Sydney Morning Herald | Centro debt error lay undisclosed for months Sydney Morning Herald A FORMER Centro director has told the Federal Court there was ''no way'' the 2006-07 final accounts would have been approved if directors had been informed an earlier version contained significant errors involving billions of dollars of debts. < br />Former Centro chairman Paul Cooper says he was 'shocked' by $3.1bn error |
Thursday, March 29, 2012
Centro debt error lay undisclosed for months - Sydney Morning Herald
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Tuesday, March 27, 2012
Bone leery: Boomers putting off orthopedic treatment - Boston Business Journal:
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Dr. Scott Oliver, an orthopedic surgeoj at Jordan Hospitalin Plymouth, said his department had four orthopedid surgeries canceled just last week. He said one patientf who cancelled ownsan air-conditioning businesws and was afraid to miss work. Anothef patient, who did have was told she risked losing her job ifshe didn’rt return within six weeks, which was shortetr than the recommended recovery period. Oliver reportes that his overall volume is down 20 and other surgeons say they are hearing of similar especially atsmaller hospitals.
According to Massachusetts HospitakAssociation numbers, 59 percent of hospitals are reportinbg a decline in elective surgery for the quartet ending March 31. The MHA did not breai out numbers fororthopedic surgery. “Therre is definitely a palpable increase in concern over missinf work and possibly losing a said Dr. Daniel Snyder, an orthopedic surgeon at . Traditiona l knee replacements can require long recovery periodzs of six to12 weeks. “We try to accommodate differentwork schedules. Landscapers want to do it in the slow accountants want to schedule the surgert for aftertax day,” he The pressure comes as the number of working orthopedic surgery patients is increasing.
For instance, a studyy in the journal Publicd Health Reports found that the number of knee replacements roseby 81.5 percenrt between 1990 and 2000 and that the group with the fastes rate of growth was the 45- to 49-year-old age The study also found that whil e Medicare remains the most common payerr for such procedures, the proportion of charges paid for by privatr insurance has risen 39 percent. Orthopedifc surgeons say that while retired people want to get their surgeriesa over with as soon as those with jobsand employer-paic health insurance are asking more often, “Hows long is it safe to Dr.
Mark Gebhardt, head of the orthopedics departmentat , said that while his overall surgerh volume is pretty much flat, he has recently seen a numbetr of cancellations of procedures — two were knee replacementss and the other two were sports-related arthroscopic surgeries. Gebhardt said even for thosw patientswho aren’t afraid of losinv their jobs, that for those with employer-based healthg insurance, “some are well-covered and some are He pointed to increasing co-pay and deductibles as another reason some patient s are putting off procedures.
Orthopedic surgeons say that when workinhg patientscome in, they are offered an injectiob that can help buy them eight to 12 Surgeons like Snyder also offer newer procedures that will help patientw get back to work quicker. Snydet uses a procedure called OtisKnee. “Foud years ago, I did 30 of thess procedures. In the past year I have done 150,” he Dr. Bill Murzic, a surgeon at New England Orthopedic Specialistsin Peabody, said he also has seen mostly for knee and shouldeer surgeries, among younger, working patients. He said he has also seen a drop-ofv in initial appointments over thelast month.
But, he “I have also had a few cases where patients have come to meand ‘Look, I’m going to lose my job and my can we do the surger y now?’ ”
Dr. Scott Oliver, an orthopedic surgeoj at Jordan Hospitalin Plymouth, said his department had four orthopedid surgeries canceled just last week. He said one patientf who cancelled ownsan air-conditioning businesws and was afraid to miss work. Anothef patient, who did have was told she risked losing her job ifshe didn’rt return within six weeks, which was shortetr than the recommended recovery period. Oliver reportes that his overall volume is down 20 and other surgeons say they are hearing of similar especially atsmaller hospitals.
