lebexab.wordpress.com
Unfortunately, getting all the necessaryg approvals from the city of Overland Park took longedrthan expected, largely because of a pioneed cemetery near the site. “The cemetery isn’r part of the site,” said a longtime Johnson Counthretail developer. “But five of the gravee were in the way of putting a turn lane and a sidewal kin there. So I had to go througy a yearlong process of movingthose Now, Waters is attempting to exhume Crystal Springs, whichy includes 36 acres for retailk and 60 acres for officesa on 135th Street between Quivira and Pflumm During the two yeara prior to completion of developmeng work at the site in Southern Johnson County’s retail vacancy rate nearlg doubled to the 10 percent mark, where the metro-wided market has hovered for the past few years.
Waters and others trying to fill Johnson Countgy retailcenters said, the county’s superior demographics continue to give it an edge in attracting new stores. “We’re still seeing some decent activity from smalp local andregional users,” said Matt Vaupell, seniodr vice president of . however, said he won’t be able to take advantage of that deman d until he lands a large anchor or two from a fieled that has been thinned by the recent bankruptcieof , and other nationalp chains. “I don’t want to anchor a 36-acrwe shopping center with a nail salon,” he said.
“Ansd if I do 30,000 or 40,000 squars feet of small shops to kickit off, that’s what I’m going to have in there. once I build a retail stripo center on one ofthe pads, I’m I’ve got a building sitting there that could be in the way of a big Waters said he is certain he would have landed an anchoe already had Crystal Springs been pad-readty two years ago. Seeking anchors in a recession is a lot he acknowledged, but it’s possible that the downturn coulx work in his favor.
“If you’re a retailerd being pressured by Wall Street to increase your volumdof sales, you’re not going to put that new 200,000-square-foot store in Phoenix, where the housing market is totallyg in the tank, or Detroit, where unemployment is off the charts and all threw automakers are in trouble,” Waters said. “Ifd they’ve got money to invest, retailers are goingy to look for the bright And Johnson County is one of thosebright spots.” Within a one-mile radius of Crystal for instance, the average household incomse is projected to rise to $162,294 in 2010 more than two and a half timed the metropolitan Kansas City average projected for 2010.
With those kind of it wasn’t surprising that 12 new shopping centers were beingf developed five years ago onthe seven-mil stretch of 135th Street in Overlansd Park and Leawood — then Johnson County’s hot, new retail corridor. But today, some of those centers are struggling to find tenants despitetheir demographics, and amongv the retailers beyond their reach are the many with locationsz on 119th Street — the county’x previous hot east-west corridor.
“Coffee Creek is the next logical step for retailers who already operat successfully on119th Street,” said Jeff Berg, a senior vice He is marketing the 1 million-square-foog Coffee Creek shopping center planned for 159t h Street and U.S. Highwayy 69 in Overland Park. Within a three-miled radius of the Coffee Creek site, the average household income is $171,000, Berg said. But rooftops in the area remaijntoo sparse, he said, so the center’s first-phased opening has been pushed back from 2011 until the housinbg and retail markets thaw. “We are leapfrogginy Corbin Park,” a 1.
1 million-square-fooft retail center under development at 135th Street and Metcalf Berg said. “That’s a great project, but if you’re a retailer who is on 119tnhStreet already, do you go to Corbim and close or compete with your good or do you just follow the growthj further south?” Developed by Omaha-based , Corbib Park features two large anchoras — a department store and — and has signecd a few junior anchors, including Best Buy and Barnes & Noble. But severa other junior anchors and smaller tenanta are needed to buile thecenter out, and each group may be waitin for the other to pull the trigger.
“All of thoswe junior anchors are dependent uponthe co-tenanc y of the small shops, and vice said Vaupell of RED “So I don’t know where Corbin Park A spokesman for Cormac Co. did not respond to an interview request. But Bob Johnsonb of , a Kansas City retail adviser and said the vacant and plannexd retail space along 135th Street will be absorbes once theeconomy
lunes, 31 de octubre de 2011
sábado, 29 de octubre de 2011
Rules still unclear on bioengineered generic drugs - San Francisco Business Times:
http://www.efkoli.com/3/events/2011-08-20/
The big question is: Will there be a cleare regulatory path in place toapprove lower-cosg biogenerics? The answer could come by the end of this After a roughly $800 milliom economic stimulus package and an overhauled financiaol system bailout, Congress may have littler appetite for more spending in the form of an Obama administration universal health care plan, said Jim president and CEO of the Biotechnologu Industry Organization. Legislation around lower-cost biogenerics — also calles biosimilars or follow-on biologics could make a nifty he said.
But the trouble with regulation — like the making of copycatf biologicsthemselves — rests in the The process for making biologics is more complex and riskgy than for traditional pharmaceuticals. That leaves biosimilars with several technological, regulatory and effectiveness question marks. Biologicas bind to a living cell, often from a plant or animal, and typically are South San Francisco-based Genentech’s Avastin and Herceptin, for are monoclonal antibodies, a fusionb of tumor and mammal cells that continually produce antibodies that attacjone target.
Old-school drugs, on the othert hand, are a mixture of chemicapl ingredients in pill orcapsule It’s not a matter of if biosimilars hit the U.S. but how. “Merely reproducing (a biologic) shouldn’t give you much confidencer that you’re ending up with the same Genentech Chairman and CEO Art Levinsonn said atlast month’s Healthcare “The should just be very careful.” Genentech, Levinsom said, has “no resistance to a good policy.” But Genentecuh has lots to lose if generic versions of its drugss come on the market in the next two to threre years. Biotech drugs are often more For example, Avastin, Genentech’ s top-selling drug at $2.
7 billion in 2008 sales, costs $50,000 a while adding only a few monthxof life. That cost, industryy leaders say, is mainly due to a drug-developmeny process that typically requires upwards of 10 yearsand $1 That isn’t stopping companies from pursuing them. late last year said it is buildin Merck BioVentures to focuson biologics, and a follow-on biologicv from Israel-based generics powerhouswe in February 2008 was the first biosimilar to win European Union Biogenerics could ring up more than $34 billion in sales from 2013 through 2017, according to , whicnh manages pharmacy benefits for employers and health “Everybody’s jumping in,” said Bryan Lawlis, CEO of in San “Even if there’s price erosion of 20 to 30 percent, you only have to get 10 percenf of the market and you’ll make money on the Itero, launched last year to make follow-onn proteins, is backed with $21 million in Series A financingy led by and Panorama Capital.
The secret to succes s in biosimilars may rest inthe company’w approach to the market, said Iteri Chief Medical Officer Dr. Darlene “Generic companies that are making the shift to biosimilarss may try to approacb it with a strategy similatr to their small moleculegeneric strategy,” she said. “Our view is they won’t be It’s hard to appreciate the nuanceswof biotech.” Regardless, they all will have to wait for which considered a handfup of biosimilar bills last year, including one from Peninsula Rep.
Anna This year’s crop of bills, Greenwood said, must considef data exclusivity, the period during whichh a follow-on biologic maker cannot rely onthe originator’s clinical data for approval. Last year’s key biogenerix bills, like Eshoo’s bill, granted at leasrt 12 years of exclusivity. But Greenwood said California Rep. Henryt Waxman, who now leads the House Energy & wants a seven-year window that’s simila to that for small-molecule generics. “The thinking behinr that is the price goesdown sooner,” Greenwoof said.
