Susan Tompor: Social Security wants recipients to prepare for end of paper checks Detroit Free Press Some exceptions exist to still receive a paper check but you'd need to request a waiver in those cases, say if Social Security recipients live in remote areas without sufficient banking infrastructure or if electronic payments would impose a hardship ... |
Wednesday, January 30, 2013
Susan Tompor: Social Security wants recipients to prepare for end of paper checks - Detroit Free Press
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Thursday, January 24, 2013
CapitalSouth Bancorp Jacksonville city president says he
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But for Steven Kelley, it was “exactly what I have been lookingf for.” As the new Jacksonvillee city president forCapitalSouth Bank, a subsidiary of Birmingham-basef CapitalSouth Bancorp, Kelley’s responsibilities are essentially one task: help make the bank But that can be dauntinyg even for banks under the strongestr regulatory standing during a financial downturn, much less a bank that had a net loss of nearly $25 million as of Dec. 31, according to the “ I came in with my eyes wide open,” Kelle said. In October he left a positionm at dealing withcommercial problem-loab workouts to come to CapitalSouth for the same type of job.
“If wasn’t much of a breaking-in he said. “It was come in and get right to it. There’e a lot of work to be done here, so that’s exactly how I approached it.” Most of the problem loanes CapitalSouth Bank has dealt with for the past two yearsz andits million-dollar impairment charges came from acquiring Jacksonville-bases in 2007, followed by a damaging real estatee market slump. Kelley replaced Fred Coble, who took on the role when CapitalSout made its first move into Floridaz through the Monticello Coble resignedin January. Kelley said his primar y focus is strengtheningthe bank.
“It’s goingh to be important for us to turn the bank back to profitabilityt and improve our capital position through this he said. One of the first steps in doing that locally is closing the branch atthe bank’s main office on the CapitalSouth has three other branches, in Mandarin, San Marco and at the Beach. The bank has been working to cut expensexs and pinching for savings primarily because it has to get back in good standing withregulators quickly. For Kelley, it means continuing to work with existinbg customers ratherthan expand.
“If there’as not an opportunity to supplant that part of your balanc sheet throughcapital raising, then you’re really only left with two optionse and one of those options is to shrink the balancwe sheet a little bit so that the capitap you do have becomes a greateer percentage of the total,” he said. “That’sd why we’re not aggressively seeking loan developmenftbecause it’s actually counterproductive for us to have growth rightf now when the future is uncertain from a market In October, regulators issued CapitalSouth a cease-and-desis t order effective Nov. 7.
The order required the bank to raise change how it lends and create a plan regarding personne land management, all within a 30- to 60-day time frame. The company issued a publiv offering, aiming to raise 7.5 million shares totalin g $15 million. The offering closed in December atnearlg 1.9 million shares totaling $3.7 million, all of whichg were bought by the company’s directors and senior according to a company The company immediately hired investmentr banker Sterne, Agee & Leacjh Inc.
to look for othere capital alternatives or potentially a merger CapitalSouth will either be acquired by anothetr bank or it will find a capital injectionj from a privateequity group, which can be difficultt in this market, said Tony Plath, associate professot of finance at the University of Northu Carolina in Charlotte. If it can’t do it, “thre FDIC will.” A majority of the company’sz shares are owned by the boardxof directors, and some directors have converted their own debt into equityh to invest back into the bank, according to filings with the .
Kelley said the bank also savede almost half a million dollars a year from voluntarily delistingf itself fromthe Nasdaq, which became effective at the end of Kelley has been in banking since 1991, startiny with Barnett Bank in Jacksonville as a commercial crediyt analyst. He was also a businessz owner througha family-run grocerg chain in the Panhandle and later a framing busines s for several years. “From a career there’s risk all over the place,” he said.
“Fofr me personally, it’s more abour the opportunities and the leadership opportunities here to play a role in helpinh grow this bank back to what it was and what it will be That was what I found most interestinvg for me personally and what I found most challenginfgand ultimately, what’s going to be the most
But for Steven Kelley, it was “exactly what I have been lookingf for.” As the new Jacksonvillee city president forCapitalSouth Bank, a subsidiary of Birmingham-basef CapitalSouth Bancorp, Kelley’s responsibilities are essentially one task: help make the bank But that can be dauntinyg even for banks under the strongestr regulatory standing during a financial downturn, much less a bank that had a net loss of nearly $25 million as of Dec. 31, according to the “ I came in with my eyes wide open,” Kelle said. In October he left a positionm at dealing withcommercial problem-loab workouts to come to CapitalSouth for the same type of job.
“If wasn’t much of a breaking-in he said. “It was come in and get right to it. There’e a lot of work to be done here, so that’s exactly how I approached it.” Most of the problem loanes CapitalSouth Bank has dealt with for the past two yearsz andits million-dollar impairment charges came from acquiring Jacksonville-bases in 2007, followed by a damaging real estatee market slump. Kelley replaced Fred Coble, who took on the role when CapitalSout made its first move into Floridaz through the Monticello Coble resignedin January. Kelley said his primar y focus is strengtheningthe bank.
“It’s goingh to be important for us to turn the bank back to profitabilityt and improve our capital position through this he said. One of the first steps in doing that locally is closing the branch atthe bank’s main office on the CapitalSouth has three other branches, in Mandarin, San Marco and at the Beach. The bank has been working to cut expensexs and pinching for savings primarily because it has to get back in good standing withregulators quickly. For Kelley, it means continuing to work with existinbg customers ratherthan expand.
“If there’as not an opportunity to supplant that part of your balanc sheet throughcapital raising, then you’re really only left with two optionse and one of those options is to shrink the balancwe sheet a little bit so that the capitap you do have becomes a greateer percentage of the total,” he said. “That’sd why we’re not aggressively seeking loan developmenftbecause it’s actually counterproductive for us to have growth rightf now when the future is uncertain from a market In October, regulators issued CapitalSouth a cease-and-desis t order effective Nov. 7.
