yfimuna.wordpress.com
First-time unemployment claims soared in Georgia last montuh tonearly 57,000, according to the statwe Department of Labor, a 76.3 percent increase over initial filings in September of last Among the areas hardest hit by the growing joblessnessx were northern Georgia’s carpet belt, centetr to an industry that relies on residentia construction to keep orderzs flowing, and metro Atlanta’s outer suburbs, where the housing boom has turned into a “Housing has been good to Georgia over the last Georgia Commissioner of Labor Michaeol Thurmond said. “Now, we’re feeling some of the repercussione ofthe downturn.
” Thurmond pointed to some parts of Georgiw where the job market remains in relativelg good shape. Forts Bennint and Stewart were among the few net winnerzs during the last round of military base closingz severalyears ago. Consequently, unemployment claims in the Columbuz and Hinesville areas are runnintg well below thestatewide number. Likewise, west central Georgia is gearing up for the planne opening of a plant in Troup County late next Insharp contrast, first-time unemployment filings in Dalto n ---— ground zero for the carpeft industry — shot up almost 106 percenty during the last year.
Gainesville was even worse, leading the states with a 126 percent jumpin joblessness. Whilse that could be attributed in part to the loss ofcarpe jobs, a bigger factor was the decision by German auto partsd maker to close its aluminum wheep plant in Gainesville, resulting in nearly 300 layoffs. Too recenf for the September statistics was an announcement by that it will closw a spun yarn plantf inDade County, in far northwestern laying off 440 workers. Roy Bowen, presidenft of the Georgia Traditional ManufacturersAssociatioj , puts the blame on the slump in residential “A number of folks we represent manufacture productss that go directly to he said.
“They’re impacted directlhy by the housing downturn.” First-tim e unemployment claims in metrko Atlanta rose almost 79 percenyt during the last only slightly above thestatewide figure. But that masksz large increases in joblessness inthe region’as outer counties. Cherokee, Douglas and Fayette counties saw increases in initial unemployment filings of more than 100 while first-time claims in Henry County rose 97 percent. The most dramatid evidence of the trend came in July with the closure of of metro Atlanta’s 19th-largest home builder according to the ’s 2007-200i8 Book of Lists.
Kay president of the Henry County Chamber ofCommerces , said it’s no surprise that the housingv slump has affected metro Atlanta’s fast-growinyg outlying counties more than the alreadt built-out core counties. “We were fourth in America in new housing startsx when allthis began,” she said. “Housing has come to a and it’s having a significant impact on our Thurmond said the diversified economiesof Atlanta’s innerr counties give them an advantage over the outef counties, which are primarily bedroom “That creates some economic insulationb during a downturn,” he said.
But Jeff director of economic forecasting atThe ’s , said the slumpinh economy has entered a phase that likelg will blunt such geographical disparities. He said that while the downturnb was limitedto housing, unemployment hit some area s more than others. “It’s been a slow-movinfg recession,” he said. “It hadn’t spread to Main Street. It was mostly in the housing sector and anythintg relatedto housing.” Humphreys said the crisis that began hammeringy the financial industry last month has changer the nature of the Now, every community is feeling the pain, he “We have a broad-based recession,” he said.