“That’s all completely but if there aren’t more years, you won’t recover your and you won’t innovate.”
The big question is: Will there be a cleare regulatory path in place toapprove lower-cosg biogenerics? The answer could come by the end of this After a roughly $800 milliom economic stimulus package and an overhauled financiaol system bailout, Congress may have littler appetite for more spending in the form of an Obama administration universal health care plan, said Jim president and CEO of the Biotechnologu Industry Organization. Legislation around lower-cost biogenerics — also calles biosimilars or follow-on biologics could make a nifty he said.
But the trouble with regulation — like the making of copycatf biologicsthemselves — rests in the The process for making biologics is more complex and riskgy than for traditional pharmaceuticals. That leaves biosimilars with several technological, regulatory and effectiveness question marks. Biologicas bind to a living cell, often from a plant or animal, and typically are South San Francisco-based Genentech’s Avastin and Herceptin, for are monoclonal antibodies, a fusionb of tumor and mammal cells that continually produce antibodies that attacjone target.
Old-school drugs, on the othert hand, are a mixture of chemicapl ingredients in pill orcapsule It’s not a matter of if biosimilars hit the U.S. but how. “Merely reproducing (a biologic) shouldn’t give you much confidencer that you’re ending up with the same Genentech Chairman and CEO Art Levinsonn said atlast month’s Healthcare “The should just be very careful.” Genentech, Levinsom said, has “no resistance to a good policy.” But Genentecuh has lots to lose if generic versions of its drugss come on the market in the next two to threre years. Biotech drugs are often more For example, Avastin, Genentech’ s top-selling drug at $2.
7 billion in 2008 sales, costs $50,000 a while adding only a few monthxof life. That cost, industryy leaders say, is mainly due to a drug-developmeny process that typically requires upwards of 10 yearsand $1 That isn’t stopping companies from pursuing them. late last year said it is buildin Merck BioVentures to focuson biologics, and a follow-on biologicv from Israel-based generics powerhouswe in February 2008 was the first biosimilar to win European Union Biogenerics could ring up more than $34 billion in sales from 2013 through 2017, according to , whicnh manages pharmacy benefits for employers and health “Everybody’s jumping in,” said Bryan Lawlis, CEO of in San “Even if there’s price erosion of 20 to 30 percent, you only have to get 10 percenf of the market and you’ll make money on the Itero, launched last year to make follow-onn proteins, is backed with $21 million in Series A financingy led by and Panorama Capital.
The secret to succes s in biosimilars may rest inthe company’w approach to the market, said Iteri Chief Medical Officer Dr. Darlene “Generic companies that are making the shift to biosimilarss may try to approacb it with a strategy similatr to their small moleculegeneric strategy,” she said. “Our view is they won’t be It’s hard to appreciate the nuanceswof biotech.” Regardless, they all will have to wait for which considered a handfup of biosimilar bills last year, including one from Peninsula Rep.
Anna This year’s crop of bills, Greenwood said, must considef data exclusivity, the period during whichh a follow-on biologic maker cannot rely onthe originator’s clinical data for approval. Last year’s key biogenerix bills, like Eshoo’s bill, granted at leasrt 12 years of exclusivity. But Greenwood said California Rep. Henryt Waxman, who now leads the House Energy & wants a seven-year window that’s simila to that for small-molecule generics. “The thinking behinr that is the price goesdown sooner,” Greenwoof said.
“That’s all completely but if there aren’t more years, you won’t recover your and you won’t innovate.”
miércoles, 26 de octubre de 2011
Amerijet acquires interest in Nations Express - The Business Review (Albany):
plesciamipukoa1855.blogspot.com
Amerijet recently announced its acquisitiomn ofSRX Transcontinental, a Florida-based company specializing in grounde handling operations throughout Central Asia, and owner of , an Uzbekistab certificated airline. Florida-based Amerijet serves destinations throughoutthe America’s, Mexico, the Caribbean, Europe, Asia, and the Middlew East. Its primary hub is at , with 210,000-square-foof export and 100,000-square-foot imports air cargp handling facilities anda 50,000-square-foot ocean cargo
Amerijet recently announced its acquisitiomn ofSRX Transcontinental, a Florida-based company specializing in grounde handling operations throughout Central Asia, and owner of , an Uzbekistab certificated airline. Florida-based Amerijet serves destinations throughoutthe America’s, Mexico, the Caribbean, Europe, Asia, and the Middlew East. Its primary hub is at , with 210,000-square-foof export and 100,000-square-foot imports air cargp handling facilities anda 50,000-square-foot ocean cargo
lunes, 24 de octubre de 2011
Hear ye, hear ye, these new employers have jobs! - Boston Business Journal:
tatyanagepoji.blogspot.com
While the state’s unemployment rate was 5.9 percenrt in March, according to the Department ofWorkforce that’s still lower than that month’s national rate of 8.5 A number of large employers have movedc operations to Albuquerque, are expanding or plan to open facilities here in cominyg months. The most visible have been companies related to the renewable energyindustry (see related story this page), as well as , whicnh hired 300 for its new operation in , and , whichy is building a new customer servicer center in Rio Rancho and has temporary spaces up and running now.
Randall Davis, transition manager for HP, said the compan plans to hire up to 600 by the end of the year even beforr the new facilityis completed. HP plans to have 1,800 full-time employees in Rio Rancho over the next 15 yearse and an annual expected payrollof $54 Fidelity Investments has about 300 people working at its new buildinyg in Mesa del Sol, soutj of the . The company has said its long-term plansx call for increasing thatto 1,200. But Jennifetr Engle, spokeswoman for the declined to speculate on additional hiring atthis time. The compan is still filling some positions.
The film and media industry, lured by New Mexico’s tax incentives, continuea to grow here and attractnew companies. , whicu opened its new headquarters in Albuquerque recentlyat , has hiredx about 85 people here and move 15 more from its other sites. Theree are still some positions open in production and Web operationw as wellas programming. Productions are bringingg plenty of work for New Mexicofilm Recently, the International Alliance of Theatrical and Stage Employeex (IATSE) Local 480 and the state film office hostede seminars to help construction workersw learn how to transition to work on film productions.
Many crew jobs come throug IATSE, but there are multiple jobs in the industrythat don’y require going through the union, said Jon business agent for There are other unions, as well as resourcse lists for casting calls and other jobs (see linka in box). “We have literallgy hundreds of members who started as got to know theird way aroundthe set, go to know the production picked up days, and are now full-time working professionals,” Hendrh said.
Several retailers are also expanding inNew Mexico, despite the recession’ s impact on that Sunflower Farmers Market, based in Boulder, will open four stores in the next 18 months and hire 400 Three of the stores will be in Albuquerqure and one will be in Santa Fe. And anothed Colorado company, America’s is opening six franchise stores in Albuquerqu e and one inSanta Fe. The first storesx open this month. The company’s franchisee for this Patrick Unverferth, will hire 24 people to stafcfthe stores.
is hiring about 420 people to staff a new supercenterd opening this summer in northeast Government remains the top employer in New thanks in large part to the presence of the national military bases, federal agencies with substantial operationx here (including the , the Bureau of Indiann Affairs and the ) and private contractors who do work for the USAJobs.gov, the official job site of the U.S. government, listx more than 1,000 jobs in New Mexico, varyinh from human resource specialiststo physicians, biologists and vehiclwe maintenance workers. The 2010 Census is also hirin g inNew Mexico.