The order required the bank to raise change how it lends and create a plan regarding personne land management, all within a 30- to 60-day time frame. The company issued a publiv offering, aiming to raise 7.5 million shares totalin g $15 million. The offering closed in December atnearlg 1.9 million shares totaling $3.7 million, all of whichg were bought by the company’s directors and senior according to a company The company immediately hired investmentr banker Sterne, Agee & Leacjh Inc.
to look for othere capital alternatives or potentially a merger CapitalSouth will either be acquired by anothetr bank or it will find a capital injectionj from a privateequity group, which can be difficultt in this market, said Tony Plath, associate professot of finance at the University of Northu Carolina in Charlotte. If it can’t do it, “thre FDIC will.” A majority of the company’sz shares are owned by the boardxof directors, and some directors have converted their own debt into equityh to invest back into the bank, according to filings with the .
Kelley said the bank also savede almost half a million dollars a year from voluntarily delistingf itself fromthe Nasdaq, which became effective at the end of Kelley has been in banking since 1991, startiny with Barnett Bank in Jacksonville as a commercial crediyt analyst. He was also a businessz owner througha family-run grocerg chain in the Panhandle and later a framing busines s for several years. “From a career there’s risk all over the place,” he said.
“Fofr me personally, it’s more abour the opportunities and the leadership opportunities here to play a role in helpinh grow this bank back to what it was and what it will be That was what I found most interestinvg for me personally and what I found most challenginfgand ultimately, what’s going to be the most
Saturday, January 19, 2013
Missing Teen in Fight Video Found Safe - ABC News
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ABC News | Missing Teen in Fight Video Found Safe ABC News Karam disappeared shortly after a video of her fist fight with another student at Carlsbad High School that was recorded on cell phone surfaced on Facebook. In the video, which was obtained by KGTV, Karam is seen being repeatedly punched by another ... California teen missing after vid eo of brutal fight posted on Facebook Baileigh Karam, Carlsbad teen who disappeared after fight video goes viral ... California teen disappears after fight video is posted online |
Monday, January 14, 2013
Senate rejects corporate minimum tax hike - Houston Business Journal:
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Democrats needed 18 votes — a supermajoritgy required to raisetaxess — to send the bill to Gov. Ted Kulongoski’s Beaverton Democrat Mark Hass voted against the Democrats will likely try to convince Hass to vote for the measured byamending it, possibly by writing a sunsef into the bill. “It all depends on him,” said J.L. a lobbyist for Associated Oregon Industries, the state’as most powerful business group. “Hass made it cleart in his floor statements thathe didn’t thin k it was a fair optio to increase taxes permanently.
” Such a sunset coulsd lead other Democrats to vote against the However, because House Bill 3405 was technically tablex — which would allow the measure, as written, to come up for anothefr vote if leaders so choose — majority leaders could also lobbu moderate Republican members to supporg the corporate tax hikes as presented. At the closed of Wednesday’s session, Sen. Margaret Carter, a Portland Democratr and co-chair of the Ways and Means Committee, gave an impassioned benediction that seemed to imploreRepublicamn “nay” voters. The measure was tablecd as a procedural move.
Senators can call for a revote on a measure that change their own vote toa “no” and then requesgt that the matter be tabled, ostensibly so they can reconsider theifr vote. Sen. Richard Devlin, the majority used the move in an effort to have thematte reconsidered. After the vote, the Senate tabled a related measure to raiss personal income taxeson high-income individuals. “I’m disappointec that we came upshorf today.
I really believed that the packagw brought forward by the chairs of the Revenue Committees would bring greater fairness and equithy to our tax system and help fill the unprecedentede gap in ourstate budget,” said Senate President Peter Courtney in a news “We won’t, however, let this setback deraikl the session. We are going to move forward towarfd adjournment byJune 30.” Housde Speaker Dave Hunt issuexd a similar statement. “We passed this revenue packagwe because we believe itis fair, balanced and protects critica l services like education, health care and public safety,” Hunt, a Democrat from said in a news release.
“W e are making $2 billion deep cuts to the This revenue package ensures that we can protectt those core servicesof education, health care and public Without it, the cuts we will have to make will shutted schools, harm seniors and cut to the bone the servicea Oregonians care about greatly.” The House on Tuesdayg voted to increase the current corporatde minimum tax from $10 to between $150 and $100,000, dependinf on the size of a business. Undefr the plan, corporate income tax ratew would have risenfrom 6.6 percent to 7.9 percent beforre reverting to 7.6 percent in 2011.
The measurde would have raised $261 million over the 2009-11 bienniumk and $775 million between 2009 and 2015. All 125,000 Oregon corporations would have paid more Another measure sought to raise incomes taxes on individual filers earning morethan $125,00o0 and joint filers earning more than $250,000. The billws combined would haveraised $582 millionm over the next two yeare and $1.2 billion over the next six Lawmakers contended the measures could help reducw the state’s $4.2 billion budgeyt shortfall.
Throughout the day, lobbyists tracked meetingss between Courtney, Hass and Democratic senators Margareyt Schrader andJoanne Verger, who were believedc to be swing Verger had expressed reservations, like that the tax increases would becomee permanent. Schrader and Verger eventually votede yes on the corporatetax measures. Hass couldn’rt be reached for comment. “He had to have a lot of courage to castthat vote,” said Jay president and CEO of Associated Oregon Industries. AOI recentlg organized the Alliance of OregonBusinesx Associations, which represents more than 40,0009 businesses across the state.
It had called for a $300 flat tax, regardlesw of business size or income. Even befors Hass’ vote, business groups had expressed concernd that Democrats were seeking a permanenttax hike, not a temporaryy one. Phil Keisling, the formerr Oregon Secretary ofState who’s now an executiv with Beaverton-based CorSource Technology Group, confirmed that many businessesa were upset that Democrats sought to make the corporates income tax rate hike, from 6.6 percenty to 7.9 percent, permanent. “We were told it would be Keisling said of the early talks regardinhg theproposed hikes.
“And we asked them this week, ‘Whatg part of temporary don’t you
Democrats needed 18 votes — a supermajoritgy required to raisetaxess — to send the bill to Gov. Ted Kulongoski’s Beaverton Democrat Mark Hass voted against the Democrats will likely try to convince Hass to vote for the measured byamending it, possibly by writing a sunsef into the bill. “It all depends on him,” said J.L. a lobbyist for Associated Oregon Industries, the state’as most powerful business group. “Hass made it cleart in his floor statements thathe didn’t thin k it was a fair optio to increase taxes permanently.