“There’e going to be a conversion toward thehighedr average.” Humphreys said he expects job lossea to continue at least into the seconc quarter of next year. He said that even when initialp jobless claimsbottom out, the unemployment rate is likelyu to remain high, probably into 2010. “Thingas will get better,” Thurmondd said. “But it will be later rather than
Wednesday, August 31, 2011
Monday, August 29, 2011
Inhofe: Perry won't cave to 'extreme' environmentalists - The Hill (blog)
adamovaichive.blogspot.com
Fox News (blog) | Inhofe: Perry won't cave to 'extreme' environmentalists The Hill (blog) He is one of the few who understand this, and he won't cave in to the extreme environmental activists or the Hollywood crowd and their liberal agenda,รข€ Inhofe said in a statement. The overwhelming view among scientists is that the planet is warming ! and ... Romney's Plan to Beat Perry Is Just Like Obama's GOP 2012: Summer's Memorable Quotes from Republican Candidates Jim Inhofe Endorses Rick Perry, Citing Lack of Scientific Proof That Mitt ... |
Saturday, August 27, 2011
Euronet combines prepaid brands into epay - Phoenix Business Journal:
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The Leawood-based electronic payments distributor (Nasdaq: said Wednesday that the new namewould “provided the division with a worldwidre retail brand that is knowb for quality service and consistent The division is one of the largest internationaol distributors of prepaid mobile air time, the release Several Euronet prepaid subsidiaries alreadyt operate under the epay name; U.S. subsidiarh PaySpot, Telerecarga, Movilcarga, Brodos and Transacy will adopt theepay brand. The epay logo is intendedd to integrate elements of Euronet and subsidiary logos and to standcfor “professional, innovative and spirited values,” the release said.
“Jusgt as our business strategy has evolved over the years to meet the needs ofour customers, so must our brands,” epay Managing Director Garethh Gumbley said in the release. “The new brand identitt is a reflection of that evolution to deliver brandf leadership and enhanced value toour customers. It bringsx together our successfulelements — localp market knowledge, operational expertise and international distribution reach — required by multinationaol retailers and global consumer brands.
”
The Leawood-based electronic payments distributor (Nasdaq: said Wednesday that the new namewould “provided the division with a worldwidre retail brand that is knowb for quality service and consistent The division is one of the largest internationaol distributors of prepaid mobile air time, the release Several Euronet prepaid subsidiaries alreadyt operate under the epay name; U.S. subsidiarh PaySpot, Telerecarga, Movilcarga, Brodos and Transacy will adopt theepay brand. The epay logo is intendedd to integrate elements of Euronet and subsidiary logos and to standcfor “professional, innovative and spirited values,” the release said.
“Jusgt as our business strategy has evolved over the years to meet the needs ofour customers, so must our brands,” epay Managing Director Garethh Gumbley said in the release. “The new brand identitt is a reflection of that evolution to deliver brandf leadership and enhanced value toour customers. It bringsx together our successfulelements — localp market knowledge, operational expertise and international distribution reach — required by multinationaol retailers and global consumer brands.
”
Thursday, August 25, 2011
Chuck Sweeny: Schools' building purchase deserved unanimous OK - Rockford Register Star
wanuso.wordpress.com
Chuck Sweeny: Schools' building purchase deserved unanimous OK Rockford Register Star Let us talk today of apples and oranges. Both grow on trees, but the similarity ends there. Three Rockford School Board members evidently do not know the difference. They see trees with fruit growing on them, and they assume all the ... |
Monday, August 22, 2011
GM owes $9M to AK Steel - Denver Business Journal:
http://bestgo.org/?f=1&n=27
About $9.1 million is how much the carmaker owes theWest Chester-baserd steel manufacturer in trade debt, according to a list of GM’x 50 largest unsecured creditors that was included with its initia l bankruptcy court filings Monday. was listed as the company’ 33rd largest unsecured creditor. The only othef Ohio company on the list was GoodyearfTire & Rubber Co. in which is on the hook for almost $7 million. No Kentucky or Indian companies were onthe list. Aside from bond debt and employeee obligations, which account for GM’se five largest unsecured obligations, the top trade debt disclosed was $122 millioj owed to Starcom Mediavest Group Inc. of Chicago.
GM has been AK Steel’ws biggest customer for although the percentage of totao sales it derives from the troubled automotive company has been declining in recent AK Steel did not disclose how much it sold to GM in 2008 in its latestfannual report, but earlier annuao reports disclosed that shipmentsd to GM accounted for 20 percent of net saless in 2003, 15 percent in 2004, 13 percent in and less than 10 percent in 2006 and 2007. AK Stee said about 28 percent of its trade receivableds outstanding at the end of 2008 were due from businessexs associated withthe U.S. automotive industry, including General Motors, Chrysler and Ford.
