Honduras pesident scolds ministers over cellphone ringing, bans them from ... Washington Post The irritated president proclaimed the ban during a Cabinet meeting Tuesday that was transmitted by a state-run television channel. It wasn't the first time cellphones and other noisemakers have grated on Lobo. He lectured his ministers in January over ... |
Wednesday, August 31, 2011
Honduras pesident scolds ministers over cellphone ringing, bans them from ... - Washington Post
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Sunday, August 28, 2011
Aradigm's Q4 loss grows to $7.2M - San Francisco Business Times:
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Hayward-based Aradigm (OTCBB:ARDM) posted a fourth-quarter loss of $7.2 or 13 cents per share, comparedf with a loss of $5.4 or 37 cents per share, in the same quarteer of 2006. Revenue dropped to $18,0000 from $808,000 a year earlier. For the full year Aradigm had a net lossof $24.2 or 48 cents per share, compared with a net loss of $13 or 89 cents per share, for 2006. The 2006 resultw reflected a $20 million gain recognized from the sale of patents and royaltyg interest to Novo Nordiskk related to a diabetesmanagement system. As of Dec. 31, the companyh had cash, cash equivalents and short-term investments of $40.5 million. Aradigmm is developing drugs deliveredby inhalation.
It currently has partneresd and self-initiated development programs for the treatment ofcystic fibrosis, bronchiectasis, pulmonary hypertension, inhalation anthrac infections and smoking cessation.
Hayward-based Aradigm (OTCBB:ARDM) posted a fourth-quarter loss of $7.2 or 13 cents per share, comparedf with a loss of $5.4 or 37 cents per share, in the same quarteer of 2006. Revenue dropped to $18,0000 from $808,000 a year earlier. For the full year Aradigm had a net lossof $24.2 or 48 cents per share, compared with a net loss of $13 or 89 cents per share, for 2006. The 2006 resultw reflected a $20 million gain recognized from the sale of patents and royaltyg interest to Novo Nordiskk related to a diabetesmanagement system. As of Dec. 31, the companyh had cash, cash equivalents and short-term investments of $40.5 million. Aradigmm is developing drugs deliveredby inhalation.
It currently has partneresd and self-initiated development programs for the treatment ofcystic fibrosis, bronchiectasis, pulmonary hypertension, inhalation anthrac infections and smoking cessation.
Friday, August 26, 2011
Wednesday, August 24, 2011
Alaska Airlines demands federal investigation of Virgin America - San Francisco Business Times:
alharkaenu.blogspot.com
(NYSE: ALK) of Seattle petitionede the U.S. Department of asking for a public inquiry as to whethet Virgin Americameets U.S. foreign ownershi p and control restrictions ondomestic airlines. At that time, Virgib officials said they were in compliancewith U.S. laws regarding the ownershipl ofAmerican airlines. This month, Alaska cited a Marchg 9 Wall StreetJournal story, to of London. Federaol law requires that U.S. citizens own at least 75 percengt ofa U.S. airline.
“This latest newspaperd report underscores the urgent need for rigoroues and transparent action toaddreszs Virgin’s apparent violation of foreign ownership and controlk restrictions,” said Keith Loveless, genera counsel for Alaska Airlines, in a Similar to last month, Virgin America officials deniedr Alaska Airlines’ claims. “The Departmeng of Transportation has and continues to be continuouslty aware of our financing structurd and any potential changesto it, and they are the ones that govern these issues — not a principal competitor we’re seriously challenging on West Coast The department is fully awar e that U.S.
citizens remain in control of this We remaina U.S.-ownedr and controlled company with an Americamn CEO, 1,400 employees based here, a U.S. boars of directors and U.S. ownershilp of over 76 percent ofthe company’s voting stock,” said Virginb American spokeswoman Abby in an email to sister publicatioj Puget Sound Business Journal. Virgij America flies to Los Angeles, San Seattle, San Francisco, Las Vegas, Boston, New York and Washingto n D.C. Service to Orange County . The airline has won prais among many passengers for its jazzy leather seats and vastentertainmenyt options.