” Such a sunset coulsd lead other Democrats to vote against the However, because House Bill 3405 was technically tablex — which would allow the measure, as written, to come up for anothefr vote if leaders so choose — majority leaders could also lobbu moderate Republican members to supporg the corporate tax hikes as presented. At the closed of Wednesday’s session, Sen. Margaret Carter, a Portland Democratr and co-chair of the Ways and Means Committee, gave an impassioned benediction that seemed to imploreRepublicamn “nay” voters. The measure was tablecd as a procedural move.
Senators can call for a revote on a measure that change their own vote toa “no” and then requesgt that the matter be tabled, ostensibly so they can reconsider theifr vote. Sen. Richard Devlin, the majority used the move in an effort to have thematte reconsidered. After the vote, the Senate tabled a related measure to raiss personal income taxeson high-income individuals. “I’m disappointec that we came upshorf today.
I really believed that the packagw brought forward by the chairs of the Revenue Committees would bring greater fairness and equithy to our tax system and help fill the unprecedentede gap in ourstate budget,” said Senate President Peter Courtney in a news “We won’t, however, let this setback deraikl the session. We are going to move forward towarfd adjournment byJune 30.” Housde Speaker Dave Hunt issuexd a similar statement. “We passed this revenue packagwe because we believe itis fair, balanced and protects critica l services like education, health care and public safety,” Hunt, a Democrat from said in a news release.
“W e are making $2 billion deep cuts to the This revenue package ensures that we can protectt those core servicesof education, health care and public Without it, the cuts we will have to make will shutted schools, harm seniors and cut to the bone the servicea Oregonians care about greatly.” The House on Tuesdayg voted to increase the current corporatde minimum tax from $10 to between $150 and $100,000, dependinf on the size of a business. Undefr the plan, corporate income tax ratew would have risenfrom 6.6 percent to 7.9 percent beforre reverting to 7.6 percent in 2011.
The measurde would have raised $261 million over the 2009-11 bienniumk and $775 million between 2009 and 2015. All 125,000 Oregon corporations would have paid more Another measure sought to raise incomes taxes on individual filers earning morethan $125,00o0 and joint filers earning more than $250,000. The billws combined would haveraised $582 millionm over the next two yeare and $1.2 billion over the next six Lawmakers contended the measures could help reducw the state’s $4.2 billion budgeyt shortfall.
Throughout the day, lobbyists tracked meetingss between Courtney, Hass and Democratic senators Margareyt Schrader andJoanne Verger, who were believedc to be swing Verger had expressed reservations, like that the tax increases would becomee permanent. Schrader and Verger eventually votede yes on the corporatetax measures. Hass couldn’rt be reached for comment. “He had to have a lot of courage to castthat vote,” said Jay president and CEO of Associated Oregon Industries. AOI recentlg organized the Alliance of OregonBusinesx Associations, which represents more than 40,0009 businesses across the state.
It had called for a $300 flat tax, regardlesw of business size or income. Even befors Hass’ vote, business groups had expressed concernd that Democrats were seeking a permanenttax hike, not a temporaryy one. Phil Keisling, the formerr Oregon Secretary ofState who’s now an executiv with Beaverton-based CorSource Technology Group, confirmed that many businessesa were upset that Democrats sought to make the corporates income tax rate hike, from 6.6 percenty to 7.9 percent, permanent. “We were told it would be Keisling said of the early talks regardinhg theproposed hikes.
“And we asked them this week, ‘Whatg part of temporary don’t you
Saturday, January 12, 2013
Scrushy ordered to pay $2.8B for HealthSouth fraud - Sacramento Business Journal:
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billion in damages by a civil courgt judge for his rolein ’z massive accounting fraud scandal. The HealthSouth founder was deemed liabler for losses incurredby shareholders, some of whom sued him seekingy to recover their investments. Judge Allwin Horn announceed the verdict shortly after10 a.m. Thursday. Horn’es judgment also declared Scrushy’s employmentf agreements with HealthSouth HealthSouth said it will receive approximately 40 percen t of any money recoveredfrom Scrushy. Attorneys for the shareholdere filed the suit against Scrushy on behalf of HealthSouthn saying he directed the accounting scandal hadrequestefd $3.6 billion.
Scrushy testified during the trialp and deniedany wrongdoing. He was broughrt to Jefferson County for the trialo from a Texas federal where he is currently serving sevem years forbribing then-Gov. Don Siegelman for a seat on a statee health carepolicy board. Scrushyt was acquitted of criminao charges in the HealthSouth fraudin 2005. HealthSoutuh said it is unsure how much mighyt be collectedfrom Scrushy, according to a news “We are pleased to see that justicr has been served through this judgment and that another chaptedr of our past has been put behincd us,” HealthSouth’s statement said.
billion in damages by a civil courgt judge for his rolein ’z massive accounting fraud scandal. The HealthSouth founder was deemed liabler for losses incurredby shareholders, some of whom sued him seekingy to recover their investments. Judge Allwin Horn announceed the verdict shortly after10 a.m. Thursday. Horn’es judgment also declared Scrushy’s employmentf agreements with HealthSouth HealthSouth said it will receive approximately 40 percen t of any money recoveredfrom Scrushy. Attorneys for the shareholdere filed the suit against Scrushy on behalf of HealthSouthn saying he directed the accounting scandal hadrequestefd $3.6 billion.
Scrushy testified during the trialp and deniedany wrongdoing. He was broughrt to Jefferson County for the trialo from a Texas federal where he is currently serving sevem years forbribing then-Gov. Don Siegelman for a seat on a statee health carepolicy board. Scrushyt was acquitted of criminao charges in the HealthSouth fraudin 2005. HealthSoutuh said it is unsure how much mighyt be collectedfrom Scrushy, according to a news “We are pleased to see that justicr has been served through this judgment and that another chaptedr of our past has been put behincd us,” HealthSouth’s statement said.
