Music for the masses: Kick off 2013 with Free Week and a few of our favorite ... - CultureMap Austin

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Music for the masses: Kick off 2013 with Free Week and a few of our favorite ... CultureMap Austin As our attention is about to be diverted by a whole slew of out-of-state folk come SXSW, take the time to invest in Austin's local talent with the 10th annual Free Week, a concept originally introduced by Transmission Events. In January of every year ...

Solar Power, NBA star make European deal - Kansas City Business Journal:

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Global Energy Services will market and provideSolar Power’s solar-panel lineup in the “We are very pleased that Peja and his Globak Energy Solutions organization have joined with SPI as we expandf our international distribution network into a part of the worlxd where demand of solar is growin rapidly,” Solar Power chief executive officer Steve Kircherf said in a news releas Wednesday. Stojakovic, a sweet-shooting small forwars for the NewOrleans Hornets, will be available at the Soladr Power booth this week at InterSolar 2009 in Germany.
Solar Power has “an innovative line of photovoltai solar energy products that are associaterd withvery high-quality products and performancre standards,” said Stojakovic, a 10-year NBA Roseville-based Solar Power (OTCBB: SOPW) is an internationa manufacturer, distributor and installer of photovoltaic solarf systems. Shares of Solar Power dropped 7centd — or about 9.5 percent — to 67 cents in midday trading

Franchot: Financial questions on State Center project will require vigilance - Baltimore Business Journal:

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Franchot, who joined Gov. Martin O’Malley and Treasurefr Nancy Kopp onthe state’s Board of Public Worksw in voting for the $1.4 billion State Center redevelopment projecty Wednesday afternoon, said he does not know enoughu about the project’s costs to the state or whether the projecr is even practical given the nationwidee credit crunch. “I believe the project has a lot of promisd and is deserving of Franchot said in a telephoneinterview Wednesday. “k voted for it, but am going to continue to be vigilant abou the fiscal exposure tothe state.
” The deal involvews the state leasing its midtown Baltimore office complex to a private development team, which would then redevelop the propertyh into a mix of offices, shops and The state would then lease back a majorityt of the project’s 2 million squarew feet of office space for use by its variousw state agencies. But the terms of the deal have not been hammerexout yet, as Franchort and the Board of Public Works voted Wednesday only on a mastedr development agreement. With that agreement in the development team will now creatw designs for its planned buildings and come back to the statr for approval on morespecific designs, and lease terms.
The development which includes national housingdeveoper McCormack, Baron & would borrow $888 million to finance its work, accordinhg to the Department of Legislative The state would issue another $338 milliomn in debt. State and federal tax credif programs would pick upanother $234 millionb in project costs, with the remainder of the project’e costs being contributed directly by the developerss or other investors. Franchot said that scenarii raisesseveral concerns, including the ability for the state or the developers to borrow moneyy in the midst of the nationwide credit crunch.
He said he’s also concerned about the state’s abilithy to negotiate fair lease terms with the developerxs given they would both be heavilt invested in making sure the projectis “The problem is that the credit markets are bone dry,” Franchot “Obviously this is a long-term project, but I’m not confident that the privatr sector will finance this in a way that the statde can afford it.” In addition, Franchot said he isn’ty sure why the statde would make the project a priority above othe r pressing needs such as new college dormitories or othee state-funded construction projects.

Geography in the News: Lake-Effect Snow - National Geographic

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Geography in the News: Lake-Effect Snow National Geographic Lake-effect snow has arrived around the Great Lakes as winter has finally come to the Midwest. During a single 1995 December storm, Buffalo, N.Y., received 40 inches of snow. Although this was a heavy snow, it was not a record for Buffalo. Buffalo's ... and more »

Kansas City hires Garcia to lead Water Services Department - Kansas City Business Journal:

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Assistant City Manager John Franklih has beenthe department’s acting director sincs Frank Pogge . Garcia has worked as a project management consultant since 2006 and was assistant county administrator for development and infrastructure in HillsboroughbCounty (Tampa area), Fla., from 2003 to 2006. As assistang county administrator, Garcia directly supervised eight including waterand wastewater, with more than 3,100 employeesz and a capital and operating budget of $1.5 billion.
Garciqa also has been director of planning andgrowthg management, and director of public workx for Hillsborough County, director of publifc works for Nueces County, Texas, and public works divisionj manager and deputy county engineer of San Diego He is a former member of the . “Bernardol has more than 20 years of experiencsin engineering, staff managemenf and project development and which will benefit the city in addressint our water infrastructure challenges,” City Manager Wayne Cauthe said in a releasew Monday.
“He also has a track recordd of stressing customer service and promoting community involvement and Garcia will be responsible for developing and managingKansas City’s programds for water supply, and wastewatetr and storm-water systems. He also will oversese all department staff, manage day-to-day operationw and guide the Wet Weather Solutions projectand infrastructure-related capitalo improvements.

Pedal to Properties leases Boulder office space - Denver Business Journal:

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The residential real estate firm’s newlhy leased space is at 1949Pearl St., a location in the Pearlp Street Mall area previously occupied by Besoz boutique. The space will be the company’s new flagshipp office, and is expected to open in July. “Thisx is an excellent location that affords us visibility and company founder and President Matt Kolb said in a Pedal to Properties is a residentia real estate firm that gives clients the option of lookinbg at homes by The company maintains a fleeg of 50 ElectraCruiser bikes. , the real estat brokerage is expanding because of a new capital infusion from attorney Tim now half-owner and president for U.S.
operations of Pedal to Properties. Majors, who’s originally from Perth, Australia, approached Kolb about investinf his firm after lookingf at Boulder propertiesby bicycle. In addition to expandingy in Boulder, Pedal to Properties plans to look at openinhg branch officesin other, unspecified U.S. markets. In May, the companu launched a licensee designation for brokers interestedd in using the Boulder operational formula in their markets.

St. Louis aldermen committee OKs Kiel Opera House plan - Triangle Business Journal:

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The plan now goes before the full boardcof aldermen. The Urban Development and Zoningg Committee had because members said they wante d more time to examinethe proposal, and Richard Baker, president of , which operates the , said the plan woul steal shows away from the Fox and , the New York City-baseds firm that owns the and holdsz the long-term lease to the To alleviate concerns among competitors, SCP Worldwid agreed to limit the number of third-partyh theatrical shows it holds for the firsyt five years, said Ken Munoz, a partnetr in SCP Worldwide. "We think this is a vote for St. he said. SCP Worldwide has brought in McEagle of O’Fallon, Mo.
, as a redevelopment partner and as generalo contractor. David Checketts, chairman of SCP Worldwide, thanked the Mayor Francis Slay and Comptroller DarleneGreenn "for putting their trust in our plan and sharingf our belief that the Kiel Operas House can and should be restored to the glory of its "We all want the same thing for St. Louis: a vibrant a thriving cultural andentertainment scene, additional jobs and a promisinf economic future for this and future Checketts said in a statement. "Today’s committee vote approvingf our Kiel Opera House plan is the first step in makinvg all of thisa reality.
" Last month, the city’as Land Clearance for Redevelopment Authority to the boarf of aldermen that the Kiel be re-declared blighted, pavinhg the way for tax abatemenft for SCP Worldwide to support a restorationj of the building into a theatrical and concert venue.

Stifling Growth, Limiting Choice & Depriving Revenue: The Impact of Beer Laws ... - Houston Chronicle (blog)

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Stifling Growth, Limiting Choice & Depriving Revenue: The Impact of Beer Laws ... Houston Chronicle (blog) State laws that regulate the craft beer industry stifle economic growth, limit choice for consumers, and deprive the state of much needed tax revenue. Locally, the craft brewing industry is growing at a fast rate. In 2008, Saint Arnold Brewing Company ...

Apple stock down on new iPhone, but no Jobs - Puget Sound Business Journal (Seattle):

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The stock finished trading at down 0.57 percent, after being down as more than 3 percenty earlier in the day. Speculation ahead of the San Franciscoo event centered on if CEO Stevew Jobs would make his first appearance since taking medical leave earlier this year and whether the companuy would unveil its next generation iPhone. Jobs didn't make an appearance, but Bloombergg News cited unnamed sourcesd Monday who said that he had been activelu involved inthe company's preparation for Monday's The new iPhone is nearly three timees faster to download Web page and comea with a 3-megapixel autofocus It also has voice-control featuresa and a built-in compass.
The 3GS also has improvede battery life with up to nine hourason WiFi, 10 hours while watching 30 hours using audio, 12 hours using 2G talk and five houres using 3G talk. It also features a new built-inm digital compass for instant navigation. The new available in black and white onJune 19, will sell for $199 for a 16GB modeol and $299 for 32GB. — New versions of the MacBool Pro. A 15-inch version that starts at a lower-priced 17-inch that starts at $2,499 and a 13-incyh version that starts at — Lower prices for the MacBook Air ultra-thin cutting $700 off the 128GB modeol to $1,799 and cuttingf $300 off the base model at $1,499.
— A new versionn of the Mac operating system, Snow that is faster to install and takesz up 6 gigabytes less harddrive space. The new operatinfg system comes with a new versionm of the Safari Web browser that Apple says is more robus t and faster thanprevious versions. New iPhone software including abilityu to cut and paste data and an alert feature that helps users find theit device or remotely wipe its memorh clean if it gets stolenh and later restore it using an iTunes Apple said at the conference that it has now sold more than 40 milliojn iPhones and iPod Touches and that users of the device have a choice of morethan 50,0000 software applications they can download.

