is getting a new lead tenant: TrustAtlantic Bank.
Campus Management buys unit of nGenera
A Florida company has acquired the Talisma CRM business from Austin-based software maker nGenera Corp.
University of California employees seek greater voice in their pension plan
Several employees and their unions plan to make their case at this week’s UC Regents meeting in San Francisco, seeking greater participation in managing their pension plan.
Mark Cuban charged with insider trading
The Securities and Exchange Commission has sued Dallas Mavericks owner Mark Cuban over alleged insider trading, according to a complaint filed in federal district court in Dallas.
Sherborne Investors buys more Nautilus stock
The investment group that won control of Nautilus Inc. after a contentious proxy fight nearly a year ago has increased its share in the fitness equipment manufacturer.
River Road buys Fortis' stake in firm
River Road Asset Management LLC, an investment management firm with nearly $3 billion in assets under management, has bought out a minority interest owned by beleaguered Fortis Bank S.A./N.V. for $45 million.
RadiSys buys $37.5 million of debt
Embedded computer maker RadiSys Corp. has purchased convertible notes worth $37.5 million that the company issued five years ago. (RSYS) (ESIO)
Piedmont Natural Gas joins Council for Responsible Energy
Piedmont Natural Gas Co. Inc. has joined the Council for Responsible Energy, a national coalition that promotes the use of natural gas. (PNY)
Codexis to pay $10M in license deal
Clean technology company Codexis Inc. will pay $10 million to Dyadic International Inc. in a license agreement, the companies said Monday.
Some banks still weighing fed program
Several banks with a Western New York presence are seeking or have already secured capital from the U.S. Treasury Department’s Capital Purchase plan.
Compass CEO Hegel to retire
Compass Bank CEO Gary Hegel, who guided the conversion of BBVA Group’s three other banks under the same platform, plans to retire after serving a short stint as the top executive at the Birmingham bank.
Mark Cuban charged with insider trading
The Securities and Exchange Commission has sued Dallas Mavericks owner Mark Cuban over alleged insider trading, according to a complaint filed in federal district court in Dallas.
Credit union to open in Burlington
Proponent Federal Credit Union will break ground in December on a new office in Burlington, the organization has announced.
Mark Cuban charged with insider trading
Dallas Mavericks owner Mark Cuban was charged today with insider trading by the Securities and Exchange Commission.
Citigroup axing 53,000 more jobs
Citigroup Inc. said Monday it will eliminate approximately 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
Intel, Facebook launch mass animation project
Intel Corp. on Monday launched Mass Animation, a collaborative, worldwide effort to produce a computer-generated animated short film for theatrical release.
Citi cutting 53,000 more jobs
Citigroup Inc. says it will cut about 53,000 more jobs during the next several months. (C)
St. Philip?s nursing program gets grant support
St. Philip’s College will soon be able to increase the amount of financial support to qualified nursing students enrolled in its program.
Citi axing 53,000 more jobs
Citigroup Inc. said Monday it will eliminate approximately 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
BofA increases China stake
Bank of America Corp. plans to exercise an option to purchase additional shares in China Construction Bank, giving it a 19.1 percent stake in the company. (BAC)
Feds issue Capital South a cease-and-desist order
Bank regulators issued a cease-and-desist order on CapitalSouth Bancorp and its bank, CapitalSouth Bank, that went into effect Nov. 7. (CAPB)
Citi axing 53,000 more jobs
Citigroup Inc. said on its Web site that it will cut about 53,000 more jobs in the near future. (C)
Provident Bankshares gets $151M from Treasury?s TARP fund
Provident Bankshares Corp. has received a $151 million investment from the U.S. Treasury Department under the federal bank stock purchase program. (PBKS)
Cap on property reassessments introduced in Georgia House
Annual residential property assessment increases in Georgia would be capped at 3 percent or the rate of inflation, whichever is less, under legislation pre-filed in the Georgia House of Representatives Monday.