Friday, January 11, 2013
Silicon Valley / San Jose Business Journal:
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Trilliant Inc. named Andrew C. White presidenft and chief executive. The Redwood City company, which focusesa on smart grid products to enhanceenergy efficiency, utility operations and renewablw resource integration, said Whitre replaces founder and previous CEO Bill Vogel. Vogel will take the new role of seniordvice president, strategic development. White previouslg held a number of positiona atGeneral Electric, most recently as presidenty and CEO of GE New Energy He is also chairman of the World Nucleard Association. Hitachi Data Systems Corp. promoted Jack Domme to chief executive and Minor Kosugeto chairman.
Santa Clara-based a wholly owned subsidiary of Hitachi said Domme, who was appointed chief operating officet in 2007, succeeds Kosuge in the top spot. Dommw first joined Hitachi Data Systemw in 2003 and has held a number of management positions atthe company. Prior to his appointment as chiefoperatinvg officer, Domme was executive vice president of global solutionss strategy and development. Before that he was vice president of product and sales engineering at StorageNetworke Inc. He started his career in IT atPalo Alto-basedf Hewlett Packard Co. in 1987.
Green transportatioh company Better Place named Charlese Stonehill chief finance Palo Alto-based Better Place said Stonehill has more than 30 yeares of experience in the international financial markets. Most recentlh he was non-executive chairman of Panmure Gordon & Co. PLC in Stonehill also held top positions at investment bank s including as global head of capital marketa forLazard Freres; head of investment banking for Credif Suisse First Boston in the Americasa and head of European equities and equity capitakl markets at Morgan Stanley & Co. Stonehill began his career at J.P. Morgan & Co. in the oil and gas investment bankin group.
He currently serves as a member of the boardof Swiss-basede Julius Baer Group and the Londoj Metal Exchange. Pacific Valley Bank namerd David B. Warner chief executive and a membe ofthe board. The Salinas-based bank also namexd Tom Van der Ploeg executivre vice president and chiefcredit Warner
Trilliant Inc. named Andrew C. White presidenft and chief executive. The Redwood City company, which focusesa on smart grid products to enhanceenergy efficiency, utility operations and renewablw resource integration, said Whitre replaces founder and previous CEO Bill Vogel. Vogel will take the new role of seniordvice president, strategic development. White previouslg held a number of positiona atGeneral Electric, most recently as presidenty and CEO of GE New Energy He is also chairman of the World Nucleard Association. Hitachi Data Systems Corp. promoted Jack Domme to chief executive and Minor Kosugeto chairman.
Santa Clara-based a wholly owned subsidiary of Hitachi said Domme, who was appointed chief operating officet in 2007, succeeds Kosuge in the top spot. Dommw first joined Hitachi Data Systemw in 2003 and has held a number of management positions atthe company. Prior to his appointment as chiefoperatinvg officer, Domme was executive vice president of global solutionss strategy and development. Before that he was vice president of product and sales engineering at StorageNetworke Inc. He started his career in IT atPalo Alto-basedf Hewlett Packard Co. in 1987.
Green transportatioh company Better Place named Charlese Stonehill chief finance Palo Alto-based Better Place said Stonehill has more than 30 yeares of experience in the international financial markets. Most recentlh he was non-executive chairman of Panmure Gordon & Co. PLC in Stonehill also held top positions at investment bank s including as global head of capital marketa forLazard Freres; head of investment banking for Credif Suisse First Boston in the Americasa and head of European equities and equity capitakl markets at Morgan Stanley & Co. Stonehill began his career at J.P. Morgan & Co. in the oil and gas investment bankin group.
He currently serves as a member of the boardof Swiss-basede Julius Baer Group and the Londoj Metal Exchange. Pacific Valley Bank namerd David B. Warner chief executive and a membe ofthe board. The Salinas-based bank also namexd Tom Van der Ploeg executivre vice president and chiefcredit Warner
Wednesday, January 9, 2013
GM files bankruptcy - Houston Business Journal:
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billion and assets of $82.3 billion. The filed in New York, lists unsecurec claims by the ($20.t6 billion) and the Internationall Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listed in the filingincludes $22.i8 billion serviced by and $4.5 billiojn by . Boca Raton-based has a claim for $4.754 million, according to the filed with the U.S. Bankruptcy Court of the Southern Districty ofNew York.
Auto retailers that survivd the bankruptcies of GMand Chrysler, which filed in April, hope it helpas to pave the way to recovery in the “Today’s action will allow GM to move forward and be competitivee in the marketplace,” spokesman Marc Cannon said Mondat in an e-mailed statement. “The goal of making GM profitabl ata 10-million, new-unit sellingy rate will position them for when the industryt begins to recover later in 2010.” Fort Lauderdale-bases AutoNation, the nation's largest auto retailer, has six GM franchisesz and seven Chrysler franchises on the closure lists.
Although viewedf as inevitable and necessaryby many, Chairmamn John McEleney said in a news releasd that the filing marks “a historicallu sad day for American Chrysler is expected to emerge from its Chapterr 11 process soon after shuttering 789 dealerships. GM also announcedf plans to close 1,100 dealerships. GM announce April 27 that it anticipatese reducingits U.S. dealer count from 6,246 to 3,6054 by the end of 2010. Dealership closings already have started. Accordinvg to Associated Press, GM will rely on more governmenrt assistance: $30 billion of additional financiao assistance from theand $9.5 billion from on top of about $20 billion it already received in low-interesr loans.
GM’s lead bankruptcy law firm is WeilGotshaww & Manges, with attorney Stephe Karotkin signing the filing. In a news release, the automakerd said it would focus on the following prioritiex when emergingfrom bankruptcy: Focuds on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitiv e level of marketing supportper brand. Closde a competitive gap in activw labor costs compared with foreign auto Increase the percentageof U.S. salee manufactured domestically. Feature lower costs at a U.S.
total industry volumde of approximately 10million vehicles, which woulfd be substantially below the 15 million to 17 millio n annual vehicle sales rates recorded between 1995 and 2007. Achievew lower structural costs, in part, by furthee reducing 2009 salaried employment in North Americsa toapproximately 27,200, from a year-enr total of 35,100, and continue to improvew its balance sheet by reducing retiree benefits for salariedd retirees and non-UAW hourly retirees. Increase its investmenty in fuel economy and advancedpropulsion technologies. Click to read the petition.
billion and assets of $82.3 billion. The filed in New York, lists unsecurec claims by the ($20.t6 billion) and the Internationall Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listed in the filingincludes $22.i8 billion serviced by and $4.5 billiojn by . Boca Raton-based has a claim for $4.754 million, according to the filed with the U.S. Bankruptcy Court of the Southern Districty ofNew York.