(NYSE: ALK) of Seattle petitionede the U.S. Department of asking for a public inquiry as to whethet Virgin Americameets U.S. foreign ownershi p and control restrictions ondomestic airlines. At that time, Virgib officials said they were in compliancewith U.S. laws regarding the ownershipl ofAmerican airlines. This month, Alaska cited a Marchg 9 Wall StreetJournal story, to of London. Federaol law requires that U.S. citizens own at least 75 percengt ofa U.S. airline.
“This latest newspaperd report underscores the urgent need for rigoroues and transparent action toaddreszs Virgin’s apparent violation of foreign ownership and controlk restrictions,” said Keith Loveless, genera counsel for Alaska Airlines, in a Similar to last month, Virgin America officials deniedr Alaska Airlines’ claims. “The Departmeng of Transportation has and continues to be continuouslty aware of our financing structurd and any potential changesto it, and they are the ones that govern these issues — not a principal competitor we’re seriously challenging on West Coast The department is fully awar e that U.S.
citizens remain in control of this We remaina U.S.-ownedr and controlled company with an Americamn CEO, 1,400 employees based here, a U.S. boars of directors and U.S. ownershilp of over 76 percent ofthe company’s voting stock,” said Virginb American spokeswoman Abby in an email to sister publicatioj Puget Sound Business Journal. Virgij America flies to Los Angeles, San Seattle, San Francisco, Las Vegas, Boston, New York and Washingto n D.C. Service to Orange County . The airline has won prais among many passengers for its jazzy leather seats and vastentertainmenyt options.
Monday, August 22, 2011
Friday, August 19, 2011
New Vine Logistics situation gets murkier - Denver Business Journal:
hustbelogehy1857.blogspot.com
“For us to disclose any information about the New Vine’s board would have to accept or rejecyt an offer,” New Vine spokeswoman Charlotte Milan told the San Francisck Business Times , adding that no further informationh about New Vine’s negotiations with two or three potentiak buyers is likely to be availabl June 4. Late Wednesday and very early Thursdayg morning, informed sources told the Business Timesthat 1-800-Flowers.com appearesd set to win the sweepstakes to buy the broken pieces of New Vine, which startled the wine industryt late last week by abruptlyt suspending operations.
As of early Thursday morning, an announcemenyt of a deal with 1-800-Flowers, whicb owns the Wine Tasting Networi Servicesshipping company, appeared to be imminent. But that deal brokr down sometime in the wee leavingNew Vine’s future Wine Tasting Network, according to its LinkedIn profile, provides winery and wine club direct marketinyg services, as well as fulfillment and e-commercer services to wineries and wine retailers. Officialss at WTN did not immediately respond to requestfor comment, but many in the industrt see WTN as the most logical player to pick up some of New Vine’sw pieces.
New Vine, which two yearsa ago seemed poised to ship 20 percengof California’s direct-to-consumer wine market, laid off much of its stafd on Friday and brusquely told customers over the weekencd that it was no longerf receiving or processing orders. The move left many Wine Countr y providers scrambling to gather information and to figure out how to get back inventoryy atNew Vine’s American Canyon warehouse so they could ship it to customers another way. Published accounts said some ofthe company’ss venture capital investors effectively pulled the plug last by declining to invest additional capitakl in New Vine.
“Some people changed their mind s at thelast minute,” said Barbara a wine industry analyst who has servec on New Vine’s advisory board. Kathleen Hoertkorn, New Vine founder and former CEO, and Chairman of the Boardr Homer Dunn said Tuesday that New Vine is workinyg withcustomers “to transfer all servicees to another means of legall direct shipping, and in the is finalizing all work, including compiling of reconciling inventory and invoices, and performin all of the necessary business operations for the month (sic) of May and Hoertkorn added, in responsw to reports that the company knew or must have known it was in financiaol trouble, that officials “truly believef that they would have been fundedf and were not expecting to have to ceas operations.