Stocks fall in last hour of trading
The Dow fell sharply in the last hour of trading, ending down 223.73 points, or 2.63 percent, to close at 8,273.58. Nasdaq finished trading at 1,482.05, down 34.85 points, or 2.29 percent. (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (NCC) (NCX) (PNC) (PPG) (X) (WCC)
InterBank agrees on sale to Genworth
InterBank has agreed to be sold to insurer Genworth Financial Inc. for an undisclosed amount. (GNW)
U.S. Postal Service prices on rise
The U.S. Postal Service has announced that its shipping service rates will increase Jan. 18.
Stocks slump again with economy, earnings
Local stocks fell Monday while the broader market stumbled even further as stocks continue to face an uphill climb. (AKS) (LYTS) (M) (CVG) (SNI) (FITB) (KR) (PG) (CQB) (NBTF)
Citi axing 53,000 more jobs
Citigroup Inc. said Monday it will eliminate approximately 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
Mark Cuban charged with insider trading
The Securities and Exchange Commission has sued Dallas Mavericks owner Mark Cuban over alleged insider trading, according to a complaint filed in federal district court in Dallas.
Kan-ed to launch new network
A statewide information network is planned to launch a new network at the start of the new year.
Weak international sales hit Prolink revenue
A drop in international sales drove down GPS golf course provider Prolink Holdings Corp.’s sales to $5.69 million for the third quarter, compared with $6.59 million a year ago.
FHLB Boston?s unrealized MBS losses hit $1.3B
The Federal Home Loan Bank of Boston, which advances billions of dollars to New England Banks, said unrealized losses on its private mortgage-backed securities climbed to $1.3 billion in the third quarter.
Lincoln National seeks charter change, federal funds
Financial services giant Lincoln National Corp. said Monday that it has agreed to buy Newton County Loan & Savings, and has applied to become a savings-and-loan holding company. (LNC)
Intel, Facebook launch mass animation project
Intel Corp. on Monday launched Mass Animation, a collaborative, worldwide effort to produce a computer-generated animated short film for theatrical release.
Endo in auction-rate securities settlement
Endo Pharmaceuticals on Monday accepted UBS AG’s settlement offer relating to auction rate securities bought by Endo from affiliates of UBS. (ENDP)
Etrials' new CEO gets $325K salary
The new CEO at medical software company Etrials will make $325,000 a year in base salary, the same as his predecessor.
BofA increases China stake
Bank of America Corp. plans to exercise an option to purchase additional shares in China Construction Bank, giving it a 19.1 percent stake in the company. (BAC)
NCCI requests 18.6% rate hike
The National Council on Compensation Insurance, as promised, has proposed a significant rate increase in Florida’s workers’ compensation rates, the result of a recent state Supreme Court ruling.
Citi cutting 53,000 more jobs
Citigroup Inc. said Monday it will cut about 53,000 more jobs during the next several months. (C)
Online resource for nonprofits launched
The National Council of Nonprofits has set up a Nonprofit Economic Vitality Center to track the effects of the downturn on nonprofits.
Clear Channel Radio inks deal with Volvo
Volvo Cars of Canada Corp. has agreed to install a navigation system in its new vehicles that will be compatible with Clear Channel Radio’s Total Traffic Network.
Intel, Facebook launch mass animation project
Intel Corp. on Monday launched Mass Animation, a collaborative, worldwide effort to produce a computer-generated animated short film for theatrical release. (INTC)
Citigroup axing 53,000 more jobs
Citigroup said Monday it will cut about 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
Snack chip entrepreneur back in the market
Doug Foreman, the founder and former CEO of Guiltless Gourmet snack foods, is launching a new line of healthy tortilla chips.
United Insurance income drops on premium shifts
United Insurance Holdings Corp. reported net income of $8.9 million, or 75 cents a share, for the third quarter ended Sept. 30, compared to net income of $11 million, or 94 cents a share, in the third quarter of 2007.
In case of takeover, Syniverse has plan in place
Syniverse Holdings Inc. is not aware of any unsolicited attempts to takeover its operations, but it’s adopting a stockholder rights plan designed to make sure its shareholders are “treated fairly” if there ever is an unsolicited takeover. (SVR)
U.S. Postal Service prices on rise
The U.S. Postal Service has announced that its shipping service rates will increase Jan. 18.