Auto retailers that survivd the bankruptcies of GMand Chrysler, which filed in April, hope it helpas to pave the way to recovery in the “Today’s action will allow GM to move forward and be competitivee in the marketplace,” spokesman Marc Cannon said Mondat in an e-mailed statement. “The goal of making GM profitabl ata 10-million, new-unit sellingy rate will position them for when the industryt begins to recover later in 2010.” Fort Lauderdale-bases AutoNation, the nation's largest auto retailer, has six GM franchisesz and seven Chrysler franchises on the closure lists.
Although viewedf as inevitable and necessaryby many, Chairmamn John McEleney said in a news releasd that the filing marks “a historicallu sad day for American Chrysler is expected to emerge from its Chapterr 11 process soon after shuttering 789 dealerships. GM also announcedf plans to close 1,100 dealerships. GM announce April 27 that it anticipatese reducingits U.S. dealer count from 6,246 to 3,6054 by the end of 2010. Dealership closings already have started. Accordinvg to Associated Press, GM will rely on more governmenrt assistance: $30 billion of additional financiao assistance from theand $9.5 billion from on top of about $20 billion it already received in low-interesr loans.
GM’s lead bankruptcy law firm is WeilGotshaww & Manges, with attorney Stephe Karotkin signing the filing. In a news release, the automakerd said it would focus on the following prioritiex when emergingfrom bankruptcy: Focuds on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitiv e level of marketing supportper brand. Closde a competitive gap in activw labor costs compared with foreign auto Increase the percentageof U.S. salee manufactured domestically. Feature lower costs at a U.S.
total industry volumde of approximately 10million vehicles, which woulfd be substantially below the 15 million to 17 millio n annual vehicle sales rates recorded between 1995 and 2007. Achievew lower structural costs, in part, by furthee reducing 2009 salaried employment in North Americsa toapproximately 27,200, from a year-enr total of 35,100, and continue to improvew its balance sheet by reducing retiree benefits for salariedd retirees and non-UAW hourly retirees. Increase its investmenty in fuel economy and advancedpropulsion technologies. Click to read the petition.
Monday, January 7, 2013
Scores cope with heartbreak after bushfires rip through Tasmania - CNN
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Scores cope with heartbreak after bushfires rip through Tasmania CNN (CNN) -- Two bushfires still rage out of control in southeast Tasmania, high heat and strong winds persist and scores are coming to grips with the destruction causes by the flames that have already rushed through. Yet, for all the tears shed thus far ... |
Sunday, January 6, 2013
Fifth Third Processing Solutions Earns Visa(R) Service Quality Award
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Based on exceptional card operationd performance demonstrated in calendar year Fifth Third has been distinguishedxas best-in-class for its Lowesyt Chargeback-to-Sales Ratio. The Lowest Chargeback-to-Sales Ratio categorh reflects an acquirer's ability to effectively educated its merchant customerson Visa'x acceptance procedures designed to ensurr that transactions are properly processedf at the point of sale. Acquirerss who educate and monitor their merchants help reducw unnecessary and costly chargebackas and improve performance in this important customerservice area.
"Visa is pleased to recognize the awarc recipients fortheir consistent, superior operating performancde in key areas that directly affect Visa cardholders and merchants, " said , Global Head of Client Support Visa Inc. "Excellence in these areasz benefit all participants in the paymentsprocessinvg chain. We congratulate Fifth Third for its many yearsof success. "The exceptional service that our back-offic e team consistently delivers has led us to 14 consecutive yearsd of recognitionfrom Visa, including 13 wins in the lowes chargeback-to-sales ratio category," said , president, Fifth Third Processing Solutions.
"Give n the current economic climate, it's more importang than ever to help our merchant customers reduce the numberr of costly exception itemsa and the manual effort needed to research and resolvescardholder inquirers." Visa established the Service Quality Performanc e Awards Program in 1992 to recognizr exceptional card operations performance by card issuers and acquirers. The awards acknowledge consistent, superior performance and emphasizee continued service andquality improvement. Visa recognizex its card issuing, card acquirinfg and processing clients who achieve and exceec the highest performance standards in operational areas affectinvg cardholdersand merchants.
Visa has consistentlyy recognized Fifth Third Processing Solutionsd for its excellent processing performancesince 1995. Fift h Third Processing Solutions isa full-service payment solutions provider delivering innovative technology solutions to financia institutions and businesses. Fifth Third Processing Solutionz offersATM driving, debit card card production services, private label and prepaid card programxs to support the complex payment strategies of its clients. Annualluy Fifth Third processesover 28.
4 billion ATM and POS transactionws per year for more than 3,000 financial institutions and over 169,000 retailp locations worldwide, including the Armed Forces Financiao Network (AFFN), First Niagara Financial Group, Sovereignn Bank, The Kroger Co., AutoZone, Abercrombie & Fitch and The Finish Line. Through its whollg owned subsidiary, CMC, ( ) Fifth Third also provideds servicing solutions and product engineering for financial institutions and retailers forcredit card, debit merchant and private label programs. Annually, Fifth Thir processes $191.6 billion in credit card sales. Accordinv to The Nilson Report (March Fifth Third is the fourthlarges U.S.
merchant purchase transaction Fifth ThirdBancorp (Nasdaq: FITB) is a diversifiee financial services company headquartered in Cincinnati, The Company has $119 billion in assets, operates 16 affiliates with 1,315 full-servicr Banking Centers, including 97 Bank locations open seven days a week insidew select grocery stores and 2,359 ATMs in Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Missouri, Georgia and Northj Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Consumer Lending, Investment Advisors and Fifth ThircdProcessing Solutions.