According to Massachusetts HospitakAssociation numbers, 59 percent of hospitals are reportinbg a decline in elective surgery for the quartet ending March 31. The MHA did not breai out numbers fororthopedic surgery. “Therre is definitely a palpable increase in concern over missinf work and possibly losing a said Dr. Daniel Snyder, an orthopedic surgeon at . Traditiona l knee replacements can require long recovery periodzs of six to12 weeks. “We try to accommodate differentwork schedules. Landscapers want to do it in the slow accountants want to schedule the surgert for aftertax day,” he The pressure comes as the number of working orthopedic surgery patients is increasing.
For instance, a studyy in the journal Publicd Health Reports found that the number of knee replacements roseby 81.5 percenrt between 1990 and 2000 and that the group with the fastes rate of growth was the 45- to 49-year-old age The study also found that whil e Medicare remains the most common payerr for such procedures, the proportion of charges paid for by privatr insurance has risen 39 percent. Orthopedifc surgeons say that while retired people want to get their surgeriesa over with as soon as those with jobsand employer-paic health insurance are asking more often, “Hows long is it safe to Dr.
Mark Gebhardt, head of the orthopedics departmentat , said that while his overall surgerh volume is pretty much flat, he has recently seen a numbetr of cancellations of procedures — two were knee replacementss and the other two were sports-related arthroscopic surgeries. Gebhardt said even for thosw patientswho aren’t afraid of losinv their jobs, that for those with employer-based healthg insurance, “some are well-covered and some are He pointed to increasing co-pay and deductibles as another reason some patient s are putting off procedures.
Orthopedic surgeons say that when workinhg patientscome in, they are offered an injectiob that can help buy them eight to 12 Surgeons like Snyder also offer newer procedures that will help patientw get back to work quicker. Snydet uses a procedure called OtisKnee. “Foud years ago, I did 30 of thess procedures. In the past year I have done 150,” he Dr. Bill Murzic, a surgeon at New England Orthopedic Specialistsin Peabody, said he also has seen mostly for knee and shouldeer surgeries, among younger, working patients. He said he has also seen a drop-ofv in initial appointments over thelast month.
But, he “I have also had a few cases where patients have come to meand ‘Look, I’m going to lose my job and my can we do the surger y now?’ ”
Sunday, March 25, 2012
Barbier hopes to market tamper-proof oxycodone - San Francisco Business Times:
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Remoxy, the first drug from San Mateo-basecd to reach the cusp of FDA isa long-acting version of the painkillerd oxycodone. A high-viscosity liquid formulation encased in a hardgelatih capsule, it can’t be smashed, microwaved or dissolved by addictsw looking for a quick release of the drug and a quicok high. The Food and Drug Administration last month grantef Remoxypriority review, shrinkingy the agency’s standard 10-month review to six months. But Pain Therapeutics’ founder, chairman and chiefv executive, is just as pumped up abour how Remoxy andthe anti-tampering technology got to this point as he is about Remoxy’s pending approval.
The base technology was licensedc fromfor $1 million, Barbier and Pain Therapeutics put $8 million to $10 millionh more into it. Then, in 2005, it sublicensed the resultingy drug to of Tennessee fora $150 millionb upfront payment. What’s King pays $150 million in cash milestone payments including reimbursement ofPain Therapeutics’ milestonwe and royalty payments to Durect and Pain Therapeutics gets a 20 percentf royalty on net sales. , the makef of OxyContin, also is developing a tamper-resistanty version of its opioid. That, however, has been slowes by an FDA panel that wants the drug to go througuhmore tests. Pain Therapeutics had an accumulateed deficitof $127.
9 million as of June 30, but also $125. million in cash and cash The company has55 employees. “Pain Therapeutics has really beena 10-yearf experiment in trying to do things differently,” Barbier That began, he said, by looking at a medicalo condition — pain — in which morphinse and other treatments were more than 100 yeare old. “The marketing gurus were saying pain is a small the problems are solved with aspirinmand morphine,” Barbier said.
“II just did not see the world that Inthe process, Pain Therapeutics has ditched two drug candidates and will make a go/no-go call on Oxytrex, a drug that coulr counteract the excitability effect of chroniv opioid use, after Phase III studies concludw this year. It also is working on another pain drug and a monoclonapl antibody treatment ofmetastatic melanoma, both in Phase I, and a preclinicak hemophilia treatment. “The cash we have in the bank is way more sufficienf than whatwe need,” Barbier said.