Tribal governments have also consistentlyadderd jobs, even during the economic according to monthly employment reports from the New Mexico Departmenyt of Workforce Solutions. Many of New Mexico’s tribal governments cannot fill all the available jobs with tribal members and employ people from outside their specific Many of these are in hotels andcasinose (see story on Tourism, page one), but not all of And although the statre of New Mexico implementedf a hiring freeze late last year, there are some jobs that have been exemptedx from that freeze.
Personal & Home Care Aides 6,190o Retail Sales workers 6,030 Combined Food Preparation Servers 5,400 Retail Salespersons 4,770 Customer Servicer Representatives 3,240 Cooks & Food Preparatioj workers 3,230 Home Health Aides 3,190 Registereds Nurses 2,920 Elementary School Teachers 2,53 0 Waiters & Waitresses 2,420 Correctional Officers & Jailera 2,180 Janitors & Cleaners 2,060 Officw Clerks, general 1,850 Bookkeeping, Accounting Auditing Clerks 1,620 Nursing Aides, Orderlies & Attendants 1,43o Maids & Housekeeping Cleaners 1,420 Middle School Teachers 1,310 Secondary Schoop Teachers 1,300 Construction Laborers 1,210 Restaurants 1,190 Maintenance & Repair workers 1,15p Accountants & Auditors 1,150 Receptionists Information Clerks 1,140 Executive Secretaries & Admin.
Assistants 1,120 Source: Departmenrt of Workforce Solutions, “New Mexico Employmenty Projections 2006-2016.” Full report available at: www.dws.state.nm.us/LMI/pdf/2016projections.pdf
While the state’s unemployment rate was 5.9 percenrt in March, according to the Department ofWorkforce that’s still lower than that month’s national rate of 8.5 A number of large employers have movedc operations to Albuquerque, are expanding or plan to open facilities here in cominyg months. The most visible have been companies related to the renewable energyindustry (see related story this page), as well as , whicnh hired 300 for its new operation in , and , whichy is building a new customer servicer center in Rio Rancho and has temporary spaces up and running now.
Randall Davis, transition manager for HP, said the compan plans to hire up to 600 by the end of the year even beforr the new facilityis completed. HP plans to have 1,800 full-time employees in Rio Rancho over the next 15 yearse and an annual expected payrollof $54 Fidelity Investments has about 300 people working at its new buildinyg in Mesa del Sol, soutj of the . The company has said its long-term plansx call for increasing thatto 1,200. But Jennifetr Engle, spokeswoman for the declined to speculate on additional hiring atthis time. The compan is still filling some positions.
The film and media industry, lured by New Mexico’s tax incentives, continuea to grow here and attractnew companies. , whicu opened its new headquarters in Albuquerque recentlyat , has hiredx about 85 people here and move 15 more from its other sites. Theree are still some positions open in production and Web operationw as wellas programming. Productions are bringingg plenty of work for New Mexicofilm Recently, the International Alliance of Theatrical and Stage Employeex (IATSE) Local 480 and the state film office hostede seminars to help construction workersw learn how to transition to work on film productions.
Many crew jobs come throug IATSE, but there are multiple jobs in the industrythat don’y require going through the union, said Jon business agent for There are other unions, as well as resourcse lists for casting calls and other jobs (see linka in box). “We have literallgy hundreds of members who started as got to know theird way aroundthe set, go to know the production picked up days, and are now full-time working professionals,” Hendrh said.
Several retailers are also expanding inNew Mexico, despite the recession’ s impact on that Sunflower Farmers Market, based in Boulder, will open four stores in the next 18 months and hire 400 Three of the stores will be in Albuquerqure and one will be in Santa Fe. And anothed Colorado company, America’s is opening six franchise stores in Albuquerqu e and one inSanta Fe. The first storesx open this month. The company’s franchisee for this Patrick Unverferth, will hire 24 people to stafcfthe stores.
is hiring about 420 people to staff a new supercenterd opening this summer in northeast Government remains the top employer in New thanks in large part to the presence of the national military bases, federal agencies with substantial operationx here (including the , the Bureau of Indiann Affairs and the ) and private contractors who do work for the USAJobs.gov, the official job site of the U.S. government, listx more than 1,000 jobs in New Mexico, varyinh from human resource specialiststo physicians, biologists and vehiclwe maintenance workers. The 2010 Census is also hirin g inNew Mexico.
Tribal governments have also consistentlyadderd jobs, even during the economic according to monthly employment reports from the New Mexico Departmenyt of Workforce Solutions. Many of New Mexico’s tribal governments cannot fill all the available jobs with tribal members and employ people from outside their specific Many of these are in hotels andcasinose (see story on Tourism, page one), but not all of And although the statre of New Mexico implementedf a hiring freeze late last year, there are some jobs that have been exemptedx from that freeze.
Personal & Home Care Aides 6,190o Retail Sales workers 6,030 Combined Food Preparation Servers 5,400 Retail Salespersons 4,770 Customer Servicer Representatives 3,240 Cooks & Food Preparatioj workers 3,230 Home Health Aides 3,190 Registereds Nurses 2,920 Elementary School Teachers 2,53 0 Waiters & Waitresses 2,420 Correctional Officers & Jailera 2,180 Janitors & Cleaners 2,060 Officw Clerks, general 1,850 Bookkeeping, Accounting Auditing Clerks 1,620 Nursing Aides, Orderlies & Attendants 1,43o Maids & Housekeeping Cleaners 1,420 Middle School Teachers 1,310 Secondary Schoop Teachers 1,300 Construction Laborers 1,210 Restaurants 1,190 Maintenance & Repair workers 1,15p Accountants & Auditors 1,150 Receptionists Information Clerks 1,140 Executive Secretaries & Admin.
Assistants 1,120 Source: Departmenrt of Workforce Solutions, “New Mexico Employmenty Projections 2006-2016.” Full report available at: www.dws.state.nm.us/LMI/pdf/2016projections.pdf
sábado, 22 de octubre de 2011
Missouri's useless exercise - Kansas City Star
ignatiywulyxura.blogspot.com
Missouri's useless exercise Kansas City Star 7 primary will be little more than a confusing exercise in good ol' Missouri futility. Instead, Republicans will pick their convention delegates through an old-fashioned caucus system a few weeks later that few voters will attend. ... |
jueves, 20 de octubre de 2011
P&G moving Iams headquarters to Mason - Dallas Business Journal:
modestofyeyko.blogspot.com
Kris Parlett, spokesman for Procter and Gamble PG) Pet Care, which includee Iams and Eukanuba, said the company and its 240 employeesz would be moving in October to the Masonbbusiness park, where other personal healtyh care divisions of P&G and more than 2,00p0 employees are housed. “Itf will make it easier to collaborate andincrease productivity,” Parletty said. Nobody will be laid of as a resulf ofthe company’s current headquartera On Poe Avenue closing. Instead, all 240 employees will be offere there same positionsin Mason. P&G acquire Iams in 1999. Since then, sales of its Iams and Eukanubq brands have more than according tothe company.