ATS Services is now Talagy, with new owner - Austin Business Journal:

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Derek Mercer, the nephew of ATS foundedr Delores Kesler, acquired the company and will serve as Kesler will retain the title ofchairman emeritus. Amy McGeorge will assume the role of presidentgand CEO. Terms of the acquisition were not “This is an exciting time in the growth and evolutio nof ATS, and I’m pleasecd to allow the next generation of leadershiop to take the helm,” said Kesler created Jacksonville-based ATS Services in eventually forming a parent company that merged with threew other staffing firms, including . The business splir into two ventures: , whicj became a publicly traded company and isnow , and ATS Services.
Mercer workede as the director of informatiomn technology at ATS Services before creating hisown company, , a globakl provider of on-demand talenft management software, in 1996. Kesler provided a loan that helpedf startthe company. Vurv Technology was acquiresd by (NASDAQ: TLEO) in 2008 for $128.8 million. Talagy, whicj has 11 offices around the countruy and80 employees, will continue to offer the same products and but instead of operating under multiple brands and business unitzs the company will consolidate into a singlwe brand.

California law student visiting Manhattan gunned down in brazen daytime ... - New York Daily News

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New York Daily News

California law student visiting Manhattan gunned down in brazen daytime ... New York Daily News California law student visiting Manhattan gunned down in brazen daytime Columbus Circle attack. Brandon Woodard, 31, was rushed to Roosevelt Hospital, where he died. The 2 p.m. shooting near Saint Thomas Choir School left witnesses stunned. and more »

Terry House keeps Tom Stinnett

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House is a master certified techniciam who services a variety ofrecreational vehicles, from 45-foot motof homes to towable camping trailers. The servicer area used to be the skatinv rink at the Kentuckiana Sports Centetr on Marriott Drivein Clarksville. But that was before Tom Stinnetrt bought the property in 1996 and turnedthe two-and-a-half-acrr facility into RV Freedom House, 54, has been with Stinnett RV for 18 years, providinh an array of services for travelers who own RVs. “Io am more of a maintenance man than a he said ofhis work. “I service plumbing and electrical systems, heatingy and air-conditioning systems.
Anything you would see in a And many of the coaches he worksa on are homes homes the ownerscan drive. “oI usually work on the big guys,” he said. Housde works on 10 to 12 RV brands, including Tiffin, Winnebago, Monaco, Dutchmen and Holiday Rambler. His tasks each day are dictatedd bywork orders. Some customers have a list of 25 itemsx to checkor repair, while others require only a few simpls adjustments. One of the major causes of problems, he has to do with the owner “no exercising the parts. You can’t just let the coach sit there when notin use. It is best to start the turn onthe appliances, run the heating and air-conditioning system.
” And tiny bugs and spiderw can take down a 20,000-pound RV. “Thr slenderest of webs can blocko the liquid propane pipes that run the A mud dauber nest can unbalancefan blades,” Houss said. Water leaks create havoc as “I see a lot of roof damage thatcausexs leaks. Water will hurt more than creating mold, rotten wood.” But House’s job entailse more than service. Once an RV is House checks it out to make sure all systemssare go. He then spends and hour or more with the customefr going over all the ins and outs ofthe coach’s equipment, showinvg the customer how to work everything.
“I don’t want them to get to theire destination and not know how to open thepatip cover,” he said with a Some of his work has to do with He has installed solar panels for charging the batteries, extra air satellite television equipment and invertet systems that convert DC battery power to standardc AC power. Hydronic heating systems, which Housed also has installedfor customers, providr heat for the coach and hot waterd in one unit. Interiors also can be “I have changed out benches, sofas and carpeting and flooring, and even added ceramid tile,” House said. “Some of the servic work just requires installinga part, and I am he added.
“I get a thrill out of doingf electrical work, which means I have to think. There are some tricky problems tofigure out. Sometimesz I even stump the guys at the There is a downside toany job, though. “o hate dealing with waste tank If thecustomer doesn’t use the digester/deodorizer chemicals in the toilett that are recommended, the waste driess up and forms a hard rock. Or, if they use the wronh type oftoilet paper, the tank gets cloggedr or the tank gets full. It’s not Aside from that, House said his work has providex him with a goodcareer … one that young people would do well to check out. “I get paid good he said.
“I don’t get that dirty, and I get to work in an insidde area.”

Resolute Games launching new iPhone app - The Business Journal of Milwaukee:

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Seven Deaths is a fightinf game that follows the lives of eight character s through one night in Nagamachi through a battlde for control inthe city. The game includes full storiesx of the characters anddetailed backgrounds. The game will also eventuallgy include updatesfor Wi-Fi multiplayer and social Resolute Games has also created other iPhone including “ThumStruck,” “Segment” and “Elvis Mobile.” And Resoluted gamers will now have new, faster devicea to play on.
At its Worldwide Developers Conferencwe inSan Francisco, announces the next generation of iPhone, which will download contenf three times faster than the curren brand and will include a 3-megapixel autofocus It also has voice-control featuresx and a built-in compass. The 3GS also has improved batterg life with up to nine hours on 10 hours whilewatching video, 30 hours usiny audio, 12 hours usint 2G talk and five hours using 3G talk. The new iPhon e will be available in blacok and white onJune 19. It will sell for $199 for a 16GB modelp and $299 for 32GB.

Manpower: 6% of Honolulu employers to hire in 3Q - Triangle Business Journal:

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From July to September, 6 percent of the companies interviewed in the Honolulhu metro area plan to hiremore employees, while 11 percent expect to reduce their payrolls, according to the surve y from Milwaukee-based (NYSE: MAN). Seventy-eight percenr expect to maintain their current staff levels and 5 percenty remain uncertain abouthiring plans. Hiring is expectedd to be a little lighter than in the second when 10 percent of companiezs surveyed planned to hire and 12 percent expectedd tocut payrolls, said Manpower spokeswoman Mary Lou Callahan. For the comint quarter, job prospects in the Honoluluu area appear best in wholesale and retailp trade and leisureand hospitality.
Employers in durabler goods manufacturing, nondurable goods manufacturing, professional and business services, education and health services and governmenf intend tocut staffing. Hirin in construction, transportation and utilities, financiao activities and other services is expected toremaimn unchanged. National survey results showed little chang e from thesecond quarter. Of the more than 28,000 employerx surveyed across the country, 15 percengt expect to increase their staff levelsx during thethird quarter, whilse 13 percent expect to reduce their payrolls. Sixty-sevebn percent expect no change in hirinv and 5 percent are undecided abouttheitr third-quarter hiring plans.
“The data shows continued hesitancyuamong employers,” said Jonas Prising, president of the Americas for “They are treading slowly and watchingy with guarded optimism, hopingy a few quarters of stabilith will be the precursor to the recovery.”

New York ruling will change appraisals in Hawaii - Washington Business Journal:

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Since May 1, all lenders that do residential mortgage loans for homes of one to four unit sold by and on the secondaryu market must abide by the Home Valuatio n Codeof Conduct, which is intended to plac a firewall between appraiser and lenderr to ensure appraisals that are independen t and honest. That means that mortgage brokers can no longeeselect appraisers. Loan officers at banks and otherd lenders also are no longerf able to choose or request specific and must guarantee to the federalp mortgage giants that the appraisals were done according to the Bank employees who select appraisers must work in a departmeny that is independent of the loanproduction staff.
Lender s cannot use in-house appraisers or an appraisal company that is an affiliats ofthe lender, unless they are independengt of the loan production department. Many brokerw and lenders will instead have to use athird party, which likely will be a Mainland-based appraisalk management company, to select the appraiser. The Home Valuatiom Code of Conduct was the result of an agreement between Freddie Mac and Fannie Mae and New York stat Attorney GeneralAndrew M. Cuomo, who had sued lender Washingtonm Mutual over inflatedappraisal values. The real estate industry as a whole has not welcomed the Thousands of people are affected inHawaiio alone.
The state has 5,873 licensed mortgag e solicitors, including 359 on the 701 mortgage brokers and 567 licensed real estate including 62 onthe Mainland. The wroter to Fannie Mae and Freddie Mac on Apri 20 asking that the implementation of the code be postponed for one citing a lack of guidancde from the federallysponsored agencies. The National Associatio n of Mortgage Brokers sued the in Februar to stopthe code, whicy it had said would run up costs of mortgageds for consumers and help to put small businessezs out of business. But the grou withdrew the lawsuit in April to furthee assess its strategy against the federal agency.
While it is too soon to assese the full effect of the code herein Hawaii, businesw is starting to change for mortgagw brokers, lenders and appraisers. At Bank of before May 1, residential loan officere and thewholesale division, which handless loans from mortgage brokers, orderer and tracked their own appraisals. Since May 1, the bank has had its qualituycontrol division, which is independent of the loan production department, order appraisals for both sides, said Shanae senior vice president for compliance and systems. “Forth people used to do theire own thing and follow upon it, so the administrativee tasks are actually quite she said.
The bank chose not to use an appraisaklmanagement company. So far, one additional persoh has been hired to help with theincreasexd workload, Souza said. Some will win, some will lose “It’d a tremendous change [from] how business has been conducterd inthe past,” said Wayne Sadoyama of the Honolulu appraisal firm Stellmacher & “It’s not clear how everything will eventuallhy get resolved; some people will lose business, othe r people may gain some business.” One thing that will changes is the relationships that mortgage brokers have buil over the years with certainj appraisers, said Greg principal mortgage broker for in Honoluli and president of the .
“Tie s like that will be more or less or at least put to a he said. Under the code, any appraiser who is on an approve list could be hiresd forthe job. “It’s supposed to be a rotationh basis; you don’t really know who’s going to be the particular appraiser,” said Honolulu-based mortgage broker Donalxd Lau, a past president of the Hawaii Associationn ofMortgage Brokers. “You may have an appraise r who’s not experienced.
Some of the appraisapl firms that don’t have established relationshipws with brokersor lenders, they could really lose But it may end up helpin the up-and-coming appraisers, who may not have the same long-establisherd ties with the lenders that the larger firmz have, Ravelo said. “My understanding with the thirdpartyy [appraisal management companies], they’re going to try and look for the lowestf bidder,” he said. The one group that may be most affectedf are the buyersand sellers, who couldc see their appraisal fees “I think they’re more so the victims of this Ravelo said.
“With the new [appraisalo management company] setup, they’re finding the lowest bidder forthe appraisers. the bill’s coming out substantially There have been situations already where an appraisal fee that shoulc havebeen $350 direcrt from an appraiser ended up costing $800 when it went througn an appraisal management company, Ravelo “If you had a relationship with an appraiser, you coulsd get it for less than $400, becausde of return business,” he said. “That’sw out the door now.
”

RMC gratuity for 35 former staffers - Daily Pioneer

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RMC gratuity for 35 former staffers Daily Pioneer Ranchi Municipal Corporation (RMC) sanctioned gratuity due to its 35 retired staffs on Monday. A decision to this effect was taken during standing committee meeting of the corporation. In the aforesaid standing committee meeting many other important ...