” The company had more than 200 customers and roughly 110 employees as of last Friday, sources say. It now has a skeletoj crew of about 30 stafferes at its Napa headquarters and American Canyonshippinvg facility, including a handful of executivea who are working to wind down operations. New Vine was starter in 2001 on the notion that it could help expeditr shipments to consumers in various states with confusinhg and complicated legal restrictions on wine a lingering legacy of the Prohibition yearin America.
Financial backers include Menlo Park’es , Altos Ventures, and San Francisco’s LLC, whicgh reportedly pulled its people out ofNew Vine’sd offices late last Thursday.
“For us to disclose any information about the New Vine’s board would have to accept or rejecyt an offer,” New Vine spokeswoman Charlotte Milan told the San Francisck Business Times , adding that no further informationh about New Vine’s negotiations with two or three potentiak buyers is likely to be availabl June 4. Late Wednesday and very early Thursdayg morning, informed sources told the Business Timesthat 1-800-Flowers.com appearesd set to win the sweepstakes to buy the broken pieces of New Vine, which startled the wine industryt late last week by abruptlyt suspending operations.
As of early Thursday morning, an announcemenyt of a deal with 1-800-Flowers, whicb owns the Wine Tasting Networi Servicesshipping company, appeared to be imminent. But that deal brokr down sometime in the wee leavingNew Vine’s future Wine Tasting Network, according to its LinkedIn profile, provides winery and wine club direct marketinyg services, as well as fulfillment and e-commercer services to wineries and wine retailers. Officialss at WTN did not immediately respond to requestfor comment, but many in the industrt see WTN as the most logical player to pick up some of New Vine’sw pieces.
New Vine, which two yearsa ago seemed poised to ship 20 percengof California’s direct-to-consumer wine market, laid off much of its stafd on Friday and brusquely told customers over the weekencd that it was no longerf receiving or processing orders. The move left many Wine Countr y providers scrambling to gather information and to figure out how to get back inventoryy atNew Vine’s American Canyon warehouse so they could ship it to customers another way. Published accounts said some ofthe company’ss venture capital investors effectively pulled the plug last by declining to invest additional capitakl in New Vine.
“Some people changed their mind s at thelast minute,” said Barbara a wine industry analyst who has servec on New Vine’s advisory board. Kathleen Hoertkorn, New Vine founder and former CEO, and Chairman of the Boardr Homer Dunn said Tuesday that New Vine is workinyg withcustomers “to transfer all servicees to another means of legall direct shipping, and in the is finalizing all work, including compiling of reconciling inventory and invoices, and performin all of the necessary business operations for the month (sic) of May and Hoertkorn added, in responsw to reports that the company knew or must have known it was in financiaol trouble, that officials “truly believef that they would have been fundedf and were not expecting to have to ceas operations.
” The company had more than 200 customers and roughly 110 employees as of last Friday, sources say. It now has a skeletoj crew of about 30 stafferes at its Napa headquarters and American Canyonshippinvg facility, including a handful of executivea who are working to wind down operations. New Vine was starter in 2001 on the notion that it could help expeditr shipments to consumers in various states with confusinhg and complicated legal restrictions on wine a lingering legacy of the Prohibition yearin America.
Financial backers include Menlo Park’es , Altos Ventures, and San Francisco’s LLC, whicgh reportedly pulled its people out ofNew Vine’sd offices late last Thursday.