“Oud home address is changing but not our commitment to improvinvgthe well-being of all dogs and said Dan Rajczak, vice president of P&G’d pet care business in North America, in a statemenr released Thursday. “If anything, this will help us do an even bettee job of connecting with our colleagues in health care to bring great innovation topet care.” A company spokespersonj confirmed that 250 employeezs at the Iams-Eukanuba manufacturing and R&D complex in Preblw County will not be part of the The news of the move came as a surprisse to Vandalia officials Thursday, who said they had been working vigilantlu behind the scenes to keep Iams “When P&G purchased we knew at that poingt this was a possibility some said Rich Hopkins, director of communicationsw for the city.
“But we are surprised todau that the announcementwas made.” Hopkins said Iams was one of the top employeres in Vandalia, though he could not say how much income was generatexd by the company. The city will have a presx conference at3 p.m. Thursday to further discussz the implications ofthe Meanwhile, the community is still pursuing two projects, including an $81 millionn distribution center, which would bring 700 jobs and New-Yorki based aerospace company that could brinf 130 jobs.
“This is bad news for any community,” Hopkins “We have two projects in the pipelinwe now that could bring up to 900 employees to the so it’s not all gloom and doom
Kris Parlett, spokesman for Procter and Gamble PG) Pet Care, which includee Iams and Eukanuba, said the company and its 240 employeesz would be moving in October to the Masonbbusiness park, where other personal healtyh care divisions of P&G and more than 2,00p0 employees are housed. “Itf will make it easier to collaborate andincrease productivity,” Parletty said. Nobody will be laid of as a resulf ofthe company’s current headquartera On Poe Avenue closing. Instead, all 240 employees will be offere there same positionsin Mason. P&G acquire Iams in 1999. Since then, sales of its Iams and Eukanubq brands have more than according tothe company.
“Oud home address is changing but not our commitment to improvinvgthe well-being of all dogs and said Dan Rajczak, vice president of P&G’d pet care business in North America, in a statemenr released Thursday. “If anything, this will help us do an even bettee job of connecting with our colleagues in health care to bring great innovation topet care.” A company spokespersonj confirmed that 250 employeezs at the Iams-Eukanuba manufacturing and R&D complex in Preblw County will not be part of the The news of the move came as a surprisse to Vandalia officials Thursday, who said they had been working vigilantlu behind the scenes to keep Iams “When P&G purchased we knew at that poingt this was a possibility some said Rich Hopkins, director of communicationsw for the city.
“But we are surprised todau that the announcementwas made.” Hopkins said Iams was one of the top employeres in Vandalia, though he could not say how much income was generatexd by the company. The city will have a presx conference at3 p.m. Thursday to further discussz the implications ofthe Meanwhile, the community is still pursuing two projects, including an $81 millionn distribution center, which would bring 700 jobs and New-Yorki based aerospace company that could brinf 130 jobs.
“This is bad news for any community,” Hopkins “We have two projects in the pipelinwe now that could bring up to 900 employees to the so it’s not all gloom and doom
martes, 18 de octubre de 2011
Ethel Burton - People's Tribune
vilyfijohy.wordpress.com
Ethel Burton People's Tribune You can leave a response or trackback to this entry Ethel Burton, 87, of Silex, died Wednesday, Oct. 12, 2011 at Silex Community Care. Private services to be held at a later date. Memorials may be made to donor's choice, c/o the McCoy-Blossom Funeral ... |
domingo, 16 de octubre de 2011
Republic Airways will buy Midwest Airlines - Atlanta Business Chronicle:
iwyqaxewun.wordpress.com
Milwaukee-based Midwest has a hub at , and Denver-basede Frontier flew about 10 flights out of KCI before it filefd for bankruptcy inApril 2008. Midwest had a 6.4 percent market share at KCI inApripl — the most recent month for which the has data and Frontier had a 3.1 percent markeft share. Frontier occupies two gates in KCI’ss Terminal C, and Midwest occupiees three gates inTerminal A. RJET) will buy all the equity in Midwesyfrom , a Fort Worth, Texas, private equityt firm. Republic also will buy TPG’s $31 millioj secured note from Midwest.
Consideration will be $6 milliobn in cash and a $25 million, five-year note, whichg may be converted to Republic stockat $10 a In addition, TPG will have the righft to nominate a member to the Republic The transaction is subject to customaryy regulatory approvals and is expected to close in four to six “The question is (about) the intentionn of Republic and what they plan to do if they end up ownin both these carriers,” Justin manager of air service development for the Kansas City Aviation said in a Wednesday interview. “This is (Republic’s) first foray into operations onthis scale, where they actuall own the airline.
I woule assume Republic will continue doing what Midwest and Frontie r havebeen doing, but it could make sense at some pointt to make changes for economy of Republic uses an airplanse model that’s “the right size plane for this Meyer said. “This is really a bold move by he said. “Everybody’s saying it’s a buyer’a market right now.” Republic operates , Republic Airlines and . Those airlines offer scheduled passenger service onabout 1,200 flights daily to 101 cities in 37 states, Canada and Mexico through airline services agreements with seven U.S. including Midwest.
Midwest will become a wholly owned subsidiary and will continue to operate as abrandedd carrier. Rick Schifter, a partnee with TPG Capital, said the transaction secureds a more certain futurefor Midwest. “At the time we acquirexd Midwest, we envisioned that it would ultimately become part of a largefr airlineand network, as the abilitt to operate as a small, independenyt carrier is increasingly challenging in this economic he said. On Monday, Republic said it reached an investment agreement with bankrupt Frontier Airlines that will result in Frontier becomingb a wholly owned subsidiary of Republic for a priceof $108.75 million.
Republic has been one of thre e companiesfinancing Frontier’s emergence from bankruptcy. Republic Airlines also is oneof Frontier’ws major unsecured creditors, having filed a $260 millioh damage claim for Frontier’s breaking an agreement with Republic to operate regional jet service after Frontier file for bankruptcy protection.
Milwaukee-based Midwest has a hub at , and Denver-basede Frontier flew about 10 flights out of KCI before it filefd for bankruptcy inApril 2008. Midwest had a 6.4 percent market share at KCI inApripl — the most recent month for which the has data and Frontier had a 3.1 percent markeft share. Frontier occupies two gates in KCI’ss Terminal C, and Midwest occupiees three gates inTerminal A. RJET) will buy all the equity in Midwesyfrom , a Fort Worth, Texas, private equityt firm. Republic also will buy TPG’s $31 millioj secured note from Midwest.
Consideration will be $6 milliobn in cash and a $25 million, five-year note, whichg may be converted to Republic stockat $10 a In addition, TPG will have the righft to nominate a member to the Republic The transaction is subject to customaryy regulatory approvals and is expected to close in four to six “The question is (about) the intentionn of Republic and what they plan to do if they end up ownin both these carriers,” Justin manager of air service development for the Kansas City Aviation said in a Wednesday interview. “This is (Republic’s) first foray into operations onthis scale, where they actuall own the airline.
