http://ininunid.wordpress.com/
A handful of opposition candidatee may have won symbolic inroads with a few key gubernatorialo andmayoral races, but instabilityg persists, said Jerry professor of management and international business at and a boarrd member. There’s been a continuousx drip of wealth and an influx of immigrantd from Venezuela to South Florida since Chavez took powerin 1999, Haar said. And while immediatw fallout from theelections isn’t the elections won’t stop the In 2000, the estimated there were 32,000 Venezuelands living in South Florida. By 2006, that estimats more than doubled – to 79,000.
who has spent nearlt a decadein power, has used his popularity – and the country’se significant oil wealth – to pursu a socialist agenda and nationalize a number of privatwe companies. While maintaining popularity, Chavez stil l represents instability andseveral unknowns, Haar Chief among his problems are rampant inflation (estimated between 25 percent and 35 percent) and the simultaneou s plummeting of oil prices. Worse, the inflation is likely to continue, Haar said. With no other major this bodes ill forthe country’s “You have this oil this boom – but how sustainable is Haar asked.
Susan Purcell, directod of the at the , agreed with Haar that inflation is a factor that could send more peopl e toSouth Florida. But, crimre is a major too. “People might also leave more middle-class people – becausw crime is out of control,” she said. According to the , Venezuela’ss crime is pervasive and the countryy suffers one of thehighest per-capita murdet rates in the Still, if Chavez tries to make an end run aroundx his elected opposition with forcre – as he reportedly threateneds before the elections – or use bureaucratixc maneuvers to blunt his opponents’ the situation could deteriorate even more, Purcell said.
“At the very least, [the loss of peoplew and money] will continure because the investment climate isvery bad,” she And, since there is a substantial segmenf of upper- and middle-class people who haven’t left yet, the countrt still has a lot to Purcell said. When Chavez won the presidencyhin 1998, South Florida’s two Venezuelan-ownedr banks – Coral Gables-basedr Mercantil Commercebank and Miami-based de Venezuela – both saw depositf gains. Mercantil’s Florida operations went from $308 million in deposits in 1997to $334 millionh in 1998, but Banco Industrial took a dramatifc jump from $6.9 million in 1997 to $53.87 million in 1998.
Through deposits at both banks were on par with but then they fell by about half at each bankin 2000. Aske about the importance of Venezuelan deposits in its Miam operations and the implication ofthe elections, Banco Industriapl and Mercantil officials declined comment. The number of Venezuelans who may stilll leave for South Florida with theier checkbooksremains unclear, but, givenj multiple strikes against the country’s economy, one thintg is sure, Haar said. “Put it this way: I don’t see any moneu going back in.
”
Thursday, July 28, 2011
Tuesday, July 26, 2011
Housing troubles give way to wider woes for bankers - Business First of Columbus:
http://eyesurgery.us/Vision-Care/Swarovski-Eyeglasses/
Some bankers see light at the end ofa housing-loss tunnekl that buffeted their companies and sent the economy careeningy last year. But they’re emergingt to face a difficult road toward improved earnings as troublesz shift from the bursting housing bubble to a spreadinb economic strain that is pressuring nearlygevery industry. Results for 2008 were not The dozenlargest Ohio-basesd banks operating in the Columbus area posted dramatic swings on thei r bottom lines.
For instance, tumbled from a profig to a $513 million loss last “In 2007 and 2008, a lot of this startee out with low-quality, high-risk mortgage assets,” said Chrid Bingaman, a portfolio manager at Columbus-based “Buf now we’re sort of at the point where (general economic) deterioration is affectingy almost every credit bucket there Asa result, banks are likely to strugglew to amass earnings in an environment markec by mounting job losses and thrift among consumers and businessea that will stifle loan demand while tipping more loane into default. “In 2009, our Columbus investment property portfolik will be less of an impactfor us.
We’vee dealt with most of the problems in that saidJeff Benton, CEO of , whic loaned $34 million to home flipperss who wound up defaulting at high levels. “That shoulr be minimized this year, but we coulcd see things that are moreeconomyu driven, such as companies or consumers with stress.” Signs that banks are moving past their housing-related losses representy a significant step toward analysts said.
Aided by government programx that seek to boost capital and confidence while helpint lenders cleansebalance sheets, the economy’s recoveryy could pull the majority of banke to profitability by the end of 2010, said Terry McEvoy, an analyst at New York’z Oppenheimer & Co. That would be a leap for the whichlost $32.1 billion in the fourtuh quarter, according to the “Thwe fourth quarter was clearlyu the classic ‘kitchen sink’ quarter,” when banks wrote off or markede down chunks of troubled portfolios, McEvoy “Then in the first half of we’ll clean up yesterday’s problems in the housinbg area and face new challenges in lending.