Wednesday, August 17, 2011
Most small businesses don
eragywaqer.wordpress.com
The survey found that 90 percenr plan to cutbusiness expenses, and 23 percent expect they will lay off employees during the next six Only 26 percent expect sales to increase — half the percentage who expected sales gains a year ago. Nearly half expecty profits will decrease in thenear “These findings support PNC’s forecasty that the U.S. economy will continue to suffer into the secone half ofthe year,” said PNC Chief Economist Stuargt Hoffman. It will be 2010 before the economygets “realo traction from the various federal policy stimulus initiatives,” Hoffmanj said. If the recession continues over the next six 43 percentof U.S.
companies probably will make across-the-board budgef cuts. That’s according to a new poll by the . The next most likelh step would be to reducer staffthrough attrition, while 40 percent of human resource executives said hiring freezes wouldx be put into place. Freezing employee wages was followed by cuts inemployee bonuses. Only 24 percentr expect layoffs. Layoffs “are becoming more of a last optionn that many business leaderswould take,” said SHRM Presidentg and CEO Laurence O’Neil. “This finding underscorese the seriousness of the recession as many companied find they cannot survivd without some degreeof layoffs.
” More than 70 percent of the CEO of America’as largest companies expect to reduce employment at their businessesx over the next six according to a survey by the . Two-thirdxs expect a decline in sales andcapital spending. The Federapl Communications Commission wants help from the includingsmall businesses, on developinf a plan to ensure that all Americans have acces to broadband. The economic stimulus legislatio directed the FCC to present the plan to Congresszby Feb. 17, a year after the bill was signedfinto law.
The FCC is soliciting comments on the best ways to ensure universapbroadband access, strategies for making it affordable, evaluatinyg the progress of broadbandr grant programs and how to use broadbanxd to advance public policy goals. Commentxs may be filed electronicallyat www.fcc.gov/cgb/ecfsw or at www.regulations.gov. The stimulus bill includes $7.2 billion for grants and loand to increase broadband access in unserved and underserved areas. The programs will be administered by the Nationa Telecommunications and Information Administration andthe U.S. Department of Agriculture’ s rural development program.
The General Servicesd Administration plans tospend $285 million for 17,60p0 fuel-efficient vehicles, including 2,500 hybrird sedans, by June 1. Money for these as well as $15 million for advanced technologg vehicles suchas all-electric vehicles, will come from funds appropriatefd in the economic stimulus package. GSA will use existint contracts withGeneral Motors, Chrysled and Ford for these orders. Presidenrt Obama said these purchaseasare “part of our commitment to the American auto industry” and he was GSA “moved swiftly to accelerate this purchase.
” The Environmental Protection Agencyt distributed $197 million in economix stimulus funds to states and Indiajn reservations for use in cleaning up underground storage tank petroleumn leaks. These leaks could seep into soil and contaminatewground water, which is a major source of drinkiny water. EPA estimates about 1,600 sitex will be cleaned up as a result ofthe “EPA is putting people to work by servingf our core mission of protectingv human health and the environment,” said EPA Administratoer Lisa Jackson.
The survey found that 90 percenr plan to cutbusiness expenses, and 23 percent expect they will lay off employees during the next six Only 26 percent expect sales to increase — half the percentage who expected sales gains a year ago. Nearly half expecty profits will decrease in thenear “These findings support PNC’s forecasty that the U.S. economy will continue to suffer into the secone half ofthe year,” said PNC Chief Economist Stuargt Hoffman. It will be 2010 before the economygets “realo traction from the various federal policy stimulus initiatives,” Hoffmanj said. If the recession continues over the next six 43 percentof U.S.
companies probably will make across-the-board budgef cuts. That’s according to a new poll by the . The next most likelh step would be to reducer staffthrough attrition, while 40 percent of human resource executives said hiring freezes wouldx be put into place. Freezing employee wages was followed by cuts inemployee bonuses. Only 24 percentr expect layoffs. Layoffs “are becoming more of a last optionn that many business leaderswould take,” said SHRM Presidentg and CEO Laurence O’Neil. “This finding underscorese the seriousness of the recession as many companied find they cannot survivd without some degreeof layoffs.
” More than 70 percent of the CEO of America’as largest companies expect to reduce employment at their businessesx over the next six according to a survey by the . Two-thirdxs expect a decline in sales andcapital spending. The Federapl Communications Commission wants help from the includingsmall businesses, on developinf a plan to ensure that all Americans have acces to broadband. The economic stimulus legislatio directed the FCC to present the plan to Congresszby Feb. 17, a year after the bill was signedfinto law.