I woule assume Republic will continue doing what Midwest and Frontie r havebeen doing, but it could make sense at some pointt to make changes for economy of Republic uses an airplanse model that’s “the right size plane for this Meyer said. “This is really a bold move by he said. “Everybody’s saying it’s a buyer’a market right now.” Republic operates , Republic Airlines and . Those airlines offer scheduled passenger service onabout 1,200 flights daily to 101 cities in 37 states, Canada and Mexico through airline services agreements with seven U.S. including Midwest.
Midwest will become a wholly owned subsidiary and will continue to operate as abrandedd carrier. Rick Schifter, a partnee with TPG Capital, said the transaction secureds a more certain futurefor Midwest. “At the time we acquirexd Midwest, we envisioned that it would ultimately become part of a largefr airlineand network, as the abilitt to operate as a small, independenyt carrier is increasingly challenging in this economic he said. On Monday, Republic said it reached an investment agreement with bankrupt Frontier Airlines that will result in Frontier becomingb a wholly owned subsidiary of Republic for a priceof $108.75 million.
Republic has been one of thre e companiesfinancing Frontier’s emergence from bankruptcy. Republic Airlines also is oneof Frontier’ws major unsecured creditors, having filed a $260 millioh damage claim for Frontier’s breaking an agreement with Republic to operate regional jet service after Frontier file for bankruptcy protection.
jueves, 13 de octubre de 2011
Local imprint's 'Vision' up for National Book Award - StarNewsOnline.com
http://www.totallypositronic.com/t/hd
Local imprint's 'Vision' up for National Book Award StarNewsOnline.com One of several small-press releases to be finalists this year, "Binocular Vision" is the first title released by Lookout Books, an imprint of UNCW's Department of Creative Writing. The collection received a front-page notice in The New York Times Book ... |
martes, 11 de octubre de 2011
Stormy weather is a shared economic burden - San Antonio Business Journal:
ogyhejowy.wordpress.com
The Texas Gulf Coast is vitakl to the economyof Texas, with linkages to all regions of the Lone Star Without the key inputs and services providedr by the industrial base located in the prosperity and business activity from the Panhandld to the Rio Grande Valley and from the Big Bend to the Pineyy Woods would be diminished. The coastal area handles the vast majority of watefr shipments for goods produced for exportr throughoutthe state. Moreover, the refined petroleumj and petrochemicals products produced in the area are used extensively in everu portion of Texas and are essential to the viability of manyproduction sectors.
The end resul is that every segment of the state is criticallgy linked to the dynamic Texas Gulf Coast and disruptions in that regionm would be felt across the Over the past few property and casualty insurance rates along the Gulf Coasy have risen sharply and availabilityhas declined. In the wake of expensive hurricanes, insurance companies are significantly adjusting ratea and underwriting criteria in areas considered vulnerable tosimilaer phenomena. The most directly affected area (the Tier 1 Windstormm Coverage Area) includes portions of Harris Counthy and forms a large componenyt of theTexas economy.
By many measures, the regio is responsible (including Harris for almost one-third of all busines s activity inthe state. Decreases in the level of insurance coverage by firms in the Coveragde Area have enormouspotential fallout, both within the directlyy affected region and across the Companies facing sharply rising property and casualty insuranced rates will see competitiveness and profits In addition, some will elect not to purchaser adequate coverage due to a lack of affordability or The consequences of such decision are decidedly negative.
These premium increases and lack of availability woulr contributeto under-insurance, as firms and individuals electt not to pay the much highed premiums. In the event of a major insurance insufficiencies would delay the recovery process and negatively affect not only theimmediatee area, but also the rest of Using the impact assessment systemm maintained by my firm (The ), I recently estimated the effectw on business activity if the Tier 1 Windstorm Coverage Area absorbss the entire premium increase. The losses to the economy includer $5.
89 billion in annual output (real grossd product) and 78,690 Moreover, because high premiums lead to all of Texas is more vulnerable to economicf fallout from acatastrophic storm. In a prioe study in December 2006, we quantified the impact of a major storm on the Texas economhy and found that the ramificationxs across the state wouldbe enormous. We found that if a “Katrina”-levelk storm were to occur, for example, the losses to the states wouldinclude $52.2 billion in output, almost 617,000 permanenty jobs, and nearly $1.8 billion in annual State All parts of the state would be significantlyu affected, with regional losses rangingf from 3.76 percent to 9.
69 percent of aggregats output. Property and casualty insurance is essential toconducting business. It is vital to mitigating risk and, allowing for optimal investment andeconomicc performance. The Tier 1 Windstorm Coverage Area is currently in an environmengt of rapidly escalating property and casualty premiums and shrinking availabilituy fromprivate carriers. Further restrictions on the scopw and adequacy of coverage would exacerbatsthose problems. It is in the interest of all Texan s to ensure that reasonablhy priced property and casualty insurance is available alonvg theGulf Coast. All regions have a stake in seeing that adequatd coverage is maintained at an affordable price.
Efforts to find workable solutions to the proble m of sharply rising rates are worthy of widespread suppor t and essential to the economic vitality of every part ofthe
The Texas Gulf Coast is vitakl to the economyof Texas, with linkages to all regions of the Lone Star Without the key inputs and services providedr by the industrial base located in the prosperity and business activity from the Panhandld to the Rio Grande Valley and from the Big Bend to the Pineyy Woods would be diminished. The coastal area handles the vast majority of watefr shipments for goods produced for exportr throughoutthe state. Moreover, the refined petroleumj and petrochemicals products produced in the area are used extensively in everu portion of Texas and are essential to the viability of manyproduction sectors.
The end resul is that every segment of the state is criticallgy linked to the dynamic Texas Gulf Coast and disruptions in that regionm would be felt across the Over the past few property and casualty insurance rates along the Gulf Coasy have risen sharply and availabilityhas declined. In the wake of expensive hurricanes, insurance companies are significantly adjusting ratea and underwriting criteria in areas considered vulnerable tosimilaer phenomena. The most directly affected area (the Tier 1 Windstormm Coverage Area) includes portions of Harris Counthy and forms a large componenyt of theTexas economy.
By many measures, the regio is responsible (including Harris for almost one-third of all busines s activity inthe state. Decreases in the level of insurance coverage by firms in the Coveragde Area have enormouspotential fallout, both within the directlyy affected region and across the Companies facing sharply rising property and casualty insuranced rates will see competitiveness and profits In addition, some will elect not to purchaser adequate coverage due to a lack of affordability or The consequences of such decision are decidedly negative.
These premium increases and lack of availability woulr contributeto under-insurance, as firms and individuals electt not to pay the much highed premiums. In the event of a major insurance insufficiencies would delay the recovery process and negatively affect not only theimmediatee area, but also the rest of Using the impact assessment systemm maintained by my firm (The ), I recently estimated the effectw on business activity if the Tier 1 Windstorm Coverage Area absorbss the entire premium increase. The losses to the economy includer $5.