Citigroup cutting 50,000 jobs
Citigroup Inc., which sought to buy Wachovia Corp.’s banking operations in late September, plans to eliminate at least 50,000 jobs. (C) (WB) (WFC)
Citi axing 53,000 more jobs
Citigroup Inc. said on its Web site that it will cut approximately 53,000 more jobs in the near future. (C)
Federal Home Loan Bank of Atlanta posts loss
Federal Home Loan Bank of Atlanta went into the red for the third quarter, hurt mostly by a reserve for a credit loss related to Lehman Brothers.
FDIC OKs CapitalSource commercial bank application
The Federal Deposit Insurance Corp. approved CapitalSource Inc.’s application to convert CapitalSource Bank to a state-chartered commercial bank in California. (CSE)
Citigroup axing 53,000 more jobs
Citigroup said Monday it will cut about 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
Co-owner of Colonie Center selling malls
The co-owner of Colonie Center wants to sell three other malls to shore up its sinking finances.
Citi cutting 53,000 more jobs
Citigroup Inc. will cut about 53,000 more people during the next several months. (C)
NCCI requests 18.6% rate hike
The National Council on Compensation Insurance, as promised, has proposed a significant rate increase in Florida’s workers’ compensation rates, the result of a recent state Supreme Court ruling.
Abercrombie to open Paris store
Abercrombie & Fitch Co.’s latest overseas expansion is taking the retailer to one of the world’s most famous avenues. (ANF)
Real Estate Wrap: Opportunity zones more attractive when credit?s tight
Pennsylvania's Department of Community and Economic Development continues to take applications for the expansion and extension of Keystone Opportunity Zones. (LRY)
Citi axing 53,000 more jobs
Citigroup Inc. said on its Web site that it will cut approximately 53,000 more jobs in the near future. (C)
Citi cutting 53,000 more jobs
Citigroup Inc. said on its Web site that it will cut about 53,000 more jobs during the next several months. (C)
California study finds few top women executives, directors at most public companies
Half of California's 400 largest public companies have no women in top executive offices, according to a study released Monday by researchers at University of California Davis. (MNI) (GY)
New week, same forecast for U.S. markets
U.S. stock markets were expected to continue a two-week slump on Monday as concerns deepen over the economy.
New week, same forecast for U.S. Markets
U.S. stock markets were expected to continue a two week slump on Monday as concerns deepen over the economy.
NY factory output keeps falling
Manufacturing business conditions in the state reached new record lows this month, according to indexes published Monday by the Federal Reserve Bank of New York.
Citi axing 53,000 more jobs
Citigroup Inc. said Monday it will eliminate approximately 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
DST Systems buys Australian company
DST Systems Inc. has bought an Australian financial software company. (DST)
NCCI requests 18.6% rate hike
The National Council on Compensation Insurance, as promised, has proposed a significant rate increase in Florida’s workers’ compensation rates, the result of a recent state Supreme Court ruling.
New week, same forecast for U.S. Markets
U.S. stock markets were expected to continue a two week slump on Monday as concerns deepen over the economy.
InBev told to sell Labatt with A-B buy
The U.S. Department of Justice on Friday approved InBev’s $52 billion buyout of Anheuser-Busch Cos. Inc. but requires the Belgian brewer to sell its interest in Labatt Brewing in the U.S. (BUD)
Action Q3 sales up, losses continue
Action Products International Inc. has announced that its third quarter sales increased 3 percent to $1.73 million, the first quarterly sales increase from the prior year in more than two and a half years.
NY factory output keeps falling
The Empire State Manufacturing Survey has deteriorated to the lowest point in its seven-year history.
P&G stock a sight for sore eyes; Fifth Third shares need good news
The stock market has dealt investors a brutal hand the past couple of months.
Company?s legacy source of pride, inspiration
Tom Haverkos is a man of tradition. His weekends are often spent volunteering for Habitat for Humanity with his father and sons. And pride radiates when he discusses Sharonville-based Danis Building Construction, where he is executive vice president. The $89 million contractor’s first project was the Wright Brothers mansion in Dayton in 1916. Over the years, Danis has grown to 400 employees in four offices. Under Haverkos’ leadership, health-care construction has grown to 60 percent of business.