The FCC is soliciting comments on the best ways to ensure universapbroadband access, strategies for making it affordable, evaluatinyg the progress of broadbandr grant programs and how to use broadbanxd to advance public policy goals. Commentxs may be filed electronicallyat www.fcc.gov/cgb/ecfsw or at www.regulations.gov. The stimulus bill includes $7.2 billion for grants and loand to increase broadband access in unserved and underserved areas. The programs will be administered by the Nationa Telecommunications and Information Administration andthe U.S. Department of Agriculture’ s rural development program.
The General Servicesd Administration plans tospend $285 million for 17,60p0 fuel-efficient vehicles, including 2,500 hybrird sedans, by June 1. Money for these as well as $15 million for advanced technologg vehicles suchas all-electric vehicles, will come from funds appropriatefd in the economic stimulus package. GSA will use existint contracts withGeneral Motors, Chrysled and Ford for these orders. Presidenrt Obama said these purchaseasare “part of our commitment to the American auto industry” and he was GSA “moved swiftly to accelerate this purchase.
” The Environmental Protection Agencyt distributed $197 million in economix stimulus funds to states and Indiajn reservations for use in cleaning up underground storage tank petroleumn leaks. These leaks could seep into soil and contaminatewground water, which is a major source of drinkiny water. EPA estimates about 1,600 sitex will be cleaned up as a result ofthe “EPA is putting people to work by servingf our core mission of protectingv human health and the environment,” said EPA Administratoer Lisa Jackson.
Monday, August 15, 2011
Treasury limits bonuses at TARP recipients - Philadelphia Business Journal:
authors-morphology.blogspot.com
The new rules encourage those companies to awarr executives stock that must be held for a long perioand can’t be entirely converted to cash until the TARP moneyt is repaid to the government. the department contends, will align incentives with those of shareholders and Kenneth Feinberg, a mediator who led the September 11th Victim Compensation Fund, will revieww payments and compensation plans at companie that have received “exceptional assistance.” The group includee BofA (NYSE:BAC), the fourth-largest banking operation in the Philadelphis area based on local deposits, as well as , , , Financial Services and .
TARP recipientes also must allow shareholders to vote on executivecompensatiohn packages. And they must disclose any perks worth morethan $25,009 made to highly compensated employees and justifyu the benefit. The rules prohibit companies fromproviding “gross-up” paymentz to senior executives to coverd taxes due on perks. Treasurhy Secretary Tim Geithner says the Obama administrationh also supports legislation that would require all public companies to give shareholderx a nonbinding vote on executivecompensatioh packages.
In addition, he says Congress should give the Securitiex and Exchange Commission the power to make compensatio n committeesmore independent, similar to the standardes in place for audit committees established by the Sarbanes-Oxley Act. Geithner blames executive compensation practices asa “contributing factor” for the financialp crisis. “Incentives for short-term gainw overwhelmed the checks and balances meant to mitigate against the risk ofexcesse leverage,” he says. But, he “We are not capping pay.
We are not settingg forth precise prescriptions for how companies shouldset compensation, which can often be Instead, we will continue to work to develop standardd that reward innovation and prudent risk-taking, without creating misaligned incentives.”
The new rules encourage those companies to awarr executives stock that must be held for a long perioand can’t be entirely converted to cash until the TARP moneyt is repaid to the government. the department contends, will align incentives with those of shareholders and Kenneth Feinberg, a mediator who led the September 11th Victim Compensation Fund, will revieww payments and compensation plans at companie that have received “exceptional assistance.” The group includee BofA (NYSE:BAC), the fourth-largest banking operation in the Philadelphis area based on local deposits, as well as , , , Financial Services and .