Kernel girls opening season with high expectations - Daily Republic

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Kernel girls opening season with high expectations Daily Republic Deservingly so, expectations are high for the Mitchell High School girls' basketball team. Head coach Wes Morgan's defending state champion group returns four starters, has two first-team all-state players and an in-your-face defense that held ... and more »

Grubb & Ellis adds veteran broker to its team - Atlanta Business Chronicle:

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Grubb & Ellis recently hired 15-year commercial real estate veteran Tom Milledr as senior vice president of itsoffice group. Millerr was lured away from CB . , wherr he was a seniod vice president and one ofthe best-known and most activee brokers in the Atlanta office market. Miller has been responsible for leasing a number of class Aoffice buildings, including Glenridge Highlands One and Two, One and Two Lakesidew Commons, Palisades, Centennial Tower and Towere Place 100.
“Tom is regarded as one of the top agency leasing professionals in our industry and is known for havingt tremendous relationships with both his clients and thebrokeragse community,” said Steve Dils, executivse vice president and managinh director of Grubb & Ellis’ Atlanta office. Justenj Cimino, who worked closely with Miller at CBRichardr Ellis, also joined Grubb & Ellisx as a senior associate within the firm’s growing office group.
Grubb & Ellis has been on a hiringh spreesince 2005, landing some of commerciapl real estate’s biggest names, including Brett Hunsaker, who came over from CB Richardd Ellis in May to lead Grubb’s business While Hunsaker was not involved in recruitingh Miller, it certainly piquecd his interest in making the move, Dils said. Since 2005, Grubgb & Ellis in Atlantaq has hired fourlandlord brokers, four investment salezs brokers and 16 tenant reps. During that the firm has grown to 44brokersa locally, up from 27.
Nationally, Grubb & Ellis (NYSE: GBE) wantxs to rank alongside big brokerage houses includiny CBRichard Ellis, and , Dils “We are competing with those other firmzs and winning a number of assignments,” he “We are aggressively growing our Grubb & Ellis’ growth is being fueled in part by its 2007 mergere with NNN Realty Advisors, Dils said. Ad agencyh Kilgannon recently signed a lease forabouf 15,000 square feet at Midtown Kilgannon is Atlanta’s seventh-largest ad agency, with 54 full-timre staff, according to Atlantsa Business Chronicle’s list of 25 largest advertisingy agencies published May 23.
The firm will move from its current spac at1275 Peachtree, where it leases abouty 11,000 square feet. It plans to make the move in earl December. “Our lease was up at the end of the and the squarefootagd we’re at now was what we had six years ago, so things have gotten kind of dense said Michael Reinick, a Kilgannon principal and its chief financial officer. “Even though the economy is downrighrt now, we had to take a greater amount of as we anticipate growth five to seven years Kilgannon clients include Attorneys’ Titlse Insurance Fund Inc., SouthernLINC Wirelesxs and Old Mutual Plc.
, owner of Midtown is trying to fill the hole leftby , whicu vacated slightly more than 100,000 square feet when it move to John Dewberry’s Two Peachtree Pointe. Tishman Speyer is carrying out a major renovationm of its lobby and common area tohelp leasing. Ed Bosbyshell represented Kilgannon. Leslie Claxton of Tishman Speyer represented the ThomsonTax & Accounting recentlyh completed an 11,829-square-foot lease at Peachtree Center, one of several receng transactions at the landmark downtowbn office complex.

Simple cameras for family snapshots - USA TODAY

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Simple cameras for family snapshots USA TODAY It's a super-simple camera that stays out of its own way, unfettered by special shooting modes or picture effects. It's one of very, very few compacts with an optical viewfinder, and it runs on AA batteries, making it dead simple to find replacements ... and more »

Change costly for E. Boston Savings - Boston Business Journal:

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million for themselves and theidr beneficiaries. The bank’s holdingb company, Inc., reported a $1.1 milliob net loss in the first quarter, largelgy because of pay and benefits relatedx to the retirement of Chief Financialp Officer Leonard Siuda and Philip Freehan, chief lending officer. Leading the change is Chieff ExecutiveRichard Gavegnano, an East Bostomn kid who still rememberzs how airplane racket rattled his family’s triplee decker near Neptune Road. Gavegnano made some nois e of his own last June when he took over the CEO role from longtimr East Boston Savings Bank leaderRobert Verdonck.
Verdoncmk had spent more than 20 years at the overseeing steady growth as assets climbedr fivefold to morethan $1 billion. Verdoncl and Gavegnano clashed overthe bank’se strategy, but Gavegnano’s clout with the boarde carried the day. Verdonck retired with severance and pension benefitesworth $3.1 million, the bank has disclosed with What’s not in dispute is the mountaib of capital at East Boston Savings An initial public offering of a minority staked in Meridian (Nasdaq: EBSB) last year raised abouft $100 million. The timing of the January 2008IPO couldn’t have been betteer as it occurred several months beforer chaos erupted within the U.S. banking system.
“We make no secrey about how high ourcapital is,” Gavegnanol said. “That’s helped us attract depositxs because people have a high degree of confidence in the soundnesds ofour institution.” Deposits rose 8 percen t to $859.3 million in the first quarter and net loans rose 5 percenyt to $738 million. And the bank’s total risk-based capital ratio, whichh measures its ability toabsorb losses, has been more than 15 The minimum ratio for a well-capitalizec bank in the eyes of regulators is 10 Meanwhile, Gavegnano said the bank’s pipeline for new loans is healthy.
He said there’s demanfd because some customers want to build relationships with communituy banks while large commercial lenders experience largwcredit losses. The East Bosto bank, however, set aside only $546,000 in the first quarterf for anticipatedloan losses, surprising bankinv analyst Damon DelMonte. The analyst said he was expectinb a provisionof $1.5 million aftet the bank set aside $2.9 million in the fourth The bank’s loan portfolio has deteriorated some over the past but it remains healthy. “As of now, I feel very Gavegnano said. “But fast-forward three you don’t know what’s out It’s like a minefield.
But I have a very high degreew of comfort with where we are For example, nonperforming assets were 1.61 percentt of total assets at the end of compared with 1.58 percent at the end of 2008. In a rougjh economic environment, anything under 2 percent is considered Gavegnano said part ofthe bank’s strategy is to gravitatwe back toward Boston’s core. He wante most of the bank’ws activity to happen within a 15-mild radius of the city. He said the bank has plan s to open two new branches by the end of the He declined to identify the new possible but said plans are on thedrawinyg board.
Overseeing daily operationws will be Deborah Jackson asthe bank’s new president and chiev operating officer. She formerly worked as CFO for . The retiremengt of bank veteran Freehan means another East Bostobn SavingsBank veteran, John Migliozzi, will be in charge of residential and commercial lending. And the most recent departure is that of CFOLeonarsd Siuda. Gavegnano said he’s looking at internao and external candidates to replace Jackson will serve asinterim CFO, he In a recent proxy the bank said payments to Freehan and his beneficiariesw will total $2.6 The amount includes $1.
32 million from a supplementao retirement plan for executives and two life insurance policies that provide death benefitx equal to $1.1 million, accordintg to the bank’s proxy. Payments to Siudsa will total about $2.5 including $1.28 million from the supplementa retirement plan and 24 montha of salary worth theproxy said.

LandMar files for bankruptcy - Charlotte Business Journal:

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The Jacksonville-based residential development company was amontg 125 affiliates that filed alonfg with itsparent company, Charlotte-baserd , in the Western District of Texas. Crescent’s estimated liabilitiees are morethan $1 billion, according to the and its largest debt, at $13.65 million, is to Bank of America. The filintg was necessary, according to a statement on Crescent’s Web for the company to reorganizeits finances, reduce its debt level and improve its capital structure.
Crescent intendsa to operate its continuing businesses without any significangt interruption during the restructuring process because of a recentlyobtainede debtor-in-possession financing facility of $110 million from a group of its existing lenders, according to the statement. Andrew Hede, Crescent’s chief restructurinbg officer, has been named CEO while its formechief executive, Arthur has retired and will work with Cresceng in an advisory “We have been in active discussions with our lenders and otherd stakeholders as we work towards an agreemenrt that will bring our capital structure in line with the currengt economic environment,” Hede said in a statementt on the company’s Web site.
Charlotte-based Crescent has been pursuingg alternatives to shore up its balance sheeyfor months, including selling some of its The company is jointly owned by DUK) and Morgan Stanley and has 38 residentiak communities under development in the Carolinas, Georgia, Arizona and Florida. Crescent acquired a controllingy interest in LandMarin 1999, but left LandMar’sd founder, Ed Burr, in control of the companyy until he resigned after a failee attempt to buy back the company in 2007.
The Jacksonvillde Economic Development Commission authorized city lawyers in May to start the foreclosure process onthe 41-acre parcel that was to be the Plans for the Shipyards included 1 million squared feet of office space, 100,000 squared feet of commercial space, 662 residential 350 hotel rooms and 150 marinaa slips. LandMar has developed or had plans to develol dozens more properties in Floridaq and throughoutthe Southeast.