SBA lending spigot slows for businesses
The slumping economy has struck again. Greater Cincinnati small businesses got a lot less money from banks through the Small Business Administration loan program in the past year.
Seitz moves to unclog courts
Following an October court ruling upholding a 2004 law governing asbestos lawsuits, Ohio State Sen. Bill Seitz has introduced another bill designed to further streamline such claims.
With Chabot?s pull, locals gained ear on Capitol Hill
With Steve Chabot voted out of Congress, ousted by Democratic challenger Steve Driehaus, leaders of Cincinnati small businesses likely have lost a relatively rare opportunity to make their views known on Capitol Hill.
Workers say economy on the list of worries as holidays approach
Forget the turmoil on Wall Street.
NFL refinances to remove uncertainty from its books
The NFL rolled its $1.4 billion credit line into a four-year term loan, meaning that unless the deal is refinanced, the league will have to pay back $350 million in 2011, the year the sport could be locking out its players, and the remainder of the loan in 2012.
Gary Price
Gary Price and the folks at Fund Evaluation Group tout the benefits of diversifying among asset classes.
Top 25 lists still tops among readers
Since The Business Journal’s first issue in October 1983, the Top 25 lists remain one of the most popular features among our readers. From the largest Milwaukee-area banks, to manufacturers, employers, law firms and highest-paid executives, the lists provide a snapshot of various industries throughout southeast Wisconsin. While many of the industry players have changed over the past 25 years and our geographical coverage area has expanded, our mission always stays the same: to make each list as authoritative and complete as possible. As part of recognizing our 25th anniversary, we thought it would be interesting to compare some of those first-year lists with our most current.
Bailout eases some concern on economy
Harry Loyle, president and chief executive officer of Moto Franchise Corp. doesn’t fully understand the macroeconomics of it, but he knows the government’s $700 financial rescue plan has had a positive effect on small businesses.
Money managers prepare for Obama's tax policies
President-elect Barack Obama vowed during the campaign that he would cut taxes for the middle class but raise them for the affluent.
Bear Creek remains aggressive in spite of market
Despite the slow commercial real estate market, developer Bear Creek Capital will submit more than $450 million in mixed-use development plans to officials in South Lebanon, Liberty Township and the city of Montgomery during the next several months.
Economic woes make financing for commercial spec building in Pittsburgh region difficult
In Pittsburgh’s commercial real estate industry, next year may be more notable for what doesn’t get built than for what does.
What to do when you find a cash windfall
For most Americans, coming into a large sum of money is a dream come true. It’s the chance for financial security, a bit of spending money or something to be passed down for generations.
Experts: tougher times lurk ahead for country
Recession has officially arrived.
City working to help with MERC project
A recent article on the latest developments surrounding the MERC project downtown (Dayton Business Journal, Oct. 31) left the erroneous impression that the City of Dayton has not been an active or supportive player. Nothing could be further from the truth. In fact, the City of Dayton and our financing agent, CityWide Development Corp., have been closely engaged with the private development firm since the project was first proposed nearly four years ago.
Branch makes move to apartments
The transformation of Chris Branch’s Boulevard Co. into an apartment development firm is officially under way.
Oppenheimer & Co. opens first Pittsburgh office Downtown
Financial markets are in flux, but at least one New York brokerage company sees opportunity in southwestern Pennsylvania.
U.S. Bank sues former Central States Mortgage CEO
U.S. Bank is seeking $2.7 million in a lawsuit against former Central States Mortgage chief executive officer Dick Jungen and a separate Wauwatosa mortgage firm he leads.
Wells Fargo readies first Wachovia fix
Wachovia Corp. customers can say goodbye to those high-rate certificates of deposit.
Ian Reid targets TARP, government bonds
A prominent former lobbyist and a former chief executive of Independence Federal Savings Bank launched a consulting firm — Ian Reid LLC — in D.C. Nov. 3.
Utilities: Maryland regulator?s minority goals can?t be met
Maryland utility companies say state regulators’ proposal to increase spending with minority- and women-owned businesses to 25 percent by 2012 is unrealistic.