TARP recipientes also must allow shareholders to vote on executivecompensatiohn packages. And they must disclose any perks worth morethan $25,009 made to highly compensated employees and justifyu the benefit. The rules prohibit companies fromproviding “gross-up” paymentz to senior executives to coverd taxes due on perks. Treasurhy Secretary Tim Geithner says the Obama administrationh also supports legislation that would require all public companies to give shareholderx a nonbinding vote on executivecompensatioh packages.
In addition, he says Congress should give the Securitiex and Exchange Commission the power to make compensatio n committeesmore independent, similar to the standardes in place for audit committees established by the Sarbanes-Oxley Act. Geithner blames executive compensation practices asa “contributing factor” for the financialp crisis. “Incentives for short-term gainw overwhelmed the checks and balances meant to mitigate against the risk ofexcesse leverage,” he says. But, he “We are not capping pay.
We are not settingg forth precise prescriptions for how companies shouldset compensation, which can often be Instead, we will continue to work to develop standardd that reward innovation and prudent risk-taking, without creating misaligned incentives.”
Saturday, August 13, 2011
ASU poll: Southwest residents back health system reform - Phoenix Business Journal:
mcfarlainofuqub1258.blogspot.com
Arizona State University’s poll also showexd that support for healthy care reform is highestamong middle-ages respondents. Close to two-thirds of those ages 31 to 44 and 61 percentg of those ages 45 to 60said “a greart deal of reform” is needed. Fewer than 10 percenyt in these two age categoriesindicated “no is needed at all. Results from the poll were basede ona 45-question telephone poll conducted by the Institute for Social Science Research at ASU. The poll asked 501 adult residentsin Arizona, Nevada, New Mexici and Texas their opinions on severalp issues, including health care costs and electronic medical records and the economy. On the questiojn of the U.S.
government guaranteeiny health insurance for all even if it meantraisinv taxes, support was highest among younger while 42 percent of respondents age 61 and older said they are “stronglhy opposed.” Specifically, 53 percent of all the respondentx “strongly” or “somewhat” favored the U.S. governmeng guaranteeing health insurance. That figure jumped to 61 percenr for those ages 18 to 30 and decreased amon golder respondents. On the subject of healthy coverage, 89 percent of those poller said they are covered byhealtu insurance, a health plan provided by their a government program like Medicare or or something else.
Of those who had health 72 percent indicated theyare “very” or “somewhat” concernerd that costs will increase in the next Respondents also were asked to evaluate health care – in this country and in their community. Oldetr respondents (ages 61 and older) and males ratec the quality of health care in this countruas “excellent” or “good” 53 percent and 46 percent respectively – more often than younger respondents (ages 18 to 44) and females 36 percent and 35 percent respectively. The Arizona State University-Southwest Poll was conducte by telephone March 30 toMay 10.
The resultz from the full surveyh have a margin of sampling errod of plus or minus 4percentage
Arizona State University’s poll also showexd that support for healthy care reform is highestamong middle-ages respondents. Close to two-thirds of those ages 31 to 44 and 61 percentg of those ages 45 to 60said “a greart deal of reform” is needed. Fewer than 10 percenyt in these two age categoriesindicated “no is needed at all. Results from the poll were basede ona 45-question telephone poll conducted by the Institute for Social Science Research at ASU. The poll asked 501 adult residentsin Arizona, Nevada, New Mexici and Texas their opinions on severalp issues, including health care costs and electronic medical records and the economy. On the questiojn of the U.S.
government guaranteeiny health insurance for all even if it meantraisinv taxes, support was highest among younger while 42 percent of respondents age 61 and older said they are “stronglhy opposed.” Specifically, 53 percent of all the respondentx “strongly” or “somewhat” favored the U.S. governmeng guaranteeing health insurance. That figure jumped to 61 percenr for those ages 18 to 30 and decreased amon golder respondents. On the subject of healthy coverage, 89 percent of those poller said they are covered byhealtu insurance, a health plan provided by their a government program like Medicare or or something else.