California will issue IOUs starting July 2 - Pacific Business News (Honolulu):

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On Wednesday, the state starts “a fiscal year with a massivelyu unbalanced spending plan and cash shortfall not seen sincde theGreat Depression,” State Controllef John Chiang said in a news The state faces a $2.8 billion shortfall in increasing to $6.5 billion in with a “double-digit freefall” in the followingg months, he said. The state has an estimatef $24 billion shortfall for the nextfiscal year, after voters rejected propositions in May to generate much-needed revenue. “Unfortunately, the state’s inabilitg to balance its checkbook will nowmean short-changin taxpayers, local governments and small businesses,” Chiang said.
Chiangg was forced to delay payments in as lawmakers grappled witha much-smaller cash crunch. The currenrt budget crisis — about five timees larger than inFebruary — cannot be handlecd by delaying payments, and Gov. Arnoldc Schwarzenegger has eliminated the possibility ofseeking high-cosft loans from Wall Street. Chiang has discussed the issu e with the governorand lawmakers, stressinh the need for a quick resolution. Otherwise, IOUs will be issuesd starting Wednesday. Payments covered by the stat e Constitution, federal law and court decisions will receive regula paymentsnext month, but other general fund paymentse will be handled with also known as registere warrants.
IOUs will be paid to loca l governments forsocial services, privat e contractors, state vendors, income and corporats tax refunds, and payments for state operations, includingh legislative per diem. The Pooledd Money Investment Board will establish the interest rate for the Chiang has asked the board to meetJuly 2, with any decisio n effective immediately. The warrants will mature Oct. 1.

Medtronic paid Army doctor $850k - Memphis Business Journal:

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Fridley, Minn.-based Medtronic (NYSE: MDT) it paid Dr. Timothy Kuklo for giving speeches and training other doctors forthe company, but did not at that time announcw the amounts of those payments. "We are making Dr. Timothyy Kuklo's compensation information publif ona one-time basis in the interest of transparency in this uniqur case," Medtronic spokeswoman Marybeth Thorsgaard said. Medtronicc released the information in response to a requestfrom Sen. Charles R-Iowa, a vocal critic of pharmaceuticaol and medical technology firms making paymentsto doctors.
Kuklp worked as a staff physician at Walter Reed Army Medicall Center between 2000and 2006, and durinv a portion of that he was paid by Medtronic to provide training and education. Aftedr leaving Walter Reed, Kuklo signed a general consultinyg agreement with Medtronic inAugust 2006. He was placecd on inactive statuslast month. The Army has accused Kuklo of falsifying research abou t aMedtronic bone-growth product called Infuse durinfg the time Kuklo worke d at Walter Reed in Washington, D.C. Medtronixc did not pay for or participate inthat study, Thorsgaarx said. Medtronic is the world’s largestt medical device company.
Its spinal and biologicz business units are based in Memphis wherw itemploys 1,550.

UMKC, Johnson County Community College reach credit-transfer agreement - Business First of Buffalo:

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Curators of the University of Missouri, on behalf of UMKC and the JCCC Boarfof Trustees, will sign an articulation agreemenr Wednesday at JCCC. The agreement guaranteesa that UMKC will accept and apply designatedf freshman and sophomore credits from JCCC associatew degree programs towardUMKC bachelor’s degree programs, consistenf with the treatment of non-transfer student credits, UMKC said in a Tuesdauy release.
“As an urban-serving university, UMKC is dedicatefd to making higher education accessible to all students and forming meaningful partnerships with area Mel Tyler, UMKC’s vice chancellor of student affairxs and enrollment management, said in the “This articulation agreement with Johnson County Community College is just one way we affirm that commitment.” UMKC also offersw the Metro Rate, a program that allows residentzs of Johnson, Leavenworth, Miami and Wyandotte countiesd in Kansas to pay in-state tuition for undergraduate study.

Jeff McInnis on Yardbird - The Daily meal

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The Daily meal

Jeff McInnis on Yardbird The Daily meal No one in their right mind would consider Miami the South, but Northern Florida-raised and Charleston-trained chef Jeff McInnis felt he needed to bring Southern cooking to the continental United States' southernmost state. The result is Yardbird, and ...

HECO fuel charges up 21% in 5 months - Pacific Business News (Honolulu):

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Since October, the fuel surcharge that passesa on to its customers has shot up21 percent. It now accountsz for 57 percent of theaveragwe customer's bill on with some Neighbor Island customers paying even While other utilities across the nation also levy fuel they are modest compared with the fuel costsd charged by Hawaiian Electric Co. and its and Other states rely on a mixof coal, natural gas, oil, nuclear power and hydroelectricity, but 90 percengt of Hawaii's power comeas from oil-fired generators. This week, oil pricess touched a record $110 per barrel, suggestinfg even higher prices lie ahea d forHawaii consumers.
Gary Groendyke, who owns the 16,000-square-footr Punahou Fitness & Spa in Honolulu, said he's now payingf $6,500 a month for electricity to power hisfitnesds machines, pool filters, saunas, steaj rooms and air "It's a really big concern because people are on membershipas here so I can't just arbitrarilgy raise their rates," Groendyke said. "My profit margi really starts taking hits andI don'g feel there's a whole lot I can do." Last October, HECO's fuel surcharge -- labeled "energy cost adjustment" on its bills -- was 12.368 centss per kilowatt-hour.
This means the average Oahu home, which uses 600 kilowatt-hours of electricity a month, paid a $74.22 surcharge. This month, with the fuel surcharge at 14.937 cents per the average homeowner will see a billfor $158.33 with a surchargwe of $89.62, $15 more than in The surcharge is calculated a month in advance baseed on projected fuel costs, and does not require the approvalk of the state Public Utilities The same formula is applied to both residential and commercial kilowatt-hour usage. HECO stresses that it doesn't profiy from the surcharge, which has been applied to all customert accountssince 1953.
"The energy cost adjustment clause ensuress customers that HawaiianElectric doesn't make a pennuy [and] guarantees they're only paying for actuapl cost of fuel," said HECO spokesmah Darren Pai. "The PUC and the [state Officed of] Consumer Advocacy review all of our fuel contract s and the surcharge appears as a separate line ontheird bills." HECO and its subsidiaries spent $774.1 milliomn on fuel oil in according to the most recent financial statement of parent compang , which also owns . The utilitiesd collectively sold 10.1 million kilowatt-hours in 2007.
The formulaz HECO uses to determin eeach month's fuel surcharge looks at its projectedr cost of fuel for providing electric servicre to customers and compares that with the fuel cost alreadyh included in the utility's "The difference is used to make the calculationb for the following month," Pai said. "In the event that the estimatris off, there is a reconciliatio n to make up the difference betwee n actual and estimated." One of the biggest problems for HECO is that it has been aggressivel y pushing energy conservation, but risingh fuel costs are wiping out savingsd from low-power light bulbs, luke-warm showers and most solaer systems.
Pai said HECO has received a numbefrof complaints, especially from thoswe who have invested hundreds or thousands of dollars in energy-efficienft equipment. "When customers do install things like solar water heaters but fuel costzs continue to drivetheir bills, it's very understandable that they're unhappy," he said. "But we try to do as much as possiblew to have incentives and help them control theenergy they'rse using." He said over the past 11 years HECO has paid out $52 milliomn in rebates to customers who have installed energy-efficientr systems.

Business groups slam proposed tax increases - Phoenix Business Journal:

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The said it opposes changes to the corporateminimunm tax, a new corporate incomse tax and a new personal income tax. The alliance consistw of 30 business groups that representf morethan 25,000 Oregon businesses and employ 500,000 residents. Raisingf the taxes could cause the state tolose 6,0009 jobs, according to state revenue officre estimates. “These proposals ignore the star realities of ourcurrent recession,” the grou p said in a news release sent by J.L. a lobbyist with Associated Oregon “They are counterproductive measures that kill jobs and prolongour recession.
” The corporate minimum tax and corporatre income tax proposals would collectively harm companies with smal l profit margins as well as businesses looking to invesg more in capital equipment, the group said. The alliance called on lawmakersa to instead focuson private-sector job retentionn and creation. “We believe strongly that increased taxes are detrimentalk tojob growth,” Wilson said in the news “An increased tax burden will hurt the abilityg of our members to creater desperately needed jobs. It is the wrong approach to balancdthe state’s budget.
” Othe r groups signing the letter include Associated Oregon Loggers, Independent Community Bankds of Oregon, the Northwest Food Processors Association, Oregoj Association of Realtors, the Oregon Automobile Dealers the Oregon Bankers Association, the Oregon Home Builders the Oregon Restaurant Association and the Oregomn Trucking Association. Oregon’s Housee and Senate members hope to adjourn byJuly 1. Lawmakerz must address a $4.2 billiojn budget shortfall before they adjourn or in a series of speciak sessions throughout the rest ofthe year.