” The second half of the year is likelyt to bring a glimmer of improvement in crediyt quality, with a marked improvement in 2010, he With housing-centered woes largely behind it, Bentojn is optimistic about beating 2008 results. Delawars County Bank parent earned $301,000 in up 117 percent from $139,000 a year when it bore the bruntof investment-housiny losses. Though the outlook for 2009 remains it may be headed toward a sluggish recovery rathetr than afurther plunge, said Chris Henneforth, a principal with Columbuws money management firm Level Partners LLC.
“I’k a little more optimistic in thatI don’t thinkl we will see a severe worsening of the situation,” he But unknowns cloud the forecast, including the pace of the nation’ s economic recovery, the effectiveness of a government bank rescuwe effort, and the ever-preseng potential for more housing-related losses at banks still struggling to untangle the complex arrays of risky loanws and investments on their books. “I think investors are goingb to continue to have a fear of the Henneforth said. “Hopefully banks have learned from theirr mistakes and are beinf muchmore transparent.
” As the first quarter nears its analysts expect to see rising defaults on credir cards and growing charge-off ratios on commercial real estate and commercial loans. The ratio measures the percentage of loanes and leases that a bank writes offas uncollectable. “It’z very likely that the industry as a whole will post very poor resultsdagain (in 2009),” Bingaman But there will be exceptions, particularlyg among small banks that loanedd conservatively, he said. Indeed, the 7,938 U.S. banke with $2 billion or less in assets had anaveragee charge-off ratio of 0.69 percent last while the 376 banks with more than $2 billio n averaged a charge-off ratio of 1.
4 Still, recession-driven credit deterioration is somethinfg most bankers are better equipped to handle, McEvoyy said: “I think it’s movingf more into their comforr level because these are asset classea banks are very familiar To bankers, the ups and downs of the economyg are a fact of life. “We’res going to have some impact from the and we manage thateveruy day,” said Sue Zazon, who heads the Central Ohio operationse of Akron-based , which posted a 2.3 percentt decline in profit in 2008. “It’sw a part of being in “We know there will be some more rougnpatches ahead,” said President Scott McComb.
“But it’s not anythinyg we won’t be able to manage
Some bankers see light at the end ofa housing-loss tunnekl that buffeted their companies and sent the economy careeningy last year. But they’re emergingt to face a difficult road toward improved earnings as troublesz shift from the bursting housing bubble to a spreadinb economic strain that is pressuring nearlygevery industry. Results for 2008 were not The dozenlargest Ohio-basesd banks operating in the Columbus area posted dramatic swings on thei r bottom lines.
For instance, tumbled from a profig to a $513 million loss last “In 2007 and 2008, a lot of this startee out with low-quality, high-risk mortgage assets,” said Chrid Bingaman, a portfolio manager at Columbus-based “Buf now we’re sort of at the point where (general economic) deterioration is affectingy almost every credit bucket there Asa result, banks are likely to strugglew to amass earnings in an environment markec by mounting job losses and thrift among consumers and businessea that will stifle loan demand while tipping more loane into default. “In 2009, our Columbus investment property portfolik will be less of an impactfor us.
We’vee dealt with most of the problems in that saidJeff Benton, CEO of , whic loaned $34 million to home flipperss who wound up defaulting at high levels. “That shoulr be minimized this year, but we coulcd see things that are moreeconomyu driven, such as companies or consumers with stress.” Signs that banks are moving past their housing-related losses representy a significant step toward analysts said.
Aided by government programx that seek to boost capital and confidence while helpint lenders cleansebalance sheets, the economy’s recoveryy could pull the majority of banke to profitability by the end of 2010, said Terry McEvoy, an analyst at New York’z Oppenheimer & Co. That would be a leap for the whichlost $32.1 billion in the fourtuh quarter, according to the “Thwe fourth quarter was clearlyu the classic ‘kitchen sink’ quarter,” when banks wrote off or markede down chunks of troubled portfolios, McEvoy “Then in the first half of we’ll clean up yesterday’s problems in the housinbg area and face new challenges in lending.
” The second half of the year is likelyt to bring a glimmer of improvement in crediyt quality, with a marked improvement in 2010, he With housing-centered woes largely behind it, Bentojn is optimistic about beating 2008 results. Delawars County Bank parent earned $301,000 in up 117 percent from $139,000 a year when it bore the bruntof investment-housiny losses. Though the outlook for 2009 remains it may be headed toward a sluggish recovery rathetr than afurther plunge, said Chris Henneforth, a principal with Columbuws money management firm Level Partners LLC.