Scott Koonce wears different hats
Scott Koonce is the Massachusetts Institute of Technology-trained president of Koonce Securities Inc. and managing director of its sister company Montgomery Investment Management Inc., both based in Bethesda. When people come to him for advice today, the issues he deals with aren’t just financial. They’re also emotional.
Department of Justice office still needs money
The rapidly rising Department of Justice office in NoMa at Constitution Square Two is still on the hunt for construction financing, but the developer — a joint venture between StonebridgeCarras LLC and Walton Street Capital LLC — got a breath of fresh air last month.
Volkswagen Group of America shows off research
Volkswagen wants to do the driving for you.
Coalition formed to help push regional transit
A newly formed coalition is calling for a regional approach to mass transit to try and harness political and community support for the controversial project.
Zurich?s city HQ for sale
Zurich American Insurance Co., two decades and 400 workers smaller than when it acquired Maryland Casualty Co., is selling its Baltimore City campus.
Bridging the gap
Constellation Energy Group’s sale to Warren Buffett-owned MidAmerican Energy Holdings Inc. would not have happened without the economic crisis.
Report: Boost image of local IT community
The Baltimore information technology industry needs to focus on work force development starting with elementary school kids and improve its branding to maintain and build momentum that has largely gone unnoticed, according to a study by the Economic Alliance of Greater Baltimore.
Financing options shrink with market
Environmentally friendly companies rely heavily on venture capital to get moving from garage laboratories to the marketplace. But VCs are facing an uncertain economy just as a lot of green entrepreneurs are moving from the lab to the market.
Winds of change: Delivery systems consume utilities? energy
Ranking third in the nation for wind energy potential, Kansas is poised to be a key player in the move toward renewable energy sources. But challenges to getting that energy to customers could take the wind out of the emerging industry’s sails.
Country Club sees wealth of opportunity in new unit
Country Club Bank didn’t see bedlam brewing in the financial markets when it spun off its trust company managers into a separate entity in June. However, it’s confidently taking the company to market this month.
Mariner Wealth sails ahead on hiring, expanding offerings
At a time when many financial services firms are cutting back or focusing on soothing clients, Martin Bicknell, CEO of Mariner Wealth Advisors LLC, is aggressively hiring and expanding the company’s offerings.
Intrust regional president scores with experience on, in court
As a power forward for the University of Kansas Jayhawks, Mike Maddox was known as a savvy, hard-working player.
BloodCenter?s new lab to advance cancer treatment
The BloodCenter of Wisconsin is developing a diagnostic laboratory that will use DNA to evaluate patients with cancer.
Bad loans rising at Washington banks
Bad loans are up dramatically at Washington state banks, surpassing the national average and reaching levels that local banking experts say are unprecedented.
Coalition tells Olympia: Balance budget by clamping down on spending
As Washington state confronts an economic downturn that appears deeper and more painful than any in decades, the business community is coming together to present state lawmakers with a common set of messages.
Daimler plant closings to bring work to Carolinas?
One of the region’s Freightliner facilities may be in line for a 450-job addition as the Portland, Ore.-based truckmaker closes a West Coast truck plant in 2010.
Seattle Savings Bank dinged for low community support
Seattle Savings Bank has received a slap from federal regulators for failing to funnel enough money into low-income and affordable housing projects across the Puget Sound region.
Sound Transit sale-leaseback could suffer in credit crunch
Almost half of the vehicles in the Sounder commuter rail fleet of locomotives and rail cars aren’t owned by Sound Transit. And that could end up costing the agency some money.
Wachovia execs expected to take backseat with Wells
Who will lead Wells Fargo & Co.’s East Coast banking franchise after the Wachovia Corp. deal is done?
Changes may make SBA lending profitable again
The Small Business Administration hopes to encourage lenders to resume making 7(a) business loans by letting them charge higher interest rates to borrowers.
Questions for Ian Freed, Vice president of Amazon Kindle, Amazon.com
Amazon.com is putting a lot of marketing muscle behind its electronic book reader, the Kindle, ahead of this year's holiday season. Ian Freed, Amazon's vice president for Kindle, sat down with TechFlash, the Business Journal’s tech news site, to talk about the device.