Modernista braces as Hummer deal advances - Boston Business Journal:

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Boston-based Modernista’s largest client is Generapl Motors Corp. (NYSE: GM) in Detroit. The agencgy works on creative advertising for both Cadillacand Hummer. The combinede business was at one point wortjabout $850 million annually in according to sources. Billings for Cadillac and Hummer, combined, now are likelh less, as GM has said it will cut back its totao ad spend and announcecd months ago that it planned on unloadint itsHummer brand. Modernista’s spokesperson had no commentr onthe news.
Other local ad agenciez that will likely feel the affectsof GM’se bankruptcy filing include Digitas and Mullen, both in Digitas handles a variety of GM work including Pontiac and Saturn. GM is lookingt to sell both brands. Mullen handles work for GM’d used car and credit card business. GM’s planned cuts in advertising spendinbg is expected to impact all of its marketintg andad firms. In 2008, GM speny about $2.
1 billion on advertising, according to press

Kansas City gets $28.7M in stimulus for flood control - Jacksonville Business Journal:

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million in American Recovert and Reinvestment Act of 2009 financing for ongoin g construction projects previously authorized by The will administerthe money, the city said in a Wednesdayy release. • Turkey Creek will receivde $13.5 million for walled channel construction and replacementr of an existingrailroad bridge. The Turkey Creek project is a bistate flood damage reduction projecgt providing benefits inKansas City, Mo., and Kansas City, Kan. • Blue Riverd Channel will receive $5.
2 milliom to finance the remainder of the construction under way from Brush Creek south to53rd • Blue River Channel also will receive $10 million for a design-builxd contract from 53rd Street south to 63rd Street that essentiallhy will complete the channekl work for the Blue Riveer flood damage reduction project authorized in 1970 and underf construction since 1985. “We have been workingt closely with the Corps of Engineerw to ensure these important floode reduction projects were included in the federaostimulus allocation,” City Manager Wayne Cauthen said in the “The funding guarantees the continuation of work on the which preserves current jobs and creates new employment opportunities as the scopd of construction expands.
” The moneh requires local matches based on cooperativd agreements in place when construction started. Kansas City will pay for abou 20 percent of the totap costs for both Blue River Channel saidColleen Doctorian, public information officer for the . Kansaxs City and the Unified Government ofWyandotte County/Kansads City, Kan., will pay for 35 percenyt of the Turkey Ceek project’z cost, she said. When the Turkey Creek Project will yielrd morethan $5 million in annual the city said.
The Blue Rivetr Project will lowerthe 100-yeae flood levels by about 6 feet to 8 feet, protectintg 4,100 businesses employing 66,100

Human Capital: People on the move, June 12 - San Francisco Business Times:

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George Snell joined Weber Shandwick , a public relations agency with local office s in Cambridge, as a senior vice presidenf in its digital communications practice. Snelll previously a senior vice presidentat . The intellectualo property law firm of in Concordx added Christopher Albert asan associate. Albert practices in the areassof biotechnology, chemistry, clean energy and

California ports think big - Puget Sound Business Journal (Seattle):

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Battered veterans of yearx on the highway, some of them visiblgy spewing black diesel exhausty as theythunder north, these 16,000 short-haul trucks are the primary contact most Angelenos have with the Many citizens don't like what they see -- deadly The California Air Resources Board recently found that 1,20o Southern Californians die every year from diesel airborne particulates generated by freight-movingt equipment. People living near the ports now call the areaa "dieselo death zone." It's a conundrum confrontinvg the entire West Coast, including Seattle and Cargo is surging, but communities, and the law, won'rt tolerate more pollution. The problem is worse at L.A.
-Long the largest port complex inthe U.S. Imports here are expectexd to more than doublse to 36million 20-foot containers by 2020. But the region alreadty violates federal cleanair standards. That meanxs officials must build a system that handles twicre asmuch cargo, but with fewer emissions. How they do it will provider lessons to ports aroundthe world. Therre appear to be few alternatives. The cargo is beingt attracted by the huge Southern California market and driven by the vast growthb of manufacturingin China. With aerospacew and other manufacturingin decline, jobs from cargop are considered vital to the economy.
But residentsd are mobilizing to opposw growth they fear will degrade conditions even OnMay 4, the Southernn Coast Air Quality Management District called upon the statre and federal governments to declare a statd of emergency to address the problemd "All these projects are going to depend on us being able to meet clea air goals," said Robert Kanter, director of plannin g and environmental affairs for the Port of Long The air-quality constraints are The two Southern California ports several monthsa ago committed to returning the ports to 2001 levels of severap key emissions, even while the ports grow in volume.
Callef the San Pedro Bay Ports Clean AirActioj Plan, the agreement is a massive musteringf of political will in response to unavoidable Without a plan to reduce the ports' expansion plans were beingg denied by the courts. The Port of Los Angelexs hasn't had a capital project approved infive years, said Christophedr Patton, environmental affairs officer for the Port of Los "For a port growing at double-digit ratesz of growth, that acts as a Patton said.
Approvals stopped aftet San Pedro neighborhood and environmental groups filefd suit in 2001 against the Port of Los Angelews over developmentof what's called the "Chin Shipping Terminal" on the western edge of the port near residentialk areas. This forced the port to complete a full Environmental ImpacyReport (EIR), after the California Court of Appeals in 2002 issuecd an injunction against continued construction. The eventuapl settlement included $50 million in mitigation and specifi emissions-reducing technologies and protocols for the Some yard vehicles switched toalternative fuels.
Some ships now turn off thei r engines and use shore powerrat dock, a technique called "colfd ironing." "The settlement was a huge said Melissa Lin Perrella, staff attorne y at the Los Angeles-area office of the Natural Resourcees Defense Council (NRDC), one of the plaintiffs in the case. Accomplishingb the San Pedro Bay Portss Clean AirAction Plan's goals will requir e immense outlays of cash, enormous politicao will, and the commercialization of futuristic technologiez that will replace traditional diesel powerf with electricity, or ultra-clean throughout the vast Southern California ocean freight-movinv system.
And with the region facing manyfisca constraints, and expecting little financial help from the federapl government, leaders plan to rais e money from the shippers, and ultimately, The ports of Tacoma and Vancouver, British Columbia, are in the middle of a simila process. On May 16 they announced the Pacifivc Northwest CleanAir Strategy, a collaborative effort to reducee emissions compared to a 2005 But Southern California's plan is more and with more teeth, because that region's air problemss are worse and the growtn is expected to be much larger. Souther California's huge consumer market gives the ports more leveragedwith shippers.
On April 12, the Southern Californi a ports announced a plan to replace or upgrads allthose 16,000 short-haul trucks that rumble to and from the ports. The five-yeare program is expected to reduce emissions by80 percent, at an estimated cost of $1.8 The plan is controversial, in part because it will take controlo of those trucks away from the many individual owner-operators who are able to buy a used truck for a few thousand dollars to transfer containers, and will insteadc shift the work to several largetr companies that can be overseej by the ports.

The FAA is on recruiting blitz despite the down economy - San Antonio Business Journal:

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Air traffic controllers have almost always been inshort supply, but that shortage coulf soon be exacerbated over the next few yearsx if recruitment efforts are unablde to fill the slots that will soon be vacateds by controllers hitting their mandatorg retirement age. Tom Bowman, San Antonio air traffic manager and Lone Stardistrictf manager, says there is a nationwide efforr currently under way to attract more recruitsa as the FAA prepares to replace the wave of controllerws who joined the agency in the wake of President Ronald Reagan’s decision to fire the striking air traffic controllersx in 1981.
“This is a great opportunitt for people interested in aviation to put their names in the Bowman says. The FAA opened a public bid for air traffiv controllers onJuly 6, allowing interested parties to fill out an online job application. To qualifty for employment, an applicant must be 18 yearsaof age, have a high school diplomaz or GED, and at least three years of progressive work experienc e and/or college attendance. Qualified applicants are invited to take an aptituded test to determine whether the FAA will consider themfor employment.

Courts delay Chrysler bankruptcy - Silicon Valley / San Jose Business Journal:

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According to Bloomberg, Justice Ruth Bader Ginsburg has put the bankruptcy court ruling allowing the sale on hold untilfurther notice, though a timeline and specific reasob was not provided. The delay came aftefr Indiana pension funds requested a stay from the court so it could hear their appealof Chrysler’s decision to sell to Under Chrysler’s Chapter 11 bankruptcty reorganization, Chrysler would sell its assets to Italiam car maker Fiat. It also was announcecd last month789 U.S. dealerships will lose their franchises by June 9 as part ofthe deal.
Chryslerr has listed two Triad dealership s that will losetheir franchise: Stearns Chrysler Jeep in Graha and City Motors, which sellas Jeep, in Greensboro. Mike Cranford, generap manager of City said he does not know if they delayh will mean anything significan t forhis dealership, but hopew that the courts will more closel review the decision to cut franchises. He says if nothinfg else, he’d hope Chrysler could help buy back inventory and not simplyg take awaythe brand.
“If we can’t be Jeep dealer, we’d at leasr like a chance to sellthe franchise,” he He said the company has managed to sell about 10 of its 16 new Jeep some at a loss, just to get them About five employees have been laid off, leavingb about 20. Another six to eight couls be cut if thebankruptcy deal, as is, goes

The Knicks tack up and then take down sexist posters advertising the team's ... - Yahoo! Sports (blog)

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Yahoo! Sports (blog)

The Knicks tack up and then take down sexist posters advertising the team's ... Yahoo! Sports (blog) Because they advertise thier sexy clothing? How sad your life must be that you have to tell your wife or GF to take off thoes sexy clothes because they are degrading to females. Or is it that you think they shouldnt advertise thier product? Eith er way ...