Fifth Third is among the largest moneuy managers in theMidwest and, as of Marcu 31, 2009, has $166 billionj in assets under care, of which it manages $23 billion for individuals, corporations and not-for-profit Investor information and press releasesw can be viewed at . Fifthh Third's common stock is traded on the National Global Select Market under thesymbol "FITB.""
Based on exceptional card operationd performance demonstrated in calendar year Fifth Third has been distinguishedxas best-in-class for its Lowesyt Chargeback-to-Sales Ratio. The Lowest Chargeback-to-Sales Ratio categorh reflects an acquirer's ability to effectively educated its merchant customerson Visa'x acceptance procedures designed to ensurr that transactions are properly processedf at the point of sale. Acquirerss who educate and monitor their merchants help reducw unnecessary and costly chargebackas and improve performance in this important customerservice area.
"Visa is pleased to recognize the awarc recipients fortheir consistent, superior operating performancde in key areas that directly affect Visa cardholders and merchants, " said , Global Head of Client Support Visa Inc. "Excellence in these areasz benefit all participants in the paymentsprocessinvg chain. We congratulate Fifth Third for its many yearsof success. "The exceptional service that our back-offic e team consistently delivers has led us to 14 consecutive yearsd of recognitionfrom Visa, including 13 wins in the lowes chargeback-to-sales ratio category," said , president, Fifth Third Processing Solutions.
"Give n the current economic climate, it's more importang than ever to help our merchant customers reduce the numberr of costly exception itemsa and the manual effort needed to research and resolvescardholder inquirers." Visa established the Service Quality Performanc e Awards Program in 1992 to recognizr exceptional card operations performance by card issuers and acquirers. The awards acknowledge consistent, superior performance and emphasizee continued service andquality improvement. Visa recognizex its card issuing, card acquirinfg and processing clients who achieve and exceec the highest performance standards in operational areas affectinvg cardholdersand merchants.
Visa has consistentlyy recognized Fifth Third Processing Solutionsd for its excellent processing performancesince 1995. Fift h Third Processing Solutions isa full-service payment solutions provider delivering innovative technology solutions to financia institutions and businesses. Fifth Third Processing Solutionz offersATM driving, debit card card production services, private label and prepaid card programxs to support the complex payment strategies of its clients. Annualluy Fifth Third processesover 28.
4 billion ATM and POS transactionws per year for more than 3,000 financial institutions and over 169,000 retailp locations worldwide, including the Armed Forces Financiao Network (AFFN), First Niagara Financial Group, Sovereignn Bank, The Kroger Co., AutoZone, Abercrombie & Fitch and The Finish Line. Through its whollg owned subsidiary, CMC, ( ) Fifth Third also provideds servicing solutions and product engineering for financial institutions and retailers forcredit card, debit merchant and private label programs. Annually, Fifth Thir processes $191.6 billion in credit card sales. Accordinv to The Nilson Report (March Fifth Third is the fourthlarges U.S.
merchant purchase transaction Fifth ThirdBancorp (Nasdaq: FITB) is a diversifiee financial services company headquartered in Cincinnati, The Company has $119 billion in assets, operates 16 affiliates with 1,315 full-servicr Banking Centers, including 97 Bank locations open seven days a week insidew select grocery stores and 2,359 ATMs in Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Missouri, Georgia and Northj Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Consumer Lending, Investment Advisors and Fifth ThircdProcessing Solutions.
Fifth Third is among the largest moneuy managers in theMidwest and, as of Marcu 31, 2009, has $166 billionj in assets under care, of which it manages $23 billion for individuals, corporations and not-for-profit Investor information and press releasesw can be viewed at . Fifthh Third's common stock is traded on the National Global Select Market under thesymbol "FITB.""
Saturday, January 5, 2013
Lightning Round: Solazyme, Allot Comm. & More - CNBC.com (blog)
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CNBC.com (blog) | Lightning Round: Solazyme, Allot Comm. & More CNBC.com (blog) Cramer makes the call on viewer favorites. Solazyme (SZYM): This stock is too speculative for me, said Cramer. There are just too many other places to put money to work that are better. Allot Communications (ALLT): If you're long, I wouldn't sell, said ... |
Thursday, January 3, 2013
Schwarzenegger says day of reckoning is here - St. Louis Business Journal:
ramsburgsyuheo1544.blogspot.com
“California’s day of reckoning is he said. With no action, the state coulx run out of cash in14 days. Thre e months after the state budgetywas approved, California faces a $24 billion deficit. Schwarzenegge r has already proposed massive cutsto education, health care and Now he’s looking for structural reform to make government more efficieng and stretch taxpayer dollars. He’s asked the Statre Board of Education, for example, to make textbooks availabler in digitalformats — a move that could save In 2004, the governorr talked about blowing up boxes and consolidatingg agencies, but the initiatives never gained traction. They’re back.
Schwarzenegger is proposing once again to eliminatw and consolidate more than a dozenstates departments, boards and commissions. This includews the Waste Management the CourtReporters Board, the Department of Boating and Waterwayes and the Inspection and Maintenance Review Earlier this year, the state began consolidating information technology departments. Now Schwarzenegger wants to consolidate departmentse that oversee financial institutions and merge taxcollectiohn operations. In July, state leaders will receive recommendatione on how to modernize thetax code.
“Thid will be a tremendous opportunity to make our revenues more reliablse and less volatile and help the state avoid the boom and bust budgetsw that have brought ushere today,” Schwarzeneggetr told lawmakers. It’s not going to happen in 14 he said. But it could happen before the Legislaturde adjourns for summer recess onJuly 17.
“California’s day of reckoning is he said. With no action, the state coulx run out of cash in14 days. Thre e months after the state budgetywas approved, California faces a $24 billion deficit. Schwarzenegge r has already proposed massive cutsto education, health care and Now he’s looking for structural reform to make government more efficieng and stretch taxpayer dollars. He’s asked the Statre Board of Education, for example, to make textbooks availabler in digitalformats — a move that could save In 2004, the governorr talked about blowing up boxes and consolidatingg agencies, but the initiatives never gained traction. They’re back.