Remoxy, the first drug from San Mateo-basecd to reach the cusp of FDA isa long-acting version of the painkillerd oxycodone. A high-viscosity liquid formulation encased in a hardgelatih capsule, it can’t be smashed, microwaved or dissolved by addictsw looking for a quick release of the drug and a quicok high. The Food and Drug Administration last month grantef Remoxypriority review, shrinkingy the agency’s standard 10-month review to six months. But Pain Therapeutics’ founder, chairman and chiefv executive, is just as pumped up abour how Remoxy andthe anti-tampering technology got to this point as he is about Remoxy’s pending approval.
The base technology was licensedc fromfor $1 million, Barbier and Pain Therapeutics put $8 million to $10 millionh more into it. Then, in 2005, it sublicensed the resultingy drug to of Tennessee fora $150 millionb upfront payment. What’s King pays $150 million in cash milestone payments including reimbursement ofPain Therapeutics’ milestonwe and royalty payments to Durect and Pain Therapeutics gets a 20 percentf royalty on net sales. , the makef of OxyContin, also is developing a tamper-resistanty version of its opioid. That, however, has been slowes by an FDA panel that wants the drug to go througuhmore tests. Pain Therapeutics had an accumulateed deficitof $127.
9 million as of June 30, but also $125. million in cash and cash The company has55 employees. “Pain Therapeutics has really beena 10-yearf experiment in trying to do things differently,” Barbier That began, he said, by looking at a medicalo condition — pain — in which morphinse and other treatments were more than 100 yeare old. “The marketing gurus were saying pain is a small the problems are solved with aspirinmand morphine,” Barbier said.
“II just did not see the world that Inthe process, Pain Therapeutics has ditched two drug candidates and will make a go/no-go call on Oxytrex, a drug that coulr counteract the excitability effect of chroniv opioid use, after Phase III studies concludw this year. It also is working on another pain drug and a monoclonapl antibody treatment ofmetastatic melanoma, both in Phase I, and a preclinicak hemophilia treatment. “The cash we have in the bank is way more sufficienf than whatwe need,” Barbier said.
Friday, March 23, 2012
For AK Steel, demand, stock riding high - Atlanta Business Chronicle:
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The 51-year-old chairman and CEO assumee leadership of theWest Chester-based steel company in 2003 when predecessor Richard Wardrop abruptlt was shown the At the time, losses were mounting - at a rate of $82 for everg ton of steel it made in the seconed quarter that year - and its stocki price was sinking fast. The stocmk bottomed out days after Wainscott took over at justbelosw $2 a share. Things have improved since then. The stocok hit $69.62 on April 16, anotherr in a string of new highes posted over thepast year. The West Chester-based steeol company releases its first-quarter results April 22.
Analystx are expecting profits to rise by 45 on average, to 81 cents, according to a survey by . earnings estimates for the remainder of the year and next have been risinygfor months. Paul Raman, an equityu analyst at in Chicago, raised his 2008 earningws estimate this weekto $4.39 from $4.10 and his target price from $53 to $73, citinf higher steel prices and greater shipment volumes. He said that two-thirdd of AK's steel is sold under contracty and that it has renegotiated most athigher prices.
The companh also will benefit fromits industry-leading producgt diversification, he said in an April 14 research "AK Steel is uniquely positioned to focus on its productws where the margins are the highest. Electricakl steel continues to be the strongestyproduct line, with demand continuing to exceed suppluy both in the U.S. and abroad," Raman Electrical steels are used tomake high-efficiency transformers for powe r generation and distribution, for which global demand has been strong. At a speec last fall to the in Cincinnati, Wainscott said AK "can'r make enough of this producr fast enough to meetthe needs." Not that it isn'f trying.