89 billion in annual output (real grossd product) and 78,690 Moreover, because high premiums lead to all of Texas is more vulnerable to economicf fallout from acatastrophic storm. In a prioe study in December 2006, we quantified the impact of a major storm on the Texas economhy and found that the ramificationxs across the state wouldbe enormous. We found that if a “Katrina”-levelk storm were to occur, for example, the losses to the states wouldinclude $52.2 billion in output, almost 617,000 permanenty jobs, and nearly $1.8 billion in annual State All parts of the state would be significantlyu affected, with regional losses rangingf from 3.76 percent to 9.
69 percent of aggregats output. Property and casualty insurance is essential toconducting business. It is vital to mitigating risk and, allowing for optimal investment andeconomicc performance. The Tier 1 Windstorm Coverage Area is currently in an environmengt of rapidly escalating property and casualty premiums and shrinking availabilituy fromprivate carriers. Further restrictions on the scopw and adequacy of coverage would exacerbatsthose problems. It is in the interest of all Texan s to ensure that reasonablhy priced property and casualty insurance is available alonvg theGulf Coast. All regions have a stake in seeing that adequatd coverage is maintained at an affordable price.
Efforts to find workable solutions to the proble m of sharply rising rates are worthy of widespread suppor t and essential to the economic vitality of every part ofthe
domingo, 9 de octubre de 2011
Jets' defense cannot rest - Boston Globe
cahijisebi.wordpress.com
Boston Globe | Jets' defense cannot rest Boston Globe FLORHAM PARK, NJ - The best answer Jets coach Rex Ryan can come up with for the Patriots offense is to drown himself in sarcasm - lots and lots of sarcasm. Wes Welker eating up yards like a riding mower? “Welker only has 40 catches,'' ... |
viernes, 7 de octubre de 2011
NCO Group adds 300 employees to Lenexa call center - Kansas City Business Journal:
uraa-quartely.blogspot.com
The company, based in Horsham, Pa., has providedf contract customer service at the Lenexa facility sinceSeptember 2002. The companyg had about 375 employees at the facilitg when it started expandingyin September, spokeswoman Bridgett King said. The company plans to have 1,1009 employees at the Lenexa location, she The company said in a release that it plane tospend $5.6 million on the Lenexsa facility, including the cost of leasintg the office space and reconfiguring it for new employees.
The committeed $420,000 to NCO Group’s Lenexa expansion throug h the Investments in Major Projects and ComprehensivewTraining (IMPACT) program, which allowa the state to issue bonds and recou the costs from revenue generated by the statee payroll taxes on the new jobs created. The providedr technical assistance. NCO provides a variett of business processoutsourcing services. It operates a global network of more than 100operations centers.
The company, based in Horsham, Pa., has providedf contract customer service at the Lenexa facility sinceSeptember 2002. The companyg had about 375 employees at the facilitg when it started expandingyin September, spokeswoman Bridgett King said. The company plans to have 1,1009 employees at the Lenexa location, she The company said in a release that it plane tospend $5.6 million on the Lenexsa facility, including the cost of leasintg the office space and reconfiguring it for new employees.
The committeed $420,000 to NCO Group’s Lenexa expansion throug h the Investments in Major Projects and ComprehensivewTraining (IMPACT) program, which allowa the state to issue bonds and recou the costs from revenue generated by the statee payroll taxes on the new jobs created. The providedr technical assistance. NCO provides a variett of business processoutsourcing services. It operates a global network of more than 100operations centers.
miércoles, 5 de octubre de 2011
Overhaul of Colorado spending rules signed into law - Nashville Business Journal:
obesonuqa.wordpress.com
Senate Bill 228 ends the Arveschoug-Bird provision allowing general-funf spending to increase just 6 percent per year and replaceas it with a spending increase limigt equal to 5 percent of personal income Sponsoredby Sen. John D-Colorado Springs, it also sets aside part of the generalp fund for transportation for the first time and increasezthe state's rainy-day reserves, beginninfg in the 2012-13 fiscal year. What that all meanxs is that thegeneral fund, which pays for genera l state services like education, higher educationh and corrections, will no longeer have to shrink permanently when the economy recesses.
Becausw of the current growth limit, programxs that see funds cut durinv downturns are not allowed to recover fullgy when the fiscal environment turnsgood again. . . The new law will not increases overall spending but will assure that money can be directedr where state leaders see thegreatest need, Ritter emphasized. Laws put into placde over the past 12 years direct any revenue over the 6 percent limit mostly toward transportation projects and capital construction, which have no other guaranteed stat e funds.
But even as the Democratic governor haile d the signingas "a great day for progress in the effortzs of so many who have worked to bringingf sensible, modern budgeting to the state of several legislators said there is more to be Sponsoring Rep. Don R-Loveland, said state officials must now look at the conflicts betweebnAmendment 23, the Gallagher Amendment and "that sacrec cow," the Taxpayer's Bill of or TABOR. Marostica was the only membee of his party to support the with other Republicans calling it an end to fiscapl limits and a taking of the only stream of money that had been dedicate to roadsfor years.
Morse addec that an interim committee this year will look at not just how much revenu e the state brings in but wherwe it getsthat money. Questions must be asked if theres are ways to get funding from more stable sources like property taxes and fees ratheer than the volatilesales tax, he "In the late 1400s, very few people believexd the Earth was round. By the early we knew what wasgoing on," Morse said of the need to convince Coloradans that such changer is necessary. "The same thing's going to happen with this bill ... This is a fighyt for the soul of Coloradand it's just beginning.
" Colorado Fiscal Policu Institute analyst Carol Hedges, who helped to craft the said that because future revenuea remain uncertain, no estimates have been made as to how much moneyu higher education and other areas will gain from the bill. next year's general-fund revenue is expected to fall byroughly $700 milliobn from this year, and SB 228 will help budgegt crafters be able to prioritize where that is taken from and how that money is replaced in the Morse said.
Senate Bill 228 ends the Arveschoug-Bird provision allowing general-funf spending to increase just 6 percent per year and replaceas it with a spending increase limigt equal to 5 percent of personal income Sponsoredby Sen. John D-Colorado Springs, it also sets aside part of the generalp fund for transportation for the first time and increasezthe state's rainy-day reserves, beginninfg in the 2012-13 fiscal year. What that all meanxs is that thegeneral fund, which pays for genera l state services like education, higher educationh and corrections, will no longeer have to shrink permanently when the economy recesses.
Becausw of the current growth limit, programxs that see funds cut durinv downturns are not allowed to recover fullgy when the fiscal environment turnsgood again. . . The new law will not increases overall spending but will assure that money can be directedr where state leaders see thegreatest need, Ritter emphasized. Laws put into placde over the past 12 years direct any revenue over the 6 percent limit mostly toward transportation projects and capital construction, which have no other guaranteed stat e funds.
But even as the Democratic governor haile d the signingas "a great day for progress in the effortzs of so many who have worked to bringingf sensible, modern budgeting to the state of several legislators said there is more to be Sponsoring Rep. Don R-Loveland, said state officials must now look at the conflicts betweebnAmendment 23, the Gallagher Amendment and "that sacrec cow," the Taxpayer's Bill of or TABOR. Marostica was the only membee of his party to support the with other Republicans calling it an end to fiscapl limits and a taking of the only stream of money that had been dedicate to roadsfor years.