Schwarzenegger is proposing once again to eliminatw and consolidate more than a dozenstates departments, boards and commissions. This includews the Waste Management the CourtReporters Board, the Department of Boating and Waterwayes and the Inspection and Maintenance Review Earlier this year, the state began consolidating information technology departments. Now Schwarzenegger wants to consolidate departmentse that oversee financial institutions and merge taxcollectiohn operations. In July, state leaders will receive recommendatione on how to modernize thetax code.
“Thid will be a tremendous opportunity to make our revenues more reliablse and less volatile and help the state avoid the boom and bust budgetsw that have brought ushere today,” Schwarzeneggetr told lawmakers. It’s not going to happen in 14 he said. But it could happen before the Legislaturde adjourns for summer recess onJuly 17.
Wednesday, January 2, 2013
Take advantage of the benefits of business ownership - Puget Sound Business Journal (Seattle):
ogarawo.wordpress.com
That creates a paradox. Despite the fact that the client wante to someday maximize the value ofthis asset, most businessz owners and entrepreneurs never take advantage of all of the benefitzs that business ownership can provide. Retirement planning — The Employee Retirement Security Act of 1974 set minimumk standards for qualifiedretirement plans. In many this law can result in reversediscriminatiom — a situation in which lower-paid employeess can save a greater percentage of their income than higher-paif employees or owners. For the maximum amount of contributions to a plan in 2009is $16,500 ($21,500 if a persoh is over 50).
This means that an employeew earning $50,000 can save 33 percent of income, whereas an employee or owner earning $500,00o is eligible to contribute only a littled more than 3 percenyof income. This results in discrimination because the highluy compensatedindividual won’t be able to replace the same percentage of incomre at retirement. In order to compensate for these inefficiencies, ownersa often will adopt a nonqualified executive benefit plan to alloa owners and key employees the opportunity to defere additional moneyfor retirement. There are several variationds ofnonqualified plans, and they can be designecd to allow employer employee deferrals or both.
It’s important to note that theree are restrictions arounddeferring compensation, most of which are governede under IRC 409A. • Disability protection — Most busines owners offer some short- and long-term disabilitt insurance as a fringe benefit totheir employees. Thesse benefits typically pay a replacement ratioi of approximately 60 percentof income, to a maximujm of $10,000 to $15,000 a month. However, thesee benefits also often result in providing a lower income replacement ratio for key employeesor owners. Assuming a $15,009 cap, an employee earning $500,00 0 would replace just 36 percent oftheir income.
It’s possible to solve this shortfalk by carving out the owners and key and provide additionaldisability • Life insurance protection — Business owners often face the same limitation with life insurance benefits as they do with their retirementf and disability plans. Again, it’s possible to construc a separate plan for owners or key using either term or permaneng lifeinsurance contracts. Life insurancwe contracts that accumulate cash values oftenh are used in combination with some of the retirementyplan solutions.
• Continuation planningy — At some point, all business ownerzs physically can’t, or won’t, want to continuew to work in their business. Whether this is causexd by the desireto retire, a disabilityg or a death, there are several importany questions to consider. (1) Who will buy or take over the busineszs at deathor retirement? (2) How will the sale be financed ? (3) How much value will be received by the business ownet and/or their family? (4) Who will manage the business in the event of a disability? (5) Where will the liquidity come from to keep the businesws running in the event of a disability?
(6) If any or all of these issues have been addressed, are the solutions documented It’s advisable for all business owners to have a written businesas continuation plan to address all of these The best advice for anyone engaginf in a new venturse is to know the rulesa of the game, know what the financial stakes are, and know what the exit plan is if thing s don’t work out. This will ensure that there will be a minimalp number of surprises forthe owner, the familt and employees.
These are important considerationsw in all stagesof business, and these solution s can be scaled and revisefd as the business grows and Business owners have a tendency to throw everything back into their businesx because it’s often the best return on theidr investment, but many do so without ever diversifying or takingt any chips off the table. These are simple strategies to help manags risk during the questfor
That creates a paradox. Despite the fact that the client wante to someday maximize the value ofthis asset, most businessz owners and entrepreneurs never take advantage of all of the benefitzs that business ownership can provide. Retirement planning — The Employee Retirement Security Act of 1974 set minimumk standards for qualifiedretirement plans. In many this law can result in reversediscriminatiom — a situation in which lower-paid employeess can save a greater percentage of their income than higher-paif employees or owners. For the maximum amount of contributions to a plan in 2009is $16,500 ($21,500 if a persoh is over 50).
This means that an employeew earning $50,000 can save 33 percent of income, whereas an employee or owner earning $500,00o is eligible to contribute only a littled more than 3 percenyof income. This results in discrimination because the highluy compensatedindividual won’t be able to replace the same percentage of incomre at retirement. In order to compensate for these inefficiencies, ownersa often will adopt a nonqualified executive benefit plan to alloa owners and key employees the opportunity to defere additional moneyfor retirement. There are several variationds ofnonqualified plans, and they can be designecd to allow employer employee deferrals or both.
It’s important to note that theree are restrictions arounddeferring compensation, most of which are governede under IRC 409A. • Disability protection — Most busines owners offer some short- and long-term disabilitt insurance as a fringe benefit totheir employees. Thesse benefits typically pay a replacement ratioi of approximately 60 percentof income, to a maximujm of $10,000 to $15,000 a month. However, thesee benefits also often result in providing a lower income replacement ratio for key employeesor owners. Assuming a $15,009 cap, an employee earning $500,00 0 would replace just 36 percent oftheir income.
It’s possible to solve this shortfalk by carving out the owners and key and provide additionaldisability • Life insurance protection — Business owners often face the same limitation with life insurance benefits as they do with their retirementf and disability plans. Again, it’s possible to construc a separate plan for owners or key using either term or permaneng lifeinsurance contracts. Life insurancwe contracts that accumulate cash values oftenh are used in combination with some of the retirementyplan solutions.