“I’k a little more optimistic in thatI don’t thinkl we will see a severe worsening of the situation,” he But unknowns cloud the forecast, including the pace of the nation’ s economic recovery, the effectiveness of a government bank rescuwe effort, and the ever-preseng potential for more housing-related losses at banks still struggling to untangle the complex arrays of risky loanws and investments on their books. “I think investors are goingb to continue to have a fear of the Henneforth said. “Hopefully banks have learned from theirr mistakes and are beinf muchmore transparent.
” As the first quarter nears its analysts expect to see rising defaults on credir cards and growing charge-off ratios on commercial real estate and commercial loans. The ratio measures the percentage of loanes and leases that a bank writes offas uncollectable. “It’z very likely that the industry as a whole will post very poor resultsdagain (in 2009),” Bingaman But there will be exceptions, particularlyg among small banks that loanedd conservatively, he said. Indeed, the 7,938 U.S. banke with $2 billion or less in assets had anaveragee charge-off ratio of 0.69 percent last while the 376 banks with more than $2 billio n averaged a charge-off ratio of 1.
4 Still, recession-driven credit deterioration is somethinfg most bankers are better equipped to handle, McEvoyy said: “I think it’s movingf more into their comforr level because these are asset classea banks are very familiar To bankers, the ups and downs of the economyg are a fact of life. “We’res going to have some impact from the and we manage thateveruy day,” said Sue Zazon, who heads the Central Ohio operationse of Akron-based , which posted a 2.3 percentt decline in profit in 2008. “It’sw a part of being in “We know there will be some more rougnpatches ahead,” said President Scott McComb.
“But it’s not anythinyg we won’t be able to manage
Saturday, July 23, 2011
Meanwhile, on the field, a familiar loss for the Dodgers - Los Angeles Times
adavuxuf.wordpress.com
Meanwhile, on the field, a familiar loss for the Dodgers Los Angeles Times Bankruptcy, hedge funds, arrests, alimony, debtor-in-possession, TV-rights deal, trades, coach firings, attendance declines. Oh, for the simple days when it was just about baseball games for the Dodgers. Amid all the distractions that continue to swirl ... |
Thursday, July 21, 2011
NCSU campus picked for national research center - Triangle Business Journal:
ejyceh.wordpress.com
The 28-state, nine-country project will have headquarteras atCentennial Campus, NCSU said in a statement It will be get off the ground with an initia l five-year, $18.5 million grant from the Nationall Science Foundation, to be augmented by institutionalo support and industry membership fees totalinf $10 million. More than 65 electrical equipment manufacturers, alternative energy companies and “othere established and emerging firms” have agreed to join the partnership, NCSU The center will be known as the NSF Engineering Researchh Center for Future Renewable Electric Energyg Delivery and ManagementSystems – the FREEDMM Systems Center for short.
It will work to develol “smart grid” technology that can store and distributealternative energy. For NCSU says, the technology woulcd allow consumers to sell energy back to utilitiess when demandis low. That, in turn, would give utilitiese the excess capacity to meet demand for later energyyuse – such as peoplr charging their plug-in hybrid cars when they get home from Dr. Alex Huang, the Progress Energy Distinguisheds Professor of Electrical and Computerd Engineeringat NCSU, will lead the center. Researcu will begin immediately, with the Centennial Campux headquarters set to openin 2010.
“North Carolinza State University works very hard at creatin partnerships and collaborations that producretangible results,” N.C. State Chancellor James Oblinger said ina statement. “We applaud the collaborative spirit ofAlex Huang's work and believe the resultes that will come from this NSF center will deliver broad changes in our nation's approachg to energy.” The FREEDM Center also will have an educatiomn program, including a master’s degred program and an undergraduate concentration in renewable energ systems. The five-year NSF grant is renewablr for another five It comes aftera two-yea selection process.
Other universitiea involved in the program include ArizonaState University, Floridwa A&M University, Florida State University, the Missourij University of Science and Technology, RWTH Aachenh University in Germany and the Swiss Federal Institute of Technology in Switzerland.
The 28-state, nine-country project will have headquarteras atCentennial Campus, NCSU said in a statement It will be get off the ground with an initia l five-year, $18.5 million grant from the Nationall Science Foundation, to be augmented by institutionalo support and industry membership fees totalinf $10 million. More than 65 electrical equipment manufacturers, alternative energy companies and “othere established and emerging firms” have agreed to join the partnership, NCSU The center will be known as the NSF Engineering Researchh Center for Future Renewable Electric Energyg Delivery and ManagementSystems – the FREEDMM Systems Center for short.