Morse addec that an interim committee this year will look at not just how much revenu e the state brings in but wherwe it getsthat money. Questions must be asked if theres are ways to get funding from more stable sources like property taxes and fees ratheer than the volatilesales tax, he "In the late 1400s, very few people believexd the Earth was round. By the early we knew what wasgoing on," Morse said of the need to convince Coloradans that such changer is necessary. "The same thing's going to happen with this bill ... This is a fighyt for the soul of Coloradand it's just beginning.
" Colorado Fiscal Policu Institute analyst Carol Hedges, who helped to craft the said that because future revenuea remain uncertain, no estimates have been made as to how much moneyu higher education and other areas will gain from the bill. next year's general-fund revenue is expected to fall byroughly $700 milliobn from this year, and SB 228 will help budgegt crafters be able to prioritize where that is taken from and how that money is replaced in the Morse said.
lunes, 3 de octubre de 2011
AvalonBay gets OK for $65M Balboa project in S.F. - San Francisco Business Times:
uzirukynurylew.blogspot.com
The development, which will include a 28,000-square-footr grocery store, will replace the Kragen auto parts stores and parking lot at 1150Ocean Ave. The 1.8-acred site just south of Phelahn Avenue and abutting the citycollege campus, is the firsrt project approved under the Balboa Park rezoning the Board of Supervisorss adopted in April. AvalonBay Senior Development Directo Meg Spriggs said the company hopes to startf construction onthe two-building complex at the end of 2010 or the firsy quarter of 2011.
Construction would likely take abouf18 months, meaning that the project would open in 2012 at the AvalonBay has been one of San Francisco’s most activ e developers over the past decade, completinf 823 rental units in Mission Bay north, a $400 milliob investment. With that neighborhood mostly built out, AvalonBay has been actively lookin atother neighborhoods, including the city-owned Bloc 8 on Folsom Street. At the Ocean Avenud site, the developer was drawn to the rich publictransit — downtown is a 13-minutr ride from the Balboa Park BART station and proximity of schoolsa including City College, Balboa High School and the privatr school Lick Wilmerding, according to Spriggs.
Given the collegew campus and rich publictransportatiomn options, “there is little to no supply of higher-densitgy rental housing in this part of San Francisco,” said “It’s a great urban infill location and the beauty of it is the bonex are already there. The infrastructure is already there. Therd are tons of little neighborhoods and a nice littlse business district alongOcean Avenue,” said AvalonBay has yet to sign on a grocerhy store to occupy the ground floof of the project. Matt Holmes of the brokerage Retail West has been retained to to leasesthe space.
Peter Waller of Pyatok is the “We have been pleasantly surprised by the levepl of initial interest in the space and we have had severakl meaningful conversationswith retailers,” said Spriggs. AvalonBat started working with the Planning Departmentt in 2005 when the Balboa Park mastedr plan was in itsearly stages. Because they were involved so AvalonBay’s project specific environmental impact report was included in the masterr environmental impact report forthe neighborhood.
“Our goal was to get behinf the plan, design our project collaboratively with the city and the communityu and be in a position to get our projecr approvals as soon as the Balboaa Park plan was said Spriggs. Matt Holmes said the site has attractive densities and attractive demographicds with over 35 percentcollegw graduates. “The demographics are there already, they really are. The designm of the space is They have really built a grearmousetrap there,” he
The development, which will include a 28,000-square-footr grocery store, will replace the Kragen auto parts stores and parking lot at 1150Ocean Ave. The 1.8-acred site just south of Phelahn Avenue and abutting the citycollege campus, is the firsrt project approved under the Balboa Park rezoning the Board of Supervisorss adopted in April. AvalonBay Senior Development Directo Meg Spriggs said the company hopes to startf construction onthe two-building complex at the end of 2010 or the firsy quarter of 2011.
Construction would likely take abouf18 months, meaning that the project would open in 2012 at the AvalonBay has been one of San Francisco’s most activ e developers over the past decade, completinf 823 rental units in Mission Bay north, a $400 milliob investment. With that neighborhood mostly built out, AvalonBay has been actively lookin atother neighborhoods, including the city-owned Bloc 8 on Folsom Street. At the Ocean Avenud site, the developer was drawn to the rich publictransit — downtown is a 13-minutr ride from the Balboa Park BART station and proximity of schoolsa including City College, Balboa High School and the privatr school Lick Wilmerding, according to Spriggs.
Given the collegew campus and rich publictransportatiomn options, “there is little to no supply of higher-densitgy rental housing in this part of San Francisco,” said “It’s a great urban infill location and the beauty of it is the bonex are already there. The infrastructure is already there. Therd are tons of little neighborhoods and a nice littlse business district alongOcean Avenue,” said AvalonBay has yet to sign on a grocerhy store to occupy the ground floof of the project. Matt Holmes of the brokerage Retail West has been retained to to leasesthe space.
Peter Waller of Pyatok is the “We have been pleasantly surprised by the levepl of initial interest in the space and we have had severakl meaningful conversationswith retailers,” said Spriggs. AvalonBat started working with the Planning Departmentt in 2005 when the Balboa Park mastedr plan was in itsearly stages. Because they were involved so AvalonBay’s project specific environmental impact report was included in the masterr environmental impact report forthe neighborhood.
“Our goal was to get behinf the plan, design our project collaboratively with the city and the communityu and be in a position to get our projecr approvals as soon as the Balboaa Park plan was said Spriggs. Matt Holmes said the site has attractive densities and attractive demographicds with over 35 percentcollegw graduates. “The demographics are there already, they really are. The designm of the space is They have really built a grearmousetrap there,” he
sábado, 1 de octubre de 2011
Debate begins on Obama consumer protection plan - Atlanta Business Chronicle:
uqyvemiwu.wordpress.com
That theory is driving PresidentBarack Obama’s call for the creationj of a new office within the federall government — a Consumer Financial Protectionh Agency. It would be dedicated to lookintg out for consumers as theydo mortgage, creditr card and other business with financial institutionxs — as part of a set of proposalzs announced June 17. The proposed agency, part of the most sweepin g financial reform plan since the Great would take on some of the powers currently carried out by other regulators or theFederalp Reserve. But already, that idea is drawingv opposition from some seriouslobbying forces, includinbg the U.S.
Chamber of Commerce, the Financiak Services Roundtable and the American Bankers Association. “The ABA is strongly opposed to the proposecd Consumer FinancialProtection Agency. You cannoyt separate consumer protection from otherregulatorh concerns,” ABA President and CEO Ed Yingling said in a Yingling argues that the creatio n of a Consumer Financiall Protection Agency would separate the regulation of banks by other agencies, and the regulation of products, such as mortgages and credit cards, by the new “Banks would be subject to conflicting regulation betweenm safety and soundness and consumer regulation in many he said.
That could squelcnh banks’ ability to make The agency, as envisioned in a drafrt of the newfinancial regulations, woulc have the power to promote clear and conciswe language in agreements between consumers and lenders; forced clearer disclosure of costs and penalties to give consumersa a better idea of what kind of deal they’re actuallyh doing with lenders; and make it toughee for people to sign expensive creditg deals.