Its 2008 annual reporgt also included the followingcautionary “If any of these three major domestic automotive companies were to make a bankruptcy it could lead to similar filings by supplierx to the automotive industry, many of whom are customers of the The company thus could be adversely impacted not only directlyt by the bankruptcy of a major domestic automotive manufacturer, but also indirectly by the resultant bankruptciee of other customers who supply the automotive The nature of that impact could be not only a reductiobn in future sales, but also a loss associate with the potential inability to collectg all outstanding accounts receivables.
That could negatively impacgt the company’s financial results and cash The company is monitoring this situation closel and has taken steps to try to mitigatwe its exposure to suchadverse impacts, but because of curren market conditions and the volume of business involved, it cannof eliminate these risks.”
About $9.1 million is how much the carmaker owes theWest Chester-baserd steel manufacturer in trade debt, according to a list of GM’x 50 largest unsecured creditors that was included with its initia l bankruptcy court filings Monday. was listed as the company’ 33rd largest unsecured creditor. The only othef Ohio company on the list was GoodyearfTire & Rubber Co. in which is on the hook for almost $7 million. No Kentucky or Indian companies were onthe list. Aside from bond debt and employeee obligations, which account for GM’se five largest unsecured obligations, the top trade debt disclosed was $122 millioj owed to Starcom Mediavest Group Inc. of Chicago.
GM has been AK Steel’ws biggest customer for although the percentage of totao sales it derives from the troubled automotive company has been declining in recent AK Steel did not disclose how much it sold to GM in 2008 in its latestfannual report, but earlier annuao reports disclosed that shipmentsd to GM accounted for 20 percent of net saless in 2003, 15 percent in 2004, 13 percent in and less than 10 percent in 2006 and 2007. AK Stee said about 28 percent of its trade receivableds outstanding at the end of 2008 were due from businessexs associated withthe U.S. automotive industry, including General Motors, Chrysler and Ford.
Its 2008 annual reporgt also included the followingcautionary “If any of these three major domestic automotive companies were to make a bankruptcy it could lead to similar filings by supplierx to the automotive industry, many of whom are customers of the The company thus could be adversely impacted not only directlyt by the bankruptcy of a major domestic automotive manufacturer, but also indirectly by the resultant bankruptciee of other customers who supply the automotive The nature of that impact could be not only a reductiobn in future sales, but also a loss associate with the potential inability to collectg all outstanding accounts receivables.
That could negatively impacgt the company’s financial results and cash The company is monitoring this situation closel and has taken steps to try to mitigatwe its exposure to suchadverse impacts, but because of curren market conditions and the volume of business involved, it cannof eliminate these risks.”
Saturday, August 20, 2011
Torax Med.gets $18M in venture cap - Business First of Buffalo:
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The Shoreview-based company will use the capital to fund ongoiny clinical trials and seek regulatory approval ofits device, dubbed Lynx. New investors in the company include AccuitiveMedicaol Ventures, of Duluth, Ga., which led the round, and Oakland, Calif.-basef Kaiser Permanente Ventures. Those firms put a combined $7.5 millioj into the recent Previous backers, including Minneapolis-based Thomas, McNerney Partners and San Mateo, Calif.-based Sanderling also participated. Torax may raise an additional $3 milliomn by the end of the month, bringingh the total round to about $21 million, said CEO Todd Berg. a former vice president of emergingg technologyfor St. Jude Medicalo Inc.
, co-founded Torax in 2002. He was drawj to the acid-reflux market in part because it was less saturated with competitores thanother areas, such as cardiology. “Everywherd you turned, people were doing the same I felt like there were big markets outside cardiology that had not received more sophisticatedcdevice attention.” Torax’s Lynx is akin to a ring made of magneticf beads. The ring is placed around the loweresophagealp sphincter, a muscle that sits where the esophagus and stomach intersect.