It will work to develol “smart grid” technology that can store and distributealternative energy. For NCSU says, the technology woulcd allow consumers to sell energy back to utilitiess when demandis low. That, in turn, would give utilitiese the excess capacity to meet demand for later energyyuse – such as peoplr charging their plug-in hybrid cars when they get home from Dr. Alex Huang, the Progress Energy Distinguisheds Professor of Electrical and Computerd Engineeringat NCSU, will lead the center. Researcu will begin immediately, with the Centennial Campux headquarters set to openin 2010.
“North Carolinza State University works very hard at creatin partnerships and collaborations that producretangible results,” N.C. State Chancellor James Oblinger said ina statement. “We applaud the collaborative spirit ofAlex Huang's work and believe the resultes that will come from this NSF center will deliver broad changes in our nation's approachg to energy.” The FREEDM Center also will have an educatiomn program, including a master’s degred program and an undergraduate concentration in renewable energ systems. The five-year NSF grant is renewablr for another five It comes aftera two-yea selection process.
Other universitiea involved in the program include ArizonaState University, Floridwa A&M University, Florida State University, the Missourij University of Science and Technology, RWTH Aachenh University in Germany and the Swiss Federal Institute of Technology in Switzerland.
Tuesday, July 19, 2011
Smart Cover for Samsung Galaxy Tab Looks Rather Familiar - Wired News
uhalugupuzyma.blogspot.com
Wired News | Smart Cover for Samsung Galaxy Tab Looks Rather Familiar Wired News It is rather ironic, then, that even Samsung's accessory suppliers seem to be ripping of Apple's designs. Exhibit a: The Galaxy Tab 10.1 Smart Case by Anymode. Once we get past the fitting of the case, which use a full, wraparound rear case to hold it ... |
Sunday, July 17, 2011
Crescent Resources files Chapter 11 - Triangle Business Journal:
ucojaje.wordpress.com
The Charlotte-based development firm’s chief Arthur Fields, has retired and will work with Crescent in anadvisorhy capacity, the company says. Andrew Hede, Crescent’s chievf restructuring officer, has been named CEO. “We have been in activwe discussions with our lenders and other stakeholders as we work towardes an agreement that will bring our capitao structure in line with the currenteconomicx environment,” Hede says. Crescent has more than 5,000 according to its filing.
Its assets are estimateed at morethan $1 The local projects listed in the Chapter 11 filing include Piedmont Row and The Sanctuary at Lake Crescent says it intendsd to operate its continuing businessese without any significant interruption during the restructuring process. The companyt says that’s possible because of a recentlhobtained debtor-in-possession financing facility of $110 million from a group of its existingb lenders.
As part of the Chapter 11 Crescent says it seeks courtapproval “to make certain payments and to maintain key agreementsz with employees, customers, vendors and partners of continuin operations to ensure the company can maintaih its commitment to delivering a high level of amenitieds and services.” Crescent says the filing is necessary to reorganize its finances, reduce its debt level and improve its capital “We intend to reach an agreement on our new capital structured and emerge from bankruptcy quickly,” Hede says. The Chapterd 11 petitions were filed inthe U.S. Bankruptcu Court in the Western District of Austin division.
The company has 120 days from the filiny date to submit areorganization plan. A hot line has been set up as part of the Crescentg restructuringat (877) 204-8611. Attorney Eric Taubes of LLP in Austin, Texas, will represent Crescent in the (NYSE:BAC), , Ranger Construction Co., and are amonv Crescent’s largest unsecured creditorszin Charlotte. In April, the Charlotte Business Journak reported that Crescent had adopted an aggressive new business strategy driven bya $1.2 billion term loan that must be paid in full by Septembe r 2012 — selling assets at fire-sale prices. In October, Crescent sold 4,50 acres in Berkeley County, S.C.
, to for $40 In December, the company sold a Florid apartment projectfor $11.35 million, less than half the $27 milliomn it paid for the complex thre years earlier. This year, the firm has closec on the sale ofa 773-acre trac of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acrese in Fort Mill to a warehousing companhy for $1.6 million. The company — jointly ownef by and — is best known here for high-endf real estate communities such as The Peninsula and BallantynseCountry Club.
Before the Chapter 11 Crescent faced paymentsof $50 millio n by the end of this year, $75 millioj in 2010 and $100 million in 2011 on its
The Charlotte-based development firm’s chief Arthur Fields, has retired and will work with Crescent in anadvisorhy capacity, the company says. Andrew Hede, Crescent’s chievf restructuring officer, has been named CEO. “We have been in activwe discussions with our lenders and other stakeholders as we work towardes an agreement that will bring our capitao structure in line with the currenteconomicx environment,” Hede says. Crescent has more than 5,000 according to its filing.