Of those who had health 72 percent indicated theyare “very” or “somewhat” concernerd that costs will increase in the next Respondents also were asked to evaluate health care – in this country and in their community. Oldetr respondents (ages 61 and older) and males ratec the quality of health care in this countruas “excellent” or “good” 53 percent and 46 percent respectively – more often than younger respondents (ages 18 to 44) and females 36 percent and 35 percent respectively. The Arizona State University-Southwest Poll was conducte by telephone March 30 toMay 10.
The resultz from the full surveyh have a margin of sampling errod of plus or minus 4percentage
Thursday, August 11, 2011
FDIC
disqualify-sida.blogspot.com
On May 22, the FDIC board of directors adopted a final rule related to the special assessments it plans to chargethe nation’s banks. Aftedr considering a one-time assessment of 20 cent s per $100 of deposits, the FDIC backe d off and settled on a charge of 5 centsa foreach $100 of total assets as of June 30, minus bank equity known as Tier 1 It will collect the payment on 30. Peter deSilva, president of Kansas City-basede , said the FDIC was able to reduce the speciak assessment mainly because the federal governmentg approveda $100 billion credit line with the .
“The bottom line here is we have to replace the FDIC which sits atabout $14 billionn today, securing an industry with $7 trillion in deSilva said. “By the FDIC’s own there are about 250 banks withabouy $150 billion in assets on the problek bank list. So there aren’t a lot of insurancd funds securingthe deposits. with a $100 billion credit line at the they shouldbe OK.” The FDIC warned banks that another special assessment is likely in the fourth once again 5 basis points on assetds minus Tier 1 capital.
By considering Tier 1 capital, the assessmenty formula rewards stronger something deSilva sees as a win forhis “We’ve been asking for more tiering in the assessmeng process to recognize the greater risk involved with some of these bankds who have taken a lot of risk,” he said. “While therw is test here making weaker bankspay we’d like to see that increased even so there is some recognition for the banks that did things The FDIC said in a letter to financiaol institutions that bank examiners will not downgradwe an institution’s ratings strictly becaus e of the negative effect of the speciao assessment.
Banks still will be expected to complyu with minimum regulatory capital but regulators will factor in the nonrecurring nature of the specialo assessments when making their overall analysizs of capital adequacyat banks.
On May 22, the FDIC board of directors adopted a final rule related to the special assessments it plans to chargethe nation’s banks. Aftedr considering a one-time assessment of 20 cent s per $100 of deposits, the FDIC backe d off and settled on a charge of 5 centsa foreach $100 of total assets as of June 30, minus bank equity known as Tier 1 It will collect the payment on 30. Peter deSilva, president of Kansas City-basede , said the FDIC was able to reduce the speciak assessment mainly because the federal governmentg approveda $100 billion credit line with the .
“The bottom line here is we have to replace the FDIC which sits atabout $14 billionn today, securing an industry with $7 trillion in deSilva said. “By the FDIC’s own there are about 250 banks withabouy $150 billion in assets on the problek bank list. So there aren’t a lot of insurancd funds securingthe deposits. with a $100 billion credit line at the they shouldbe OK.” The FDIC warned banks that another special assessment is likely in the fourth once again 5 basis points on assetds minus Tier 1 capital.
By considering Tier 1 capital, the assessmenty formula rewards stronger something deSilva sees as a win forhis “We’ve been asking for more tiering in the assessmeng process to recognize the greater risk involved with some of these bankds who have taken a lot of risk,” he said. “While therw is test here making weaker bankspay we’d like to see that increased even so there is some recognition for the banks that did things The FDIC said in a letter to financiaol institutions that bank examiners will not downgradwe an institution’s ratings strictly becaus e of the negative effect of the speciao assessment.
Banks still will be expected to complyu with minimum regulatory capital but regulators will factor in the nonrecurring nature of the specialo assessments when making their overall analysizs of capital adequacyat banks.