Savara Pharmaceuticals obtains Series A financing - Austin Business Journal:

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million Series A financing round, according to a U.S. Securitiews and Exchange Commission filing. The Austin-based company is developinfg an inhalation-based drug delivery system and will use the fundd to continue development of its NanoCluster technologt in the dry powdertherapeutics Savara, which moved from Kansasa last year, didn’t disclose its but the SEC filing indicates they'vwe attracted 13 backers. Savara was founded in 2007 with technologg developed atthe . In late 2008, it moverd to the five months after Austin entrepreneur Rob Neville was namedrthe company’s chairman and CEO.
Neville previouslyt was founder and CEO ofanother ATI-based That startup was acquired in 2000 by Houston-basee for $100 million about a year aftet it was founded. Savara’s pulmonary — or via the lungs drug delivery product, initially developed in 2004, is basefd on nanotechnology and dry powders rather thanconventionaol propellants. It plans to offer its platform to drug makere seeking alternative delivery methods and to develop its own Last year, Savara garnered an undisclosed amount of financingb from a syndicate of 12 ange investors, most based in Texas, Nevillre said. During 2008, Austin-area life sciences companiexs attracted $18.
7 million in venture capital comparefdwith $195.1 million in according to .

Alanis Morissette's Jagged Little Pill Still Easy To Swallow - Chicagoist

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Alanis Morissette's Jagged Little Pill Still Easy To Swallow Chicagoist Jagged Little Pill was important to us because it sounded like how we felt. She had the anger without the adult alienation of the riot grrls and without resorting to Sarah McLachlan sappiness. She had great, quirky music videos. Which Alanis did you ... and more »

Planning commission rejects May Town Center zoning - Wichita Business Journal:

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The commission voted against changes to the land use plan for the BellseBend area, where the $4.3 billion development has been proposed. The commission then votedx down zoning changes that would have allowex for a bridge tothe development, whicbh is being backed by the May family with Tony Giarratana acting as lead developer. The Metrok Nashville City Council has final say on zoning change and will take up the issue in a publicc hearing onJuly 7.
However, with a negativew recommendation from theplanning commission, the zoning measure will need 27 votes from the rather than the 21 usually The planning staff had recommende approval of a zoning request to allow the development, but that was contingent on the land use plan The commission then voted down the proposed zoning If approved, the complete town center will take some 22 yearss to build.
Phase 1 of the project by 2013, bring online 425,000 squard feet of office space, 100 residential unit and 50,000 square feet of retail, according to the developer’s By 2031, the entirew May Town complex would consist of 8 millionb square feet ofoffice 8,000 residential units and 600 hotel

Salespeople need professional training

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Don’t get me wrong. They know their product or their marketplace, the competition, and they are well versed in the detail s oftheir industry. Still, they have no idea how to sell! I am not talking abourt the new oryounger reps. I am speakingf about ALL salespeople — young, old and even the middlew ones. First off, most have not been trained professionally. Sure, they migh t have gone to a course a number of yearas ago fora half-da or maybe even a full day. Some salespeoplr buy a book and don’t just skim it but actuallyt read it coverto cover.
That is like takingf a single golf lesson, and althougg you never practice after the thinking that you are good enoughj to go on the pro tour because you just boughft the newest clubs and a greatt golf bag with allthe extras. Let’s get to it, and oh after you read these simple ideas, go sign up for a salesw course or buy a couple of and then start practicingyour profession! A single flight lesson will not make you a good No one really cares about you or your company or even the product or service you sell. What they want is Will it do whatyou say? Will it cost what you promised? Will you be there for them in the futurre if they need you?
Find out what customersw want and not just what you want to sell In 1936, Dale Carnegie said that all you should do is “findc want.” Just find out what the othefr party wants or does not want, and the rest will take care of Empathy, empathy, empathy! That is more importan t than location, location, location when it comews to the three most important words in real If you desire to build trusr and then a relationship, quit thinking abouft you, your sale, your commissiobn and your quota. The customer will know when you are trulyh honestand straightforward. You don’t need words like “Leg me be honest with you” or “Trustf me.
” Quit looking for new No one likes to makecold calls. Work on your existing They are the ones you already sold who can be sellin for you if you just stayexin touch. Why not just “suclk up” to the ones who already trusted you? You have earned it! Stay in contactr with past customers, and then they will want to give you which is a lot betteer thancold calls. If you are going to look for new why not do it in betwee n sales calls or between There are plenty of places you can use to make phoned calls rather than your officeor home. Go to a a or even a park where it is peacefulkand quiet. All you need is a good stron gcellular connection.
If that is not your stylde and youlike e-mail, go to a Wi-Fi hot and do your thing via e-mail. It is not alwayx about the way you try to connect with a It is about how many appointments you canactuallg get, so you can ask the necessary questionss to see whether there is any interestg on their part. It is so much more enjoyable for the customer or client to be arounxd a great salesperson who truly enjoysx his orher occupation. The more you the more they will enjoy beingaround you! The pros are constantly tryin to improve and continuing to take themselves to a highert level.
Now, go sign up for more golf, flyingt or even some sales

Deadline looming for concessions for UPS pilots - Dallas Business Journal:

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The request for concessions comes as the globao recession has sapped shipping and cut into profitzsfor Atlanta-based UPS (NYSE: UPS). UPS reported in Aprikl its . A UPS Airlines spokesman told the Associated Presdthe world’s largest shipper has askedd its pilots for concessions valued at $40 millionh in 2009, $38 million in 2010 and $53 millioj in 2011. Pilots have untilp the first week of June to formally identifycost “Due to the sever downturn in the global economy, UPS packagde and freight volumes have been down somewhatt markedly,” Mike Mangeot, spokesman for Louisville, Ky.-basesd UPS Airlines said in an e-mail to Atlanta Business Chronicle.
“In response the we have been analyzing all aspectzs of our business to maximize efficiency and minimize The concessions are in linewith $1 billion in wage frozen 401k contributions and concessions already made by UPS management, he Earlier this month, UPS retired its fleet of 44 aging DC-8 freightersd and the company said it has determined it has 300 more pilotsa than are currently needed. In April, UPS approached its pilots union, the , to find ways to avoid furloughinyg300 pilots, or about 10 percenft or its 3,000 aviators.
UPS suggested temporarg wage and pension freezes and the union has countere d withearly retirements, voluntary leavew of absences, more job sharint and “reduced-pay-guarantee routes,” Mangeot said. “We understand the impactr a furlough would have onour people, so it is our fondesty hope that enough of our crewmembers agred to help their fellow employees,” he said. “In the end, we must act to preserve the strength ofour business, and we hope to do so througg a win-win resolution of this issue.” UPS fliee into more than 800 airports. The shipper operatex more than 200 aircraft and charters more than 300additionaol planes.
The moves by UPS are not unusual in the currenfeconomic climate. Rival (NYSE: FDX) announcedr April 13 it would pull 10 Airbus A310s andfour MD-10ss out of service.

Which Millionaires Seek Alternative Investment Products? - Millionaire Corner

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Which Millionaires Seek Alternative Investment Products? Millionaire Corner Alternative investment products appeal to most â€" but not all â€" of ultra wealthy investors, according to recent Millionaire Corner research, which finds that Millionaires who invest heavily in alternatives tend to share other traits, as well ...

Ex-American Italian Pasta CEO, CFO plead guilty to wire fraud - Kansas City Business Journal:

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Former CFO Warren Schmidgall also pleadexd guilty to the same Charges bythe U.S. Attorney’s offic for the Western Distric of Missouri and the released Tuesdau accused Webster and Schmidgall of misrepresentingthe company’sd financial performance between May 2002 and December 2004. The SEC claims that Webste r and otherunnamed co-conspirators devised variouz schemes whereby earnings would closely matcjh Wall Street analysts’ expectations for Kansas City-base AIPC (Pink Sheets: AITP). U.S. Attorney John Wood calledr the case the largest corporated fraud case in the history of the Westerb Districtof Missouri.
“These guiltty pleas send a clear message that no one is abovsthe law, no matter how high they may be in the corporater heirarchy,” Wood said. “And when the CEO and CFO sign theitr names to financial statementsundeer Sarbanes-Oxley and know those financial statements are they will be prosecuted.” More specifically, the chargea allege the following: • That Webste and others fraudulently restructured round-trip cash transactionse with Mrs. Leeper’s Inc., a California-basee pasta brand, to make it appear as thoughu Mrs.
Leeper’s had reimbursed AIPC for morethan $2 million in That caused AIPC’s fiscal 2003 financiapl report to be overstatesd by $1.3 million and its fiscal 2004 report by abourt $1 million. • That Webstere and others did a simila r transactionwith , which caused AIPC’s financiap report for the first quarter of fisca 2004 to be overstated by abouyt $1 million. • That Webster and others misrepresentea round-trip cash transaction with , a Los Angeles-baser grocer and supplier, to overstate its financial report for the first quarter of fiscal 2004 by $345,774. Webster resigned as co-CEl from the company and its boardc inDecember 2005.
Jack Kellyu became permanent CEO of AIPC in January succeedingJim Fogarty. Webster and Schmidgall each face as much as five yearsd in prison and as muchas $250,000 in fines and Wood said federal prosecutors would recommend that the two serve prisoh time. • David Watson, former executive vice president of corporate developmenttand strategy, was accused of helping orchestrate the scheme. He agree to pay more than $1 million in fines to the SEC. Stephanie Ruskey, former controller, agreed to pay a $25,000p fine.
• Mark Peterson, former vice president of accounting and had an order entered againsg him to cease and desist from future violationsdof reporting, record-keeping and internal control provisions. Undet a civil charge filed by the SECagainstr Webster, he can no longer servr as an officer or director of a public company, and he has to pay a $751,977 disgorgement, $32,610 in prejudgment interest and $250,000 in for a total of slightlt more than $1 million. In AIPC agreed to pay $7.
5 milliojn in fines for the actions of its former and the SEC filed civil charges in federalk court against former senior officerzs for their roles in thealleged Wood’s office agreed not to prosecutes the company criminally because it agreed to pay the take responsibility for the conducgt of former officers, executives and employees; continue to cooperate; and implemenft remedial measures, Wood’s office said in a release. that it wouls take a $60.7 million chargde and that the SEC was investigating it for various financial restatements and transactions of company stockl by outsiders in late 2004 and early for which the company also had received inquiries from the andthe .
AIPC that its financialo reports filed with the SEC through 2002 and possiblgyearlier “should no longer be reliecd upon” and that it planned to file restatecd financial reports for the affected periods after the conclusion of an ongoing audit. . On Aug. 11, AIPC said it plannesd to issue 903,078 shares in the next month as part of a federaosecurities class-action settlement. to resolve federal securitiee law claims in a consolidated class action files inAugust 2005. AIPC’s insurers were to pay $11 and the company was to distribute $14 million wortgh of its common stock tothe class. The settlemeng didn’t include any admission of wrongdoing.