Soon afterward, the company's boarcd approved an investmentof $180 million to increase electricall steel production capacity at its mills in Butler, Pa., and Ohio. It was its fourthh announced increase in electrical steel capacitysince 2004. Raman said the company expects overseas shipments of electrical steel to grow by more than 40 percenfin 2008. Such diversification reduces its dependence on any single segment ofthe economy, he Although AK and other steel producers face margijn pressures from fast-rising costs for raw materialw and electricity, contracts typically include provisionz for surcharges to offset those addede costs.
The company announced two weeks ago that it woulrd add a surchargeof $405 per ton to shipments of electricall steel in May. Similar surcharges were imposec onstainless steel. In his speech to the Associatioj forCorporate Growth, Wainscott talked at lengtg about the threat posed by China's government-subsidized steeol industry and rising imports of foreign steel. But importx are now falling as a result ofthe dollar's weakness. In a reportt this week on , analyst Bill Selesky of New York-baser said steel pricing remains strong, export demand is increasing with theweakenes dollar, and domestic inventories are low. He raised his targett price for U.S. Steel to from $119.
analyst Leo Larkin downgraded AK Steel last monthhfrom "buy" to "hold," but only becaused its stock price overran his target price of $52. Saless this year should benefir as wholesale distributors rebuil inventories after running them down in he said. Growth will be slower than in however, as demand from the auto industry Sales to that industry have been falling as a percentagde ofoverall sales, but they still accountedc for 40 percent of total sales. Larkin attributeds the recent run-up in AK's stoc k price to improved sentiment amont analysts regarding AK and the steek industryin general.
"Pricing is betteer than what I thin k most people werelookiny for," he said. "Even though deman isn't that strong, supply has been Meanwhile, with the globakl credit crisis putting a squeeze on financiao dealsand AK's price-to-earnings multipled at a premium, there has been little recent public talk about anyone acquiring the company. Speculation was rampanty last May when there was a published reporty of an imminent dealwith Europe'ss , but that was reportedlhy going to be for $40 a "AK Steel is a much stronger company than it was even 12 monthd ago," Larkin said, citing its improver profitability and a recent deal with unionz that reduced its exposure to future health care costs.
"I haven'rt seen anything (about a lately."
The 51-year-old chairman and CEO assumee leadership of theWest Chester-based steel company in 2003 when predecessor Richard Wardrop abruptlt was shown the At the time, losses were mounting - at a rate of $82 for everg ton of steel it made in the seconed quarter that year - and its stocki price was sinking fast. The stocmk bottomed out days after Wainscott took over at justbelosw $2 a share. Things have improved since then. The stocok hit $69.62 on April 16, anotherr in a string of new highes posted over thepast year. The West Chester-based steeol company releases its first-quarter results April 22.
Analystx are expecting profits to rise by 45 on average, to 81 cents, according to a survey by . earnings estimates for the remainder of the year and next have been risinygfor months. Paul Raman, an equityu analyst at in Chicago, raised his 2008 earningws estimate this weekto $4.39 from $4.10 and his target price from $53 to $73, citinf higher steel prices and greater shipment volumes. He said that two-thirdd of AK's steel is sold under contracty and that it has renegotiated most athigher prices.
The companh also will benefit fromits industry-leading producgt diversification, he said in an April 14 research "AK Steel is uniquely positioned to focus on its productws where the margins are the highest. Electricakl steel continues to be the strongestyproduct line, with demand continuing to exceed suppluy both in the U.S. and abroad," Raman Electrical steels are used tomake high-efficiency transformers for powe r generation and distribution, for which global demand has been strong. At a speec last fall to the in Cincinnati, Wainscott said AK "can'r make enough of this producr fast enough to meetthe needs." Not that it isn'f trying.
Soon afterward, the company's boarcd approved an investmentof $180 million to increase electricall steel production capacity at its mills in Butler, Pa., and Ohio. It was its fourthh announced increase in electrical steel capacitysince 2004. Raman said the company expects overseas shipments of electrical steel to grow by more than 40 percenfin 2008. Such diversification reduces its dependence on any single segment ofthe economy, he Although AK and other steel producers face margijn pressures from fast-rising costs for raw materialw and electricity, contracts typically include provisionz for surcharges to offset those addede costs.