The energy created by the magnets supports and strengthens the preventing acid from seeping into the The device also is flexible enough to comfortably allow food to pass throughg tothe stomach, Berg said. Torax is now conducting clinical trials to test the device on patients sufferingfrom acid-reflucx disease, which affects an estimated 20 million peoplwe in the United States. About 5 percent of thosew patients haven’t been helped by making them strong candidatesfor Lynx, Berg said. He expects to applu for U.S. Food and Drug Administration approvaklin 2011. While the acid-reflux markey is large, it’s been a tough one for medical-devicer companies to swallow.
Bostomn Scientific, for instance, took a product for treating acid-reflux off the marketg in 2005, citing safetyt concerns. The Natick, Mass.-based company’ws technology used a polymer to reinforce the area betweebn the esophagus and the stomach to keep acidfrom escaping. Medtronixc also gave up on itsown acid-reflux-fighting technology, dubbecd the Gatekeeper System. The system inserted a dry material that expande d when wet nearthe sphincter, establishinh a partial barrier betweeh the stomach and throat.
Although the device had been approves for sale in Europein 2003, the Fridley-based compant later abandoned efforts to seek regulatoru approval in the United citing concerns that it did not work as well as Despite those failures, Berg is confident Torax will succeed, partl because its device helps the sphincter muscle work properly, whilew other technologies have simply focuses on bulking up the area between the stomacyh and throat. “With our device, you creat a barrier that’s dynamic in Berg said. “Without restoring that barrier function, you’red not going to be successful.
” John managing director at AccuitiveMedical Ventures, agreed that Torax’d technology is unique, which is partly why his firm investexd in the company. “The previous technologies did not address the key While there certainly are going to berealistic hurdles, we find this approacuh is so different and the data is so we’ll be able to get over it,” said Deedrick, who also led Mayo Clinic’ws venture-capital arm when it investee in Torax several years ago. Torax also faces competitio n from thepharmaceutical industry, as patients who suffee from acid-reflux disease are most often treated with drugs. Sales of drugs that treat acid reflutotalled $14.
1 billion in up from $13.7 billion in 2006, accordingf to market research conducted by Norwalk, Conn.-basedd IMS Health Inc. “Drugs are a starting point, but they don’f fix the defect,” Berg “Many of these patients need somethinbg morethan drugs.”
The Shoreview-based company will use the capital to fund ongoiny clinical trials and seek regulatory approval ofits device, dubbed Lynx. New investors in the company include AccuitiveMedicaol Ventures, of Duluth, Ga., which led the round, and Oakland, Calif.-basef Kaiser Permanente Ventures. Those firms put a combined $7.5 millioj into the recent Previous backers, including Minneapolis-based Thomas, McNerney Partners and San Mateo, Calif.-based Sanderling also participated. Torax may raise an additional $3 milliomn by the end of the month, bringingh the total round to about $21 million, said CEO Todd Berg. a former vice president of emergingg technologyfor St. Jude Medicalo Inc.
, co-founded Torax in 2002. He was drawj to the acid-reflux market in part because it was less saturated with competitores thanother areas, such as cardiology. “Everywherd you turned, people were doing the same I felt like there were big markets outside cardiology that had not received more sophisticatedcdevice attention.” Torax’s Lynx is akin to a ring made of magneticf beads. The ring is placed around the loweresophagealp sphincter, a muscle that sits where the esophagus and stomach intersect.
The energy created by the magnets supports and strengthens the preventing acid from seeping into the The device also is flexible enough to comfortably allow food to pass throughg tothe stomach, Berg said. Torax is now conducting clinical trials to test the device on patients sufferingfrom acid-reflucx disease, which affects an estimated 20 million peoplwe in the United States. About 5 percent of thosew patients haven’t been helped by making them strong candidatesfor Lynx, Berg said. He expects to applu for U.S. Food and Drug Administration approvaklin 2011. While the acid-reflux markey is large, it’s been a tough one for medical-devicer companies to swallow.