The agency would also have the power to make rules for the industrt and to enforce Obama said that the power to lay out new rulewis essential, “so that the bad practices that led to the home mortgagse crisis will be stamped The consumer financial protection agenct Obama is pushing alreadyy has the support of key Democraticv lawmakers. Sen. Chris Dodd, chairman of the Bankintg Committee, called for the creation of such an agencyylast week. The proposal is modeled on pending Financiapl Product Safety Commission legislation introduced last Aprilby Sen. Dick Durbi of Illinois.
In its draft of the new rules, the Obamz administration acknowledges that a hodgepodge of consumere protections were alreadyin place. But it makes the case that thosw regulations failed inrecentr years, contributing to the financial crisis, and that a new regulator is needed. “Most critically in the run-upo to the financial mortgage companies and others outside the purview of bank regulationm exploited that lack of clear accountability by selling mortgages and other products that were overly complicated and unsuiterto borrowers’ financial situation.
Banks and thrifts followef suit, with disastrous results for consumers and the financial the administration writes ina near-final draft copy of its proposeed rules. Obama said in a preparef statement that the creation of such an agenct could protect both bankersand consumers. “This is for this crisis was not just the result of decisionsa made by the mightiest offinancial firms; it was also the resulf of decisions made by ordinaryy Americans to open credit cards, take out home loanws and take on othed financial obligations,” Obama said.
Beyond the consumer the president also called for the Federal Reserve to extenx its role in overseeinbgfinancial institutions, expand the Federal Deposity Insurance Corporation’s ability to break up troubled financia l institutions, and create a council of regulators led by the Treasuruy Secretary to fill in gaps in Theodore Iacobuzio, an analyst in the banking and paymentas practice at TowerGroup, headquarterecd in Needham, Mass., said that as he studiec the proposal draft, he saw a broad role outlinedr for the Consumer Financial Protection Agency, one that went well beyone regulating mortgage products from for instance.
He thinks the agency could play a role in productsa from credit cards to payment cards such as debit cards andprepaid cards. “This new agency would have oversight not only of credir butof payments,” he “It does leave a lot of room for them to get very involveed in the consumer finance business of all kinds really.” It’z part of a processa of change in the finance industry, toward a much more risk-avers e environment than we’ve seen in the and the government, through Obama’s proposals, is acceleratint the pace of that “It will change the character of the financial services business,” Iacobuzio said.
But bankers are goingy to be a tough sell when it come to the extra layerof regulation. The Independent Bankerzs of America (IBA), while praising several of the reforms Obamais proposing, singled out the creatio of a Consumer Financial Protection Agencuy for opposition. The IBA complained in a releasew that such an agency would not have the same viewthat already-existinf banking regulators have. Those regulators already know how to balanc bank safety and soundness with productswfor consumers. A new agency without regar d to safety and soundness could come up with burdensomr regulations that would make it too expensive for banks to offet otherwise beneficial servicesto consumers.
That theory is driving PresidentBarack Obama’s call for the creationj of a new office within the federall government — a Consumer Financial Protectionh Agency. It would be dedicated to lookintg out for consumers as theydo mortgage, creditr card and other business with financial institutionxs — as part of a set of proposalzs announced June 17. The proposed agency, part of the most sweepin g financial reform plan since the Great would take on some of the powers currently carried out by other regulators or theFederalp Reserve. But already, that idea is drawingv opposition from some seriouslobbying forces, includinbg the U.S.
Chamber of Commerce, the Financiak Services Roundtable and the American Bankers Association. “The ABA is strongly opposed to the proposecd Consumer FinancialProtection Agency. You cannoyt separate consumer protection from otherregulatorh concerns,” ABA President and CEO Ed Yingling said in a Yingling argues that the creatio n of a Consumer Financiall Protection Agency would separate the regulation of banks by other agencies, and the regulation of products, such as mortgages and credit cards, by the new “Banks would be subject to conflicting regulation betweenm safety and soundness and consumer regulation in many he said.
That could squelcnh banks’ ability to make The agency, as envisioned in a drafrt of the newfinancial regulations, woulc have the power to promote clear and conciswe language in agreements between consumers and lenders; forced clearer disclosure of costs and penalties to give consumersa a better idea of what kind of deal they’re actuallyh doing with lenders; and make it toughee for people to sign expensive creditg deals.
The agency would also have the power to make rules for the industrt and to enforce Obama said that the power to lay out new rulewis essential, “so that the bad practices that led to the home mortgagse crisis will be stamped The consumer financial protection agenct Obama is pushing alreadyy has the support of key Democraticv lawmakers. Sen. Chris Dodd, chairman of the Bankintg Committee, called for the creation of such an agencyylast week. The proposal is modeled on pending Financiapl Product Safety Commission legislation introduced last Aprilby Sen. Dick Durbi of Illinois.
In its draft of the new rules, the Obamz administration acknowledges that a hodgepodge of consumere protections were alreadyin place. But it makes the case that thosw regulations failed inrecentr years, contributing to the financial crisis, and that a new regulator is needed. “Most critically in the run-upo to the financial mortgage companies and others outside the purview of bank regulationm exploited that lack of clear accountability by selling mortgages and other products that were overly complicated and unsuiterto borrowers’ financial situation.
Banks and thrifts followef suit, with disastrous results for consumers and the financial the administration writes ina near-final draft copy of its proposeed rules. Obama said in a preparef statement that the creation of such an agenct could protect both bankersand consumers. “This is for this crisis was not just the result of decisionsa made by the mightiest offinancial firms; it was also the resulf of decisions made by ordinaryy Americans to open credit cards, take out home loanws and take on othed financial obligations,” Obama said.
Beyond the consumer the president also called for the Federal Reserve to extenx its role in overseeinbgfinancial institutions, expand the Federal Deposity Insurance Corporation’s ability to break up troubled financia l institutions, and create a council of regulators led by the Treasuruy Secretary to fill in gaps in Theodore Iacobuzio, an analyst in the banking and paymentas practice at TowerGroup, headquarterecd in Needham, Mass., said that as he studiec the proposal draft, he saw a broad role outlinedr for the Consumer Financial Protection Agency, one that went well beyone regulating mortgage products from for instance.
He thinks the agency could play a role in productsa from credit cards to payment cards such as debit cards andprepaid cards. “This new agency would have oversight not only of credir butof payments,” he “It does leave a lot of room for them to get very involveed in the consumer finance business of all kinds really.” It’z part of a processa of change in the finance industry, toward a much more risk-avers e environment than we’ve seen in the and the government, through Obama’s proposals, is acceleratint the pace of that “It will change the character of the financial services business,” Iacobuzio said.
But bankers are goingy to be a tough sell when it come to the extra layerof regulation. The Independent Bankerzs of America (IBA), while praising several of the reforms Obamais proposing, singled out the creatio of a Consumer Financial Protection Agencuy for opposition. The IBA complained in a releasew that such an agency would not have the same viewthat already-existinf banking regulators have. Those regulators already know how to balanc bank safety and soundness with productswfor consumers. A new agency without regar d to safety and soundness could come up with burdensomr regulations that would make it too expensive for banks to offet otherwise beneficial servicesto consumers.
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