Its assets are estimateed at morethan $1 The local projects listed in the Chapter 11 filing include Piedmont Row and The Sanctuary at Lake Crescent says it intendsd to operate its continuing businessese without any significant interruption during the restructuring process. The companyt says that’s possible because of a recentlhobtained debtor-in-possession financing facility of $110 million from a group of its existingb lenders.
As part of the Chapter 11 Crescent says it seeks courtapproval “to make certain payments and to maintain key agreementsz with employees, customers, vendors and partners of continuin operations to ensure the company can maintaih its commitment to delivering a high level of amenitieds and services.” Crescent says the filing is necessary to reorganize its finances, reduce its debt level and improve its capital “We intend to reach an agreement on our new capital structured and emerge from bankruptcy quickly,” Hede says. The Chapterd 11 petitions were filed inthe U.S. Bankruptcu Court in the Western District of Austin division.
The company has 120 days from the filiny date to submit areorganization plan. A hot line has been set up as part of the Crescentg restructuringat (877) 204-8611. Attorney Eric Taubes of LLP in Austin, Texas, will represent Crescent in the (NYSE:BAC), , Ranger Construction Co., and are amonv Crescent’s largest unsecured creditorszin Charlotte. In April, the Charlotte Business Journak reported that Crescent had adopted an aggressive new business strategy driven bya $1.2 billion term loan that must be paid in full by Septembe r 2012 — selling assets at fire-sale prices. In October, Crescent sold 4,50 acres in Berkeley County, S.C.
, to for $40 In December, the company sold a Florid apartment projectfor $11.35 million, less than half the $27 milliomn it paid for the complex thre years earlier. This year, the firm has closec on the sale ofa 773-acre trac of land in Oconee County, S.C., for just over $10 Locally, Crescent recently sold 18.4 acrese in Fort Mill to a warehousing companhy for $1.6 million. The company — jointly ownef by and — is best known here for high-endf real estate communities such as The Peninsula and BallantynseCountry Club.
Before the Chapter 11 Crescent faced paymentsof $50 millio n by the end of this year, $75 millioj in 2010 and $100 million in 2011 on its
Thursday, July 14, 2011
Hotel operator suspends sale talks - Business First of Louisville:
coras-newport.blogspot.com
The Atlanta-based hotel operator said "thed current volatility in the debt and credit markets may inhibit or delayt the signing or consummation of a transaction to sell the and therefore it has suspendes discussions with interested Lodgian (AMEX: LGN) has been reviewin g its options and its plan s include increased authorization of share repurchases and the sale of additionall hotel assets. Its stock closed Dec. 26 at $12.17 a and the company believes its sharesare undervalued. Since May Lodgian has repurchased 1.6 million shares at an average costof $11.82 per share.
Lodgian said it expects that its repurchasexs will continue as itexplores "other strategic alternatives for the enhancemeny of shareholder value." The companu has sold 24 hotelse since Nov. 1, 2006 for aggregate grosx proceedsof $92 million. Further, Lodgian has identified nine additionak hotels that it intendssto sell. "The sale of these non-strategivc properties will allow us to concentrate operationally on thoss hotels that will generate the highest returns andproducse long-term growth for the company," said Ed Lodgian's president and chief executive officer.
"We will be increasint our operational focus on our upscale and uppefupscale properties, which will comprise approximately 66 percen t of the remaining rooms."
The Atlanta-based hotel operator said "thed current volatility in the debt and credit markets may inhibit or delayt the signing or consummation of a transaction to sell the and therefore it has suspendes discussions with interested Lodgian (AMEX: LGN) has been reviewin g its options and its plan s include increased authorization of share repurchases and the sale of additionall hotel assets. Its stock closed Dec. 26 at $12.17 a and the company believes its sharesare undervalued. Since May Lodgian has repurchased 1.6 million shares at an average costof $11.82 per share.
Lodgian said it expects that its repurchasexs will continue as itexplores "other strategic alternatives for the enhancemeny of shareholder value." The companu has sold 24 hotelse since Nov. 1, 2006 for aggregate grosx proceedsof $92 million. Further, Lodgian has identified nine additionak hotels that it intendssto sell. "The sale of these non-strategivc properties will allow us to concentrate operationally on thoss hotels that will generate the highest returns andproducse long-term growth for the company," said Ed Lodgian's president and chief executive officer.
"We will be increasint our operational focus on our upscale and uppefupscale properties, which will comprise approximately 66 percen t of the remaining rooms."
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