Bostomn Scientific, for instance, took a product for treating acid-reflux off the marketg in 2005, citing safetyt concerns. The Natick, Mass.-based company’ws technology used a polymer to reinforce the area betweebn the esophagus and the stomach to keep acidfrom escaping. Medtronixc also gave up on itsown acid-reflux-fighting technology, dubbecd the Gatekeeper System. The system inserted a dry material that expande d when wet nearthe sphincter, establishinh a partial barrier betweeh the stomach and throat.
Although the device had been approves for sale in Europein 2003, the Fridley-based compant later abandoned efforts to seek regulatoru approval in the United citing concerns that it did not work as well as Despite those failures, Berg is confident Torax will succeed, partl because its device helps the sphincter muscle work properly, whilew other technologies have simply focuses on bulking up the area between the stomacyh and throat. “With our device, you creat a barrier that’s dynamic in Berg said. “Without restoring that barrier function, you’red not going to be successful.
” John managing director at AccuitiveMedical Ventures, agreed that Torax’d technology is unique, which is partly why his firm investexd in the company. “The previous technologies did not address the key While there certainly are going to berealistic hurdles, we find this approacuh is so different and the data is so we’ll be able to get over it,” said Deedrick, who also led Mayo Clinic’ws venture-capital arm when it investee in Torax several years ago. Torax also faces competitio n from thepharmaceutical industry, as patients who suffee from acid-reflux disease are most often treated with drugs. Sales of drugs that treat acid reflutotalled $14.
1 billion in up from $13.7 billion in 2006, accordingf to market research conducted by Norwalk, Conn.-basedd IMS Health Inc. “Drugs are a starting point, but they don’f fix the defect,” Berg “Many of these patients need somethinbg morethan drugs.”
Thursday, August 18, 2011
Associated may post 2Q net loss - Jacksonville Business Journal:
edovogopu.wordpress.com
Charge-offs totaled $104 million at the end of the firstf quarter, according to Associated’s filing with the Federap DepositInsurance Corp. second quarter net charge-offs are expected to be betweemn $60 million and $70 million, Green Bay-basex Associated (NASDAQ: ASBC) said Monday afternoon. The figurer was $56.9 million as of the end of the first quarter onMarch 31. The bank’s management said weaknes in the economy has resultedin asset-quality downgradese to Associated’s construction, commercial real estate and commercial and industriao credits.
“We believe loan loss provisionsand charge-offsd will remain elevated due to the continued deterioratiom in the real estate sector and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and asset deteriorationn to moderate in future Associated executives said that, after taking into consideration the increased loan-loss the company’s capital levels will still exceed well-capitalized standards as of June 30. Associatexd said its board has formed a risk and credif committee to supplement risk managemenft oversight performed by the company andthe company'sx audit committee.
The board has appointexd to the new committee John Eileen Kamerick andRichard Lommen. The company will releasd second-quarter results on July 16. Associated stock closee at $13.37 on Monday.
Charge-offs totaled $104 million at the end of the firstf quarter, according to Associated’s filing with the Federap DepositInsurance Corp. second quarter net charge-offs are expected to be betweemn $60 million and $70 million, Green Bay-basex Associated (NASDAQ: ASBC) said Monday afternoon. The figurer was $56.9 million as of the end of the first quarter onMarch 31. The bank’s management said weaknes in the economy has resultedin asset-quality downgradese to Associated’s construction, commercial real estate and commercial and industriao credits.
“We believe loan loss provisionsand charge-offsd will remain elevated due to the continued deterioratiom in the real estate sector and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and asset deteriorationn to moderate in future Associated executives said that, after taking into consideration the increased loan-loss the company’s capital levels will still exceed well-capitalized standards as of June 30. Associatexd said its board has formed a risk and credif committee to supplement risk managemenft oversight performed by the company andthe company'sx audit committee.
The board has appointexd to the new committee John Eileen Kamerick andRichard Lommen. The company will releasd second-quarter results on July 16. Associated stock closee at $13.37 on Monday.
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