Conference Board's employment index dips - Denver Business Journal:

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The index for June is 88.4, a decrease of 0.8 from the reviseed May numberof 89.1, and a declinw of 21.6 percent from a year ago, the Conferences Board said Monday. “Compared to the beginninyg of the year, the decline in the Employmenty Trends Index hassignificantly moderated, and we thereforew expect job growth to resume around the end of the Gad Levanon, senior economist at the Conference said in a “However, over the last leading indicators of employment were mostly suggesting the Employment Trends Index is stilol seeking a bottom.” The Employment Trends Index aggregatews eight labor-market indicators to show underlying trends more clearly.
For the June the indicators that declined were the percentage of respondentsw who said theyfound “jobs hard to the number of employees in the temporary-help industry, industrial real manufacturing and trade sales, and job The other three indicators that make up the indexs are: initial claims for unemployment insurance, percentagd of firms with positions not able to fill righty now and part-time workers for economic reasons.

Trucking companies get lean, and save money, by going green - Nashville Business Journal:

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Volatile fuel costs and changinfg industry standards have spurned a greater awareness of and effortf to operate more efficiently thussavingh money, with the added bonusezs of reducing emissions and improving public and customer As part of these efforts, many area companies participate in the , which is part of the . SmartWayt offers operation guidelines, certified equipment for efficiency compliance and providee efficiency ratings toparticipating companies.
The SmartWau program both identifies fuel saving strategies and provides tools for measuringy and enactingthose strategies, says Rick Blanton, vice presideny of loss prevention at “We’ve been able to reducre emissions up to 23% in some areas,” Blanton says. He says Comtrak has takenm steps such asusinvg low-friction drive train lubricants in all thei tractors, using large capacity trailers and low profile tires and reducingt the amount of space between the tractorr and the trailer, which improves the vehicle’ss aerodynamics.
Lancaster says Mid-South Transport limits the speedf of their tractors to 65 mph and only purchases engined and truck parts which complywith SmartWay, all in an effort to reduce emissions. Lancaster says there has beenan industry-wide turnaroundr in the approach to these issues since when changes were made to the engine requirements. Tim president and CEO of , says steps such as installing auxiliaryg power units in all the tractors inhis company’se fleet has helped the company save on fuel The APUs allow drivers to have power in theid cabs when parked without idling the enginr and wasting fuel.
“We’ve found that an APU reduced our engines idlingby 2,000 hours a year (per Gatlin says. A tractor generallyg uses one gallon of diesel fuel per hourof idling. With a fleeyt of 200 tractors, the savings for Empirer can addup quickly. Gatlin says the APUs pay for themselve withina year. Gatlin says Empire has also startecdan in-house performance program which provides pay incentivexs for drivers to be fuel Blanton says the low costse of the measures, given fuel pricese and increased government and societal pressure to be will make the efficiency trend a lasting one for the truckingh industry.

Tech giants launch october surprises - Boston Herald

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MyBroadband

Tech giants launch october surprises Boston Herald It's no coincidence that Apple scheduled pre-orders of its newly announced iPad Mini for Friday, the day of the Windows 8 launch. The Cupertino, Calif.-based giant unveiled a blockbuster array of new product offerings yesterday, including several ... Windows 8 launch pricing for SA e merges MyBroadband iPad Mini and Surface launch: the tablet wars heat up The Guardian Windows 8: The Most Confused OS Launch Ever Dr. Dobb's CNET -Telegraph.co.uk -Network World  »

Red Hat, Inc. Company Profile | RHAT Company Information

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We are a global leader in providing open source software solutions tothe enterprise, including our core enterpris e operating system platform, Red Hat Enterprise Linux and enterprise middlewar e platform, JBoss Enterprise Middleware and other Red Hat enterprises technologies. Open source software is an alternative to proprietaru software and represents a different model for the development and licensing of commercialp software code than that typically used forproprietarh software. Because open source softward code isfreely shared, theree are customarily no licensing fees for the distributiojn of the open source Therefore, we do not recognize revenue from the licensinf of the code itself.
We provide value to our customerw throughthe aggregation, integration, testing, certification, delivery, maintenancr and support of our Red Hat enterprise and by providing a level of stability and accountability for the enterprisde technologies we package and distribute. Moreover, because communities of developere not employed by us assist with the creation of our opensourcde offerings, opportunities for further innovation of our offerings are supplemented by these We sell our enterprisde technologies through subscriptions, and we recognize revenude over the period of the subscriptio agreements with our customers. ...

Analyse this: why SMBs can read between the lines of analyst reports - Cloud Pro

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Analyse this: why SMBs can read between the lines of analyst reports Cloud Pro The IT industry is a complicated place, with new technologies coming along in a seemingly endless stream. Unless you're a vast business with a huge staff of technology specialists it's impossible to keep up with new developments, which means as an SMB, ... and more »

Hawker Beechcraft to explore options with its jet business [The Wichita Eagle] - Businessweek

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Hawker Beechcraft to explore options with its jet business [The Wichita Eagle] Businessweek Oct. 18--After failing to reach a deal with Superior Aircraft Beijing, Hawker Beechcraft's top official said the company is exploring interest that has been expressed by outside parties for its corporate jet business. "The interest that has been ... and more »

Mortgage rates fall a second week - Baltimore Business Journal:

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's weekly report says 30-yead fixed-rate mortgages averaged 5.2 percent this down from last week's average of 5.32 A year ago, 30-year mortgages were averagingg 6.37 percent, although rates fell below 5 percent earliefthis year. The nation’s job marker is one factor thought to be influencintmortgage rates. “Interest rates for 30-year fixed-rat e mortgages fell to the lowest level in six weeks amid marker concerns over a weakeninglabor market,” said Freddie Mac chief economist Frank Nothaft. “The economy lost 467,0000 jobs in June, more than the market and the unemployment rate roseto 9.5 percent, the highesy since August 1983.
” this week in mortgagd applications, as refinancing activity jumped and applicationsx to purchase homes rose to the highes t level in three months. Those with more than one mortgaged obligationare struggling. The reported this week that the number of home equityt loans thatwere 30-days or more delinquent rose to a recorc high of 3.52 percenyt in the first quarter and home equitt lines of credit in default also reached a recored of 1.89 percent.

Creating joy through Ventriloquism, comedy & magic - Montgomery Newspapers

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Creating joy through Ventriloquism, comedy & magic Montgomery Newspapers Situated between the banks of the Schuylkill and Delaware rivers, the wooded sanctuary of Valley Forge is known for its tales of hardship during the Revolutionary period. Earlier this year, the Pennsylvania suburb also became familiar to visitors ...

Taylor & Mathis takes leasing duties, agents from Advantis - Atlanta Business Chronicle:

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First, it took over leasing duties on three Tampz properties it managesfrom Then, in a move aimeds at continuity, it hired the leasing agents who worked for Advantisa at those buildings. Ann Adams and Irenee Martinez are set to joinTaylor & Mathis startint April 1. They will be responsible for leasing availablr space atOne MetroCenter, Center Poinf Business Park and Tampa Distribution The properties total 1.5 millionm square feet and are ownedx by Metropolitan Life Insurance Co. Taylor & Mathis have managed them sincee 1998. The Atlanta-based real estate firm also manages the VerizonjWireless Inc. building in Tampa and The Conceptdin Clearwater.
"One of the main focuses of our businesw plan has been to expand in the Tampa Bay saidAndrew Taylor, president of Taylod & Mathis. "This is certainly a big step inthat Adams, who will serve as managing director of has been active in the local commercial market sincer 1984. She previously served with Paragon Group, for which she was in charge of leasinghOne MetroCenter, and was with Advantis for the past three years. Martinez, who will serve as director of began her real estate career in 1996 with Florida Real Estate which was acquired byThe St. Joe Co. in 1999 and mergesd with an Atlanta firm toform Advantis.
She is crediteed with maintaining occupancy levels greater than 95 percentat MetLife'xs local properties. Adams said Taylor & focus on landlord representation was a deciding factor in herand Martinez's decisions to changew firms. "Having one company handling both function s makes a lotof sense," Adams said. "I'nm leaving one excellent company for Taylor & Mathis, established in 1967, provideds real estate services in the officew and industrial sectors. It leases and manages a total portfolioof 9.4 million square feet, including nearly 4 million in No changes are in store at the Tampaa office of Grubb & Ellis Co.
, although its New York-basedd parent recently announced job cuts and other overhead reduction. Grubb & Ellis employs abou t 30 at its RockgPoint offices, said Jeff Sweeney, the company' s regional manager for Tampa and Orlando. The cost-savingt measures aren't expected locally because both those officesware productive, he said. "We're still growing both the centrallFlorida offices," Sweeney said. Grubb Ellis announced the cost-cutting measures earlier this The business advisory company stated that it expects to reduce overheadby $13.5 million annually and is looking for more ways to streamlind operations. Jones Lang LaSalle Inc.
has been retained to sell 29 retaill big-box locations nationwide, including two in the Bay area. Sealerd bids will be accepted on the which rangebetween 32,000 and 135,0009 square feet, until April 12. The locak properties are at 800515th St. in Sarasota with 118,8489 square feet on 20 acres and at3600 U.S. 98 Nortgh in Lakeland with 111,322 square feet on 9.4 More information is availablwe online from Jones Lang LaSalleat , or by callingh (800) 527-2553, ext. 10. • TriMar Construction Inc. in Tampa was hired by Faller Davis Associates Inc. to build a 10,000-square-foot engineering office at 5525 W. Cypressx St., Tampa. • Interior Design Services Inc. will assisrt T.
Rowe Price Servicexs Inc. in its relocation to Corporate Centef Two at International Plazain • Judy Genshaft, president of the University of South Florida, will address the Building Owners and Manager s Association on March 27 at The Universitt Club in Tampa. For information, call (813) 866-3215.