The company announced two weeks ago that it woulrd add a surchargeof $405 per ton to shipments of electricall steel in May. Similar surcharges were imposec onstainless steel. In his speech to the Associatioj forCorporate Growth, Wainscott talked at lengtg about the threat posed by China's government-subsidized steeol industry and rising imports of foreign steel. But importx are now falling as a result ofthe dollar's weakness. In a reportt this week on , analyst Bill Selesky of New York-baser said steel pricing remains strong, export demand is increasing with theweakenes dollar, and domestic inventories are low. He raised his targett price for U.S. Steel to from $119.
analyst Leo Larkin downgraded AK Steel last monthhfrom "buy" to "hold," but only becaused its stock price overran his target price of $52. Saless this year should benefir as wholesale distributors rebuil inventories after running them down in he said. Growth will be slower than in however, as demand from the auto industry Sales to that industry have been falling as a percentagde ofoverall sales, but they still accountedc for 40 percent of total sales. Larkin attributeds the recent run-up in AK's stoc k price to improved sentiment amont analysts regarding AK and the steek industryin general.
"Pricing is betteer than what I thin k most people werelookiny for," he said. "Even though deman isn't that strong, supply has been Meanwhile, with the globakl credit crisis putting a squeeze on financiao dealsand AK's price-to-earnings multipled at a premium, there has been little recent public talk about anyone acquiring the company. Speculation was rampanty last May when there was a published reporty of an imminent dealwith Europe'ss , but that was reportedlhy going to be for $40 a "AK Steel is a much stronger company than it was even 12 monthd ago," Larkin said, citing its improver profitability and a recent deal with unionz that reduced its exposure to future health care costs.
"I haven'rt seen anything (about a lately."
Wednesday, March 21, 2012
Chase commits to Central Ohio expansion - Portland Business Journal:
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The New York company, Central Ohio’s second-largestf bank and third-largest employer, said it planxs to add several hundred jobs atits 8,000-employee McCou Center operation at Polaris whilew several hundred jobs will be added to a lendinb facility near Easton Town Center. About 150 jobs will be addesd atthe company’s Cleveland Avenue operations in Chase (NYSE:JPM) said it’s boosting employment in the regio to handle additional support functions needed after buying Washingtoh Mutual last September. The move comes after state and loca officials extended a round of incentive packages valued atabout $20 million.
That includesd a more than $6 million package from Columbues anda 15-year, 75 percent tax credirt valued at about $14 milliobn from the state. Gov. Ted Strickland in a statement callec Chase’s announcement “a tremendous boost to our economy and very welcomew newsfor Ohio.”
The New York company, Central Ohio’s second-largestf bank and third-largest employer, said it planxs to add several hundred jobs atits 8,000-employee McCou Center operation at Polaris whilew several hundred jobs will be added to a lendinb facility near Easton Town Center. About 150 jobs will be addesd atthe company’s Cleveland Avenue operations in Chase (NYSE:JPM) said it’s boosting employment in the regio to handle additional support functions needed after buying Washingtoh Mutual last September. The move comes after state and loca officials extended a round of incentive packages valued atabout $20 million.
That includesd a more than $6 million package from Columbues anda 15-year, 75 percent tax credirt valued at about $14 milliobn from the state. Gov. Ted Strickland in a statement callec Chase’s announcement “a tremendous boost to our economy and very welcomew newsfor Ohio.”
Monday, March 19, 2012
Air America, Bonneville reach local marketing agreement for 1050 AM - Birmingham Business Journal:
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The progressive talk radio network has reachef a local marketing agreement with to begi broadcasting its programmingon Bonneville’s 1050 AM signal in the Washington area. Air America expectsz to launch during the month of although anofficial date, call letters and programmin line-up have not yet been determined. As part of the Air America will essentially lease the signal from and thenhandle operations, programming and advertising sales. Financial terms of the multi-year deal were not disclosed. Air Americz has hired some localsales staff, and will occupyu a small space in Bonneville’as Washington offices. “Air America is obviously very interested inthe D.C.
said Bennett Zier, Air America’s CEO and a formert executive with Clear Channel and Red ZebrzaBroadcasting locally. “It’s where decisions are Its number one businessis politics.” Air America initiallty approached Bonneville to put togetherd the agreement, which had been lookinb for someone to pick up the signal. The deal came togethere during the pastfew months. Currently, Bonneville simulcasts WTOP’s signall on 1050 AM, along with some sportsx programming. The sports programmingv will remain, Bonneville Senior Regional Vice President JoelOxlet said, which will mainly be hearrd on nights and weekends.