The Prop. 1 victory ? one down, one to go
After the defeat of the Roads and Transit ballot measure in 2007, voters told us they preferred to tackle our regional transportation issues one step at a time.
Carolina Commerce sees growth ahead with new CEO
Carolina Commerce Bank is on its third chief executive in a year, but the chairman of the board insists this time he’s found the right man.
Family firms can avoid a scary future
The ongoing financial turmoil has brought to mind a few family-business practices that can be downright scary. Among them:
Create a wellness plan for your workers
You don’t have to spend a lot of money to establish a wellness program for your employees. But no matter how much you spend, you’ll likely get a good return on your investment.
Joey Aycock
Details, Details Position: President, Joey’s Truck Repair Inc.
SBA?s 7(a) lending continues to spiral downward
The Small Business Administration’s loan programs got off to a poor start in October, the first month of the federal government’s new fiscal year.
Avoid anti-sales stigma by focusing on customers
The dictionary defines stigma as “a mark of disgrace or infamy; a stain or reproach, as on one’s reputation.”
Local banks, tech firms gear up for mobile banking
A billboard for Pyramax Bank promises “Freedom” with images of 20-somethings at a beach and at a ski resort holding cell phones — and banking remotely via the phones from those locations.
Wesson focused on uniting credit unions after merger
When Guardian Credit Union and Prime Financial Credit Union complete their merger, Guardian chief executive officer Steve Wesson plans to lead the company toward better marketing, member savings and more opportunities for small businesses.
Deep drop sets investors back five years: Carroll
For all but the most conservative investors, the performance of the stock market in recent weeks has been devastating. Employees who have dutifully invested in 401(k) plans have seen a dramatic drop in the value of their holdings.
Bankers ready to play defense under Democrats
Southeast Wisconsin bank executives are preparing to play defense in Madison and Washington, D.C., with Democrats controlling both the executive and legislative branches at the state and federal levels.
Changes may make SBA lending profitable again
The Small Business Administration hopes to encourage lenders to resume making 7(a) business loans by letting them charge higher interest rates to borrowers.
End of N.C. gift tax will ease small-business transfers
Planning on giving away a large sum of cash, a chunk of real estate or even a piece of the family business this year?
ING Direct offers coffee, talk but no teller windows at ?cafe?
ING Direct, the paperless bank that celebrated its grand opening this week in Waikiki, touts itself as a place for customers to grab coffee while using the cafe’s phones and computers for financial transactions. (ING)
Employers seek expert help in handling retirement plan worries
Kevin Malmud and his team of investment professionals recently held meetings at BMW of Honolulu to review employee 401(k) plans. At issue was how low retirement funds would fall before rebounding.
Get lean, get tough and jump on downturn?s opportunities
Anyone who survived the last down market knows there are diamonds in the rubble of a broken economy. While everyone else is fleeing for the hills, a smart, lean startup company can find its greatest fortune.
Failed Yahoo! deal enough to make tough investors cry
Yahoo! Inc. (Nasdaq: YHOO, 12-month range $11.05– $30.25) is a global Internet brand that makes money by providing marketing services to advertisers across a majority of Yahoo! properties and affiliate sites. Additionally, although many of its user services are free, Yahoo! charges for a range of premium services.
Experts call Chevy Chase Bank an attractive quarry
Local banking analysts say it makes sense that Washington’s largest local bank, Chevy Chase Bank, is now reportedly the latest to be swept up in the acquisition frenzy hitting the nation’s banking industry.
New Legacy CEO 'interested' in Obama's plans
Legacy Health System’s new chief executive officer, Dr. George Brown, takes the helm at a delicate time for the health care industry and for the five-hospital health care system.
Union Bank of California deals in diversity
In 1997 Shona Davidson and Mary Donahue were searching for a bank to help them transform their idea for a technical, marketing and communications consultancy into a reality.
Bay Area community banks hoard cash, bracing for tough times
Banks throughout the Bay Area and Silicon Valley are noticing the effects of the credit crunch, taking larger charge-offs and boosting their loan-loss reserves to prepare for what could be darker days ahead.