Dallas City Council Authorizes Sale of Bonds to Build Omni Dallas Convention Center Hotel

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"Clearly we've already seen a tremendous response to the hotel in terms of futureconvention bookings," said Mayort . "Now, we just have to sell the bonds, get to work and finisu the hotel in time for groups showing up inJanuary 2012." "We have received overwhelming positive feedbacl and interest from meeting planners and associations acrosws the nation in regard to the hotel," said , president and CEO for the Dallas Conventiomn & Visitors Bureau. "Alontg with Omni Hotels, we are ready to book meetings and conventionasfor Dallas." In February Omni Hotels was selecteds to operate the Dallas Convention Centerr Hotel.
The planned hotel will be connected tothe , one of the largesyt in the US with over one million square feet of exhibit space, to attract more meetings and conventionsx to Dallas. The current desighn of the hotel includesover 80,000 square feet of meeting several restaurants and lounges and a signatures spa. "Omni congratulates the mayor and City Councip for their efforts everuy step of the way throughthis process," said , president for Omni "The Omni Dallas Convention Center Hotel is important to the economicf growth of our city, and we are ready to move forward. The luxury hotel brand is headquartered in Las Colinazs and currently has three hotels locatef in the Dallas FortWorth area.
Omni Hotele creates compelling, memorable guest experiences at 43 luxury hotels and resort s in leading business gateways and leisure destinations acrossNorth America. From exceptional golf and spa retreatz to dynamic business each locationfeatures four-diamond including award-winning signature restaurants, Wi-Fi connectivity and unique fitness options. Omni's mission for total customefr service is further supported byits "Power of One" program that empowers associates to make on-the-spott decisions to meet or exceed guest Guests can locate hotels and book accommodations by visiting or by callingt 1-800-THE-OMNI. Dallas is a destination that inspireszbig ideas. As the No.
1 visitor destinatiobn in Texas, the Dallas area offers the best shoppingv inthe Southwest, a cutting-edge culinar y scene led by nationally acclaimed celebrity chefs, 70,000 hotelk rooms, ranging from luxurg to boutique, and more than 200 golf The city boasts the largest contiguous urban arts districr in the U.S. with five cultural venuese designed byPritzker Prize-winning architects. In the Dallas metropolitan area is the only one in the Southwesr to host teams representing five major professionalsportsz leagues, including the legendary Dallas Cowboys. The Dalla area is also the largest film and televisionm production center in Texas and the location of the DallaswFilm Commission.
For additional informationm aboutthe city, see . Live Large. Think

Magazine honors The Children's Hospital - Triangle Business Journal:

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The hospital qualified for the magazine’s “Honord Roll” in its 2009 edition of America’s Best Children’s Hospitals. The Honotr Roll is reserved for hospitales that achieved ranking in all surveyedd specialty areas covered by the monthlynews publication. Children’s ranked in the top 10 in six specialtyt areas, including cancer (No. 10), diabetes and endocrin disorders (No. 10), digestive disorderss (No. 5), neonatal care (No. 8), orthopedicss (No. 8) and respiratorty disorders (No. 5). Last year, Children’z was ranked No. 7 overall among the nation’s pediatricd hospitals. In 2007, it finisheds at No. 4.
Because of a changed in how the report was there was no general numerical rankinghthis year.

EBay makes a bid for daily-deal market - NBCNews.com (blog)

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BasicsMedia

EBay makes a bid for daily-deal market NBCNews.com (blog) The daily deal arena just got a little more crowded with the entrance of eBay. Analysts say the e-commerce heavyweight could inadvertently give a boost to beleaguered category leader Groupon. “I think it kinds of validates the daily deal space since so ... EBay moves int o daily deals, while Groupon and LivingSocial diversify Upstart (blog) Ebay (NASDAQ:EBAY) Daily Deal Days BasicsMedia Amidst Daily Deals Market Shuffle, Are Major Changes on the Horizon? Wamda Memeburn  »

Renaissance owners to miss June debt payment - Triangle Business Journal:

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million interest payment due on the hotelthis Monday, according to a notices posted Thursday on the trustee bondholder’a Web site. The hotel in the 800 block of Washingtonm Avenue that opened in 2003 has failes to make revenue projections since it opened. The Renaissance Grandr has 1,083 hotel rooms and 45,000 square feet of meetint space. In the notice to bondholders, trustee reportecd that the interest payment due Monday will notbe paid. “Givehn the uncertainties regarding the status of the the timing and amount of future paymentsa of the debt serviceis unpredicted,” the bank Interest payments of $3.
5 million are due in June and Gateway Hotel Partners is comprised of Housinh Horizons, a subsidiary of Dallas-based and New Orleans-basedx . Gateway Hotel Partners defaulted ona $3.5 million interesft payment due Dec. 15. The hotel was foreclosed on in February, and the sole bid for the hotelo was made by the trusteefor $98 the amount of debt on the is serving as a consultant to advis e the owners of the Renaissance on strategies to cut cost s and boost profitability. in the noticd to bondholders, Jones Lang LaSalle reported that house profitr in recent months were substantiallybelow budget. Occupancy at the hotell throughApril 24, 2009, was 42.
5 percent, a more than 17 percent decline from the same time period din 2008. The St. Louids market-wide occupancy average was 54.2 The hotel’s revenue through April 24, 2009 was $10,084,434, short of the hotel’z budget of $10,820,942. “Ths hotel, as a result of weak economi c conditions, continues to experience littl to no pickup in grouproomx ... and transient demand levels remai weak,” the Jones Lang LaSalle Hotelsrepory stated.

Biscayne Landing loan in default - Atlanta Business Chronicle:

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Boca Developers is in defaul t onits $110 million mortgage on the 188-acrde Biscayne Landing site and is negotiating a stipulatefd foreclosure agreement with the lender, one ratings servicee said. North Miami Mayor Kevin Burns said Boca Developer s could still strike a deal withits “We very much want to remain as the but whether we can do we don’t know,” said Ted executive VP and general counsel at Boca Boca Developers’ Web site lists a $10 billion portfolioo of more than 16,000 residences, but its loan problemzs have involved a who’sw who of financial institutions: , an affiliate of equityg investment giant Capital bankrupt and , which was takehn over by .
The blow is even though, for the predominantly black, working-class city of North City leaders hoped Biscayne Landinv would fueleconomic growth, with 5,9909 new residences and funding for the same numbetr of affordable housing units. Miamk developer Michael Swerdlow helped secure the Biscayner Landing deal withBoca Developers, whicb in 2006 bought out his interesyt in the project. Boca Developers completex the 373-unit the Oaks at Biscayne Landing, but turned it over to a Cerberud affiliate in 2008 amidslow sales. Residents still wonder when their swimming pool willbe done.
In response to the real estatwe downturn, the developer won a change in the remaining part of Biscayne Landing to reduce the residential portionh and increase thecommercial component, but could not get funding, Burns The first mortgage holder, a commerciakl mortgage-backed securities (CMBS) pool managed by Credit Suisse, is movinvg closer to taking over the 99-yearr city lease on acreage from Biscaynee Landing LLC, an affiliate of Boca Developers. Burnsx said Credit Suisse is seekinganothere developer, but so far has had no “The bank is laying the groundwork for [Boca Developers’] exit,” he said.
“Thwe issues that the bank considerzs a burden to bringing inanother developer, they are goinyg to work through.” Separate reports from Fitch Ratings in February and San Francisco-based CMBS.com in December – said the $110 million CMBS mortgag e to Biscayne Landing is delinquentg and was moved to a special distressed asset servicerf after the developer misse d mandatory prepayments of $17 million and $95 milliojn last year. The loan matures on May 9.
It was previouslg in forbearance, as the lender agreesd to hold off ontaking action, despite missec payments, according to the The developer is cooperating in negotiating a stipulateds foreclosure agreement with the lender, Bethesda, Md.-based on April 10. Stotzer said a foreclosure is possibl e as the loan is in but the lender could agree to extend the maturit y until theeconomy improves. Boca Developers was in the same positionb with the bulk of its portfolilo before a Cerberus affiliate took overseveraol projects. Burns said the lender wants to eliminatre the requirement that the Biscaynse Landing developer build one affordable unit forevery market-rate unit completed.
The lender sees that requiremenf as a poison pill for any prospective developer that may want to take on the Burns explained. So far, Boca affordable housing venture has yet to complete asinglw residence, although the renovation of an existing apartmen t building is under way. The city’s communitgy redevelopment agency was formed to feed off the tax revenueds from the development planned atBiscaynee Landing.
Other issues raised by Credit Suisse involve changing the terms on millions owed to the city for a Olympic training facility andart