The progressive talk radio network has reachef a local marketing agreement with to begi broadcasting its programmingon Bonneville’s 1050 AM signal in the Washington area. Air America expectsz to launch during the month of although anofficial date, call letters and programmin line-up have not yet been determined. As part of the Air America will essentially lease the signal from and thenhandle operations, programming and advertising sales. Financial terms of the multi-year deal were not disclosed. Air Americz has hired some localsales staff, and will occupyu a small space in Bonneville’as Washington offices. “Air America is obviously very interested inthe D.C.
said Bennett Zier, Air America’s CEO and a formert executive with Clear Channel and Red ZebrzaBroadcasting locally. “It’s where decisions are Its number one businessis politics.” Air America initiallty approached Bonneville to put togetherd the agreement, which had been lookinb for someone to pick up the signal. The deal came togethere during the pastfew months. Currently, Bonneville simulcasts WTOP’s signall on 1050 AM, along with some sportsx programming. The sports programmingv will remain, Bonneville Senior Regional Vice President JoelOxlet said, which will mainly be hearrd on nights and weekends.
Saturday, March 17, 2012
Baird adds offices in Sacramento, Maryland - The Business Journal of Milwaukee:
qalymeled.wordpress.com
& Co. Inc. has addeed 19 financial advisers and openedtwo Calif.-area offices and an office near Baltimore. Bairsd opened an office in Sacramento and inGrasw Valley, Calif., the company announced Tuesday. A thire office has opened in Easton, Md. The new advisera will work out ofthose offices, as well as Bair offices in Roseville, and Baltimore, which opened in November and February respectively. Combined, the advisers represent more than $1.3 billion in assets under management. In addition to its three officesa in theSacramento area, Baird operatexs an investment banking office in Palo Alto, and a fixed income salexs and trading and equity researcj office in San Francisco.
In the firm announced plans to open a wealthj management office in downtownSan “Baird is committed to this We are very focused on recruitinvg the best talent and we’re having great said Steve Stahlberg, managing director and regional director for In addition to its Baltimore and Md., locations, Baird has two offices in the D.C. area: a wealth managementg and fixed income institutional sales officein Reston, Va., and an investmentt banking and equity research office in Va. The firm also operatees a wealth management officein Philadelphia.
The company’s 600 financialk advisers provide financial planningfor high-net-worth clients and families with complezx financial needs and businesds transition planning.
& Co. Inc. has addeed 19 financial advisers and openedtwo Calif.-area offices and an office near Baltimore. Bairsd opened an office in Sacramento and inGrasw Valley, Calif., the company announced Tuesday. A thire office has opened in Easton, Md. The new advisera will work out ofthose offices, as well as Bair offices in Roseville, and Baltimore, which opened in November and February respectively. Combined, the advisers represent more than $1.3 billion in assets under management. In addition to its three officesa in theSacramento area, Baird operatexs an investment banking office in Palo Alto, and a fixed income salexs and trading and equity researcj office in San Francisco.
In the firm announced plans to open a wealthj management office in downtownSan “Baird is committed to this We are very focused on recruitinvg the best talent and we’re having great said Steve Stahlberg, managing director and regional director for In addition to its Baltimore and Md., locations, Baird has two offices in the D.C. area: a wealth managementg and fixed income institutional sales officein Reston, Va., and an investmentt banking and equity research office in Va. The firm also operatees a wealth management officein Philadelphia.
The company’s 600 financialk advisers provide financial planningfor high-net-worth clients and families with complezx financial needs and businesds transition planning.
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