Golden Leaf will still be doling out grants
The (Golden Leaf) Foundation was surprised and disappointed to see the headline and lead sentence for the article published in the November 7th edition of the Triangle Business Journal entitled “Golden Leaf Foundation in bind due to $100M debt.”
Making loans a priority for Capital Bank
Regarding Dale Gibson’s column in the Nov. 7, 2008, issue, it is my opinion that he has our position all wrong.
Gov.?s relationship with business strained by oil and gas rancor
Colorado Gov. Bill Ritter embarks on an Asian trade mission with local business leaders on Saturday, Nov. 15, but his standing with the oil and gas industry and those who distrust labor unions remains testy at best.
Will Legislature be pro-business?
The state’s Democratic-controlled Legislature will be led by lawmakers who may be less “business-friendly” than expected, and it has some business leaders worried about what’s in store when the General Assembly convenes in January.
Triangle banks brace for stiffer FDIC insurance fees
RALEIGH – In another wave of fallout from the credit crisis, Triangle bankers are facing perhaps twofold or threefold increases in the fees they pay to insure their deposits with the Federal Deposit Insurance Corp.
Umpqua chief sees federal cash leading to fewer, stronger banks
Ray Davies knows a little something about bank consolidations; his Umpqua Holdings Corp. swallowed up two of Greater Sacramento’s biggest local banks with the purchases of Humboldt Bancorp and Western Sierra Bancorp.
Kobra: Deal in works to sell half of holdings by end of year
After 25 years in the local development business, Kobra Properties owner Abe Alizadeh says that large national real estate investors are considering buying a 49 percent interest in his company, maybe by the end of the year.
Pension losses aren?t cause for panic, experts warn
As a result of the crisis in the country’s financial markets, many stock market investments have suffered heavy losses, fueling further investor panic.
Election opens door to Cisneros connection
San Antonio business leader Red McCombs was one of three Texas chairs for Sen. John McCain’s presidential campaign.
Looming water shortage sowing seeds of conflict
Many of the wars of the 20th century were about oil, but the wars of this century will be over water, according to a former vice president of the World Bank and others who have seen global conditions on the ground. The potential for violent conflict over water is obvious: nothing can live without water, water is scarce, and populations are increasing. Water pollution, waste, climate change, and new demands for water such as biofuel will only intensify the crisis.
Construction fallout
The ongoing expansion of Loop 410 promises to improve traffic flow on a number of the highway’s exits. But the traffic problems resulting from the construction are taking a toll on businesses — particularly those along Bandera Road.
Small-business owners cast wary eye on Obama
Michelle Abreu finds herself in the same boat as many Central Ohio business owners now that Barack Obama is the president-elect.
Auto dealers hope to ride through recession
Although auto sales are down nationwide, Western New York still is a good place to be if you run a car dealership.
Shea's sets stage for $10M improvement
Shea’s Performing Arts Center is readying for more than $10 million in projects that includes a complete interior restoration of the main theater and improves access to the 1926 facility.
Ongoing training for employees is a must in today?s changing work environment
At a company as large as JPMorgan Chase & Co., having a formal training and development program for workers is a must.
Biz Bits
Mortgage refinancings led to liens, three lawsuits allege
A Sunny Isles Beach real estate attorney and his business partner are facing three lawsuits that allege they offered to refinance mortgages for clients, but never paid off the original mortgages or recorded new ones.
Sun American in default, lender says
Sun American Bancorp has received a notice of default on a $7.5 million loan. (SAMB)
Consolidation seen as cure for troubled banks
The U.S. Department of the Treasury’s Troubled Asset Relief Program (TARP) is helping the nation’s largest banks, but smaller struggling institutions could be better candidates for consolidation, according to the head financial regulator in the Southeast.
Beechwood communications go high-tech
Nursing homes and assisted-living centers are always striving to make their facilities more home-like and comfortable for residents and visitors.
Landmark at Doral, Tao among properties headed to the bank
While kids feasted on sugar-filled Halloween candy, a trio of banks kicked off November by swallowing a bitter pill of South Florida properties.