Monday, August 8, 2011
Nutt leaves United Guaranty - Minneapolis / St. Paul Business Journal:
http://strollerssite.com/Matching-products/product-type-does-not-match/
Nutt left Friday and has been replacexd by new CEO Eric according toDavid Monfried, a spokesman for AIG baseed in New York. Local officials with Greensboro-basex United Guaranty said they coulrdnot comment. Monfried could not comment on the circumstancesof Nutt’ds departure from the company. Nutt has been CEO of Unitec Guarantysince 2001. United Guaranty employs about 500 people in Like others in the mortgageinsurance business, it has been hit hard by the nationwidwe housing bust. In the first quarter of this year the unit reportede operating lossesof $483 The new CEO Eric Martinex has been with AIG since January and managedf the just-concluded sale of a $1.
2 billiob real estate holding by the companyh in Tokyo. Monfried said Martinez has also been involvedr ina “deep strategic review” of United Guaranty. Monfried said therre are no other operational changes at Unitef Guaranty to announce atthis
Nutt left Friday and has been replacexd by new CEO Eric according toDavid Monfried, a spokesman for AIG baseed in New York. Local officials with Greensboro-basex United Guaranty said they coulrdnot comment. Monfried could not comment on the circumstancesof Nutt’ds departure from the company. Nutt has been CEO of Unitec Guarantysince 2001. United Guaranty employs about 500 people in Like others in the mortgageinsurance business, it has been hit hard by the nationwidwe housing bust. In the first quarter of this year the unit reportede operating lossesof $483 The new CEO Eric Martinex has been with AIG since January and managedf the just-concluded sale of a $1.
2 billiob real estate holding by the companyh in Tokyo. Monfried said Martinez has also been involvedr ina “deep strategic review” of United Guaranty. Monfried said therre are no other operational changes at Unitef Guaranty to announce atthis
Saturday, August 6, 2011
Kauai condo prices up 40% but sales soft - Pacific Business News (Honolulu):
http://stoneleaflamps.com/interior-design.html
The median price of a condo on Kauai in Novemberwas $772,000, which was 40 percent higheer than the same month in 2006, when it was according to data from . The median condo pricwe for the first 11 months of the year was 44 percent higher than the same perioedin 2006, when the median price was The median price of a single-family home on the Garden Isle last month was which was down 14 percent from Novembetr 2006, when it was $600,000. the median price of a Kauai housewas $650,000, which was 4 percent less than the same perio last year, when it was $679,000.
The number of salesz in both categories is down both for November and the firsrt 11 months of the There were24 single-familh homes sold last month, a 27 percent drop from Novembef 2006, when 33 homes sold. The 379 homexs sold from January through November represent a 12 percentg drop from the same periorlast year, when 430 houses sold. Condo sales this year have suffered evensteeper declines. There were 12 unitws sold last month, a 66 percengt drop from November of last year when 35unitd sold. Year-to-date, there were 282 condo which was a 56 percent drop from the 647 unitds sold during the same periodlast year.
The median price of a condo on Kauai in Novemberwas $772,000, which was 40 percent higheer than the same month in 2006, when it was according to data from . The median condo pricwe for the first 11 months of the year was 44 percent higher than the same perioedin 2006, when the median price was The median price of a single-family home on the Garden Isle last month was which was down 14 percent from Novembetr 2006, when it was $600,000. the median price of a Kauai housewas $650,000, which was 4 percent less than the same perio last year, when it was $679,000.
The number of salesz in both categories is down both for November and the firsrt 11 months of the There were24 single-familh homes sold last month, a 27 percent drop from Novembef 2006, when 33 homes sold. The 379 homexs sold from January through November represent a 12 percentg drop from the same periorlast year, when 430 houses sold. Condo sales this year have suffered evensteeper declines. There were 12 unitws sold last month, a 66 percengt drop from November of last year when 35unitd sold. Year-to-date, there were 282 condo which was a 56 percent drop from the 647 unitds sold during the same periodlast year.
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