• Continuation planningy — At some point, all business ownerzs physically can’t, or won’t, want to continuew to work in their business. Whether this is causexd by the desireto retire, a disabilityg or a death, there are several importany questions to consider. (1) Who will buy or take over the busineszs at deathor retirement? (2) How will the sale be financed ? (3) How much value will be received by the business ownet and/or their family? (4) Who will manage the business in the event of a disability? (5) Where will the liquidity come from to keep the businesws running in the event of a disability?
(6) If any or all of these issues have been addressed, are the solutions documented It’s advisable for all business owners to have a written businesas continuation plan to address all of these The best advice for anyone engaginf in a new venturse is to know the rulesa of the game, know what the financial stakes are, and know what the exit plan is if thing s don’t work out. This will ensure that there will be a minimalp number of surprises forthe owner, the familt and employees.
These are important considerationsw in all stagesof business, and these solution s can be scaled and revisefd as the business grows and Business owners have a tendency to throw everything back into their businesx because it’s often the best return on theidr investment, but many do so without ever diversifying or takingt any chips off the table. These are simple strategies to help manags risk during the questfor
Tuesday, January 1, 2013
Airline keeps callers happy - Dallas Business Journal:
sucujovide.wordpress.com
The Dallas airline has implementec softwarefrom Akron, Ohio-based Virtual Hold Technologgy LLC that lets callers hang up, keep their place in line and get a call back when a customer-servic e agent is available. Terms of the contract betweejn Southwest and VirtualHold aren’t beinv disclosed. Callers are given the option of the Virtual Hold servicreafter they’ve been holding for a minute or two, accordint to Lance Morton, Southwest’s directot of operational support, customer supporg & services. Callers are not charged for the Virtual Hold he adds. “People don’t enjoy waitingy on hold. This is a really good servic e forour customers,” Morton says.
Southwesty rolled out the serviceApril 15, Morton says. “Since that time, we have offere d the option of holding virtually for more than 2 milliob ofour customers. When presented with the option, we have seen a 45% take Southwest is offering the Virtualp Hold service at all six ofits customer-servicew locations. Morton declines to reveal what Southwest’s average hold timesd were before the Virtual Hold softwarewent live, or how much improvemenyt it has seen because of the technology. Southwest is the first airlin e to use the VirtualHold software, according to Jeremyg Starcher, Virtual Hold’s vice president of business sales engineering.
The contract with Southwest is meaning other airlines could ink dealws with Virtual Hold if they so he adds. “There are opportunities to join the Foundedin 1995, privately held Virtual Hold has just shy of 100 employeeds worldwide, Starcher says. It has installe its technology in around 300 differen t locations for between 150 and 175 he adds. According to the company’s Web site, its clients include Dallas-based AT&T, TXU Energyu of Dallas and Travelocityof Southlake.
Phone calls to corporatde customer-service centers can cost a businessbetween $5 and $50 depending on how long the caller is on the phones and whether the company has to call the persomn back, according to Barbara Lancaster, president of LTC International, a Richardsomn telecom consulting shop. “It’s hard to make that up in she says. “Virtual Hold can’t add a greay deal to the cost of thatcustomert contact. If they were able to bill somethingylike $1 for each time that the Virtua l Hold (technology) was used, I’d think that was a reasonablwe tax that Southwest (would be) willinh to pay for not inconveniencing their customers.
” A key issues for Southwest in using the technologh is ensuring that the softwarwe does what callers are “It is good as long as the company actually calls you back when they say they writes Elizabeth Herrell, vice presiden t at Cambridge, Mass.-based Forrester Research, in an e-mail. “Worst-case (scenario) is when a caller does not receive a call back and must generate a new call and wait in Best practices is when the call is queued and callefd backas promised.” According to Southwest has received positivee feedback about the service.
The Dallas airline has implementec softwarefrom Akron, Ohio-based Virtual Hold Technologgy LLC that lets callers hang up, keep their place in line and get a call back when a customer-servic e agent is available. Terms of the contract betweejn Southwest and VirtualHold aren’t beinv disclosed. Callers are given the option of the Virtual Hold servicreafter they’ve been holding for a minute or two, accordint to Lance Morton, Southwest’s directot of operational support, customer supporg & services. Callers are not charged for the Virtual Hold he adds. “People don’t enjoy waitingy on hold. This is a really good servic e forour customers,” Morton says.
Southwesty rolled out the serviceApril 15, Morton says. “Since that time, we have offere d the option of holding virtually for more than 2 milliob ofour customers. When presented with the option, we have seen a 45% take Southwest is offering the Virtualp Hold service at all six ofits customer-servicew locations. Morton declines to reveal what Southwest’s average hold timesd were before the Virtual Hold softwarewent live, or how much improvemenyt it has seen because of the technology. Southwest is the first airlin e to use the VirtualHold software, according to Jeremyg Starcher, Virtual Hold’s vice president of business sales engineering.
The contract with Southwest is meaning other airlines could ink dealws with Virtual Hold if they so he adds. “There are opportunities to join the Foundedin 1995, privately held Virtual Hold has just shy of 100 employeeds worldwide, Starcher says. It has installe its technology in around 300 differen t locations for between 150 and 175 he adds. According to the company’s Web site, its clients include Dallas-based AT&T, TXU Energyu of Dallas and Travelocityof Southlake.
Phone calls to corporatde customer-service centers can cost a businessbetween $5 and $50 depending on how long the caller is on the phones and whether the company has to call the persomn back, according to Barbara Lancaster, president of LTC International, a Richardsomn telecom consulting shop. “It’s hard to make that up in she says. “Virtual Hold can’t add a greay deal to the cost of thatcustomert contact. If they were able to bill somethingylike $1 for each time that the Virtua l Hold (technology) was used, I’d think that was a reasonablwe tax that Southwest (would be) willinh to pay for not inconveniencing their customers.
” A key issues for Southwest in using the technologh is ensuring that the softwarwe does what callers are “It is good as long as the company actually calls you back when they say they writes Elizabeth Herrell, vice presiden t at Cambridge, Mass.-based Forrester Research, in an e-mail. “Worst-case (scenario) is when a caller does not receive a call back and must generate a new call and wait in Best practices is when the call is queued and callefd backas promised.” According to Southwest has received positivee feedback about the service.
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