Meltdown likely to lead to fewer banks, higher rates
As a result of the economic collapse nationally, expect to see fewer banks in St. Louis, fewer loans made, higher loan rates charged and less homeownership.
Paterson challenges budget?s big spenders and labor unions for cuts
Gov. David Paterson has targeted hospitals, business owners and college students for sacrifices intended to help erase the state’s $1.5 billion deficit.
Bank branch rollouts slow
Tony Manisco of Fifth Third Bancorp says the recent credit crunch hasn’t crumbled his bank’s plans to go from 12 to 100 branches in the St. Louis area over the next seven years.
Banks ante up to draw more deposits through CDs
As investors seek the safety of banks during these volatile times on Wall Street, they still want top dollar for their deposits, and some banks are willing to pay.
Credit crunch hits local personal, business debtors
When motor home purveyor Lonnie Hall went to inquire about a bank loan for his business this fall, he found himself quickly on the road back to his office, no cash in hand.
Wells Fargo and BBVA Compass brands coming into the Jacksonville market
NORTHEAST FLORIDA — Two of the area’s largest banks will sport new names next year, and along with the rebranding comes new parent companies even farther away. (BBV) (RF) (WFC)
Consumers hesitant to spend as job losses mount
Attorney Aaron Baldwin and his wife are more cautious about their purchases and they’re searching harder for sales this holiday season.
Where can you put your money in times like these? What?s safe?
Clearly, the two absolute safest places to put money in today’s times is in either U.S. government securities, such as treasury bills or notes, or a federally insured financial institution such as a bank, up to the recently enacted FDIC-insured limit of $250,000. Today the returns on both are very nominal, but their investment is safe. In my opinion, select stocks can be a safe haven for those with a longer term horizon. I would caution investors to put money only in stocks that have strong fundamentals, meaning strong management, good product lines and a historically strong track record. Right now there are a number of undervalued stocks that meet this criteria.
Brown-Forman gets national award for support of local arts organizations
Brown-Forman Corp. was among 10 companies in the United States recently recognized by the Business Committee for the Arts Inc. for exceptional support of the arts.
Money managers urge investors to ride it out
For asset management firms, the recent financial downturn is an inevitable — and necessary — part of the investment game.
College savings plans take hits with stock market
Missouri’s state-sponsored college savings program has lost millions of dollars in value this year, including one option in the plan that has declined 41 percent.
Weak or strong, Northeast Florida banks take bailout money
NORTHEAST FLORIDA — No banker wants to be partners with the government, but no banker can afford not to be. (BBT) (BAC) (WFC) (FITB) (RF) (STI)
Fixing mortgages a growing business in Jacksonville
JACKSONVILLE — Seventy-three-year-old Delores Hicks had just about given up all hope that she and her two grandchildren would be able to stay in their Mayport home. (FNM) (FRE) (BAC) (JPM) (C)
Economy leaves local businesses struggling for funding
Funding for companies has dried up in the past few months, and Arizona entrepreneurs and startups are finding the situation particularly daunting.
Changes may make SBA lending profitable again
The Small Business Administration hopes to encourage lenders to resume making 7(a) business loans by letting them charge higher interest rates to borrowers.
Economic fix will take time, won?t be painless
The St. Louis Business Journal talked with Stuart Greenbaum, the former dean of the Olin Business School at Washington University in St. Louis, to discuss the current financial mess and what it will take to clean it up.
Searching for the not-so-elusive business loan
There is no doubt the global credit crisis has altered the way business is done, particularly when it comes to financing projects. But that doesn’t mean there isn’t money to be had.
Tax revenues face steep declines
Shelby County Trustee Paul Matila calls current economic conditions “rough times” while commissioner of the Tennessee Department of Revenue Reagan Farr prefers to label it as “unprecedented.”
Angel investor groups target Memphis start-up firms
Angels of Memphis, unite! This is battle cry coming from two groups hoping to organize Memphis’ angel investors and fuel start-ups.
Court strips Rua of Christopher?s clothing store
It was the 1st of July, and Vince Rua was taking extraordinary steps to save the business he founded 12 years ago, Christopher’s Men’s Stores.